Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 30, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'AMBI | ' |
Entity Registrant Name | 'AMBIT BIOSCIENCES CORP | ' |
Entity Central Index Key | '0001131543 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 17,973,315 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $61,853 | $71,189 |
Accounts receivable | ' | 1,000 |
Prepaid expenses and other current assets | 1,508 | 911 |
Total current assets | 63,361 | 73,100 |
Property and equipment, net | 823 | 785 |
Restricted cash | 63 | 63 |
Total assets | 64,247 | 73,948 |
Current liabilities: | ' | ' |
Accounts payable and accrued expenses | 4,304 | 4,711 |
Accrued payroll and related expenses | 1,461 | 1,997 |
Deferred revenue | 115 | ' |
Warrant liabilities | 9,122 | 9,650 |
Total current liabilities | 15,002 | 16,358 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, $0.001 par value; 10,000,000 shares authorized at March 31, 2014 and December 31, 2013, respectively; 0 shares outstanding at March 31, 2014 and December 31, 2013, respectively | ' | ' |
Common stock, $0.001 par value; 200,000,000 shares authorized at March 31, 2014 and December 31, 2013, respectively; 17,973,315 and 17,919,031 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively | 18 | 18 |
Additional paid-in capital | 306,872 | 306,064 |
Accumulated other comprehensive loss | -481 | -326 |
Accumulated deficit | -257,164 | -248,166 |
Total stockholders' equity | 49,245 | 57,590 |
Total liabilities and stockholders' equity | $64,247 | $73,948 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, authorized shares | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, authorized shares | 200,000,000 | 200,000,000 |
Common stock, shares issued | 17,973,315 | 17,919,031 |
Common stock, shares outstanding | 17,973,315 | 17,919,031 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Comprehensive Loss (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues: | ' | ' |
Collaboration agreements | $32 | $6,592 |
Operating expenses: | ' | ' |
Research and development | 6,257 | 9,005 |
General and administrative | 3,308 | 1,776 |
Total operating expenses | 9,565 | 10,781 |
Loss from operations | -9,533 | -4,189 |
Other income (expense): | ' | ' |
Interest expense | ' | -162 |
Other income | 8 | 7 |
Change in fair value of warrant and derivative liabilities | 528 | -3,957 |
Total other income (expense), net | 536 | -4,112 |
Loss before income taxes | -8,997 | -8,301 |
Provision for income tax | 1 | 1 |
Consolidated net loss | -8,998 | -8,302 |
Net loss attributable to redeemable non-controlling interest | ' | 73 |
Net loss attributable to Ambit Biosciences Corporation | -8,998 | -8,229 |
Other comprehensive loss: | ' | ' |
Foreign currency translation | -155 | -133 |
Comprehensive loss | ($9,153) | ($8,435) |
Net loss per share attributable to common stockholders, basic and diluted | ($0.50) | ($3,019.30) |
Weighted average shares outstanding, basic | 17,937,337 | 3,990 |
Weighted average shares outstanding, diluted | 18,934,283 | 3,990 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Operating activities | ' | ' |
Consolidated net loss | ($8,998,000) | ($8,302,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation and amortization | 75,000 | 114,000 |
Change in fair value of redeemable convertible preferred stock warrant and derivative liabilities | -528,000 | 3,957,000 |
Noncash interest expense | ' | 52,000 |
Stock-based compensation | 792,000 | 398,000 |
Gain on disposal of property and equipment | ' | -6,000 |
Deferred revenue | 115,000 | -3,852,000 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | 1,000,000 | -994,000 |
Prepaid expenses and other current assets | -597,000 | 630,000 |
Accounts payable and accrued expenses | -408,000 | -724,000 |
Accrued payroll and related expenses | -536,000 | -379,000 |
Net cash used in operating activities | -9,085,000 | -9,106,000 |
Investing activities | ' | ' |
Proceeds from sale of property and equipment | ' | 10,000 |
Purchase of property and equipment | -113,000 | -446,000 |
Restricted cash | ' | -63,000 |
Net cash used in investing activities | -113,000 | -499,000 |
Financing activities | ' | ' |
Proceeds from issuance of common stock | 16,000 | ' |
Proceeds from issuance of put shares | ' | 2,733,000 |
Payments on notes payable | ' | -1,277,000 |
Costs paid in connection with initial public offering | ' | -792,000 |
Net cash provided by financing activities | 16,000 | 664,000 |
Effect of exchange rate changes on cash | -154,000 | -135,000 |
Net change in cash and cash equivalents | -9,336,000 | -9,076,000 |
Cash and cash equivalents at beginning of the period | 71,189,000 | 17,481,000 |
Cash and cash equivalents at end of the period | 61,853,000 | 8,405,000 |
Supplemental disclosures of cash flow information | ' | ' |
Interest paid | ' | 122,000 |
Taxes paid | $1,000 | ' |
Organization_and_Summary_of_Si
Organization and Summary of Significant Accounting Policies | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Organization and Summary of Significant Accounting Policies | ' | |||||||
1. Organization and Summary of Significant Accounting Policies | ||||||||
Organization and Business | ||||||||
Ambit Biosciences Corporation (“Ambit” or the “Company”), formerly Aventa Biosciences Corporation, was incorporated in Delaware on May 17, 2000 and is located in San Diego, California. Ambit is a biopharmaceutical company focused on the discovery, development and commercialization of drugs to treat unmet medical needs in oncology, autoimmune and inflammatory diseases by inhibiting kinases that are important drivers for those diseases. | ||||||||
Initial Public Offering and Concurrent Private Placement | ||||||||
The Company closed its initial public offering (“IPO”) in May 2013, selling 8,125,000 shares of common stock at a price of $8.00 per share, resulting in gross proceeds of approximately $65.0 million and net proceeds of approximately $58.1 million, after underwriting and other expenses of approximately $6.9 million (consisting of $4.6 million in underwriting discounts and commissions and $2.3 million in other offering expenses). In connection with the completion of the IPO, all outstanding convertible preferred stock converted into 6,449,073 shares of common stock. | ||||||||
Concurrent with the IPO, the Company sold 3,134,495 shares of common stock to certain of the Company’s existing stockholders in a concurrent private placement at the IPO price of $8.00 per share and received net proceeds of approximately $25.1 million. | ||||||||
Effective upon the closing of the IPO, 1,845,329 shares of common stock were reserved for future issuance under the Company’s 2013 Equity Incentive Plan, including 1,214,212 shares of common stock reserved for issuance upon the exercise of outstanding options issued under the Company’s 2011 Amended and Restated Equity Incentive Plan and 6,117 shares of common stock previously reserved for issuance under the Company’s 2011 Amended and Restated Equity Incentive Plan, in each case that were added to the shares reserved under the 2013 Equity Incentive Plan upon its effectiveness. | ||||||||
Effective upon the closing of the Company’s IPO, 125,000 shares of common stock were reserved for future issuance under the Company’s 2013 Employee Stock Purchase Plan. | ||||||||
Principles of Consolidation | ||||||||
The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiary Ambit Europe Limited (“Ambit Europe”) and its controlled subsidiary, Ambit Biosciences (Canada) Corporation (“Ambit Canada”), which became a wholly-owned subsidiary upon the Company’s IPO. All intercompany transactions and balances among the consolidated entities are eliminated in consolidation. Ambit Europe was incorporated in England in June 2008. As of March 31, 2014, there have been no significant transactions related to Ambit Europe. Ambit Canada was formed in Canada in December 2004. | ||||||||
Consolidation of Ambit Canada’s results included the following (in thousands): | ||||||||
Three Months | ||||||||
Ended | ||||||||
March 31, 2013 | ||||||||
Research and development expense | $ | (119 | ) | |||||
Interest expense | 6 | |||||||
Net loss of Ambit Canada | $ | (113 | ) | |||||
Income (loss) of Ambit Canada was allocated to the redeemable non-controlling interest based on the relative ownership of Ambit Canada. As of March 31, 2013, the redeemable non-controlling interest held 64% of the outstanding shares of Ambit Canada. | ||||||||
Unaudited Interim Financial Information | ||||||||
The accompanying interim condensed consolidated financial statements are unaudited. These unaudited interim financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) and following the requirements of the United States Securities and Exchange Commission (“SEC”) for interim reporting on Form 10-Q. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP in annual financial statements can be condensed or omitted. In management’s opinion, the unaudited interim financial statements have been prepared on the same basis as the audited financial statements and include all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s financial position and its results of operations and comprehensive loss and its cash flows for the periods presented. These statements do not include all disclosures required by GAAP and should be read in conjunction with the Company’s audited financial statements and footnotes included in our Annual Report on Form 10-K for the year ended December 31, 2013, from which the balance sheet information herein was derived. The results for interim periods are not necessarily indicative of the results expected for the full fiscal year or any other interim period. | ||||||||
Foreign Currency Translation and Transactions | ||||||||
The accompanying condensed consolidated financial statements are presented in U.S. dollars. The financial statements of Ambit Canada are measured using the local currency as the functional currency. The translation of Ambit Canada’s assets and liabilities to U.S. dollars is made at the exchange rate in effect at the balance sheet date, while the financing-related accounts are translated at the rate in effect at the date of the underlying transaction. Equity accounts, including retained earnings, are translated at historical rates. The translation of statement of comprehensive income (loss) data is made at the average rate in effect for the period. The translation of operating cash flow data is made at the average rate in effect for the period, and investing and financing cash flow data is translated at the rate in effect at the date of the underlying transaction. Translation gains and losses are recognized within accumulated other comprehensive income (loss) in the accompanying condensed consolidated balance sheets. Transactions expected to be settled in a currency other than the functional currency are remeasured to current exchange rates each period until such transaction is settled. The resulting gain or loss is included in other income (expense) in the accompanying condensed consolidated statements of comprehensive loss. There were no material transaction gains or losses during any period presented in the financial statements. | ||||||||
Use of Estimates | ||||||||
The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make informed estimates and assumptions that impact the amounts reported in the consolidated financial statements and accompanying notes. The most significant estimates in the Company’s condensed consolidated financial statements relate to the fair value of the common and preferred stock warrant liabilities, redeemable non-controlling interest, clinical trial accruals and stock-based compensation. In addition, there is a significant amount of judgment used in the area of revenue recognition. Although these estimates and assumptions are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results could differ materially from those estimates and assumptions. | ||||||||
Cash and Cash Equivalents | ||||||||
Cash and cash equivalents consist of cash and highly liquid investments, which include money market funds, that are readily convertible into cash without prior notice or penalty. The Company considers securities with remaining maturities of three months or less, at the date of purchase, to be cash equivalents. Cash and cash equivalents are recorded at face value or cost, which approximates fair market value. | ||||||||
Fair Value of Financial Instruments | ||||||||
The carrying amounts of cash equivalents, accounts payable and accrued liabilities are considered to be reasonable estimates of their respective fair values because of the short-term nature of those instruments. The carrying amount of the warrant liabilities represents its fair value. | ||||||||
Warrant Liabilities | ||||||||
Prior to the Company’s IPO, warrants exercisable for shares of Series C, Series D and Series D-2 redeemable convertible preferred stock were classified as liabilities in the accompanying condensed consolidated balance sheets, as the terms for redemption of the underlying securities were outside the Company’s control. The Company’s outstanding common stock warrants issued in connection with its Series E financing in 2012 are classified as liabilities in the accompanying condensed consolidated balance sheets as they contain provisions that could require the Company to settle the warrants in cash. The warrants were recorded at fair value using either the Black-Scholes option pricing model, probability weighted expected return model or a binomial model, depending on the characteristics of the warrants. The fair value of these warrants is re-measured at each financial reporting period with any changes in fair value being recognized as a component of other income (expense) in the accompanying condensed consolidated statements of comprehensive loss. | ||||||||
Upon the closing of the IPO and the conversion of the of the underlying preferred stock to common stock, the Company’s warrants to purchase shares of Series C, Series D, and Series D-2 redeemable convertible preferred stock were converted into warrants to purchase shares of the Company’s common stock. The aggregate fair value of these warrants upon the closing of the IPO was $4.7 million, which was reclassified from liabilities to additional paid-in capital in the accompanying consolidated balance sheets. | ||||||||
Revenue Recognition | ||||||||
The Company generates and recognizes revenue from collaboration agreements. Some of the Company’s agreements contain multiple elements, including technological and territorial licenses and research and development services. In accordance with these agreements, the Company may be eligible for upfront fees, collaborative research funding and milestones. Revenues are recognized when all four of the following criteria are met: (i) persuasive evidence that an arrangement exists; (ii) delivery of the products and/or services has occurred; (iii) the selling price is fixed or determinable; and (iv) collectability is reasonably assured. Additional information on each type of revenue is outlined below. | ||||||||
Collaboration agreements entered into prior to 2011 | ||||||||
For multiple-element agreements entered into prior to January 1, 2011 and not materially modified thereafter, such as the Company’s previous agreement with Astellas Pharma Inc., the Company analyzed the agreement to determine whether the elements within the agreement could be separated or whether they must be accounted for as a single unit of accounting. If the delivered element, which for the Company is commonly a license, had stand-alone value and the fair value of the undelivered elements, which for the Company was generally collaborative research activities, could be determined, the Company recognized revenue separately under the residual method as the elements under the agreement were delivered. If the delivered element did not have stand-alone value or if the fair value of the undelivered element could not be determined, the agreement was then accounted for as a single unit of accounting, with consideration received under the agreement recognized as revenue on the straight-line basis over the estimated period of performance, which for the Company was generally the expected term of the research and development plan. | ||||||||
Milestones | ||||||||
Revenue from milestones is recognized when earned, as evidenced by written acknowledgement from the collaborator or other persuasive evidence that the milestone has been achieved, provided that the milestone event is substantive. A milestone event is considered to be substantive if its achievability was not reasonably assured at the inception of the arrangement and the Company’s efforts led to the achievement of the milestone (or if the milestone was due upon the occurrence of a specific outcome resulting from the Company’s performance). Events for which the occurrence is either contingent solely upon the passage of time or the result of a counterparty’s performance are not considered to be milestone events. If both of these criteria are not met, the milestone payment is recognized over the remaining minimum period of the Company’s performance obligations under the arrangement. The Company assesses whether a milestone is substantive at the inception of each arrangement. | ||||||||
Generally, the milestone events contained in the Company’s collaboration agreements coincide with the progression of the drug candidates from clinical trial, to regulatory approval and then to commercialization. The process of guiding a clinical trial candidate through clinical trials, having it approved and ultimately commercialized is highly uncertain. As such, the milestone payments the Company may earn from its partners involve a significant degree of risk to achieve. Therefore, as a drug candidate progresses through the stages of its life-cycle, the value of the drug candidate generally increases. | ||||||||
Collaboration agreements entered into or materially modified after December 31, 2010 | ||||||||
In October 2009, the Financial Accounting Standards Board (“FASB”) issued a new accounting standard which amends the guidance on accounting for arrangements involving the delivery of more than one element. This standard addresses the determination of the unit(s) of accounting for multiple-element arrangements and how the arrangement’s consideration should be allocated to each unit of accounting. The Company has not entered into nor materially modified any agreements since December 31, 2010. | ||||||||
Each required deliverable in a collaboration agreement is evaluated to determine if it qualifies as a separate unit of accounting. For the Company this determination is generally based on whether the deliverable has “stand-alone value” to the customer. The arrangement’s consideration is then allocated to each separate unit of accounting based on the relative selling price of each deliverable. The estimated selling price of each deliverable is determined using the following hierarchy of values: (i) vendor-specific objective evidence of fair value; (ii) third-party evidence of selling price; and (iii) best estimate of selling price (“BESP”). The BESP reflects the Company’s best estimate of what the selling price would be if the deliverable was regularly sold by the Company on a stand-alone basis. The Company expects, in general, to use the BESP for allocating consideration to each deliverable. In general, the consideration allocated to each unit of accounting is then recognized as the related goods or services are delivered limited to the consideration that is not contingent upon future deliverables. | ||||||||
The Company has recognized the following revenue from collaboration agreements (in thousands): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Upfront licensing fees | $ | — | $ | 3,852 | ||||
Collaborative research activities | 32 | 2,740 | ||||||
Total revenue from collaboration agreements | $ | 32 | $ | 6,592 | ||||
Clinical Trial Accruals | ||||||||
The Company is required to estimate its expenses resulting from its obligations under contracts with vendors and consultants and clinical site agreements in connection with conducting clinical trials. The financial terms of these contracts are subject to negotiations which vary from contract to contract, and may result in payment flows that do not match the periods over which materials or services are provided to the Company under such contracts. The Company’s objective is to reflect the appropriate trial expenses in its financial statements by matching those expenses with the period in which the services and efforts are expended. The Company accounts for these expenses according to the progress of the trial as measured by patient progression and the timing of various aspects of the trial. The Company determines accrual estimates through financial models, taking into account discussion with applicable personnel and outside service providers as to the progress or state of consummation of trials, or the services completed. During the course of a clinical trial, the Company adjusts its rate of clinical expense recognition if actual results differ from its estimates. The Company makes estimates of its accrued expenses as of each balance sheet date in its financial statements based on the facts and circumstances known to the Company at that time. Although the Company does not expect its estimates to be materially different from amounts actually incurred, its understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and may result in the Company reporting amounts that are too high or too low for any particular period. Through March 31, 2014, there have been no material adjustments to the Company’s prior period estimates of accrued expenses for clinical trials. The Company’s clinical trial accrual is dependent upon the timely and accurate reporting of contract research organizations and other third-party vendors. | ||||||||
Stock-Based Compensation | ||||||||
Stock-based compensation expense represents the cost of the grant date fair value of employee stock option grants recognized over the requisite service period of the awards (usually the vesting period) on a straight-line basis, net of estimated forfeitures. For stock option grants with performance-based milestones, the expense is recorded over the remaining service period after the point when the achievement of the milestone is probable or the performance condition has been achieved. The Company determines the value of equity-based compensation using the Black-Scholes option pricing model. | ||||||||
Total stock-based compensation was allocated as follows (in thousands): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Research and development | $ | 252 | $ | 111 | ||||
General and administrative | 540 | 287 | ||||||
$ | 792 | $ | 398 | |||||
As of March 31, 2014, total unrecognized stock-based compensation costs related to non-vested stock options was approximately $8.1 million and the weighted-average period over which it is expected to be recognized is approximately 3.1 years. | ||||||||
Net Loss Per Share Attributable to Common Stockholders | ||||||||
Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net loss per share attributable to common stockholders is computed by adjusting both the numerator and denominator for the impact of the liability-accounted warrants to purchase common shares because their effect was dilutive for the three months ended March 31, 2014. Other potentially dilutive common stock equivalents are comprised of convertible preferred stock, redeemable convertible preferred stock puts (non-controlling interest), warrants for the purchase of convertible preferred and common stock and options outstanding under the Company’s stock option plan. These other potentially dilutive common stock equivalents were not included in the calculation of diluted net loss per share as their impact was anti-dilutive. | ||||||||
The computation for basic and diluted EPS was as follows (in thousands, except share and per share data): | ||||||||
Three Months Ended March | ||||||||
31, | ||||||||
2014 | 2013 | |||||||
Numerator for basic loss per share: | ||||||||
Loss attributable to Ambit Biosciences Corporation | $ | (8,998 | ) | $ | (8,229 | ) | ||
Accretion to redemption value of redeemable convertible preferred stock | — | (2,319 | ) | |||||
Change in fair value of redeemable non-controlling interest | — | (1,499 | ) | |||||
Net loss available to common stockholders | $ | (8,998 | ) | $ | (12,047 | ) | ||
Numerator for diluted loss per share: | ||||||||
Net loss available to common stockholders | $ | (8,998 | ) | |||||
Change in fair value of warrants for purchase of common stock | (528 | ) | ||||||
Net loss available to common stockholders | $ | (9,526 | ) | |||||
Denominator for basic and diluted loss per share: | ||||||||
Weighted average shares for basic EPS | 17,937,337 | 3,990 | ||||||
Weighted average effect of dilutive securities | 996,946 | |||||||
Weighted average shares for diluted EPS | 18,934,283 | |||||||
Basic EPS | $ | (0.50 | ) | $ | (3,019.30 | ) | ||
Diluted EPS | $ | (0.50 | ) | $ | (3,019.30 | ) | ||
Potentially dilutive securities not included in the calculation of diluted net loss per share attributable to common stockholders because to do so would be anti-dilutive are as follows (in common stock equivalent shares): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Convertible preferred stock outstanding | — | 5,918,981 | ||||||
Redeemable non-controlling interest | — | 530,092 | ||||||
Warrants for convertible preferred stock | — | 645,598 | ||||||
Warrants for common stock | 549,462 | 1,155,322 | ||||||
Common stock options | 2,217,877 | 1,214,212 | ||||||
2,767,339 | 9,464,205 | |||||||
Adoption of New Accounting Standards | ||||||||
On January 1, 2014, the Company adopted the provisions of Accounting Standards Update (“ASU”) 2013-11, “Income Taxes (Topic 740) — Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” ASU 2013-11 amends Accounting Standards Codification 740, “Income Taxes,” to require that in certain cases, an unrecognized tax benefit, or portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward when such items exist in the same taxing jurisdiction. The adoption of ASU 2013-11 did not have a significant impact on the Company’s condensed consolidated financial statements. |
Ambit_Canada
Ambit Canada | 3 Months Ended |
Mar. 31, 2014 | |
Text Block [Abstract] | ' |
Ambit Canada | ' |
2. Ambit Canada | |
Ambit Canada was incorporated on December 29, 2004. Through a series of debt and equity financing transactions between the Company, GrowthWorks Canadian Fund Ltd. (“GrowthWorks”), a Canadian investor and a predecessor Canadian investor, and Ambit Canada, the Company acquired and held between 36% and 50% of Ambit Canada’s total outstanding shares and at least 50% of the outstanding voting shares of Ambit Canada since its inception through the IPO in May 2013. | |
Prior to the IPO, GrowthWorks held Class C, Series D-1, Series D-2 and Class E shares of Ambit Canada. These shares were subject to put options whereby GrowthWorks could exchange its non-voting shares in Ambit Canada for shares of the Company’s redeemable convertible preferred stock. Immediately prior to the IPO, GrowthWorks exercised their put options and exchanged their shares of Ambit Canada for 1,538,461 shares of the Company’s Series C-2 redeemable convertible preferred stock, 612,649 shares of the Company’s Series D redeemable convertible preferred stock, 3,666,169 shares of the Company’s Series D-2 redeemable convertible preferred stock and 6,163,916 shares of the Company’s Series E redeemable convertible preferred stock, all of which shares were converted to common stock upon the IPO. | |
The redeemable non-controlling interest was initially valued using the fair value of the Company’s Series C-2, Series D, Series D-2 and Series E redeemable convertible preferred stock. At each reporting period, the Company adjusted the carrying value of the redeemable non-controlling interest by the net income (loss) attributable to the redeemable non-controlling interest. Any difference between the fair value and the adjusted carrying value of the redeemable non-controlling interest was recorded as an adjustment to additional paid-in capital and presented as a component of net loss attributable to common stockholders in the accompanying condensed consolidated statements of comprehensive income (loss). The redeemable non-controlling interest was measured at fair value until the IPO, at which time no Class C, Series D-1, Series D-2 or Class E shares of Ambit Canada were held by GrowthWorks or any other third party. The redeemable non-controlling interest was reclassified to additional paid-in capital. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||
Fair Value Measurements | ' | |||||||||||||
3. Fair Value Measurements | ||||||||||||||
The following tables present information about the Company’s financial assets and financial liabilities measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. The Company classifies money market funds and United States Treasuries as Level 1 assets. | ||||||||||||||
Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals. The Company obtains the fair value of Level 2 financial instruments from a third-party professional pricing service using quoted market prices for identical or comparable instruments. The Company’s professional pricing service gathers market prices from a variety of industry standard data providers, security master files from large financial institutions and other third-party sources. The service uses these multiple prices as inputs into a distribution-curve based algorithm to determine a fair value. The Company then validates the quoted fair values provided by the professional pricing service by comparing the service’s assessment of the fair values of the Company’s Level 2 investment portfolio balance against the fair values of the Company’s Level 2 investment portfolio balance provided by the Company’s investment managers. The Company classifies United States government agency securities as Level 2 assets. There were no transfers between Level 1 and Level 2 during the three months ended March 31, 2014 or 2013. | ||||||||||||||
Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. Financial assets and liabilities that are measured or disclosed at fair value on a recurring basis, and are classified within the Level 3 designation include the preferred stock and common stock warrant liabilities and the redeemable non-controlling interest. None of the Company’s non-financial assets and liabilities are recorded at fair value on a non-recurring basis. | ||||||||||||||
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. | ||||||||||||||
The following table presents our fair value hierarchy for assets and liabilities measured at fair value on a recurring basis at March 31, 2014 and December 31, 2013 (in thousands): | ||||||||||||||
Fair Value as of March 31, 2014 | ||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||
Assets: | ||||||||||||||
Money market funds | $ | 57,223 | $ | 57,223 | $ | — | $ | — | ||||||
Liabilities: | ||||||||||||||
Common stock warrants | $ | 9,122 | $ | — | $ | — | $ | 9,122 | ||||||
Fair Value as of December 31, 2013 | ||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||
Assets: | ||||||||||||||
Money market funds | $ | 66,323 | $ | 66,323 | $ | — | $ | — | ||||||
Liabilities: | ||||||||||||||
Common stock warrants | $ | 9,650 | $ | — | $ | — | $ | 9,650 | ||||||
The common stock warrant liabilities are recorded at fair value using the Black-Scholes option pricing model. The following weighted-average assumptions were used in determining the fair value of the common stock warrant liabilities valued using the Black-Scholes option pricing model as of March 31, 2014 and December 31, 2013: | ||||||||||||||
March 31, | December 31, | |||||||||||||
2014 | 2013 | |||||||||||||
Risk-free interest rate | 2.5 | % | 2.6 | % | ||||||||||
Expected dividend yield | 0 | % | 0 | % | ||||||||||
Expected volatility | 67.2 | % | 62.9 | % | ||||||||||
Expected term in years | 8.6 | 8.8 | ||||||||||||
The following table is a reconciliation for all liabilities measured at fair value using Level 3 unobservable inputs (in thousands): | ||||||||||||||
Common Warrant | ||||||||||||||
Liabilities | ||||||||||||||
Balance at December 31, 2013 | $ | 9,650 | ||||||||||||
Change in fair value | (528 | ) | ||||||||||||
Balance at March 31, 2014 | $ | 9,122 | ||||||||||||
Of the inputs used to value the outstanding common stock warrant liabilities at March 31, 2014, the most subjective input is the Company’s estimate of expected volatility. If volatility were increased to 80%, the weighted average fair market value of the outstanding common stock warrants outstanding would increase $0.02, or 0.3%. |
Warrants_and_Warrant_Liabiliti
Warrants and Warrant Liabilities | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
Warrants and Warrant Liabilities | ' | ||||||||||||
4. Warrants and Warrant Liabilities | |||||||||||||
The Company’s outstanding warrant liabilities consisted of the following (in thousands, except share and per share data): | |||||||||||||
March 31, 2014 | |||||||||||||
Issue Date | Expiration | Series | Exercise Price | Shares Issuable | Fair Value | ||||||||
Date | per Share | upon Exercise | |||||||||||
October 2012 | October 2022 | Common | 0.24 | 1,017,227 | $ | 9,097 | |||||||
November 2012 | October 2022 | Common | 0.24 | 2,787 | 25 | ||||||||
1,020,014 | $ | 9,122 | |||||||||||
The Company’s outstanding common stock warrants issued in connection with its Series E financing in 2012 are classified as liabilities in the accompanying condensed consolidated balance sheets as they contain provisions that could require the Company to settle the warrants in cash. The warrants were recorded at fair value using either the Black-Scholes option pricing model, probability weighted expected return model or a binomial model, depending on the characteristics of the warrants. The fair value of these warrants is re-measured at each financial reporting period with any changes in fair value being recognized as a component of other income (expense) in the accompanying condensed consolidated statements of comprehensive loss. | |||||||||||||
The following table summarizes the warrants outstanding for purchase of common stock as of March 31, 2014 (excluding the warrants above that require liability accounting): | |||||||||||||
Shares Issuable | |||||||||||||
Upon Exercise | Exercise Price | Expiration Date | |||||||||||
14,409 | $ | 103.2 | July 2014 - September 2017 | ||||||||||
218 | 54.99 | August 2016 | |||||||||||
72,970 | 21.84 | June 2019 - July 2019 | |||||||||||
78 | 2,184.00 | July 2019 | |||||||||||
85,714 | 16.8 | March 2020 | |||||||||||
20,690 | 36.96 | September 2020 | |||||||||||
39 | 3,696.00 | September 2020 | |||||||||||
355,344 | 0.02 | May 2021 | |||||||||||
549,462 | |||||||||||||
Collaboration_Agreements
Collaboration Agreements | 3 Months Ended |
Mar. 31, 2014 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' |
Collaboration Agreements | ' |
5. Collaboration Agreements | |
Astellas Pharma Inc. and Astellas US LLC | |
In December 2009, the Company entered into an agreement with Astellas Pharma Inc. and Astellas US LLC (collectively “Astellas”) to jointly, research, develop and commercialize certain FLT3 kinase inhibitors in oncology and non-oncology indications. Under the agreement, the Company granted Astellas an exclusive, worldwide license, with limited rights to sublicense, develop, commercialize and otherwise exploit quizartinib and certain metabolites and derivatives of those compounds. In addition, the agreement provides that the Company and Astellas would conduct a five-year joint research program related to preclinical development of certain designated follow-on compounds to quizartinib. Astellas had sole ownership of all regulatory materials and approvals related to the compounds in exchange for certain payments described below and their commitment to jointly develop, and then commercialize and promote, products based on the licensed technology. | |
On March 7, 2013 Astellas exercised the right to terminate the agreement, effective September 3, 2013. Through September 3, 2013 Astellas and the Company continued to share agreed-upon development costs equally. Subsequent to September 3, 2013, the Company became solely responsible for development costs associated with quizartinib. | |
Astellas was obligated to reimburse the Company for half of certain agreed-upon costs in connection with the transition of Astellas’ development activities to the Company. |
Organization_and_Summary_of_Si1
Organization and Summary of Significant Accounting Policies (Policies) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Initial Public Offering and Concurrent Private Placement | ' | |||||||
Initial Public Offering and Concurrent Private Placement | ||||||||
The Company closed its initial public offering (“IPO”) in May 2013, selling 8,125,000 shares of common stock at a price of $8.00 per share, resulting in gross proceeds of approximately $65.0 million and net proceeds of approximately $58.1 million, after underwriting and other expenses of approximately $6.9 million (consisting of $4.6 million in underwriting discounts and commissions and $2.3 million in other offering expenses). In connection with the completion of the IPO, all outstanding convertible preferred stock converted into 6,449,073 shares of common stock. | ||||||||
Concurrent with the IPO, the Company sold 3,134,495 shares of common stock to certain of the Company’s existing stockholders in a concurrent private placement at the IPO price of $8.00 per share and received net proceeds of approximately $25.1 million. | ||||||||
Effective upon the closing of the IPO, 1,845,329 shares of common stock were reserved for future issuance under the Company’s 2013 Equity Incentive Plan, including 1,214,212 shares of common stock reserved for issuance upon the exercise of outstanding options issued under the Company’s 2011 Amended and Restated Equity Incentive Plan and 6,117 shares of common stock previously reserved for issuance under the Company’s 2011 Amended and Restated Equity Incentive Plan, in each case that were added to the shares reserved under the 2013 Equity Incentive Plan upon its effectiveness. | ||||||||
Effective upon the closing of the Company’s IPO, 125,000 shares of common stock were reserved for future issuance under the Company’s 2013 Employee Stock Purchase Plan. | ||||||||
Principles of Consolidation | ' | |||||||
Principles of Consolidation | ||||||||
The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiary Ambit Europe Limited (“Ambit Europe”) and its controlled subsidiary, Ambit Biosciences (Canada) Corporation (“Ambit Canada”), which became a wholly-owned subsidiary upon the Company’s IPO. All intercompany transactions and balances among the consolidated entities are eliminated in consolidation. Ambit Europe was incorporated in England in June 2008. As of March 31, 2014, there have been no significant transactions related to Ambit Europe. Ambit Canada was formed in Canada in December 2004. | ||||||||
Consolidation of Ambit Canada’s results included the following (in thousands): | ||||||||
Three Months | ||||||||
Ended | ||||||||
March 31, 2013 | ||||||||
Research and development expense | $ | (119 | ) | |||||
Interest expense | 6 | |||||||
Net loss of Ambit Canada | $ | (113 | ) | |||||
Income (loss) of Ambit Canada was allocated to the redeemable non-controlling interest based on the relative ownership of Ambit Canada. As of March 31, 2013, the redeemable non-controlling interest held 64% of the outstanding shares of Ambit Canada. | ||||||||
Unaudited Interim Financial Information | ' | |||||||
Unaudited Interim Financial Information | ||||||||
The accompanying interim condensed consolidated financial statements are unaudited. These unaudited interim financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) and following the requirements of the United States Securities and Exchange Commission (“SEC”) for interim reporting on Form 10-Q. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP in annual financial statements can be condensed or omitted. In management’s opinion, the unaudited interim financial statements have been prepared on the same basis as the audited financial statements and include all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s financial position and its results of operations and comprehensive loss and its cash flows for the periods presented. These statements do not include all disclosures required by GAAP and should be read in conjunction with the Company’s audited financial statements and footnotes included in our Annual Report on Form 10-K for the year ended December 31, 2013, from which the balance sheet information herein was derived. The results for interim periods are not necessarily indicative of the results expected for the full fiscal year or any other interim period. | ||||||||
Foreign Currency Translation and Transactions | ' | |||||||
Foreign Currency Translation and Transactions | ||||||||
The accompanying condensed consolidated financial statements are presented in U.S. dollars. The financial statements of Ambit Canada are measured using the local currency as the functional currency. The translation of Ambit Canada’s assets and liabilities to U.S. dollars is made at the exchange rate in effect at the balance sheet date, while the financing-related accounts are translated at the rate in effect at the date of the underlying transaction. Equity accounts, including retained earnings, are translated at historical rates. The translation of statement of comprehensive income (loss) data is made at the average rate in effect for the period. The translation of operating cash flow data is made at the average rate in effect for the period, and investing and financing cash flow data is translated at the rate in effect at the date of the underlying transaction. Translation gains and losses are recognized within accumulated other comprehensive income (loss) in the accompanying condensed consolidated balance sheets. Transactions expected to be settled in a currency other than the functional currency are remeasured to current exchange rates each period until such transaction is settled. The resulting gain or loss is included in other income (expense) in the accompanying condensed consolidated statements of comprehensive loss. There were no material transaction gains or losses during any period presented in the financial statements. | ||||||||
Use of Estimates | ' | |||||||
Use of Estimates | ||||||||
The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make informed estimates and assumptions that impact the amounts reported in the consolidated financial statements and accompanying notes. The most significant estimates in the Company’s condensed consolidated financial statements relate to the fair value of the common and preferred stock warrant liabilities, redeemable non-controlling interest, clinical trial accruals and stock-based compensation. In addition, there is a significant amount of judgment used in the area of revenue recognition. Although these estimates and assumptions are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results could differ materially from those estimates and assumptions. | ||||||||
Cash and Cash Equivalents | ' | |||||||
Cash and Cash Equivalents | ||||||||
Cash and cash equivalents consist of cash and highly liquid investments, which include money market funds, that are readily convertible into cash without prior notice or penalty. The Company considers securities with remaining maturities of three months or less, at the date of purchase, to be cash equivalents. Cash and cash equivalents are recorded at face value or cost, which approximates fair market value. | ||||||||
Fair Value of Financial Instruments | ' | |||||||
Fair Value of Financial Instruments | ||||||||
The carrying amounts of cash equivalents, accounts payable and accrued liabilities are considered to be reasonable estimates of their respective fair values because of the short-term nature of those instruments. The carrying amount of the warrant liabilities represents its fair value. | ||||||||
Warrant Liabilities | ' | |||||||
Warrant Liabilities | ||||||||
Prior to the Company’s IPO, warrants exercisable for shares of Series C, Series D and Series D-2 redeemable convertible preferred stock were classified as liabilities in the accompanying condensed consolidated balance sheets, as the terms for redemption of the underlying securities were outside the Company’s control. The Company’s outstanding common stock warrants issued in connection with its Series E financing in 2012 are classified as liabilities in the accompanying condensed consolidated balance sheets as they contain provisions that could require the Company to settle the warrants in cash. The warrants were recorded at fair value using either the Black-Scholes option pricing model, probability weighted expected return model or a binomial model, depending on the characteristics of the warrants. The fair value of these warrants is re-measured at each financial reporting period with any changes in fair value being recognized as a component of other income (expense) in the accompanying condensed consolidated statements of comprehensive loss. | ||||||||
Upon the closing of the IPO and the conversion of the of the underlying preferred stock to common stock, the Company’s warrants to purchase shares of Series C, Series D, and Series D-2 redeemable convertible preferred stock were converted into warrants to purchase shares of the Company’s common stock. The aggregate fair value of these warrants upon the closing of the IPO was $4.7 million, which was reclassified from liabilities to additional paid-in capital in the accompanying consolidated balance sheets. | ||||||||
Revenue Recognition | ' | |||||||
Revenue Recognition | ||||||||
The Company generates and recognizes revenue from collaboration agreements. Some of the Company’s agreements contain multiple elements, including technological and territorial licenses and research and development services. In accordance with these agreements, the Company may be eligible for upfront fees, collaborative research funding and milestones. Revenues are recognized when all four of the following criteria are met: (i) persuasive evidence that an arrangement exists; (ii) delivery of the products and/or services has occurred; (iii) the selling price is fixed or determinable; and (iv) collectability is reasonably assured. Additional information on each type of revenue is outlined below. | ||||||||
Collaboration agreements entered into prior to 2011 | ||||||||
For multiple-element agreements entered into prior to January 1, 2011 and not materially modified thereafter, such as the Company’s previous agreement with Astellas Pharma Inc., the Company analyzed the agreement to determine whether the elements within the agreement could be separated or whether they must be accounted for as a single unit of accounting. If the delivered element, which for the Company is commonly a license, had stand-alone value and the fair value of the undelivered elements, which for the Company was generally collaborative research activities, could be determined, the Company recognized revenue separately under the residual method as the elements under the agreement were delivered. If the delivered element did not have stand-alone value or if the fair value of the undelivered element could not be determined, the agreement was then accounted for as a single unit of accounting, with consideration received under the agreement recognized as revenue on the straight-line basis over the estimated period of performance, which for the Company was generally the expected term of the research and development plan. | ||||||||
Milestones | ||||||||
Revenue from milestones is recognized when earned, as evidenced by written acknowledgement from the collaborator or other persuasive evidence that the milestone has been achieved, provided that the milestone event is substantive. A milestone event is considered to be substantive if its achievability was not reasonably assured at the inception of the arrangement and the Company’s efforts led to the achievement of the milestone (or if the milestone was due upon the occurrence of a specific outcome resulting from the Company’s performance). Events for which the occurrence is either contingent solely upon the passage of time or the result of a counterparty’s performance are not considered to be milestone events. If both of these criteria are not met, the milestone payment is recognized over the remaining minimum period of the Company’s performance obligations under the arrangement. The Company assesses whether a milestone is substantive at the inception of each arrangement. | ||||||||
Generally, the milestone events contained in the Company’s collaboration agreements coincide with the progression of the drug candidates from clinical trial, to regulatory approval and then to commercialization. The process of guiding a clinical trial candidate through clinical trials, having it approved and ultimately commercialized is highly uncertain. As such, the milestone payments the Company may earn from its partners involve a significant degree of risk to achieve. Therefore, as a drug candidate progresses through the stages of its life-cycle, the value of the drug candidate generally increases. | ||||||||
Collaboration agreements entered into or materially modified after December 31, 2010 | ||||||||
In October 2009, the Financial Accounting Standards Board (“FASB”) issued a new accounting standard which amends the guidance on accounting for arrangements involving the delivery of more than one element. This standard addresses the determination of the unit(s) of accounting for multiple-element arrangements and how the arrangement’s consideration should be allocated to each unit of accounting. The Company has not entered into nor materially modified any agreements since December 31, 2010. | ||||||||
Each required deliverable in a collaboration agreement is evaluated to determine if it qualifies as a separate unit of accounting. For the Company this determination is generally based on whether the deliverable has “stand-alone value” to the customer. The arrangement’s consideration is then allocated to each separate unit of accounting based on the relative selling price of each deliverable. The estimated selling price of each deliverable is determined using the following hierarchy of values: (i) vendor-specific objective evidence of fair value; (ii) third-party evidence of selling price; and (iii) best estimate of selling price (“BESP”). The BESP reflects the Company’s best estimate of what the selling price would be if the deliverable was regularly sold by the Company on a stand-alone basis. The Company expects, in general, to use the BESP for allocating consideration to each deliverable. In general, the consideration allocated to each unit of accounting is then recognized as the related goods or services are delivered limited to the consideration that is not contingent upon future deliverables. | ||||||||
The Company has recognized the following revenue from collaboration agreements (in thousands): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Upfront licensing fees | $ | — | $ | 3,852 | ||||
Collaborative research activities | 32 | 2,740 | ||||||
Total revenue from collaboration agreements | $ | 32 | $ | 6,592 | ||||
Clinical Trial Accruals | ' | |||||||
Clinical Trial Accruals | ||||||||
The Company is required to estimate its expenses resulting from its obligations under contracts with vendors and consultants and clinical site agreements in connection with conducting clinical trials. The financial terms of these contracts are subject to negotiations which vary from contract to contract, and may result in payment flows that do not match the periods over which materials or services are provided to the Company under such contracts. The Company’s objective is to reflect the appropriate trial expenses in its financial statements by matching those expenses with the period in which the services and efforts are expended. The Company accounts for these expenses according to the progress of the trial as measured by patient progression and the timing of various aspects of the trial. The Company determines accrual estimates through financial models, taking into account discussion with applicable personnel and outside service providers as to the progress or state of consummation of trials, or the services completed. During the course of a clinical trial, the Company adjusts its rate of clinical expense recognition if actual results differ from its estimates. The Company makes estimates of its accrued expenses as of each balance sheet date in its financial statements based on the facts and circumstances known to the Company at that time. Although the Company does not expect its estimates to be materially different from amounts actually incurred, its understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and may result in the Company reporting amounts that are too high or too low for any particular period. Through March 31, 2014, there have been no material adjustments to the Company’s prior period estimates of accrued expenses for clinical trials. The Company’s clinical trial accrual is dependent upon the timely and accurate reporting of contract research organizations and other third-party vendors. | ||||||||
Stock-Based Compensation | ' | |||||||
Stock-Based Compensation | ||||||||
Stock-based compensation expense represents the cost of the grant date fair value of employee stock option grants recognized over the requisite service period of the awards (usually the vesting period) on a straight-line basis, net of estimated forfeitures. For stock option grants with performance-based milestones, the expense is recorded over the remaining service period after the point when the achievement of the milestone is probable or the performance condition has been achieved. The Company determines the value of equity-based compensation using the Black-Scholes option pricing model. | ||||||||
Total stock-based compensation was allocated as follows (in thousands): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Research and development | $ | 252 | $ | 111 | ||||
General and administrative | 540 | 287 | ||||||
$ | 792 | $ | 398 | |||||
As of March 31, 2014, total unrecognized stock-based compensation costs related to non-vested stock options was approximately $8.1 million and the weighted-average period over which it is expected to be recognized is approximately 3.1 years. | ||||||||
Net Loss Per Share Attributable to Common Stockholders | ' | |||||||
Net Loss Per Share Attributable to Common Stockholders | ||||||||
Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net loss per share attributable to common stockholders is computed by adjusting both the numerator and denominator for the impact of the liability-accounted warrants to purchase common shares because their effect was dilutive for the three months ended March 31, 2014. Other potentially dilutive common stock equivalents are comprised of convertible preferred stock, redeemable convertible preferred stock puts (non-controlling interest), warrants for the purchase of convertible preferred and common stock and options outstanding under the Company’s stock option plan. These other potentially dilutive common stock equivalents were not included in the calculation of diluted net loss per share as their impact was anti-dilutive. | ||||||||
The computation for basic and diluted EPS was as follows (in thousands, except share and per share data): | ||||||||
Three Months Ended March | ||||||||
31, | ||||||||
2014 | 2013 | |||||||
Numerator for basic loss per share: | ||||||||
Loss attributable to Ambit Biosciences Corporation | $ | (8,998 | ) | $ | (8,229 | ) | ||
Accretion to redemption value of redeemable convertible preferred stock | — | (2,319 | ) | |||||
Change in fair value of redeemable non-controlling interest | — | (1,499 | ) | |||||
Net loss available to common stockholders | $ | (8,998 | ) | $ | (12,047 | ) | ||
Numerator for diluted loss per share: | ||||||||
Net loss available to common stockholders | $ | (8,998 | ) | |||||
Change in fair value of warrants for purchase of common stock | (528 | ) | ||||||
Net loss available to common stockholders | $ | (9,526 | ) | |||||
Denominator for basic and diluted loss per share: | ||||||||
Weighted average shares for basic EPS | 17,937,337 | 3,990 | ||||||
Weighted average effect of dilutive securities | 996,946 | |||||||
Weighted average shares for diluted EPS | 18,934,283 | |||||||
Basic EPS | $ | (0.50 | ) | $ | (3,019.30 | ) | ||
Diluted EPS | $ | (0.50 | ) | $ | (3,019.30 | ) | ||
Potentially dilutive securities not included in the calculation of diluted net loss per share attributable to common stockholders because to do so would be anti-dilutive are as follows (in common stock equivalent shares): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Convertible preferred stock outstanding | — | 5,918,981 | ||||||
Redeemable non-controlling interest | — | 530,092 | ||||||
Warrants for convertible preferred stock | — | 645,598 | ||||||
Warrants for common stock | 549,462 | 1,155,322 | ||||||
Common stock options | 2,217,877 | 1,214,212 | ||||||
2,767,339 | 9,464,205 | |||||||
Adoption of New Accounting Standards | ' | |||||||
Adoption of New Accounting Standards | ||||||||
On January 1, 2014, the Company adopted the provisions of Accounting Standards Update (“ASU”) 2013-11, “Income Taxes (Topic 740) — Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” ASU 2013-11 amends Accounting Standards Codification 740, “Income Taxes,” to require that in certain cases, an unrecognized tax benefit, or portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward when such items exist in the same taxing jurisdiction. The adoption of ASU 2013-11 did not have a significant impact on the Company’s condensed consolidated financial statements. |
Organization_and_Summary_of_Si2
Organization and Summary of Significant Accounting Policies (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Schedule of Consolidation of Ambit Canada's Results of Operations | ' | |||||||
Consolidation of Ambit Canada’s results included the following (in thousands): | ||||||||
Three Months | ||||||||
Ended | ||||||||
March 31, 2013 | ||||||||
Research and development expense | $ | (119 | ) | |||||
Interest expense | 6 | |||||||
Net loss of Ambit Canada | $ | (113 | ) | |||||
Summary of Recognized Revenue from Collaboration Agreements | ' | |||||||
The Company has recognized the following revenue from collaboration agreements (in thousands): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Upfront licensing fees | $ | — | $ | 3,852 | ||||
Collaborative research activities | 32 | 2,740 | ||||||
Total revenue from collaboration agreements | $ | 32 | $ | 6,592 | ||||
Summary of Stock-Based Compensation | ' | |||||||
Total stock-based compensation was allocated as follows (in thousands): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Research and development | $ | 252 | $ | 111 | ||||
General and administrative | 540 | 287 | ||||||
$ | 792 | $ | 398 | |||||
Schedule of Computation for Basic and Diluted EPS | ' | |||||||
The computation for basic and diluted EPS was as follows (in thousands, except share and per share data): | ||||||||
Three Months Ended March | ||||||||
31, | ||||||||
2014 | 2013 | |||||||
Numerator for basic loss per share: | ||||||||
Loss attributable to Ambit Biosciences Corporation | $ | (8,998 | ) | $ | (8,229 | ) | ||
Accretion to redemption value of redeemable convertible preferred stock | — | (2,319 | ) | |||||
Change in fair value of redeemable non-controlling interest | — | (1,499 | ) | |||||
Net loss available to common stockholders | $ | (8,998 | ) | $ | (12,047 | ) | ||
Numerator for diluted loss per share: | ||||||||
Net loss available to common stockholders | $ | (8,998 | ) | |||||
Change in fair value of warrants for purchase of common stock | (528 | ) | ||||||
Net loss available to common stockholders | $ | (9,526 | ) | |||||
Denominator for basic and diluted loss per share: | ||||||||
Weighted average shares for basic EPS | 17,937,337 | 3,990 | ||||||
Weighted average effect of dilutive securities | 996,946 | |||||||
Weighted average shares for diluted EPS | 18,934,283 | |||||||
Basic EPS | $ | (0.50 | ) | $ | (3,019.30 | ) | ||
Diluted EPS | $ | (0.50 | ) | $ | (3,019.30 | ) | ||
Schedule of Potentially Dilutive Securities Not Included in Calculation of Diluted Net Loss Per Share | ' | |||||||
Potentially dilutive securities not included in the calculation of diluted net loss per share attributable to common stockholders because to do so would be anti-dilutive are as follows (in common stock equivalent shares): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Convertible preferred stock outstanding | — | 5,918,981 | ||||||
Redeemable non-controlling interest | — | 530,092 | ||||||
Warrants for convertible preferred stock | — | 645,598 | ||||||
Warrants for common stock | 549,462 | 1,155,322 | ||||||
Common stock options | 2,217,877 | 1,214,212 | ||||||
2,767,339 | 9,464,205 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||
Assets and Liabilities Measured on Recurring Basis | ' | |||||||||||||
The following table presents our fair value hierarchy for assets and liabilities measured at fair value on a recurring basis at March 31, 2014 and December 31, 2013 (in thousands): | ||||||||||||||
Fair Value as of March 31, 2014 | ||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||
Assets: | ||||||||||||||
Money market funds | $ | 57,223 | $ | 57,223 | $ | — | $ | — | ||||||
Liabilities: | ||||||||||||||
Common stock warrants | $ | 9,122 | $ | — | $ | — | $ | 9,122 | ||||||
Fair Value as of December 31, 2013 | ||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||
Assets: | ||||||||||||||
Money market funds | $ | 66,323 | $ | 66,323 | $ | — | $ | — | ||||||
Liabilities: | ||||||||||||||
Common stock warrants | $ | 9,650 | $ | — | $ | — | $ | 9,650 | ||||||
Weighted-Average Assumptions Used in Determining Fair Value of Outstanding Preferred Stock and Common Stock Warrant Liabilities | ' | |||||||||||||
March 31, | December 31, | |||||||||||||
2014 | 2013 | |||||||||||||
Risk-free interest rate | 2.5 | % | 2.6 | % | ||||||||||
Expected dividend yield | 0 | % | 0 | % | ||||||||||
Expected volatility | 67.2 | % | 62.9 | % | ||||||||||
Expected term in years | 8.6 | 8.8 | ||||||||||||
Summary of Reconciliation for Liabilities Measured at Fair Value Using Unobservable Inputs | ' | |||||||||||||
The following table is a reconciliation for all liabilities measured at fair value using Level 3 unobservable inputs (in thousands): | ||||||||||||||
Common Warrant | ||||||||||||||
Liabilities | ||||||||||||||
Balance at December 31, 2013 | $ | 9,650 | ||||||||||||
Change in fair value | (528 | ) | ||||||||||||
Balance at March 31, 2014 | $ | 9,122 |
Warrants_and_Warrant_Liabiliti1
Warrants and Warrant Liabilities (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
Outstanding Warrant Liabilities | ' | ||||||||||||
The Company’s outstanding warrant liabilities consisted of the following (in thousands, except share and per share data): | |||||||||||||
March 31, 2014 | |||||||||||||
Issue Date | Expiration | Series | Exercise Price | Shares Issuable | Fair Value | ||||||||
Date | per Share | upon Exercise | |||||||||||
October 2012 | October 2022 | Common | 0.24 | 1,017,227 | $ | 9,097 | |||||||
November 2012 | October 2022 | Common | 0.24 | 2,787 | 25 | ||||||||
1,020,014 | $ | 9,122 | |||||||||||
Warrants Outstanding for Purchase of Common Stock (Excluding Warrants that Require Liability Accounting) | ' | ||||||||||||
Shares Issuable | |||||||||||||
Upon Exercise | Exercise Price | Expiration Date | |||||||||||
14,409 | $ | 103.2 | July 2014 - September 2017 | ||||||||||
218 | 54.99 | August 2016 | |||||||||||
72,970 | 21.84 | June 2019 - July 2019 | |||||||||||
78 | 2,184.00 | July 2019 | |||||||||||
85,714 | 16.8 | March 2020 | |||||||||||
20,690 | 36.96 | September 2020 | |||||||||||
39 | 3,696.00 | September 2020 | |||||||||||
355,344 | 0.02 | May 2021 | |||||||||||
549,462 | |||||||||||||
Organization_and_Summary_of_Si3
Organization and Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 3 Months Ended | 1 Months Ended | 1 Months Ended | ||||||
In Millions, except Share data, unless otherwise specified | 31-May-13 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | 31-May-13 | Mar. 31, 2014 | Mar. 31, 2014 | 31-May-13 |
Redeemable Non-Controlling Interest [Member] | 2011 Amended and Restated Equity Incentive Plan [Member] | 2011 Amended and Restated Equity Incentive Plan [Member] | Ambit Europe [Member] | Ambit Canada [Member] | Initial Public Offering [Member] | Initial Public Offering [Member] | Initial Public Offering [Member] | Private Placement [Member] | |||
Yet To Be Granted [Member] | 2013 Employee Stock Purchase Plan [Member] | 2013 Equity Incentive Plan [Member] | |||||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of common stock issued in initial public offering (IPO) | ' | ' | ' | ' | ' | ' | ' | 8,125,000 | ' | ' | ' |
Price per share issued/sold | ' | ' | ' | ' | ' | ' | ' | $8 | ' | ' | $8 |
Gross proceeds from issuance initial public offering | ' | ' | ' | ' | ' | ' | ' | $65 | ' | ' | ' |
Net proceeds from issuance initial public offering | ' | ' | ' | ' | ' | ' | ' | 58.1 | ' | ' | ' |
Underwriting and other expenses | ' | ' | ' | ' | ' | ' | ' | 6.9 | ' | ' | ' |
Underwriting discounts and commissions | ' | ' | ' | ' | ' | ' | ' | 4.6 | ' | ' | ' |
Other offering expenses | ' | ' | ' | ' | ' | ' | ' | 2.3 | ' | ' | ' |
Number of common stock resulting from the conversion of convertible preferred stock | 6,449,073 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares sold to the Company's certain existing shareholders, Common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,134,495 |
Net proceeds from issuance initial public offering of the Company' s existing stockholders in a concurrent private placement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.1 |
Common stock reserved for future issuance | ' | ' | ' | 1,214,212 | 6,117 | ' | ' | ' | 125,000 | 1,845,329 | ' |
Incorporation date | ' | ' | ' | ' | ' | 'June 2008 | 'December 2004 | ' | ' | ' | ' |
Redeemable non-controlling interest held | ' | ' | 64.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate fair value of warrants | 4.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation expense | ' | $8.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated weighted-average period | ' | '3 years 1 month 6 days | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Organization_and_Summary_of_Si4
Organization and Summary of Significant Accounting Policies - Schedule of Consolidation of Ambit Canada's Results of Operations (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Research and development expense | ($6,257) | ($9,005) |
Interest expense | ' | -162 |
Consolidated net loss | -8,998 | -8,302 |
Ambit Canada [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Research and development expense | ' | -119 |
Interest expense | ' | 6 |
Consolidated net loss | ' | ($113) |
Organization_and_Summary_of_Si5
Organization and Summary of Significant Accounting Policies - Summary of Recognized Revenue from Collaboration Agreements (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Accounting Policies [Abstract] | ' | ' |
Upfront licensing fees | ' | $3,852 |
Collaborative research activities | 32 | 2,740 |
Total revenue from collaborative arrangements | $32 | $6,592 |
Organization_and_Summary_of_Si6
Organization and Summary of Significant Accounting Policies - Summary of Stock-Based Compensation (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Total stock-based compensation | $792 | $398 |
Research and Development [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Total stock-based compensation | 252 | 111 |
General and Administrative [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Total stock-based compensation | $540 | $287 |
Organization_and_Summary_of_Si7
Organization and Summary of Significant Accounting Policies - Schedule of Computation for Basic and Diluted EPS (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Numerator for basic loss per share: | ' | ' |
Loss attributable to Ambit Biosciences Corporation | ($8,998) | ($8,229) |
Accretion to redemption value of redeemable convertible preferred stock | ' | -2,319 |
Change in fair value of redeemable non-controlling interest | ' | -1,499 |
Net loss available to common stockholders | -8,998 | -12,047 |
Numerator for diluted loss per share: | ' | ' |
Net loss available to common stockholders | -8,998 | -12,047 |
Change in fair value of warrants for purchase of common stock | -528 | ' |
Net loss available to common stockholders | ($9,526) | ' |
Denominator for basic and diluted loss per share: | ' | ' |
Weighted average shares for basic EPS | 17,937,337 | 3,990 |
Weighted average effect of dilutive securities | 996,946 | ' |
Weighted average shares for diluted EPS | 18,934,283 | 3,990 |
Basic EPS (in dollars per share) | ($0.50) | ($3,019.30) |
Diluted EPS (in dollars per share) | ($0.50) | ($3,019.30) |
Organization_and_Summary_of_Si8
Organization and Summary of Significant Accounting Policies - Schedule of Potentially Dilutive Securities Not Included in Calculation of Diluted Net Loss Per Share (Detail) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-dilutive securities excluded from computation of earnings | 2,767,339 | 9,464,205 |
Convertible Preferred Stock [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-dilutive securities excluded from computation of earnings | ' | 5,918,981 |
Redeemable Non-Controlling Interest [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-dilutive securities excluded from computation of earnings | ' | 530,092 |
Warrants for Convertible Preferred Stock [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-dilutive securities excluded from computation of earnings | ' | 645,598 |
Warrants for Common Stock [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-dilutive securities excluded from computation of earnings | 549,462 | 1,155,322 |
Common Stock Options [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-dilutive securities excluded from computation of earnings | 2,217,877 | 1,214,212 |
Ambit_Canada_Additional_Inform
Ambit Canada - Additional Information (Detail) | Mar. 31, 2014 | Mar. 31, 2014 | 31-May-13 | 31-May-13 | 31-May-13 | 31-May-13 | 31-May-13 |
Ambit Canada [Member] | Ambit Canada [Member] | Series C-2 Redeemable Convertible Preferred Stock [Member] | Series D Redeemable Convertible Preferred Stock [Member] | Series D-2 Redeemable Convertible Preferred Stock [Member] | Series E Redeemable Convertible Preferred Stock [Member] | Class C, Series D-1, Series D-2 or Class E Redeemable Convertible Preferred Stock | |
Minimum [Member] | Maximum [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Acquired and held percentage | 36.00% | 50.00% | ' | ' | ' | ' | ' |
Outstanding voting shares (as a percent) | 50.00% | ' | ' | ' | ' | ' | ' |
Shares exchanged upon conversion | ' | ' | 1,538,461 | 612,649 | 3,666,169 | 6,163,916 | ' |
Number of shares held by Growth Works or other third party | ' | ' | ' | ' | ' | ' | 0 |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets and Liabilities Measured on Recurring Basis (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
Recurring Measurements [Member] | Recurring Measurements [Member] | Recurring Measurements [Member] | Recurring Measurements [Member] | Level 1 [Member] | Level 1 [Member] | Level 3 [Member] | Level 3 [Member] | |||
Money Market Funds [Member] | Money Market Funds [Member] | Common Warrants [Member] | Common Warrants [Member] | Recurring Measurements [Member] | Recurring Measurements [Member] | Recurring Measurements [Member] | Recurring Measurements [Member] | |||
Money Market Funds [Member] | Money Market Funds [Member] | Common Warrants [Member] | Common Warrants [Member] | |||||||
Fair Value Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transfers between Level 1 and Level 2 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value of assets | ' | ' | 57,223,000 | 66,323,000 | ' | ' | 57,223,000 | 66,323,000 | ' | ' |
Fair Value liabilities | ' | ' | ' | ' | $9,122,000 | $9,650,000 | ' | ' | $9,122,000 | $9,650,000 |
Fair_Value_Measurements_Weight
Fair Value Measurements - Weighted-Average Assumptions Used in Determining Fair Value of Outstanding Preferred Stock and Common Stock Warrant Liabilities (Detail) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Fair Value Disclosures [Abstract] | ' | ' |
Risk-free interest rate | 2.50% | 2.60% |
Expected dividend yield | 0.00% | 0.00% |
Expected volatility | 67.20% | 62.90% |
Expected term in years | '8 years 7 months 6 days | '8 years 9 months 18 days |
Fair_Value_Measurements_Summar
Fair Value Measurements - Summary of Reconciliation for Liabilities Measured at Fair Value Using Unobservable Inputs (Detail) (Common Warrant Liabilities [Member], USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Common Warrant Liabilities [Member] | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' |
Beginning balance | $9,650 |
Change in fair value | -528 |
Ending balance | $9,122 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ' | ' |
Change in assumptions, volatility rate | 67.20% | 62.90% |
Alternate Scenario [Member] | ' | ' |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ' | ' |
Change in assumptions to value outstanding common stock warrant liabilities | 'If volatility were increased to 80%, the weighted average fair market value of the outstanding common stock warrants outstanding would increase $0.02, or 0.3% | ' |
Change in assumptions, volatility rate | 80.00% | ' |
Weighted average fair market value | 0.02 | ' |
Weighted average fair market value, percentage | 0.30% | ' |
Warrants_and_Warrant_Liabiliti2
Warrants and Warrant Liabilities - Outstanding Warrant Liabilities (Detail) (Warrants with Liability Accounting [Member], Common Warrants [Member], USD $) | 3 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 |
Class of Warrant or Right [Line Items] | ' |
Shares Issuable upon Exercise | 1,020,014 |
Fair Value | $9,122 |
Common Stock [Member] | Class Of Warrant One [Member] | ' |
Class of Warrant or Right [Line Items] | ' |
Issue Date | 31-Oct-12 |
Expiration Date | 31-Oct-22 |
Exercise Price per Share | 0.24 |
Shares Issuable upon Exercise | 1,017,227 |
Fair Value | 9,097 |
Common Stock [Member] | Class Of Warrant Two [Member] | ' |
Class of Warrant or Right [Line Items] | ' |
Issue Date | 30-Nov-12 |
Expiration Date | 31-Oct-22 |
Exercise Price per Share | 0.24 |
Shares Issuable upon Exercise | 2,787 |
Fair Value | $25 |
Warrants_and_Warrant_Liabiliti3
Warrants and Warrant Liabilities - Warrants Outstanding for Purchase of Common Stock (Excluding Warrants that Require Liability Accounting) (Detail) (Warrants without Liability Accounting [Member]) | Mar. 31, 2014 |
Class of Warrant or Right [Line Items] | ' |
Shares Issuable upon Exercise | 549,462 |
Shares Issuable upon Exercise One [Member] | ' |
Class of Warrant or Right [Line Items] | ' |
Shares Issuable upon Exercise | 14,409 |
Exercise Price | 103.2 |
Shares Issuable upon Exercise Two [Member] | ' |
Class of Warrant or Right [Line Items] | ' |
Shares Issuable upon Exercise | 218 |
Exercise Price | 54.99 |
Expiration Date | 31-Aug-16 |
Shares Issuable upon Exercise Three [Member] | ' |
Class of Warrant or Right [Line Items] | ' |
Shares Issuable upon Exercise | 72,970 |
Exercise Price | 21.84 |
Shares Issuable upon Exercise Four [Member] | ' |
Class of Warrant or Right [Line Items] | ' |
Shares Issuable upon Exercise | 78 |
Exercise Price | 2,184 |
Expiration Date | 31-Jul-19 |
Shares Issuable upon Exercise Five [Member] | ' |
Class of Warrant or Right [Line Items] | ' |
Shares Issuable upon Exercise | 85,714 |
Exercise Price | 16.8 |
Expiration Date | 31-Mar-20 |
Shares Issuable Upon Exercise Six [Member] | ' |
Class of Warrant or Right [Line Items] | ' |
Shares Issuable upon Exercise | 20,690 |
Exercise Price | 36.96 |
Expiration Date | 30-Sep-20 |
Shares Issuable Upon Exercise Seven [Member] | ' |
Class of Warrant or Right [Line Items] | ' |
Shares Issuable upon Exercise | 39 |
Exercise Price | 3,696 |
Expiration Date | 30-Sep-20 |
Shares Issuable Upon Exercise Eight [Member] | ' |
Class of Warrant or Right [Line Items] | ' |
Shares Issuable upon Exercise | 355,344 |
Exercise Price | 0.02 |
Expiration Date | 31-May-21 |
Minimum [Member] | Shares Issuable upon Exercise One [Member] | ' |
Class of Warrant or Right [Line Items] | ' |
Expiration Date | 31-Jul-14 |
Minimum [Member] | Shares Issuable upon Exercise Three [Member] | ' |
Class of Warrant or Right [Line Items] | ' |
Expiration Date | 30-Jun-19 |
Maximum [Member] | Shares Issuable upon Exercise One [Member] | ' |
Class of Warrant or Right [Line Items] | ' |
Expiration Date | 30-Sep-17 |
Maximum [Member] | Shares Issuable upon Exercise Three [Member] | ' |
Class of Warrant or Right [Line Items] | ' |
Expiration Date | 31-Jul-19 |
Collaboration_Agreements_Addit
Collaboration Agreements - Additional Information (Detail) (Astellas [Member]) | 1 Months Ended |
Dec. 31, 2009 | |
Astellas [Member] | ' |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' |
Collaboration arrangement, joint research program period | '5 years |