Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 04, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | Mast Therapeutics, Inc. | |
Entity Central Index Key | 1,160,308 | |
Trading Symbol | MSTX | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 192,836,367 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 23,521 | $ 23,052 |
Investment securities | 13,568 | 17,929 |
Prepaid expenses and other current assets | 1,160 | 1,271 |
Total current assets | 38,249 | 42,252 |
Property and equipment, net | 199 | 226 |
In-process research and development | 8,549 | 8,549 |
Goodwill | 3,007 | 3,007 |
Other assets | 141 | 183 |
Total assets | 50,145 | 54,217 |
Current liabilities: | ||
Accounts payable | 2,453 | 2,600 |
Accrued liabilities | 7,793 | 8,152 |
Accrued compensation and payroll taxes | 976 | 1,430 |
Debt facility | 11,447 | 10,991 |
Total current liabilities | 22,669 | 23,173 |
Long-term lease obligation | 24 | 25 |
Debt facility, net of current portion | 3,368 | 3,726 |
Deferred income tax liability | 3,404 | 3,404 |
Total liabilities | 29,465 | 30,328 |
Stockholders' equity: | ||
Common stock, $0.001 par value; 500,000,000 shares authorized; 192,836,367 and 163,614,297 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively | 193 | 164 |
Additional paid-in capital | 306,662 | 298,715 |
Accumulated other comprehensive income/(loss) | 5 | (17) |
Accumulated deficit | (286,180) | (274,973) |
Total stockholders' equity | 20,680 | 23,889 |
Total liabilities and stockholders' equity | $ 50,145 | $ 54,217 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 192,836,367 | 163,614,297 |
Common stock, shares outstanding | 192,836,367 | 163,614,297 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement [Abstract] | ||
Revenues | $ 0 | $ 0 |
Operating expenses: | ||
Research and development | 7,875 | 6,042 |
Selling, general and administrative | 2,835 | 3,578 |
Depreciation and amortization | 32 | 30 |
Total operating expenses | 10,742 | 9,650 |
Loss from operations | (10,742) | (9,650) |
Interest income | 39 | 30 |
Interest expense | (519) | 0 |
Other income, net | 15 | 4 |
Net loss | $ (11,207) | $ (9,616) |
Net loss per share - basic and diluted | $ (0.06) | $ (0.06) |
Weighted average shares outstanding - basic and diluted | 178,115,217 | 159,458,772 |
Comprehensive Income/(Loss): | ||
Net loss | $ (11,207) | $ (9,616) |
Other comprehensive income | 22 | 23 |
Comprehensive net loss | $ (11,185) | $ (9,593) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | ||
Net loss | $ (11,207) | $ (9,616) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 32 | 30 |
Share-based compensation expense related to employee stock options | 659 | 1,066 |
Amortization of debt issuance costs and debt discount | 169 | |
Changes in assets and liabilities, net of effect of acquisitions: | ||
Decrease in prepaid expenses and other assets | 153 | 438 |
(Decrease)/increase in accounts payable and accrued liabilities | (1,134) | 733 |
Net cash used in operating activities | (11,328) | (7,349) |
Cash flows from investing activities: | ||
Purchases of certificates of deposit | (5,296) | |
Proceeds from maturities of certificates of deposit | 4,383 | 4,847 |
Purchases of property and equipment | (5) | (70) |
Net cash provided by/(used in) investing activities | 4,378 | (519) |
Cash flows from financing activities: | ||
Proceeds from sale of common stock | 8,060 | 9 |
Payments for offering costs | (601) | (13) |
Payments for capital lease | (2) | (2) |
Costs paid in connection with debt facility | (38) | |
Net cash provided by/(used in) financing activities | 7,419 | (6) |
Net increase/(decrease) in cash and cash equivalents | 469 | (7,874) |
Cash and cash equivalents at beginning of period | 23,052 | 35,808 |
Cash and cash equivalents at end of period | $ 23,521 | $ 27,934 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
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, 2015, filed with the SEC on March 14, 2016 (“2015 Annual Report”). The condensed consolidated balance sheet as of December 31, 2015 included in this report has been derived from the audited consolidated financial statements included in the 2015 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 clinical-stage 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 (also known as 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 nebulization, which we are developing for the treatment of heart failure with preserved ejection fraction (HFpEF). We have incurred significant operating losses since inception and have relied on our ability to fund our operations primarily though equity financings and a debt financing. For the year ended December 31, 2015 and the three months ended March 31, 2016, we incurred losses from operations of $39.4 million and $10.7 million, respectively, and our net cash used in operating activities was $32.9 million and $11.3 million, respectively. At March 31, 2016, our cash, cash equivalents and investment securities totaled $37.1 million and our working capital was $15.6 million. Our planned operating activities call for expenditures over the next 12 months to exceed our current cash, cash equivalents and investment securities balances and working capital. We intend to raise additional capital before the fourth quarter of 2016 through equity or debt financings and/or through collaborations, including licensing agreements. There can be no assurance that we will be successful in raising sufficient additional capital or that such capital, if available, will be on terms that are acceptable to us. Subject to limited exceptions, our debt facility (See Note 8, “Debt Facility”) prohibits us from incurring indebtedness without the lender’s prior written consent. Our anticipated operating expenses and net losses and the uncertainties surrounding our ability to raise additional capital as needed raise substantial doubt about our ability to continue as a going concern. If we are unable to continue as a going concern, we may have to liquidate our assets and might realize significantly less than the values at which they are carried on our financial statements. If we have positive results from our Phase 3 clinical study of vepoloxamer in sickle cell disease, known as the EPIC study, but we are unable to raise sufficient additional capital before the fourth quarter of 2016, we anticipate that we would immediately reduce the scope of our planned operations, including by delaying or discontinuing investment in development and commercialization efforts for vepoloxamer in sickle cell disease and heart failure. In the event of negative results from the EPIC study and prepayment to our lender on July 31, 2016 of $10.0 million of the principal balance under our debt facility, we also plan to immediately and significantly reduce the scope of our operations. In either case, we expect that our cash, cash equivalents and investment securities as of March 31, 2016, would be sufficient to fund our operations, as reduced in scope, into the first quarter of 2017. The accompanying condensed consolidated financial statements have been prepared assuming we will continue to operate as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts of liabilities that may result from uncertainty related to our ability to continue as a going concern. In addition, our business, operating results, financial condition, and growth prospects are subject to significant other risks and uncertainties, including failing to complete development of and obtain regulatory approval to commercialize our product candidates. |
Use of Estimates
Use of Estimates | 3 Months Ended |
Mar. 31, 2016 | |
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 and assumptions, 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. |
Goodwill and IPR&D
Goodwill and IPR&D | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and IPR&D | 3. Goodwill and IPR&D At March 31, 2016 and December 31, 2015, our goodwill and IPR&D consisted of the following (in thousands): Goodwill $ 3,007 IPR&D Acquired IPR&D related to SynthRx acquisition 6,549 Acquired IPR&D related to Aires acquisition 2,000 Total goodwill and IPR&D $ 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 of our goodwill and our acquired IPR&D as of September 30, 2015. We concluded that it is not more likely than not that the carrying value of our goodwill or our acquired IPR&D exceeds its fair value. Therefore, we concluded that no impairment charge is required. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2016 | |
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, 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, 2016, $2.2 million, or approximately 17%, of our investment securities had contractual maturity dates of more than one year and less than or equal to 18 months and none had contractual maturity dates greater than 18 months. At March 31, 2016 and December 31, 2015, our investment securities were as follows (in thousands): March 31, December 31, 2016 2015 Fair value of investment securities $ 13,568 $ 17,929 Cost basis of investment securities 13,563 17,946 March 31, December 31, 2016 2015 Net unrealized (gains)/losses on investment securities $ (5 ) $ 17 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 5. 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, 2016 and December 31, 2015 of our cash equivalents and investment securities are summarized in the following table (in thousands): Fair Value Determined Under: Total Fair Value (Level 1) (Level 2) (Level 3) At March 31, 2016: Cash equivalents $ 15,214 $ 15,214 $ — $ — Investment securities $ 13,568 $ — $ 13,568 $ — At December 31, 2015: Cash equivalents $ 15,799 $ 15,799 $ — $ — Investment securities $ 17,929 $ — $ 17,929 $ — We believe that our debt facility (see Note 8 “Debt Facility”) bears interest at a rate that approximates prevailing market rates for instruments with similar characteristics and, accordingly, the carrying value of the debt facility approximates fair value. The fair value of our debt facility is determined under Level 2 in the fair value hierarchy. |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2016 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | 6. 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 certain office equipment under leases classified as capital leases. As of March 31, 2016, the total amount of leased equipment was $40,000 with interest rates ranging from 8% to 14% per annum. The equipment is being amortized over the life of the leases, which range from three to five years. |
Accrued Liabilities
Accrued Liabilities | 3 Months Ended |
Mar. 31, 2016 | |
Payables And Accruals [Abstract] | |
Accrued Liabilities | 7. Accrued Liabilities Accrued liabilities at March 31, 2016 and December 31, 2015 were as follows (in thousands): March 31, December 31, 2016 2015 Accrued R&D agreements and study expenses $ 7,355 $ 7,898 Other accrued liabilities 438 254 Total accrued liabilities $ 7,793 $ 8,152 |
Debt Facility
Debt Facility | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt Facility | 8. Debt Facility Hercules Loan and Security Agreement We have borrowed an aggregate of $15.0 million pursuant to a Loan and Security Agreement, dated August 11, 2015, with Hercules Technology III, L.P. and Hercules Capital, Inc. (formerly known as, Hercules Technology Growth Capital, Inc.) (together, “Hercules”), as amended by the First Amendment thereto dated September 28, 2015, the Second Amendment thereto dated December 31, 2015, and the Third Amendment thereto dated February 25, 2016, (collectively, the “Loan Agreement”). Pursuant to the terms and conditions of the Loan Agreement, we received the first advance of $5.0 million on August 11, 2015 and the second advance of $10.0 million (the “Second Advance”) on September 28, 2015. Under the Loan Agreement, the Second Advance is required to be prepaid to Hercules on July 31, 2016, without any prepayment penalty, unless on or before such date, we demonstrate, to the reasonable satisfaction of Hercules, positive results in our Phase 3 clinical study of vepoloxamer in patients with sickle cell disease, known as the EPIC study. Due to numerous factors, we are not able to predict with any reasonable certainty the probability of meeting this condition by July 31, 2016; therefore, we have classified the Second Advance as a current liability on the balance sheet. The interest rate for the principal balance under the Loan Agreement is the greater of (i) 8.95% plus the prime rate as reported in The Wall Street Journal minus 3.25%, and (ii) 8.95%, determined on a daily basis. Monthly payments under the Loan Agreement are interest only until July 1, 2016, followed by equal monthly payments of principal and interest through the scheduled maturity date of January 1, 2019. The interest-only period will be extended to March 1, 2017 if we have demonstrated positive results in the EPIC study by July 1, 2016, we have not prepaid the Second Advance, and no event of default has occurred. If we demonstrate positive results in the EPIC study during the period from July 2, 2016 and July 31, 2016, inclusive, we have not prepaid the Second Advance and no event of default has occurred, then on July 1, 2016, we will be required to make a single payment against the principal balance of approximately $430,000 and, beginning August 1, 2016, we will resume making interest-only payments until March 1, 2017. If our interest-only payment period is extended to March 1, 2017, the maturity date would extend to October 1, 2019. An end of term charge of $712,500 will be due on the scheduled maturity date and is being accrued through interest expense using the effective interest method. If we elect to prepay the principal balance under the Loan Agreement prior to maturity, a prepayment charge of 1%, 2% or 3%, of the then outstanding principal balance also will be due, depending upon when the prepayment occurs. Our obligations under the Loan Agreement are secured by a first priority security interest in substantially all of our assets, excluding our intellectual property but including the proceeds from the sale, licensing or disposition of our intellectual property. Our intellectual property is subject to customary negative covenants. In connection with the Loan Agreement, we have paid facility charges of $150,000 and a commitment charge of $25,000. Such charges were accounted for as debt issuance costs and are being amortized to interest expense using the effective interest method through the scheduled maturity date. In connection with the Loan Agreement, we entered into a Warrant Agreement with Hercules, dated August 11, 2015, as amended by the First Amendment thereto dated September 28, 2015 and the Second Amendment thereto dated February 25, 2016, pursuant to which Hercules has a right to purchase up to 2,272,727 shares of our common stock at an exercise price of $0.275 per share. Prior to the Second Amendment to Warrant Agreement, the Warrant Agreement, as amended by the First Amendment, provided Hercules a right to purchase up to 1,524,390 shares of our common stock at an exercise price of $0.41 per share. The warrants issued to Hercules were valued using the Black-Scholes option pricing model with the following assumptions: volatility of 83%, expected term of five years, risk-free interest rate of 1.2% and a zero dividend yield. The warrant fair value of $0.4 million has been recorded as a debt discount and is being amortized through interest expense using the effective interest method through the scheduled maturity date. See Note 13 “Stockholders’ Equity” for further description of the terms of the warrants. Summary of Carrying Value The following table summarizes the components of the debt facility carrying value (in thousands): As of March 31, 2016 Short-term Long-term Potential prepayment to lender $ 10,000 $ - Principal payments to lender and end of term charge 1,328 4,384 Accrued interest 119 - Debt issuance costs - (706 ) Debt discount related to warrants - (310 ) Carrying value $ 11,447 $ 3,368 |
Share-Based Compensation Expens
Share-Based Compensation Expense | 3 Months Ended |
Mar. 31, 2016 | |
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, 2016 and 2015 was as follows (in thousands): Three Months Ended March 31, 2016 2015 Selling, general and administrative expense $ 424 $ 941 Research and development expense 235 125 Share-based compensation expense $ 659 $ 1,066 During the three months ended March 31, 2016, 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 Underlying Option Awards Weighted-Average Exercise Price Outstanding at December 31, 2015 22,896,728 $ 0.78 Granted 7,833,059 $ 0.42 Exercised — $ — Expired/forfeited (526,662 ) $ 1.18 Outstanding at March 31, 2016 30,203,125 $ 0.68 At March 31, 2016, total unrecognized estimated compensation cost related to non-vested employee and non-employee director share-based awards granted prior to that date was $5.9 million, which is expected to be recognized over a weighted-average period of 3.0 years. |
Net Loss Per Common Share
Net Loss Per Common Share | 3 Months Ended |
Mar. 31, 2016 | |
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, 2016 and 2015 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. All common stock equivalents presented had an anti-dilutive impact due to losses reported in the applicable periods. 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, 2016 2015 Options 30,322,614 20,763,600 Warrants 90,245,994 79,149,568 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | 11. Recent Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) Compensation – Stock Compensation We are in the process of evaluating the impact of this new guidance. In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842) Leases In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes In August 2014, the FASB issued 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 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2016 | |
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, 2016 and 2015 are as follows (in thousands): Three Months Ended March 31, 2016 2015 Cash paid for interest on debt facility $ 288 $ - Supplemental disclosures of non-cash investing and financing activities: Warrants issued in connection with debt facility $ 26 $ - Unrealized gain on investment securities $ (22 ) $ (23 ) Purchases of property and equipment in accounts payable $ - $ 2 Purchase of equipment under capital lease $ - $ 33 Financing costs in accounts payable and accrued liabilities $ 167 $ 19 Debt issuance costs in accounts payable and accrued liabilities $ 10 $ - |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Stockholders' Equity | 13. Stockholders’ Equity Underwritten Public Offering of Common Stock and Warrants In February 2016, we completed an underwritten public offering with gross proceeds of $8.0 million from the sale and issuance of 29,090,910 units, each consisting of one share of our common stock and one warrant to purchase one share of our common stock. Net proceeds, after deducting underwriting discounts and commissions and other estimated offering expenses, were approximately $7.3 million. The warrants have an exercise price of $0.42 per share, are exercisable any time on or after August 17, 2016 and will expire on February 16, 2021. “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 $30.0 million, from time to time, through an “at the market,” or ATM, equity offering program (the “2014 Sales Agreement”), under which Cowen acted as sales agent. In August 2015, we terminated the 2014 Sales Agreement upon entry into a new sales agreement with Cowen to sell shares of our common stock, with aggregate gross sales proceeds of up to $30.0 million, from time to time, through an ATM program. As of March 31, 2016, we had sold and issued an aggregate of 24,990,267 shares at a weighted-average sales price of $0.70 per share under the ATM programs for aggregate gross proceeds of $17.5 million and $16.6 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. Warrants Issued to Hercules In connection with the Loan Agreement, we entered into a Warrant Agreement with Hercules Technology III, L.P., dated August 11, 2015, as amended by the First Amendment thereto dated September 28, 2015 and the Second Amendment thereto dated February 25, 2016, pursuant to which Hercules has a right to purchase up to an aggregate of 2,272,727 shares of our common stock at an exercise price of $0.275 per share, at any time, or from time to time, through August 11, 2020. The Warrant Agreement, as amended, provides for adjustment to the exercise price and number of shares subject to Hercules’ warrants in the event of a merger event, reclassification of our common stock, subdivision or combination of our common stock, or certain dividend payments. Upon exercise, the aggregate exercise price may be paid, at Hercules’ election, in cash or on a net issuance basis, based upon the fair market value of our common stock at the time of exercise. If the fair market value of our common stock is greater than the exercise price of the warrants as of immediately before their expiration, to the extent the warrants are not previously exercised in full, the warrants shall be deemed automatically exercised on a net issuance basis as of immediately before their expiration. Outstanding Warrants At March 31, 2016, outstanding warrants to purchase shares of common stock are as follows: Shares Underlying Outstanding Warrants Exercise Price Expiration Date 10,625,000 $ 1.100 November 2016 28,097,400 $ 0.650 June 2018 13,081,428 $ 0.010 November 2019 22,011,265 $ 0.750 November 2019 2,272,727 $ 0.275 August 2020 29,090,910 $ 0.420 February 2021 105,178,730 |
Use of Estimates (Policies)
Use of Estimates (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Changes And Error Corrections [Abstract] | |
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 and assumptions, 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. |
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, 2016, $2.2 million, or approximately 17%, of our investment securities had contractual maturity dates of more than one year and less than or equal to 18 months and none had contractual maturity dates greater than 18 months. |
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. |
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. |
Recent Accounting Pronouncements | In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) Compensation – Stock Compensation We are in the process of evaluating the impact of this new guidance. In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842) Leases In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes In August 2014, the FASB issued 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 |
Goodwill and IPR&D (Tables)
Goodwill and IPR&D (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Goodwill and IPR&D | At March 31, 2016 and December 31, 2015, our goodwill and IPR&D consisted of the following (in thousands): Goodwill $ 3,007 IPR&D Acquired IPR&D related to SynthRx acquisition 6,549 Acquired IPR&D related to Aires acquisition 2,000 Total goodwill and IPR&D $ 11,556 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Investments Debt And Equity Securities [Abstract] | |
Investment Securities | At March 31, 2016 and December 31, 2015, our investment securities were as follows (in thousands): March 31, December 31, 2016 2015 Fair value of investment securities $ 13,568 $ 17,929 Cost basis of investment securities 13,563 17,946 March 31, December 31, 2016 2015 Net unrealized (gains)/losses on investment securities $ (5 ) $ 17 |
Fair Value of Financial Instr22
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Values of Cash Equivalents and Investment Securities | The fair values at March 31, 2016 and December 31, 2015 of our cash equivalents and investment securities are summarized in the following table (in thousands): Fair Value Determined Under: Total Fair Value (Level 1) (Level 2) (Level 3) At March 31, 2016: Cash equivalents $ 15,214 $ 15,214 $ — $ — Investment securities $ 13,568 $ — $ 13,568 $ — At December 31, 2015: Cash equivalents $ 15,799 $ 15,799 $ — $ — Investment securities $ 17,929 $ — $ 17,929 $ — |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Payables And Accruals [Abstract] | |
Accrued Liabilities | Accrued liabilities at March 31, 2016 and December 31, 2015 were as follows (in thousands): March 31, December 31, 2016 2015 Accrued R&D agreements and study expenses $ 7,355 $ 7,898 Other accrued liabilities 438 254 Total accrued liabilities $ 7,793 $ 8,152 |
Debt Facility (Tables)
Debt Facility (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Summary of Components of Debt Facility Carrying Value | The following table summarizes the components of the debt facility carrying value (in thousands): As of March 31, 2016 Short-term Long-term Potential prepayment to lender $ 10,000 $ - Principal payments to lender and end of term charge 1,328 4,384 Accrued interest 119 - Debt issuance costs - (706 ) Debt discount related to warrants - (310 ) Carrying value $ 11,447 $ 3,368 |
Share-Based Compensation Expe25
Share-Based Compensation Expense (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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, 2016 and 2015 was as follows (in thousands): Three Months Ended March 31, 2016 2015 Selling, general and administrative expense $ 424 $ 941 Research and development expense 235 125 Share-based compensation expense $ 659 $ 1,066 |
Summary of Equity Award Activity | The following table summarizes the equity award activity during such three-month period: Shares Underlying Option Awards Weighted-Average Exercise Price Outstanding at December 31, 2015 22,896,728 $ 0.78 Granted 7,833,059 $ 0.42 Exercised — $ — Expired/forfeited (526,662 ) $ 1.18 Outstanding at March 31, 2016 30,203,125 $ 0.68 |
Net Loss Per Common Share (Tabl
Net Loss Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Weighted-average Number of Those Common Stock Equivalents Outstanding | All common stock equivalents presented had an anti-dilutive impact due to losses reported in the applicable periods. 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, 2016 2015 Options 30,322,614 20,763,600 Warrants 90,245,994 79,149,568 |
Supplemental Cash Flow Inform27
Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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, 2016 and 2015 are as follows (in thousands): Three Months Ended March 31, 2016 2015 Cash paid for interest on debt facility $ 288 $ - Supplemental disclosures of non-cash investing and financing activities: Warrants issued in connection with debt facility $ 26 $ - Unrealized gain on investment securities $ (22 ) $ (23 ) Purchases of property and equipment in accounts payable $ - $ 2 Purchase of equipment under capital lease $ - $ 33 Financing costs in accounts payable and accrued liabilities $ 167 $ 19 Debt issuance costs in accounts payable and accrued liabilities $ 10 $ - |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Outstanding Warrants to Purchase Shares of Common Stock | At March 31, 2016, outstanding warrants to purchase shares of common stock are as follows: Shares Underlying Outstanding Warrants Exercise Price Expiration Date 10,625,000 $ 1.100 November 2016 28,097,400 $ 0.650 June 2018 13,081,428 $ 0.010 November 2019 22,011,265 $ 0.750 November 2019 2,272,727 $ 0.275 August 2020 29,090,910 $ 0.420 February 2021 105,178,730 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Jul. 31, 2016 | |
Description Of Business [Line Items] | ||||
Loss from operations | $ (10,742) | $ (9,650) | $ (39,400) | |
Net cash used in operating activities | (11,328) | $ (7,349) | $ (32,900) | |
Cash, Cash Equivalents, and Investment Securities | 37,100 | |||
Working capital | $ 15,600 | |||
Loan and Security Agreement [Member] | Hercules [Member] | ||||
Description Of Business [Line Items] | ||||
Prepayment date of outstanding principal | Jul. 31, 2016 | |||
Loan and Security Agreement [Member] | Hercules [Member] | Scenario, Forecast [Member] | ||||
Description Of Business [Line Items] | ||||
Prepayments of outstanding principal | $ 10,000 |
Goodwill and IPR&D - Summary of
Goodwill and IPR&D - Summary of Goodwill and IPR&D (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Goodwill And Intangible Assets [Line Items] | ||
Goodwill | $ 3,007 | $ 3,007 |
Total goodwill and IPR&D | 11,556 | |
SynthRx [Member] | ||
Goodwill And Intangible Assets [Line Items] | ||
In-process research and development | 6,549 | |
Aires [Member] | ||
Goodwill And Intangible Assets [Line Items] | ||
In-process research and development | $ 2,000 |
Goodwill and IPR&D - Additional
Goodwill and IPR&D - Additional Information (Detail) | Sep. 30, 2015USD ($) |
SynthRx [Member] | |
Goodwill And Intangible Assets [Line Items] | |
Impairment charge | $ 0 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | |
Amount of investment securities | $ 2.2 |
Percentage of investment securities | 17.00% |
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 - Investm
Investment Securities - Investment Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Investment Holdings [Abstract] | ||
Fair value of investment securities | $ 13,568 | $ 17,929 |
Cost basis of investment securities | 13,563 | 17,946 |
Net unrealized (gains)/losses on investment securities | $ (5) | $ 17 |
Fair Value of Financial Instr34
Fair Value of Financial Instruments - Fair Values of Cash Equivalents and Investment Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | $ 13,568 | $ 17,929 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 15,214 | 15,799 |
Investment securities | 13,568 | 17,929 |
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 | 15,214 | 15,799 |
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 | $ 13,568 | $ 17,929 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Property, Plant and Equipment [Line Items] | |
Lease obligations | $ 40,000 |
Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful Lives | 3 years |
Minimum [Member] | Capital Lease [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful Lives | 3 years |
Rate of interest on capital lease | 8.00% |
Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful Lives | 5 years |
Maximum [Member] | Capital Lease [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful Lives | 5 years |
Rate of interest on capital lease | 14.00% |
Accrued Liabilities - Accrued L
Accrued Liabilities - Accrued Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Payables And Accruals [Abstract] | ||
Accrued R&D agreements and study expenses | $ 7,355 | $ 7,898 |
Other accrued liabilities | 438 | 254 |
Total accrued liabilities | $ 7,793 | $ 8,152 |
Debt Facility - Additional Info
Debt Facility - Additional Information (Detail) - USD ($) | Aug. 11, 2015 | Jul. 31, 2016 | Mar. 31, 2016 | Feb. 29, 2016 | Feb. 25, 2016 | Sep. 28, 2015 |
Line Of Credit Facility [Line Items] | ||||||
Interest rate terms of each tranche | The interest rate for the principal balance under the Loan Agreement is the greater of (i) 8.95% plus the prime rate as reported in The Wall Street Journal minus 3.25%, and (ii) 8.95%, determined on a daily basis. | |||||
Interest rate for each tranche | 8.95% | |||||
Interest rate decreases if prime rate is used | (3.25%) | |||||
Final payment due on date of maturity | $ 712,500 | |||||
Loan agreement payment terms | The interest rate for the principal balance under the Loan Agreement is the greater of (i) 8.95% plus the prime rate as reported in The Wall Street Journal minus 3.25%, and (ii) 8.95%, determined on a daily basis. Monthly payments under the Loan Agreement are interest only until July 1, 2016, followed by equal monthly payments of principal and interest through the scheduled maturity date of January 1, 2019. | |||||
Warrants issued to purchase shares of common stock | 2,272,727 | 105,178,730 | ||||
Exercise price of warrants per share | $ 0.275 | $ 0.42 | ||||
Warrants to Hercules [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Warrants issued to purchase shares of common stock | 1,524,390 | |||||
Exercise price of warrants per share | $ 0.41 | |||||
Warrants, expected term | 5 years | |||||
Warrants, expected volatility rate | 83.00% | |||||
Warrants, risk free interest rate | 1.20% | |||||
Warrants, expected dividend yield | 0.00% | |||||
Amortization of debt discount | $ 400,000 | |||||
Scenario, Forecast [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Payment against the principal balance | $ 430,000 | |||||
Prime Rate [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Interest rate spread for each tranche | 8.95% | |||||
Second Amendment [Member] | Warrants to Hercules [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Warrants issued to purchase shares of common stock | 2,272,727 | |||||
Exercise price of warrants per share | $ 0.275 | |||||
Loan and Security Agreement [Member] | Hercules [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Secured loan amount | $ 15,000,000 | |||||
Debt prepayment charges, option one | 1.00% | |||||
Debt prepayment charges, option two | 2.00% | |||||
Debt prepayment charges, option three | 3.00% | |||||
Payments of debt issuance costs | $ 150,000 | |||||
Commitment fee | 25,000 | |||||
Loan and Security Agreement [Member] | Hercules [Member] | First Advance [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Loan borrowed amount | $ 5,000,000 | |||||
Loan and Security Agreement [Member] | Hercules [Member] | Second Advance [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Loan borrowed amount | $ 10,000,000 |
Debt Facility - Summary of Comp
Debt Facility - Summary of Components of Debt Facility Carrying Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Line Of Credit Facility [Line Items] | ||
Short-term, Carrying value | $ 11,447 | $ 10,991 |
Long-term, Carrying value | 3,368 | $ 3,726 |
Short-term [Member] | ||
Line Of Credit Facility [Line Items] | ||
Potential prepayment to lender | 10,000 | |
Principal payments to lender and end of term charge | 1,328 | |
Accrued interest | 119 | |
Long-term [Member] | ||
Line Of Credit Facility [Line Items] | ||
Principal payments to lender and end of term charge | 4,384 | |
Debt issuance costs | (706) | |
Debt discount related to warrants | $ (310) |
Share-Based Compensation Expe39
Share-Based Compensation Expense - Estimated Share-based Compensation Expense Related to Equity Awards Granted to Employees and Non-employee Directors (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation expense | $ 659 | $ 1,066 |
Selling, General and Administrative Expense [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation expense | 424 | 941 |
Research and Development Expense [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation expense | $ 235 | $ 125 |
Share-Based Compensation Expe40
Share-Based Compensation Expense - Summary of Equity Award Activity (Detail) | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Shares Underlying Option Awards, Outstanding at beginning balance | shares | 22,896,728 |
Shares Underlying Option Awards, Granted | shares | 7,833,059 |
Shares Underlying Option Awards, Expired/forfeited | shares | (526,662) |
Shares Underlying Option Awards, Outstanding at ending balance | shares | 30,203,125 |
Weighted-Average Exercise Price, beginning balance | $ / shares | $ 0.78 |
Weighted-Average Exercise Price, Granted | $ / shares | 0.42 |
Weighted-Average Exercise Price, Expired/forfeited | $ / shares | 1.18 |
Weighted-Average Exercise Price, ending balance | $ / shares | $ 0.68 |
Share-Based Compensation Expe41
Share-Based Compensation Expense - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Unrecognized compensation cost | $ 5.9 |
Expected to be recognized over a weighted-average period | 3 years |
Net Loss Per Common Share - Wei
Net Loss Per Common Share - Weighted-average Number of Those Common Stock Equivalents Outstanding (Detail) - shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Options [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities | 30,322,614 | 20,763,600 |
Warrants [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities | 90,245,994 | 79,149,568 |
Supplemental Cash Flow Inform43
Supplemental Cash Flow Information - Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | ||
Cash paid for interest on debt facility | $ 288 | |
Supplemental disclosures of non-cash investing and financing activities: | ||
Warrants issued in connection with debt facility | 26 | |
Unrealized gain on investment securities | (22) | $ (23) |
Purchases of property and equipment in accounts payable | 2 | |
Purchase of equipment under capital lease | 33 | |
Financing costs in accounts payable and accrued liabilities | 167 | $ 19 |
Debt issuance costs in accounts payable and accrued liabilities | $ 10 |
Stockholder's Equity - Addition
Stockholder's Equity - Additional Information (Detail) - USD ($) | Aug. 11, 2015 | Feb. 29, 2016 | Feb. 28, 2014 | Apr. 30, 2011 | Mar. 31, 2016 | Dec. 31, 2015 |
Class Of Warrant Or Right [Line Items] | ||||||
Gross proceeds of financing | $ 8,000,000 | $ 17,500,000 | ||||
Common stock, shares issued | 29,090,910 | 24,990,267 | ||||
Securities offered and sold combination | each consisting of one share of our common stock and one warrant to purchase one share of our common stock. | |||||
Number of securities in each unit issued | 1 | |||||
Number of common stock called by each warrant | 1 | |||||
Net proceeds from financing | $ 7,300,000 | $ 16,600,000 | ||||
Exercise price of warrants per share | $ 0.275 | $ 0.42 | ||||
Warrants exercisable period | Aug. 11, 2020 | Aug. 17, 2016 | ||||
Warrants expiration date | Feb. 16, 2021 | |||||
Weighted average sale price | $ 0.70 | |||||
Common stock, shares issued | 192,836,367 | 163,614,297 | ||||
Purchase price per share pursuant to the exercise of a repurchase right under the merger agreement | $ 0.001 | |||||
Warrants issued to purchase shares of common stock | 2,272,727 | 105,178,730 | ||||
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 |
Stockholder's Equity - Outstand
Stockholder's Equity - Outstanding Warrants to Purchase Shares of Common Stock (Detail) - $ / shares | 3 Months Ended | ||
Mar. 31, 2016 | Feb. 29, 2016 | Aug. 11, 2015 | |
Class Of Warrant Or Right [Line Items] | |||
Shares Underlying Outstanding Warrants | 105,178,730 | 2,272,727 | |
Exercise Price | $ 0.42 | $ 0.275 | |
Exercise Price One [Member] | |||
Class Of Warrant Or Right [Line Items] | |||
Shares Underlying Outstanding Warrants | 10,625,000 | ||
Exercise Price | $ 1.100 | ||
Expiration Date | 2016-11 | ||
Exercise Price Two [Member] | |||
Class Of Warrant Or Right [Line Items] | |||
Shares Underlying Outstanding Warrants | 28,097,400 | ||
Exercise Price | $ 0.650 | ||
Expiration Date | 2018-06 | ||
Exercise Price Three [Member] | |||
Class Of Warrant Or Right [Line Items] | |||
Shares Underlying Outstanding Warrants | 13,081,428 | ||
Exercise Price | $ 0.010 | ||
Expiration Date | 2019-11 | ||
Exercise Price Four [Member] | |||
Class Of Warrant Or Right [Line Items] | |||
Shares Underlying Outstanding Warrants | 22,011,265 | ||
Exercise Price | $ 0.750 | ||
Expiration Date | 2019-11 | ||
Exercise Price Five [Member] | |||
Class Of Warrant Or Right [Line Items] | |||
Shares Underlying Outstanding Warrants | 2,272,727 | ||
Exercise Price | $ 0.275 | ||
Expiration Date | 2020-08 | ||
Exercise Price Six [Member] | |||
Class Of Warrant Or Right [Line Items] | |||
Shares Underlying Outstanding Warrants | 29,090,910 | ||
Exercise Price | $ 0.420 | ||
Expiration Date | 2021-02 |