Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
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 | ' | 17,877,241 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $78,856 | $17,481 |
Prepaid expenses and other current assets | 1,031 | 1,231 |
Total current assets | 79,887 | 18,712 |
Property and equipment, net | 816 | 560 |
Deposits and other assets | ' | 717 |
Restricted cash | 63 | ' |
Total assets | 80,766 | 19,989 |
Current liabilities: | ' | ' |
Accounts payable and accrued expenses | 4,695 | 7,290 |
Accrued payroll and related expenses | 1,702 | 1,313 |
Current portion of notes payable, net of discount | ' | 4,320 |
Current portion of deferred revenue | ' | 6,362 |
Warrant liabilities | 15,623 | 10,540 |
Total current liabilities | 22,020 | 29,825 |
Deferred revenue, net of current portion | ' | 14,309 |
Redeemable non-controlling interest | ' | 3,323 |
Commitments and contingencies | ' | ' |
Stockholders' equity (deficit): | ' | ' |
Common stock, $0.001 par value; Authorized shares - 200,000,000 and 225,000,000 at September 30, 2013 and December 31, 2012, respectively; issued and outstanding shares -17,877,241 and 3,990 at September 30, 2013 and December 31, 2012, respectively | 18 | ' |
Additional paid-in capital | 304,932 | 38,678 |
Accumulated other comprehensive (loss) income | -83 | 47 |
Accumulated deficit | -246,121 | -236,971 |
Total stockholders' equity (deficit) | 58,746 | -198,246 |
Total liabilities and stockholders' equity (deficit) | 80,766 | 19,989 |
Redeemable convertible preferred stock [Member] | ' | ' |
Current liabilities: | ' | ' |
Preferred stock, value | ' | 157,076 |
Convertible preferred stock outstanding [Member] | ' | ' |
Current liabilities: | ' | ' |
Preferred stock, value | ' | $13,702 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Convertible preferred stock, par value | $0.00 | $0.00 |
Convertible preferred stock, authorized shares | 10,000,000 | 170,990,763 |
Common stock, par value | $0.00 | $0.00 |
Common stock, authorized shares | 200,000,000 | 225,000,000 |
Common stock, shares issued | 17,877,241 | 3,990 |
Common stock, shares outstanding | 17,877,241 | 3,990 |
Redeemable convertible preferred stock [Member] | ' | ' |
Preferred stock, shares issued | 0 | 121,826,424 |
Preferred stock, shares outstanding | 0 | 121,826,424 |
Preferred stock, liquidation preference value | $0 | $202,475 |
Convertible preferred stock outstanding [Member] | ' | ' |
Preferred stock, shares issued | 0 | 1,590,014 |
Preferred stock, shares outstanding | 0 | 1,590,014 |
Preferred stock, liquidation preference value | $0 | $13,702 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues: | ' | ' | ' | ' |
Collaboration agreements | $7,678 | $4,282 | $25,817 | $14,689 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 4,484 | 8,169 | 20,153 | 30,120 |
General and administrative | 3,076 | 1,230 | 7,049 | 4,533 |
Gain on sale of kinase profiling services business | -2,500 | ' | -2,500 | ' |
Noncash gain on sale of kinase profiling services business | ' | -480 | ' | -1,600 |
Total operating expenses | 5,060 | 8,919 | 24,702 | 33,053 |
Income (loss) from operations | 2,618 | -4,637 | 1,115 | -18,364 |
Other income (expense): | ' | ' | ' | ' |
Interest expense | -53 | -559 | -323 | -1,319 |
Other income | 1 | 10 | 13 | 11 |
Change in fair value of warrant and derivative liabilities | -8,665 | -1,601 | -10,045 | -2,417 |
Total other income (expense), net | -8,717 | -2,150 | -10,355 | -3,725 |
Loss before income taxes | -6,099 | -6,787 | -9,240 | -22,089 |
Benefit for income tax | 30 | 122 | 29 | 121 |
Consolidated net loss | -6,069 | -6,665 | -9,211 | -21,968 |
Net loss attributable to redeemable non-controlling interest | ' | 82 | 61 | 330 |
Net loss attributable to Ambit Biosciences Corporation | -6,069 | -6,583 | -9,150 | -21,638 |
Other comprehensive loss: | ' | ' | ' | ' |
Foreign currency translation | ' | 114 | -130 | 115 |
Comprehensive loss | ($6,069) | ($6,551) | ($9,341) | ($21,853) |
Net loss per share attributable to common stockholders, basic and diluted | ($0.34) | ($5,621.90) | ($1.27) | ($17,575.91) |
Weighted average shares outstanding, basic and diluted | 17,876,984 | 1,370 | 8,710,924 | 1,370 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating activities | ' | ' |
Consolidated net loss | ($9,211) | ($21,968) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation and amortization | 301 | 774 |
Change in fair value of redeemable convertible preferred stock warrant and derivative liabilities | 10,045 | 2,417 |
Noncash interest expense | 117 | 649 |
Stock-based compensation | 1,361 | 487 |
Gain on disposal of property and equipment | -12 | -74 |
Deferred revenue | -20,671 | -4,775 |
Noncash gain on sale of kinase profiling services business | ' | -1,600 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | ' | 3,510 |
Prepaid expenses and other current assets | 200 | 110 |
Accounts payable and accrued expenses | -2,233 | -41 |
Accrued payroll and related expenses | 389 | -952 |
Net cash used in operating activities | -19,714 | -21,463 |
Investing activities | ' | ' |
Proceeds from sale of property and equipment | 23 | 77 |
Purchase of property and equipment | -568 | -12 |
Restricted cash | -63 | ' |
Net cash (used in) provided by investing activities | -608 | 65 |
Financing activities | ' | ' |
Proceeds from issuance of common stock, net of offering costs | 83,515 | ' |
Proceeds from issuance of put shares | 2,725 | ' |
Proceeds from notes payable | ' | 13,000 |
Payments on notes payable | -4,412 | -3,590 |
Net cash provided by financing activities | 81,828 | 9,410 |
Effect of exchange rate changes on cash | -131 | 127 |
Net change in cash and cash equivalents | 61,375 | -11,861 |
Cash and cash equivalents at beginning of the period | 17,481 | 16,417 |
Cash and cash equivalents at end of the period | 78,856 | 4,556 |
Supplemental disclosures of noncash investing and financing information | ' | ' |
Contributed capital related to cancelled Series D-2 financing warrants | ' | 2,779 |
Conversion of redeemable non-controlling interest to common stock | 4,241 | ' |
Conversion of preferred warrant liability to equity | 4,689 | ' |
Conversion of preferred stock to common stock | 174,409 | ' |
Supplemental disclosures of cash flow information | ' | ' |
Interest paid | 252 | 704 |
Taxes paid | $1 | $1 |
Organization_and_Summary_of_Si
Organization and Summary of Significant Accounting Policies | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
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 are eliminated in consolidation. Ambit Europe was incorporated in England in June 2008. As of September 30, 2013, 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: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Research and development expense | $ | (4 | ) | $ | (116 | ) | $ | (130 | ) | $ | (544 | ) | |||||
Interest income (expense), net | 36 | (34 | ) | 78 | (44 | ) | |||||||||||
Other income | — | 5 | — | 5 | |||||||||||||
Net income (loss) of Ambit Canada | $ | 32 | $ | (145 | ) | $ | (52 | ) | $ | (583 | ) | ||||||
Income (loss) of Ambit Canada was allocated to the redeemable non-controlling interest based on the relative ownership of Ambit Canada. As of December 31, 2012, the redeemable non-controlling interest held 60% of the outstanding shares of Ambit Canada. | |||||||||||||||||
Reverse Stock Splits | |||||||||||||||||
On October 26, 2012 and April 24, 2013, the Company filed amended and restated certificates of incorporation under which each share of the Company’s common stock was split on a 1-for-100 basis and a 1-for-24 basis, respectively. The accompanying condensed consolidated financial statements and notes to the consolidated financial statements give retroactive effect to the reverse splits for all periods presented. | |||||||||||||||||
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. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP 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 periods presented. These statements do not include all disclosures required by GAAP and should be read in conjunction with the Company’s financial statements and accompanying notes for the fiscal year ended December 31, 2012, which is contained in the Company’s final prospectus filed by the Company with the SEC on May 16, 2013 relating to the Company’s Registration Statement on Form S-1/A (File No. 333-186760) for the Company’s initial public offering. 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 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 financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that impact the amounts reported in the consolidated financial statements and accompanying notes. The most significant estimates in the Company’s consolidated financial statements relate to the fair value of the common and preferred stock warrant liabilities, redeemable non-controlling interest, derivative liability-conversion feature, and stock options. In addition, there is a significant amount of judgment used in the area of revenue recognition. 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. 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 accounts payable and accrued liabilities are considered to be representative of their respective fair values because of the short-term nature of those instruments. Based on the borrowing rates currently available to the Company for loans with similar terms, the Company believes that the fair value of notes payable approximates its carrying value. The carrying amount of the warrant liabilities and redeemable non-controlling interest represent their fair values. | |||||||||||||||||
Warrant Liabilities | |||||||||||||||||
Prior to the Company’s IPO, redeemable convertible preferred stock warrants exercisable for shares of Series C, Series D and Series D-2 redeemable convertible preferred stock were classified as liabilities in the accompanying consolidated balance sheets, as the terms for redemption of the underlying security 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 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 condensed consolidated balance sheets. | |||||||||||||||||
Revenues | |||||||||||||||||
The Company generates 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 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. | |||||||||||||||||
Pursuant to the new standard, each required deliverable 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: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Upfront licensing fees | $ | 6,947 | $ | 1,604 | $ | 20,671 | $ | 4,776 | |||||||||
Collaborative research activities | 731 | 2,678 | 5,146 | 9,913 | |||||||||||||
Total revenue from collaboration agreements | $ | 7,678 | $ | 4,282 | $ | 25,817 | $ | 14,689 | |||||||||
Deferred revenue | |||||||||||||||||
Amounts received prior to satisfying the above revenue recognition criteria are recorded as deferred revenue in the accompanying condensed consolidated balance sheets. Amounts not expected to be recognized within the next 12 months are classified as non-current deferred revenue. | |||||||||||||||||
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 equity-based compensation using the Black-Scholes option pricing model. | |||||||||||||||||
Total stock-based compensation was allocated as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Research and development | $ | 157 | $ | 22 | $ | 392 | $ | 90 | |||||||||
General and administrative | 385 | 112 | 969 | 397 | |||||||||||||
$ | 542 | $ | 134 | $ | 1,361 | $ | 487 | ||||||||||
As of September 30, 2013, total unrecognized stock-based compensation costs related to non-vested stock options was approximately $5.8 million and the weighted-average period over which it is expected to be recognized is approximately 3.3 years. | |||||||||||||||||
Sale of Kinase Profiling Services Business | |||||||||||||||||
On October 21, 2010, the Company sold all of the assets relating to its kinase profiling service business to DiscoveRx Corporation (“DiscoveRx”) pursuant to an asset purchase agreement. In consideration for the sale of such assets, DiscoveRx paid the Company $7.3 million at the closing of the transaction, $0.4 million in January 2011 and may be required to pay the Company up to an additional $4.5 million of incremental consideration upon the achievement by DiscoveRx of certain sales and operational milestones. Under the terms of the asset purchase agreement, the Company was obligated to purchase from DiscoveRx a minimum of $625,000 of screening services during each full calendar quarter through December 31, 2012. To the extent minimum quarterly commitments exceeded the actual amount of services received, the Company paid the difference, which was accounted for as a reduction in both the sales price and the overall gain recorded on the sale of the business. In August 2013, the Company was notified that DiscoverRx has achieved certain, but not all, specified sales and operational milestones, resulting in the Company earning $2.5 million of the $4.5 million of incremental consideration. The Company is no longer eligible to earn the remaining $2.0 million of incremental consideration. | |||||||||||||||||
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 dividing the net loss attributable to common stockholders by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method. 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, convertible notes payable and options outstanding under the Company’s stock option plan. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss position. | |||||||||||||||||
The computation for basic and diluted EPS was as follows (in thousands, except share and per share data): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Numerator for basic and diluted loss per share: | |||||||||||||||||
Loss attributable to Ambit Biosciences Corporation | $ | (6,069 | ) | $ | (6,583 | ) | $ | (9,150 | ) | $ | (21,638 | ) | |||||
Accretion to redemption value of redeemable convertible preferred stock | — | (446 | ) | (3,634 | ) | (1,327 | ) | ||||||||||
Change in fair value of redeemable non-controlling interest | — | (673 | ) | 1,747 | (1,114 | ) | |||||||||||
Net loss available to common stockholders | $ | (6,069 | ) | $ | (7,702 | ) | $ | (11,037 | ) | $ | (24,079 | ) | |||||
Denominator for basic and diluted loss per share: | |||||||||||||||||
Weighted average shares outstanding, basic and diluted | 17,876,984 | 1,370 | 8,710,924 | 1,370 | |||||||||||||
Basic and diluted net loss per share | $ | (0.34 | ) | $ | (5,621.90 | ) | $ | (1.27 | ) | $ | (17,575.91 | ) | |||||
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 | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Convertible preferred stock outstanding | — | 4,014,981 | — | 4,014,981 | |||||||||||||
Redeemable non-controlling interest | — | 273,264 | — | 273,264 | |||||||||||||
Warrants for convertible preferred stock | — | 654,829 | — | 654,829 | |||||||||||||
Warrants for common stock | 1,634,746 | 1,057 | 1,634,746 | 1,057 | |||||||||||||
Convertible notes payable | — | 802,315 | — | 802,315 | |||||||||||||
Common stock options | 1,696,057 | 5,754 | 1,696,057 | 5,754 | |||||||||||||
3,330,803 | 5,752,200 | 3,330,803 | 5,752,200 | ||||||||||||||
Ambit_Canada
Ambit Canada | 9 Months Ended | |
Sep. 30, 2013 | ||
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 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. | ||
Income (loss) of Ambit Canada was allocated to the redeemable non-controlling interest based on the relative ownership of Ambit Canada. As of December 31, 2012 and September 30, 2013, the redeemable non-controlling interest held 60%, and 0%, respectively, of the outstanding shares of Ambit Canada. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
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 September 30, 2013 and December 31, 2012, 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 nine months ended September 30, 2013 or 2012. | |||||||||||||||||
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. | |||||||||||||||||
Assets that have recurring measurements as of September 30, 2013 are shown below (in thousands): | |||||||||||||||||
Fair Value Measurement at Reporting Date Using | |||||||||||||||||
Description | Balance as of | Quoted Prices in | Significant Other | Significant | |||||||||||||
September 30, 2013 | Active Markets | Observable Inputs | Unobservable | ||||||||||||||
for Identical | (Level 2) | Inputs | |||||||||||||||
Assets (Level 1) | (Level 3) | ||||||||||||||||
Money market funds | $ | 78,723 | $ | 78,723 | $ | — | $ | — | |||||||||
Assets that have recurring measurements as of December 31, 2012 are shown below (in thousands): | |||||||||||||||||
Fair Value Measurement at Reporting Date Using | |||||||||||||||||
Description | Balance as of | Quoted Prices in | Significant Other | Significant | |||||||||||||
December 31, 2012 | Active Markets | Observable Inputs | Unobservable | ||||||||||||||
for Identical | (Level 2) | Inputs | |||||||||||||||
Assets (Level 1) | (Level 3) | ||||||||||||||||
Money market funds | $ | 14,979 | $ | 14,979 | $ | — | $ | — | |||||||||
Liabilities that have recurring measurements as of September 30, 2013 are shown below (in thousands): | |||||||||||||||||
Fair Value Measurement at Reporting Date Using | |||||||||||||||||
Description | Balance as of | Quoted Prices in | Significant Other | Significant | |||||||||||||
September 30, 2013 | Active Markets | Observable Inputs | Unobservable | ||||||||||||||
for Identical | (Level 2) | Inputs | |||||||||||||||
Assets (Level 1) | (Level 3) | ||||||||||||||||
Common warrants | $ | 15,623 | $ | — | $ | — | $ | 15,623 | |||||||||
Liabilities that have recurring measurements as of December 31, 2012 are shown below (in thousands): | |||||||||||||||||
Fair Value Measurement at Reporting Date Using | |||||||||||||||||
Description | Balance as of | Quoted Prices in | Significant Other | Significant | |||||||||||||
December 31, 2012 | Active Markets | Observable Inputs | Unobservable | ||||||||||||||
for Identical | (Level 2) | Inputs | |||||||||||||||
Assets (Level 1) | (Level 3) | ||||||||||||||||
Common warrants | $ | 6,182 | $ | — | $ | — | $ | 6,182 | |||||||||
Preferred warrants | 4,358 | — | — | 4,358 | |||||||||||||
Redeemable non-controlling interest | 3,323 | — | — | 3,323 | |||||||||||||
Total liabilities | $ | 13,863 | $ | — | $ | — | $ | 13,863 | |||||||||
The preferred stock and common stock warrant liabilities are recorded at fair value using the Black-Scholes option pricing model and the redeemable non-controlling interest is recorded at fair value based on the fair value of the underlying redeemable convertible preferred stock. | |||||||||||||||||
The following weighted-average assumptions were used in determining the fair value of the outstanding preferred stock and common stock warrant liabilities valued using the Black-Scholes option pricing model as of September 30, 2013 and December 31, 2012: | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Risk-free interest rate | 2.5 | % | 1.6 | % | |||||||||||||
Expected dividend yield | 0 | % | 0 | % | |||||||||||||
Expected volatility | 62.8 | % | 63.1 | % | |||||||||||||
Expected term in years | 9.1 | 9.2 | |||||||||||||||
Prior to the Company’s IPO, the following fair values per share of the redeemable convertible preferred stock and common stock were used in determining the fair value of the outstanding redeemable convertible preferred stock and common stock warrant liabilities and the redeemable non-controlling interest as of December 31, 2012: | |||||||||||||||||
December 31, | |||||||||||||||||
2012 | |||||||||||||||||
Series C redeemable convertible preferred stock | $ | 0.31 | |||||||||||||||
Series D redeemable convertible preferred stock | 0.7 | ||||||||||||||||
Series D-2 redeemable convertible preferred stock | 0.31 | ||||||||||||||||
Series E redeemable convertible preferred stock | 0.57 | ||||||||||||||||
Common stock | 6 | ||||||||||||||||
Prior to the Company’s IPO, the fair value of the redeemable convertible preferred stock and common stock was determined using a probability weighted expected return model. The key inputs into the model included the probability and timing of expected liquidity event dates, discount rates and the selection of appropriate market comparable transactions and multiples to apply to the Company’s various historical and forecasted operational metrics. | |||||||||||||||||
The following table is a reconciliation for all liabilities measured at fair value using Level 3 unobservable inputs: | |||||||||||||||||
Common | Preferred | Redeemable | |||||||||||||||
Warrant | Warrant | Non- | |||||||||||||||
Liabilities | Liabilities | Controlling | |||||||||||||||
Interest | |||||||||||||||||
(in thousands) | |||||||||||||||||
Balance at December 31, 2012 | $ | 6,182 | $ | 4,358 | $ | 3,323 | |||||||||||
Issuance of shares of redeemable non-controlling interest | — | — | 2,725 | ||||||||||||||
Change in fair value | 9,714 | 331 | (1,747 | ) | |||||||||||||
Net loss attributable to redeemable non-controlling interest | — | — | (61 | ) | |||||||||||||
Exercise of common warrants | (273 | ) | — | — | |||||||||||||
Reclassification to additional paid-in capital upon the closing of the Company’s IPO | — | (4,689 | ) | (4,240 | ) | ||||||||||||
Balance at September 30, 2013 | $ | 15,623 | $ | — | $ | — | |||||||||||
Warrants
Warrants | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||
Warrants | ' | ||||||||||||||
4 | Warrants | ||||||||||||||
In May 2013, in connection with the IPO, all outstanding preferred stock warrants converted into warrants to purchase shares of common stock. The Company’s outstanding warrant liabilities consisted of the following: | |||||||||||||||
September 30, 2013 | |||||||||||||||
Issue Date | Expiration Date | Exercise Price | Shares Issuable | Fair Value | |||||||||||
per Share | upon Exercise | ||||||||||||||
(in thousands, except share and per share data) | |||||||||||||||
Oct-12 | October 2022 | $ | 0.24 | 1,017,227 | $ | 15,580 | |||||||||
Nov-12 | Oct-22 | 0.24 | 2,787 | 43 | |||||||||||
1,020,014 | $ | 15,623 | |||||||||||||
The following table summarizes the warrants outstanding for purchase of common stock as of September 30, 2013 (excluding the warrants above that require liability accounting): | |||||||||||||||
Shares Issuable | Exercise Price | Expiration Date | |||||||||||||
upon Exercise | |||||||||||||||
15,075 | $ | 103.2 | October 2013 – September 2017 | ||||||||||||
218 | 54.99 | Aug-16 | |||||||||||||
72,970 | 21.84 | June 2019 – July 2019 | |||||||||||||
78 | 2,184.00 | July 2019 | |||||||||||||
85,714 | 16.8 | Mar-20 | |||||||||||||
20,690 | 36.96 | September 2020 | |||||||||||||
39 | 3,696.00 | September 2020 | |||||||||||||
419,948 | 0.02 | May-21 | |||||||||||||
614,732 | |||||||||||||||
Notes_Payable
Notes Payable | 9 Months Ended | |
Sep. 30, 2013 | ||
Debt Disclosure [Abstract] | ' | |
Notes Payable | ' | |
5 | Notes Payable | |
Venture Loans | ||
On March 31, 2010, the Company received $12.0 million in gross proceeds from the issuance of two secured promissory notes under a Venture Loan and Security Agreement with Compass Horizon Funding Company LLC and Oxford Finance Corporation (the “Venture Loans”). The Venture Loans were designated for general working capital and to repay $2.2 million of prior working capital notes. The annual interest rate, excluding the final payment, is fixed at 12.25%. The final payment, which was made in September 2013, included additional interest of 3.0% of the initial loan amount, or $360,000, which was accreted over the life of the notes using the effective interest method and is included in interest expense in the accompanying condensed consolidated statements of comprehensive loss. In accordance with the terms of the notes, the Company made payments of only interest during the initial 12 month period May 1, 2010 through April 1, 2011 and commenced making principal and interest payments May 1, 2011 for the remaining 30 months. The Venture Loans were secured by a first priority security interest in all assets, excluding intellectual property, for which the Company provided a negative pledge. | ||
The Company issued the lenders warrants to purchase shares of the Company’s redeemable convertible preferred stock expiring in March 2020. The warrants contain a net issuance provision such that the lenders may exchange the warrants for shares without the payment of any additional cash consideration. The initial fair value of the warrants of $0.7 million was determined using a binomial model using Level 3 inputs and is recorded as a discount to the principal balance. This discount is amortized using the effective interest method over the 42 month term of the Venture Loans and is included in interest expense in the accompanying condensed consolidated statements of comprehensive loss. The warrants are exercisable for the purchase of an aggregate of 85,714 shares of the Company’s common stock at an exercise price of $16.80 per share. | ||
As of September 30, 2013 and December 31, 2012 the outstanding principal balance of the Venture Loans was $0 and $4.4 million, respectively, which was offset by outstanding debt discount of $0 and $92,000, respectively. |
Redeemable_Convertible_Preferr
Redeemable Convertible Preferred Stock, Convertible Preferred Stock and Stockholders' Equity (Deficit) | 9 Months Ended | |
Sep. 30, 2013 | ||
Text Block [Abstract] | ' | |
Redeemable Convertible Preferred Stock, Convertible Preferred Stock and Stockholders' Equity (Deficit) | ' | |
6 | Redeemable Convertible Preferred Stock, Convertible Preferred Stock and Stockholders’ Equity (Deficit) | |
Upon the closing of the IPO in May 2013, 133,807,619 outstanding shares of redeemable convertible preferred stock and 1,590,014 shares of convertible preferred stock were converted into 6,449,073 shares of common stock, and the related carrying values of $160.7 million and $13.7 million were reclassified to additional paid-in capital. At September 30, 2013, no shares of convertible preferred stock were issued or outstanding. |
Collaboration_Agreements
Collaboration Agreements | 9 Months Ended | |
Sep. 30, 2013 | ||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | |
Collaboration Agreements | ' | |
7 | 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 Company’s 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 is obligated to reimburse the Company for half of certain agreed-upon costs in connection with the transition of Astellas’ development activities to the Company. These costs are expected to be fully expensed by the Company by the end of 2013. |
Organization_and_Summary_of_Si1
Organization and Summary of Significant Accounting Policies (Policies) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
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 are eliminated in consolidation. Ambit Europe was incorporated in England in June 2008. As of September 30, 2013, 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: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Research and development expense | $ | (4 | ) | $ | (116 | ) | $ | (130 | ) | $ | (544 | ) | |||||
Interest income (expense), net | 36 | (34 | ) | 78 | (44 | ) | |||||||||||
Other income | — | 5 | — | 5 | |||||||||||||
Net income (loss) of Ambit Canada | $ | 32 | $ | (145 | ) | $ | (52 | ) | $ | (583 | ) | ||||||
Income (loss) of Ambit Canada was allocated to the redeemable non-controlling interest based on the relative ownership of Ambit Canada. As of December 31, 2012, the redeemable non-controlling interest held 60% of the outstanding shares of Ambit Canada. | |||||||||||||||||
Reverse Stock Splits | ' | ||||||||||||||||
Reverse Stock Splits | |||||||||||||||||
On October 26, 2012 and April 24, 2013, the Company filed amended and restated certificates of incorporation under which each share of the Company’s common stock was split on a 1-for-100 basis and a 1-for-24 basis, respectively. The accompanying condensed consolidated financial statements and notes to the consolidated financial statements give retroactive effect to the reverse splits for all periods presented. | |||||||||||||||||
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. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP 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 periods presented. These statements do not include all disclosures required by GAAP and should be read in conjunction with the Company’s financial statements and accompanying notes for the fiscal year ended December 31, 2012, which is contained in the Company’s final prospectus filed by the Company with the SEC on May 16, 2013 relating to the Company’s Registration Statement on Form S-1/A (File No. 333-186760) for the Company’s initial public offering. 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 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 financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that impact the amounts reported in the consolidated financial statements and accompanying notes. The most significant estimates in the Company’s consolidated financial statements relate to the fair value of the common and preferred stock warrant liabilities, redeemable non-controlling interest, derivative liability-conversion feature, and stock options. In addition, there is a significant amount of judgment used in the area of revenue recognition. 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. 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 accounts payable and accrued liabilities are considered to be representative of their respective fair values because of the short-term nature of those instruments. Based on the borrowing rates currently available to the Company for loans with similar terms, the Company believes that the fair value of notes payable approximates its carrying value. The carrying amount of the warrant liabilities and redeemable non-controlling interest represent their fair values. | |||||||||||||||||
Warrant Liabilities | ' | ||||||||||||||||
Warrant Liabilities | |||||||||||||||||
Prior to the Company’s IPO, redeemable convertible preferred stock warrants exercisable for shares of Series C, Series D and Series D-2 redeemable convertible preferred stock were classified as liabilities in the accompanying consolidated balance sheets, as the terms for redemption of the underlying security 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 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 condensed consolidated balance sheets. | |||||||||||||||||
Revenues | ' | ||||||||||||||||
Revenues | |||||||||||||||||
The Company generates 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 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. | |||||||||||||||||
Pursuant to the new standard, each required deliverable 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: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Upfront licensing fees | $ | 6,947 | $ | 1,604 | $ | 20,671 | $ | 4,776 | |||||||||
Collaborative research activities | 731 | 2,678 | 5,146 | 9,913 | |||||||||||||
Total revenue from collaboration agreements | $ | 7,678 | $ | 4,282 | $ | 25,817 | $ | 14,689 | |||||||||
Deferred revenue | |||||||||||||||||
Amounts received prior to satisfying the above revenue recognition criteria are recorded as deferred revenue in the accompanying condensed consolidated balance sheets. Amounts not expected to be recognized within the next 12 months are classified as non-current deferred revenue. | |||||||||||||||||
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 equity-based compensation using the Black-Scholes option pricing model. | |||||||||||||||||
Total stock-based compensation was allocated as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Research and development | $ | 157 | $ | 22 | $ | 392 | $ | 90 | |||||||||
General and administrative | 385 | 112 | 969 | 397 | |||||||||||||
$ | 542 | $ | 134 | $ | 1,361 | $ | 487 | ||||||||||
As of September 30, 2013, total unrecognized stock-based compensation costs related to non-vested stock options was approximately $5.8 million and the weighted-average period over which it is expected to be recognized is approximately 3.3 years. | |||||||||||||||||
Sale of Kinase Profiling Services Business | ' | ||||||||||||||||
Sale of Kinase Profiling Services Business | |||||||||||||||||
On October 21, 2010, the Company sold all of the assets relating to its kinase profiling service business to DiscoveRx Corporation (“DiscoveRx”) pursuant to an asset purchase agreement. In consideration for the sale of such assets, DiscoveRx paid the Company $7.3 million at the closing of the transaction, $0.4 million in January 2011 and may be required to pay the Company up to an additional $4.5 million of incremental consideration upon the achievement by DiscoveRx of certain sales and operational milestones. Under the terms of the asset purchase agreement, the Company was obligated to purchase from DiscoveRx a minimum of $625,000 of screening services during each full calendar quarter through December 31, 2012. To the extent minimum quarterly commitments exceeded the actual amount of services received, the Company paid the difference, which was accounted for as a reduction in both the sales price and the overall gain recorded on the sale of the business. In August 2013, the Company was notified that DiscoverRx has achieved certain, but not all, specified sales and operational milestones, resulting in the Company earning $2.5 million of the $4.5 million of incremental consideration. The Company is no longer eligible to earn the remaining $2.0 million of incremental consideration. | |||||||||||||||||
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 dividing the net loss attributable to common stockholders by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method. 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, convertible notes payable and options outstanding under the Company’s stock option plan. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss position. | |||||||||||||||||
The computation for basic and diluted EPS was as follows (in thousands, except share and per share data): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Numerator for basic and diluted loss per share: | |||||||||||||||||
Loss attributable to Ambit Biosciences Corporation | $ | (6,069 | ) | $ | (6,583 | ) | $ | (9,150 | ) | $ | (21,638 | ) | |||||
Accretion to redemption value of redeemable convertible preferred stock | — | (446 | ) | (3,634 | ) | (1,327 | ) | ||||||||||
Change in fair value of redeemable non-controlling interest | — | (673 | ) | 1,747 | (1,114 | ) | |||||||||||
Net loss available to common stockholders | $ | (6,069 | ) | $ | (7,702 | ) | $ | (11,037 | ) | $ | (24,079 | ) | |||||
Denominator for basic and diluted loss per share: | |||||||||||||||||
Weighted average shares outstanding, basic and diluted | 17,876,984 | 1,370 | 8,710,924 | 1,370 | |||||||||||||
Basic and diluted net loss per share | $ | (0.34 | ) | $ | (5,621.90 | ) | $ | (1.27 | ) | $ | (17,575.91 | ) | |||||
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 | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Convertible preferred stock outstanding | — | 4,014,981 | — | 4,014,981 | |||||||||||||
Redeemable non-controlling interest | — | 273,264 | — | 273,264 | |||||||||||||
Warrants for convertible preferred stock | — | 654,829 | — | 654,829 | |||||||||||||
Warrants for common stock | 1,634,746 | 1,057 | 1,634,746 | 1,057 | |||||||||||||
Convertible notes payable | — | 802,315 | — | 802,315 | |||||||||||||
Common stock options | 1,696,057 | 5,754 | 1,696,057 | 5,754 | |||||||||||||
3,330,803 | 5,752,200 | 3,330,803 | 5,752,200 | ||||||||||||||
Organization_and_Summary_of_Si2
Organization and Summary of Significant Accounting Policies (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Summary of Consolidation | ' | ||||||||||||||||
Consolidation of Ambit Canada’s results included the following: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Research and development expense | $ | (4 | ) | $ | (116 | ) | $ | (130 | ) | $ | (544 | ) | |||||
Interest income (expense), net | 36 | (34 | ) | 78 | (44 | ) | |||||||||||
Other income | — | 5 | — | 5 | |||||||||||||
Net income (loss) of Ambit Canada | $ | 32 | $ | (145 | ) | $ | (52 | ) | $ | (583 | ) | ||||||
Summary of Recognized Revenue from Collaboration Agreements | ' | ||||||||||||||||
The Company has recognized the following revenue from collaboration agreements: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Upfront licensing fees | $ | 6,947 | $ | 1,604 | $ | 20,671 | $ | 4,776 | |||||||||
Collaborative research activities | 731 | 2,678 | 5,146 | 9,913 | |||||||||||||
Total revenue from collaboration agreements | $ | 7,678 | $ | 4,282 | $ | 25,817 | $ | 14,689 | |||||||||
Summary of Stock-Based Compensation | ' | ||||||||||||||||
Total stock-based compensation was allocated as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Research and development | $ | 157 | $ | 22 | $ | 392 | $ | 90 | |||||||||
General and administrative | 385 | 112 | 969 | 397 | |||||||||||||
$ | 542 | $ | 134 | $ | 1,361 | $ | 487 | ||||||||||
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 | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Numerator for basic and diluted loss per share: | |||||||||||||||||
Loss attributable to Ambit Biosciences Corporation | $ | (6,069 | ) | $ | (6,583 | ) | $ | (9,150 | ) | $ | (21,638 | ) | |||||
Accretion to redemption value of redeemable convertible preferred stock | — | (446 | ) | (3,634 | ) | (1,327 | ) | ||||||||||
Change in fair value of redeemable non-controlling interest | — | (673 | ) | 1,747 | (1,114 | ) | |||||||||||
Net loss available to common stockholders | $ | (6,069 | ) | $ | (7,702 | ) | $ | (11,037 | ) | $ | (24,079 | ) | |||||
Denominator for basic and diluted loss per share: | |||||||||||||||||
Weighted average shares outstanding, basic and diluted | 17,876,984 | 1,370 | 8,710,924 | 1,370 | |||||||||||||
Basic and diluted net loss per share | $ | (0.34 | ) | $ | (5,621.90 | ) | $ | (1.27 | ) | $ | (17,575.91 | ) | |||||
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 | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Convertible preferred stock outstanding | — | 4,014,981 | — | 4,014,981 | |||||||||||||
Redeemable non-controlling interest | — | 273,264 | — | 273,264 | |||||||||||||
Warrants for convertible preferred stock | — | 654,829 | — | 654,829 | |||||||||||||
Warrants for common stock | 1,634,746 | 1,057 | 1,634,746 | 1,057 | |||||||||||||
Convertible notes payable | — | 802,315 | — | 802,315 | |||||||||||||
Common stock options | 1,696,057 | 5,754 | 1,696,057 | 5,754 | |||||||||||||
3,330,803 | 5,752,200 | 3,330,803 | 5,752,200 | ||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Assets and Liabilities Measured on Recurring Basis | ' | ||||||||||||||||
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. | |||||||||||||||||
Assets that have recurring measurements as of September 30, 2013 are shown below (in thousands): | |||||||||||||||||
Fair Value Measurement at Reporting Date Using | |||||||||||||||||
Description | Balance as of | Quoted Prices in | Significant Other | Significant | |||||||||||||
September 30, 2013 | Active Markets | Observable Inputs | Unobservable | ||||||||||||||
for Identical | (Level 2) | Inputs | |||||||||||||||
Assets (Level 1) | (Level 3) | ||||||||||||||||
Money market funds | $ | 78,723 | $ | 78,723 | $ | — | $ | — | |||||||||
Assets that have recurring measurements as of December 31, 2012 are shown below (in thousands): | |||||||||||||||||
Fair Value Measurement at Reporting Date Using | |||||||||||||||||
Description | Balance as of | Quoted Prices in | Significant Other | Significant | |||||||||||||
December 31, 2012 | Active Markets | Observable Inputs | Unobservable | ||||||||||||||
for Identical | (Level 2) | Inputs | |||||||||||||||
Assets (Level 1) | (Level 3) | ||||||||||||||||
Money market funds | $ | 14,979 | $ | 14,979 | $ | — | $ | — | |||||||||
Liabilities that have recurring measurements as of September 30, 2013 are shown below (in thousands): | |||||||||||||||||
Fair Value Measurement at Reporting Date Using | |||||||||||||||||
Description | Balance as of | Quoted Prices in | Significant Other | Significant | |||||||||||||
September 30, 2013 | Active Markets | Observable Inputs | Unobservable | ||||||||||||||
for Identical | (Level 2) | Inputs | |||||||||||||||
Assets (Level 1) | (Level 3) | ||||||||||||||||
Common warrants | $ | 15,623 | $ | — | $ | — | $ | 15,623 | |||||||||
Liabilities that have recurring measurements as of December 31, 2012 are shown below (in thousands): | |||||||||||||||||
Fair Value Measurement at Reporting Date Using | |||||||||||||||||
Description | Balance as of | Quoted Prices in | Significant Other | Significant | |||||||||||||
December 31, 2012 | Active Markets | Observable Inputs | Unobservable | ||||||||||||||
for Identical | (Level 2) | Inputs | |||||||||||||||
Assets (Level 1) | (Level 3) | ||||||||||||||||
Common warrants | $ | 6,182 | $ | — | $ | — | $ | 6,182 | |||||||||
Preferred warrants | 4,358 | — | — | 4,358 | |||||||||||||
Redeemable non-controlling interest | 3,323 | — | — | 3,323 | |||||||||||||
Total liabilities | $ | 13,863 | $ | — | $ | — | $ | 13,863 | |||||||||
Weighted-Average Assumptions Used in Determining Fair Value of Outstanding Preferred Stock and Common Stock Warrant Liabilities | ' | ||||||||||||||||
The following weighted-average assumptions were used in determining the fair value of the outstanding preferred stock and common stock warrant liabilities valued using the Black-Scholes option pricing model as of September 30, 2013 and December 31, 2012: | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Risk-free interest rate | 2.5 | % | 1.6 | % | |||||||||||||
Expected dividend yield | 0 | % | 0 | % | |||||||||||||
Expected volatility | 62.8 | % | 63.1 | % | |||||||||||||
Expected term in years | 9.1 | 9.2 | |||||||||||||||
Schedule of Redeemable Convertible Preferred Stock and Common Stock Used in Determining Fair Value of Redeemable Convertible Preferred Stock and Common Stock Warrant Liabilities | ' | ||||||||||||||||
Prior to the Company’s IPO, the following fair values per share of the redeemable convertible preferred stock and common stock were used in determining the fair value of the outstanding redeemable convertible preferred stock and common stock warrant liabilities and the redeemable non-controlling interest as of December 31, 2012: | |||||||||||||||||
December 31, | |||||||||||||||||
2012 | |||||||||||||||||
Series C redeemable convertible preferred stock | $ | 0.31 | |||||||||||||||
Series D redeemable convertible preferred stock | 0.7 | ||||||||||||||||
Series D-2 redeemable convertible preferred stock | 0.31 | ||||||||||||||||
Series E redeemable convertible preferred stock | 0.57 | ||||||||||||||||
Common stock | 6 | ||||||||||||||||
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: | |||||||||||||||||
Common | Preferred | Redeemable | |||||||||||||||
Warrant | Warrant | Non- | |||||||||||||||
Liabilities | Liabilities | Controlling | |||||||||||||||
Interest | |||||||||||||||||
(in thousands) | |||||||||||||||||
Balance at December 31, 2012 | $ | 6,182 | $ | 4,358 | $ | 3,323 | |||||||||||
Issuance of shares of redeemable non-controlling interest | — | — | 2,725 | ||||||||||||||
Change in fair value | 9,714 | 331 | (1,747 | ) | |||||||||||||
Net loss attributable to redeemable non-controlling interest | — | — | (61 | ) | |||||||||||||
Exercise of common warrants | (273 | ) | — | — | |||||||||||||
Reclassification to additional paid-in capital upon the closing of the Company’s IPO | — | (4,689 | ) | (4,240 | ) | ||||||||||||
Balance at September 30, 2013 | $ | 15,623 | $ | — | $ | — | |||||||||||
Warrants_Tables
Warrants (Tables) | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||
Outstanding Warrant Liabilities | ' | ||||||||||||||
In May 2013, in connection with the IPO, all outstanding preferred stock warrants converted into warrants to purchase shares of common stock. The Company’s outstanding warrant liabilities consisted of the following: | |||||||||||||||
September 30, 2013 | |||||||||||||||
Issue Date | Expiration Date | Exercise Price | Shares Issuable | Fair Value | |||||||||||
per Share | upon Exercise | ||||||||||||||
(in thousands, except share and per share data) | |||||||||||||||
Oct-12 | October 2022 | $ | 0.24 | 1,017,227 | $ | 15,580 | |||||||||
Nov-12 | Oct-22 | 0.24 | 2,787 | 43 | |||||||||||
1,020,014 | $ | 15,623 | |||||||||||||
Warrants Outstanding for Purchase of Common Stock | ' | ||||||||||||||
The following table summarizes the warrants outstanding for purchase of common stock as of September 30, 2013 (excluding the warrants above that require liability accounting): | |||||||||||||||
Shares Issuable | Exercise Price | Expiration Date | |||||||||||||
upon Exercise | |||||||||||||||
15,075 | $ | 103.2 | October 2013 – September 2017 | ||||||||||||
218 | 54.99 | Aug-16 | |||||||||||||
72,970 | 21.84 | June 2019 – July 2019 | |||||||||||||
78 | 2,184.00 | July 2019 | |||||||||||||
85,714 | 16.8 | Mar-20 | |||||||||||||
20,690 | 36.96 | September 2020 | |||||||||||||
39 | 3,696.00 | September 2020 | |||||||||||||
419,948 | 0.02 | May-21 | |||||||||||||
614,732 | |||||||||||||||
Organization_and_Summary_of_Si3
Organization and Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | 1 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||
Apr. 24, 2013 | Oct. 26, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Aug. 31, 2013 | Jan. 31, 2011 | Oct. 21, 2010 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | 31-May-13 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
DiscoverRx Corporation [Member] | DiscoverRx Corporation [Member] | DiscoverRx Corporation [Member] | DiscoverRx Corporation [Member] | 2013 Equity Incentive Plan [Member] | 2011 Amended and Restated Equity Incentive Plan [Member] | Initial public offering (IPO) [Member] | Initial public offering (IPO) [Member] | Initial public offering (IPO) [Member] | Initial public offering (IPO) [Member] | Private Placement [Member] | Ambit Europe [Member] | Ambit Canada [Member] | |||||
2013 Equity Incentive Plan [Member] | Two Thousand Thirteen Employee Stock Purchase 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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $65,000,000 | ' | ' | ' | ' | ' | ' |
Net proceeds from issuance initial public offering | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 58,100,000 | ' | ' | ' | ' | ' | ' |
Underwriting and other expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,900,000 | ' | ' | ' | ' | ' |
Underwriting discounts and commissions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,600,000 | ' | ' | ' | ' | ' |
Other offering expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,300,000 | ' | ' | ' | ' | ' |
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 shareholder, Common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,134,495 | ' | ' |
Net proceeds from issuance initial public offering of the Company' s existing stockholder in a concurrent private placement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,100,000 | ' | ' |
Common stock reserved for future issuance | ' | ' | ' | ' | ' | ' | ' | ' | 6,117 | 1,214,212 | ' | ' | 1,845,329 | 125,000 | ' | ' | ' |
Incorporation date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'June 2008 | 'December 2004 |
Redeemable non-controlling interest ownership percentage in Ambit Canada | ' | ' | ' | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Description of stock split | '1-for-24 basis | '1-for-100 basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate fair value of warrants | ' | ' | 4,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized stock-based compensation costs related to non-vested stock options | ' | ' | 5,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average period over which the unrecognized compensation cost expected to be recognized | ' | ' | '3 years 3 months 18 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consideration for the sale of assets | ' | ' | ' | ' | ' | 400,000 | 7,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incremental consideration upon the achievement of certain sales and operational milestones | ' | ' | ' | ' | ' | 4,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Company earning of incremental consideration | ' | ' | ' | ' | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining incremental consideration, company is not eligible to earn | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Obligation to purchase minimum of screening services | ' | ' | ' | ' | ' | ' | ' | $625,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Organization_and_Summary_of_Si4
Organization and Summary of Significant Accounting Policies - Summary of Consolidation (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' | ' | ' | ' |
Research and development expense | ($4,484) | ($8,169) | ($20,153) | ($30,120) |
Net income (loss) of Ambit Canada | -6,069 | -6,583 | -9,150 | -21,638 |
Ambit Canada [Member] | ' | ' | ' | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' | ' | ' | ' |
Net income (loss) of Ambit Canada | 32 | -145 | -52 | -583 |
Consolidation, Eliminations [Member] | Ambit Canada [Member] | ' | ' | ' | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' | ' | ' | ' |
Research and development expense | -4 | -116 | -130 | -544 |
Interest income (expense), net | 36 | -34 | 78 | -44 |
Other income | ' | $5 | ' | $5 |
Organization_and_Summary_of_Si5
Organization and Summary of Significant Accounting Policies - Summary of Recognized Revenue from Collaboration Agreements (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Accounting Policies [Abstract] | ' | ' | ' | ' |
Upfront licensing fees | $6,947 | $1,604 | $20,671 | $4,776 |
Collaborative research activities | 731 | 2,678 | 5,146 | 9,913 |
Total revenue from collaboration agreements | $7,678 | $4,282 | $25,817 | $14,689 |
Organization_and_Summary_of_Si6
Organization and Summary of Significant Accounting Policies - Summary of Stock-Based Compensation (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock based compensation | $542 | $134 | $1,361 | $487 |
Research and development [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock based compensation | 157 | 22 | 392 | 90 |
General and administrative [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock based compensation | $385 | $112 | $969 | $397 |
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 | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Numerator for basic and diluted loss per share: | ' | ' | ' | ' |
Loss attributable to Ambit Biosciences Corporation | ($6,069) | ($6,583) | ($9,150) | ($21,638) |
Accretion to redemption value of redeemable convertible preferred stock | ' | -446 | -3,634 | -1,327 |
Change in fair value of redeemable non-controlling interest | ' | -673 | 1,747 | -1,114 |
Net loss available to common stockholders | ($6,069) | ($7,702) | ($11,037) | ($24,079) |
Denominator for basic and diluted loss per share: | ' | ' | ' | ' |
Weighted average shares outstanding, basic and diluted | 17,876,984 | 1,370 | 8,710,924 | 1,370 |
Basic and diluted net loss per share | ($0.34) | ($5,621.90) | ($1.27) | ($17,575.91) |
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 | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded From Computation Of Earnings | 3,330,803 | 5,752,200 | 3,330,803 | 5,752,200 |
Convertible preferred stock outstanding [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded From Computation Of Earnings | ' | 4,014,981 | ' | 4,014,981 |
Redeemable Non-Controlling Interest [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded From Computation Of Earnings | ' | 273,264 | ' | 273,264 |
Warrants for convertible preferred stock [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded From Computation Of Earnings | ' | 654,829 | ' | 654,829 |
Warrants for common stock [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded From Computation Of Earnings | 1,634,746 | 1,057 | 1,634,746 | 1,057 |
Convertible notes payable [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded From Computation Of Earnings | ' | 802,315 | ' | 802,315 |
Common stock options [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded From Computation Of Earnings | 1,696,057 | 5,754 | 1,696,057 | 5,754 |
Ambit_Canada_Additional_Inform
Ambit Canada - Additional Information (Detail) | Sep. 30, 2013 | Dec. 31, 2012 |
Schedule Of Results Related To Equity Accounted Investees [Line Items] | ' | ' |
Redeemable non-controlling interest held | ' | 60.00% |
Series C-2 redeemable convertible preferred stock [Member] | ' | ' |
Schedule Of Results Related To Equity Accounted Investees [Line Items] | ' | ' |
Shares exchanged upon conversion | 1,538,461 | ' |
Series D redeemable convertible preferred stock [Member] | ' | ' |
Schedule Of Results Related To Equity Accounted Investees [Line Items] | ' | ' |
Shares exchanged upon conversion | 612,649 | ' |
Series D-2 redeemable convertible preferred stock [Member] | ' | ' |
Schedule Of Results Related To Equity Accounted Investees [Line Items] | ' | ' |
Shares exchanged upon conversion | 3,666,169 | ' |
Series E redeemable convertible preferred stock [Member] | ' | ' |
Schedule Of Results Related To Equity Accounted Investees [Line Items] | ' | ' |
Shares exchanged upon conversion | 6,163,916 | ' |
Redeemable Non-Controlling Interest [Member] | ' | ' |
Schedule Of Results Related To Equity Accounted Investees [Line Items] | ' | ' |
Redeemable non-controlling interest held | 0.00% | 60.00% |
Minimum [Member] | ' | ' |
Schedule Of Results Related To Equity Accounted Investees [Line Items] | ' | ' |
Acquired and held percentage | 50.00% | ' |
GrowthWorks [Member] | ' | ' |
Schedule Of Results Related To Equity Accounted Investees [Line Items] | ' | ' |
Acquired and held percentage | 36.00% | ' |
Ambit Canada [Member] | ' | ' |
Schedule Of Results Related To Equity Accounted Investees [Line Items] | ' | ' |
Acquired and held percentage | 50.00% | ' |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets and Liabilities Measured on Recurring Basis (Detail) (Recurring measurements [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value liabilities | ' | $13,863 |
Money market funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets | 78,723 | 14,979 |
Common warrants [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value liabilities | 15,623 | 6,182 |
Preferred Warrant Liabilities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value liabilities | ' | 4,358 |
Redeemable Non-Controlling Interest [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value liabilities | ' | 3,323 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value liabilities | ' | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Money market funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets | 78,723 | 14,979 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Common warrants [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value liabilities | ' | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Preferred Warrant Liabilities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value liabilities | ' | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Redeemable Non-Controlling Interest [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value liabilities | ' | ' |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value liabilities | ' | ' |
Significant Other Observable Inputs (Level 2) [Member] | Money market funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets | ' | ' |
Significant Other Observable Inputs (Level 2) [Member] | Common warrants [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value liabilities | ' | ' |
Significant Other Observable Inputs (Level 2) [Member] | Preferred Warrant Liabilities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value liabilities | ' | ' |
Significant Other Observable Inputs (Level 2) [Member] | Redeemable Non-Controlling Interest [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value liabilities | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value liabilities | ' | 13,863 |
Significant Unobservable Inputs (Level 3) [Member] | Money market funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | Common warrants [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value liabilities | 15,623 | 6,182 |
Significant Unobservable Inputs (Level 3) [Member] | Preferred Warrant Liabilities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value liabilities | ' | 4,358 |
Significant Unobservable Inputs (Level 3) [Member] | Redeemable Non-Controlling Interest [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value liabilities | ' | $3,323 |
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) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Fair Value Disclosures [Abstract] | ' | ' |
Risk-free interest rate | 2.50% | 1.60% |
Expected dividend yield | 0.00% | 0.00% |
Expected volatility | 62.80% | 63.10% |
Expected term in years | '9 years 1 month 6 days | '9 years 2 months 12 days |
Fair_Value_Measurements_Schedu
Fair Value Measurements - Schedule of Redeemable Convertible Preferred Stock and Common Stock Used in Determining Fair Value of Redeemable Convertible Preferred Stock and Common Stock Warrant Liabilities (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2012 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ' |
Common stock | $6 |
Series C redeemable convertible preferred stock [Member] | ' |
Fair Value, Option, Quantitative Disclosures [Line Items] | ' |
Redeemable convertible preferred stock | $0.31 |
Series D redeemable convertible preferred stock [Member] | ' |
Fair Value, Option, Quantitative Disclosures [Line Items] | ' |
Redeemable convertible preferred stock | $0.70 |
Series D-2 redeemable convertible preferred stock [Member] | ' |
Fair Value, Option, Quantitative Disclosures [Line Items] | ' |
Redeemable convertible preferred stock | $0.31 |
Series E redeemable convertible preferred stock [Member] | ' |
Fair Value, Option, Quantitative Disclosures [Line Items] | ' |
Redeemable convertible preferred stock | $0.57 |
Fair_Value_Measurements_Summar
Fair Value Measurements - Summary of Reconciliation for Liabilities Measured at Fair Value Using Unobservable Inputs (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Common Warrant Liabilities [Member] | ' |
Fair Value Liabilities Measured On Recurring and Nonrecurring Basis [Line Items] | ' |
Balance at December 31, 2012 | $6,182 |
Issuance of shares of redeemable non-controlling interest | ' |
Change in fair value | 9,714 |
Net loss attributable to redeemable non-controlling interest | ' |
Exercise of common warrants | -273 |
Reclassification to additional paid-in capital upon the closing of the Company's IPO | ' |
Balance at September 30, 2013 | 15,623 |
Preferred Warrant Liabilities [Member] | ' |
Fair Value Liabilities Measured On Recurring and Nonrecurring Basis [Line Items] | ' |
Balance at December 31, 2012 | 4,358 |
Issuance of shares of redeemable non-controlling interest | ' |
Change in fair value | 331 |
Net loss attributable to redeemable non-controlling interest | ' |
Exercise of common warrants | ' |
Reclassification to additional paid-in capital upon the closing of the Company's IPO | -4,689 |
Balance at September 30, 2013 | ' |
Redeemable Non-Controlling Interest [Member] | ' |
Fair Value Liabilities Measured On Recurring and Nonrecurring Basis [Line Items] | ' |
Balance at December 31, 2012 | 3,323 |
Issuance of shares of redeemable non-controlling interest | 2,725 |
Change in fair value | -1,747 |
Net loss attributable to redeemable non-controlling interest | -61 |
Exercise of common warrants | ' |
Reclassification to additional paid-in capital upon the closing of the Company's IPO | -4,240 |
Balance at September 30, 2013 | ' |
Warrants_Outstanding_Warrant_L
Warrants - Outstanding Warrant Liabilities (Detail) (Warrants with Liability Accounting [Member], USD $) | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 |
Class of Warrant or Right [Line Items] | ' |
Shares Issuable upon Exercise | 1,020,014 |
Fair Value | $15,623 |
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 | 15,580 |
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 | $43 |
Warrants_Warrants_Outstanding_
Warrants - Warrants Outstanding for Purchase of Common Stock (Detail) (Warrants without Liability Accounting [Member]) | 9 Months Ended |
Sep. 30, 2013 | |
Class of Warrant or Right [Line Items] | ' |
Shares Issuable upon Exercise | 614,732 |
Shares Issuable upon Exercise One [Member] | ' |
Class of Warrant or Right [Line Items] | ' |
Shares Issuable upon Exercise | 15,075 |
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 | 419,948 |
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-Oct-13 |
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 |
Notes_Payable_Additional_Infor
Notes Payable - Additional Information (Detail) (USD $) | 9 Months Ended | 3 Months Ended | ||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Mar. 31, 2010 | Mar. 31, 2010 | |
Venture Loans [Member] | Venture Loans [Member] | Venture Loans [Member] | Venture Loans [Member] | |||
Secured promissory notes [Member] | Working capital notes [Member] | |||||
Proforma Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of secured promissory notes | ' | ' | ' | ' | $12,000,000 | ' |
Repayment of working capital notes | 4,412,000 | 3,590,000 | ' | ' | ' | 2,200,000 |
Annual interest rate | ' | ' | 12.25% | ' | ' | ' |
Additional annual interest rate | ' | ' | 3.00% | ' | ' | ' |
Final payment due date | 1-Oct-13 | ' | ' | ' | ' | ' |
Debt instrument, final payment | ' | ' | 360,000 | ' | ' | ' |
Redeemable convertible preferred stock warrants expiration date | '2020-03 | ' | ' | ' | ' | ' |
Initial fair value of the warrants | 700,000 | ' | ' | ' | ' | ' |
Discount amortized using the effective interest method | '42 months | ' | ' | ' | ' | ' |
Warrants are exercisable for the purchase of the Company's common stock | 85,714 | ' | ' | ' | ' | ' |
Warrants are exercisable for the purchase of the Company's common stock at an exercise price | $16.80 | ' | ' | ' | ' | ' |
Outstanding principal balance | ' | ' | 0 | 4,400,000 | ' | ' |
Outstanding debt discount | ' | ' | $0 | $92,000 | ' | ' |
Redeemable_Convertible_Preferr1
Redeemable Convertible Preferred Stock, Convertible Preferred Stock and Stockholders' Equity (Deficit) - Additional Information (Detail) (USD $) | 9 Months Ended |
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 |
Schedule Of Redeemable Convertible Preferred Stock [Line Items] | ' |
Convertible preferred stock into common stock shares | 6,449,073 |
Common stock [Member] | ' |
Schedule Of Redeemable Convertible Preferred Stock [Line Items] | ' |
Additional paid-in capital carrying values | 13.7 |
Redeemable convertible preferred stock [Member] | ' |
Schedule Of Redeemable Convertible Preferred Stock [Line Items] | ' |
Outstanding shares of redeemable convertible preferred stock | 133,807,619 |
Convertible preferred stock | 1,590,014 |
Convertible preferred stock into common stock shares | 6,449,073 |
Additional paid-in capital carrying values | 160.7 |