Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 6-May-15 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | Mast Therapeutics, Inc. | |
Entity Central Index Key | 1160308 | |
Trading Symbol | MSTX | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 163,071,779 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $27,934 | $35,808 |
Investment securities | 21,953 | 21,481 |
Prepaid expenses and other current assets | 675 | 1,114 |
Total current assets | 50,562 | 58,403 |
Property and equipment, net | 248 | 188 |
In-process research and development | 8,549 | 8,549 |
Goodwill | 3,007 | 3,007 |
Other assets | 354 | 353 |
Total assets | 62,720 | 70,500 |
Current liabilities: | ||
Accounts payable | 2,278 | 1,370 |
Accrued liabilities | 6,104 | 5,625 |
Accrued compensation and payroll taxes | 799 | 1,443 |
Total current liabilities | 9,181 | 8,438 |
Long-term lease obligation | 27 | |
Deferred income tax liability | 3,404 | 3,404 |
Total liabilities | 12,612 | 11,842 |
Stockholders' equity: | ||
Common stock, $0.001 par value; 500,000,000 shares authorized; 159,476,176 and 159,458,376 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively | 159 | 159 |
Additional paid-in capital | 294,698 | 293,655 |
Accumulated other comprehensive loss | -2 | -25 |
Accumulated deficit | -244,747 | -235,131 |
Total stockholders' equity | 50,108 | 58,658 |
Total liabilities and stockholders' equity | $62,720 | $70,500 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
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 | 159,476,176 | 159,458,376 |
Common stock, shares outstanding | 159,476,176 | 159,458,376 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations and Comprehensive Income/(Loss) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Income Statement [Abstract] | ||
Revenues | $0 | $0 |
Operating expenses: | ||
Research and development | 6,042,000 | 4,281,000 |
Selling, general and administrative | 3,578,000 | 2,266,000 |
Transaction-related expenses | 280,000 | |
Depreciation and amortization | 30,000 | 12,000 |
Total operating expenses | 9,650,000 | 6,839,000 |
Loss from operations | -9,650,000 | -6,839,000 |
Interest income | 30,000 | 15,000 |
Interest expense | 0 | |
Other income, net | 4,000 | 453,000 |
Net loss | -9,616,000 | -6,371,000 |
Net loss per share - basic and diluted | ($0.06) | ($0.06) |
Weighted average shares outstanding - basic and diluted | 159,458,772 | 105,053,762 |
Comprehensive Income/(Loss): | ||
Net loss | -9,616,000 | -6,371,000 |
Other comprehensive income/(loss) | 23,000 | -5,000 |
Comprehensive net loss | ($9,593,000) | ($6,376,000) |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net loss | ($9,616) | ($6,371) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 30 | 12 |
Gain on bargain purchase | -453 | |
Share-based compensation expense | 1,066 | 399 |
Changes in assets and liabilities, net of effect of acquisitions: | ||
Decrease in prepaid expenses and other assets | 438 | 202 |
Increase/(decrease) in accounts payable and accrued liabilities | 733 | -62 |
Net cash used in operating activities | -7,349 | -6,273 |
Cash flows from investing activities: | ||
Purchases of certificates of deposit | -5,296 | -6,745 |
Proceeds from maturities of certificates of deposit | 4,847 | 5,679 |
Purchases of property and equipment | -70 | -6 |
Cash obtained through acquisition | 3,534 | |
Net cash (used in)/provided by investing activities | -519 | 2,462 |
Cash flows from financing activities: | ||
Proceeds from sale of common stock | 9 | 8,294 |
Payments for capital lease | -2 | 0 |
Payments for offering costs | -13 | -316 |
Net cash (used in)/provided by financing activities | -6 | 7,978 |
Net (decrease)/increase in cash and cash equivalents | -7,874 | 4,167 |
Cash and cash equivalents at beginning of period | 35,808 | 25,681 |
Cash and cash equivalents at end of period | $27,934 | $29,848 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
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, 2014, filed with the SEC on March 24, 2015 (“2014 Annual Report”). The condensed consolidated balance sheet as of December 31, 2014 included in this report has been derived from the audited consolidated financial statements included in the 2014 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 clinical-stage, 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. (“SynthRx”) 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 vepoloxamer (MST-188) for serious or life-threatening diseases and conditions typically characterized by impaired microvascular blood flow and damaged cell membranes. Through our acquisition of Aires Pharmaceuticals, Inc. (“Aires”) in February 2014, we acquired AIR001, a sodium nitrite inhalation solution for intermittent inhalation via nebulizer, which we are developing for the treatment of heart failure with preserved ejection fraction (HFpEF). | |
Our business, operating results, financial condition, and growth prospects are subject to significant risks and uncertainties, including failing to obtain regulatory approval to commercialize our product candidates and failing to secure additional funding to complete development of and to successfully commercialize our product candidates. |
Use_of_Estimates
Use of Estimates | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [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, in-process research and development (“IPR&D”), goodwill 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_Aires
Acquisition of Aires | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Business Combinations [Abstract] | ||||
Acquisition of Aires | 3. Acquisition of Aires | |||
On February 27, 2014, we completed the acquisition of Aires in an all-stock transaction pursuant to the terms of an agreement and plan of merger, dated February 7, 2014, by and among us, AP Acquisition Sub, Inc., a wholly-owned subsidiary of ours, Aires, and a stockholders’ representative (the “Merger Agreement”). Aires was a clinical-stage company with its lead product candidate, AIR001 (sodium nitrite) inhalation solution, in Phase 2 studies in pulmonary hypertension. Aires survived the merger transaction as a wholly-owned subsidiary of ours. | ||||
Upon completion of the merger, we issued an aggregate of 1,049,706 unregistered shares of our common stock to former Aires stockholders and, in September 2014 after the six-month “holdback” period, we issued an aggregate of 4,053,996 additional unregistered shares of our common stock to former Aires stockholders, all in accordance with the merger agreement. There are no milestone or earn-out payments under the merger agreement; therefore, the total merger consideration was 5,103,702 shares. | ||||
We accounted for the acquisition of Aires in accordance with Accounting Standards Codification (“ASC”) Topic 805, Business Combinations (“ASC Topic 805”). The total purchase price of the acquisition was approximately $3.3 million. We calculated the purchase price by first multiplying the total number of shares of our common stock issued by $0.80, which was the closing price per share of our common stock on February 27, 2014, the acquisition date. Then, we applied a discount factor to account for lack of market liquidity due to the restrictions on transfer of the securities for a period of six months following the acquisition in accordance with stockholder agreements we entered into with the former Aires stockholders and the fact that the shares are unregistered and we have no obligation to register them for resale. | ||||
Under the acquisition method of accounting, the total purchase price is allocated to Aires’ net tangible and intangible assets and liabilities based on their estimated fair values as of the acquisition date. The table below summarizes the estimated fair values of Aires’ net tangible and intangible assets and liabilities on the acquisition date (in thousands): | ||||
Cash and cash equivalents | $ | 3,534 | ||
Prepaid expenses and other assets | 86 | |||
In-process research and development | 2,000 | |||
Total assets: | 5,620 | |||
Accounts payable and accrued liabilities | 1,069 | |||
Deferred tax liability | 795 | |||
Total liabilities: | 1,864 | |||
Net assets acquired | $ | 3,756 | ||
The estimated fair value of the net assets acquired exceeds the purchase price by approximately $0.5 million. Accordingly, we recognized the $0.5 million excess as a bargain purchase gain in other income/(expense), net in our condensed consolidated statements of operations and comprehensive income/(loss). We were able to realize a gain because Aires was in a distressed sale situation. Aires lacked sufficient capital to continue operations and was unable to secure additional capital in the timeframe it required. | ||||
Acquired In-Process Research and Development | ||||
Acquired IPR&D is the estimated fair value of the AIR001 program as of the acquisition date. We determined that the estimated fair value of the AIR001 program was $2.0 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 AIR001 program under the MPEEM, we used probability-weighted, projected cash flows discounted at a rate considered appropriate given the significant inherent risks associated with drug development by clinical-stage companies. Cash flows were calculated based on estimated projections of revenues and expenses related to AIR001 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 a seven-year market exclusivity period. The resultant cash flows were then discounted to present value using a weighted-average cost of capital for companies with profiles substantially similar to that of Aires, which we believe represents the rate that market participants would use to value the assets. We compensated for the phase of development of the program by applying a probability factor to our estimation of the expected future cash flows. The projected cash flows were based on significant assumptions, including the indication in which we will pursue development of AIR001, the time and resources needed to complete the development and regulatory approval of AIR001, estimates of revenue and operating profit related to the program considering its stage of development, the life of the potential commercialized product, market penetration and competition, and risks associated with achieving commercialization, including delay or failure to obtain regulatory approvals to conduct clinical studies, failure of clinical studies, delay or failure to obtain required market clearances, and intellectual property litigation. | ||||
Deferred Income Tax Liability | ||||
The $0.8 million recorded as 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 valuation allowance as the acquired IPR&D is considered to have an indefinite life until we complete or abandon development of AIR001. |
Goodwill_and_IPRD
Goodwill and IPR&D | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ||||||||
Goodwill and IPR&D | 4. Goodwill and IPR&D | |||||||
At March 31, 2015 and December 31, 2014, our goodwill and IPR&D consisted of the following (in thousands): | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Goodwill | $ | 3,007 | $ | 3,007 | ||||
IPR&D | ||||||||
Acquired IPR&D related to SynthRx acquisition | 6,549 | 6,549 | ||||||
Acquired IPR&D related to Aires acquisition | 2,000 | 2,000 | ||||||
Total goodwill and IPR&D | $ | 11,556 | $ | 11,556 | ||||
Our goodwill represents the difference between the total purchase price for SynthRx and the aggregate fair values of tangible and intangible assets acquired, less liabilities assumed. | ||||||||
Our IPR&D consists of the estimated fair values of the vepoloxamer and AIR001 programs as of the dates we acquired SynthRx and Aires, respectively. | ||||||||
We test our goodwill and acquired IPR&D for impairment annually as of September 30, or, in the case of initially acquired IPR&D, on the first anniversary of the date we acquired it and subsequently on September 30, and between annual tests if we become aware of an event or a change in circumstances that would indicate the carrying value may be impaired. We performed a qualitative assessment for our goodwill and our acquired IPR&D related to the SynthRx acquisition as of September 30, 2014. No impairment was noted. | ||||||||
For testing of our acquired IPR&D related to the Aires acquisition as of February 27, 2015, we performed a quantitative impairment test. To perform the quantitative impairment test, we calculated the fair value of the acquired IPR&D from Aires using the MPEEM, which is discussed in Note 3 above. Using the MPEEM, we determined that, as of February 27, 2015, the fair value of the acquired IPR&D from Aires was substantially greater than its carrying value. Therefore, it was not considered impaired. As discussed in Note 3, the MPEEM requires us to make long-term projections of revenues and expenses related to the AIR001 program, as well as to estimate the rate of return on contributory assets, the weighted-average cost of capital for companies like ours, and the probability adjustment factor applied to our estimated future after-tax cash flows. Projected cash flows were based on significant assumptions, including those described in Note 3. For our cash flow projections as of February 27, 2015, we updated our assumptions around the indication for which AIR001 would be approved because we are pursuing development of AIR001 for treatment of a different condition (HFpEF) than we anticipated at the time we acquired Aires. We believe the assumptions we used to calculate the fair value of the AIR001 program as of February 27, 2015 to be reasonable, but they are highly judgmental due in part to the inherent unpredictability of drug development. | ||||||||
Investment_Securities
Investment Securities | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Investments Debt And Equity Securities [Abstract] | ||||||||
Investment Securities | 5. 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, net 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 March 31, 2015, $5.1 million, or approximately 23%, 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 March 31, 2015 and December 31, 2014, our investment securities were as follows (in thousands): | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Fair value of investment securities | $ | 21,953 | $ | 21,481 | ||||
Cost basis of investment securities | 21,955 | 21,506 | ||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Net unrealized losses on investment securities | 2 | 25 | ||||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value of Financial Instruments | 6. Fair Value of Financial Instruments | ||||||||||||||||
Our cash equivalents are recorded at cost plus accrued interest, which approximates fair value. Our investment securities are 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 inputs, other than Level 1 inputs, that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities, 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 values at March 31, 2015 and December 31, 2014 of our cash equivalents and investment securities are summarized in the following table (in thousands): | |||||||||||||||||
Fair Value Determined Under: | |||||||||||||||||
Total Fair | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Value | |||||||||||||||||
At March 31, 2015: | |||||||||||||||||
Cash equivalents | $ | 16,203 | $ | 16,203 | $ | — | $ | — | |||||||||
Investment securities | $ | 21,953 | $ | — | $ | 21,953 | $ | — | |||||||||
At December 31, 2014: | |||||||||||||||||
Cash equivalents | $ | 16,626 | $ | 16,626 | $ | — | $ | — | |||||||||
Investment securities | $ | 21,481 | $ | — | $ | 21,481 | $ | — | |||||||||
Property_and_Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2015 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | 7. Property and Equipment |
Property and equipment are stated at cost, less accumulated depreciation and amortization. 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. Repairs and maintenance are expensed as incurred. | |
We lease phone equipment under a lease agreement classified as a capital lease. The lease obligation is $35,000 with an interest rate of 7.94% per annum and the lease expires in December 2019. The equipment is being amortized over five years. |
Accrued_Liabilities
Accrued Liabilities | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Payables And Accruals [Abstract] | |||||||||
Accrued Liabilities | 8. Accrued Liabilities | ||||||||
Accrued liabilities at March 31, 2015 and December 31, 2014 were as follows (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Accrued R&D agreements and study expenses | $ | 5,757 | $ | 5,383 | |||||
Other accrued liabilities | 347 | 242 | |||||||
Total accrued liabilities | $ | 6,104 | $ | 5,625 | |||||
ShareBased_Compensation_Expens
Share-Based Compensation Expense | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||||||
Share-Based Compensation Expense | 9. Share-Based Compensation Expense | |||||||
Share-based compensation expense related to equity awards granted to our employees and non-employee directors for the three months ended March 31, 2015 and 2014 was as follows (in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Selling, general and administrative expense | $ | 941 | $ | 340 | ||||
Research and development expense | 125 | 59 | ||||||
Share-based compensation expense | $ | 1,066 | $ | 399 | ||||
During the three months ended March 31, 2015, the only equity awards granted to our employees and non-employee directors were stock option awards. The following table summarizes the equity award activity during such three-month period: | ||||||||
Shares | Weighted-Average | |||||||
Underlying | Exercise | |||||||
Option | Price | |||||||
Awards | ||||||||
Outstanding at December 31, 2014 | 13,616,137 | $ | 1 | |||||
Granted | 8,588,900 | $ | 0.58 | |||||
Exercised | — | $ | — | |||||
Expired/forfeited | (2,840,169 | ) | $ | 0.58 | ||||
Outstanding at March 31, 2015 | 19,364,868 | $ | 0.88 | |||||
At March 31, 2015, total unrecognized estimated compensation cost related to non-vested employee and non-employee director share-based awards granted prior to that date was $4.4 million, which is expected to be recognized over a weighted-average period of 3.2 years. |
Net_Loss_Per_Common_Share
Net Loss Per Common Share | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Net Loss Per Common Share | 10. Net Loss Per Common Share | |||||||
Basic and diluted net loss per common share was calculated by dividing the net loss for the three months ended March 31, 2015 and 2014 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 March 31, | ||||||||
2015 | 2014 | |||||||
Options | 20,763,600 | 9,412,845 | ||||||
Warrants | 79,149,568 | 44,585,932 | ||||||
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | 11. Recent Accounting Pronouncements |
In August 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). The amendments in ASU 2014-15 will require management to assess, at each annual and interim reporting period, the entity’s ability to continue as a going concern and, if management identifies conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued, to disclose in the notes to the entity’s financial statements the principal conditions or events that raised substantial doubt about the entity’s ability to continue as a going concern, management’s evaluation of their significance, and management’s plans that alleviated or are intended to alleviate substantial doubt about the entity’s ability to continue as a going concern. ASU 2014-15 is effective for annual periods ending after December 15, 2016 and early application is permitted. The amendments in ASU 2014-15 do not have any application to an entity’s financial statements, but only to the related notes. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Supplemental Cash Flow Elements [Abstract] | ||||||||
Supplemental Cash Flow Information | 12. Supplemental Cash Flow Information | |||||||
Non-cash investing and financing transactions presented separately from the condensed consolidated statements of cash flows for the three months ended March 31, 2015 and 2014 are as follows (in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Supplemental disclosures of non-cash investing and | ||||||||
financing activities: | ||||||||
Issuance of common stock for acquisitions | — | 3,160 | ||||||
Assumptions of liabilities in acquisitions | — | 1,212 | ||||||
Unrealized (gain)/loss on investment securities | (23 | ) | 5 | |||||
Purchases of property and equipment in accounts payable | 2 | — | ||||||
Purchase of equipment under capital lease | 33 | — | ||||||
Financing costs in accounts payable and accrued liabilities | 19 | 179 | ||||||
Stockholders_Equity
Stockholders' Equity | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Equity [Abstract] | |||||||||
Stockholders' Equity | 13. Stockholders’ Equity | ||||||||
Underwritten Public Offering of Common Stock, Pre-funded Warrants and Warrants | |||||||||
In November 2014, we completed an underwritten public offering of 30,941,102 shares of our common stock, 13,081,428 “pre-funded” warrants exercisable for up to 13,081,428 shares of our common stock, and 22,011,265 warrants exercisable for up to 22,011,265 shares of our common stock. These securities were offered and sold to the underwriters and the public in units with each Series A unit consisting of one share of our common stock and one-half (0.5) of a warrant and each Series B unit consisting of one pre-funded warrant and one-half (0.5) of a warrant. Each whole warrant is exercisable for one share of our common stock. We sold an aggregate of 30,941,102 Series A units and 13,081,428 Series B units. The gross proceeds from this financing were $21.0 million and, after deducting underwriting discounts and commissions and other offering expenses, our net proceeds were $19.7 million. We may receive up to $0.1 million and $16.5 million of additional proceeds from the exercise of the pre-funded warrants and warrants, respectively, issued in the offering. The exercise price of the pre-funded warrants is $0.01 per share and exercise price of the warrants is $0.75 per share. Subject to certain beneficial ownership limitations, the pre-funded warrants and warrants are exercisable at any time on or before November 12, 2019. | |||||||||
“At the Market” Equity Offering Program | |||||||||
In February 2014, we entered into a sales agreement with Cowen and Company, LLC (“Cowen”), to sell shares of our common stock, with aggregate gross sales proceeds of up to $30 million, from time to time, through an “at the market” equity offering program (the “ATM program”), under which Cowen acts as sales agent. As of March 31, 2015, we had sold and issued an aggregate of 20,720,986 shares at a weighted-average sales price of $0.74 per share under the ATM program for aggregate gross proceeds of $15.4 million and $14.6 million in net proceeds, after deducting sales agent commission and discounts and our other offering costs. | |||||||||
Shares Issuable to Former SynthRx Stockholders Upon Achievement of Milestones | |||||||||
In April 2011, we acquired SynthRx as a wholly-owned subsidiary through a merger transaction in exchange for shares of our common stock and rights to additional shares of our common stock upon achievement of specified milestones related to the development of MST-188 in sickle cell disease. We have issued an aggregate of 3,050,851 shares of our common stock to the former SynthRx stockholders, 1,454,079 of which we repurchased in December 2012 for $0.001 per share pursuant to our exercise of a repurchase right under the merger agreement. We could issue up to an aggregate of 12,478,050 additional shares of our common stock to the former SynthRx stockholders if and when the development of MST-188 achieves the following milestones: (a) 3,839,400 shares upon acceptance for review by the U.S. Food and Drug Administration (“FDA”) of a new drug application (“NDA”) covering the use of purified poloxamer 188 for the treatment of sickle cell crisis in children and (b) 8,638,650 shares upon approval of such NDA by the FDA. | |||||||||
Outstanding Warrants | |||||||||
At March 31, 2015, outstanding warrants to purchase shares of common stock are as follows: | |||||||||
Shares Underlying | Exercise Price | Expiration Date | |||||||
Outstanding Warrants | |||||||||
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 | ||||||
28,097,400 | $ | 0.65 | Jun-18 | ||||||
13,081,428 | $ | 0.01 | Nov-19 | ||||||
22,011,265 | $ | 0.75 | Nov-19 | ||||||
79,149,568 | |||||||||
Use_of_Estimates_Policies
Use of Estimates (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Changes And Error Corrections [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, in-process research and development (“IPR&D”), goodwill 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. | |
Acquired In-Process Research and Development | Acquired In-Process Research and Development |
Acquired IPR&D is the estimated fair value of the AIR001 program as of the acquisition date. We determined that the estimated fair value of the AIR001 program was $2.0 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 AIR001 program under the MPEEM, we used probability-weighted, projected cash flows discounted at a rate considered appropriate given the significant inherent risks associated with drug development by clinical-stage companies. Cash flows were calculated based on estimated projections of revenues and expenses related to AIR001 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 a seven-year market exclusivity period. The resultant cash flows were then discounted to present value using a weighted-average cost of capital for companies with profiles substantially similar to that of Aires, which we believe represents the rate that market participants would use to value the assets. We compensated for the phase of development of the program by applying a probability factor to our estimation of the expected future cash flows. The projected cash flows were based on significant assumptions, including the indication in which we will pursue development of AIR001, the time and resources needed to complete the development and regulatory approval of AIR001, estimates of revenue and operating profit related to the program considering its stage of development, the life of the potential commercialized product, market penetration and competition, and risks associated with achieving commercialization, including delay or failure to obtain regulatory approvals to conduct clinical studies, failure of clinical studies, delay or failure to obtain required market clearances, and intellectual property litigation. | |
Deferred Income Tax Liability | Deferred Income Tax Liability |
The $0.8 million recorded as 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 valuation allowance as the acquired IPR&D is considered to have an indefinite life until we complete or abandon development of AIR001. | |
Recent Accounting Pronouncements | In August 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). The amendments in ASU 2014-15 will require management to assess, at each annual and interim reporting period, the entity’s ability to continue as a going concern and, if management identifies conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued, to disclose in the notes to the entity’s financial statements the principal conditions or events that raised substantial doubt about the entity’s ability to continue as a going concern, management’s evaluation of their significance, and management’s plans that alleviated or are intended to alleviate substantial doubt about the entity’s ability to continue as a going concern. ASU 2014-15 is effective for annual periods ending after December 15, 2016 and early application is permitted. The amendments in ASU 2014-15 do not have any application to an entity’s financial statements, but only to the related notes. |
Acquisition_of_Aires_Tables
Acquisition of Aires (Tables) | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Business Combinations [Abstract] | ||||
Summary of Preliminary Estimated Fair Values of Net Tangible and Intangible Assets and Liabilities | The table below summarizes the estimated fair values of Aires’ net tangible and intangible assets and liabilities on the acquisition date (in thousands): | |||
Cash and cash equivalents | $ | 3,534 | ||
Prepaid expenses and other assets | 86 | |||
In-process research and development | 2,000 | |||
Total assets: | 5,620 | |||
Accounts payable and accrued liabilities | 1,069 | |||
Deferred tax liability | 795 | |||
Total liabilities: | 1,864 | |||
Net assets acquired | $ | 3,756 | ||
Goodwill_and_IPRD_Tables
Goodwill and IPR&D (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ||||||||
Summary of Goodwill and IPR&D | At March 31, 2015 and December 31, 2014, our goodwill and IPR&D consisted of the following (in thousands): | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Goodwill | $ | 3,007 | $ | 3,007 | ||||
IPR&D | ||||||||
Acquired IPR&D related to SynthRx acquisition | 6,549 | 6,549 | ||||||
Acquired IPR&D related to Aires acquisition | 2,000 | 2,000 | ||||||
Total goodwill and IPR&D | $ | 11,556 | $ | 11,556 | ||||
Investment_Securities_Tables
Investment Securities (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Investments Debt And Equity Securities [Abstract] | ||||||||
Investment Securities | At March 31, 2015 and December 31, 2014, our investment securities were as follows (in thousands): | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Fair value of investment securities | $ | 21,953 | $ | 21,481 | ||||
Cost basis of investment securities | 21,955 | 21,506 | ||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Net unrealized losses on investment securities | 2 | 25 | ||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Values of Cash Equivalents and Investment Securities | The fair values at March 31, 2015 and December 31, 2014 of our cash equivalents and investment securities are summarized in the following table (in thousands): | ||||||||||||||||
Fair Value Determined Under: | |||||||||||||||||
Total Fair | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Value | |||||||||||||||||
At March 31, 2015: | |||||||||||||||||
Cash equivalents | $ | 16,203 | $ | 16,203 | $ | — | $ | — | |||||||||
Investment securities | $ | 21,953 | $ | — | $ | 21,953 | $ | — | |||||||||
At December 31, 2014: | |||||||||||||||||
Cash equivalents | $ | 16,626 | $ | 16,626 | $ | — | $ | — | |||||||||
Investment securities | $ | 21,481 | $ | — | $ | 21,481 | $ | — | |||||||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Payables And Accruals [Abstract] | |||||||||
Accrued Liabilities | Accrued liabilities at March 31, 2015 and December 31, 2014 were as follows (in thousands): | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Accrued R&D agreements and study expenses | $ | 5,757 | $ | 5,383 | |||||
Other accrued liabilities | 347 | 242 | |||||||
Total accrued liabilities | $ | 6,104 | $ | 5,625 | |||||
ShareBased_Compensation_Expens1
Share-Based Compensation Expense (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||||||
Estimated Share-based Compensation Expense Related to Equity Awards Granted to Employees and Non-employee Directors | Share-based compensation expense related to equity awards granted to our employees and non-employee directors for the three months ended March 31, 2015 and 2014 was as follows (in thousands): | |||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Selling, general and administrative expense | $ | 941 | $ | 340 | ||||
Research and development expense | 125 | 59 | ||||||
Share-based compensation expense | $ | 1,066 | $ | 399 | ||||
Summary of Equity Award Activity | The following table summarizes the equity award activity during such three-month period: | |||||||
Shares | Weighted-Average | |||||||
Underlying | Exercise | |||||||
Option | Price | |||||||
Awards | ||||||||
Outstanding at December 31, 2014 | 13,616,137 | $ | 1 | |||||
Granted | 8,588,900 | $ | 0.58 | |||||
Exercised | — | $ | — | |||||
Expired/forfeited | (2,840,169 | ) | $ | 0.58 | ||||
Outstanding at March 31, 2015 | 19,364,868 | $ | 0.88 | |||||
Net_Loss_Per_Common_Share_Tabl
Net Loss Per Common Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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 March 31, | ||||||||
2015 | 2014 | |||||||
Options | 20,763,600 | 9,412,845 | ||||||
Warrants | 79,149,568 | 44,585,932 | ||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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 three months ended March 31, 2015 and 2014 are as follows (in thousands): | |||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Supplemental disclosures of non-cash investing and | ||||||||
financing activities: | ||||||||
Issuance of common stock for acquisitions | — | 3,160 | ||||||
Assumptions of liabilities in acquisitions | — | 1,212 | ||||||
Unrealized (gain)/loss on investment securities | (23 | ) | 5 | |||||
Purchases of property and equipment in accounts payable | 2 | — | ||||||
Purchase of equipment under capital lease | 33 | — | ||||||
Financing costs in accounts payable and accrued liabilities | 19 | 179 | ||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Equity [Abstract] | |||||||||
Outstanding Warrants to Purchase Shares of Common Stock | At March 31, 2015, outstanding warrants to purchase shares of common stock are as follows: | ||||||||
Shares Underlying | Exercise Price | Expiration Date | |||||||
Outstanding Warrants | |||||||||
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 | ||||||
28,097,400 | $ | 0.65 | Jun-18 | ||||||
13,081,428 | $ | 0.01 | Nov-19 | ||||||
22,011,265 | $ | 0.75 | Nov-19 | ||||||
79,149,568 | |||||||||
Acquisition_of_Aires_Additiona
Acquisition of Aires - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended |
Feb. 27, 2014 | Mar. 31, 2014 | |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||
Additional Common stock shares issued | 1,049,706 | |
Agreement holdback period | 6 months | |
Additional aggregate unregistered shares of common stock | 4,053,996 | |
Milestone payments | $0 | |
Earn-out payments | 0 | |
Purchase price of acquisition, based calculated number of shares and average closing prices per share | 3,300,000 | 3,160,000 |
Average closing price | $0.80 | |
Business combination, bargain purchase gain recognized, amount | 500,000 | 453,000 |
IPR&D, AIR-001 program, fair value | 2,000,000 | |
Deferred income tax liability resulting from the acquisition | $795,000 | |
Aires Consulting Group Inc [Member] | ||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||
Total merger consideration | 5,103,702 |
Acquisition_of_Aires_Summary_o
Acquisition of Aires - Summary of Preliminary Estimated Fair Values of Net Tangible and Intangible Assets and Liabilities (Detail) (USD $) | Feb. 27, 2014 |
In Thousands, unless otherwise specified | |
Business Combinations [Abstract] | |
Cash and cash equivalents | $3,534 |
Prepaid expenses and other assets | 86 |
In-process research and development | 2,000 |
Total assets: | 5,620 |
Accounts payable and accrued liabilities | 1,069 |
Deferred tax liability | 795 |
Total liabilities: | 1,864 |
Net assets acquired | $3,756 |
Goodwill_and_IPRD_Summary_of_G
Goodwill and IPR&D - Summary of Goodwill and IPR&D (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Feb. 27, 2014 |
In Thousands, unless otherwise specified | |||
Goodwill And Intangible Assets [Line Items] | |||
Goodwill | $3,007 | $3,007 | |
In-process research and development | 2,000 | ||
Total goodwill and IPR&D | 11,556 | 11,556 | |
Synthrx [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
In-process research and development | 6,549 | 6,549 | |
Aires Consulting Group Inc [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
In-process research and development | $2,000 | $2,000 |
Goodwill_and_IPRD_Additional_I
Goodwill and IPR&D - Additional Information (Detail) (Synthrx [Member], USD $) | 0 Months Ended |
Sep. 30, 2014 | |
Synthrx [Member] | |
Goodwill And Intangible Assets [Line Items] | |
Impairment charge | $0 |
Investment_Securities_Addition
Investment Securities - Additional Information (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | |
Amount of Investment Securities | 5.1 |
Percentage of investment securities | 23.00% |
Minimum [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Maturity period | 1 year |
Maximum [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Maturity period | 18 months |
Investment_Securities_Investme
Investment Securities - Investment Securities (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Investment Holdings [Abstract] | ||
Investment securities | $21,953 | $21,481 |
Cost basis of investment securities | 21,955 | 21,506 |
Net unrealized losses on investment securities | $2 | $25 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Fair Values of Cash Equivalents and Investment Securities (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | $21,953 | $21,481 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 16,203 | 16,626 |
Investment securities | 21,953 | 21,481 |
Fair Value Determined Under Level 1 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 16,203 | 16,626 |
Fair Value Determined Under Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | $21,953 | $21,481 |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Property, Plant and Equipment [Line Items] | |
Lease obligations | $35,000 |
Lease expiration date | 31-Dec-19 |
Capital Lease [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful lives | 5 years |
Rate of interest on capital lease | 7.94% |
Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful lives | 3 years |
Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful lives | 5 years |
Accrued_Liabilities_Accrued_Li
Accrued Liabilities - Accrued Liabilities (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Payables And Accruals [Abstract] | ||
Accrued R&D agreements and study expenses | $5,757 | $5,383 |
Other accrued liabilities | 347 | 242 |
Total accrued liabilities | $6,104 | $5,625 |
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 | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation expense | $1,066 | $399 |
Selling, General and Administrative Expense [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation expense | 941 | 340 |
Research and Development Expense [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation expense | $125 | $59 |
ShareBased_Compensation_Expens3
Share-Based Compensation Expense - Summary of Equity Award Activity (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Shares Underlying Options, Outstanding at beginning balance | 13,616,137 |
Shares Underlying Options, Granted | 8,588,900 |
Shares Underlying Options, Expired/forfeited | -2,840,169 |
Shares Underlying Options, Outstanding at ending balance | 19,364,868 |
Weighted-Average Exercise Price, beginning balance | $1 |
Weighted-Average Exercise Price, Granted | $0.58 |
Weighted-Average Exercise Price, Expired/forfeited | $0.58 |
Weighted-Average Exercise Price, ending balance | $0.88 |
ShareBased_Compensation_Expens4
Share-Based Compensation Expense - Additional Information (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Unamortized compensation cost | $4.40 |
Total unrecognized estimated compensation cost expected to be recognized, weighted-average period | 3 years 2 months 12 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 | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Options [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities | 20,763,600 | 9,412,845 |
Warrants [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities | 79,149,568 | 44,585,932 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information - Supplemental Cash Flow Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | |
In Thousands, unless otherwise specified | Feb. 27, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Supplemental disclosures of non-cash investing and financing activities: | |||
Issuance of common stock for acquisitions | $3,300 | $3,160 | |
Assumptions of liabilities in acquisitions | 1,212 | ||
Unrealized (gain)/loss on investment securities | -23 | 5 | |
Purchases of property and equipment in accounts payable | 2 | ||
Purchase of equipment under capital lease | 33 | ||
Financing costs in accounts payable and accrued liabilities | $19 | $179 |
Stockholders_Equity_Additional
Stockholder's Equity - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 14 Months Ended | 1 Months Ended | ||
Nov. 30, 2014 | Apr. 30, 2011 | Mar. 31, 2015 | Mar. 31, 2015 | Feb. 28, 2014 | Dec. 31, 2014 | |
Class of Warrant or Right [Line Items] | ||||||
Common stock, shares issued | 30,941,102 | 20,720,986 | ||||
Additional shares of common available for outstanding exercisable prefunded warrants | 13,081,428 | |||||
Warrants issued to purchase shares of common stock. | 22,011,265 | |||||
Securities offered and sold combination | These securities were offered and sold to the underwriters and the public in units with each Series A unit consisting of one share of our common stock and one-half (0.5) of a warrant and each Series B unit consisting of one pre-funded warrant and one-half (0.5) of a warrant. | |||||
Gross proceeds of financing | $21,000,000 | $15,400,000 | ||||
Proceeds from exercise of warrants | 16,500,000 | |||||
Net proceeds from financing | 19,700,000 | 14,600,000 | ||||
Exercise price of warrants per share | $0.75 | |||||
Warrants exercisable period | 12-Nov-19 | |||||
Weighted average sale price | $0.74 | |||||
Common stock, shares issued | 159,476,176 | 159,476,176 | 159,458,376 | |||
Purchase price per share pursuant to the exercise of a repurchase right under the merger agreement | $0.00 | |||||
First Milestone - FDA Acceptance [Member] | ||||||
Class of Warrant or Right [Line Items] | ||||||
Common stock shares to be issued upon achieving milestones | 3,839,400 | |||||
Second Milestone - FDA Approval [Member] | ||||||
Class of Warrant or Right [Line Items] | ||||||
Common stock shares to be issued upon achieving milestones | 8,638,650 | |||||
Synthrx [Member] | ||||||
Class of Warrant or Right [Line Items] | ||||||
Common stock, shares issued | 3,050,851 | |||||
Repurchase of common stock | 1,454,079 | |||||
Common stock shares to be issued upon achieving milestones | 12,478,050 | |||||
Maximum [Member] | ||||||
Class of Warrant or Right [Line Items] | ||||||
Amount available to sell under equity program | 30,000,000 | |||||
Pre-funded Warrants [Member] | ||||||
Class of Warrant or Right [Line Items] | ||||||
Proceeds from exercise of warrants | $100,000 | |||||
Exercise price of warrants per share | $0.01 | |||||
Series A [Member] | ||||||
Class of Warrant or Right [Line Items] | ||||||
Common stock, shares issued | 30,941,102 | |||||
Number of common stock called by each warrant | 0.5 | |||||
Series A [Member] | Common Stock [Member] | ||||||
Class of Warrant or Right [Line Items] | ||||||
Number of securities in each unit issued | 1 | |||||
Series B [Member] | ||||||
Class of Warrant or Right [Line Items] | ||||||
Additional shares of common available for outstanding exercisable prefunded warrants | 13,081,428 | |||||
Number of common stock called by each warrant | 0.5 | |||||
Series B [Member] | Pre-funded Warrants [Member] | ||||||
Class of Warrant or Right [Line Items] | ||||||
Number of securities in each unit issued | 1 |
Stockholders_Equity_Outstandin
Stockholder's Equity - Outstanding Warrants to Purchase Shares of Common Stock (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Nov. 30, 2014 | |
Class of Warrant or Right [Line Items] | ||
Shares Underlying Outstanding Warrants | 22,011,265 | |
Exercise Price | $0.75 | |
Exercise Price One [Member] | ||
Class of Warrant or Right [Line Items] | ||
Shares Underlying Outstanding Warrants | 409,228 | |
Exercise Price | $3.44 | |
Expiration Date | 2015-04 | |
Exercise Price Two [Member] | ||
Class of Warrant or Right [Line Items] | ||
Shares Underlying Outstanding Warrants | 1,062,500 | |
Exercise Price | $1 | |
Expiration Date | 2015-04 | |
Exercise Price Three [Member] | ||
Class of Warrant or Right [Line Items] | ||
Shares Underlying Outstanding Warrants | 1,816,608 | |
Exercise Price | $3.65 | |
Expiration Date | 2015-05 | |
Exercise Price Four [Member] | ||
Class of Warrant or Right [Line Items] | ||
Shares Underlying Outstanding Warrants | 2,046,139 | |
Exercise Price | $2.75 | |
Expiration Date | 2016-01 | |
Exercise Price Five [Member] | ||
Class of Warrant or Right [Line Items] | ||
Shares Underlying Outstanding Warrants | 10,625,000 | |
Exercise Price | $1.10 | |
Expiration Date | 2016-10 | |
Exercise Price Six [Member] | ||
Class of Warrant or Right [Line Items] | ||
Shares Underlying Outstanding Warrants | 28,097,400 | |
Exercise Price | $0.65 | |
Expiration Date | 2018-06 | |
Exercise Price Seven [Member] | ||
Class of Warrant or Right [Line Items] | ||
Shares Underlying Outstanding Warrants | 13,081,428 | |
Exercise Price | $0.01 | |
Expiration Date | 2019-10 | |
Exercise Price Eight [Member] | ||
Class of Warrant or Right [Line Items] | ||
Shares Underlying Outstanding Warrants | 22,011,265 | |
Exercise Price | $0.75 | |
Expiration Date | 2019-10 | |
Exercise Price Nine [Member] | ||
Class of Warrant or Right [Line Items] | ||
Shares Underlying Outstanding Warrants | 79,149,568 |