DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION | 3 Months Ended |
Mar. 31, 2016shares | |
Document and Entity Information | |
Entity registrant name | METABOLIX, INC. |
Entity central index key | 1,121,702 |
Current fiscal year end date | --12-31 |
Entity filer category | Smaller Reporting Company |
Document type | 10-Q |
Document period end date | Mar. 31, 2016 |
Document fiscal year focus | 2,016 |
Document fiscal period focus | Q1 |
Amendment flag | false |
Entity common stock, shares outstanding | 27,369,390 |
Entity current reporting status | Yes |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Current Assets: | ||
Cash and cash equivalents | $ 5,271,000 | $ 12,269,000 |
Accounts receivable | 272,000 | 238,000 |
Due from related party | 204,000 | 146,000 |
Unbilled receivables | 53,000 | 150,000 |
Inventory | 420,000 | 379,000 |
Prepaid expenses and other current assets | 1,385,000 | 1,668,000 |
Short-term restricted cash | 494,000 | 0 |
Total current assets | 8,099,000 | 14,850,000 |
Restricted cash | 432,000 | 619,000 |
Property and equipment, net | 1,352,000 | 905,000 |
Other assets | 717,000 | 714,000 |
Total assets | 10,600,000 | 17,088,000 |
Current Liabilities: | ||
Accounts payable | 181,000 | 120,000 |
Accrued expenses | 2,654,000 | 3,513,000 |
Deferred revenue | 267,000 | 277,000 |
Total current liabilities | 3,102,000 | 3,910,000 |
Other long-term liabilities | 322,000 | 150,000 |
Total liabilities | $ 3,424,000 | $ 4,060,000 |
Commitments and contingencies (Note 9) | ||
Stockholders’ Equity: | ||
Preferred stock ($0.01 par value per share); 5,000,000 shares authorized; no shares issued or outstanding | $ 0 | $ 0 |
Common stock ($0.01 par value per share); 250,000,000 shares authorized at March 31, 2016 and December 31, 2015; 27,369,390 and 27,331,435 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively | 274,000 | 273,000 |
Additional paid-in capital | 339,229,000 | 338,580,000 |
Accumulated other comprehensive loss | (76,000) | (72,000) |
Accumulated deficit | (332,251,000) | (325,753,000) |
Total stockholders’ equity | 7,176,000 | 13,028,000 |
Total liabilities and stockholders’ equity | 10,600,000 | 17,088,000 |
Cash, Cash Equivalents, and Short-term Investments | $ 5,271,000 | $ 12,269,000 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
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 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 | 250,000,000 | 250,000,000 |
Common stock, shares issued | 26,981,214 | 22,530,322 |
Common stock, shares outstanding | 26,981,214 | 22,530,322 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenue: | ||
Product revenue | $ 321 | $ 72 |
Grant revenue | 157 | 452 |
License fee and royalty revenue (Note 12) | 197 | 121 |
Total revenue | 675 | 645 |
Costs and expenses: | ||
Cost of product revenue | 117 | 84 |
Research and development | 4,332 | 3,925 |
Selling, general, and administrative | 2,727 | 2,466 |
Total costs and expenses | 7,176 | 6,475 |
Loss from operations | (6,501) | (5,830) |
Other income (expense): | ||
Interest income, net | 3 | 1 |
Other income (expense), net | 0 | (14) |
Total other income (expense), net | 3 | (13) |
Net loss | $ (6,498) | $ (5,843) |
Basic and diluted net loss per share: | ||
Net loss per share | $ (0.24) | $ (0.26) |
Number of shares used in per share calculations: | ||
Basic and diluted (in shares) | 27,367,305 | 22,556,383 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss: | $ (6,498) | $ (5,843) |
Other comprehensive loss | ||
Change in foreign currency translation adjustment | (4) | (4) |
Total other comprehensive loss | (4) | (4) |
Comprehensive loss | $ (6,502) | $ (5,847) |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities | ||
Net loss | $ (6,498) | $ (5,843) |
Adjustments to reconcile net loss to cash used in operating activities: | ||
Depreciation | 122 | 55 |
Charge for 401(k) company common stock match | 155 | 137 |
Stock-based compensation | 591 | 313 |
Changes in operating assets and liabilities: | ||
Accounts receivables | (34) | (129) |
Due from related party | (58) | 18 |
Unbilled receivables | 97 | (138) |
Inventory | (41) | 15 |
Prepaid expenses and other assets | 280 | (18) |
Accounts payable | 71 | (45) |
Accrued expenses | (1,051) | (1,128) |
Deferred rent and other long-term liabilities | (150) | 0 |
Deferred revenue | (10) | 102 |
Net cash used in operating activities | (6,526) | (6,661) |
Cash flows from investing activities | ||
Purchase of property and equipment | (161) | (127) |
Change in restricted cash | (307) | 0 |
Net cash used by investing activities | (468) | (127) |
Effect of exchange rate changes on cash and cash equivalents | (4) | (1) |
Net decrease in cash and cash equivalents | (6,998) | (6,789) |
Cash and cash equivalents at beginning of period | 12,269 | 20,046 |
Cash and cash equivalents at end of period | 5,271 | 13,257 |
Supplemental disclosure of non-cash information: | ||
Purchase of property and equipment included in accounts payable, accrued expenses, and other long-term liabilities | $ 476 | $ 0 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | 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 March 31, 2016 and 2015 . 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, 2015 , which are contained in the Company’s Annual Report on Form 10-K filed with the SEC on March 29, 2016. 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 a terminated joint venture, it has recorded losses since its inception, including for the fiscal quarter ended March 31, 2016 . As of March 31, 2016 , the Company held unrestricted cash and cash equivalents of $5,271 . The Company also has an agreement with Aspire Capital Fund, LLC ("Aspire"), under which Aspire has committed to purchase up to $20,000 of Metabolix’s common stock over a 30 month period that began on November 9, 2015. The purchase agreement contains limitations on the number of shares that the Company may sell to Aspire. Additionally, the Company and Aspire may not effect any sales of shares of the Company's common stock under the purchase agreement during the continuance of an event of default or on any trading day that the closing sale price of its common stock is less than $0.50 per share. At March 31, 2016, the full $20,000 remained available under the purchase agreement with Aspire, although market conditions may limit the extent to which the Company can draw on this facility. 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. The Company is exploring strategic alternatives for its specialty biopolymers business and for its Yield10 crop science program. Strategic alternatives may include selling the Company’s specialty biopolymers business as an operating business to a third party with strategic interest in acquiring the business and either refocusing the Company’s resources on development and commercialization of Yield10 Bioscience or potentially selling the Yield10 business as well. The Company is actively engaged in efforts to secure additional capital resources before the end of May. If the Company is not able to secure such additional funding or otherwise fund its strategic review process and operations, it will be forced to wind down some or all of its operations and pursue options for liquidating the Company’s assets, including inventory, equipment and intellectual property. Even if the Company completes a sale or other strategic alternative with respect to its biopolymers business, additional funding may be required if it decides to continue the Yield10 business. There can be no assurance that the Company's financing efforts will be successful. The current economic environment and recent uncertainty and volatility in financial markets may make it difficult to obtain additional financing. The Company continues to face significant challenges and uncertainties. The Company’s future revenues, expenses and cash usage will depend on which, if any, strategic alternatives are completed. 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) lower than expected revenues from grants, licenses, and service fees related to the Yield10 technologies; (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, including the Company's exploration of strategic alternatives. 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 may 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 may be subject to significant annual limitations under Section 382 of the Internal Revenue Code of 1986 due to ownership changes resulting from equity financing transactions. 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 | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
ACCOUNTING POLICIES | ACCOUNTING POLICIES There have been no material changes in accounting policies since the Company’s fiscal year ended December 31, 2015 , as described in Note 2 to the consolidated financial statements included in its Annual Report on Form 10-K for the year then ended. Principles of Consolidation The Company's consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions were eliminated, including transactions with its Canadian subsidiary, Metabolix Oilseeds, Inc. Reverse Stock Split On May 26, 2015, the Company effected a 1-for-6 reverse stock split of its common stock. Unless otherwise indicated, all share amounts, per share data, share prices, exercise prices, and conversion rates set forth in these notes and the accompanying financial statements have, where applicable, been adjusted retroactively to reflect this reverse stock split. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Foreign Currency Translation Foreign denominated assets and liabilities of the Company's wholly-owned foreign subsidiaries are translated into U.S. dollars at the prevailing exchange rates in effect on the balance sheet date. Revenues and expenses are translated at average exchange rates prevailing during the period. Any resulting translation gains or losses are recorded in accumulated other comprehensive income (loss) in the consolidated balance sheet. When the Company dissolves, sells or substantially sells all of the assets of a consolidated foreign subsidiary, the cumulative translation gain or loss of that subsidiary is released from comprehensive income (loss) and included within its consolidated statement of operations during the fiscal period when the dissolution or sale occurs. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk primarily consist of cash and cash equivalents. 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, when purchased, are acquired in accordance with the Company’s investment policy which establishes a concentration limit per issuer. At March 31, 2016 , 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 March 31, 2016 , the Company’s accounts and unbilled receivables include $125 or 24% from U.S. and Canadian government grants. At March 31, 2016 , the Company’s Production of High Oil, Transgene Free Camelina Sativa Plants through Genome Editing ("Camelina") grant from the Department of Energy represented 93% of total government grant receivables. At December 31, 2015 , the Company’s accounts and unbilled receivables include $156 or 29% from government grants. At December 31, 2015 , the Company’s Renewable Enhanced Feedstocks for Advanced Biofuels and Bioproducts grant from the Department of Energy represented 43% of total government grant receivables. |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 3 Months Ended |
Mar. 31, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718) : Improvements to Employee Share-Based Payment Accounting. The new standard involves several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. The new standard will be effective for us on January 1, 2017. The Company is in the process of evaluating the impact of this new guidance. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. ASC 842 supersedes the previous leases standard, ASC 840 Leases. The standard is effective on January 1, 2019, with early adoption permitted. The Company is in the process of evaluating the impact of this new guidance. In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory , which requires entities to measure most inventory “at the lower of cost and net realizable value,” thereby simplifying the current guidance under which an entity must measure inventory at the lower of cost or market. ASU 2015-11 is effective for annual and interim periods beginning after December 15, 2016, with early adoption permitted. The Company is currently reviewing the potential impact of adopting the new guidance. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40) . The new guidance addresses 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. Management’s evaluation should be based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued. This guidance 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 adoption is permitted. The Company is currently reviewing the potential impact of adopting the new guidance on its current disclosures. In May 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. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , which delayed the effective date of the new standard from January 1, 2017 to January 1, 2018. The FASB also agreed to allow entities to choose to adopt the standard as of the original effective date. The Company is currently evaluating the method of adoption and potential impact that Topic 606 may have on its financial position and results of operations. |
BASIC AND DILUTED NET INCOME (L
BASIC AND DILUTED NET INCOME (LOSS) PER SHARE | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
BASIC AND DILUTED NET INCOME (LOSS) PER SHARE | 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. Diluted net income (loss) per share is computed by dividing net 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, as well as weighted shares outstanding of any potential (unissued) shares of common stock from restricted stock units. 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 dilutive loss per share. Common stock equivalents include stock options, restricted stock awards and warrants. The Company follows the two-class method when computing net loss per share, when it has 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 for the three months ended March 31, 2016, as the Company was in a loss position and had no shares that met the definition of participating securities outstanding at March 31, 2016 and 2015. See Note 13. On May 26, 2015, the Company effected a 1-for-6 reverse stock split of its common stock. The calculation of basic and diluted net loss per share, as presented in the accompanying condensed consolidated statements of operations, have been determined based on retroactive adjustment of weighted average shares outstanding for all periods presented. The number of shares of potentially dilutive common stock presented on a weighted average basis, related to options, restricted stock units and warrants (prior to consideration of the treasury stock method) that were excluded from the calculation of dilutive shares since the inclusion of such shares would be anti-dilutive for the three months ended March 31, 2016 and 2015, respectively, are shown below: Three Months Ended March 31, 2016 2015 Options 923,977 1,002,990 Restricted stock units 1,177,723 100,000 Warrants 3,933,000 — Total 6,034,700 1,102,990 |
INVENTORY
INVENTORY | 3 Months Ended |
Mar. 31, 2016 | |
Inventory Disclosure [Abstract] | |
INVENTORY | INVENTORY The components of biopolymer inventories of the Company are as follows: March 31, December 31, Raw materials $ 84 $ 51 Work in Process 18 — Finished goods 318 328 Total inventory $ 420 $ 379 Included within finished goods at March 31, 2016 and December 31, 2015, are $45 and $51 , 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. The Company recorded no inventory impairment charges to cost of product revenue during the three months ended March 31, 2016 and March 31, 2015, for inventory that it determined was unlikely to be sold or was at a lower cost than market. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The Company has certain financial assets recorded at fair value which have been classified as Level 1 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 for identical instruments. 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 March 31, 2016 and December 31, 2015, the Company did not own any Level 2 or Level 3 financial assets or liabilities and there were no transfers of financial assets or liabilities between category levels. The Company's assets are measured at fair value on a recurring basis. The balance of Level 1 assets as of March 31, 2016 and December 31, 2015 were $4,098 and $11,203 respectively, and for both periods the assets were invested in money market funds classified in cash and cash equivalents. |
ACCRUED EXPENSES
ACCRUED EXPENSES | 3 Months Ended |
Mar. 31, 2016 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES | ACCRUED EXPENSES Accrued expenses consisted of the following at: March 31, December 31, Employee compensation and benefits $ 1,104 $ 2,114 Commercial manufacturing 257 465 Professional services 866 431 Other 427 503 Total accrued expenses $ 2,654 $ 3,513 |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION At March 31, 2016 , there was approximately $3,235 of pre-tax stock-based compensation expense, net of estimated forfeitures, related to unvested awards not yet recognized. Employee, Non-employee and Director Stock Options The Company recognized stock-based compensation expense related to stock option awards of $591 and $313 for the three months ended March 31, 2016 and 2015, respectively. The compensation expense related to unvested stock options is expected to be recognized over a remaining weighted average period of 1.82 years. A summary of option activity for the three months ended March 31, 2016 is as follows: Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2015 904,133 $ 26.58 Granted 35,000 1.16 Exercised — — Forfeited (341 ) 5.98 Expired (12,635 ) 39.48 Outstanding at March 31, 2016 926,157 $ 25.45 Options exercisable at March 31, 2016 665,254 $ 32.76 Restricted Stock Units On January 2, 2014, the Company awarded 100,000 restricted stock units ("RSUs") to its Chief Executive Officer. These restricted stock units contained both market and performance conditions which were based on the achievement of certain stock price and revenue targets, respectively. The restricted stock units would have vested 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 were achieved. Neither the market nor performance conditions were met by January 2, 2016 resulting in the restricted stock units being forfeited as of that date. In accordance with accounting guidance for stock compensation, the amortization of these restricted stock units will continue through March 2018. During 2015, the Company began using RSUs as a broad-based form of long-term compensation incentive for its officers, directors and employees. On April 1, 2015, the Company awarded 203,967 RSUs under the 2014 Plan to members of senior management pursuant to elections previously made by the senior managers to convert a portion of their 2014 performance bonuses from cash to equity. These RSUs vested one year from the date of grant. During the year ended December 31, 2015, the Company also awarded a total of 906,806 additional long-term incentive RSUs to senior managers and employees. These RSUs vest in four equal annual installments beginning one year after the date of grant, subject to service conditions. On September 10, 2015, the Company awarded 81,250 RSUs to its non-employee directors. These RSUs will vest on May 28, 2016. No RSUs were awarded by the Company during the three months ending March 31, 2016. The Company records stock compensation expense for RSUs on a straight line basis over their vesting period based on each RSU's award date market value. The Company recognizes compensation expense for only the portion of awards that are expected to vest based on forfeiture estimates. In developing a forfeiture rate estimate, the Company considered its historical experience and actual forfeitures for the year. The Company will continue to evaluate its forfeiture rate as compared to the actual number of forfeitures in future periods to determine if adjustments to compensation expense may be required. The Company will pay required minimum federal, state or provincial income tax withholding associated with RSUs for its U.S. and Canadian employees. As the RSUs vest, the Company will withhold a number of shares with an aggregate fair market value equal to the minimum tax withholding amount (unless the employee makes other arrangements for payment of the tax withholding) from the common stock issuable at the vest date. A summary of RSU activity for the three months ended March 31, 2016 is as follows: Number of RSUs Weighted Average Remaining Contractual Life (years) Outstanding at December 31, 2015 1,286,773 Awarded — Released — Forfeited (113,150 ) Outstanding at March 31, 2016 1,173,623 1.83 Vested and expected to vest as of March 31, 2016 1,100,862 1.09 Weighted average remaining recognition period 2.80 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Lease Commitments On January 20, 2016, the Company entered into an agreement with the landlord of its Cambridge, MA facility to terminate the lease effective July 31, 2016. After giving effect of the termination, the Company's future minimum payments for the Cambridge facility will be $399 through the termination date. On January 20, 2016, the Company entered into a new lease agreement pursuant to which the Company will lease approximately 30,000 square feet of office and research and development space located at 19 Presidential Way, Woburn, Massachusetts. The lease begins on June 1, 2016 and ends on December 31, 2026, subject to adjustment depending on the date that renovations of the premises are substantially completed. Annual base rental payments due under the lease will be approximately $216 during the remainder of 2016, $725 during the year ended 2017 and $785 during the year ended 2018 and a total of $7,346 thereafter for the remainder of the 10.5 year lease. The Company provided the landlord with a security deposit in the form of a letter of credit in the amount of $307 . Pursuant to the lease, the Company will also pay certain taxes and operating costs associated with the premises during the term of the lease. Under the terms of the lease agreement, the landlord will pay $889 for tenant improvements to the facility and will fund an additional $444 for tenant improvements that will result in increased rental payments by the Company. The landlord ’s contributions toward the cost of tenant improvements will be recorded as a lease incentive obligation on the Company's consolidated balance sheet. The lease incentive obligation will be amortized to the Company's consolidated statement of operations as reductions to rent expense over the lease term. As of March 31, 2016, the Company has recorded lease incentive obligations of $347 . Contractual Commitments In connection with the Company’s plan to increase pilot production of its PHA biopolymers, during May 2015 the Company entered into agreements with a U.S. supplier of toll fermentation services and with the owner/operator of its expanded pilot recovery facility. Under the fermentation services agreement, the Company is obligated to pay fixed toll fermentation service fees of approximately $600 per quarter from February 2016 until July 2017. During May 2015, the Company prepaid $1,000 for these future fermentation services. At March 31, 2016, $667 remains available from this prepayment for offset against future service fees and is included in prepaid expenses and other current assets in the Company's consolidated balance sheet. The Company is currently paying contractual fixed fees of approximately $520 per quarter for the biopolymer recovery facility that will continue until at least December 31, 2016. In addition to the fixed charges under these agreements, the Company is obligated to pay certain variable production costs as incurred. 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. Guarantees As of March 31, 2016 and December 31, 2015, the Company did not have significant liabilities recorded for guarantees. The Company enters into indemnification provisions under various agreements with other companies in the ordinary course of business, typically with business partners, contractors, and customers. Under these provisions, the Company generally indemnifies and holds harmless the indemnified party for losses suffered or incurred by the indemnified party as a result of its activities. These indemnification provisions generally survive termination of the underlying agreement. The maximum potential amount of future payments the Company could be required to make under these indemnification provisions is unlimited. However, to date Metabolix has not incurred material costs to defend lawsuits or settle claims related to these indemnification provisions. As a result, the estimated fair value of these agreements is minimal. Accordingly, the Company has no liabilities recorded for these agreements as of March 31, 2016 and December 31, 2015. |
GEOGRAPHIC INFORMATION
GEOGRAPHIC INFORMATION | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
GEOGRAPHIC INFORMATION | GEOGRAPHIC INFORMATION The geographic distribution of the Company’s operating revenues and long-lived assets are summarized in the tables below: U.S. Canada Eliminations Total Three Months Ended March 31, 2016: Net revenues from unaffiliated customers $ 675 $ — $ — $ 675 Inter-geographic revenues — 212 (212 ) — Net revenues $ 675 $ 212 $ (212 ) $ 675 Three Months Ended March 31, 2015: Net revenues from unaffiliated customers $ 644 $ 1 $ — $ 645 Inter-geographic revenues — 199 (199 ) — Net revenues $ 644 $ 200 $ (199 ) $ 645 Foreign revenue is based on the country in which the Company’s subsidiary that earned the revenue is domiciled. During the three months ended March 31, 2016 , revenue earned from the Company’s Camelina grant with the U.S. Department of Energy totaled $157 and represented 23% of total revenue. During the three months ended March 31, 2015, revenue earned from the Company's REFABB grant totaled $330 , and represented 51% of total revenue. During the three months ended March 31, 2016, one biopolymer customer represented 35% or more of the Company’s total revenues. During the three months ended March 31, 2015, no biopolymer customer represented 10% of the Company's total revenues. The geographic distribution of the Company’s long-lived assets is summarized as follows: U.S. Canada Eliminations Total March 31, 2016 $ 1,352 $ — $ — $ 1,352 December 31, 2015 $ 903 $ 2 $ — $ 905 |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 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 tax 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 months ended March 31, 2016 and 2015 , 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 March 31, 2016 or December 31, 2015 . |
RELATED PARTIES
RELATED PARTIES | 3 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
RELATED PARTIES | RELATED PARTIES The Company licenses certain technology to Tepha, Inc., a related party, for use in medical applications and recorded $197 and $120 of license and royalty revenue during the three months ended March 31, 2016 and 2015, respectively. As of March 31, 2016 and December 31, 2015, the Company had $204 and $146 , respectively, of outstanding receivables due from Tepha for royalties. |
CAPITAL STOCK
CAPITAL STOCK | 3 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
CAPITAL STOCK | CAPITAL STOCK Common and Preferred Stock Issuances On October 7, 2015, the Company entered into a common stock purchase agreement with Aspire Capital. Under terms of the agreement, Aspire committed to purchase up to an aggregate of $20,000 of the Company's common stock over a 30 month period that began on November 9, 2015. Common stock may be sold from time to time at the Company’s direction under pricing formulas based on prevailing market prices around the time of each sale. The purchase agreement contains limitations on the number of shares that the Company may sell to Aspire. Additionally, the Company and Aspire may not effect any sales of shares of the Company's common stock under the purchase agreement during the continuance of an event of default or on any trading day that the closing sale price of its common stock is less than $0.50 per share. Upon execution of the purchase agreement, the Company issued 300,000 shares of its common stock to Aspire with a fair value of $450 , as a commitment fee. In addition, the Company incurred $169 of additional costs in connection with the Aspire facility, which along with the fair value of the common stock has been recorded as deferred equity costs and is included within other assets in the accompanying consolidated balance sheet at March 31, 2016. These costs will be proratably charged to additional paid-in-capital as shares are sold to Aspire. In the event it is determined no additional shares will be sold under the purchase agreement, any deferred equity offering costs will be expensed at such time. At March 31, 2016, the full $20,000 under the purchase agreement remains available for sale to Aspire. On June 19, 2015, the Company completed a private placement of its securities. Proceeds received from the transaction were $14,703 , net of issuance costs of $297 . Investors participating in the transaction purchased a total of 4,370,000 shares of common stock at a price of $3.32 per share and warrants with a purchase price of $0.125 per warrant to purchase up to an aggregate of 3,933,000 additional shares of common stock. The warrants have a four -year term and are immediately exercisable at a price of $3.98 per share. The Company reviewed the accounting guidance for warrants and has determined that the warrants should be recorded as equity within additional paid-in capital. On May 26, 2015, the Company effected a 1-for-6 reverse split of its common stock. The reverse stock split reduced the number of shares of the Company's common stock currently outstanding at the time the reverse split was made effective from approximately 136 million shares to approximately 23 million shares. Proportional adjustments were made to the Company's outstanding stock options and restricted stock units and to the number of shares issued and issuable under the Company's equity compensation plans. The number of authorized shares of the Company's common stock remained at 250 million shares. |
ACCOUNTING POLICIES (Policies)
ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Principles of consolidation | Principles of Consolidation The Company's consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions were eliminated, including transactions with its Canadian subsidiary, Metabolix Oilseeds, Inc. |
Use of estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. |
Foreign currency translation | Foreign Currency Translation Foreign denominated assets and liabilities of the Company's wholly-owned foreign subsidiaries are translated into U.S. dollars at the prevailing exchange rates in effect on the balance sheet date. Revenues and expenses are translated at average exchange rates prevailing during the period. Any resulting translation gains or losses are recorded in accumulated other comprehensive income (loss) in the consolidated balance sheet. When the Company dissolves, sells or substantially sells all of the assets of a consolidated foreign subsidiary, the cumulative translation gain or loss of that subsidiary is released from comprehensive income (loss) and included within its consolidated statement of operations during the fiscal period when the dissolution or sale occurs. |
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. 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, when purchased, are acquired in accordance with the Company’s investment policy which establishes a concentration limit per issuer. At March 31, 2016 , 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. |
Recent accounting pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718) : Improvements to Employee Share-Based Payment Accounting. The new standard involves several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. The new standard will be effective for us on January 1, 2017. The Company is in the process of evaluating the impact of this new guidance. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. ASC 842 supersedes the previous leases standard, ASC 840 Leases. The standard is effective on January 1, 2019, with early adoption permitted. The Company is in the process of evaluating the impact of this new guidance. In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory , which requires entities to measure most inventory “at the lower of cost and net realizable value,” thereby simplifying the current guidance under which an entity must measure inventory at the lower of cost or market. ASU 2015-11 is effective for annual and interim periods beginning after December 15, 2016, with early adoption permitted. The Company is currently reviewing the potential impact of adopting the new guidance. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40) . The new guidance addresses 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. Management’s evaluation should be based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued. This guidance 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 adoption is permitted. The Company is currently reviewing the potential impact of adopting the new guidance on its current disclosures. In May 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. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , which delayed the effective date of the new standard from January 1, 2017 to January 1, 2018. The FASB also agreed to allow entities to choose to adopt the standard as of the original effective date. The Company is currently evaluating the method of adoption and potential impact that Topic 606 may have on its financial position and results of operations. |
BASIC AND DILUTED NET INCOME 21
BASIC AND DILUTED NET INCOME (LOSS) PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of number of shares of potentially dilutive common stock related to options and warrants that were excluded from the calculation of dilutive shares | The number of shares of potentially dilutive common stock presented on a weighted average basis, related to options, restricted stock units and warrants (prior to consideration of the treasury stock method) that were excluded from the calculation of dilutive shares since the inclusion of such shares would be anti-dilutive for the three months ended March 31, 2016 and 2015, respectively, are shown below: Three Months Ended March 31, 2016 2015 Options 923,977 1,002,990 Restricted stock units 1,177,723 100,000 Warrants 3,933,000 — Total 6,034,700 1,102,990 |
INVENTORY (Tables)
INVENTORY (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of the components of the Company's biopolymer inventories | The components of biopolymer inventories of the Company are as follows: March 31, December 31, Raw materials $ 84 $ 51 Work in Process 18 — Finished goods 318 328 Total inventory $ 420 $ 379 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Payables and Accruals [Abstract] | |
Schedule of accrued expenses | Accrued expenses consisted of the following at: March 31, December 31, Employee compensation and benefits $ 1,104 $ 2,114 Commercial manufacturing 257 465 Professional services 866 431 Other 427 503 Total accrued expenses $ 2,654 $ 3,513 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of option activity | A summary of option activity for the three months ended March 31, 2016 is as follows: Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2015 904,133 $ 26.58 Granted 35,000 1.16 Exercised — — Forfeited (341 ) 5.98 Expired (12,635 ) 39.48 Outstanding at March 31, 2016 926,157 $ 25.45 Options exercisable at March 31, 2016 665,254 $ 32.76 |
Schedule of restricted stock units activity | A summary of RSU activity for the three months ended March 31, 2016 is as follows: Number of RSUs Weighted Average Remaining Contractual Life (years) Outstanding at December 31, 2015 1,286,773 Awarded — Released — Forfeited (113,150 ) Outstanding at March 31, 2016 1,173,623 1.83 Vested and expected to vest as of March 31, 2016 1,100,862 1.09 Weighted average remaining recognition period 2.80 |
GEOGRAPHIC INFORMATION (Tables)
GEOGRAPHIC INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of the geographic distribution of revenues and long-lived assets from continuing operations | The geographic distribution of the Company’s operating revenues and long-lived assets are summarized in the tables below: U.S. Canada Eliminations Total Three Months Ended March 31, 2016: Net revenues from unaffiliated customers $ 675 $ — $ — $ 675 Inter-geographic revenues — 212 (212 ) — Net revenues $ 675 $ 212 $ (212 ) $ 675 Three Months Ended March 31, 2015: Net revenues from unaffiliated customers $ 644 $ 1 $ — $ 645 Inter-geographic revenues — 199 (199 ) — Net revenues $ 644 $ 200 $ (199 ) $ 645 |
Schedule of the geographic distribution of long-lived assets | The geographic distribution of the Company’s long-lived assets is summarized as follows: U.S. Canada Eliminations Total March 31, 2016 $ 1,352 $ — $ — $ 1,352 December 31, 2015 $ 903 $ 2 $ — $ 905 |
BASIS OF PRESENTATION (Details)
BASIS OF PRESENTATION (Details) - USD ($) | Oct. 07, 2015 | Jun. 19, 2015 | Mar. 31, 2016 | Mar. 31, 2015 |
Other Commitments [Line Items] | ||||
Deferred revenue recognized from the terminated Telles joint venture | $ 38,885,000 | |||
Unrestricted cash, cash equivalents and investments | $ 5,271,000 | |||
Period over which company's present capital resources are not sufficient to fund its planned operations | 12 months | |||
Proceeds from private placement offerings, net of issuance costs | $ 14,703,000 | |||
Private Placement [Member] | Aspire [Member] | ||||
Other Commitments [Line Items] | ||||
Term of contractual service agreement | 30 months | |||
Other Commitment | $ 20,000,000 |
ACCOUNTING POLICIES (Details)
ACCOUNTING POLICIES (Details) - Accounts receivable - Credit concentration risk - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
US, Canadian, and German government grants | |||
Concentration of credit risk | |||
Accounts receivable | $ 125 | ||
Receivables/Sales (as a percent) | 24.00% | ||
Production of High Oil, Transgene Free Camelina Sativa Plants through Genome Editing, Department of Energy Grant [Member] | |||
Concentration of credit risk | |||
Receivables/Sales (as a percent) | 93.00% | ||
Government grants | |||
Concentration of credit risk | |||
Accounts receivable | $ 156 | ||
Receivables/Sales (as a percent) | 29.00% | ||
Development of renewable enhanced feedstocks for advanced biofuels and bioproducts department of energy grant | |||
Concentration of credit risk | |||
Receivables/Sales (as a percent) | 43.00% |
BASIC AND DILUTED NET INCOME 28
BASIC AND DILUTED NET INCOME (LOSS) PER SHARE (Details) | May. 26, 2015shares | Mar. 31, 2016shares | Mar. 31, 2015shares | Dec. 31, 2015shares |
Antidilutive securities | ||||
Preferred stock, shares outstanding | 0 | 0 | ||
Antidilutive common stock excluded from the calculation of dilutive shares | 6,034,700 | 1,102,990 | ||
Preferred shares issued | 0 | 0 | ||
Common stock conversion ratio for each preferred stock | 0.1667 | |||
Common stock shares authorized | 250,000,000 | 250,000,000 | 250,000,000 | |
Options | ||||
Antidilutive securities | ||||
Antidilutive common stock excluded from the calculation of dilutive shares | 923,977 | 1,002,990 | ||
Restricted stock units | ||||
Antidilutive securities | ||||
Antidilutive common stock excluded from the calculation of dilutive shares | 1,177,723 | 100,000 | ||
Warrants | ||||
Antidilutive securities | ||||
Antidilutive common stock excluded from the calculation of dilutive shares | 3,933,000 | 0 |
INVENTORY (Details)
INVENTORY (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 84,000 | $ 51,000 |
Inventory, Work in Process, Gross | 18,000 | 0 |
Finished goods | 318,000 | 328,000 |
Total inventory | 420,000 | 379,000 |
Inventory on which revenue not recognized | 45,000 | $ 51,000 |
Charges to cost of product revenue for inventory unlikely to be sold | $ 0 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, measurements, recurring | Quoted prices in active markets for identical assets | Money market funds | ||
Fair value measurements | ||
Assets, Fair Value Disclosure | $ 4,098,464 | $ 11,202,709 |
ACCRUED EXPENSES (Details)
ACCRUED EXPENSES (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Payables and Accruals [Abstract] | ||
Employee compensation and benefits | $ 1,104 | $ 2,114 |
Commercial manufacturing | 257 | 465 |
Professional services | 866 | 431 |
Other | 427 | 503 |
Total accrued expenses | $ 2,654 | $ 3,513 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Employee stock option | ||
Stock-based compensation | ||
Stock-based compensation expense, net of estimated forfeitures, related to unvested awards not yet recognized | $ 3,235 | |
Stock-based compensation expense | $ 591 | $ 313 |
Weighted average remaining recognition period | 1 year 9 months 27 days | |
Options | ||
Stock Options, Number of Shares [Roll Forward] | ||
Outstanding at the beginning of the period (in shares) | 904,133 | |
Granted (in shares) | 35,000 | |
Exercised (in shares) | 0 | |
Forfeited (in shares) | (341) | |
Expired (in shares) | (12,635) | |
Outstanding at the end of the period (in shares) | 926,157 | |
Options exercisable at the end of the period (in shares) | 665,254 | |
Stock Options, Weighted Average Exercise Price [Roll Forward] | ||
Outstanding at the beginning of the period (in dollars per share) | $ 26.58 | |
Granted (in dollars per share) | 1.16 | |
Exercised (in dollars per share) | 0 | |
Forfeited (in dollars per share) | 5.98 | |
Expired (in dollars per share) | 39.48 | |
Outstanding at the end of the period (in dollars per share) | 25.45 | |
Options exercisable at the end of the period (in dollars per share) | $ 32.76 |
STOCK-BASED COMPENSATION - REST
STOCK-BASED COMPENSATION - RESTRICTED STOCK UNIT ACTIVITY TABLE (Details) - Restricted stock units - shares | Sep. 10, 2015 | Apr. 01, 2015 | Jan. 02, 2014 | Mar. 31, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Outstanding at December 31, 2014 (in shares) | 1,286,773 | |||
Awarded (in shares) | 0 | |||
Released (in shares) | 0 | |||
Forfeited (in shares) | (113,150) | |||
Outstanding at June 30, 2015 (in shares) | 1,173,623 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||||
Weighted Average Remaining Contractual Life (years) | 1 year 9 months 28 days | |||
Ending vested and expected to vest (in shares) | 1,100,862 | |||
Ending vested and expected to vest - Weighted average remaining contractual life | 1 year 1 month 2 days | |||
Weighted average remaining recognition period | 2 years 9 months 20 days | |||
Chief Executive Officer [Member] | ||||
Stock-based compensation | ||||
Vesting period | 3 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Awarded (in shares) | 100,000 | |||
Executive Employees [Member] | ||||
Stock-based compensation | ||||
Vesting period | 4 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Awarded (in shares) | 203,967 | 906,806 | ||
Non-Executive Employees [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Awarded (in shares) | 81,250 |
COMMITMENTS AND CONTINGENCIES C
COMMITMENTS AND CONTINGENCIES Commitments and Contingencies (Details) | 3 Months Ended | ||||
Mar. 31, 2016USD ($) | Jul. 01, 2016USD ($) | Jan. 20, 2016ft² | Jul. 01, 2015USD ($) | May. 31, 2015USD ($) | |
Other Commitments [Line Items] | |||||
Operating Leases, Future Minimum Payments Due | $ 399 | ||||
Area of Real Estate Property | ft² | 30,000 | ||||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 216 | ||||
Operating Leases, Future Minimum Payments, Due in Two Years | 725 | ||||
Operating Leases, Future Minimum Payments, Due in Three Years | 785 | ||||
Operating Leases, Future Minimum Payments, Due Thereafter | 7,346 | ||||
Security Deposit | 307 | ||||
operating leases, landlord reimbursement for lease improvements | 889 | ||||
operating leases, landlord reimb for lease improvements, additional payments | 444 | ||||
Incentive to Lessee | 347 | ||||
Quarterly fixed service fee | 520 | ||||
Prepayment Fees on Advances, Net | $ 667 | ||||
New Contractual Commitment | |||||
Other Commitments [Line Items] | |||||
Quarterly fixed service fee | $ 600,000 | ||||
Prepayment against future fixed service fees | $ 1,000,000 |
GEOGRAPHIC INFORMATION - Schedu
GEOGRAPHIC INFORMATION - Schedule of distribution of revenues and long-lived assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Geographic Information | ||
Revenue | $ 675 | $ 645 |
U.S. | ||
Geographic Information | ||
Revenue | 675 | 644 |
Canada | ||
Geographic Information | ||
Revenue | 212 | 200 |
Operating segments | ||
Geographic Information | ||
Revenue | 675 | 645 |
Operating segments | U.S. | ||
Geographic Information | ||
Revenue | 675 | 644 |
Operating segments | Canada | ||
Geographic Information | ||
Revenue | 0 | 1 |
Operating segments | Intersegment eliminations | ||
Geographic Information | ||
Revenue | 0 | |
Inter-geographic revenues | Canada | ||
Geographic Information | ||
Revenue | 212 | 199 |
Inter-geographic revenues | Intersegment eliminations | ||
Geographic Information | ||
Revenue | (212) | (199) |
Intersegment eliminations | ||
Geographic Information | ||
Revenue | $ (212) | $ (199) |
GEOGRAPHIC INFORMATION - Sche36
GEOGRAPHIC INFORMATION - Schedule of geographic distribution (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Geographic Information | ||
Long-lived assets | $ 1,352 | $ 905 |
U.S. | ||
Geographic Information | ||
Long-lived assets | 1,352 | 903 |
Canada | ||
Geographic Information | ||
Long-lived assets | $ 0 | $ 2 |
GEOGRAPHIC INFORMATION (Narrati
GEOGRAPHIC INFORMATION (Narrative) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($)customer | Mar. 31, 2015USD ($) | |
Concentration risk | ||
Revenue earned from the REFABB grant | $ 157 | $ 452 |
US Department of energy | Sales | ||
Concentration risk | ||
Revenue earned from the REFABB grant | $ 157 | $ 330 |
Concentration risk (as a percent) | 23.00% | 51.00% |
Customer one | Sales | ||
Concentration risk | ||
Concentration risk (as a percent) | 35.00% | |
Number of customers | 1 | 0 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefits | $ 0 | $ 0 |
RELATED PARTIES (Details)
RELATED PARTIES (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Related party transactions | |||
Due from related party | $ 204 | $ 146 | |
Tepha Inc | License revenue | Affiliated entity | |||
Related party transactions | |||
Revenue from related parties | 197 | $ 120 | |
Due from related party | $ 204 | $ 146 |
CAPITAL STOCK (Details)
CAPITAL STOCK (Details) | Oct. 07, 2015USD ($)$ / sharesshares | Jun. 19, 2015USD ($)shares$ / shares$ / warrant | May. 26, 2015shares | Mar. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | May. 25, 2015shares |
Stock Purchase Agreement, Default, Stock Price Trigger | $ / shares | $ 0.50 | |||||
Stock Issued During Period, Shares, New Issues | 300,000 | |||||
Deferred cost of product revenue | $ | $ 45,000 | $ 51,000 | ||||
Common Stock Issuances | ||||||
Common stock, shares outstanding | 23,000,000 | 26,981,214 | 22,530,322 | 136,000,000 | ||
Proceeds from private placement offerings, net of issuance costs | $ | $ 14,703,000 | |||||
Common stock shares authorized | 250,000,000 | 250,000,000 | 250,000,000 | |||
Issuance costs from private placement | $ | $ 297,000 | |||||
Unit price (in dollars per share) | $ / warrant | 0.125 | |||||
Class of Warrant or Right Expiration Term | 4 years | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 3.98 | |||||
Common stock, shares issued | 26,981,214 | 22,530,322 | ||||
Preferred shares issued | 0 | 0 | ||||
Common stock conversion ratio for each preferred stock | 0.1667 | |||||
Common stock | ||||||
Common Stock Issuances | ||||||
Number of units purchased | 4,370,000 | |||||
Share Price | $ / shares | $ 3.32 | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 3,933,000 | |||||
Aspire [Member] | Private Placement [Member] | ||||||
Other Commitment | $ | $ 20,000,000 | |||||
Term of contractual service agreement | 30 months | |||||
Aspire [Member] | ||||||
Stock Issued | $ | $ 450,000 | |||||
Other Assets [Member] | Aspire [Member] | ||||||
Deferred cost of product revenue | $ | $ 169,000 |