Savara (SVRA) 10-Q 8 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 03, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
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		238,230,454

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 20,521	$ 23,052
Investment securities	6,429	17,929
Prepaid expenses and other current assets	1,333	1,271
Total current assets	28,283	42,252
Property and equipment, net	148	226
In-process research and development	8,549	8,549
Goodwill	3,007	3,007
Other assets	131	183
Total assets	40,118	54,217
Current liabilities:
Accounts payable	1,497	2,600
Accrued liabilities	6,902	8,152
Accrued compensation and payroll taxes	901	1,430
Debt facility	11,593	10,991
Total current liabilities	20,893	23,173
Long-term lease obligation	19	25
Debt facility, net of current portion	2,615	3,726
Deferred income tax liability	3,404	3,404
Total liabilities	26,931	30,328
Stockholders' equity:
Common stock, $0.001 par value; 500,000,000 shares authorized; 232,892,110 and 163,614,297 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively	233	164
Additional paid-in capital	317,988	298,715
Accumulated other comprehensive income/(loss)	4	(17)
Accumulated deficit	(305,038)	(274,973)
Total stockholders' equity	13,187	23,889
Total liabilities and stockholders' equity	$ 40,118	$ 54,217

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 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	232,892,110	163,614,297
Common stock, shares outstanding	232,892,110	163,614,297

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Statement [Abstract]
Revenues	$ 45		$ 45
Operating expenses:
Research and development	5,088	$ 7,330	20,715	$ 21,106
Selling, general and administrative	2,134	2,460	7,408	8,448
Depreciation and amortization	24	38	86	105
Total operating expenses	7,246	9,828	28,209	29,659
Loss from operations	(7,201)	(9,828)	(28,164)	(29,659)
Interest income	31	32	107	94
Interest expense	(948)	(101)	(1,979)	(102)
Other income (loss), net	(34)	(15)	(29)	(12)
Net loss	$ (8,152)	$ (9,912)	$ (30,065)	$ (29,679)
Net loss per share - basic and diluted	$ (0.04)	$ (0.06)	$ (0.15)	$ (0.18)
Weighted average shares outstanding - basic and diluted	214,714,029	163,614,297	196,527,686	161,748,944
Comprehensive Income/(Loss):
Net loss	$ (8,152)	$ (9,912)	$ (30,065)	$ (29,679)
Other comprehensive income/(loss)	(3)	(1)	22	34
Comprehensive net loss	$ (8,155)	$ (9,913)	$ (30,043)	$ (29,645)

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net loss	$ (30,065)	$ (29,679)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	86	105
Share-based compensation expense related to employee stock options	1,951	2,122
Amortization of debt issuance costs and debt discount	947	29
Changes in assets and liabilities:
Decrease/(increase) in prepaid expenses and other assets	38	(251)
(Decrease)/increase in accounts payable and accrued liabilities	(2,895)	3,536
Net cash used in operating activities	(29,938)	(24,138)
Cash flows from investing activities:
Purchases of certificates of deposit		(8,235)
Proceeds from maturities of certificates of deposit	11,521	12,044
Purchases of property and equipment	(8)	(118)
Net cash provided by investing activities	11,513	3,691
Cash flows from financing activities:
Proceeds from borrowings under debt facility		15,000
Payments made on debt facility	(1,294)
Costs paid in connection with debt facility	(123)	(160)
Proceeds from sale of common stock	17,942	2,140
Proceeds from exercise of warrants	408
Payments for offering costs	(1,033)	(129)
Payments for capital lease	(6)	(5)
Net cash provided by financing activities	15,894	16,846
Net decrease in cash and cash equivalents	(2,531)	(3,601)
Cash and cash equivalents at beginning of period	23,052	35,808
Cash and cash equivalents at end of period	$ 20,521	$ 32,207

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Basis of Presentation	1. Basis of Presentation Mast Therapeutics, Inc., a Delaware corporation (“Mast Therapeutics,” “we,” “us,” “our” 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 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). Through our acquisition of SynthRx, Inc. (“SynthRx”) in 2011, we acquired vepoloxamer (also known as MST-188). 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. However, our working capital, anticipated operating expenses and net losses and the uncertainties surrounding our ability to raise additional capital as needed, as discussed below, raise substantial doubt about our ability to continue as a going concern. The accompanying condensed consolidated 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. 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 nine months ended September 30, 2016, we incurred losses from operations of $39.4 million and $28.2 million, respectively, and our net cash used in operating activities was $32.9 million and $29.9 million, respectively. At September 30, 2016, our cash, cash equivalents and investment securities totaled $27.0 million and our working capital was $7.4 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 this year through our “at the market,” or ATM, equity offering program (See Note 13, “Stockholders’ Equity”) and seek other funding opportunities, including equity or debt financings and opportunities to strategically monetize our development program assets. However, there can be no assurance that we will be successful in these efforts or in our ongoing efforts to manage our operating costs. 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. We expect that our cash, cash equivalents and investment securities as of September 30, 2016, will be sufficient to fund our operations into the first quarter of 2017. In addition to the uncertainties surrounding our ability to raise additional capital as needed, which raise substantial doubt about our ability to continue as a going concern, our business, operating results, financial condition, and growth prospects are subject to significant other risks and uncertainties, including failing to successfully develop and license or commercialize our product candidates even if we are able to raise significant additional capital.

Use of Estimates

Use of Estimates	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 2016
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and IPR&D	3. Goodwill and IPR&D At September 30, 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 quantitative assessment of our acquired IPR&D for vepoloxamer as of September 30, 2016. Our prior assessments of vepoloxamer contemplated development of vepoloxamer in sickle cell disease. Due to negative efficacy results in our Phase 3 study of vepoloxamer in sickle cell disease in September 2016, we determined a quantitative assessment was appropriate. First, we considered whether vepoloxamer still has technological feasibility. Based on data from numerous nonclinical studies as well as earlier clinical studies of vepoloxamer, we continue to believe vepoloxamer has potential utility in a wide range of serious or life-threatening diseases and conditions typically characterized by impaired microvascular blood flow and damaged cell membranes, including heart failure and ischemic stroke. Our decision to terminate the Phase 2 study of vepoloxamer in heart failure was due to financial constraints and not a change in our assessment of its potential utility for heart failure patients. However, because we are winding down our vepoloxamer heart failure program, but are exploring development opportunities for vepoloxamer in ischemic stroke (specifically, through a grant-funded nonclinical study and partnering opportunities), our impairment testing as of September 30, 2016 was based on assumptions for development of vepoloxamer in ischemic stroke. We calculated the estimated fair value of acquired IPR&D by using the Multi-Period Excess Earnings Method, or MPEEM, which is a form of the income approach. While the inputs under the MPEEM consist primarily of Level 3 inputs, some Level 2 inputs were incorporated to derive the discount rate, as well as certain tax and asset balance assumptions and the probability factor for achieving regulatory approval. Under the MPEEM, we used probability-weighted, projected after-tax cash flows discounted at a rate considered appropriate given the significant inherent risks associated with drug development by companies in a similar lifecycle stage. Cash flows were calculated based on estimated projections of revenues and expenses related to vepoloxamer in ischemic stroke (U.S. and European Union) 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 2039, but to decrease substantially after 2034 based on an assumption of the expiration of the U.S. composition of matter patent covering vepoloxamer in mid-2035. The resultant cash flows were then discounted to present value using a weighted-average cost of equity capital for companies with profiles comparable to Mast’s based on industry-specific information obtained from published sources we believe to be reliable. We compensated for the phase of development of the program by applying a probability factor to our estimation of expected future cash flows. We analyzed a range of probability factors ranging from the high single digits to the low teens and under all of these scenarios, the fair value of the vepoloxamer-related IPR&D exceeded its carrying value. The projected cash flows were based on significant assumptions, including the time and resources needed to complete the development and regulatory approval of vepoloxamer in ischemic stroke, estimates of revenue and operating profit related to the program considering its stage of development, the life of the potential commercialized product, the term of market exclusivity, 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. Based on the fair value assessment described above, the carrying value of the vepoloxamer-related IPR&D did not exceed its fair value as of September 30, 2016. Therefore, we concluded that no impairment charge is required.

Investment Securities

Investment Securities	9 Months Ended
	Sep. 30, 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, as current assets on our consolidated balance sheets because we consider them to be highly liquid and available for use, if needed, in current operations. As of September 30, 2016, none of our investment securities had contractual maturity dates of more than one year. At September 30, 2016 and December 31, 2015, our investment securities were as follows (in thousands): September 30, December 31, 2016 2015 Fair value of investment securities $ 6,429 $ 17,929 Cost basis of investment securities 6,425 17,946 September 30, December 31, 2016 2015 Net unrealized (gains)/losses on investment securities $ (4 ) $ 17

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 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 September 30, 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 September 30, 2016: Cash equivalents $ 6,410 $ 6,410 $ — $ — Investment securities $ 6,429 $ — $ 6,429 $ — 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	9 Months Ended
	Sep. 30, 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 September 30, 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	9 Months Ended
	Sep. 30, 2016
Payables And Accruals [Abstract]
Accrued Liabilities	7. Accrued Liabilities Accrued liabilities at September 30, 2016 and December 31, 2015 were as follows (in thousands): September 30, December 31, 2016 2015 Accrued R&D agreements and study expenses $ 6,600 $ 7,898 Other accrued liabilities 302 254 Total accrued liabilities $ 6,902 $ 8,152

Debt Facility

Debt Facility	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Debt Facility	8. Debt Facility Hercules Loan and Security Agreement In 2015, we borrowed an aggregate of $15.0 million pursuant to a Loan and Security Agreement with Hercules Technology III, L.P. and Hercules Capital, Inc. (formerly known as, Hercules Technology Growth Capital, Inc.) (together, “Hercules”), as amended (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 on September 28, 2015 (the “Second Advance”). The Loan Agreement required prepayment of $10.0 million of the principal balance of the loan and any accrued but unpaid fees and expenses (the “Second Advance Prepayment”) on or before October 14, 2016 unless the Phase 3 clinical study of vepoloxamer in sickle cell disease, known as the EPIC study, demonstrated positive results. Our announcement in September 2016 that EPIC did not achieve its primary or secondary efficacy endpoints triggered the Second Advance Prepayment, which was made in October 2016. See Note 14, “Subsequent Events.” The Second Advance was classified as a current liability on our balance sheet as of September 30, 2016. 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 were interest only until July 1, 2016. On July 1, August 1, and September 1, 2016 we made equal monthly payments against the principal balance in addition to the interest amounts. We are required to repay the loan in equal monthly installments of principal and interest on the first business day of each month through the scheduled maturity date of January 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% or 2% of the then outstanding principal balance also will be due, depending upon when the prepayment occurs. No prepayment penalty applied to the Second Advance Prepayment. 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 $225,000 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 September 30, 2016 Short-term Long-term Prepayment to lender $ 10,000 $ - Principal payments to lender and end of term charge 1,488 2,930 Accrued interest 105 - Debt issuance costs - (224 ) Debt discount related to warrants - (91 ) Carrying value $ 11,593 $ 2,615

Share-Based Compensation Expens

Share-Based Compensation Expense	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2016 and 2015 was as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Selling, general and administrative expense $ 424 $ 375 $ 1,273 $ 1,687 Research and development expense 221 169 678 435 Share-based compensation expense $ 645 $ 544 $ 1,951 $ 2,122 During the nine months ended September 30, 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 nine-month period: Shares Underlying Option Awards Weighted-Average Exercise Price Outstanding at December 31, 2015 22,896,728 $ 0.78 Granted 8,151,263 $ 0.42 Exercised — $ — Expired/forfeited (1,151,393 ) $ 0.98 Outstanding at September 30, 2016 29,896,598 $ 0.67 At September 30, 2016, total unrecognized estimated compensation cost related to non-vested employee and non-employee director share-based awards granted prior to that date was $4.8 million, which is expected to be recognized over a weighted-average period of 2.5 years.

Net Loss Per Common Share

Net Loss Per Common Share	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Options 29,950,046 22,453,351 30,100,242 21,128,025 Warrants 104,595,749 76,356,327 100,023,572 77,345,043

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2016 and 2015 are as follows (in thousands): Nine Months Ended September 30, 2016 2015 Cash paid for interest on debt facility $ 1,042 $ 26 Supplemental disclosures of non-cash investing and financing activities: Fair value of warrants issued in connection with debt facility $ 26 $ 393 Unrealized gain on investment securities $ (22 ) $ (34 ) Receivable for warrant exercise $ 65 $ - Purchases of property and equipment in accounts payable $ - $ 31 Purchase of equipment under capital lease $ - $ 35 Debt issuance costs in accounts payable and accrued liabilities $ - $ 33

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 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 September 30, 2016, we had sold an aggregate of 51,148,582 shares at a weighted-average sales price of $0.54 per share under the ATM programs for aggregate gross proceeds of $27.4 million and $26.2 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 vepoloxamer in sickle cell disease. The merger agreement requires us to 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 vepoloxamer 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. Because we have determined not to pursue development of vepoloxamer in sickle cell disease, it is unlikely that these milestones will be achieved and that any of these shares will be issued. 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. Warrant Exercises During the three and nine months ended September 30, 2016, we issued the following shares of our common stock upon exercise of outstanding warrants and received aggregate net proceeds of $0.5 million: • 816,000 shares upon exercise of outstanding warrants with exercise price of $0.42 per share; and • 13,081,428 shares upon exercise of outstanding warrants with exercise price of $0.01 per share. Outstanding Warrants At September 30, 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 22,011,265 $ 0.750 November 2019 2,272,727 $ 0.275 August 2020 28,274,910 $ 0.420 February 2021 91,281,302

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	14. Subsequent Events Prepayment under Loan and Security Agreement As discussed in Note 8, “Debt Facility,” in September 2016, the top-line results of the EPIC study triggered a prepayment obligation under our Loan Agreement with Hercules. Accordingly, on October 3, 2016, we made the Second Advance Prepayment. Our October 1 and November 1, 2016 monthly installment payments to Hercules of principal and interest were each $148,000. As of November 3, 2016, the principal balance owed to Hercules was $3.5 million. Costs Associated with Reductions in Workforce In October 2016, as part of restructuring our organization in connection with the discontinuation of the vepoloxamer development programs in sickle cell disease and heart failure, we eliminated ten positions across our company. As a result of these October 2016 workforce reductions, assuming each affected employee executes and does not revoke a separation agreement and general release of claims, we expect to incur restructuring costs of approximately $0.4 million for one-time employee termination costs, including severance, benefits and related costs, all of which we expect to pay in the fourth quarter of 2016.

Use of Estimates (Policies)

Use of Estimates (Policies)	9 Months Ended
	Sep. 30, 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, as current assets on our consolidated balance sheets because we consider them to be highly liquid and available for use, if needed, in current operations. As of September 30, 2016, none of our investment securities had contractual maturity dates of more than one year.
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)	9 Months Ended
	Sep. 30, 2016
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of Goodwill and IPR&D	At September 30, 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)	9 Months Ended
	Sep. 30, 2016
Investments Debt And Equity Securities [Abstract]
Investment Securities	At September 30, 2016 and December 31, 2015, our investment securities were as follows (in thousands): September 30, December 31, 2016 2015 Fair value of investment securities $ 6,429 $ 17,929 Cost basis of investment securities 6,425 17,946 September 30, December 31, 2016 2015 Net unrealized (gains)/losses on investment securities $ (4 ) $ 17

Fair Value of Financial Instr23

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Fair Values of Cash Equivalents and Investment Securities	The fair values at September 30, 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 September 30, 2016: Cash equivalents $ 6,410 $ 6,410 $ — $ — Investment securities $ 6,429 $ — $ 6,429 $ — At December 31, 2015: Cash equivalents $ 15,799 $ 15,799 $ — $ — Investment securities $ 17,929 $ — $ 17,929 $ —

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2016
Payables And Accruals [Abstract]
Accrued Liabilities	Accrued liabilities at September 30, 2016 and December 31, 2015 were as follows (in thousands): September 30, December 31, 2016 2015 Accrued R&D agreements and study expenses $ 6,600 $ 7,898 Other accrued liabilities 302 254 Total accrued liabilities $ 6,902 $ 8,152

Debt Facility (Tables)

Debt Facility (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2016 Short-term Long-term Prepayment to lender $ 10,000 $ - Principal payments to lender and end of term charge 1,488 2,930 Accrued interest 105 - Debt issuance costs - (224 ) Debt discount related to warrants - (91 ) Carrying value $ 11,593 $ 2,615

Share-Based Compensation Expe26

Share-Based Compensation Expense (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2016 and 2015 was as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Selling, general and administrative expense $ 424 $ 375 $ 1,273 $ 1,687 Research and development expense 221 169 678 435 Share-based compensation expense $ 645 $ 544 $ 1,951 $ 2,122
Summary of Equity Award Activity	The following table summarizes the equity award activity during such nine-month period: Shares Underlying Option Awards Weighted-Average Exercise Price Outstanding at December 31, 2015 22,896,728 $ 0.78 Granted 8,151,263 $ 0.42 Exercised — $ — Expired/forfeited (1,151,393 ) $ 0.98 Outstanding at September 30, 2016 29,896,598 $ 0.67

Net Loss Per Common Share (Tabl

Net Loss Per Common Share (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Options 29,950,046 22,453,351 30,100,242 21,128,025 Warrants 104,595,749 76,356,327 100,023,572 77,345,043

Supplemental Cash Flow Inform28

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2016 and 2015 are as follows (in thousands): Nine Months Ended September 30, 2016 2015 Cash paid for interest on debt facility $ 1,042 $ 26 Supplemental disclosures of non-cash investing and financing activities: Fair value of warrants issued in connection with debt facility $ 26 $ 393 Unrealized gain on investment securities $ (22 ) $ (34 ) Receivable for warrant exercise $ 65 $ - Purchases of property and equipment in accounts payable $ - $ 31 Purchase of equipment under capital lease $ - $ 35 Debt issuance costs in accounts payable and accrued liabilities $ - $ 33

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Outstanding Warrants to Purchase Shares of Common Stock	At September 30, 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 22,011,265 $ 0.750 November 2019 2,272,727 $ 0.275 August 2020 28,274,910 $ 0.420 February 2021 91,281,302

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Loss from operations	$ (7,201)	$ (9,828)	$ (28,164)	$ (29,659)	$ (39,400)
Net cash used in operating activities			(29,938)	$ (24,138)	$ (32,900)
Cash, Cash Equivalents, and Investment Securities	27,000		27,000
Working capital	$ 7,400		$ 7,400

Goodwill and IPR&D - Summary of

Goodwill and IPR&D - Summary of Goodwill and IPR&D (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Goodwill And Intangible Assets [Line Items]
Goodwill	$ 3,007	$ 3,007
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 [Member]
Goodwill And Intangible Assets [Line Items]
In-process research and development	$ 2,000	$ 2,000

Goodwill and IPR&D - Additional

Goodwill and IPR&D - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2016USD ($)
Goodwill And Intangible Assets [Line Items]
Qualitative assessment of goodwill, impairment charge	A quantitative assessment of goodwill utilizes a two-step approach. We first compared our carrying value, including goodwill, to our estimated fair value. If the carrying value had exceeded the estimated fair value, we would have performed Step 2 to measure the amount of any impairment charge. As the carrying value did not exceed estimated fair value, we did not perform Step 2 and concluded that no impairment charge for goodwill is required.
Aires [Member] | AIR001 [Member]
Goodwill And Intangible Assets [Line Items]
Impairment charge	$ 0
SynthRx [Member] | Vepoloxamer [Member]
Goodwill And Intangible Assets [Line Items]
Impairment charge	$ 0
Patent expiration period, description	Cash flows were assumed to extend through 2039, but to decrease substantially after 2034 based on an assumption of the expiration of the U.S. composition of matter patent covering vepoloxamer in mid-2035.

Investment Securities - Additio

Investment Securities - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2016USD ($)
Schedule of Available-for-sale Securities [Line Items]
Amount of investment securities	$ 0
Minimum [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity period	1 year

Investment Securities - Investm

Investment Securities - Investment Securities (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Investment Holdings [Abstract]
Fair value of investment securities	$ 6,429	$ 17,929
Cost basis of investment securities	6,425	17,946
Net unrealized (gains)/losses on investment securities	$ (4)	$ 17

Fair Value of Financial Instr35

Fair Value of Financial Instruments - Fair Values of Cash Equivalents and Investment Securities (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investment securities	$ 6,429	$ 17,929
Fair Value, Measurements, Nonrecurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	6,410	15,799
Investment securities	6,429	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	6,410	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	$ 6,429	$ 17,929

Property and Equipment - Additi

Property and Equipment - Additional Information (Detail)	9 Months Ended
	Sep. 30, 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	Sep. 30, 2016	Dec. 31, 2015
Payables And Accruals [Abstract]
Accrued R&D agreements and study expenses	$ 6,600	$ 7,898
Other accrued liabilities	302	254
Total accrued liabilities	$ 6,902	$ 8,152

Debt Facility - Additional Info

Debt Facility - Additional Information (Detail) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015	Nov. 03, 2016	Oct. 14, 2016	Feb. 29, 2016	Feb. 25, 2016	Sep. 28, 2015	Aug. 11, 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 were interest only until July 1, 2016. On July 1, August 1, and September 1, 2016 we made equal monthly payments against the principal balance in addition to the interest amounts. We are required to repay the loan in equal monthly installments of principal and interest on the first business day of each month through the scheduled maturity date of January 1, 2019.
Warrants issued to purchase shares of common stock	91,281,302							2,272,727
Exercise price of warrants per share					$ 0.42			$ 0.275
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
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%
Prepayment penalty	$ 0
Payments of debt issuance costs		$ 225,000
Commitment fee		$ 25,000
Loan and Security Agreement [Member] | Hercules [Member] | Subsequent Event [Member]
Line Of Credit Facility [Line Items]
Loan borrowed amount			$ 3,500,000
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
Loan and Security Agreement [Member] | Hercules [Member] | Second Advance [Member] | Subsequent Event [Member]
Line Of Credit Facility [Line Items]
Prepayment of outstanding principal				$ 10,000,000

Debt Facility - Summary of Comp

Debt Facility - Summary of Components of Debt Facility Carrying Value (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Line Of Credit Facility [Line Items]
Short-term, Carrying value	$ 11,593	$ 10,991
Long-term, Carrying value	2,615	$ 3,726
Short-term [Member]
Line Of Credit Facility [Line Items]
Prepayment to lender	10,000
Principal payments to lender and end of term charge	1,488
Accrued interest	105
Long-term [Member]
Line Of Credit Facility [Line Items]
Principal payments to lender and end of term charge	2,930
Debt issuance costs	(224)
Debt discount related to warrants	$ (91)

Share-Based Compensation Expe40

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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 645	$ 544	$ 1,951	$ 2,122
Selling, General and Administrative Expense [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	424	375	1,273	1,687
Research and Development Expense [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 221	$ 169	$ 678	$ 435

Share-Based Compensation Expe41

Share-Based Compensation Expense - Summary of Equity Award Activity (Detail)	9 Months Ended
	Sep. 30, 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	8,151,263
Shares Underlying Option Awards, Expired/forfeited | shares	(1,151,393)
Shares Underlying Option Awards, Outstanding at ending balance | shares	29,896,598
Weighted-Average Exercise Price, beginning balance | $ / shares	$ 0.78
Weighted-Average Exercise Price, Granted | $ / shares	0.42
Weighted-Average Exercise Price, Expired/forfeited | $ / shares	0.98
Weighted-Average Exercise Price, ending balance | $ / shares	$ 0.67

Share-Based Compensation Expe42

Share-Based Compensation Expense - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2016USD ($)
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Unrecognized compensation cost	$ 4.8
Expected to be recognized over a weighted-average period	2 years 6 months

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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Options [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities	29,950,046	22,453,351	30,100,242	21,128,025
Warrants [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities	104,595,749	76,356,327	100,023,572	77,345,043

Supplemental Cash Flow Inform44

Supplemental Cash Flow Information - Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Supplemental Cash Flow Elements [Abstract]
Cash paid for interest on debt facility	$ 1,042	$ 26
Supplemental disclosures of non-cash investing and financing activities:
Fair value of warrants issued in connection with debt facility	26	393
Unrealized gain on investment securities	(22)	(34)
Receivable for warrant exercise	$ 65
Purchases of property and equipment in accounts payable		31
Purchase of equipment under capital lease		35
Debt issuance costs in accounts payable and accrued liabilities		$ 33

Stockholder's Equity - Addition

Stockholder's Equity - Additional Information (Detail) - USD ($)	Aug. 11, 2015	Feb. 29, 2016	Aug. 31, 2015	Feb. 28, 2014	Sep. 30, 2016	Sep. 30, 2016	Apr. 30, 2011
Class Of Warrant Or Right [Line Items]
Gross proceeds of financing		$ 8,000,000
Common stock, shares issued		29,090,910
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
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
Warrants issued to purchase shares of common stock	2,272,727				91,281,302	91,281,302
Proceeds from exercise of warrants					$ 500,000	$ 500,000
Exercise of Outstanding Warrants One [Member]
Class Of Warrant Or Right [Line Items]
Exercise price of warrants per share					$ 0.42	$ 0.42
Stock issued during period shares warrants exercised					816,000
Exercise of Outstanding Warrants Two [Member]
Class Of Warrant Or Right [Line Items]
Exercise price of warrants per share					$ 0.01	$ 0.01
Stock issued during period shares warrants exercised						13,081,428
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 to be issued upon achieving milestones							12,478,050
At The Market Offering [Member]
Class Of Warrant Or Right [Line Items]
Gross proceeds of financing						$ 27,400,000
Common stock, shares issued						51,148,582
Net proceeds from financing						$ 26,200,000
Weighted average sale price						$ 0.54
At The Market Offering [Member] | Maximum [Member]
Class Of Warrant Or Right [Line Items]
Amount available to sell under equity program			$ 30,000,000	$ 30,000,000

Stockholder's Equity - Outstand

Stockholder's Equity - Outstanding Warrants to Purchase Shares of Common Stock (Detail) - $ / shares	9 Months Ended
	Sep. 30, 2016	Feb. 29, 2016	Aug. 11, 2015
Class Of Warrant Or Right [Line Items]
Shares Underlying Outstanding Warrants	91,281,302		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	22,011,265
Exercise Price	$ 0.750
Expiration Date	2019-11
Exercise Price Four [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 Five [Member]
Class Of Warrant Or Right [Line Items]
Shares Underlying Outstanding Warrants	28,274,910
Exercise Price	$ 0.420
Expiration Date	2021-02

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - Subsequent Event [Member]	Nov. 01, 2016USD ($)	Oct. 02, 2016USD ($)	Oct. 31, 2016Employee	Dec. 31, 2016USD ($)	Nov. 03, 2016USD ($)
Discontinuation of Vepoloxamer Development Programs [Member]
Subsequent Event [Line Items]
Number of positions eliminated | Employee			10
Discontinuation of Vepoloxamer Development Programs [Member] | One-Time Employee Termination Cost, Including Severance, Benefits and Related Costs [Member]
Subsequent Event [Line Items]
Expected restructuring costs				$ 400,000
Hercules [Member] | Loan and Security Agreement [Member]
Subsequent Event [Line Items]
Monthly installment payments of principal and interest	$ 148,000	$ 148,000
Loan borrowed amount					$ 3,500,000