Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 28, 2014 | Jun. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'AMBI | ' | ' |
Entity Registrant Name | 'AMBIT BIOSCIENCES CORP | ' | ' |
Entity Central Index Key | '0001131543 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 17,921,747 | ' |
Entity Public Float | ' | ' | $34,700,000 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $71,189 | $17,481 |
Accounts receivable | 1,000 | ' |
Prepaid expenses and other current assets | 911 | 1,231 |
Total current assets | 73,100 | 18,712 |
Property and equipment, net | 785 | 560 |
Deposits and other assets | ' | 717 |
Restricted cash | 63 | ' |
Total assets | 73,948 | 19,989 |
Current liabilities: | ' | ' |
Accounts payable and accrued expenses | 4,711 | 7,290 |
Accrued payroll and related expenses | 1,997 | 1,313 |
Current portion of notes payable, net of discount | ' | 4,320 |
Current portion of deferred revenue | ' | 6,362 |
Warrant liabilities | 9,650 | 10,540 |
Total current liabilities | 16,358 | 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 December 31, 2013 and December 31, 2012, respectively; issued and outstanding shares-17,919,031 and 3,990 at December 31, 2013 and December 31, 2012, respectively | 18 | ' |
Additional paid-in capital | 306,064 | 38,678 |
Accumulated other comprehensive (loss) income | -326 | 47 |
Accumulated deficit | -248,166 | -236,971 |
Total stockholders' equity (deficit) | 57,590 | -198,246 |
Total liabilities, convertible preferred stock and stockholders' equity (deficit) | 73,948 | 19,989 |
Redeemable Convertible Preferred Stock [Member] | ' | ' |
Current liabilities: | ' | ' |
Preferred stock, value | ' | 157,076 |
Convertible Preferred Stock [Member] | ' | ' |
Current liabilities: | ' | ' |
Preferred stock, value | ' | $13,702 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 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 | 17,919,031 | 3,990 |
Common stock, shares outstanding | 17,919,031 | 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 [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 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Loss (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues: | ' | ' | ' |
Collaboration agreements | $27,093 | $17,633 | $23,843 |
Operating expenses: | ' | ' | ' |
Research and development | 26,284 | 36,731 | 50,705 |
General and administrative | 10,342 | 6,550 | 8,905 |
Gain on sale of kinase profiling services business | -2,500 | ' | ' |
Noncash gain on sale of kinase profiling services business | ' | -2,497 | -2,108 |
Total operating expenses | 34,126 | 40,784 | 57,502 |
Loss from operations | -7,033 | -23,151 | -33,659 |
Other income (expense): | ' | ' | ' |
Interest expense | -323 | -1,737 | -4,502 |
Other income (expense) | 143 | 29 | 1,538 |
Change in fair value of warrant and derivative liabilities | -4,072 | -2,291 | -795 |
Total other income (expense) | -4,252 | -3,999 | -3,759 |
Loss before income taxes | -11,285 | -27,150 | -37,418 |
Benefit for income taxes | -29 | -121 | ' |
Consolidated net loss | -11,256 | -27,029 | -37,418 |
Net loss/(income) attributable to redeemable non-controlling interest | 61 | 382 | -213 |
Net loss attributable to Ambit Biosciences Corporation | -11,195 | -26,647 | -37,631 |
Other comprehensive income/(loss): | ' | ' | ' |
Foreign currency translation | -373 | 28 | -242 |
Comprehensive loss | ($11,629) | ($27,001) | ($37,660) |
Net loss per share attributable to common stockholders, basic and diluted | ($1.19) | ($16,591.99) | ($25,886.60) |
Weighted average shares outstanding, basic and diluted | 11,024,175 | 1,848 | 1,358 |
Consolidated_Statements_of_Con
Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (USD $) | Total | Initial Public Offering [Member] | Private Placement [Member] | Series D-2 Redeemable Convertible Preferred Stock [Member] | Redeemable Convertible Preferred Stock [Member] | Redeemable Convertible Preferred Stock [Member] | Redeemable Convertible Preferred Stock [Member] | Convertible Preferred Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Deficit [Member] |
In Thousands, except Share data | Series D-2 Redeemable Convertible Preferred Stock [Member] | Series E Redeemable Convertible Preferred Stock [Member] | Initial Public Offering [Member] | Private Placement [Member] | Initial Public Offering [Member] | Private Placement [Member] | Series D-2 Redeemable Convertible Preferred Stock [Member] | ||||||||||
Beginning Balance at Dec. 31, 2010 | ($143,434) | ' | ' | ' | $97,256 | ' | ' | $13,752 | ' | ' | ' | $28,998 | ' | ' | ' | $261 | ($172,693) |
Beginning Balance, Shares at Dec. 31, 2010 | ' | ' | ' | ' | 20,861,279 | ' | ' | 1,595,794 | 1,316 | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid for shares, Value | ' | ' | ' | ' | ' | 17,328 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock upon exercise of stock options, Value | 79 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 79 | ' | ' | ' | ' | ' |
Cash paid for shares | ' | ' | ' | ' | ' | 27,762,411 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock upon exercise of stock options, Shares | ' | ' | ' | ' | ' | ' | ' | ' | 54 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of convertible preferred stock upon conversion of bridge loans, Value | ' | ' | ' | ' | ' | 16,138 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of convertible preferred stock upon conversion of bridge loans, Shares | ' | ' | ' | ' | ' | 27,123,172 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance costs | ' | ' | ' | ' | ' | -382 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accretion to redemption value of redeemable convertible preferred stock | -2,000 | ' | ' | ' | 2,000 | ' | ' | ' | ' | ' | ' | -2,000 | ' | ' | ' | ' | ' |
Change in fair value of redeemable non-controlling interest | 4,477 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,477 | ' | ' | ' | ' | ' |
Net (income) loss attributable to redeemable non-controlling interest | -213 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -213 |
Stock-based compensation | 1,387 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,387 | ' | ' | ' | ' | ' |
Foreign currency translation | -242 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -242 | ' |
Consolidated net loss | -37,418 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -37,418 |
Ending Balance at Dec. 31, 2011 | -177,364 | ' | ' | ' | 132,340 | ' | ' | 13,752 | ' | ' | ' | 32,941 | ' | ' | ' | 19 | -210,324 |
Ending Balance, shares at Dec. 31, 2011 | ' | ' | ' | ' | 75,746,862 | ' | ' | 1,595,794 | 1,370 | ' | ' | ' | ' | ' | ' | ' | ' |
Cancellation of warrants | ' | ' | ' | 2,851 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,851 | ' | ' |
Cash paid for shares, Value | 3 | ' | ' | ' | ' | ' | 22,334 | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' |
Cash paid for shares | ' | ' | ' | ' | ' | ' | 31,906,341 | ' | 1,437 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of convertible preferred stock upon conversion of bridge loans, Value | ' | ' | ' | ' | ' | ' | 11,906 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of convertible preferred stock upon conversion of bridge loans, Shares | ' | ' | ' | ' | ' | ' | 17,008,346 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance costs | ' | ' | ' | ' | ' | ' | -374 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock warrants, Value | ' | ' | ' | ' | ' | ' | -6,184 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accretion to redemption value of redeemable convertible preferred stock | -3,161 | ' | ' | ' | 3,161 | ' | ' | ' | ' | ' | ' | -3,161 | ' | ' | ' | ' | ' |
Change in fair value of redeemable non-controlling interest | -854 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -854 | ' | ' | ' | ' | ' |
Net (income) loss attributable to redeemable non-controlling interest | 382 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 382 |
Conversion of preferred stock to common stock, Value | 5,960 | ' | ' | ' | -5,910 | ' | ' | -50 | ' | ' | ' | 5,960 | ' | ' | ' | ' | ' |
Conversion of preferred stock to common stock, Shares | ' | ' | ' | ' | -2,835,125 | ' | ' | -5,780 | 1,183 | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant exchange | 197 | ' | ' | ' | -197 | ' | ' | ' | ' | ' | ' | 197 | ' | ' | ' | ' | ' |
Stock-based compensation | 741 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 741 | ' | ' | ' | ' | ' |
Foreign currency translation | 28 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28 | ' |
Consolidated net loss | -27,029 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -27,029 |
Ending Balance at Dec. 31, 2012 | -198,246 | ' | ' | ' | 157,076 | ' | ' | 13,702 | ' | ' | ' | 38,678 | ' | ' | ' | 47 | -236,971 |
Ending Balance, shares at Dec. 31, 2012 | ' | ' | ' | ' | 121,826,424 | ' | ' | 1,590,014 | 3,990 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock upon exercise of stock options, Value | 60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60 | ' | ' | ' | ' | ' |
Issuance of common stock upon exercise of stock options, Shares | 10,064 | ' | ' | ' | ' | ' | ' | ' | 10,064 | ' | ' | ' | ' | ' | ' | ' | ' |
Accretion to redemption value of redeemable convertible preferred stock | -3,634 | ' | ' | ' | 3,634 | ' | ' | ' | ' | ' | ' | -3,634 | ' | ' | ' | ' | ' |
Change in fair value of redeemable non-controlling interest | 1,747 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,747 | ' | ' | ' | ' | ' |
Net (income) loss attributable to redeemable non-controlling interest | 61 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 61 |
Conversion of preferred warrant liability to equity, Value | 4,689 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,689 | ' | ' | ' | ' | ' |
Conversion of redeemable non-controlling interest to common stock, Value | 4,241 | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | 4,240 | ' | ' | ' | ' | ' |
Conversion of redeemable non-controlling interest to common stock, Shares | ' | ' | ' | ' | ' | ' | ' | ' | 530,092 | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of preferred stock to common stock, Value | 174,411 | ' | ' | ' | -160,710 | ' | ' | -13,702 | 6 | ' | ' | 174,405 | ' | ' | ' | ' | ' |
Conversion of preferred stock to common stock, Shares | ' | ' | ' | ' | -121,826,424 | ' | ' | -1,590,014 | 5,918,981 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock, Value | ' | 58,109 | 25,075 | ' | ' | ' | ' | ' | ' | 8 | 3 | ' | 58,101 | 25,072 | ' | ' | ' |
Issuance of common stock, Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,125,000 | 3,134,495 | ' | ' | ' | ' | ' | ' |
Issuance of common stock upon exercise of warrants, Value | 273 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 273 | ' | ' | ' | ' | ' |
Issuance of common stock upon exercise of warrants, Shares | ' | ' | ' | ' | ' | ' | ' | ' | 177,573 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock through employee stock plan purchase, Value | 128 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 128 | ' | ' | ' | ' | ' |
Issuance of common stock through employee stock plan purchase, Shares | ' | ' | ' | ' | ' | ' | ' | ' | 18,836 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation | 2,305 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,305 | ' | ' | ' | ' | ' |
Foreign currency translation | -373 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -373 | ' |
Consolidated net loss | -11,256 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -11,256 |
Ending Balance at Dec. 31, 2013 | $57,590 | ' | ' | ' | ' | ' | ' | ' | $18 | ' | ' | $306,064 | ' | ' | ' | ($326) | ($248,166) |
Ending Balance, shares at Dec. 31, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | 17,919,031 | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating activities | ' | ' | ' |
Consolidated net loss | ($11,256) | ($27,029) | ($37,418) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' |
Depreciation expense | 377 | 903 | 1,069 |
Change in fair value of redeemable convertible preferred stock warrant and derivative liabilities | 4,072 | 2,291 | 795 |
Noncash interest expense | 117 | 803 | 3,140 |
Bad debt expense | ' | ' | 2 |
Stock-based compensation expense | 2,305 | 741 | 1,387 |
Loss (gain) on disposal of property and equipment | -34 | -197 | 27 |
Deferred revenue | -20,671 | -6,379 | -6,362 |
Noncash gain on sale of kinase profiling services business | ' | -2,497 | -2,108 |
Changes in operating assets and liabilities: | ' | ' | ' |
Accounts receivable | -1,000 | 3,510 | 643 |
Prepaid expenses and other current assets | 320 | -34 | 159 |
Accounts payable and accrued expenses | -2,216 | 110 | -1,412 |
Accrued payroll and related expenses | 684 | -994 | 452 |
Net cash used in operating activities | -27,302 | -28,772 | -39,626 |
Investing activities | ' | ' | ' |
Proceeds from sale of kinase profiling services business | ' | ' | 400 |
Proceeds from sale of property and equipment | 45 | ' | ' |
Purchase of property and equipment | -613 | 46 | -553 |
Restricted cash | -63 | ' | ' |
Net cash (used in) provided by investing activities | -631 | 46 | -153 |
Financing activities | ' | ' | ' |
Proceeds from issuance of common stock and exercise of stock options | 188 | 3 | 79 |
Proceeds from issuance of common stock, net of offering costs | 83,515 | -331 | ' |
Net proceeds from issuance of redeemable convertible preferred stock | ' | 21,960 | 19,052 |
Proceeds from issuance of put shares | 2,725 | -44 | 2,566 |
Proceeds from notes payable | ' | 13,000 | ' |
Payments on notes payable | -4,412 | -4,829 | -3,103 |
Net cash provided by financing activities | 82,016 | 29,759 | 18,594 |
Effect of exchange rate changes on cash | -375 | 31 | -246 |
Net change in cash and cash equivalents | 53,708 | 1,064 | -21,431 |
Cash and cash equivalents at beginning of the period | 17,481 | 16,417 | 37,848 |
Cash and cash equivalents at end of the period | 71,189 | 17,481 | 16,417 |
Supplemental schedule of noncash investing and financing activities | ' | ' | ' |
Issuance of bridge notes and accrued interest into redeemable preferred stock | ' | 11,906 | 16,138 |
Issuance of Series D-2 warrants in connection with Series D-2 financing | ' | ' | 2,106 |
Contributed capital related to cancelled Series D-2 financing warrants | ' | 2,851 | ' |
Issuance of common warrants in connection with Series E financing | ' | 6,184 | ' |
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 | 982 | 1,392 |
Taxes paid | $1 | ' | $20 |
Organization_and_Summary_of_Si
Organization and Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Organization and Summary of Significant Accounting Policies | ' | ||||||||||||
1. Organization and Summary of Significant Accounting Policies | |||||||||||||
Ambit Biosciences Corporation (“Ambit” or the “Company”), formerly Aventa Biosciences Corporation, was incorporated in Delaware on May 17, 2000 and is located in San Diego, California. Ambit is a biopharmaceutical company focused on the discovery, development and commercialization of drugs to treat unmet medical needs in oncology, autoimmune and inflammatory diseases by inhibiting kinases that are important drivers for those diseases. | |||||||||||||
Initial Public Offering and Concurrent Private Placement | |||||||||||||
The Company closed its initial public offering (“IPO”) in May 2013, selling 8,125,000 shares of common stock at a price of $8.00 per share, resulting in gross proceeds of approximately $65.0 million and net proceeds of approximately $58.1 million, after underwriting and other expenses of approximately $6.9 million (consisting of $4.6 million in underwriting discounts and commissions and $2.3 million in other offering expenses). In connection with the completion of the IPO, all outstanding convertible preferred stock converted into 6,449,073 shares of common stock. | |||||||||||||
Concurrent with the IPO, the Company sold 3,134,495 shares of common stock to certain of the Company’s existing stockholders in a concurrent private placement at the IPO price of $8.00 per share and received net proceeds of approximately $25.1 million. | |||||||||||||
Effective upon the closing of the IPO, 1,845,329 shares of common stock were reserved for future issuance under the Company’s 2013 Equity Incentive Plan, including 1,214,212 shares of common stock reserved for issuance upon the exercise of outstanding options issued under the Company’s 2011 Amended and Restated Equity Incentive Plan and 6,117 shares of common stock previously reserved for issuance under the Company’s 2011 Amended and Restated Equity Incentive Plan, in each case that were added to the shares reserved under the 2013 Equity Incentive Plan upon its effectiveness. | |||||||||||||
Effective upon the closing of the Company’s IPO, 125,000 shares of common stock were reserved for future issuance under the Company’s 2013 Employee Stock Purchase Plan. | |||||||||||||
Principles of Consolidation | |||||||||||||
The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiary Ambit Europe Limited (“Ambit Europe”) and its controlled subsidiary, Ambit Biosciences (Canada) Corporation (“Ambit Canada”), which became a wholly-owned subsidiary upon the Company’s IPO. All intercompany transactions and balances among the consolidated entities are eliminated in consolidation. Ambit Europe was incorporated in England in June 2008. As of December 31, 2013, there have been no significant transactions related to Ambit Europe. Ambit Canada was formed in Canada in December 2004. | |||||||||||||
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 consolidated financial statements and notes to the consolidated financial statements give retroactive effect to the reverse splits for all periods presented. | |||||||||||||
Foreign Currency Translation and Transactions | |||||||||||||
The accompanying 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 the 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 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 operations and comprehensive loss. There were no material transaction gains or losses during any period presented in the accompanying 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 informed estimates and assumptions that impact the amounts reported in the consolidated financial statements and accompanying notes. The most significant estimates in the Company’s consolidated financial statements relate to the fair value of the common and preferred stock warrant liabilities, redeemable non-controlling interest, derivative liability-conversion feature, clinical trial accruals 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 without prior notice or penalty. The Company considers securities with remaining maturities of three months or less, at the date of purchase, to be cash equivalents. Cash and cash equivalents are recorded at face value or cost, which approximates fair market value. | |||||||||||||
Concentration of Credit Risk and Significant Customers | |||||||||||||
Financial instruments, which potentially subject the Company to significant concentration of credit risk, consist primarily of cash, cash equivalents and accounts receivable. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. | |||||||||||||
Restricted Cash | |||||||||||||
In connection with the Company’s lease, the Company issued a letter of credit in the amount of approximately $63,000. The letter of credit is renewable annually for the term of the lease with the landlord and is collateralized by cash held in an interest-bearing account at a bank. The security deposit balance is shown as restricted cash on the accompanying consolidated balance sheets. | |||||||||||||
Property and Equipment | |||||||||||||
Property and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful lives of the assets (generally three to five years). Leasehold improvements are stated at cost and depreciated on a straight-line basis over the lesser of the remaining term of the related lease or the estimated useful lives of the assets. Construction in progress is not depreciated until the underlying asset is placed in service. Repairs and maintenance costs are charged to expense as incurred. | |||||||||||||
Impairment of Long-Lived Assets | |||||||||||||
Long-lived assets consist primarily of property and equipment. An impairment loss is recorded if and when events and circumstances indicate that assets might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amount of those assets. While the Company’s current and historical operating losses and negative cash flows are indicators of impairment, management believes that future cash flows to be received support the carrying value of its long-lived assets and, accordingly, has not recognized any impairment losses during the years ended December 31, 2013, 2012 and 2011. | |||||||||||||
Fair Value of Financial Instruments | |||||||||||||
The carrying amounts of accounts receivable, accounts payable and accrued liabilities are considered to be representative of their respective fair values because of the short-term nature of those instruments.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 consolidated statements of operations and comprehensive loss. | |||||||||||||
Upon the closing of the IPO and the conversion of the of the underlying preferred stock to common stock, the Company’s warrants to purchase shares of Series C, Series D, and Series D-2 redeemable convertible preferred stock were converted into warrants to purchase shares of the Company’s common stock. The aggregate fair value of these warrants upon the closing of the IPO was $4.7 million, which was reclassified from liabilities to additional paid-in capital in the accompanying consolidated balance sheets. | |||||||||||||
Revenue Recognition | |||||||||||||
The Company generates and recognizes revenue from collaboration agreements. Some of the Company’s agreements contain multiple elements, including technological and territorial licenses and research and development services. In accordance with these agreements, the Company may be eligible for upfront fees, collaborative research funding and milestones. Revenues are recognized when all four of the following criteria are met: (i) persuasive evidence that an arrangement exists; (ii) delivery of the products and/or services has occurred; (iii) the selling price is fixed or determinable; and (iv) collectability is reasonably assured. Additional information on each type of revenue is outlined below. | |||||||||||||
Collaboration agreements entered into prior to 2011 | |||||||||||||
For multiple-element agreements entered into prior to January 1, 2011 and not materially modified thereafter, such as the Company’s agreement with Astellas Pharma Inc., the Company analyzed the agreement to determine whether the elements within the agreement could be separated or whether they must be accounted for as a single unit of accounting. If the delivered element, which for the Company is commonly a license, had stand-alone value and the fair value of the undelivered elements, which for the Company was generally collaborative research activities, could be determined, the Company recognized revenue separately under the residual method as the elements under the agreement were delivered. If the delivered element did not have stand-alone value or if the fair value of the undelivered element could not be determined, the agreement was then accounted for as a single unit of accounting, with consideration received under the agreement recognized as revenue on the straight-line basis over the estimated period of performance, which for the Company was generally the expected term of the research and development plan. | |||||||||||||
Milestones | |||||||||||||
Revenue from milestones is recognized when earned, as evidenced by written acknowledgement from the collaborator or other persuasive evidence that the milestone has been achieved, provided that the milestone event is substantive. A milestone event is considered to be substantive if its achievability was not reasonably assured at the inception of the arrangement and the Company’s efforts led to the achievement of the milestone (or if the milestone was due upon the occurrence of a specific outcome resulting from the Company’s performance). Events for which the occurrence is either contingent solely upon the passage of time or the result of a counterparty’s performance are not considered to be milestone events. If both of these criteria are not met, the milestone payment is recognized over the remaining minimum period of the Company’s performance obligations under the arrangement. The Company assesses whether a milestone is substantive at the inception of each arrangement. | |||||||||||||
Generally, the milestone events contained in the Company’s collaboration agreements coincide with the progression of the drug candidates from clinical trial, to regulatory approval and then to commercialization. The process of guiding a clinical trial candidate through clinical trials, having it approved and ultimately commercialized is highly uncertain. As such, the milestone payments the Company may earn from its partners involve a significant degree of risk to achieve. Therefore, as a drug candidate progresses through the stages of its life-cycle, the value of the drug candidate generally increases. | |||||||||||||
Collaboration agreements entered into or materially modified after December 31, 2010 | |||||||||||||
In October 2009, the Financial Accounting Standards Board (“FASB”) issued a new accounting standard which amends the guidance on accounting for arrangements involving the delivery of more than one element. This standard addresses the determination of the unit(s) of accounting for multiple-element arrangements and how the arrangement’s consideration should be allocated to each unit of accounting. The Company has not entered into nor materially modified any agreements since December 31, 2010. | |||||||||||||
Each required deliverable in a collaboration agreement is evaluated to determine if it qualifies as a separate unit of accounting. For the Company this determination is generally based on whether the deliverable has “stand-alone value” to the customer. The arrangement’s consideration is then allocated to each separate unit of accounting based on the relative selling price of each deliverable. The estimated selling price of each deliverable is determined using the following hierarchy of values: (i) vendor-specific objective evidence of fair value; (ii) third-party evidence of selling price; and (iii) best estimate of selling price (“BESP”). The BESP reflects the Company’s best estimate of what the selling price would be if the deliverable was regularly sold by the Company on a stand-alone basis. The Company expects, in general, to use the BESP for allocating consideration to each deliverable. In general, the consideration allocated to each unit of accounting is then recognized as the related goods or services are delivered limited to the consideration that is not contingent upon future deliverables. | |||||||||||||
The Company has recognized the following revenue from collaboration agreements: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands) | |||||||||||||
Upfront licensing fees | $ | 20,671 | $ | 6,379 | $ | 6,362 | |||||||
Collaborative research activities | 5,422 | 11,254 | 17,481 | ||||||||||
Milestones | 1,000 | — | — | ||||||||||
Total revenue from collaborative arrangements | $ | 27,093 | $ | 17,633 | $ | 23,843 | |||||||
Deferred Revenue | |||||||||||||
Amounts received prior to satisfying the above revenue recognition criteria are recorded as deferred revenue in the accompanying consolidated balance sheets. Amounts not expected to be recognized within the next 12 months are classified as non-current deferred revenue. | |||||||||||||
Research and Development | |||||||||||||
Research and development expenses include expenses incurred under agreements with contract research organizations, investigative sites and consultants that conduct the Company’s clinical trials, employee-related expenses (such as salaries and benefits and stock-based compensation), costs of developing and acquiring clinical trial materials, facilities-related costs, and costs associated with other research activities and regulatory approvals. Research and development costs are expensed as incurred. Prepaid clinical expenses and advance payments for goods and services that will be used in future research and development activities are included in prepaid expenses and other current assets in the consolidated balance sheets. Prepaid clinical expenses were $405,000 and $861,000 as of December 31, 2013 and 2012, respectively. | |||||||||||||
Clinical Trial Accruals | |||||||||||||
The Company is required to estimate its expenses resulting from its obligations under contracts with vendors and consultants and clinical site agreements in connection with conducting clinical trials. The financial terms of these contracts are subject to negotiations which vary from contract to contract, and may result in payment flows that do not match the periods over which materials or services are provided to the Company under such contracts. The Company’s objective is to reflect the appropriate trial expenses in its financial statements by matching those expenses with the period in which the services and efforts are expended. The Company accounts for these expenses according to the progress of the trial as measured by patient progression and the timing of various aspects of the trial. The Company determines accrual estimates through financial models, taking into account discussion with applicable personnel and outside service providers as to the progress or state of consummation of trials, or the services completed. During the course of a clinical trial, the Company adjusts its rate of clinical expense recognition if actual results differ from its estimates. The Company makes estimates of its accrued expenses as of each balance sheet date in its financial statements based on the facts and circumstances known to the Company at that time. Although the Company does not expect its estimates to be materially different from amounts actually incurred, its understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and may result in the Company reporting amounts that are too high or too low for any particular period. Through December 31, 2013, there have been no material adjustments to the Company’s prior period estimates of accrued expenses for clinical trials. The Company’s clinical trial accrual is dependent upon the timely and accurate reporting of contract research organizations and other third-party vendors. | |||||||||||||
Patent Expenses | |||||||||||||
Costs related to filing and pursuing patent applications are recorded as general and administrative expense as incurred since recoverability of such expenditures is uncertain. | |||||||||||||
Comprehensive Loss | |||||||||||||
Comprehensive loss encompasses the change in equity during a period from transactions and other events and circumstances from non-owner sources. The Company’s only component of other comprehensive loss is the foreign currency translation adjustments related to Ambit Canada. Comprehensive loss has been reflected in the statements of operations and comprehensive loss and as a separate component of the statements of stockholders’ equity (deficit) for all periods presented. | |||||||||||||
Stock-Based Compensation | |||||||||||||
Stock-based compensation expense represents the cost of the grant date fair value of employee and non-employee director 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 weighted-average estimated fair value of employee and non-employee director stock options granted (other than through a repricing) during the years ended December 31, 2013, 2012 and 2011 were $7.80 per share, $3.71 per share and $323.85 per share, respectively, using the Black-Scholes option pricing model with the following weighted-average assumptions (annualized percentages): | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Risk-free interest rate | 1.9 | % | 0.9 | % | 1.2 | % | |||||||
Expected dividend yield | — | — | — | ||||||||||
Expected volatility | 68.8 | % | 67.4 | % | 63.1 | % | |||||||
Expected term (in years) | 6 | 6 | 6.1 | ||||||||||
The risk-free interest rate is based on United States Treasury zero-coupon bonds with maturities similar to those of the expected term of the award being valued. The expected dividend yield is based on the Company’s history and expectation in the foreseeable future of not paying dividends. Due to the limited historical data of the Company’s fair value, the estimated volatility incorporates the historical volatility of comparable companies whose shares are publicly available covering a timeframe similar to that of the expected term. The expected term of the award is calculated using the simplified method because of the lack of relevant historical data. | |||||||||||||
As stock-based compensation expense recognized in the statement of operations and comprehensive loss for the years ended December 31, 2013, 2012 and 2011 is based on awards ultimately expected to vest, it should be reduced for estimated forfeitures. Forfeitures are estimated at the time of grants and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. | |||||||||||||
Income Taxes | |||||||||||||
The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. | |||||||||||||
The Company recognizes net deferred tax assets to the extent that the Company believes these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If management determines that the Company would be able to realize its deferred tax assets in the future in excess of their net recorded amount, management would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. | |||||||||||||
The Company records uncertain tax positions on the basis of a two-step process whereby (1) management determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, management recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to unrecognized tax benefits within income tax expense. Any accrued interest and penalties are included within the related tax liability line. | |||||||||||||
Segments | |||||||||||||
The Company operates in one business segment. The Company reports segment data based on the management approach. The management approach designates the internal reporting that is used by management for making operating and investment decisions and evaluating performance as the source of its reportable segments. | |||||||||||||
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): | |||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerator for basic and diluted loss per share: | |||||||||||||
Loss attributable to Ambit Biosciences Corporation | $ | (11,195 | ) | $ | (26,647 | ) | $ | (37,631 | ) | ||||
Accretion to redemption value of redeemable convertible preferred stock | (3,634 | ) | (3,161 | ) | (2,000 | ) | |||||||
Change in fair value of redeemable non-controlling interest | 1,747 | (854 | ) | 4,477 | |||||||||
Net loss available to common stockholders | $ | (13,082 | ) | $ | (30,662 | ) | $ | (35,154 | ) | ||||
Denominator for basic and diluted loss per share: | |||||||||||||
Weighted-average shares outstanding, basic and diluted | 11,024,175 | 1,848 | 1,358 | ||||||||||
Basic and diluted net loss per share | $ | (1.19 | ) | $ | (16,591.99 | ) | $ | (25,886.60 | ) | ||||
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): | |||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Convertible preferred stock outstanding | — | 5,918,981 | 4,014,981 | ||||||||||
Redeemable non-controlling interest | — | 366,899 | 273,264 | ||||||||||
Warrants for convertible preferred stock | — | 645,598 | 1,208,677 | ||||||||||
Warrants for common stock | 1,621,159 | 1,155,322 | 1,057 | ||||||||||
Common stock options | 1,683,377 | 1,220,138 | 2,836 | ||||||||||
3,304,536 | 9,306,938 | 5,500,815 | |||||||||||
Adoption of New Accounting Standards | |||||||||||||
On January 1, 2013, the Company adopted the provisions of Accounting Standards Update (“ASU”) 2013-02, “Comprehensive Income (Topic 220) – Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” ASU 2013-02 amends recent guidance related to the reporting of comprehensive income to enhance the reporting of reclassifications out of accumulated other comprehensive income. The adoption of ASU 2013-02 did not have a significant impact on the Company’s financial statements. |
Ambit_Canada
Ambit Canada | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Ambit Canada | ' | ||||||||
2. Ambit Canada | |||||||||
Ambit Canada was incorporated on December 29, 2004. Since its inception through the Company’s IPO in May 2013, 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. | |||||||||
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 of the Company upon the IPO. | |||||||||
The Company has determined that, for all periods prior to Ambit Canada becoming a fully-owned subsidiary, Ambit Canada was a variable interest entity and that the Company was the primary beneficiary of Ambit Canada based on the following factors: | |||||||||
• | The Company has the power to direct the activities of Ambit Canada which would most significantly impact Ambit Canada’s economic performance, as the Company provides business services to Ambit Canada and Ambit Canada’s business operations are supervised by members of the Company’s executive team. | ||||||||
• | The Company’s obligation to absorb losses and receive benefits from Ambit Canada could potentially be significant and are disproportional to voting rights given GrowthWorks’ put options in the Company. | ||||||||
The Company determined that the investment held by GrowthWorks in Ambit Canada should be classified as a redeemable non-controlling interest as the shares of Ambit Canada were not in-substance common stock. In-substance common stock is an investment in an entity that has risk and reward characteristics that are substantially similar to that entity’s common stock. Due to the liability characteristics associated with the shares of Ambit Canada held by GrowthWorks, the Company concluded that the investor’s shares were not substantially similar to common stock. The liability characteristics include the investor’s put rights, which provide it with the ability to exchange their shares in Ambit Canada for redeemable convertible preferred stock of the Company. Upon exercise of the puts by GrowthWorks, the Company also had the ability to pay GrowthWorks cash rather than issuing stock in the Company. | |||||||||
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 consolidated statements of operations and 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. | |||||||||
Until the IPO of the Company in 2013 and during the years ended December 31, 2012 and 2011, the Company adjusted the loss attributable to common stockholders as a result of decreases (increases) in the fair value of the redeemable non-controlling interest of approximately $1.7 million, $(0.9 million) and $4.5 million, respectively. The decreases in fair value reduced the loss attributable to common stockholders and increases in fair value increased the loss attributable to common stockholders. | |||||||||
The carrying amount and classification of Ambit Canada’s assets and liabilities that are included in the consolidated balance sheets are as follows: | |||||||||
December 31, | |||||||||
2012 | |||||||||
(in thousands | |||||||||
Cash and cash equivalents | $ | 2,420 | |||||||
Total assets of Ambit Canada | $ | 2,420 | |||||||
Accounts payable and accrued expenses | $ | 67 | |||||||
Total liabilities of Ambit Canada | $ | 67 | |||||||
Consolidation of Ambit Canada’s results of operations included the following: | |||||||||
Year Ended December 31, | |||||||||
2012 | 2011 | ||||||||
(in thousands) | |||||||||
Research and development expense | $ | (646 | ) | $ | (1,026 | ) | |||
General and administrative expense | — | (56 | ) | ||||||
Interest expense | (87 | ) | (116 | ) | |||||
Other income (primarily from SR&ED credit) | 60 | 1,533 | |||||||
Net loss of Ambit Canada | $ | (673 | ) | $ | 335 | ||||
Prior to the Company’s IPO (and Ambit Canada becoming a fully-owned subsidiary), the 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. The Canadian Scientific Research and Experimental Development (“SR&ED”) Tax Incentive Program provides certain Canadian controlled companies with a refundable investment tax credit for a portion of the qualified research and experimental expenditures. | |||||||||
Consolidation of Ambit Canada’s cash flows included the following: | |||||||||
Year Ended December 31, | |||||||||
2012 | 2011 | ||||||||
(in thousands) | |||||||||
Cash provided by (used in) operating activities | $ | (746 | ) | $ | 394 | ||||
Cash (used in) provided by financing activities | 1,473 | (2,179 | ) | ||||||
Effect of exchange rate on cash | 31 | (246 | ) | ||||||
Increase (decrease) in cash and cash equivalents of Ambit Canada | $ | 758 | $ | (2,031 | ) | ||||
Balance_Sheet_Details
Balance Sheet Details | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||
Balance Sheet Details | ' | ||||||||
3. Balance Sheet Details | |||||||||
Property and equipment, net | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Scientific equipment | $ | 2,905 | $ | 2,951 | |||||
Computer hardware and software | 1,325 | 1,416 | |||||||
Furniture and fixtures | 358 | 170 | |||||||
Leasehold improvements | 38 | 1,284 | |||||||
Construction in progress and deposits | — | 141 | |||||||
4,626 | 5,962 | ||||||||
Accumulated depreciation | (3,841 | ) | (5,402 | ) | |||||
Property and equipment, net | $ | 785 | $ | 560 | |||||
Accounts payable and accrued expenses | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Accounts payable | $ | 1,516 | $ | 4,320 | |||||
Accrued clinical trials | 1,862 | 996 | |||||||
Accrued expenses | 1,333 | 1,609 | |||||||
Other | — | 365 | |||||||
Accounts payable and accrued expenses | $ | 4,711 | $ | 7,290 | |||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
4. 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 December 31, 2013 and 2012, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value. Fair value measurements are based on a three-tier hierarchy that prioritizes the inputs used to measure 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 years ended December 31, 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, derivative 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 considerable judgment, and considers factors specific to the asset or liability. | |||||||||||||||||
The following table presents our fair value hierarchy for assets and liabilities measured at fair value on a recurring basis at December 31, 2013 and 2012 (in thousands): | |||||||||||||||||
Fair Value as of December 31, 2013 | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | |||||||||||||||||
Money market funds | $ | 66,323 | $ | 66,323 | $ | — | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Common warrants | $ | 9,650 | $ | — | $ | — | $ | 9,650 | |||||||||
Fair Value as of December 31, 2012 | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | |||||||||||||||||
Money market funds | $ | 14,979 | $ | 14,979 | $ | — | $ | — | |||||||||
Liabilities: | |||||||||||||||||
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 December 31, 2013 and December 31, 2012: | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Risk-free interest rate | 2.6 | % | 1.6 | % | |||||||||||||
Expected dividend yield | — | — | |||||||||||||||
Expected volatility | 62.9 | % | 63.1 | % | |||||||||||||
Expected term in years | 8.8 | 9.2 | |||||||||||||||
Of the inputs used to value the outstanding common stock warrant liabilities at December 31, 2013, the most subjective input is the Company’s estimate of expected volatility. If volatility were increased to 80%, the weighted average fair market value of the outstanding common stock warrants outstanding would increase $0.03, or .3%. | |||||||||||||||||
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, 2011 | $ | — | $ | 4,916 | $ | 1,322 | |||||||||||
Issuance of common warrants in connection with Series E financing | 6,184 | — | — | ||||||||||||||
Issuance of shares of redeemable non-controlling interest | — | — | 1,529 | ||||||||||||||
Warrants contributed to paid-in-capital | — | (2,851 | ) | — | |||||||||||||
Change in fair value | (2 | ) | 2,293 | 854 | |||||||||||||
Net loss attributable to redeemable non-controlling interest | — | — | (382 | ) | |||||||||||||
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 | 3,741 | 331 | (1,747 | ) | |||||||||||||
Net loss attributable to redeemable non-controlling interest | — | — | (61 | ) | |||||||||||||
Exercise of common warrant liabilities | (273 | ) | — | — | |||||||||||||
Reclassification to additional paid-in capital upon the closing of the Company’s IPO | — | (4,689 | ) | (4,240 | ) | ||||||||||||
Balance at December 31, 2013 | $ | 9,650 | $ | — | $ | — | |||||||||||
Warrants_and_Warrant_Liabiliti
Warrants and Warrant Liabilities | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Warrants and Warrant Liabilities | ' | ||||||||||||||||
5. Warrants and Warrant Liabilities | |||||||||||||||||
The Company’s outstanding warrant liabilities consisted of the following: | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Issue Date | Expiration | Series | Exercise | Shares | Fair Value | ||||||||||||
Date | Price per | Issuable upon | |||||||||||||||
Share | Exercise | ||||||||||||||||
(in thousands except share and per share data) | |||||||||||||||||
Oct-12 | October 2022 | Common | 0.24 | 1,017,227 | $ | 9,624 | |||||||||||
Nov-12 | Oct-22 | Common | 0.24 | 2,787 | 26 | ||||||||||||
1,020,014 | $ | 9,650 | |||||||||||||||
December 31, 2012 | |||||||||||||||||
Issue Date | Expiration Date | Series | Exercise | Shares | Fair Value | ||||||||||||
Price per | Issuable upon | ||||||||||||||||
Share | Exercise | ||||||||||||||||
(in thousands except share and per share data) | |||||||||||||||||
Preferred Warrants: | |||||||||||||||||
Oct-05 | October 2015 | Series C | 4.3 | 232,558 | $ | 1 | |||||||||||
Oct-05 | Oct-13 | Series C | 4.3 | 8,795 | — | ||||||||||||
Dec-05 | December 2013 | Series C | 4.3 | 7,207 | — | ||||||||||||
Jul-06 | Jul-14 | Series C | 4.3 | 10,930 | — | ||||||||||||
Oct-06 | Oct-14 | Series C | 4.3 | 2,336 | — | ||||||||||||
Dec-06 | Dec-14 | Series C | 4.3 | 1,706 | — | ||||||||||||
Mar-07 | Mar-15 | Series C | 4.3 | 3,052 | — | ||||||||||||
Jun-07 | Jun-17 | Series C | 4.3 | 2,410 | — | ||||||||||||
Sep-07 | September 2017 | Series C | 4.3 | 93,023 | 2 | ||||||||||||
Aug-08 | Aug-16 | Series D | 5.06 | 2,369 | — | ||||||||||||
Mar-10 | Mar-20 | Series D-2 | 0.7 | 2,057,142 | 315 | ||||||||||||
May-11 | May-21 | Series D-2 | 0.001 | 13,070,398 | 4,040 | ||||||||||||
15,491,926 | 4,358 | ||||||||||||||||
Common Warrants: | |||||||||||||||||
Oct-12 | Oct-22 | Common | 0.24 | 1,058,221 | 6,163 | ||||||||||||
Nov-12 | Oct-22 | Common | 0.24 | 3,324 | 19 | ||||||||||||
1,061,545 | 6,182 | ||||||||||||||||
$ | 10,540 | ||||||||||||||||
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 consolidated statements of operations and 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 following table summarizes the warrants outstanding for purchase of common stock as of December 31, 2013 (excluding the warrants above that require liability accounting): | |||||||||||||||||
Shares Issuable | Exercise Price | Expiration Date | |||||||||||||||
Upon Exercise | |||||||||||||||||
14,409 | $ | 103.2 | July 2014 – September 2017 | ||||||||||||||
218 | 54.99 | Aug-16 | |||||||||||||||
72,970 | 21.84 | June 2019 – July 2019 | |||||||||||||||
78 | 2,184.00 | Jul-19 | |||||||||||||||
85,714 | 16.8 | Mar-20 | |||||||||||||||
20,690 | 36.96 | Sep-20 | |||||||||||||||
39 | 3,696.00 | Sep-20 | |||||||||||||||
407,027 | 0.02 | May-21 | |||||||||||||||
601,145 | |||||||||||||||||
Debt_Commitments_and_Contingen
Debt, Commitments and Contingencies | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Debt, Commitments and Contingencies | ' | ||||||||
6. Debt, Commitments and Contingencies | |||||||||
The following is a reconciliation of the carrying amount of the Company’s debt instruments: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Venture loans | $ | — | 4,412 | ||||||
Total notes payable | — | 4,412 | |||||||
Discount on notes payable | — | (92 | ) | ||||||
Total notes payable, net of debt discount | — | 4,320 | |||||||
Current portion of notes payable | — | (4,412 | ) | ||||||
Current portion of debt discount | — | 92 | |||||||
Current portion of notes payable, net of debt discount | — | (4,320 | ) | ||||||
Notes payable, net of current portion | $ | — | $ | — | |||||
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 consolidated statements of operations and 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 consolidated statements of operations and 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. | |||||||||
Facility Leases | |||||||||
The Company previously leased its office space under a noncancelable operating lease that expired on July 31, 2012. In July 2012, the lease was amended to allow the Company to extend the lease period on a month-by-month basis for approximately $55,000 per month through February 2013. The Company was obligated to pay for operating expenses and certain repairs during the remaining lease term. | |||||||||
The Company entered into a new facility lease that has an initial term of approximately 5.5 years and commenced in March 2013. The base rent specified by the new facility lease agreement is approximately $51,000 per month for the first twelve months, escalating 3.0% annually to approximately $57,000 per month for the final twelve months of the initial term. The lease will expire in September 2018. The Company has an option to extend the term of the lease for an additional five years. The lease is subject to additional charges for property management, common area maintenance and other costs. | |||||||||
Rent expense was $575,000, $1.2 million and $2.4 million in the years ended December 31, 2013, 2012 and 2011, respectively. As of December 31, 2013, future annual minimum lease payments for the operating lease are as follows (in thousands): | |||||||||
2014 | $ | 739 | |||||||
2015 | 758 | ||||||||
2016 | 659 | ||||||||
2017 | 680 | ||||||||
2018 | 525 | ||||||||
Thereafter | — | ||||||||
$ | 3,361 | ||||||||
Supplier Agreement | |||||||||
In connection with the sale of the kinase profiling service segment to DiscoveRx on October 21, 2010, the Company was obligated to purchase from DiscoveRx a minimum of $625,000 of screening services during each quarter through December 31, 2012. | |||||||||
Employment Agreements | |||||||||
Certain employees have employment agreements that provide for severance compensation in the event of termination or a change in control. These agreements can provide for a severance payment of up to 12 months of base salary in effect at the time of termination and continued health benefits at the Company’s cost for up to 12 months. | |||||||||
Litigation | |||||||||
From time to time, the Company may be involved in various lawsuits, legal proceedings, or claims that arise in the ordinary course of business. Management does not believe any legal proceedings or claims pending at December 31, 2013, will have, individually or in the aggregate, a material adverse effect on its business, liquidity, financial position or results of operations. Litigation, however, is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm the Company’s business. |
Redeemable_Convertible_Preferr
Redeemable Convertible Preferred Stock, Convertible Preferred Stock and Stockholders' Equity (Deficit) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Redeemable Convertible Preferred Stock, Convertible Preferred Stock and Stockholders' Equity (Deficit) | ' | ||||||||||||||||
7. Redeemable Convertible Preferred Stock, Convertible Preferred Stock and Stockholders’ Equity (Deficit) | |||||||||||||||||
Prior to the conversion in the initial public offering in May 2013, our authorized, issued and outstanding shares of stock were as follows as of December 31, 2012: | |||||||||||||||||
Shares | Shares | Liquidation | Liquidation | ||||||||||||||
Authorized | Outstanding | Preference | Preference | ||||||||||||||
Per Share | |||||||||||||||||
(in thousands) | |||||||||||||||||
Redeemable convertible preferred stock: | |||||||||||||||||
Series C | 7,076,718 | 4,380,631 | $ | 4.3 | $ | 18,837 | |||||||||||
Series C-2 | 1,538,461 | — | 3.25 | — | |||||||||||||
Series D | 16,336,563 | 15,409,400 | 5.06 | 77,972 | |||||||||||||
Series D-2 | 73,900,825 | 53,121,706 | 0.7 | 37,185 | |||||||||||||
Series E | 70,000,000 | 48,914,687 | 1.4 | 68,481 | |||||||||||||
Total | 168,852,567 | 121,826,424 | $ | 202,475 | |||||||||||||
Convertible preferred stock: | |||||||||||||||||
Series A | 162,519 | 46,666 | $ | 7.5 | $ | 351 | |||||||||||
Series B | 1,975,677 | 1,543,348 | 8.65 | 13,351 | |||||||||||||
Total | 2,138,196 | 1,590,014 | $ | 13,702 | |||||||||||||
Series D-2/D-3 Financing | |||||||||||||||||
In May 2011, the Company entered into a Series D-2 and Series D-3 Preferred Stock and Warrant Purchase Agreement (the “Series D-2/D-3 Agreement”), pursuant to which the Company agreed to issue and sell, and certain investors agreed to purchase up to an aggregate of 37,857,845 shares of series D-2 redeemable convertible preferred stock and up to an aggregate of 5,047,717 shares of series D-3 redeemable convertible preferred stock. In connection with the first closing in May 2011, the Company issued and sold 27,762,411 shares of Series D-2 redeemable convertible preferred stock at $0.70 per share and received $19.4 million in gross proceeds and incurred $0.4 million of issuance costs. In addition, an aggregate of $15.0 million of principal and an aggregate of $1.1 million of accrued interest on certain 2010 bridge loans converted into 27,123,172 shares of the Company’s series D-2 redeemable convertible preferred stock in conjunction with the financing. Pursuant to the terms of the notes, the conversion was based on $0.595 per share which reflected a 15% discount to the per share amount paid by investors of $0.70. | |||||||||||||||||
In addition, the Company issued warrants for the purchase an aggregate of 26,583,858 shares of series D-2 redeemable convertible preferred stock to U.S. investors under the Series D-2/D-3 Agreement and to GrowthWorks pursuant to a subscription agreement (the “May 2011 Warrants”). The May 2011 Warrants have an exercise price of $0.001 per share and expire no later than May 16, 2021. The May 2011 Warrants became exercisable upon the attainment or lack of attainment of certain operational milestones. The warrants were initially valued at $2.1 million using a probability weighted expected return model. As of December 31, 2011, the Company had missed various operational milestones and determined that the warrants would become fully exercisable. | |||||||||||||||||
The Series D-2/D-3 Agreement also provided for a second closing under which the Company would receive $7.1 million in gross proceeds that was cancelled in connection with the bridge financing in May 2012. | |||||||||||||||||
2012 Bridge Loans | |||||||||||||||||
In May 2012, the Company entered into a Note Purchase Agreement, pursuant to which certain investors loaned the Company $11.5 million (the “2012 Bridge Financing”). Outstanding balances under the 2012 Bridge Financing accrued interest at a rate of 10% per annum. The Company issued to its 2012 Bridge Financing investors Secured Subordinated Convertible Promissory Notes (the “2012 Convertible Promissory Notes”), under which all outstanding principal and interest amounts were due on the earlier of (i) April 30, 2015 and (ii) immediately prior to an acquisition or asset transfer. In connection with the Company’s Series E financing in October 2012, the aggregate $11.9 million of then outstanding principal and accrued interest automatically converted into 17,008,346 shares of Series E convertible preferred stock. | |||||||||||||||||
In May 2012, the Company, Ambit Canada and GrowthWorks entered into a Note Purchase Agreement (the “2012 Canadian Agreement”), pursuant to which GrowthWorks loaned Ambit Canada $1.5 million (the “2012 Canadian Bridge Financing”). Outstanding balances under the 2012 Canadian Bridge Financing accrued interest at a rate of 10% per annum. Ambit Canada issued Secured Subordinated Convertible Notes (the “2012 Canadian Convertible Promissory Notes”) to GrowthWorks, under which all outstanding principal and interest amounts were due on April 30, 2015. The 2012 Canadian Convertible Promissory Notes were generally convertible on the same terms as the 2012 Convertible Promissory Notes, but for shares of Ambit Canada. In connection with the Company’s Series E financing in October 2012, the aggregate $1.6 million of then outstanding principal and accrued interest converted into 2,247,223 Class E non-voting shares of Ambit Canada. As a result of this transaction, the Company’s ownership of Ambit Canada was reduced to 40% and it still maintained voting control. | |||||||||||||||||
In connection with the 2012 Bridge Financing each investor amended their May 2011 Warrants such that warrants to purchase an aggregate of up to 26,583,858 shares of series D-2 redeemable convertible preferred stock became exercisable for up to 13,291,929 shares of series D-2 redeemable convertible preferred stock. The $2.8 million fair value of the warrants contributed back to the Company in May 2011 was reclassified from the redeemable convertible preferred stock warrant liabilities to additional paid-in capital on the accompanying consolidated balance sheets. | |||||||||||||||||
Series E Financing | |||||||||||||||||
In October 2012, the Company entered into a Series E Preferred Stock, Common Stock and Warrant Purchase Agreement (the “Series E Agreement”), pursuant to which the Company agreed to issue and sell, and certain investors agreed to purchase shares of Series E redeemable convertible preferred stock, shares of common stock and warrants to purchase common stock. The Series E Agreement was scheduled to close in three tranches. The financing agreement contains provisions whereby certain existing investors that did not participate in the Series E financing at specified levels will automatically have all of their existing preferred stock converted into common stock and reverse split on a 1-for-2,400 basis or 1-for-120 basis, depending on when the failure to participate occurs. | |||||||||||||||||
On October 25, 2012, the Company sold 1,437 shares of common stock under the Series E Agreement for aggregate proceeds of $3,450. | |||||||||||||||||
The first tranche closing of the preferred stock took place on October 26, 2012 and resulted in the sale of 48,726,367 shares of Series E redeemable convertible preferred stock at $0.70 per share. The Company received cash of $22.2 million for the issuance of 31,718,021 shares of Series E redeemable convertible preferred stock and issued 17,008,346 shares of Series E redeemable convertible preferred stock in exchange for the conversion of $11.9 million of principal and accrued interest of 2012 Convertible Promissory Notes. In connection with the first tranche closing, Ambit Canada issued 2,247,223 shares of its Class E preferred stock in exchange for the conversion of $1.6 million of principal and accrued interest of 2012 Canadian Convertible Promissory Notes. In addition, the Company issued fully exercisable warrants to purchase an aggregate of 1,058,221 shares of common stock at an exercise price of $0.24 per share that expire on October 26, 2022. If, in the event of an acquisition or asset transfer in which these warrants are not assumed, the Company would be required to purchase the warrants from each holder at its then fair value determined using a Black-Scholes option pricing model. As a result of the cash settlement provisions in the warrants they are classified as liabilities in the accompanying consolidated balance sheets. The initial $6.2 million fair value of the warrants was determined using the Black-Scholes option pricing model and was recorded as the initial carrying value of the common stock warrant liability and a reduction to the initial carrying value of the Series E redeemable convertible preferred stock. | |||||||||||||||||
In connection with the Series E financing, the Company solicited certain investors’ participation by way of a rights offering. As a result of such rights offering, in November 2012, the Company sold an additional 188,320 shares of Series E preferred stock for aggregate gross proceeds of $132,000 and issued fully exercisable warrants to purchase an aggregate of 3,324 shares of common stock at an exercise price of $0.24 per share that expire on October 26, 2022. Also in connection with the Series E financing, in November 2012 and December 2012, warrants to purchase an aggregate of up to 729 shares of the Company’s common stock were exchanged or became exchangeable for warrants to purchase an aggregate of up to 72,977 shares of the Company’s common stock with an initial exercise price of $21.84 per share. These warrants terminate 10 years after the date that the applicable cancelled warrant was issued. In addition, warrants to purchase an aggregate of up to 206 shares of the Company’s common stock were exchanged or became exchangeable for warrants to purchase an aggregate of up to 20,697 shares of the Company’s common stock with an initial exercise price of $36.96 per share. These warrants terminate 10 years after the date that the applicable cancelled warrant was issued. The $197,107 fair value of the 93,675 common warrants exchanged in 2012 was determined using the Black-Scholes option pricing model and was recorded as additional paid-in capital and a reduction to the initial carrying value of the Series E redeemable convertible preferred stock. | |||||||||||||||||
As a result of automatic conversion provisions in the Company’s certificate of incorporation that were triggered in connection with the Series E financing, certain non-participating stockholders had their outstanding shares of preferred stock converted to common stock on a 1-for-2,400 basis. In addition, certain non-participating stockholders had their outstanding Series D-2 warrants cancelled. The carrying value of the preferred shares and the fair value of the warrants were reclassified to additional paid-in capital upon the conversion or cancellation of the related instrument, as applicable. | |||||||||||||||||
Common Stock | |||||||||||||||||
As of December 31, 2013, there were 17,919,031 shares of common stock outstanding. Each share of common stock is entitled to one vote. The holders of the common stock are also entitled to receive dividends whenever funds are legally available and when declared by our Board of Directors. Following the IPO, the Company filed an amended and restated certificate of incorporation to authorize 200,000,000 shares of common stock. | |||||||||||||||||
Stock Options | |||||||||||||||||
In January 2001, the Company adopted the 2001 equity incentive plan (the “2001 Plan”). The 2001 Plan provided for the grant of incentive and non-statutory stock options, stock bonuses and rights to purchase restricted common stock by employees, directors and consultants of the Company with up to a ten-year contractual term and various vesting periods as determined by the Company’s compensation committee or board of directors. The 2001 Plan provided that incentive stock options will be granted only to employees at no less than fair value of the Company’s common stock (no less than 85.0% of the fair value for non-statutory stock options), as determined by the Board of Directors at the date of grant. | |||||||||||||||||
During 2011, the stockholders and Board of Directors of the Company approved various resolutions regarding the 2001 Plan. These resolutions served to rename the 2001 Plan to 2011 Equity Incentive Plan (the “2011 Plan”), extend the term of the 2011 Plan to 2021 and increase the number of shares of common stock authorized for issuance ultimately to 6,811 shares. | |||||||||||||||||
During 2012, the Board of Directors of the Company approved various resolutions increasing the number of shares authorized for issuance under the 2011 Plan by 1,213,669 to 1,220,480 shares. | |||||||||||||||||
During 2013, the Board of Directors of the Company adopted the 2013 equity incentive plan (“the 2013 Plan”). The 2013 Plan was approved by the Company’ stockholders in May 2013, and became effective upon the IPO in May 2013. 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. | |||||||||||||||||
During 2013, the Company and certain employees agreed to cancel and retire a total of 3,548 options with strike prices equal to or in excess of $600 per share. The Company recognized non-cash stock-based compensation expense of $310,000 related to these cancellations and retirements. | |||||||||||||||||
Options granted under the 2011 and 2013 Plans generally expire no later than 10 years from the date of grant. Options generally vest and become fully exercisable over a period of four years. The exercise price of options granted generally cannot be less 100% of the fair market value of the Company’s common stock on the date of grant. The Company issues new shares upon the exercise of stock options. | |||||||||||||||||
The following table summarizes stock option activity under the Plan: | |||||||||||||||||
Number of | Weighted- | ||||||||||||||||
Options | Average | ||||||||||||||||
Exercise | |||||||||||||||||
Price | |||||||||||||||||
Options outstanding, December 31, 2012 | 1,220,138 | $ | 9.15 | ||||||||||||||
Granted | 518,313 | $ | 12.51 | ||||||||||||||
Exercised | (10,064 | ) | $ | 6 | |||||||||||||
Cancelled | (45,010 | ) | $ | 69.53 | |||||||||||||
Options outstanding, December 31, 2013 | 1,683,377 | $ | 8.59 | ||||||||||||||
The following table summarizes information about the Company’s stock option plan as of December 31, 2013: | |||||||||||||||||
Number of | Weighted-Average | Weighted-Average | Aggregate | ||||||||||||||
options | Exercise Price | Remaining | Intrinsic Value | ||||||||||||||
Contractual Term | (in thousands) | ||||||||||||||||
(in years) | |||||||||||||||||
December 31, 2013: | |||||||||||||||||
Options vested and expected to vest | 1,432,466 | $ | 8.45 | 9.1 | $ | 3,916 | |||||||||||
Options exercisable | 321,864 | $ | 8.55 | 8.8 | $ | 1,168 | |||||||||||
The following table summarizes information about stock options: | |||||||||||||||||
Year Ended | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Weighted-average remaining contractual term (years) of options outstanding | 9.1 | 9.9 | |||||||||||||||
Aggregate intrinsic value of options outstanding (in thousands) | $ | 4,410 | $ | — | |||||||||||||
Intrinsic value of options exercised (in thousands) | $ | 66 | $ | — | |||||||||||||
Cash received upon exercise of stock options (in thousands) | $ | 60 | $ | — | |||||||||||||
Due to the Company’s full valuation allowance and net operating loss carryforwards, it did not realize tax benefit from option exercise or recognized a tax benefit in the accompanying consolidated statement of operations and comprehensive loss, during any period presented. | |||||||||||||||||
Total stock-based compensation was allocated as follows: | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
(in thousands) | |||||||||||||||||
Research and development | $ | 644 | $ | 129 | $ | 224 | |||||||||||
General and administrative | 1,661 | 612 | 1,163 | ||||||||||||||
$ | 2,305 | $ | 741 | $ | 1,387 | ||||||||||||
As of December 31, 2013, total unrecognized stock-based compensation costs related to non-vested stock options was approximately $5.2 million and the weighted-average term over which it is expected to be recognized is approximately 3.1 years. | |||||||||||||||||
Employee Stock Purchase Plan | |||||||||||||||||
During 2013, the Company adopted the 2013 Employee Stock Purchase Plan (the “ESPP”), which allows all eligible employees to purchase shares of the Company’s common stock at the lower of (a) 85% of the fair market value of a share of the Company’s common stock on the first date of a six-month offering and purchase period or (b) 85% of the fair market value of a shares of the Company’s common stock on the date of purchase. Employees may authorize the Company to withhold up to 15% of their compensation during any purchase period, subject to certain limitations. The ESPP authorizes up to 125,000 shares to be granted. At December 31, 2013, 18,836 shares of common stock have been issued under the ESPP at an average price of $6.80 per share. | |||||||||||||||||
Common Stock Reserved for Future Issuance | |||||||||||||||||
The Company had common shares reserved for future issuance upon the exercise or conversion of the following as of December 31, 2013 and 2012: | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Redeemable convertible preferred stock and convertible preferred stock | — | 5,918,981 | |||||||||||||||
Redeemable non-controlling interest | — | 366,899 | |||||||||||||||
Warrants for redeemable convertible preferred stock and convertible preferred stock | — | 645,598 | |||||||||||||||
Warrants for common stock | 1,621,159 | 1,155,322 | |||||||||||||||
Common stock option grants issued and outstanding | 1,683,377 | 1,220,138 | |||||||||||||||
Common shares available for grant under the stock option plan | 148,340 | 191 | |||||||||||||||
Common shares reserved under the ESPP | 106,164 | — | |||||||||||||||
Total common shares reserved for future issuance | 3,559,040 | 9,307,129 | |||||||||||||||
Collaboration_Agreements
Collaboration Agreements | 12 Months Ended |
Dec. 31, 2013 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' |
Collaboration Agreements | ' |
8. 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 will conduct a five-year joint research program related to preclinical development of certain designated follow-on compounds to quizartinib. Astellas has 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. | |
In December 2009, as partial consideration for the license rights granted to Astellas, Astellas paid the Company an upfront, non-refundable fee of $40.0 million. It was determined that there is one unit of accounting under the Astellas contract. As a result, the $40.0 million non-refundable license fee was initially recognized on a straight-line basis over 6.25 years, which was the Company’s estimate of the maximum period over which it will be jointly developing the lead product, quizartinib. | |
The Company records its research and development costs as incurred in the statement of operations and comprehensive loss and recognizes revenue from such collaborative research activities for 50% of the eligible costs. Any amounts due to Astellas for the Company’s share of costs incurred by Astellas are presented as research and development costs. | |
On March 7, 2013 Astellas exercised the right to terminate the Company’s agreement, effective September 2, 2013. Until September 2, 2013 Astellas and the Company continued to share agreed-upon development costs equally. Subsequent to September 2, 2013, the Company is 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 substantially fully expensed by the Company as of the end of 2013. | |
The Company recorded revenues under this agreement of $26.1 million, $17.6 million and $23.8 million in the years ended December 31, 2013, 2012 and 2011, respectively. Deferred revenues under this agreement were $0 and $20.7 million as of December 31, 2013 and 2012, respectively. | |
Teva Pharmaceutical Industries Ltd. | |
In November 2006, the Company entered in an exclusive collaboration agreement with Cephalon, Inc., aimed at identifying and developing clinical candidates that demonstrate activity towards the two designated target kinases of the collaboration: the BRAF kinase and a second kinase determined by a joint research committee. In October 2011, Teva Pharmaceutical Industries Ltd. (“Teva”) acquired Cephalon, Inc. Under the agreement, both parties contributed certain intellectual property to the collaboration and agreed to a period of exclusivity during which neither party would engage in any research related to a collaboration target compound with a third-party. Teva is solely responsible for worldwide clinical development and commercialization of collaboration compounds, subject to the Company’s option, exercisable during certain periods following completion of the first proof-of-concept study in humans and only with the consent of Teva, to co-develop and co-promote CEP-32496. | |
Cephalon, Inc. paid the Company an upfront fee of $15.5 million as partial consideration for access to the Company’s profiling technology and the licenses the Company contributed to the collaboration. The upfront fee was recognized over the collaborative period of the agreement. The collaborative portion of the agreement ended in November 2009, at which point the Company had completed all its research obligations under the agreement. | |
The Company assessed the event-based payments specified by the agreement in accordance with the guidance and determined that all event-based payments were earned based on Teva’s performance. As such, these payments do not meet the definition of a milestone in accordance with the guidance. The Company’s obligations under the agreement came to an end in 2009. In 2013, Teva notified the Company that due to Teva’s progress, the Company earned a $1.0 million event-based payment. | |
The Company recorded $1.0 million and $0 in revenues under this agreement in the years ended December 31, 2013 and 2012. There were no deferred revenues under this agreement as of December 31, 2013 or 2012. | |
The Company may receive tiered royalty payments ranging from the mid-single digits to the low double digits calculated as a percentage of net sales of the collaboration compounds, including CEP-32496, subject to certain offsets. Royalties are payable to the Company on a product-by-product, country-by-country basis beginning on the date of first commercial sale in a country and ending on the later of 10 years after the date of such sale in that country or the expiration date of the last to expire patent covering the licensed product in that country. The agreement remains in effect on a product-by-product, country-by-country basis until all royalty obligations expire. Both parties have a right to terminate the agreement early if the other party enters bankruptcy or upon an uncured breach by the other party. Teva may also terminate the agreement in its discretion upon 90 days’ written notice to the Company, or if available cash falls below a certain threshold. | |
Genoptix Medical Laboratory | |
In September 2010, the Company entered into a collaboration agreement with Genoptix Medical Laboratory, a Novartis company (“Genoptix”), to develop a laboratory diagnostic test to identify patients that harbor ITD mutations in their FLT3 receptor tyrosine kinase. Under this agreement, Genoptix will contribute its expertise in developing laboratory tests and the Company will supply certain patient samples to the collaboration. Genoptix has the right to commercialize the approved test. The Company has initially paid for the development activities under the collaboration pursuant to an agreed-upon budget and expenses such development costs as incurred. The Company is entitled to single-digit tiered royalty payments from Genoptix until the Company has recouped the development costs plus an additional predetermined percentage of such costs. To date, the Company has not recognized any revenues under this agreement. | |
The Company and Genoptix may assign the agreement to a third party in connection with the transfer or sale of all or substantially all of the business to which the agreement relates, whether by merger, sale of stock, sale of assets or otherwise, provided that in the event of such a transaction with a third party, intellectual property rights of such third party will not be included in the intellectual property rights licensed under the agreement with Genoptix to the extent such intellectual property rights would not have been licensed under the agreement in the absence of such transaction. | |
The agreement with Genoptix expires when the last payment obligation of either party under the agreement is fulfilled. Both parties have a right to terminate the agreement early upon an uncured material breach by the other party. Genoptix may terminate the agreement upon 45 days’ notice for an unresolved dispute between the parties regarding the development of the laboratory diagnostic test, upon 30 days’ notice if there is an unresolved dispute regarding the Company’s payment of specified development costs and upon written notice if Ambit, its affiliates, or its sublicensees of certain intellectual property where Ambit does not, within ten days of receipt of notice from Genoptix, terminate such sublicense, contest or assist other parties in contesting Genoptix’s rights regarding such intellectual property. The Company may terminate the agreement upon 60 days’ notice for any reason subject to payment by the Company of any outstanding development costs, and immediately if Genoptix or a party providing services to Genoptix relating to the development of the laboratory diagnostic test is debarred under the provisions of the Generic Drug Enforcement Act of 1992. | |
Bristol-Myers Squibb Company | |
In October 2007, the Company and Bristol-Myers Squibb Company (“BMS”) entered into a license agreement for the worldwide development and commercialization of AC480. Under the agreement, the Company acquired an exclusive, worldwide, non-transferable license to exploit certain patents and other intellectual property related to AC480. The Company also maintained limited rights to sublicense AC480, subject to a right of first offer retained by BMS. In August 2012, the Company terminated the license agreement and relinquished all rights associated with the agreement. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
9. Income Taxes | |||||||||||||
Income (loss) before income taxes is as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands) | |||||||||||||
United States operations | $ | (11,261 | ) | $ | (26,477 | ) | $ | (37,753 | ) | ||||
Foreign operations | (24 | ) | (673 | ) | 335 | ||||||||
$ | (11,285 | ) | $ | (27,150 | ) | $ | (37,418 | ) | |||||
The provision for (benefit) from taxes consists of the following: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands) | |||||||||||||
Current: | |||||||||||||
Federal | $ | (30 | ) | $ | (122 | ) | $ | — | |||||
State and local | 1 | 1 | — | ||||||||||
Foreign | — | — | — | ||||||||||
Total current | (29 | ) | (121 | ) | — | ||||||||
Total deferred | — | — | — | ||||||||||
Total provision | $ | (29 | ) | $ | (121 | ) | $ | — | |||||
A reconciliation between the Company’s effective tax rate and the federal statutory tax rate is as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Income tax benefit at federal statutory rate | (35.0 | )% | (35.0 | )% | (35.0 | )% | |||||||
Income tax benefit at state statutory rate | (5.7 | )% | (5.6 | )% | (5.8 | )% | |||||||
Research and development credits | (11.3 | )% | (0.7 | )% | (1.8 | )% | |||||||
Change in valuation allowance | 25.2 | % | 36.1 | % | 40.6 | % | |||||||
Accretion | 14.7 | % | 3.4 | % | 0.9 | % | |||||||
Equity compensation | 5.5 | % | 0.8 | % | 1.4 | % | |||||||
Other, net | 6.4 | % | 0.5 | % | (0.3 | )% | |||||||
(0.2 | )% | (0.5 | )% | 0 | % | ||||||||
Significant components of the Company’s deferred tax assets at December 31 are shown below. A valuation allowance has been established as realization of such deferred tax assets has not met the more likely-than-not threshold requirement. If the Company’s judgment changes and it is determined that the Company will be able to realize these deferred tax assets, the tax benefits relating to any reversal of the valuation allowance on deferred tax assets will be accounted for as a reduction to income tax expense. | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(in thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss carryovers | $ | 79,395 | $ | 69,351 | |||||||||
Deferred revenues | — | 8,423 | |||||||||||
Research and development credits | 12,253 | 11,257 | |||||||||||
Other comprehensive income | 130 | — | |||||||||||
Other | 2,541 | 2,313 | |||||||||||
Total deferred tax assets | 94,319 | 91,344 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Other comprehensive income | — | (19 | ) | ||||||||||
Total deferred tax liabilities | — | (19 | ) | ||||||||||
Net deferred tax asset | 94,319 | 91,325 | |||||||||||
Valuation allowance | (94,319 | ) | (91,325 | ) | |||||||||
Net deferred tax assets | $ | — | $ | — | |||||||||
At December 31, 2013 and 2012, the Company had federal net operating loss carryforwards of approximately $192.8 million and $167.5 million, respectively. At December 31, 2013 and 2012, the Company had state net operating loss carryforwards of $181.7 million and $159.3 million, respectively. The federal and state tax loss carryforwards will begin to expire in 2022 and 2016, respectively, unless previously utilized. At December 31, 2013 and 2012, the Company also had federal research and development tax credit carryforwards of approximately $6.4 million and $5.0 million, respectively, which will begin expiring in 2024 unless previously utilized. At December 31, 2013 and 2012, the Company also had state tax credit carryforwards of approximately $6.1 million and $5.7 million, respectively, which carry forward indefinitely. At December 31, 2013 and 2012 the Company had Canadian net operating loss carryforwards of approximately $5.9 million and $6.3 million, respectively, which begin to expire in 2026 unless previously utilized. At December 31, 2013 and 2012, the Company also had Canadian tax credits of $4.1 million and $4.4 million, respectively, which carryforward indefinitely. | |||||||||||||
Pursuant to Internal Revenue Code (“IRC”), Section 382 and 383, use of the Company’s U.S. federal and state net operating loss and research and development income tax credit carryforwards may be limited in the event of a cumulative change in ownership of more than 50.0% within a three-year period. The Company completed an analysis under IRC Sections 382 and 383 through December 21, 2010 and determined that the Company’s net operating losses and research and development credits may be limited due to changes in ownership through December 31, 2010. Further valuation work is necessary to confirm whether or not an ownership change actually occurred during 2004 or 2005 and, because a change may have occurred, the Company has reduced its federal net operating loss carryforwards by approximately $5.5 million, its state net operating loss by $11.4 million and the federal research and development tax credit carryforwards by $2.0 million. As the Company was in a net operating loss position for the year 2013 and 2012, the Company has not performed any additional analysis for IRC Sections 382 and 383 for the years ended December 31, 2013 and 2012. There is a risk that additional changes in ownership could have occurred since that date. If a change in ownership were to have occurred, additional net operating loss and tax credit carryforwards could be eliminated or restricted. If eliminated, the related asset would be removed from the deferred tax asset schedule with a corresponding reduction in the valuation allowance. | |||||||||||||
The following table summarizes the changes in the Company’s unrecognized tax benefits during the year ended December 31, 2013 (in thousands): | |||||||||||||
Gross unrecognized tax benefits at December 31, 2011 | $ | 2,301 | |||||||||||
Increase in prior year position | 122 | ||||||||||||
Increase in current year position | 83 | ||||||||||||
Lapse in statute of limitations | (122 | ) | |||||||||||
Gross unrecognized tax benefits at December 31, 2012 | 2,384 | ||||||||||||
Increase in prior year position | 176 | ||||||||||||
Increase in current year position | 209 | ||||||||||||
Lapse in statute of limitations | (30 | ) | |||||||||||
Gross unrecognized tax benefits at December 31, 2013 | $ | 2,739 | |||||||||||
The gross unrecognized tax benefits as of December 31, 2013 were recorded as a reduction to deferred tax assets, which caused a corresponding reduction in the Company’s valuation allowance. The Company does not anticipate that the amount of unrecognized tax benefits as of December 31, 2013 will change within the next twelve months. During the years ended December 31, 2013 and 2012, the Company recognized no amounts related to interest or penalties. | |||||||||||||
The Company is subject to taxation in the United States, Canada and various state and provincial jurisdictions. The Company currently has no years under examination by any jurisdiction. The Company’s tax years for 2000 and forward are subject to examination by the federal and California tax authorities due to the carryforward of unutilized net operating losses and research and development credits. The Company’s tax years for 2006 and forward are subject to examination by the Canadian tax authorities due to the carryforward of unutilized net operating losses and income tax credits. |
Sale_of_Kinase_Profiling_Servi
Sale of Kinase Profiling Services Business | 12 Months Ended |
Dec. 31, 2013 | |
Text Block [Abstract] | ' |
Sale of Kinase Profiling Services Business | ' |
10. 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 upon the achievement 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 DiscoveRx 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. |
Organization_and_Summary_of_Si1
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 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 among the consolidated entities are eliminated in consolidation. Ambit Europe was incorporated in England in June 2008. As of December 31, 2013, there have been no significant transactions related to Ambit Europe. Ambit Canada was formed in Canada in December 2004. | |||||||||||||
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 consolidated financial statements and notes to the consolidated financial statements give retroactive effect to the reverse splits for all periods presented. | |||||||||||||
Foreign Currency Translation and Transactions | ' | ||||||||||||
Foreign Currency Translation and Transactions | |||||||||||||
The accompanying 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 the 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 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 operations and comprehensive loss. There were no material transaction gains or losses during any period presented in the accompanying 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 informed estimates and assumptions that impact the amounts reported in the consolidated financial statements and accompanying notes. The most significant estimates in the Company’s consolidated financial statements relate to the fair value of the common and preferred stock warrant liabilities, redeemable non-controlling interest, derivative liability-conversion feature, clinical trial accruals 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 without prior notice or penalty. The Company considers securities with remaining maturities of three months or less, at the date of purchase, to be cash equivalents. Cash and cash equivalents are recorded at face value or cost, which approximates fair market value. | |||||||||||||
Concentration of Credit Risk and Significant Customers | ' | ||||||||||||
Concentration of Credit Risk and Significant Customers | |||||||||||||
Financial instruments, which potentially subject the Company to significant concentration of credit risk, consist primarily of cash, cash equivalents and accounts receivable. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. | |||||||||||||
Restricted Cash | ' | ||||||||||||
Restricted Cash | |||||||||||||
In connection with the Company’s lease, the Company issued a letter of credit in the amount of approximately $63,000. The letter of credit is renewable annually for the term of the lease with the landlord and is collateralized by cash held in an interest-bearing account at a bank. The security deposit balance is shown as restricted cash on the accompanying consolidated balance sheets. | |||||||||||||
Property and Equipment | ' | ||||||||||||
Property and Equipment | |||||||||||||
Property and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful lives of the assets (generally three to five years). Leasehold improvements are stated at cost and depreciated on a straight-line basis over the lesser of the remaining term of the related lease or the estimated useful lives of the assets. Construction in progress is not depreciated until the underlying asset is placed in service. Repairs and maintenance costs are charged to expense as incurred. | |||||||||||||
Impairment of Long-Lived Assets | ' | ||||||||||||
Impairment of Long-Lived Assets | |||||||||||||
Long-lived assets consist primarily of property and equipment. An impairment loss is recorded if and when events and circumstances indicate that assets might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amount of those assets. While the Company’s current and historical operating losses and negative cash flows are indicators of impairment, management believes that future cash flows to be received support the carrying value of its long-lived assets and, accordingly, has not recognized any impairment losses during the years ended December 31, 2013, 2012 and 2011. | |||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||
Fair Value of Financial Instruments | |||||||||||||
The carrying amounts of accounts receivable, accounts payable and accrued liabilities are considered to be representative of their respective fair values because of the short-term nature of those instruments.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 consolidated statements of operations and comprehensive loss. | |||||||||||||
Upon the closing of the IPO and the conversion of the of the underlying preferred stock to common stock, the Company’s warrants to purchase shares of Series C, Series D, and Series D-2 redeemable convertible preferred stock were converted into warrants to purchase shares of the Company’s common stock. The aggregate fair value of these warrants upon the closing of the IPO was $4.7 million, which was reclassified from liabilities to additional paid-in capital in the accompanying consolidated balance sheets. | |||||||||||||
Revenue Recognition | ' | ||||||||||||
Revenue Recognition | |||||||||||||
The Company generates and recognizes revenue from collaboration agreements. Some of the Company’s agreements contain multiple elements, including technological and territorial licenses and research and development services. In accordance with these agreements, the Company may be eligible for upfront fees, collaborative research funding and milestones. Revenues are recognized when all four of the following criteria are met: (i) persuasive evidence that an arrangement exists; (ii) delivery of the products and/or services has occurred; (iii) the selling price is fixed or determinable; and (iv) collectability is reasonably assured. Additional information on each type of revenue is outlined below. | |||||||||||||
Collaboration agreements entered into prior to 2011 | |||||||||||||
For multiple-element agreements entered into prior to January 1, 2011 and not materially modified thereafter, such as the Company’s agreement with Astellas Pharma Inc., the Company analyzed the agreement to determine whether the elements within the agreement could be separated or whether they must be accounted for as a single unit of accounting. If the delivered element, which for the Company is commonly a license, had stand-alone value and the fair value of the undelivered elements, which for the Company was generally collaborative research activities, could be determined, the Company recognized revenue separately under the residual method as the elements under the agreement were delivered. If the delivered element did not have stand-alone value or if the fair value of the undelivered element could not be determined, the agreement was then accounted for as a single unit of accounting, with consideration received under the agreement recognized as revenue on the straight-line basis over the estimated period of performance, which for the Company was generally the expected term of the research and development plan. | |||||||||||||
Milestones | |||||||||||||
Revenue from milestones is recognized when earned, as evidenced by written acknowledgement from the collaborator or other persuasive evidence that the milestone has been achieved, provided that the milestone event is substantive. A milestone event is considered to be substantive if its achievability was not reasonably assured at the inception of the arrangement and the Company’s efforts led to the achievement of the milestone (or if the milestone was due upon the occurrence of a specific outcome resulting from the Company’s performance). Events for which the occurrence is either contingent solely upon the passage of time or the result of a counterparty’s performance are not considered to be milestone events. If both of these criteria are not met, the milestone payment is recognized over the remaining minimum period of the Company’s performance obligations under the arrangement. The Company assesses whether a milestone is substantive at the inception of each arrangement. | |||||||||||||
Generally, the milestone events contained in the Company’s collaboration agreements coincide with the progression of the drug candidates from clinical trial, to regulatory approval and then to commercialization. The process of guiding a clinical trial candidate through clinical trials, having it approved and ultimately commercialized is highly uncertain. As such, the milestone payments the Company may earn from its partners involve a significant degree of risk to achieve. Therefore, as a drug candidate progresses through the stages of its life-cycle, the value of the drug candidate generally increases. | |||||||||||||
Collaboration agreements entered into or materially modified after December 31, 2010 | |||||||||||||
In October 2009, the Financial Accounting Standards Board (“FASB”) issued a new accounting standard which amends the guidance on accounting for arrangements involving the delivery of more than one element. This standard addresses the determination of the unit(s) of accounting for multiple-element arrangements and how the arrangement’s consideration should be allocated to each unit of accounting. The Company has not entered into nor materially modified any agreements since December 31, 2010. | |||||||||||||
Each required deliverable in a collaboration agreement is evaluated to determine if it qualifies as a separate unit of accounting. For the Company this determination is generally based on whether the deliverable has “stand-alone value” to the customer. The arrangement’s consideration is then allocated to each separate unit of accounting based on the relative selling price of each deliverable. The estimated selling price of each deliverable is determined using the following hierarchy of values: (i) vendor-specific objective evidence of fair value; (ii) third-party evidence of selling price; and (iii) best estimate of selling price (“BESP”). The BESP reflects the Company’s best estimate of what the selling price would be if the deliverable was regularly sold by the Company on a stand-alone basis. The Company expects, in general, to use the BESP for allocating consideration to each deliverable. In general, the consideration allocated to each unit of accounting is then recognized as the related goods or services are delivered limited to the consideration that is not contingent upon future deliverables. | |||||||||||||
The Company has recognized the following revenue from collaboration agreements: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands) | |||||||||||||
Upfront licensing fees | $ | 20,671 | $ | 6,379 | $ | 6,362 | |||||||
Collaborative research activities | 5,422 | 11,254 | 17,481 | ||||||||||
Milestones | 1,000 | — | — | ||||||||||
Total revenue from collaborative arrangements | $ | 27,093 | $ | 17,633 | $ | 23,843 | |||||||
Deferred Revenue | |||||||||||||
Amounts received prior to satisfying the above revenue recognition criteria are recorded as deferred revenue in the accompanying consolidated balance sheets. Amounts not expected to be recognized within the next 12 months are classified as non-current deferred revenue. | |||||||||||||
Research and Development | ' | ||||||||||||
Research and Development | |||||||||||||
Research and development expenses include expenses incurred under agreements with contract research organizations, investigative sites and consultants that conduct the Company’s clinical trials, employee-related expenses (such as salaries and benefits and stock-based compensation), costs of developing and acquiring clinical trial materials, facilities-related costs, and costs associated with other research activities and regulatory approvals. Research and development costs are expensed as incurred. Prepaid clinical expenses and advance payments for goods and services that will be used in future research and development activities are included in prepaid expenses and other current assets in the consolidated balance sheets. Prepaid clinical expenses were $405,000 and $861,000 as of December 31, 2013 and 2012, respectively. | |||||||||||||
Clinical Trial Accruals | ' | ||||||||||||
Clinical Trial Accruals | |||||||||||||
The Company is required to estimate its expenses resulting from its obligations under contracts with vendors and consultants and clinical site agreements in connection with conducting clinical trials. The financial terms of these contracts are subject to negotiations which vary from contract to contract, and may result in payment flows that do not match the periods over which materials or services are provided to the Company under such contracts. The Company’s objective is to reflect the appropriate trial expenses in its financial statements by matching those expenses with the period in which the services and efforts are expended. The Company accounts for these expenses according to the progress of the trial as measured by patient progression and the timing of various aspects of the trial. The Company determines accrual estimates through financial models, taking into account discussion with applicable personnel and outside service providers as to the progress or state of consummation of trials, or the services completed. During the course of a clinical trial, the Company adjusts its rate of clinical expense recognition if actual results differ from its estimates. The Company makes estimates of its accrued expenses as of each balance sheet date in its financial statements based on the facts and circumstances known to the Company at that time. Although the Company does not expect its estimates to be materially different from amounts actually incurred, its understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and may result in the Company reporting amounts that are too high or too low for any particular period. Through December 31, 2013, there have been no material adjustments to the Company’s prior period estimates of accrued expenses for clinical trials. The Company’s clinical trial accrual is dependent upon the timely and accurate reporting of contract research organizations and other third-party vendors. | |||||||||||||
Patent Expenses | ' | ||||||||||||
Patent Expenses | |||||||||||||
Costs related to filing and pursuing patent applications are recorded as general and administrative expense as incurred since recoverability of such expenditures is uncertain. | |||||||||||||
Comprehensive Loss | ' | ||||||||||||
Comprehensive Loss | |||||||||||||
Comprehensive loss encompasses the change in equity during a period from transactions and other events and circumstances from non-owner sources. The Company’s only component of other comprehensive loss is the foreign currency translation adjustments related to Ambit Canada. Comprehensive loss has been reflected in the statements of operations and comprehensive loss and as a separate component of the statements of stockholders’ equity (deficit) for all periods presented. | |||||||||||||
Stock-Based Compensation | ' | ||||||||||||
Stock-Based Compensation | |||||||||||||
Stock-based compensation expense represents the cost of the grant date fair value of employee and non-employee director 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 weighted-average estimated fair value of employee and non-employee director stock options granted (other than through a repricing) during the years ended December 31, 2013, 2012 and 2011 were $7.80 per share, $3.71 per share and $323.85 per share, respectively, using the Black-Scholes option pricing model with the following weighted-average assumptions (annualized percentages): | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Risk-free interest rate | 1.9 | % | 0.9 | % | 1.2 | % | |||||||
Expected dividend yield | — | — | — | ||||||||||
Expected volatility | 68.8 | % | 67.4 | % | 63.1 | % | |||||||
Expected term (in years) | 6 | 6 | 6.1 | ||||||||||
The risk-free interest rate is based on United States Treasury zero-coupon bonds with maturities similar to those of the expected term of the award being valued. The expected dividend yield is based on the Company’s history and expectation in the foreseeable future of not paying dividends. Due to the limited historical data of the Company’s fair value, the estimated volatility incorporates the historical volatility of comparable companies whose shares are publicly available covering a timeframe similar to that of the expected term. The expected term of the award is calculated using the simplified method because of the lack of relevant historical data. | |||||||||||||
As stock-based compensation expense recognized in the statement of operations and comprehensive loss for the years ended December 31, 2013, 2012 and 2011 is based on awards ultimately expected to vest, it should be reduced for estimated forfeitures. Forfeitures are estimated at the time of grants and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. | |||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. | |||||||||||||
The Company recognizes net deferred tax assets to the extent that the Company believes these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If management determines that the Company would be able to realize its deferred tax assets in the future in excess of their net recorded amount, management would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. | |||||||||||||
The Company records uncertain tax positions on the basis of a two-step process whereby (1) management determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, management recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to unrecognized tax benefits within income tax expense. Any accrued interest and penalties are included within the related tax liability line. | |||||||||||||
Segments | ' | ||||||||||||
Segments | |||||||||||||
The Company operates in one business segment. The Company reports segment data based on the management approach. The management approach designates the internal reporting that is used by management for making operating and investment decisions and evaluating performance as the source of its reportable segments. | |||||||||||||
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): | |||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerator for basic and diluted loss per share: | |||||||||||||
Loss attributable to Ambit Biosciences Corporation | $ | (11,195 | ) | $ | (26,647 | ) | $ | (37,631 | ) | ||||
Accretion to redemption value of redeemable convertible preferred stock | (3,634 | ) | (3,161 | ) | (2,000 | ) | |||||||
Change in fair value of redeemable non-controlling interest | 1,747 | (854 | ) | 4,477 | |||||||||
Net loss available to common stockholders | $ | (13,082 | ) | $ | (30,662 | ) | $ | (35,154 | ) | ||||
Denominator for basic and diluted loss per share: | |||||||||||||
Weighted-average shares outstanding, basic and diluted | 11,024,175 | 1,848 | 1,358 | ||||||||||
Basic and diluted net loss per share | $ | (1.19 | ) | $ | (16,591.99 | ) | $ | (25,886.60 | ) | ||||
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): | |||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Convertible preferred stock outstanding | — | 5,918,981 | 4,014,981 | ||||||||||
Redeemable non-controlling interest | — | 366,899 | 273,264 | ||||||||||
Warrants for convertible preferred stock | — | 645,598 | 1,208,677 | ||||||||||
Warrants for common stock | 1,621,159 | 1,155,322 | 1,057 | ||||||||||
Common stock options | 1,683,377 | 1,220,138 | 2,836 | ||||||||||
3,304,536 | 9,306,938 | 5,500,815 | |||||||||||
Adoption of New Accounting Standards | ' | ||||||||||||
Adoption of New Accounting Standards | |||||||||||||
On January 1, 2013, the Company adopted the provisions of Accounting Standards Update (“ASU”) 2013-02, “Comprehensive Income (Topic 220) – Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” ASU 2013-02 amends recent guidance related to the reporting of comprehensive income to enhance the reporting of reclassifications out of accumulated other comprehensive income. The adoption of ASU 2013-02 did not have a significant impact on the Company’s financial statements. |
Organization_and_Summary_of_Si2
Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Summary of Recognized Revenue from Collaboration Agreements | ' | ||||||||||||
The Company has recognized the following revenue from collaboration agreements: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands) | |||||||||||||
Upfront licensing fees | $ | 20,671 | $ | 6,379 | $ | 6,362 | |||||||
Collaborative research activities | 5,422 | 11,254 | 17,481 | ||||||||||
Milestones | 1,000 | — | — | ||||||||||
Total revenue from collaborative arrangements | $ | 27,093 | $ | 17,633 | $ | 23,843 | |||||||
Schedule of Black-Scholes Option Pricing Model | ' | ||||||||||||
The weighted-average estimated fair value of employee and non-employee director stock options granted (other than through a repricing) during the years ended December 31, 2013, 2012 and 2011 were $7.80 per share, $3.71 per share and $323.85 per share, respectively, using the Black-Scholes option pricing model with the following weighted-average assumptions (annualized percentages): | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Risk-free interest rate | 1.9 | % | 0.9 | % | 1.2 | % | |||||||
Expected dividend yield | — | — | — | ||||||||||
Expected volatility | 68.8 | % | 67.4 | % | 63.1 | % | |||||||
Expected term (in years) | 6 | 6 | 6.1 | ||||||||||
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): | |||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerator for basic and diluted loss per share: | |||||||||||||
Loss attributable to Ambit Biosciences Corporation | $ | (11,195 | ) | $ | (26,647 | ) | $ | (37,631 | ) | ||||
Accretion to redemption value of redeemable convertible preferred stock | (3,634 | ) | (3,161 | ) | (2,000 | ) | |||||||
Change in fair value of redeemable non-controlling interest | 1,747 | (854 | ) | 4,477 | |||||||||
Net loss available to common stockholders | $ | (13,082 | ) | $ | (30,662 | ) | $ | (35,154 | ) | ||||
Denominator for basic and diluted loss per share: | |||||||||||||
Weighted-average shares outstanding, basic and diluted | 11,024,175 | 1,848 | 1,358 | ||||||||||
Basic and diluted net loss per share | $ | (1.19 | ) | $ | (16,591.99 | ) | $ | (25,886.60 | ) | ||||
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): | |||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Convertible preferred stock outstanding | — | 5,918,981 | 4,014,981 | ||||||||||
Redeemable non-controlling interest | — | 366,899 | 273,264 | ||||||||||
Warrants for convertible preferred stock | — | 645,598 | 1,208,677 | ||||||||||
Warrants for common stock | 1,621,159 | 1,155,322 | 1,057 | ||||||||||
Common stock options | 1,683,377 | 1,220,138 | 2,836 | ||||||||||
3,304,536 | 9,306,938 | 5,500,815 | |||||||||||
Ambit_Canada_Tables
Ambit Canada (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Schedule of Carrying Amount and Classification of Ambit Canada's Assets and Liabilities | ' | ||||||||
The carrying amount and classification of Ambit Canada’s assets and liabilities that are included in the consolidated balance sheets are as follows: | |||||||||
December 31, | |||||||||
2012 | |||||||||
(in thousands | |||||||||
Cash and cash equivalents | $ | 2,420 | |||||||
Total assets of Ambit Canada | $ | 2,420 | |||||||
Accounts payable and accrued expenses | $ | 67 | |||||||
Total liabilities of Ambit Canada | $ | 67 | |||||||
Schedule of Consolidation of Ambit Canada's Results of Operations | ' | ||||||||
Consolidation of Ambit Canada’s results of operations included the following: | |||||||||
Year Ended December 31, | |||||||||
2012 | 2011 | ||||||||
(in thousands) | |||||||||
Research and development expense | $ | (646 | ) | $ | (1,026 | ) | |||
General and administrative expense | — | (56 | ) | ||||||
Interest expense | (87 | ) | (116 | ) | |||||
Other income (primarily from SR&ED credit) | 60 | 1,533 | |||||||
Net loss of Ambit Canada | $ | (673 | ) | $ | 335 | ||||
Schedule of Consolidation of Ambit Canada's Cash Flows | ' | ||||||||
Consolidation of Ambit Canada’s cash flows included the following: | |||||||||
Year Ended December 31, | |||||||||
2012 | 2011 | ||||||||
(in thousands) | |||||||||
Cash provided by (used in) operating activities | $ | (746 | ) | $ | 394 | ||||
Cash (used in) provided by financing activities | 1,473 | (2,179 | ) | ||||||
Effect of exchange rate on cash | 31 | (246 | ) | ||||||
Increase (decrease) in cash and cash equivalents of Ambit Canada | $ | 758 | $ | (2,031 | ) | ||||
Balance_Sheet_Details_Tables
Balance Sheet Details (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||
Schedule of Property and Equipment, Net | ' | ||||||||
Property and equipment, net | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Scientific equipment | $ | 2,905 | $ | 2,951 | |||||
Computer hardware and software | 1,325 | 1,416 | |||||||
Furniture and fixtures | 358 | 170 | |||||||
Leasehold improvements | 38 | 1,284 | |||||||
Construction in progress and deposits | — | 141 | |||||||
4,626 | 5,962 | ||||||||
Accumulated depreciation | (3,841 | ) | (5,402 | ) | |||||
Property and equipment, net | $ | 785 | $ | 560 | |||||
Schedule of Accounts Payable and Accrued Expenses | ' | ||||||||
Accounts payable and accrued expenses | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Accounts payable | $ | 1,516 | $ | 4,320 | |||||
Accrued clinical trials | 1,862 | 996 | |||||||
Accrued expenses | 1,333 | 1,609 | |||||||
Other | — | 365 | |||||||
Accounts payable and accrued expenses | $ | 4,711 | $ | 7,290 | |||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Assets and Liabilities Measured on Recurring Basis | ' | ||||||||||||||||
The following table presents our fair value hierarchy for assets and liabilities measured at fair value on a recurring basis at December 31, 2013 and 2012 (in thousands): | |||||||||||||||||
Fair Value as of December 31, 2013 | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | |||||||||||||||||
Money market funds | $ | 66,323 | $ | 66,323 | $ | — | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Common warrants | $ | 9,650 | $ | — | $ | — | $ | 9,650 | |||||||||
Fair Value as of December 31, 2012 | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | |||||||||||||||||
Money market funds | $ | 14,979 | $ | 14,979 | $ | — | $ | — | |||||||||
Liabilities: | |||||||||||||||||
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 December 31, 2013 and December 31, 2012: | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Risk-free interest rate | 2.6 | % | 1.6 | % | |||||||||||||
Expected dividend yield | — | — | |||||||||||||||
Expected volatility | 62.9 | % | 63.1 | % | |||||||||||||
Expected term in years | 8.8 | 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, 2011 | $ | — | $ | 4,916 | $ | 1,322 | |||||||||||
Issuance of common warrants in connection with Series E financing | 6,184 | — | — | ||||||||||||||
Issuance of shares of redeemable non-controlling interest | — | — | 1,529 | ||||||||||||||
Warrants contributed to paid-in-capital | — | (2,851 | ) | — | |||||||||||||
Change in fair value | (2 | ) | 2,293 | 854 | |||||||||||||
Net loss attributable to redeemable non-controlling interest | — | — | (382 | ) | |||||||||||||
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 | 3,741 | 331 | (1,747 | ) | |||||||||||||
Net loss attributable to redeemable non-controlling interest | — | — | (61 | ) | |||||||||||||
Exercise of common warrant liabilities | (273 | ) | — | — | |||||||||||||
Reclassification to additional paid-in capital upon the closing of the Company’s IPO | — | (4,689 | ) | (4,240 | ) | ||||||||||||
Balance at December 31, 2013 | $ | 9,650 | $ | — | $ | — | |||||||||||
Warrants_and_Warrant_Liabiliti1
Warrants and Warrant Liabilities (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Outstanding Warrant Liabilities | ' | ||||||||||||||||
The Company’s outstanding warrant liabilities consisted of the following: | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Issue Date | Expiration | Series | Exercise | Shares | Fair Value | ||||||||||||
Date | Price per | Issuable upon | |||||||||||||||
Share | Exercise | ||||||||||||||||
(in thousands except share and per share data) | |||||||||||||||||
Oct-12 | October 2022 | Common | 0.24 | 1,017,227 | $ | 9,624 | |||||||||||
Nov-12 | Oct-22 | Common | 0.24 | 2,787 | 26 | ||||||||||||
1,020,014 | $ | 9,650 | |||||||||||||||
December 31, 2012 | |||||||||||||||||
Issue Date | Expiration Date | Series | Exercise | Shares | Fair Value | ||||||||||||
Price per | Issuable upon | ||||||||||||||||
Share | Exercise | ||||||||||||||||
(in thousands except share and per share data) | |||||||||||||||||
Preferred Warrants: | |||||||||||||||||
Oct-05 | October 2015 | Series C | 4.3 | 232,558 | $ | 1 | |||||||||||
Oct-05 | Oct-13 | Series C | 4.3 | 8,795 | — | ||||||||||||
Dec-05 | December 2013 | Series C | 4.3 | 7,207 | — | ||||||||||||
Jul-06 | Jul-14 | Series C | 4.3 | 10,930 | — | ||||||||||||
Oct-06 | Oct-14 | Series C | 4.3 | 2,336 | — | ||||||||||||
Dec-06 | Dec-14 | Series C | 4.3 | 1,706 | — | ||||||||||||
Mar-07 | Mar-15 | Series C | 4.3 | 3,052 | — | ||||||||||||
Jun-07 | Jun-17 | Series C | 4.3 | 2,410 | — | ||||||||||||
Sep-07 | September 2017 | Series C | 4.3 | 93,023 | 2 | ||||||||||||
Aug-08 | Aug-16 | Series D | 5.06 | 2,369 | — | ||||||||||||
Mar-10 | Mar-20 | Series D-2 | 0.7 | 2,057,142 | 315 | ||||||||||||
May-11 | May-21 | Series D-2 | 0.001 | 13,070,398 | 4,040 | ||||||||||||
15,491,926 | 4,358 | ||||||||||||||||
Common Warrants: | |||||||||||||||||
Oct-12 | Oct-22 | Common | 0.24 | 1,058,221 | 6,163 | ||||||||||||
Nov-12 | Oct-22 | Common | 0.24 | 3,324 | 19 | ||||||||||||
1,061,545 | 6,182 | ||||||||||||||||
$ | 10,540 | ||||||||||||||||
Warrants Outstanding for Purchase of Common Stock (Excluding Warrants that Require Liability Accounting) | ' | ||||||||||||||||
The following table summarizes the warrants outstanding for purchase of common stock as of December 31, 2013 (excluding the warrants above that require liability accounting): | |||||||||||||||||
Shares Issuable | Exercise Price | Expiration Date | |||||||||||||||
Upon Exercise | |||||||||||||||||
14,409 | $ | 103.2 | July 2014 – September 2017 | ||||||||||||||
218 | 54.99 | Aug-16 | |||||||||||||||
72,970 | 21.84 | June 2019 – July 2019 | |||||||||||||||
78 | 2,184.00 | Jul-19 | |||||||||||||||
85,714 | 16.8 | Mar-20 | |||||||||||||||
20,690 | 36.96 | Sep-20 | |||||||||||||||
39 | 3,696.00 | Sep-20 | |||||||||||||||
407,027 | 0.02 | May-21 | |||||||||||||||
601,145 | |||||||||||||||||
Debt_Commitments_and_Contingen1
Debt, Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Reconciliation of Carrying Amount of Debt Instruments | ' | ||||||||
The following is a reconciliation of the carrying amount of the Company’s debt instruments: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Venture loans | $ | — | 4,412 | ||||||
Total notes payable | — | 4,412 | |||||||
Discount on notes payable | — | (92 | ) | ||||||
Total notes payable, net of debt discount | — | 4,320 | |||||||
Current portion of notes payable | — | (4,412 | ) | ||||||
Current portion of debt discount | — | 92 | |||||||
Current portion of notes payable, net of debt discount | — | (4,320 | ) | ||||||
Notes payable, net of current portion | $ | — | $ | — | |||||
Future Annual Minimum Lease Payments for Operating Lease | ' | ||||||||
As of December 31, 2013, future annual minimum lease payments for the operating lease are as follows (in thousands): | |||||||||
2014 | $ | 739 | |||||||
2015 | 758 | ||||||||
2016 | 659 | ||||||||
2017 | 680 | ||||||||
2018 | 525 | ||||||||
Thereafter | — | ||||||||
$ | 3,361 | ||||||||
Redeemable_Convertible_Preferr1
Redeemable Convertible Preferred Stock, Convertible Preferred Stock and Stockholders' Equity (Deficit) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Summary of Authorized, Issued and Outstanding Shares of Stock | ' | ||||||||||||||||
Prior to the conversion in the initial public offering in May 2013, our authorized, issued and outstanding shares of stock were as follows as of December 31, 2012: | |||||||||||||||||
Shares | Shares | Liquidation | Liquidation | ||||||||||||||
Authorized | Outstanding | Preference | Preference | ||||||||||||||
Per Share | |||||||||||||||||
(in thousands) | |||||||||||||||||
Redeemable convertible preferred stock: | |||||||||||||||||
Series C | 7,076,718 | 4,380,631 | $ | 4.3 | $ | 18,837 | |||||||||||
Series C-2 | 1,538,461 | — | 3.25 | — | |||||||||||||
Series D | 16,336,563 | 15,409,400 | 5.06 | 77,972 | |||||||||||||
Series D-2 | 73,900,825 | 53,121,706 | 0.7 | 37,185 | |||||||||||||
Series E | 70,000,000 | 48,914,687 | 1.4 | 68,481 | |||||||||||||
Total | 168,852,567 | 121,826,424 | $ | 202,475 | |||||||||||||
Convertible preferred stock: | |||||||||||||||||
Series A | 162,519 | 46,666 | $ | 7.5 | $ | 351 | |||||||||||
Series B | 1,975,677 | 1,543,348 | 8.65 | 13,351 | |||||||||||||
Total | 2,138,196 | 1,590,014 | $ | 13,702 | |||||||||||||
Summary of Stock Option Activity and Stock Option Plan | ' | ||||||||||||||||
The following table summarizes stock option activity under the Plan: | |||||||||||||||||
Number of | Weighted- | ||||||||||||||||
Options | Average | ||||||||||||||||
Exercise | |||||||||||||||||
Price | |||||||||||||||||
Options outstanding, December 31, 2012 | 1,220,138 | $ | 9.15 | ||||||||||||||
Granted | 518,313 | $ | 12.51 | ||||||||||||||
Exercised | (10,064 | ) | $ | 6 | |||||||||||||
Cancelled | (45,010 | ) | $ | 69.53 | |||||||||||||
Options outstanding, December 31, 2013 | 1,683,377 | $ | 8.59 | ||||||||||||||
The following table summarizes information about the Company’s stock option plan as of December 31, 2013: | |||||||||||||||||
Number of | Weighted-Average | Weighted-Average | Aggregate | ||||||||||||||
options | Exercise Price | Remaining | Intrinsic Value | ||||||||||||||
Contractual Term | (in thousands) | ||||||||||||||||
(in years) | |||||||||||||||||
December 31, 2013: | |||||||||||||||||
Options vested and expected to vest | 1,432,466 | $ | 8.45 | 9.1 | $ | 3,916 | |||||||||||
Options exercisable | 321,864 | $ | 8.55 | 8.8 | $ | 1,168 | |||||||||||
Summary of Stock Options | ' | ||||||||||||||||
The following table summarizes information about stock options: | |||||||||||||||||
Year Ended | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Weighted-average remaining contractual term (years) of options outstanding | 9.1 | 9.9 | |||||||||||||||
Aggregate intrinsic value of options outstanding (in thousands) | $ | 4,410 | $ | — | |||||||||||||
Intrinsic value of options exercised (in thousands) | $ | 66 | $ | — | |||||||||||||
Cash received upon exercise of stock options (in thousands) | $ | 60 | $ | — | |||||||||||||
Summary of Stock-Based Compensation | ' | ||||||||||||||||
Total stock-based compensation was allocated as follows: | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
(in thousands) | |||||||||||||||||
Research and development | $ | 644 | $ | 129 | $ | 224 | |||||||||||
General and administrative | 1,661 | 612 | 1,163 | ||||||||||||||
$ | 2,305 | $ | 741 | $ | 1,387 | ||||||||||||
Schedule of Common Shares Reserved for Future Issuance | ' | ||||||||||||||||
The Company had common shares reserved for future issuance upon the exercise or conversion of the following as of December 31, 2013 and 2012: | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Redeemable convertible preferred stock and convertible preferred stock | — | 5,918,981 | |||||||||||||||
Redeemable non-controlling interest | — | 366,899 | |||||||||||||||
Warrants for redeemable convertible preferred stock and convertible preferred stock | — | 645,598 | |||||||||||||||
Warrants for common stock | 1,621,159 | 1,155,322 | |||||||||||||||
Common stock option grants issued and outstanding | 1,683,377 | 1,220,138 | |||||||||||||||
Common shares available for grant under the stock option plan | 148,340 | 191 | |||||||||||||||
Common shares reserved under the ESPP | 106,164 | — | |||||||||||||||
Total common shares reserved for future issuance | 3,559,040 | 9,307,129 | |||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Income (Loss) Before Income Taxes | ' | ||||||||||||
Income (loss) before income taxes is as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands) | |||||||||||||
United States operations | $ | (11,261 | ) | $ | (26,477 | ) | $ | (37,753 | ) | ||||
Foreign operations | (24 | ) | (673 | ) | 335 | ||||||||
$ | (11,285 | ) | $ | (27,150 | ) | $ | (37,418 | ) | |||||
Summary of Provision for (Benefit) from Taxes | ' | ||||||||||||
The provision for (benefit) from taxes consists of the following: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands) | |||||||||||||
Current: | |||||||||||||
Federal | $ | (30 | ) | $ | (122 | ) | $ | — | |||||
State and local | 1 | 1 | — | ||||||||||
Foreign | — | — | — | ||||||||||
Total current | (29 | ) | (121 | ) | — | ||||||||
Total deferred | — | — | — | ||||||||||
Total provision | $ | (29 | ) | $ | (121 | ) | $ | — | |||||
Reconciliation between Effective Tax Rate and Federal Statutory Tax Rate | ' | ||||||||||||
A reconciliation between the Company’s effective tax rate and the federal statutory tax rate is as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Income tax benefit at federal statutory rate | (35.0 | )% | (35.0 | )% | (35.0 | )% | |||||||
Income tax benefit at state statutory rate | (5.7 | )% | (5.6 | )% | (5.8 | )% | |||||||
Research and development credits | (11.3 | )% | (0.7 | )% | (1.8 | )% | |||||||
Change in valuation allowance | 25.2 | % | 36.1 | % | 40.6 | % | |||||||
Accretion | 14.7 | % | 3.4 | % | 0.9 | % | |||||||
Equity compensation | 5.5 | % | 0.8 | % | 1.4 | % | |||||||
Other, net | 6.4 | % | 0.5 | % | (0.3 | )% | |||||||
(0.2 | )% | (0.5 | )% | 0 | % | ||||||||
Components of Deferred Tax Assets and Liabilities | ' | ||||||||||||
A valuation allowance has been established as realization of such deferred tax assets has not met the more likely-than-not threshold requirement. If the Company’s judgment changes and it is determined that the Company will be able to realize these deferred tax assets, the tax benefits relating to any reversal of the valuation allowance on deferred tax assets will be accounted for as a reduction to income tax expense. | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(in thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss carryovers | $ | 79,395 | $ | 69,351 | |||||||||
Deferred revenues | — | 8,423 | |||||||||||
Research and development credits | 12,253 | 11,257 | |||||||||||
Other comprehensive income | 130 | — | |||||||||||
Other | 2,541 | 2,313 | |||||||||||
Total deferred tax assets | 94,319 | 91,344 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Other comprehensive income | — | (19 | ) | ||||||||||
Total deferred tax liabilities | — | (19 | ) | ||||||||||
Net deferred tax asset | 94,319 | 91,325 | |||||||||||
Valuation allowance | (94,319 | ) | (91,325 | ) | |||||||||
Net deferred tax assets | $ | — | $ | — | |||||||||
Summary of Changes in Unrecognized Tax Benefits | ' | ||||||||||||
The following table summarizes the changes in the Company’s unrecognized tax benefits during the year ended December 31, 2013 (in thousands): | |||||||||||||
Gross unrecognized tax benefits at December 31, 2011 | $ | 2,301 | |||||||||||
Increase in prior year position | 122 | ||||||||||||
Increase in current year position | 83 | ||||||||||||
Lapse in statute of limitations | (122 | ) | |||||||||||
Gross unrecognized tax benefits at December 31, 2012 | 2,384 | ||||||||||||
Increase in prior year position | 176 | ||||||||||||
Increase in current year position | 209 | ||||||||||||
Lapse in statute of limitations | (30 | ) | |||||||||||
Gross unrecognized tax benefits at December 31, 2013 | $ | 2,739 | |||||||||||
Organization_and_Summary_of_Si3
Organization and Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||
Apr. 24, 2013 | Oct. 26, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | 31-May-13 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Minimum [Member] | Maximum [Member] | 2011 Amended and Restated Equity Incentive Plan [Member] | 2011 Amended and Restated Equity Incentive Plan [Member] | Ambit Europe [Member] | Ambit Canada [Member] | Initial Public Offering [Member] | Initial Public Offering [Member] | Initial Public Offering [Member] | Initial Public Offering [Member] | Private Placement [Member] | ||||||
Yet To Be Granted [Member] | 2013 Employee Stock Purchase Plan [Member] | 2013 Equity Incentive Plan [Member] | ||||||||||||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of common stock issued in initial public offering (IPO) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,125,000 | ' | ' | ' | ' |
Price per share issued/sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8 | ' | ' | ' | $8 |
Gross proceeds from issuance initial public offering | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $65,000,000 | ' | ' | ' | ' |
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 shareholders, Common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,134,495 |
Net proceeds from issuance initial public offering of the Company' s existing stockholders in a concurrent private placement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,100,000 |
Common stock reserved for future issuance | ' | ' | 3,559,040 | 9,307,129 | ' | ' | ' | 1,214,212 | 6,117 | ' | ' | ' | ' | 125,000 | 1,845,329 | ' |
Incorporation date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'June 2008 | 'December 2004 | ' | ' | ' | ' | ' |
Description of stock split | '1-for-24 basis | '1-for-100 basis | '1-for-2,400 basis or 1-for-120 basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issued of letter of credit | ' | ' | 63,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful lives of assets | ' | ' | ' | ' | ' | '3 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment losses | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate fair value of warrants | ' | ' | 4,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepaid clinical expenses | ' | ' | $405,000 | $861,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average estimated fair value of stock options granted | ' | ' | $7.80 | $3.71 | $323.85 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Organization_and_Summary_of_Si4
Organization and Summary of Significant Accounting Policies - Summary of Recognized Revenue from Collaboration Agreements (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounting Policies [Abstract] | ' | ' | ' |
Upfront licensing fees | $20,671 | $6,379 | $6,362 |
Collaborative research activities | 5,422 | 11,254 | 17,481 |
Milestones | 1,000 | ' | ' |
Total revenue from collaborative arrangements | $27,093 | $17,633 | $23,843 |
Organization_and_Summary_of_Si5
Organization and Summary of Significant Accounting Policies - Schedule of Black-Scholes Option Pricing Model (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Risk-free interest rate | 1.90% | 0.90% | 1.20% |
Expected dividend yield | ' | ' | ' |
Expected volatility | 68.80% | 67.40% | 63.10% |
Expected term (in years) | '6 years | '6 years | '6 years 1 month 6 days |
Organization_and_Summary_of_Si6
Organization and Summary of Significant Accounting Policies - Schedule of Computation for Basic and Diluted EPS (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Numerator for basic and diluted loss per share: | ' | ' | ' |
Loss attributable to Ambit Biosciences Corporation | ($11,195) | ($26,647) | ($37,631) |
Accretion to redemption value of redeemable convertible preferred stock | -3,634 | -3,161 | -2,000 |
Change in fair value of redeemable non-controlling interest | 1,747 | -854 | 4,477 |
Net loss available to common stockholders | ($13,082) | ($30,662) | ($35,154) |
Denominator for basic and diluted loss per share: | ' | ' | ' |
Weighted-average shares outstanding, basic and diluted | 11,024,175 | 1,848 | 1,358 |
Basic and diluted net loss per share | ($1.19) | ($16,591.99) | ($25,886.60) |
Organization_and_Summary_of_Si7
Organization and Summary of Significant Accounting Policies - Schedule of Potentially Dilutive Securities Not Included in Calculation of Diluted Net Loss Per Share (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Anti-dilutive securities excluded from computation of earnings | 3,304,536 | 9,306,938 | 5,500,815 |
Convertible Preferred Stock [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Anti-dilutive securities excluded from computation of earnings | ' | 5,918,981 | 4,014,981 |
Redeemable Non-Controlling Interest [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Anti-dilutive securities excluded from computation of earnings | ' | 366,899 | 273,264 |
Warrants for Convertible Preferred Stock [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Anti-dilutive securities excluded from computation of earnings | ' | 645,598 | 1,208,677 |
Warrants for Common Stock [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Anti-dilutive securities excluded from computation of earnings | 1,621,159 | 1,155,322 | 1,057 |
Common Stock Options [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Anti-dilutive securities excluded from computation of earnings | 1,683,377 | 1,220,138 | 2,836 |
Ambit_Canada_Additional_Inform
Ambit Canada - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Fair value of redeemable non-controlling interest | $1,747 | ($854) | $4,477 |
Minimum [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Acquired and held percentage | 50.00% | ' | ' |
GrowthWorks [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Acquired and held percentage | 36.00% | ' | ' |
Ambit Canada [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Acquired and held percentage | 50.00% | ' | ' |
Series C-2 Redeemable Convertible Preferred Stock [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Shares exchanged upon conversion | 1,538,461 | ' | ' |
Series D Redeemable Convertible Preferred Stock [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Shares exchanged upon conversion | 612,649 | ' | ' |
Series D-2 Redeemable Convertible Preferred Stock [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Shares exchanged upon conversion | 3,666,169 | ' | ' |
Series E Redeemable Convertible Preferred Stock [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Shares exchanged upon conversion | 6,163,916 | ' | ' |
Redeemable Non-Controlling Interest [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Redeemable non-controlling interest held | ' | 60.00% | ' |
Ambit_Canada_Schedule_of_Carry
Ambit Canada - Schedule of Carrying Amount and Classification of Ambit Canada's Assets and Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $71,189 | $17,481 | $16,417 | $37,848 |
Total assets | 73,948 | 19,989 | ' | ' |
Accounts payable and accrued expenses | 4,711 | 7,290 | ' | ' |
Ambit Canada [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | ' | 2,420 | ' | ' |
Total assets | ' | 2,420 | ' | ' |
Accounts payable and accrued expenses | ' | 67 | ' | ' |
Total liabilities of Ambit Canada | ' | $67 | ' | ' |
Ambit_Canada_Schedule_of_Conso
Ambit Canada - Schedule of Consolidation of Ambit Canada's Results of Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Research and development expense | ($26,284) | ($36,731) | ($50,705) |
General and administrative expense | -10,342 | -6,550 | -8,905 |
Interest expense | -323 | -1,737 | -4,502 |
Other income (primarily from SR&ED credit) | 143 | 29 | 1,538 |
Consolidated net loss | -11,256 | -27,029 | -37,418 |
Ambit Canada [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Research and development expense | ' | -646 | -1,026 |
General and administrative expense | ' | ' | -56 |
Interest expense | ' | -87 | -116 |
Other income (primarily from SR&ED credit) | ' | 60 | 1,533 |
Consolidated net loss | ' | ($673) | $335 |
Ambit_Canada_Schedule_of_Conso1
Ambit Canada - Schedule of Consolidation of Ambit Canada's Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Cash provided by (used in) operating activities | ($27,302) | ($28,772) | ($39,626) |
Cash (used in) provided by financing activities | 82,016 | 29,759 | 18,594 |
Effect of exchange rate on cash | -375 | 31 | -246 |
Net change in cash and cash equivalents | 53,708 | 1,064 | -21,431 |
Ambit Canada [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Cash provided by (used in) operating activities | ' | -746 | 394 |
Cash (used in) provided by financing activities | ' | 1,473 | -2,179 |
Effect of exchange rate on cash | ' | 31 | -246 |
Net change in cash and cash equivalents | ' | $758 | ($2,031) |
Balance_Sheet_Details_Schedule
Balance Sheet Details - Schedule of Property and Equipment, Net (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $4,626 | $5,962 |
Accumulated depreciation | -3,841 | -5,402 |
Property and equipment, net | 785 | 560 |
Scientific Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 2,905 | 2,951 |
Computer Hardware and Software [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 1,325 | 1,416 |
Furniture and Fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 358 | 170 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 38 | 1,284 |
Construction In Progress and Deposits [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | ' | $141 |
Balance_Sheet_Details_Schedule1
Balance Sheet Details - Schedule of Accounts Payable and Accrued Expenses (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Payables And Accruals [Abstract] | ' | ' |
Accounts payable | $1,516 | $4,320 |
Accrued clinical trials | 1,862 | 996 |
Accrued expenses | 1,333 | 1,609 |
Other | ' | 365 |
Accounts payable and accrued expenses | $4,711 | $7,290 |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets and Liabilities Measured on Recurring Basis (Detail) (USD $) | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Money Market Funds [Member] | Common Warrants [Member] | Preferred Warrants [Member] | Redeemable Non-Controlling Interest [Member] | Recurring Measurements [Member] | Recurring Measurements [Member] | Level 1 [Member] | Level 1 [Member] | Level 1 [Member] | Level 1 [Member] | Level 1 [Member] | Level 1 [Member] | Level 1 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | |
Money Market Funds [Member] | Common Warrants [Member] | Money Market Funds [Member] | Common Warrants [Member] | Preferred Warrants [Member] | Redeemable Non-Controlling Interest [Member] | Recurring Measurements [Member] | Recurring Measurements [Member] | Money Market Funds [Member] | Common Warrants [Member] | Preferred Warrants [Member] | Redeemable Non-Controlling Interest [Member] | Recurring Measurements [Member] | Recurring Measurements [Member] | Money Market Funds [Member] | Common Warrants [Member] | Preferred Warrants [Member] | Redeemable Non-Controlling Interest [Member] | Recurring Measurements [Member] | Recurring Measurements [Member] | |||||||||
Money Market Funds [Member] | Common Warrants [Member] | Money Market Funds [Member] | Common Warrants [Member] | Money Market Funds [Member] | Common Warrants [Member] | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value of assets | ' | $14,979 | ' | ' | ' | $66,323 | ' | ' | $14,979 | ' | ' | ' | $66,323 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value liabilities | $13,863 | ' | $6,182 | $4,358 | $3,323 | ' | $9,650 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $13,863 | ' | $6,182 | $4,358 | $3,323 | ' | $9,650 |
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) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value Disclosures [Abstract] | ' | ' |
Risk-free interest rate | 2.60% | 1.60% |
Expected dividend yield | ' | ' |
Expected volatility | 62.90% | 63.10% |
Expected term in years | '8 years 9 months 18 days | '9 years 2 months 12 days |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ' | ' |
Change in assumptions, volatility rate | 62.90% | 63.10% |
Alternate Scenario [Member] | ' | ' |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ' | ' |
Change in assumptions to value outstanding common stock warrant liabilities | 'If volatility were increased to 80%, the weighted average fair market value of the outstanding common stock warrants outstanding would increase $0.03, or .3% | ' |
Change in assumptions, volatility rate | 80.00% | ' |
Weighted average fair market value | 0.03 | ' |
Weighted average fair market value, percentage | 0.30% | ' |
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 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 $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Common Warrant Liabilities [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | $6,182 | ' |
Issuance of common warrants in connection with Series E financing | ' | 6,184 |
Issuance of shares of redeemable non-controlling interest | ' | ' |
Warrants contributed to paid-in-capital | ' | ' |
Change in fair value | 3,741 | -2 |
Net loss attributable to redeemable non-controlling interest | ' | ' |
Exercise of common warrant liabilities | -273 | ' |
Reclassification to additional paid-in capital upon the closing of the Company's IPO | ' | ' |
Ending balance | 9,650 | 6,182 |
Preferred Warrants [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | 4,358 | 4,916 |
Issuance of common warrants in connection with Series E financing | ' | ' |
Issuance of shares of redeemable non-controlling interest | ' | ' |
Warrants contributed to paid-in-capital | ' | -2,851 |
Change in fair value | 331 | 2,293 |
Net loss attributable to redeemable non-controlling interest | ' | ' |
Exercise of common warrant liabilities | ' | ' |
Reclassification to additional paid-in capital upon the closing of the Company's IPO | -4,689 | ' |
Ending balance | ' | 4,358 |
Redeemable Non-Controlling Interest [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | 3,323 | 1,322 |
Issuance of common warrants in connection with Series E financing | ' | ' |
Issuance of shares of redeemable non-controlling interest | 2,725 | 1,529 |
Warrants contributed to paid-in-capital | ' | ' |
Change in fair value | -1,747 | 854 |
Net loss attributable to redeemable non-controlling interest | -61 | -382 |
Exercise of common warrant liabilities | ' | ' |
Reclassification to additional paid-in capital upon the closing of the Company's IPO | -4,240 | ' |
Ending balance | ' | $3,323 |
Warrants_and_Warrant_Liabiliti2
Warrants and Warrant Liabilities - Outstanding Warrant Liabilities (Detail) (Warrants with Liability Accounting [Member], USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Class of Warrant or Right [Line Items] | ' | ' |
Fair Value | ' | $10,540 |
Common Warrants [Member] | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' |
Shares Issuable upon Exercise | 1,020,014 | 1,061,545 |
Fair Value | 9,650 | 6,182 |
Preferred Warrants [Member] | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' |
Shares Issuable upon Exercise | ' | 15,491,926 |
Fair Value | ' | 4,358 |
Common Stock [Member] | Class Of Warrant One [Member] | Common Warrants [Member] | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' |
Issue Date | 31-Oct-12 | 31-Oct-12 |
Expiration Date | 31-Oct-22 | 31-Oct-22 |
Exercise Price per Share | 0.24 | 0.24 |
Shares Issuable upon Exercise | 1,017,227 | 1,058,221 |
Fair Value | 9,624 | 6,163 |
Common Stock [Member] | Class Of Warrant Two [Member] | Common Warrants [Member] | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' |
Issue Date | 30-Nov-12 | 30-Nov-12 |
Expiration Date | 31-Oct-22 | 31-Oct-22 |
Exercise Price per Share | 0.24 | 0.24 |
Shares Issuable upon Exercise | 2,787 | 3,324 |
Fair Value | 26 | 19 |
Series C Preferred Stock [Member] | Class Of Warrant Three [Member] | Preferred Warrants [Member] | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' |
Issue Date | ' | 31-Oct-05 |
Expiration Date | ' | 31-Oct-15 |
Exercise Price per Share | ' | 4.3 |
Shares Issuable upon Exercise | ' | 232,558 |
Fair Value | ' | 1 |
Series C Preferred Stock [Member] | Class Of Warrant Four [Member] | Preferred Warrants [Member] | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' |
Issue Date | ' | 31-Oct-05 |
Expiration Date | ' | 31-Oct-13 |
Exercise Price per Share | ' | 4.3 |
Shares Issuable upon Exercise | ' | 8,795 |
Series C Preferred Stock [Member] | Class Of Warrant Five [Member] | Preferred Warrants [Member] | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' |
Issue Date | ' | 31-Dec-05 |
Expiration Date | ' | 31-Dec-13 |
Exercise Price per Share | ' | 4.3 |
Shares Issuable upon Exercise | ' | 7,207 |
Series C Preferred Stock [Member] | Class Of Warrant Six [Member] | Preferred Warrants [Member] | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' |
Issue Date | ' | 31-Jul-06 |
Expiration Date | ' | 31-Jul-14 |
Exercise Price per Share | ' | 4.3 |
Shares Issuable upon Exercise | ' | 10,930 |
Series C Preferred Stock [Member] | Class Of Warrant Seven [Member] | Preferred Warrants [Member] | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' |
Issue Date | ' | 31-Oct-06 |
Expiration Date | ' | 31-Oct-14 |
Exercise Price per Share | ' | 4.3 |
Shares Issuable upon Exercise | ' | 2,336 |
Series C Preferred Stock [Member] | Class Of Warrant Eight [Member] | Preferred Warrants [Member] | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' |
Issue Date | ' | 31-Dec-06 |
Expiration Date | ' | 31-Dec-14 |
Exercise Price per Share | ' | 4.3 |
Shares Issuable upon Exercise | ' | 1,706 |
Series C Preferred Stock [Member] | Class Of Warrant Nine [Member] | Preferred Warrants [Member] | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' |
Issue Date | ' | 31-Mar-07 |
Expiration Date | ' | 31-Mar-15 |
Exercise Price per Share | ' | 4.3 |
Shares Issuable upon Exercise | ' | 3,052 |
Series C Preferred Stock [Member] | Class Of Warrant Ten [Member] | Preferred Warrants [Member] | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' |
Issue Date | ' | 30-Jun-07 |
Expiration Date | ' | 30-Jun-17 |
Exercise Price per Share | ' | 4.3 |
Shares Issuable upon Exercise | ' | 2,410 |
Series C Preferred Stock [Member] | Class Of Warrant Eleven [Member] | Preferred Warrants [Member] | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' |
Issue Date | ' | 30-Sep-07 |
Expiration Date | ' | 30-Sep-17 |
Exercise Price per Share | ' | 4.3 |
Shares Issuable upon Exercise | ' | 93,023 |
Fair Value | ' | 2 |
Series D Redeemable Convertible Preferred Stock [Member] | Class Of Warrant Twelve [Member] | Preferred Warrants [Member] | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' |
Issue Date | ' | 30-Aug-08 |
Expiration Date | ' | 30-Aug-16 |
Exercise Price per Share | ' | 5.06 |
Shares Issuable upon Exercise | ' | 2,369 |
Series D-2 Redeemable Convertible Preferred Stock [Member] | Class Of Warrant Thirteen [Member] | Preferred Warrants [Member] | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' |
Issue Date | ' | 31-Mar-10 |
Expiration Date | ' | 31-Mar-20 |
Exercise Price per Share | ' | 0.7 |
Shares Issuable upon Exercise | ' | 2,057,142 |
Fair Value | ' | 315 |
Series D-2 Redeemable Convertible Preferred Stock [Member] | Class Of Warrant Fourteen [Member] | Preferred Warrants [Member] | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' |
Issue Date | ' | 31-May-11 |
Expiration Date | ' | 31-May-21 |
Exercise Price per Share | ' | 0.001 |
Shares Issuable upon Exercise | ' | 13,070,398 |
Fair Value | ' | $4,040 |
Warrants_and_Warrant_Liabiliti3
Warrants and Warrant Liabilities - Warrants Outstanding for Purchase of Common Stock (Excluding Warrants that Require Liability Accounting) (Detail) (Warrants without Liability Accounting [Member]) | Dec. 31, 2013 |
Class of Warrant or Right [Line Items] | ' |
Shares Issuable upon Exercise | 601,145 |
Shares Issuable upon Exercise One [Member] | ' |
Class of Warrant or Right [Line Items] | ' |
Shares Issuable upon Exercise | 14,409 |
Exercise Price | 103.2 |
Shares Issuable upon Exercise Two [Member] | ' |
Class of Warrant or Right [Line Items] | ' |
Shares Issuable upon Exercise | 218 |
Exercise Price | 54.99 |
Expiration Date | 31-Aug-16 |
Shares Issuable upon Exercise Three [Member] | ' |
Class of Warrant or Right [Line Items] | ' |
Shares Issuable upon Exercise | 72,970 |
Exercise Price | 21.84 |
Shares Issuable upon Exercise Four [Member] | ' |
Class of Warrant or Right [Line Items] | ' |
Shares Issuable upon Exercise | 78 |
Exercise Price | 2,184 |
Expiration Date | 31-Jul-19 |
Shares Issuable upon Exercise Five [Member] | ' |
Class of Warrant or Right [Line Items] | ' |
Shares Issuable upon Exercise | 85,714 |
Exercise Price | 16.8 |
Expiration Date | 31-Mar-20 |
Shares Issuable Upon Exercise Six [Member] | ' |
Class of Warrant or Right [Line Items] | ' |
Shares Issuable upon Exercise | 20,690 |
Exercise Price | 36.96 |
Expiration Date | 30-Sep-20 |
Shares Issuable Upon Exercise Seven [Member] | ' |
Class of Warrant or Right [Line Items] | ' |
Shares Issuable upon Exercise | 39 |
Exercise Price | 3,696 |
Expiration Date | 30-Sep-20 |
Shares Issuable Upon Exercise Eight [Member] | ' |
Class of Warrant or Right [Line Items] | ' |
Shares Issuable upon Exercise | 407,027 |
Exercise Price | 0.02 |
Expiration Date | 31-May-21 |
Minimum [Member] | Shares Issuable upon Exercise One [Member] | ' |
Class of Warrant or Right [Line Items] | ' |
Expiration Date | 31-Jul-14 |
Minimum [Member] | Shares Issuable upon Exercise Three [Member] | ' |
Class of Warrant or Right [Line Items] | ' |
Expiration Date | 30-Jun-19 |
Maximum [Member] | Shares Issuable upon Exercise One [Member] | ' |
Class of Warrant or Right [Line Items] | ' |
Expiration Date | 30-Sep-17 |
Maximum [Member] | Shares Issuable upon Exercise Three [Member] | ' |
Class of Warrant or Right [Line Items] | ' |
Expiration Date | 31-Jul-19 |
Debt_Commitments_and_Contingen2
Debt, Commitments and Contingencies - Reconciliation of Carrying Amount of Debt Instruments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Total notes payable | ' | $4,412 |
Discount on notes payable | ' | -92 |
Total notes payable, net of debt discount | ' | 4,320 |
Current portion of notes payable | ' | -4,412 |
Current portion of debt discount | ' | 92 |
Current portion of notes payable, net of debt discount | ' | -4,320 |
Notes payable, net of current portion | ' | ' |
Venture Loans [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total notes payable | ' | $4,412 |
Debt_Commitments_and_Contingen3
Debt, Commitments and Contingencies - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | |||||||
Mar. 31, 2013 | Jul. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 21, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2010 | Mar. 31, 2010 | |
First Twelve Months [Member] | Final Twelve Months [Member] | Venture Loans [Member] | Venture Loans [Member] | Venture Loans [Member] | |||||||
Secured Promissory Notes [Member] | Working Capital Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of secured promissory notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12,000,000 | ' |
Repayment of working capital notes | ' | ' | 4,412,000 | 4,829,000 | 3,103,000 | ' | ' | ' | ' | ' | 2,200,000 |
Annual interest rate | ' | ' | ' | ' | ' | ' | ' | ' | 12.25% | ' | ' |
Additional annual interest rate | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' |
Final payment due date | ' | ' | 30-Sep-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 | ' | ' | ' | ' | ' | ' | ' | ' |
Lease expiration date | ' | ' | 31-Jul-12 | ' | ' | ' | ' | ' | ' | ' | ' |
Lease and rent expenses | ' | 55,000 | 575,000 | 1,200,000 | 2,400,000 | ' | 51,000 | 57,000 | ' | ' | ' |
Lease initial term | '5 years 6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
New facility agreement lease expiration date | ' | ' | '2018-09 | ' | ' | ' | ' | ' | ' | ' | ' |
Lease description | ' | ' | 'The base rent specified by the new facility lease agreement is approximately $51,000 per month for the first twelve months, escalating 3.0% annually to approximately $57,000 per month for the final twelve months of the initial term. | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of increasing lease rent | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Additional option to extend term of lease | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase of screening services | ' | ' | ' | ' | ' | $625,000 | ' | ' | ' | ' | ' |
Purchase obligation agreement date | ' | ' | 31-Dec-12 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Commitments_and_Contingen4
Debt, Commitments and Contingencies - Future Annual Minimum Lease Payments for Operating Lease (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Equity Method Investments And Cost Method Investments [Abstract] | ' |
2014 | $739 |
2015 | 758 |
2016 | 659 |
2017 | 680 |
2018 | 525 |
Thereafter | ' |
Future minimum rental commitments under non-cancelable operating leases | $3,361 |
Redeemable_Convertible_Preferr2
Redeemable Convertible Preferred Stock, Convertible Preferred Stock and Stockholders' Equity (Deficit) - Summary of Authorized, Issued and Outstanding Shares of Stock (Detail) (USD $) | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | |
Redeemable Convertible Preferred Stock [Member] | ' |
Temporary Equity [Line Items] | ' |
Shares Authorized | 168,852,567 |
Shares Outstanding | 121,826,424 |
Liquidation Preference | $202,475 |
Redeemable Convertible Preferred Stock [Member] | Series C Preferred Stock [Member] | ' |
Temporary Equity [Line Items] | ' |
Shares Authorized | 7,076,718 |
Shares Outstanding | 4,380,631 |
Liquidation Preference Per Share | $4.30 |
Liquidation Preference | 18,837 |
Redeemable Convertible Preferred Stock [Member] | Series C-2 Redeemable Convertible Preferred Stock [Member] | ' |
Temporary Equity [Line Items] | ' |
Shares Authorized | 1,538,461 |
Liquidation Preference Per Share | $3.25 |
Redeemable Convertible Preferred Stock [Member] | Series D Redeemable Convertible Preferred Stock [Member] | ' |
Temporary Equity [Line Items] | ' |
Shares Authorized | 16,336,563 |
Shares Outstanding | 15,409,400 |
Liquidation Preference Per Share | $5.06 |
Liquidation Preference | 77,972 |
Redeemable Convertible Preferred Stock [Member] | Series D-2 Redeemable Convertible Preferred Stock [Member] | ' |
Temporary Equity [Line Items] | ' |
Shares Authorized | 73,900,825 |
Shares Outstanding | 53,121,706 |
Liquidation Preference Per Share | $0.70 |
Liquidation Preference | 37,185 |
Redeemable Convertible Preferred Stock [Member] | Series E Redeemable Convertible Preferred Stock [Member] | ' |
Temporary Equity [Line Items] | ' |
Shares Authorized | 70,000,000 |
Shares Outstanding | 48,914,687 |
Liquidation Preference Per Share | $1.40 |
Liquidation Preference | 68,481 |
Convertible Preferred Stock [Member] | ' |
Temporary Equity [Line Items] | ' |
Shares Authorized | 2,138,196 |
Shares Outstanding | 1,590,014 |
Liquidation Preference | 13,702 |
Convertible Preferred Stock [Member] | Series A Preferred Stock [Member] | ' |
Temporary Equity [Line Items] | ' |
Shares Authorized | 162,519 |
Shares Outstanding | 46,666 |
Liquidation Preference Per Share | $7.50 |
Liquidation Preference | 351 |
Convertible Preferred Stock [Member] | Series B Preferred Stock [Member] | ' |
Temporary Equity [Line Items] | ' |
Shares Authorized | 1,975,677 |
Shares Outstanding | 1,543,348 |
Liquidation Preference Per Share | $8.65 |
Liquidation Preference | $13,351 |
Redeemable_Convertible_Preferr3
Redeemable Convertible Preferred Stock, Convertible Preferred Stock and Stockholders' Equity (Deficit) - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||||||||||||||||||
Apr. 24, 2013 | Oct. 26, 2012 | Nov. 30, 2012 | 31-May-12 | 31-May-11 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 26, 2012 | Dec. 31, 2013 | 31-May-11 | Dec. 31, 2013 | Dec. 31, 2013 | 31-May-11 | Oct. 31, 2012 | 31-May-12 | Dec. 31, 2013 | 31-May-12 | Oct. 31, 2012 | 31-May-12 | 31-May-11 | 31-May-11 | 31-May-11 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2012 | Dec. 31, 2013 | 31-May-12 | Oct. 26, 2012 | Dec. 31, 2013 | Oct. 26, 2012 | |
Vote | Equity Incentive Plan 2011 Plan [Member] | Equity Incentive Plan 2011 Plan [Member] | Equity Incentive Plan 2011 Plan [Member] | 2011 Amended and Restated Equity Incentive Plan [Member] | Stock Option Plan 2013 [Member] | Stock Options under 2011 [Member] | Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | Ambit Canada [Member] | Yet To Be Granted [Member] | 2012 Convertible Promissory Notes [Member] | Series E Financing [Member] | Warrants for Common Stock [Member] | May 2011 Warrants [Member] | May 2011 Warrants [Member] | Initial Public Offering [Member] | 2010 Bridge Loans [Member] | 2012 Bridge Financing [Member] | 2012 Bridge Financing [Member] | 2012 Bridge Financing [Member] | 2012 Canadian Bridge Financing [Member] | 2012 Canadian Bridge Financing [Member] | 2012 Canadian Bridge Financing [Member] | Series D-2 Redeemable Convertible Preferred Stock [Member] | Series D-2 Redeemable Convertible Preferred Stock [Member] | Series D-3 Preferred Stock [Member] | Series E Convertible Preferred Stock [Member] | Series E Convertible Preferred Stock [Member] | Series E Convertible Preferred Stock [Member] | Series E Convertible Preferred Stock [Member] | Series D Redeemable Convertible Preferred Stock [Member] | Series D Redeemable Convertible Preferred Stock [Member] | Series E Redeemable Convertible Preferred Stock [Member] | Series E Redeemable Convertible Preferred Stock [Member] | Series E Redeemable Convertible Preferred Stock [Member] | |||||||
Maximum [Member] | Minimum [Member] | Date of Purchase [Member] | 2011 Amended and Restated Equity Incentive Plan [Member] | 2013 Equity Incentive Plan [Member] | 2012 Convertible Promissory Notes [Member] | Ambit Canada [Member] | Series E Financing [Member] | Series E Financing [Member] | 2010 Bridge Loans [Member] | 2012 Convertible Promissory Notes [Member] | 2012 Bridge Financing [Member] | 2012 Canadian Bridge Financing [Member] | 2012 Bridge Financing [Member] | 2012 Convertible Promissory Notes [Member] | ||||||||||||||||||||||||||||
Ambit Canada [Member] | Ambit Canada [Member] | Series E Financing [Member] | May 2011 Warrants [Member] | Ambit Canada [Member] | ||||||||||||||||||||||||||||||||||||||
Ambit Canada [Member] | ||||||||||||||||||||||||||||||||||||||||||
Schedule Of Redeemable Convertible Preferred Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of aggregate shares investors agreed to purchase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,857,845 | ' | 5,047,717 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,762,411 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redeemable convertible preferred stock, price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.70 | ' | ' | ' | ' | ' | ' | ' | ' | $0.70 | ' | ' |
Gross proceeds from issuance of convertible preferred stock | ' | ' | ' | $7,100,000 | $19,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $22,200,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Redeemable convertible preferred stock, issuance costs | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount converted into shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate accrued interest converted into shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of loan outstanding balances and accrued interest into shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,123,172 | ' | ' | 17,008,346 | ' | 2,247,223 | 612,649 | ' | ' | 6,163,916 | ' |
Conversion price per share | ' | ' | ' | ' | $0.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of discount on per share amount | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants issued to purchase redeemable convertible preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,583,858 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants exercise price, price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants, expiry date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16-May-21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants outstanding, value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,500,000 | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | 1000.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Under which all outstanding principal and interest amounts were due on the earlier of (i) April 30, 2015 and (ii) immediately prior to an acquisition or asset transfer. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30-Apr-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,900,000 | ' | ' | ' | ' | ' | ' | 11,900,000 | ' | ' | ' | 1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,600,000 |
Issuance of convertible preferred stock upon conversion of bridge loans, Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,008,346 | ' | ' | ' | ' | ' | ' |
Reduction in ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares for which warrants became exercisable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,291,929 | ' | ' | ' |
Fair value of warrants | ' | ' | ' | ' | 2,800,000 | 6,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reverse split conversion | '1-for-24 basis | '1-for-100 basis | ' | ' | ' | '1-for-2,400 basis or 1-for-120 basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued | ' | ' | ' | ' | ' | 17,919,031 | 3,990 | ' | ' | ' | ' | ' | ' | 18,836 | ' | ' | ' | ' | 1,437 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate gross proceeds | ' | ' | 132,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,450,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,726,367 | ' | ' |
Issuance of preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31,718,021 | ' | ' | ' | ' | ' | ' | ' | 2,247,223 |
Issuance of warrants to purchase common stock | ' | ' | ' | ' | ' | 1,058,221 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock per share | ' | ' | $0.24 | ' | ' | $0.00 | $0.00 | ' | ' | ' | ' | ' | ' | $6.80 | ' | ' | ' | ' | ' | $0.24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant expiration date | ' | ' | ' | ' | ' | '2022-10-26 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issued additional shares | ' | ' | 188,320 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase of warrants | ' | ' | 3,324 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exchange of common stock for warrants | ' | ' | 729 | ' | ' | ' | 206 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exchangeable common stock for warrants | ' | ' | 72,977 | ' | ' | ' | 20,697 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock exercise price | ' | ' | $21.84 | ' | ' | ' | $36.96 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants terminate | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock fair value | ' | ' | ' | ' | ' | ' | 197,107 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common warrants exchanged | ' | ' | ' | ' | ' | ' | 93,675 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock outstanding | ' | ' | ' | ' | ' | 17,919,031 | 3,990 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock authorized | ' | ' | ' | ' | ' | 200,000,000 | 225,000,000 | 6,811 | 1,213,669 | 1,220,480 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share of common stock entitled to vote | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair market value of a share common stock purchase period | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | 85.00% | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expire Term | ' | ' | ' | ' | ' | ' | ' | '2021 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock reserved for issuance | ' | ' | ' | ' | ' | 3,559,040 | 9,307,129 | ' | ' | ' | 1,214,212 | ' | ' | ' | ' | ' | 6,117 | ' | ' | ' | ' | ' | 1,845,329 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employees agreed to cancel and retire | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,548 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options with strike prices | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-cash stock-based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 310,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expire period from date of grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options vest and fully exercisable over a period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options vest and exercisable over a period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation expense | ' | ' | ' | ' | ' | $5,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated weighted-average period | ' | ' | ' | ' | ' | '3 years 1 month 6 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee stock purchase plan, offering period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of withhold by Company from employee compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ESPP authorizes shares to be granted | ' | ' | ' | ' | ' | 518,313 | ' | ' | ' | ' | ' | ' | ' | 125,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redeemable_Convertible_Preferr4
Redeemable Convertible Preferred Stock, Convertible Preferred Stock and Stockholders' Equity (Deficit) - Summary of Stock Option Activity and Stock Option Plan (Detail) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 |
Equity [Abstract] | ' |
Number of Options outstanding, Beginning Balance | 1,220,138 |
Number of Options, Granted | 518,313 |
Number of Options, Exercised | -10,064 |
Number of Options, Cancelled | -45,010 |
Number of Options Outstanding, Ending Balance | 1,683,377 |
Weighted-Average Exercise Price, Options outstanding, Beginning Balance | $9.15 |
Weighted-Average Exercise Price, Granted | $12.51 |
Weighted-Average Exercise Price, Exercised | $6 |
Weighted-Average Exercise Price, Cancelled | $69.53 |
Weighted-Average Exercise Price, Options outstanding, Ending Balance | $8.59 |
Number of Options, vested and expected to vest | 1,432,466 |
Number of Options exercisable | 321,864 |
Weighted-Average Exercise Price, Options vested and expected to vest | $8.45 |
Weighted-Average Exercise Price, Options exercisable | $8.55 |
Weighted-Average Remaining Contractual Term , Options vested and expected to vest | '9 years 1 month 6 days |
Weighted-Average Remaining Contractual Term, Options exercisable | '8 years 9 months 18 days |
Aggregate Intrinsic Value, Options vested and expected to vest | $3,916 |
Aggregate Intrinsic Value, Options Exercisable | $1,168 |
Redeemable_Convertible_Preferr5
Redeemable Convertible Preferred Stock, Convertible Preferred Stock and Stockholders' Equity (Deficit) - Summary of Stock Options (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Equity [Abstract] | ' | ' |
Weighted-average remaining contractual term of options outstanding | '9 years 1 month 6 days | '9 years 10 months 24 days |
Aggregate intrinsic value of options outstanding | $4,410 | ' |
Intrinsic value of options exercised | 66 | ' |
Cash received upon exercise of stock options | $60 | ' |
Redeemable_Convertible_Preferr6
Redeemable Convertible Preferred Stock, Convertible Preferred Stock and Stockholders' Equity (Deficit) - Summary of Stock-Based Compensation (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Total stock-based compensation | $2,305 | $741 | $1,387 |
Research and Development [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Total stock-based compensation | 644 | 129 | 224 |
General and Administrative [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Total stock-based compensation | $1,661 | $612 | $1,163 |
Redeemable_Convertible_Preferr7
Redeemable Convertible Preferred Stock, Convertible Preferred Stock and Stockholders' Equity (Deficit) - Schedule of Common Shares Reserved for Future Issuance (Detail) | Dec. 31, 2013 | Dec. 31, 2012 |
Temporary Equity [Line Items] | ' | ' |
Total common shares reserved for future issuance | 3,559,040 | 9,307,129 |
Redeemable Convertible Preferred Stock and Convertible Preferred Stock [Member] | ' | ' |
Temporary Equity [Line Items] | ' | ' |
Total common shares reserved for future issuance | ' | 5,918,981 |
Redeemable Non-Controlling Interest [Member] | ' | ' |
Temporary Equity [Line Items] | ' | ' |
Total common shares reserved for future issuance | ' | 366,899 |
Warrants for Redeemable Convertible Preferred Stock and Convertible Preferred Stock [Member] | ' | ' |
Temporary Equity [Line Items] | ' | ' |
Total common shares reserved for future issuance | ' | 645,598 |
Warrants for Common Stock [Member] | ' | ' |
Temporary Equity [Line Items] | ' | ' |
Total common shares reserved for future issuance | 1,621,159 | 1,155,322 |
Common Stock Option Grants Issued and Outstanding [Member] | ' | ' |
Temporary Equity [Line Items] | ' | ' |
Total common shares reserved for future issuance | 1,683,377 | 1,220,138 |
Common Shares Available for Grant under the Stock Option Plan [Member] | ' | ' |
Temporary Equity [Line Items] | ' | ' |
Total common shares reserved for future issuance | 148,340 | 191 |
Common Shares Reserved under the ESPP [Member] | ' | ' |
Temporary Equity [Line Items] | ' | ' |
Total common shares reserved for future issuance | 106,164 | ' |
Collaboration_Agreements_Addit
Collaboration Agreements - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||
In Millions, unless otherwise specified | Mar. 07, 2013 | Dec. 31, 2009 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
Astellas [Member] | Astellas [Member] | Astellas [Member] | Astellas [Member] | Astellas [Member] | Astellas [Member] | Cephalon Inc. [Member] | Teva [Member] | Teva [Member] | Genoptix [Member] | BMS [Member] | |
Collaboration Agreements [Member] | Collaboration Agreements [Member] | Collaboration Agreements [Member] | |||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collaboration arrangement, agreement date | ' | ' | 31-Dec-09 | ' | ' | ' | 30-Nov-06 | ' | ' | 30-Sep-10 | 31-Oct-07 |
Collaboration arrangement, joint research program period | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Upfront, non-refundable fee received | ' | $40 | ' | ' | ' | ' | $15.50 | ' | ' | ' | ' |
Maximum estimated non-refundable fee recognized period | ' | '6 years 3 months | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of costs incurred from collaborative research and development | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Termination date of agreement | 2-Sep-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Aug-12 |
Revenues recorded under agreement | ' | ' | ' | 26.1 | 17.6 | 23.8 | ' | 1 | 0 | ' | ' |
Deferred revenues | ' | ' | ' | 0 | 20.7 | ' | ' | 0 | 0 | ' | ' |
Acquisition date | ' | ' | ' | ' | ' | ' | 31-Oct-11 | ' | ' | ' | ' |
Portion of agreement end date | ' | ' | ' | ' | ' | ' | '2009-11 | ' | ' | ' | ' |
Revenue due recognized | ' | ' | ' | ' | ' | ' | ' | $1 | ' | ' | ' |
Royalties payable period | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' |
Minimum written notice period for termination of agreement | ' | ' | ' | ' | ' | ' | ' | '90 days | ' | '60 days | ' |
Agreement termination description | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Genoptix may terminate the agreement upon 45 daysb notice for an unresolved dispute between the parties regarding the development of the laboratory diagnostic test, upon 30 daysb notice if there is an unresolved dispute regarding the Companybs payment of specified development costs and upon written notice if Ambit, its affiliates, or its sublicensees of certain intellectual property where Ambit does not, within ten days of receipt of notice from Genoptix, terminate such sublicense, contest or assist other parties in contesting Genoptixbs rights regarding such intellectual property. | ' |
Minimum days to terminate sub license | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 days | ' |
Income_Taxes_Schedule_of_Incom
Income Taxes - Schedule of Income (Loss) Before Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
United States operations | ($11,261) | ($26,477) | ($37,753) |
Foreign operations | -24 | -673 | 335 |
Loss before income taxes | ($11,285) | ($27,150) | ($37,418) |
Income_Taxes_Summary_of_Provis
Income Taxes - Summary of Provision for (Benefit) from Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
Federal | ($30) | ($122) | ' |
State and local | 1 | 1 | ' |
Foreign | ' | ' | ' |
Total current | -29 | -121 | ' |
Total deferred | ' | ' | ' |
Total provision | ($29) | ($121) | ' |
Income_Taxes_Reconciliation_be
Income Taxes - Reconciliation between Effective Tax Rate and Federal Statutory Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Income tax benefit at federal statutory rate | -35.00% | -35.00% | -35.00% |
Income tax benefit at state statutory rate | -5.70% | -5.60% | -5.80% |
Research and development credits | -11.30% | -0.70% | -1.80% |
Change in valuation allowance | 25.20% | 36.10% | 40.60% |
Accretion | 14.70% | 3.40% | 0.90% |
Equity compensation | 5.50% | 0.80% | 1.40% |
Other, net | 6.40% | 0.50% | -0.30% |
Effective income tax rate | -0.20% | -0.50% | 0.00% |
Income_Taxes_Components_of_Def
Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Net operating loss carryovers | $79,395 | $69,351 |
Deferred revenues | ' | 8,423 |
Research and development credits | 12,253 | 11,257 |
Other comprehensive income | 130 | ' |
Other | 2,541 | 2,313 |
Total deferred tax assets | 94,319 | 91,344 |
Deferred tax liabilities: | ' | ' |
Other comprehensive income | ' | -19 |
Total deferred tax liabilities | ' | -19 |
Net deferred tax asset | 94,319 | 91,325 |
Valuation allowance | -94,319 | -91,325 |
Net deferred tax assets | ' | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Operating Loss Carryforwards [Line Items] | ' | ' |
Research and development tax credit carryforwards | $12,253,000 | $11,257,000 |
Cumulative change in ownership percentage | 50.00% | ' |
Cumulative change in ownership period | '3 years | ' |
Recognized interest and penalties | 0 | 0 |
Federal [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Net operating loss carryforwards | 192,800,000 | 167,500,000 |
Operating loss carryforwards expiring year | '2022 | ' |
Research and development tax credit carryforwards | 6,400,000 | 5,000,000 |
Operating loss carryforwards expiring year | '2024 | ' |
Net operating loss carryforwards reduced | 5,500,000 | ' |
Research and development tax credit carryforwards reduced | 2,000,000 | ' |
State [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Net operating loss carryforwards | 181,700,000 | 159,300,000 |
Operating loss carryforwards expiring year | '2016 | ' |
Tax credit carryforwards | 6,100,000 | 5,700,000 |
Net operating loss carryforwards reduced | 11,400,000 | ' |
Canadian [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Net operating loss carryforwards | 5,900,000 | 6,300,000 |
Operating loss carryforwards expiring year | '2026 | ' |
Tax credit carryforwards | $4,100,000 | $4,400,000 |
Income_Taxes_Summary_of_Change
Income Taxes - Summary of Changes in Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' |
Gross unrecognized tax benefits at Beginning balance | $2,384 | $2,301 |
Increase in prior year position | 176 | 122 |
Increase in current year position | 209 | 83 |
Lapse in statute of limitations | -30 | -122 |
Gross unrecognized tax benefits at Ending balance | $2,739 | $2,384 |
Sale_of_Kinase_Profiling_Servi1
Sale of Kinase Profiling Services Business - Additional Information (Detail) (DiscoverRx Corporation [Member], USD $) | 0 Months Ended | 1 Months Ended | ||
Oct. 21, 2010 | Aug. 31, 2013 | Jan. 31, 2011 | Dec. 31, 2013 | |
DiscoverRx Corporation [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Consideration for sale of assets | $7,300,000 | ' | $400,000 | ' |
Incremental consideration upon the achievement of certain sales and operational milestones | ' | ' | 4,500,000 | ' |
Obligation to purchase minimum of screening services | ' | ' | ' | 625,000 |
Company earning of incremental consideration | ' | 2,500,000 | ' | ' |
Remaining incremental consideration, company is not eligible to earn | ' | $2,000,000 | ' | ' |