Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 01, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'Mast Therapeutics, Inc. | ' |
Entity Central Index Key | '0001160308 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 102,710,286 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Current assets: | ' | ' |
Cash and cash equivalents | $30,231,154 | $22,500,440 |
Investment securities | 19,131,616 | 14,010,962 |
Interest and other receivables | 29,185 | 15,689 |
Prepaid expenses | 542,423 | 646,571 |
Total current assets | 49,934,378 | 37,173,662 |
Property and equipment, net | 115,092 | 198,358 |
In-process research and development | 6,549,000 | 6,549,000 |
Goodwill | 3,006,883 | 3,006,883 |
Other assets | 43,912 | 43,912 |
Total assets | 59,649,265 | 46,971,815 |
Current liabilities: | ' | ' |
Accounts payable | 794,674 | 698,838 |
Accrued liabilities | 2,155,179 | 1,283,976 |
Accrued compensation and payroll taxes | 1,026,888 | 445,352 |
Contingent liability | ' | 142,500 |
Total current liabilities | 3,976,741 | 2,570,666 |
Deferred income tax liability | 2,608,755 | 2,608,755 |
Total liabilities | 6,585,496 | 5,179,421 |
Stockholders' equity: | ' | ' |
Common stock, $0.001 par value; 500,000,000 shares authorized; 102,710,286 and 47,719,365 shares issued at September 30, 2013 and December 31, 2012, respectively; 102,710,286 and 46,265,286 shares outstanding at September 30, 2013 and December 31, 2012, respectively | 102,710 | 47,720 |
Treasury stock, at cost - 0 and 1,454,079 shares at September 30, 2013 and December 31, 2012, respectively | ' | -1,454 |
Additional paid-in capital | 253,713,892 | 226,696,863 |
Accumulated other comprehensive loss | -28,722 | -2,194 |
Deficit accumulated during the development stage | -200,724,111 | -184,948,541 |
Total stockholders' equity | 53,063,769 | 41,792,394 |
Total liabilities and stockholders' equity | $59,649,265 | $46,971,815 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Statement Of Financial Position [Abstract] | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 102,710,286 | 47,719,365 |
Common stock, shares outstanding | 102,710,286 | 46,265,286 |
Treasury stock, shares | 0 | 1,454,079 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations and Comprehensive Income/(Loss) (USD $) | 3 Months Ended | 9 Months Ended | 208 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Revenues: | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | $174,830 |
Licensing revenue | ' | ' | ' | ' | 1,300,000 |
Grant revenue | ' | ' | ' | ' | 618,692 |
Total net revenues | ' | ' | ' | ' | 2,093,522 |
Cost of goods sold | ' | ' | ' | ' | 51,094 |
Gross margin | ' | ' | ' | ' | 2,042,428 |
Operating expenses: | ' | ' | ' | ' | ' |
Research and development | 3,102,240 | 1,657,902 | 9,382,087 | 5,976,217 | 95,439,543 |
Selling, general and administrative | 2,158,417 | 1,816,181 | 6,371,048 | 5,732,478 | 74,037,760 |
Transaction-related expenses | ' | -266,222 | 35,000 | -174,711 | 706,652 |
Depreciation and amortization | 10,064 | 10,638 | 28,738 | 77,569 | 11,053,973 |
Write-off of in-process research and development | ' | ' | ' | ' | 10,422,130 |
Goodwill impairment | ' | ' | ' | ' | 5,702,130 |
Equity in loss of investee | ' | ' | ' | ' | 178,936 |
Total operating expenses | 5,270,721 | 3,218,499 | 15,816,873 | 11,611,553 | 197,541,124 |
Loss from operations | -5,270,721 | -3,218,499 | -15,816,873 | -11,611,553 | -195,498,696 |
Reduction of fair value of warrants | ' | ' | ' | ' | -12,239,688 |
Interest income | 17,327 | 18,347 | 42,638 | 56,300 | 4,874,846 |
Interest expense | ' | ' | ' | ' | -191,729 |
Other income (expense), net | -137 | 1,099 | -1,335 | -7,480 | 128,370 |
Loss before cumulative effect of change in accounting principle | -5,253,531 | -3,199,053 | -15,775,570 | -11,562,733 | -202,926,897 |
Cumulative effect of change in accounting principle | ' | ' | ' | ' | -25,821 |
Net loss | -5,253,531 | -3,199,053 | -15,775,570 | -11,562,733 | -202,952,718 |
Preferred stock dividends | ' | ' | ' | ' | -621,240 |
Deemed dividends on preferred stock | ' | ' | ' | ' | -10,506,683 |
Net loss applicable to common stock | -5,253,531 | -3,199,053 | -15,775,570 | -11,562,733 | -214,080,641 |
Net loss per common share - basic and diluted | ($0.05) | ($0.07) | ($0.23) | ($0.24) | ' |
Weighted average shares outstanding - basic and diluted | 102,710,286 | 47,715,709 | 67,781,879 | 47,715,709 | ' |
Comprehensive Income/(Loss): | ' | ' | ' | ' | ' |
Net loss | -5,253,531 | -3,199,053 | -15,775,570 | -11,562,733 | -202,952,718 |
Other comprehensive gains (losses) | -19,884 | 76 | -26,528 | 79 | -28,722 |
Comprehensive loss | ($5,273,415) | ($3,198,977) | ($15,802,098) | ($11,562,654) | ($202,981,440) |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | 208 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Cash flows from operating activities: | ' | ' | ' |
Net loss | ($15,775,570) | ($11,562,733) | ($202,952,718) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' |
Depreciation and amortization | 28,738 | 77,569 | 10,603,975 |
Loss on disposals of equipment | ' | 4,503 | 61,315 |
Loss on fair value of warrants | ' | ' | 12,239,688 |
Loss/(gain) on change in fair value of contingent consideration | 35,000 | -174,711 | -1,493,907 |
Amortization of debt discount | ' | ' | 450,000 |
Forgiveness of employee receivable | ' | ' | 30,036 |
Impairment loss - write-off of goodwill | ' | ' | 5,702,130 |
Share-based compensation expense related to employee stock options and restricted stock issued | 1,159,021 | 1,073,872 | 12,708,345 |
Expenses related to options issued to non-employees | ' | ' | 204,664 |
Expenses paid by issuance of common stock | ' | ' | 1,341,372 |
Expenses paid by issuance of warrants | ' | ' | 573,357 |
Expenses paid by issuance of preferred stock | ' | ' | 142,501 |
Expenses related to stock warrants issued | ' | ' | 612,000 |
Equity in loss of investee | ' | ' | 178,936 |
In-process research and development | ' | ' | 10,422,130 |
Write-off of license agreement | ' | ' | 152,866 |
Impairment of equipment | ' | 300,114 | 510,739 |
Cumulative effect of change in accounting principle | ' | ' | 25,821 |
Amortization of premium / (accretion of discount) on investments in securities | ' | 21,840 | -1,571,502 |
Changes in assets and liabilities, net of effect of acquisitions: | ' | ' | ' |
Decrease/(increase) in prepaid expenses and other assets | 90,500 | -437,266 | -865,359 |
Increase in accounts payable and accrued liabilities | 1,533,636 | 127,484 | 3,828,814 |
Net cash used in operating activities | -12,928,675 | -10,569,328 | -147,094,797 |
Cash flows from investing activities: | ' | ' | ' |
Purchases of certificates of deposit | -19,407,030 | -13,581,000 | -43,390,209 |
Proceeds from maturities of certificates of deposit | 14,260,000 | 6,880,000 | 23,703,330 |
Proceeds from sale of certificate of deposit | ' | ' | 248,000 |
Purchases of other investment securities | ' | ' | -111,183,884 |
Proceeds from maturities and sales of other investment securities | ' | ' | 113,036,378 |
Purchases of property and equipment | -45,348 | -210,909 | -1,782,152 |
Proceeds from sale of property and equipment | ' | ' | 66,920 |
Cash paid for acquisitions, net of cash acquired | ' | ' | 32,395 |
Payment on obligation under license agreement | ' | ' | -106,250 |
Issuance of note receivable - related party | ' | ' | -35,000 |
Payments on note receivable | ' | ' | 405,993 |
Advance to investee | ' | ' | -90,475 |
Cash transferred in rescission of acquisition | ' | ' | -19,475 |
Cash received in rescission of acquisition | ' | ' | 230,000 |
Net cash used in investing activities | -5,192,378 | -6,911,909 | -18,884,429 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from sale of common stock | 28,097,500 | ' | 151,756,371 |
Proceeds from exercise of stock options | ' | ' | 714,561 |
Proceeds from sale or exercise of warrants | ' | ' | 14,714,258 |
Proceeds from sale of preferred stock | ' | ' | 44,474,720 |
Repurchase of Subject to Vesting Shares | ' | ' | -1,454 |
Repurchase of warrants | ' | ' | -55,279 |
Payments for financing and offering costs | -2,244,211 | ' | -16,141,578 |
Payments on notes payable and long-term debt | ' | ' | -605,909 |
Proceeds from issuance of notes payable and detachable warrants | ' | ' | 1,344,718 |
Cash paid in lieu of fractional shares for reverse stock split | ' | ' | -146 |
Net cash provided by financing activities | 25,853,289 | ' | 196,200,262 |
Effect of exchange rate changes on cash | -1,522 | ' | 10,118 |
Net increase/(decrease) in cash and cash equivalents | 7,730,714 | -17,481,237 | 30,231,154 |
Cash and cash equivalents at beginning of period | 22,500,440 | 43,569,947 | ' |
Cash and cash equivalents at end of period | $30,231,154 | $26,088,710 | $30,231,154 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
1. Basis of Presentation | |
Mast Therapeutics, Inc., a Delaware corporation (“Mast Therapeutics,” “we” or “our company”), prepared the unaudited interim condensed consolidated financial statements included in this report in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”) related to quarterly reports on Form 10-Q. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for annual audited financial statements and should be read in conjunction with our audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2012, filed with the SEC on March 19, 2013 (“2012 Annual Report”). The condensed consolidated balance sheet as of December 31, 2012 included in this report has been derived from the audited consolidated financial statements included in the 2012 Annual Report. In the opinion of management, these condensed consolidated financial statements include all adjustments (consisting of normal recurring adjustments) necessary for a fair statement of the financial position, results of operations and cash flows for the periods presented. The results of operations for the interim periods shown in this report are not necessarily indicative of the results that may be expected for any future period, including the full year. | |
We are a biopharmaceutical company focused on developing therapies for serious or life-threatening diseases. We have devoted substantially all of our resources to research and development (“R&D”), and acquisition of our product candidates. We have not yet marketed or sold any products or generated any significant revenue. Through our acquisition of SynthRx, Inc. in 2011, we acquired our Membrane Adhesion & Sealant Technology (MAST) platform, which includes proprietary poloxamer-related data and know-how derived from over two decades of clinical, nonclinical and manufacturing experience, and we are leveraging the MAST platform to develop MST-188 for diseases and conditions characterized by microcirculatory insufficiency. | |
In prior years, we were developing Exelbine™ and ANX-514, both of which are investigational oncology programs, but, beginning in 2012, we have focused our resources almost exclusively on development of MST-188. | |
In March 2013, we merged our wholly-owned subsidiary, Mast Therapeutics, Inc., with and into us and changed our name from ADVENTRX Pharmaceuticals, Inc. to Mast Therapeutics, Inc. The merger had no effect on our financial statements. |
Use_of_Estimates
Use of Estimates | 9 Months Ended |
Sep. 30, 2013 | |
Text Block [Abstract] | ' |
Use of Estimates | ' |
2. Use of Estimates | |
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in our consolidated financial statements and accompanying notes. On an ongoing basis, we evaluate our estimates, including estimates related to R&D expenses and share-based compensation expenses. We base our estimates on historical experience and various other relevant assumptions we believe to be reasonable under the circumstances. Actual results may differ from these estimates. |
Acquisition_of_SynthRx
Acquisition of SynthRx | 9 Months Ended |
Sep. 30, 2013 | |
Business Combinations [Abstract] | ' |
Acquisition of SynthRx | ' |
3. Acquisition of SynthRx | |
On February 12, 2011, we entered into an agreement and plan of merger (the “Merger Agreement”) to acquire SynthRx, Inc. (“SynthRx”), a privately-held Delaware corporation, in exchange for shares of our common stock as described below. The transaction was completed on April 8, 2011 and SynthRx became a wholly-owned subsidiary of Mast Therapeutics. As consideration for the transaction, all shares of SynthRx common stock outstanding immediately prior to the effective time of the merger were cancelled and automatically converted into the right to receive shares of our common stock, in the aggregate, as follows: | |
(i) 862,078 shares of our common stock, which were issued on April 8, 2011 (the “Fully Vested Shares”) and represent 1,000,000 shares less 137,922 shares that were deducted as a result of certain expenses of SynthRx; | |
(ii) up to 1,938,773 shares of our common stock (the “Subject to Vesting Shares,” and together with the Fully Vested Shares, the “Closing Shares”), which were issued on April 8, 2011 subject to various repurchase rights by us that were triggered based on the timing and circumstances of achievement of the First Milestone (defined below); | |
(iii) up to 1,000,000 shares of our common stock (the “First Milestone Shares”) issuable upon achievement of the First Milestone; | |
(iv) 3,839,400 shares of our common stock (the “Second Milestone Shares”) issuable upon achievement of the Second Milestone (defined below); and | |
(v) 8,638,650 shares of our common stock (the “Third Milestone Shares,” and together with the First Milestone Shares and the Second Milestone Shares, the “Milestone Shares”) issuable upon achievement of the Third Milestone (defined below). | |
The “First Milestone” was defined in the Merger Agreement as the dosing of the first patient in a phase 3 clinical study of purified poloxamer 188 carried out pursuant to a protocol that is mutually agreed to by SynthRx and Mast Therapeutics; provided, however, that the number of evaluable patients planned to target statistical significance with a p value of 0.01 in the primary endpoint shall not exceed 250 unless otherwise mutually agreed (the “First Protocol”). If the U.S. Food and Drug Administration (“FDA”) indicates that a single phase 3 clinical study will not be adequate to support approval of a new drug application covering the use of purified poloxamer 188 for the treatment of sickle cell crisis in children (the “188 NDA”), “First Milestone” shall mean the dosing of the first patient in a phase 3 clinical study carried out pursuant to a protocol that (a) is mutually agreed to by SynthRx and Mast Therapeutics as such and (b) describes a phase 3 clinical study that the FDA has indicated may be sufficient, with the phase 3 clinical study described in the First Protocol, to support approval of the 188 NDA. We considered the dosing of the first patient in the EPIC study, our phase 3 clinical trial of MST-188 in sickle cell disease, to be the First Milestone. | |
The Subject to Vesting Shares were issued subject to a repurchase option that provided us the right to repurchase up to approximately 75% of the Subject to Vesting Shares, or 1,454,079 shares, for $0.001 per share based on the timing of achievement of the First Milestone and whether and the extent to which the number of evaluable patients planned to target statistical significance with a p value of 0.01 in the primary endpoint exceeds 250 patients, unless otherwise agreed. | |
Under the Merger Agreement, the number of shares issuable upon achievement of the First Milestone was subject to reduction by up to 75%, or 750,000 shares, based on the timing of achievement of the First Milestone and whether and the extent to which the number of evaluable patients planned to target statistical significance with a p value of 0.01 in the primary endpoint exceeded 250 patients, unless otherwise agreed. | |
The “Second Milestone” means the FDA’s acceptance of the 188 NDA for review, and the “Third Milestone” means the approval by the FDA of the 188 NDA. Although issuance of the Second Milestone Shares and the Third Milestone Shares is contingent upon achievement of the Second Milestone and Third Milestone, respectively, the number of shares issuable upon achievement of each of those milestones is fixed. | |
Based on the estimated fair value of the Closing Shares and the Milestone Shares as of April 8, 2011, the acquisition date, the total purchase price was approximately $6.7 million. | |
Acquired In-Process Research and Development | |
Our acquired IPR&D was the estimated fair value as of the acquisition date of MST-188, which was SynthRx’s lead product candidate. We determined that the estimated fair value of the MST-188 program was $6.5 million as of the acquisition date using the Multi-Period Excess Earnings Method, or MPEEM, which is a form of the income approach. Under the MPEEM, the fair value of an intangible asset is equal to the present value of the asset’s incremental after-tax cash flows (excess earnings) remaining after deducting the market rates of return on the estimated value of contributory assets (contributory charge) over its remaining useful life. | |
To calculate fair value of the MST-188 program under the MPEEM, we used probability-weighted cash flows discounted at a rate considered appropriate given the significant inherent risks associated with drug development by development-stage companies. Cash flows were calculated based on estimated projections of revenues and expenses related to MST-188 in sickle cell disease and then reduced by a contributory charge on requisite assets employed. Contributory assets included debt-free working capital, net fixed assets and assembled workforce. Rates of return on the contributory assets were based on rates used for comparable market participants. Cash flows were assumed to extend through the market exclusivity period estimated to be provided by orphan drug designation. The resultant cash flows were then discounted to present value using a weighted-average cost of equity capital for companies with profiles substantially similar to that of SynthRx, which we believe represents the rate that market participants would use to value the assets. We compensated for the phase of development of this program by applying a probability factor to our estimation of the expected future cash flows. The projected cash flows were based on significant assumptions, such as the time and resources needed to complete the development and approval of MST-188 in sickle cell disease, estimates of revenue and operating profit related to the program considering its stage of development, the life of the potential commercialized product and associated risks, including the inherent difficulties and uncertainties in drug development, such as obtaining marketing approval from the FDA and other regulatory agencies, and risks related to the viability of and potential alternative treatments in any future target markets. | |
We test our acquired IPR&D for impairment annually (and between annual tests if we become aware of an event or a change in circumstances that would indicate the carrying amount may be impaired) in accordance with Accounting Standards Codification (“ASC”) Topic 350, Intangibles – Goodwill and Other and Accounting Standards Update (“ASU”) No. 2012-02, Intangibles – Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment. We perform our annual indefinite-lived intangible assets impairment testing as of September 30 of each year. As of September 30, 2013, no impairment was noted. | |
Goodwill | |
A value of $3.0 million, representing the difference between the total purchase price and the aggregate fair values of tangible and intangible assets acquired, less liabilities assumed, was recorded as goodwill. We acquired SynthRx to expand our product pipeline, enter into new therapeutic areas and address unmet market needs. These are among the factors that contributed to a purchase price for the SynthRx acquisition that resulted in the recognition of goodwill. | |
We test our goodwill for impairment annually (and between annual tests if we become aware of an event or a change in circumstances that would indicate the carrying amount may be impaired) in accordance with ASC Topic 350, Intangibles – Goodwill and Other, and ASU No. 2011-08, Intangibles – Goodwill and Other (Topic 350): Testing Goodwill for Impairment. We perform our annual goodwill impairment testing as of September 30 of each year and this year we elected to bypass the qualitative assessment and proceed directly to the two-step quantitative impairment test. Step 1 requires a comparison of the carrying value of a reporting unit, including goodwill, to its estimated fair value. We test for goodwill impairment at the entity level because we operate on the basis of a single reporting unit. In Step 1 of the two-step quantitative test, we compared our carrying value, including goodwill and acquired IPR&D, to estimated fair value. Estimated fair value of the entity included market values for our cash, cash equivalents and investment securities, as well as the estimated fair value of acquired IPR&D. We calculated the estimated fair value of acquired IPR&D by using the MPEEM. This method requires us to make long-term projections of revenues and expenses related to development and commercialization of MST-188 in sickle cell disease and assumptions regarding the rate of return on contributory assets, the weighted average cost of capital and the probability adjustment factor for estimated future after-tax cash flows. Through Step 1 of the impairment test, we concluded that, as of September 30, 2013, the fair value of the entity was substantially greater than its carrying value, and, therefore, goodwill was not considered impaired. We estimated fair value based on assumptions that we believe to be reasonable but that are highly judgmental due in part to the inherent unpredictability of drug development, particularly by a development-stage company. | |
Deferred Income Tax Liability | |
The $2.6 million recorded for deferred income tax liability resulting from the acquisition reflects the tax impact of the difference between the book basis and tax basis of acquired IPR&D. Such deferred income tax liability cannot be used to offset deferred tax assets when analyzing our end of year valuation allowance as the acquired IPR&D is considered to have an indefinite life until we complete or abandon development of MST-188. | |
Contingent Consideration | |
The Milestone Shares and 1,454,079 of the Subject to Vesting Shares were considered contingent consideration at the acquisition date because our obligation to issue the Milestone Shares and our repurchase rights with respect to 1,454,079 of the Subject to Vesting Shares were contingent on future events. To determine the classification of the fair value of this contingent consideration as a liability or equity, we reviewed ASC Topic 815-40, Derivatives and Hedging – Contracts in Entity’s Own Equity (“ASC 815-40”), which requires that contingent consideration arrangements that include potential net cash settlements or variable provisions be classified as a liability (or an asset, as applicable). Such classification requires a fair value measurement initially and subsequently at each reporting date. Changes in the fair value of contingent consideration classified as a liability or an asset are recognized in earnings until the contingent consideration arrangement is settled. Classification as equity requires fair value measurement initially and there are no subsequent re-measurements. Settlement of equity-classified contingent consideration is accounted for within equity. | |
The probability-weighted fair values of the Second Milestone Shares and the Third Milestone Shares were recorded as equity as there is no net cash settlement provision and the number of shares that ultimately may be issued upon achievement of each of those milestones is fixed. However, the probability-weighted fair value of the First Milestone Shares was recorded as a contingent liability and the probability-weighted fair value of 1,454,079 of the Subject to Vesting Shares was recorded as a contingent asset because there was variability with respect to the number of shares that we ultimately would be required to issue and repurchase, respectively, based on the circumstances of achievement of the First Milestone, as described above. | |
The contingent liability related to the First Milestone Shares was eliminated, or “settled,” in May 2013 with achievement of the First Milestone and our subsequent issuance of 250,000 of the First Milestone Shares. The contingent asset related to the 1,454,079 Subject to Vesting Shares was settled in December 2012 by our exercise in full of our repurchase option and purchase of the 1,454,079 shares from the former SynthRx stockholders for $0.001 per share. In accordance with ASC 815-40, we remeasured the contingent liability and contingent asset as of their respective settlement dates. |
Investment_Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2013 | |
Investments Debt And Equity Securities [Abstract] | ' |
Investment Securities | ' |
4. Investment Securities | |
Investment securities are marketable equity or debt securities. All of our investment securities are “available-for-sale” securities and carried at fair value. Fair value for securities with short maturities and infrequent secondary market trades typically is determined by using a curve-based evaluation model that utilizes quoted prices for similar securities. The evaluation model takes into consideration the days to maturity, coupon rate and settlement date convention. Net unrealized gains or losses on these securities are included in accumulated other comprehensive loss, which is a separate component of stockholders’ equity. Realized gains and realized losses are included in other income/(expense), while amortization of premiums and accretion of discounts are included in interest income. Interest and dividends on available-for-sale securities are included in interest income. We periodically evaluate our investment securities for impairment. If we determine that a decline in fair value of any investment security is other than temporary, then the cost basis would be written down to fair value and the decline in value would be charged to earnings. | |
Our investment securities are under the custodianship of a major financial institution and consist of FDIC-insured certificates of deposit. We have classified all of our available-for-sale investment securities, including those with maturities beyond one year from the date of purchase, as current assets on our consolidated balance sheets because we consider them to be highly liquid and available for use, if needed, in current operations. As of September 30, 2013, $2.5 million of our investment securities had contractual maturity dates of more than one year and less than or equal to 18 months and none were greater than 18 months. | |
At September 30, 2013, the fair value of our investment securities was $19,131,616. The cost basis of such investments was $19,158,030 and our net unrealized losses were $26,414. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||
5. Fair Value of Financial Instruments | |||||||||||||||||
Our investment securities are and, prior to its settlement, our contingent liability was carried at fair value. The fair value of financial assets and liabilities is measured under a framework that establishes “levels” which are defined as follows: (i) Level 1 fair value is determined from observable, quoted prices in active markets for identical assets or liabilities; (ii) Level 2 fair value is determined from quoted prices for similar items in active markets or quoted prices for identical or similar items in markets that are not active; and (iii) Level 3 fair value is determined using the entity’s own assumptions about the inputs that market participants would use in pricing an asset or liability. | |||||||||||||||||
The fair value at September 30, 2013 of our investment securities is summarized in the following table: | |||||||||||||||||
September 30, 2013 | |||||||||||||||||
Total Fair | Fair Value Determined Under: | ||||||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Investment securities | $ | 19,131,616 | $ | — | $ | 19,131,616 | $ | — | |||||||||
The contingent liability was settled in May 2013. A reconciliation of the contingent liability for the nine months ended September 30, 2013 is as follows: | |||||||||||||||||
Nine months ended | |||||||||||||||||
September 30, 2013 | |||||||||||||||||
Balance at December 31, 2012 | $ | (142,500 | ) | ||||||||||||||
Settlements | 177,500 | ||||||||||||||||
Total net losses included in earnings | (35,000 | ) | |||||||||||||||
Balance at September 30, 2013 | $ | 0 | |||||||||||||||
The fair value of the contingent liability was measured and recorded on a recurring basis using significant unobservable inputs (Level 3). At each remeasurement date until the contingent arrangement was settled, we determined the fair value of the contingent liability based on the market price of our common stock on the measurement date and our estimate of the number of First Milestone Shares we would issue, which was based on our estimate of the probability of achievement of the First Milestone and assumptions regarding the circumstances under which it would be achieved. As discussed in Note 3, the contingent liability was settled in May 2013 and we issued 250,000 of the First Milestone Shares. |
Property_and_Equipment
Property and Equipment | 9 Months Ended |
Sep. 30, 2013 | |
Property Plant And Equipment [Abstract] | ' |
Property and Equipment | ' |
6. Property and Equipment | |
Property and equipment are stated at cost, less accumulated depreciation. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the assets, which generally is three to five years. Leasehold improvements are amortized over the economic life of the asset or the lease term, whichever is shorter. | |
In connection with our determination in 2012 to discontinue independent development of ANX-514, we assessed the classification and recoverability, at the end of each fiscal quarter, of certain equipment held and used in research and development-related manufacturing of ANX-514 (the “ANX-514 equipment”) by our contract manufacturer. The original cost of the ANX-514 equipment was $0.6 million. We determined, based on an independent appraisal, that the carrying amount of the ANX-514 equipment exceeded its estimated fair value and was not recoverable. For the year ended December 31, 2012, we recorded an impairment loss of $0.4 million, which was the difference between the carrying amount and estimated fair value at December 31, 2012, as a research and development expense in our consolidated statement of operations and comprehensive income/(loss). The ANX-514 equipment was not classified separately as “held for sale” as of December 31, 2012 because the criteria for that classification, as set forth in ASC Topic 360-10, Property, Plant and Equipment – Overall, were not met. | |
In April 2013, in connection with reaching an agreement with our contract manufacturer regarding final payment for ANX-514 research-related manufacturing activities, we agreed to assign ownership of the ANX-514 equipment with a carrying amount of $99,875 to the contract manufacturer. |
Accrued_Liabilities
Accrued Liabilities | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Accrued Liabilities | ' | ||||||||
7. Accrued Liabilities | |||||||||
Accrued liabilities at September 30, 2013 and December 31, 2012 were as follows: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Accrued contracts and study expenses | $ | 1,829,235 | $ | 1,203,808 | |||||
Other accrued liabilities | 325,944 | 80,168 | |||||||
Total accrued liabilities | $ | 2,155,179 | $ | 1,283,976 |
ShareBased_Compensation_Expens
Share-Based Compensation Expense | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Share-Based Compensation Expense | ' | ||||||||||||||||
8. Share-Based Compensation Expense | |||||||||||||||||
Estimated share-based compensation expense related to equity awards granted to our employees and non-employee directors for the three and nine months ended September 30, 2013 and 2012 was as follows: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Selling, general and administrative expense | $ | 395,316 | $ | 338,447 | $ | 1,033,921 | $ | 1,036,373 | |||||||||
Research and development expense | 47,012 | 21,096 | 125,100 | 37,499 | |||||||||||||
Share-based compensation expense | $ | 442,328 | $ | 359,543 | $ | 1,159,021 | $ | 1,073,872 | |||||||||
During the nine months ended September 30, 2013, the only equity awards granted to our employees and non-employee directors were stock option awards. The following table summarizes such equity award activity: | |||||||||||||||||
Shares | Weighted- | ||||||||||||||||
Underlying | Average | ||||||||||||||||
Option | Exercise | ||||||||||||||||
Awards | Price | ||||||||||||||||
Outstanding at December 31, 2012 | 3,585,743 | $ | 2.31 | ||||||||||||||
Granted | 3,765,504 | $ | 0.51 | ||||||||||||||
Exercised | — | $ | — | ||||||||||||||
Cancelled/forfeited/expired | (203,144 | ) | $ | 0.74 | |||||||||||||
Outstanding at September 30, 2013 | 7,148,103 | $ | 1.41 | ||||||||||||||
At September 30, 2013, total unrecognized estimated compensation cost related to non-vested employee and non-employee director share-based awards granted prior to that date was $3.0 million, which is expected to be recognized over a weighted-average period of 2.9 years. |
Net_Loss_Per_Common_Share
Net Loss Per Common Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Net Loss Per Common Share | ' | ||||||||||||||||
9. Net Loss Per Common Share | |||||||||||||||||
Basic and diluted net loss per common share was calculated by dividing the net loss applicable to common stock for the three and nine months ended September 30, 2013 and 2012 by the weighted-average number of common shares outstanding during those periods, respectively, without consideration for outstanding common stock equivalents because their effect would have been anti-dilutive. Common stock equivalents are included in the calculation of diluted earnings per common share only if their effect is dilutive. For the periods presented, our outstanding common stock equivalents consisted of options and warrants to purchase shares of our common stock. The weighted-average number of those common stock equivalents outstanding for each of the periods presented is set forth in the table below: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Options | 7,190,672 | 3,120,646 | 5,242,471 | 2,949,056 | |||||||||||||
Warrants | 44,585,932 | 16,652,811 | 27,192,242 | 17,296,389 |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Changes And Error Corrections [Abstract] | ' |
Recent Accounting Pronouncements | ' |
10. Recent Accounting Pronouncements | |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (“ASU 2013-11”). This standard requires an unrecognized tax benefit related to a net operating loss carryforward, a similar tax loss or a tax credit carryforward to be presented as a reduction to a deferred tax asset, unless the tax benefit is not available at the reporting date to settle any additional income taxes under the tax law of the applicable tax jurisdiction. ASU 2013-11 is effective for fiscal years and interim periods beginning after December 15, 2013, with early adoption permitted. We do not believe that the adoption of this standard will have an impact on our consolidated financial position, results of operations or cash flows. | |
In February 2013, FASB issued ASU No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (“ASU 2013-02”). This standard requires companies to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, companies are required to present, either on the face of the statement where net income is presented or in the accompanying notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income, but only if the amount reclassified is required to be reclassified to net income in its entirety in the same reporting period. For amounts that are not required to be reclassified in their entirety to net income, companies are required to cross-reference to other disclosures that provide additional detail on those amounts. ASU 2013-02 is effective prospectively for reporting periods beginning after December 15, 2012. We adopted this guidance effective January 1, 2013. Our adoption of this standard did not have a significant impact on our consolidated financial position, results of operations and other comprehensive income/loss or cash flows. There were no realized gains or losses on marketable securities in the three months ended September 30, 2013. | |
In December 2011, FASB issued ASU 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”). ASU 2011-11 requires companies to provide new disclosures about offsetting and related arrangements for financial instruments and derivatives. The provisions of ASU 2011-11 are effective for annual reporting periods beginning on or after January 1, 2013, and must be applied retrospectively. We adopted this guidance effective January 1, 2013. The adoption of this standard did not have a significant impact on our consolidated financial position, results of operations and other comprehensive income/loss or cash flows. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||
Supplemental Cash Flow Information | ' | ||||||||||||
11. Supplemental Cash Flow Information | |||||||||||||
Non-cash investing and financing transactions presented separately from the condensed consolidated statements of cash flows for the nine months ended September 30, 2013 and 2012 and for the period from inception (June 12, 1996) through September 30, 2013 are as follows: | |||||||||||||
Nine months ended | Inception | ||||||||||||
September 30, | (June 12, 1996) | ||||||||||||
through | |||||||||||||
2013 | 2012 | September 30, 2013 | |||||||||||
Supplemental disclosures of cash flow information: | |||||||||||||
Interest paid | $ | — | $ | — | $ | 180,719 | |||||||
Supplemental disclosures of non-cash investing and financing activities: | |||||||||||||
Issuance of warrants, common stock and preferred stock for: | |||||||||||||
Conversion of notes payable and accrued interest | — | — | 1,213,988 | ||||||||||
Prepaid services to consultants | — | — | 1,482,781 | ||||||||||
Conversion of preferred stock | — | — | 13,674 | ||||||||||
Acquisitions | — | — | 30,666,878 | ||||||||||
Issuance of common stock to pay dividends | — | — | 213,000 | ||||||||||
Financial advisor services in conjunction with financings | — | — | 3,477,571 | ||||||||||
Underwriter commissions in conjunction with financings | — | — | 766,784 | ||||||||||
Acquisition of treasury stock in settlement of a claim | — | — | 34,737 | ||||||||||
Cancellation of treasury stock | — | — | (34,737 | ) | |||||||||
Assumptions of liabilities in acquisitions | — | — | 1,531,806 | ||||||||||
Fair value of contingent liabilities, net of contingent assets, recorded at acquisition date | — | — | 784,419 | ||||||||||
Issuance of common stock for milestone achievement | 250 | — | 250 | ||||||||||
Acquisition of license agreement for long-term debt | — | — | 161,180 | ||||||||||
Unrealized loss/(gain) on investment securities | 26,528 | (79 | ) | 26,566 | |||||||||
Disposal of equipment in conjunction with settlement of a liability | 99,875 | — | 99,875 | ||||||||||
Cashless exercise of warrants | — | — | 4,312 | ||||||||||
Dividends accrued | — | — | 621,040 | ||||||||||
Trade asset converted to available-for-sale asset | — | — | 108,000 | ||||||||||
Dividends extinguished | — | — | 408,240 | ||||||||||
Trade payable converted to note payable | — | — | 83,948 | ||||||||||
Issuance of warrants for return of common stock | — | — | 50,852 | ||||||||||
Detachable warrants issued with notes payable | — | — | 450,000 | ||||||||||
Cumulative preferred stock dividends | — | — | 13,502,403 | ||||||||||
Purchases of property and equipment in accounts payable | — | — | 22,966 | ||||||||||
Financing costs in accounts payable and accrued liabilities | 116,336 | — | 116,336 |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Equity [Abstract] | ' | ||||||||
Stockholders' Equity | ' | ||||||||
12. Stockholders’ Equity | |||||||||
Underwritten Public Offering of Common Stock and Warrants | |||||||||
In June 2013, we completed an underwritten public offering of 56,195,000 shares of our common stock and warrants to purchase up to 28,097,500 additional shares of our common stock. Of the 56,195,000 shares of our common stock issued, 1,454,079 of such shares were issued from our treasury stock. These securities were offered and sold to the underwriters and the public in units with each unit consisting of one share of common stock and one warrant to purchase up to 0.5 of a share of common stock. The gross proceeds from this financing were $28.1 million and, after deducting underwriting discounts and commissions and our other offering expenses, our net proceeds were $25.7 million. We may receive up to $18.3 million of additional proceeds from the exercise of the warrants issued in the financing. The exercise price of the warrants is $0.65 per share. Subject to certain beneficial ownership limitations, the warrants are exercisable at any time on or before June 19, 2018. | |||||||||
Outstanding Warrants | |||||||||
At September 30, 2013, outstanding warrants to purchase shares of common stock are as follows: | |||||||||
Shares Underlying | Exercise Price | Expiration Date | |||||||
Outstanding Warrants | |||||||||
99,696 | $ | 11.9125 | Jun-14 | ||||||
36,071 | $ | 3.75 | Jun-14 | ||||||
19,007 | $ | 4.475 | Jul-14 | ||||||
14,183 | $ | 4.0625 | Aug-14 | ||||||
144,000 | $ | 5.875 | Oct-14 | ||||||
216,000 | $ | 3.67 | Oct-14 | ||||||
409,228 | $ | 3.44 | Apr-15 | ||||||
1,062,500 | $ | 1 | Apr-15 | ||||||
1,816,608 | $ | 3.65 | May-15 | ||||||
2,046,139 | $ | 2.75 | Jan-16 | ||||||
10,625,000 | $ | 1.1 | Nov-16 | ||||||
28,097,500 | $ | 0.65 | Jun-18 | ||||||
44,585,932 | |||||||||
Acquisition_of_SynthRx_Policie
Acquisition of SynthRx (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Business Combinations [Abstract] | ' |
Acquired In-Process Research and Development | ' |
Acquired In-Process Research and Development | |
Our acquired IPR&D was the estimated fair value as of the acquisition date of MST-188, which was SynthRx’s lead product candidate. We determined that the estimated fair value of the MST-188 program was $6.5 million as of the acquisition date using the Multi-Period Excess Earnings Method, or MPEEM, which is a form of the income approach. Under the MPEEM, the fair value of an intangible asset is equal to the present value of the asset’s incremental after-tax cash flows (excess earnings) remaining after deducting the market rates of return on the estimated value of contributory assets (contributory charge) over its remaining useful life. | |
To calculate fair value of the MST-188 program under the MPEEM, we used probability-weighted cash flows discounted at a rate considered appropriate given the significant inherent risks associated with drug development by development-stage companies. Cash flows were calculated based on estimated projections of revenues and expenses related to MST-188 in sickle cell disease and then reduced by a contributory charge on requisite assets employed. Contributory assets included debt-free working capital, net fixed assets and assembled workforce. Rates of return on the contributory assets were based on rates used for comparable market participants. Cash flows were assumed to extend through the market exclusivity period estimated to be provided by orphan drug designation. The resultant cash flows were then discounted to present value using a weighted-average cost of equity capital for companies with profiles substantially similar to that of SynthRx, which we believe represents the rate that market participants would use to value the assets. We compensated for the phase of development of this program by applying a probability factor to our estimation of the expected future cash flows. The projected cash flows were based on significant assumptions, such as the time and resources needed to complete the development and approval of MST-188 in sickle cell disease, estimates of revenue and operating profit related to the program considering its stage of development, the life of the potential commercialized product and associated risks, including the inherent difficulties and uncertainties in drug development, such as obtaining marketing approval from the FDA and other regulatory agencies, and risks related to the viability of and potential alternative treatments in any future target markets. | |
We test our acquired IPR&D for impairment annually (and between annual tests if we become aware of an event or a change in circumstances that would indicate the carrying amount may be impaired) in accordance with Accounting Standards Codification (“ASC”) Topic 350, Intangibles – Goodwill and Other and Accounting Standards Update (“ASU”) No. 2012-02, Intangibles – Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment. We perform our annual indefinite-lived intangible assets impairment testing as of September 30 of each year. As of September 30, 2013, no impairment was noted. | |
Goodwill | ' |
Goodwill | |
A value of $3.0 million, representing the difference between the total purchase price and the aggregate fair values of tangible and intangible assets acquired, less liabilities assumed, was recorded as goodwill. We acquired SynthRx to expand our product pipeline, enter into new therapeutic areas and address unmet market needs. These are among the factors that contributed to a purchase price for the SynthRx acquisition that resulted in the recognition of goodwill. | |
We test our goodwill for impairment annually (and between annual tests if we become aware of an event or a change in circumstances that would indicate the carrying amount may be impaired) in accordance with ASC Topic 350, Intangibles – Goodwill and Other, and ASU No. 2011-08, Intangibles – Goodwill and Other (Topic 350): Testing Goodwill for Impairment. We perform our annual goodwill impairment testing as of September 30 of each year and this year we elected to bypass the qualitative assessment and proceed directly to the two-step quantitative impairment test. Step 1 requires a comparison of the carrying value of a reporting unit, including goodwill, to its estimated fair value. We test for goodwill impairment at the entity level because we operate on the basis of a single reporting unit. In Step 1 of the two-step quantitative test, we compared our carrying value, including goodwill and acquired IPR&D, to estimated fair value. Estimated fair value of the entity included market values for our cash, cash equivalents and investment securities, as well as the estimated fair value of acquired IPR&D. We calculated the estimated fair value of acquired IPR&D by using the MPEEM. This method requires us to make long-term projections of revenues and expenses related to development and commercialization of MST-188 in sickle cell disease and assumptions regarding the rate of return on contributory assets, the weighted average cost of capital and the probability adjustment factor for estimated future after-tax cash flows. Through Step 1 of the impairment test, we concluded that, as of September 30, 2013, the fair value of the entity was substantially greater than its carrying value, and, therefore, goodwill was not considered impaired. We estimated fair value based on assumptions that we believe to be reasonable but that are highly judgmental due in part to the inherent unpredictability of drug development, particularly by a development-stage company. | |
Deferred Income Tax Liability | ' |
Deferred Income Tax Liability | |
The $2.6 million recorded for deferred income tax liability resulting from the acquisition reflects the tax impact of the difference between the book basis and tax basis of acquired IPR&D. Such deferred income tax liability cannot be used to offset deferred tax assets when analyzing our end of year valuation allowance as the acquired IPR&D is considered to have an indefinite life until we complete or abandon development of MST-188. | |
Contingent Consideration | ' |
Contingent Consideration | |
The Milestone Shares and 1,454,079 of the Subject to Vesting Shares were considered contingent consideration at the acquisition date because our obligation to issue the Milestone Shares and our repurchase rights with respect to 1,454,079 of the Subject to Vesting Shares were contingent on future events. To determine the classification of the fair value of this contingent consideration as a liability or equity, we reviewed ASC Topic 815-40, Derivatives and Hedging – Contracts in Entity’s Own Equity (“ASC 815-40”), which requires that contingent consideration arrangements that include potential net cash settlements or variable provisions be classified as a liability (or an asset, as applicable). Such classification requires a fair value measurement initially and subsequently at each reporting date. Changes in the fair value of contingent consideration classified as a liability or an asset are recognized in earnings until the contingent consideration arrangement is settled. Classification as equity requires fair value measurement initially and there are no subsequent re-measurements. Settlement of equity-classified contingent consideration is accounted for within equity. | |
The probability-weighted fair values of the Second Milestone Shares and the Third Milestone Shares were recorded as equity as there is no net cash settlement provision and the number of shares that ultimately may be issued upon achievement of each of those milestones is fixed. However, the probability-weighted fair value of the First Milestone Shares was recorded as a contingent liability and the probability-weighted fair value of 1,454,079 of the Subject to Vesting Shares was recorded as a contingent asset because there was variability with respect to the number of shares that we ultimately would be required to issue and repurchase, respectively, based on the circumstances of achievement of the First Milestone, as described above. | |
The contingent liability related to the First Milestone Shares was eliminated, or “settled,” in May 2013 with achievement of the First Milestone and our subsequent issuance of 250,000 of the First Milestone Shares. The contingent asset related to the 1,454,079 Subject to Vesting Shares was settled in December 2012 by our exercise in full of our repurchase option and purchase of the 1,454,079 shares from the former SynthRx stockholders for $0.001 per share. In accordance with ASC 815-40, we remeasured the contingent liability and contingent asset as of their respective settlement dates. | |
Recent Accounting Pronouncements | ' |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (“ASU 2013-11”). This standard requires an unrecognized tax benefit related to a net operating loss carryforward, a similar tax loss or a tax credit carryforward to be presented as a reduction to a deferred tax asset, unless the tax benefit is not available at the reporting date to settle any additional income taxes under the tax law of the applicable tax jurisdiction. ASU 2013-11 is effective for fiscal years and interim periods beginning after December 15, 2013, with early adoption permitted. We do not believe that the adoption of this standard will have an impact on our consolidated financial position, results of operations or cash flows. | |
In February 2013, FASB issued ASU No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (“ASU 2013-02”). This standard requires companies to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, companies are required to present, either on the face of the statement where net income is presented or in the accompanying notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income, but only if the amount reclassified is required to be reclassified to net income in its entirety in the same reporting period. For amounts that are not required to be reclassified in their entirety to net income, companies are required to cross-reference to other disclosures that provide additional detail on those amounts. ASU 2013-02 is effective prospectively for reporting periods beginning after December 15, 2012. We adopted this guidance effective January 1, 2013. Our adoption of this standard did not have a significant impact on our consolidated financial position, results of operations and other comprehensive income/loss or cash flows. There were no realized gains or losses on marketable securities in the three months ended September 30, 2013. | |
In December 2011, FASB issued ASU 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”). ASU 2011-11 requires companies to provide new disclosures about offsetting and related arrangements for financial instruments and derivatives. The provisions of ASU 2011-11 are effective for annual reporting periods beginning on or after January 1, 2013, and must be applied retrospectively. We adopted this guidance effective January 1, 2013. The adoption of this standard did not have a significant impact on our consolidated financial position, results of operations and other comprehensive income/loss or cash flows. |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Values of Investment Securities | ' | ||||||||||||||||
The fair value at September 30, 2013 of our investment securities is summarized in the following table: | |||||||||||||||||
September 30, 2013 | |||||||||||||||||
Total Fair | Fair Value Determined Under: | ||||||||||||||||
Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Investment securities | $ | 19,131,616 | $ | — | $ | 19,131,616 | $ | — | |||||||||
Class Reconciliation of the Contingent Liability That are Measured and Recorded at Fair Value on a Recurring Basis Using Significant Unobservable Inputs | ' | ||||||||||||||||
The contingent liability was settled in May 2013. A reconciliation of the contingent liability for the nine months ended September 30, 2013 is as follows: | |||||||||||||||||
Nine months ended | |||||||||||||||||
September 30, 2013 | |||||||||||||||||
Balance at December 31, 2012 | $ | (142,500 | ) | ||||||||||||||
Settlements | 177,500 | ||||||||||||||||
Total net losses included in earnings | (35,000 | ) | |||||||||||||||
Balance at September 30, 2013 | $ | 0 | |||||||||||||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Accrued Liabilities | ' | ||||||||
Accrued liabilities at September 30, 2013 and December 31, 2012 were as follows: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Accrued contracts and study expenses | $ | 1,829,235 | $ | 1,203,808 | |||||
Other accrued liabilities | 325,944 | 80,168 | |||||||
Total accrued liabilities | $ | 2,155,179 | $ | 1,283,976 | |||||
ShareBased_Compensation_Expens1
Share-Based Compensation Expense (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Estimated Share-based Compensation Expense Related to Equity Awards Granted to Employees and Non-employee Directors | ' | ||||||||||||||||
Estimated share-based compensation expense related to equity awards granted to our employees and non-employee directors for the three and nine months ended September 30, 2013 and 2012 was as follows: | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Selling, general and administrative expense | $ | 395,316 | $ | 338,447 | $ | 1,033,921 | $ | 1,036,373 | |||||||||
Research and development expense | 47,012 | 21,096 | 125,100 | 37,499 | |||||||||||||
Share-based compensation expense | $ | 442,328 | $ | 359,543 | $ | 1,159,021 | $ | 1,073,872 | |||||||||
Summary of Equity Award Activity | ' | ||||||||||||||||
The following table summarizes such equity award activity: | |||||||||||||||||
Shares | Weighted- | ||||||||||||||||
Underlying | Average | ||||||||||||||||
Option | Exercise | ||||||||||||||||
Awards | Price | ||||||||||||||||
Outstanding at December 31, 2012 | 3,585,743 | $ | 2.31 | ||||||||||||||
Granted | 3,765,504 | $ | 0.51 | ||||||||||||||
Exercised | — | $ | — | ||||||||||||||
Cancelled/forfeited/expired | (203,144 | ) | $ | 0.74 | |||||||||||||
Outstanding at September 30, 2013 | 7,148,103 | $ | 1.41 | ||||||||||||||
Net_Loss_Per_Common_Share_Tabl
Net Loss Per Common Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Weighted-average Number of Those Common Stock Equivalents Outstanding | ' | ||||||||||||||||
The weighted-average number of those common stock equivalents outstanding for each of the periods presented is set forth in the table below: | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Options | 7,190,672 | 3,120,646 | 5,242,471 | 2,949,056 | |||||||||||||
Warrants | 44,585,932 | 16,652,811 | 27,192,242 | 17,296,389 |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||
Supplemental Cash Flow Information | ' | ||||||||||||
Non-cash investing and financing transactions presented separately from the condensed consolidated statements of cash flows for the nine months ended September 30, 2013 and 2012 and for the period from inception (June 12, 1996) through September 30, 2013 are as follows: | |||||||||||||
Nine months ended | Inception | ||||||||||||
September 30, | (June 12, 1996) | ||||||||||||
through | |||||||||||||
2013 | 2012 | September 30, 2013 | |||||||||||
Supplemental disclosures of cash flow information: | |||||||||||||
Interest paid | $ | — | $ | — | $ | 180,719 | |||||||
Supplemental disclosures of non-cash investing and financing activities: | |||||||||||||
Issuance of warrants, common stock and preferred stock for: | |||||||||||||
Conversion of notes payable and accrued interest | — | — | 1,213,988 | ||||||||||
Prepaid services to consultants | — | — | 1,482,781 | ||||||||||
Conversion of preferred stock | — | — | 13,674 | ||||||||||
Acquisitions | — | — | 30,666,878 | ||||||||||
Issuance of common stock to pay dividends | — | — | 213,000 | ||||||||||
Financial advisor services in conjunction with financings | — | — | 3,477,571 | ||||||||||
Underwriter commissions in conjunction with financings | — | — | 766,784 | ||||||||||
Acquisition of treasury stock in settlement of a claim | — | — | 34,737 | ||||||||||
Cancellation of treasury stock | — | — | (34,737 | ) | |||||||||
Assumptions of liabilities in acquisitions | — | — | 1,531,806 | ||||||||||
Fair value of contingent liabilities, net of contingent assets, recorded at acquisition date | — | — | 784,419 | ||||||||||
Issuance of common stock for milestone achievement | 250 | — | 250 | ||||||||||
Acquisition of license agreement for long-term debt | — | — | 161,180 | ||||||||||
Unrealized loss/(gain) on investment securities | 26,528 | (79 | ) | 26,566 | |||||||||
Disposal of equipment in conjunction with settlement of a liability | 99,875 | — | 99,875 | ||||||||||
Cashless exercise of warrants | — | — | 4,312 | ||||||||||
Dividends accrued | — | — | 621,040 | ||||||||||
Trade asset converted to available-for-sale asset | — | — | 108,000 | ||||||||||
Dividends extinguished | — | — | 408,240 | ||||||||||
Trade payable converted to note payable | — | — | 83,948 | ||||||||||
Issuance of warrants for return of common stock | — | — | 50,852 | ||||||||||
Detachable warrants issued with notes payable | — | — | 450,000 | ||||||||||
Cumulative preferred stock dividends | — | — | 13,502,403 | ||||||||||
Purchases of property and equipment in accounts payable | — | — | 22,966 | ||||||||||
Financing costs in accounts payable and accrued liabilities | 116,336 | — | 116,336 |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Equity [Abstract] | ' | ||||||||
Outstanding Warrants to Purchase Shares of Common Stock | ' | ||||||||
At September 30, 2013, outstanding warrants to purchase shares of common stock are as follows: | |||||||||
Shares Underlying | Exercise Price | Expiration Date | |||||||
Outstanding Warrants | |||||||||
99,696 | $ | 11.9125 | Jun-14 | ||||||
36,071 | $ | 3.75 | Jun-14 | ||||||
19,007 | $ | 4.475 | Jul-14 | ||||||
14,183 | $ | 4.0625 | Aug-14 | ||||||
144,000 | $ | 5.875 | Oct-14 | ||||||
216,000 | $ | 3.67 | Oct-14 | ||||||
409,228 | $ | 3.44 | Apr-15 | ||||||
1,062,500 | $ | 1 | Apr-15 | ||||||
1,816,608 | $ | 3.65 | May-15 | ||||||
2,046,139 | $ | 2.75 | Jan-16 | ||||||
10,625,000 | $ | 1.1 | Nov-16 | ||||||
28,097,500 | $ | 0.65 | Jun-18 | ||||||
44,585,932 | |||||||||
Acquisition_of_SynthRx_Additio
Acquisition of SynthRx - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 30, 2011 | Apr. 08, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | |
PValue | ||||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ' | ' | ' | ' |
Minimum Shares issued based on the achievement of First Milestone | ' | ' | 250,000 | ' |
P-Value, significance level of statistical test using more than 250 patients | ' | 0.01 | ' | ' |
P-Value, significance level of statistical test, Terms, description | 'With a p value of 0.01 in the primary endpoint shall not exceeds 250 (unless otherwise agreed) | ' | ' | ' |
Repurchase of shares | ' | ' | ' | 1,454,079 |
Number of patients - primary endpoint | 'Exceeds 250 patients | ' | ' | ' |
Preliminary estimated purchase price | ' | $6,700,000 | ' | ' |
Annual indefinite-lived intangible assets Impairment noted | ' | ' | 0 | ' |
Goodwill | ' | ' | 3,006,883 | 3,006,883 |
Deferred income tax liability resulting from the acquisition | ' | ' | 2,600,000 | ' |
Net cash settlement provision | ' | ' | 0 | ' |
Synthrx [Member] | ' | ' | ' | ' |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ' | ' | ' | ' |
Repurchase of shares | ' | ' | 1,454,079 | ' |
Repurchase price of shares | ' | ' | $0.00 | ' |
IPR & D, ANX-188 lead product program, fair value | ' | ' | 6,500,000 | ' |
Goodwill | ' | ' | 3,000,000 | ' |
Initial Consideration (Fully Vested Shares) [Member] | ' | ' | ' | ' |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ' | ' | ' | ' |
Minimum Shares issued based on the achievement of First Milestone | 862,078 | ' | ' | ' |
Shares issued , Fully vested shares | 1,000,000 | ' | ' | ' |
Shares deducted as a result of certain expenses of SynthRx | 137,922 | ' | ' | ' |
Initial Consideration (Subject to Vesting Shares) [Member] | ' | ' | ' | ' |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ' | ' | ' | ' |
Shares issued, Subject to vesting shares | ' | 1,938,773 | ' | ' |
Percentage of shares issuable to reduce | 75.00% | ' | ' | ' |
Repurchase of shares | 1,454,079 | ' | ' | ' |
First Milestone - Dosing of First Patient [Member] | ' | ' | ' | ' |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ' | ' | ' | ' |
Shares issued , Fully vested shares | ' | ' | 1,000,000 | ' |
Percentage of shares issuable to reduce | ' | ' | 75.00% | ' |
Repurchase price of shares | $0.00 | ' | ' | ' |
Percentage of shares issuable | ' | ' | 750,000 | ' |
Subsequent re-measurement | ' | ' | $0 | ' |
Second Milestone - NDA Acceptance [Member] | ' | ' | ' | ' |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ' | ' | ' | ' |
Shares issued , Fully vested shares | ' | ' | 3,839,400 | ' |
Third Milestone - FDA Approval [Member] | ' | ' | ' | ' |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ' | ' | ' | ' |
Shares issued , Fully vested shares | ' | ' | 8,638,650 | ' |
Investment_Securities_Addition
Investment Securities - Additional Information (Detail) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2012 | |
Investment Holdings [Abstract] | ' | ' |
Amount of Investment Securities | $2,500,000 | ' |
Investment securities | 19,131,616 | 14,010,962 |
Cost basis of investments securities | 19,158,030 | ' |
Unrealized losses | $26,414 | ' |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Fair Values of Investment Securities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Investment securities | $19,131,616 | $14,010,962 |
Fair Value Determined Under Level 1 [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Investment securities | ' | ' |
Fair Value Determined Under Level 2 [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Investment securities | 19,131,616 | ' |
Fair Value Determined Under Level 3 [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Investment securities | ' | ' |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments - Class Reconciliation of the Contingent Liability That are Measured and Recorded at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Detail) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Fair Value Disclosures [Abstract] | ' |
Beginning Balance | ($142,500) |
Settlements | 177,500 |
Total net losses included in earnings | -35,000 |
Ending Balance | $0 |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments - Additional Information (Detail) (Contingent Consideration Classified as Equity [Member], First Milestone - Dosing of First Patient [Member]) | 31-May-13 |
Contingent Consideration Classified as Equity [Member] | First Milestone - Dosing of First Patient [Member] | ' |
Fair Value Inputs, Equity, Quantitative Information [Line Items] | ' |
Number of shares issued | 250,000 |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | 12 Months Ended | 208 Months Ended | |
Apr. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Impairment Loss | ' | ' | $300,114 | $400,000 | $510,739 |
wrote-off the carrying amount | 99,875 | 99,875 | ' | ' | 99,875 |
Maximum [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property and equipment estimated useful lives | ' | '5 years | ' | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property and equipment estimated useful lives | ' | '3 years | ' | ' | ' |
Equipment in Progress [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Original of Cost Equipment | ' | ' | ' | $600,000 | ' |
Accrued_Liabilities_Accrued_Li
Accrued Liabilities - Accrued Liabilities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Payables And Accruals [Abstract] | ' | ' |
Accrued contracts and study expenses | $1,829,235 | $1,203,808 |
Other accrued liabilities | 325,944 | 80,168 |
Total accrued liabilities | $2,155,179 | $1,283,976 |
ShareBased_Compensation_Expens2
Share-Based Compensation Expense - Estimated Share-Based Compensation Expense Related to Equity Awards Granted to Employees and Non-Employee Directors (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | $442,328 | $359,543 | $1,159,021 | $1,073,872 |
Selling, General and Administrative Expense [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | 395,316 | 338,447 | 1,033,921 | 1,036,373 |
Research and Development Expense [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | $47,012 | $21,096 | $125,100 | $37,499 |
ShareBased_Compensation_Expens3
Share-Based Compensation Expense - Summary of Equity Award Activity (Detail) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Shares underlying option awards, Outstanding at beginning balance | 3,585,743 |
Shares underlying option awards, Granted | 3,765,504 |
Shares underlying option awards, Exercised | ' |
Shares underlying option awards, Cancelled/forfeited/expired | -203,144 |
Shares underlying option awards, Outstanding at ending balance | 7,148,103 |
Weighted average exercise price, beginning balance | $2.31 |
Weighted average exercise price, Granted | $0.51 |
Weighted average exercise price, option exercised | ' |
Weighted average exercise price, Cancelled/forfeited/expired | $0.74 |
Weighted average exercise price, ending balance | $1.41 |
ShareBased_Compensation_Expens4
Share-Based Compensation Expense - Additional Information (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Total unrecognized estimated compensation cost related to non-vested employee and non-employee director share- based awards | $3 |
Expected to be recognized over a weighted-average period | '2 years 10 months 24 days |
Net_Loss_Per_Common_Share_Weig
Net Loss Per Common Share - Weighted-average Number of Those Common Stock Equivalents Outstanding (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Warrants [Member] | ' | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Anti-dilutive securities | 44,585,932 | 16,652,811 | 27,192,242 | 17,296,389 |
Options [Member] | ' | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Anti-dilutive securities | 7,190,672 | 3,120,646 | 5,242,471 | 2,949,056 |
Recent_Accounting_Pronouncemen1
Recent Accounting Pronouncements - Additional Information (Detail) (USD $) | 3 Months Ended |
Sep. 30, 2013 | |
Accounting Changes And Error Corrections [Abstract] | ' |
Realized gains or losses on marketable securities | $0 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information - Supplemental Cash Flow Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | 208 Months Ended | |
Apr. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Supplemental disclosures of cash flow information: | ' | ' | ' | ' |
Interest paid | ' | ' | ' | $180,719 |
Issuance of warrants, common stock and preferred stock for: | ' | ' | ' | ' |
Conversion of notes payable and accrued interest | ' | ' | ' | 1,213,988 |
Prepaid services to consultants | ' | ' | ' | 1,482,781 |
Conversion of preferred stock | ' | ' | ' | 13,674 |
Acquisitions | ' | ' | ' | 30,666,878 |
Issuance of common stock to pay dividends | ' | ' | ' | 213,000 |
Financial advisor services in conjunction with financings | ' | ' | ' | 3,477,571 |
Underwriter commissions in conjunction with financings | ' | ' | ' | 766,784 |
Acquisition of treasury stock in settlement of a claim | ' | ' | ' | 34,737 |
Cancellation of treasury stock | ' | ' | ' | -34,737 |
Assumptions of liabilities in acquisitions | ' | ' | ' | 1,531,806 |
Fair value of contingent liabilities, net of contingent assets, recorded at acquisition date | ' | ' | ' | 784,419 |
Issuance of common stock for milestone achievement | ' | 250 | ' | 250 |
Acquisition of license agreement for long-term debt | ' | ' | ' | 161,180 |
Unrealized loss/(gain) on investment securities | ' | 26,528 | -79 | 26,566 |
Disposal of equipment in conjunction with settlement of a liability | 99,875 | 99,875 | ' | 99,875 |
Cashless exercise of warrants | ' | ' | ' | 4,312 |
Dividends accrued | ' | ' | ' | 621,040 |
Trade asset converted to available-for-sale asset | ' | ' | ' | 108,000 |
Dividends extinguished | ' | ' | ' | 408,240 |
Trade payable converted to note payable | ' | ' | ' | 83,948 |
Issuance of warrants for return of common stock | ' | ' | ' | 50,852 |
Detachable warrants issued with notes payable | ' | ' | ' | 450,000 |
Cumulative preferred stock dividends | ' | ' | ' | 13,502,403 |
Purchases of property and equipment in accounts payable | ' | ' | ' | 22,966 |
Financing costs in accounts payable and accrued liabilities | ' | $116,336 | ' | $116,336 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended |
In Millions, except Share data, unless otherwise specified | Jun. 30, 2013 | Sep. 30, 2013 |
Class of Warrant or Right [Line Items] | ' | ' |
Common stock, shares issued | 56,195,000 | ' |
Additional shares of common stock purchased using warrants | 28,097,500 | ' |
Treasury stock issued | 1,454,079 | ' |
Securities offered and sold combination | ' | 'Securities were offered and sold to the underwriters and the public in units with each unit consisting of one share of common stock and one warrant to purchase up to 0.5 of a share of common stock. |
Aggregate number of common stock | 0.5 | ' |
Additional proceeds from the exercise of warrants | ' | $18.30 |
Gross proceeds of financing | ' | 28.1 |
Net proceeds from financing | ' | $25.70 |
Warrants exercisable | ' | 19-Jun-18 |
Warrants [Member] | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' |
Exercise price of warrants per share | ' | 0.65 |
Stockholders_Equity_Outstandin
Stockholders' Equity - Outstanding Warrants to Purchase Shares of Common Stock (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Class of Warrant or Right [Line Items] | ' |
Shares Underlying Outstanding Warrants | 44,585,932 |
June 2014 [Member] | ' |
Class of Warrant or Right [Line Items] | ' |
Shares Underlying Outstanding Warrants | 99,696 |
Exercise Price | 11.9125 |
Expiration Date | 30-Jun-14 |
June 2014 [Member] | ' |
Class of Warrant or Right [Line Items] | ' |
Shares Underlying Outstanding Warrants | 36,071 |
Exercise Price | 3.75 |
Expiration Date | 30-Jun-14 |
July 2014 [Member] | ' |
Class of Warrant or Right [Line Items] | ' |
Shares Underlying Outstanding Warrants | 19,007 |
Exercise Price | 4.475 |
Expiration Date | 31-Jul-14 |
August 2014 [Member] | ' |
Class of Warrant or Right [Line Items] | ' |
Shares Underlying Outstanding Warrants | 14,183 |
Exercise Price | 4.0625 |
Expiration Date | 31-Aug-14 |
October 2014 [Member] | ' |
Class of Warrant or Right [Line Items] | ' |
Shares Underlying Outstanding Warrants | 144,000 |
Exercise Price | 5.875 |
Expiration Date | 31-Oct-14 |
October 2014 [Member] | ' |
Class of Warrant or Right [Line Items] | ' |
Shares Underlying Outstanding Warrants | 216,000 |
Exercise Price | 3.67 |
Expiration Date | 31-Oct-14 |
April 2015 [Member] | ' |
Class of Warrant or Right [Line Items] | ' |
Shares Underlying Outstanding Warrants | 409,228 |
Exercise Price | 3.44 |
Expiration Date | 30-Apr-15 |
April 2015 [Member] | ' |
Class of Warrant or Right [Line Items] | ' |
Shares Underlying Outstanding Warrants | 1,062,500 |
Exercise Price | 1 |
Expiration Date | 30-Apr-15 |
May 2015 [Member] | ' |
Class of Warrant or Right [Line Items] | ' |
Shares Underlying Outstanding Warrants | 1,816,608 |
Exercise Price | 3.65 |
Expiration Date | 31-May-15 |
January 2016 [Member] | ' |
Class of Warrant or Right [Line Items] | ' |
Shares Underlying Outstanding Warrants | 2,046,139 |
Exercise Price | 2.75 |
Expiration Date | 31-Jan-16 |
November 2016 [Member] | ' |
Class of Warrant or Right [Line Items] | ' |
Shares Underlying Outstanding Warrants | 10,625,000 |
Exercise Price | 1.1 |
Expiration Date | 30-Nov-16 |
June 2018 [Member] | ' |
Class of Warrant or Right [Line Items] | ' |
Shares Underlying Outstanding Warrants | 28,097,500 |
Exercise Price | 0.65 |
Expiration Date | 30-Jun-18 |