Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 31, 2014 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'AMICUS THERAPEUTICS INC | ' |
Entity Central Index Key | '0001178879 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 79,321,630 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $19,671 | $43,640 |
Investments in marketable securities | 65,511 | 38,360 |
Receivable due from collaboration agreements | 293 | 1,083 |
Prepaid expenses and other current assets | 1,762 | 5,195 |
Total current assets | 87,237 | 88,278 |
Property and equipment, less accumulated depreciation and amortization of $9,973 and $11,157 at December 31, 2013 and September 30, 2014, respectively | 3,129 | 4,120 |
In-process research & development | 23,000 | 23,000 |
Goodwill | 11,613 | 11,613 |
Other non-current assets | 508 | 552 |
Total Assets | 125,487 | 127,563 |
Current liabilities: | ' | ' |
Accounts payable and accrued expenses | 11,331 | 10,162 |
Current portion of secured loan | 2,493 | 299 |
Total current liabilities | 13,824 | 10,461 |
Deferred reimbursements | 36,677 | 36,677 |
Secured loan, less current portion | 11,809 | 14,174 |
Contingent consideration payable | 10,200 | 10,600 |
Deferred tax liability | 9,186 | 9,186 |
Other non-current liability | 514 | 714 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Common stock, $.01 par value, 125,000,000 shares authorized, 61,975,416 shares issued and outstanding at December 31, 2013, 125,000,000 shares authorized, 79,257,588 shares issued and outstanding at September 30, 2014 | 853 | 679 |
Additional paid-in capital | 468,650 | 423,593 |
Accumulated other comprehensive income | 2 | 1 |
Accumulated deficit | -426,228 | -378,522 |
Total stockholders' equity | 43,277 | 45,751 |
Total Liabilities and Stockholders' Equity | $125,487 | $127,563 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Consolidated Balance Sheets | ' | ' |
Accumulated depreciation and amortization of property and equipment (in dollars) | $11,157 | $9,973 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Common stock, shares issued | 79,257,588 | 61,975,416 |
Common stock, shares outstanding | 79,257,588 | 61,975,416 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenue: | ' | ' | ' | ' |
Research revenue | $293 | $39 | $1,224 | $39 |
Total revenue | 293 | 39 | 1,224 | 39 |
Operating Expenses: | ' | ' | ' | ' |
Research and development | 12,049 | 10,110 | 32,019 | 32,824 |
General and administrative | 5,270 | 4,635 | 15,199 | 14,288 |
Changes in fair value of contingent consideration payable | -600 | ' | -400 | ' |
Restructuring charges | 15 | ' | -74 | ' |
Depreciation and amortization | 375 | 429 | 1,183 | 1,318 |
Total operating expenses | 17,109 | 15,174 | 47,927 | 48,430 |
Loss from operations | -16,816 | -15,135 | -46,703 | -48,391 |
Other income (expenses): | ' | ' | ' | ' |
Interest income | 55 | 36 | 133 | 147 |
Interest expense | -377 | -7 | -1,106 | -26 |
Change in fair value of warrant liability | ' | 517 | ' | 874 |
Other expense | -11 | ' | -30 | ' |
Net loss | ($17,149) | ($14,589) | ($47,706) | ($47,396) |
Net loss per common shares - basic and diluted (in dollars per share) | ($0.22) | ($0.29) | ($0.68) | ($0.96) |
Weighted-average common shares outstanding - basic and diluted (in shares) | 78,889,346 | 49,621,188 | 70,216,251 | 49,621,188 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Loss (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Consolidated Statements of Comprehensive Loss | ' | ' | ' | ' |
Net loss | ($17,149) | ($14,589) | ($47,706) | ($47,396) |
Other comprehensive (loss)/income: | ' | ' | ' | ' |
Unrealized gain/ (loss) on available-for-sale securities | 4 | 2 | 1 | -9 |
Other comprehensive gain/ (loss) before income taxes | 4 | 2 | 1 | -9 |
Other comprehensive gain/ (loss) | 4 | 2 | 1 | -9 |
Comprehensive loss | ($17,145) | ($14,587) | ($47,705) | ($47,405) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Operating activities | ' | ' |
Net loss | ($47,706) | ($47,396) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Non-cash interest expense | 176 | ' |
Depreciation and amortization | 1,183 | 1,318 |
Stock-based compensation | 4,398 | 4,674 |
Restructuring charges | -74 | ' |
Change in fair value of warrant liability | ' | -874 |
Non-cash changes in the fair value of contingent consideration payable | -400 | ' |
Changes in operating assets and liabilities: | ' | ' |
Receivable due from collaboration agreements | 790 | 1,064 |
Prepaid expenses and other current assets | 3,433 | 618 |
Other non-current assets | 26 | ' |
Accounts payable and accrued expenses | 1,213 | -679 |
Non-current liabilities | -200 | ' |
Deferred reimbursements | ' | 3,601 |
Net cash used in operating activities | -37,161 | -37,674 |
Investing activities | ' | ' |
Sale and redemption of marketable securities | 47,959 | 68,348 |
Purchases of marketable securities | -75,109 | -33,654 |
Purchases of property and equipment | -192 | -645 |
Net cash provided by/(used in) investing activities | -27,342 | 34,049 |
Financing activities | ' | ' |
Proceeds from issuance of common stock, net of issuance costs | 38,736 | ' |
Payments of secured loan agreement | -299 | -299 |
Proceeds from exercise of stock options | 2,097 | ' |
Net cash (used in)/provided by financing activities | 40,534 | -299 |
Net decrease in cash and cash equivalents | -23,969 | -3,924 |
Cash and cash equivalents at beginning of period | 43,640 | 33,971 |
Cash and cash equivalents at end of period | 19,671 | 30,047 |
Supplemental disclosures of cash flow information | ' | ' |
Cash paid during the period for interest | $864 | $24 |
Description_of_Business_and_Si
Description of Business and Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2014 | |
Description of Business and Significant Accounting Policies | ' |
Description of Business and Significant Accounting Policies | ' |
Note 1. Description of Business and Significant Accounting Policies | |
Corporate Information, Status of Operations and Management Plans | |
Amicus Therapeutics, Inc. (the Company) was incorporated on February 4, 2002 in Delaware and is a biopharmaceutical company focused on the discovery, development and commercialization of next-generation medicines for a range of rare and orphan diseases, with a focus on improved therapies for lysosomal storage diseases (LSDs). The Company’s lead program is migalastat HCl (migalastat) for Fabry disease. Migalastat is a novel, small molecule pharmacological chaperone in development as a monotherapy and in combination with enzyme replacement therapy (ERT) for Fabry disease. The Company is leveraging its Chaperone-Advanced Replacement Therapy, or CHART™ platform along with other proprietary technologies to develop next-generation ERTs for Fabry, Pompe, Mucopolysaccharidosis Type I (MPS I) and Gaucher diseases. The Company’s activities since inception have consisted principally of raising capital, establishing facilities, and performing research and development. | |
In August 2014, the Company announced positive 18 month data from the Study 012. A summary of the 18-month results are as follows: | |
· Migalastat had a comparable effect to ERT on patients’ kidney function as measured by the change in eGFR and mGFR. | |
· Levels of plasma lyso-Gb3, an important biomarker of disease, remained low and stable in patients with amenable mutations who switched from ERT to migalastat. | |
· Migalastat was generally safe and well-tolerated. | |
· Of 48 patients with GLP HEK-amenable mutations who completed Study 012, 46 (96%) elected to continue with the 12-month treatment extension and 45 remain on migalastat today as their only treatment for Fabry disease. | |
The Company looks forward to meeting with the EMEA in the fourth quarter of 2014 and the US FDA early in 2015 to make migalastat available for all amenable Fabry patients as quickly as possible. | |
In July 2014, the Company completed a $40 million at the market (ATM) equity offering under which the Company sold shares of its common stock, par value $0.01 per share, with Cowen and Company LLC as sales agent. Under the ATM equity program, the Company sold 14.3 million shares of common stock raising approximately $38.7 million in net proceeds. | |
For further information on the ATM Agreement, see — Note 7. Stockholder’s Equity. | |
In November 2013, the Company completed the acquisition of Callidus Biopharma, Inc. (Callidus). Callidus was a privately-held biologics company focused on developing best-in-class enzyme replacement therapies (ERTs) for lysosomal storage diseases (LSDs). Callidus lead ERT is a recombinant human acid-alpha glucosidase (rhGAA, called ATB200) for Pompe disease in late preclinical development. | |
For further information, see — Note 4. Acquisition of Callidus Biopharma, Inc. | |
In November 2013, Amicus entered into the Revised Agreement (the Revised Agreement) with GlaxoSmithKline plc (GSK), pursuant to which Amicus has obtained global rights to develop and commercialize migalastat as a monotherapy and in combination with ERT for Fabry disease. The Revised Agreement amends and replaces in its entirety the Expanded Agreement entered into between Amicus and GSK in July 2012 (the Expanded Collaboration Agreement). Under the terms of the Revised Agreement, Amicus obtained global commercial rights to migalastat, both as a monotherapy and co-formulated with ERT. For the next-generation Fabry ERT (migalastat co-formulated with ERT), GSK is eligible to receive single-digit royalties on net sales in eight major markets outside the U.S. For migalastat monotherapy, GSK is eligible to receive post-approval and sales-based milestones, as well as tiered royalties in the mid-teens in eight major markets outside the U.S. There was no other consideration paid to GSK as part of the Revised Agreement. | |
In November 2013, the Company entered into a securities purchase agreement (the 2013 SPA) with certain entities controlled by Redmile Group, LLC and GSK for the private placement of a combination of shares of the Company’s common stock and warrants to purchase shares of the Company’s common stock. The warrants have a term of one year and are exercisable between July 1, 2014 and June 30, 2015 at an exercise price of $2.50 per share. The aggregate offer proceeds were $15 million. | |
In September 2013, the Company entered into a collaboration agreement with Biogen Idec (Biogen) to discover, develop and commercialize novel small molecules that target the glucocerobrosidase (GCase) enzyme for the treatment of Parkinson’s disease. In September 2014, the Company and Biogen concluded their research collaboration. Amicus’ most advanced Parkinson’s candidate is AT3375, which was developed outside the collaboration and is wholly-owned by Amicus. | |
For further information, see — Note 10. Collaborative Agreements. | |
The Company had an accumulated deficit of approximately $426.2 million at September 30, 2014 and anticipates incurring losses through the fiscal year ending December 31, 2014 and beyond. The Company has not yet generated commercial sales revenue and has been able to fund its operating losses to date through the sale of its redeemable convertible preferred stock, issuance of convertible notes, net proceeds from its initial public offering (IPO) and subsequent stock offerings, payments from partners during the terms of the collaboration agreements and other financing arrangements. | |
Including the net proceeds from the completed ATM equity program, the Company believes that its existing cash and cash equivalents and short-term investments will be sufficient to fund the current operating plan into 2016. | |
Basis of Presentation | |
The Company has prepared the accompanying unaudited consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10-01 of Regulations S-X. Accordingly, they do not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. In the opinion of management, the accompanying unaudited financial statements reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s interim financial information. | |
The accompanying unaudited consolidated financial statements and related notes should be read in conjunction with the Company’s financial statements and related notes as contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. For a complete description of the Company’s accounting policies, please refer to the Annual Report on Form 10-K for the fiscal year ended December 31, 2013. | |
Significant Accounting Policies | |
There have been no material changes to the Company’s significant accounting policies during the three months ended September 30, 2014, as compared to the significant accounting policies disclosed in Note 2 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, except for the adoption of Accounting Standards Update (ASU) 2014-10, as described below. However, the following accounting policies are the most critical in fully understanding and evaluating the Company’s financial condition and results of operations. | |
Revenue Recognition | |
The Company recognizes revenue when amounts are realized or realizable and earned. Revenue is considered realizable and earned when the following criteria are met: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services have been rendered; (3) the price is fixed or determinable; and (4) collection of the amounts due are reasonably assured. | |
In multiple element arrangements, revenue is allocated to each separate unit of accounting and each deliverable in an arrangement is evaluated to determine whether it represents separate units of accounting. A deliverable constitutes a separate unit of accounting when it has standalone value and there is no general right of return for the delivered elements. In instances when the aforementioned criteria are not met, the deliverable is combined with the undelivered elements and the allocation of the arrangement consideration and revenue recognition is determined for the combined unit as a single unit of accounting. Allocation of the consideration is determined at arrangement inception on the basis of each unit’s relative selling price. In instances where there is determined to be a single unit of accounting, the total consideration is applied as revenue for the single unit of accounting and is recognized over the period of inception through the date where the last deliverable within the single unit of accounting is expected to be delivered. | |
The Company’s current revenue recognition policies, which were applied in fiscal 2010, provide that, when a collaboration arrangement contains multiple deliverables, such as license and research and development services, the Company allocates revenue to each separate unit of accounting based on a selling price hierarchy. The selling price hierarchy for a deliverable is based on (i) its vendor specific objective evidence (VSOE) if available, (ii) third party evidence (TPE) if VSOE is not available, or (iii) best estimated selling price (BESP) if neither VSOE nor TPE is available. The Company would establish the VSOE of selling price using the price charged for a deliverable when sold separately. The TPE of selling price would be established by evaluating largely similar and interchangeable competitor products or services in standalone sales to similarly situated customers. The BESP would be established considering internal factors such as an internal pricing analysis or an income approach using a discounted cash flow model. | |
The Company also considers the impact of potential future payments it makes in its role as a vendor to its customers and evaluates if these potential future payments could be a reduction of revenue from that customer. If the potential future payments to the customer are: | |
· a payment for an identifiable benefit; and | |
· the identifiable benefit is separable from the existing relationship between the Company and its customer; and | |
· the identifiable benefit can be obtained from a party other than the customer; and | |
· the Company can reasonably estimate the fair value of the identifiable benefit, | |
then the payments are accounted for separate from the revenue received from that customer. If, however, all these criteria are not satisfied, then the payments are treated as a reduction of revenue from that customer. | |
If the Company determines that any potential future payments to its customers are to be considered as a reduction of revenue, it must evaluate if the total amount of revenue to be received under the arrangement is fixed and determinable. If the total amount of revenue is not fixed and determinable due to the uncertain nature of the potential future payments to the customer, then any customer payments cannot be recognized as revenue until the total arrangement consideration becomes fixed and determinable. | |
The reimbursements for research and development costs under collaboration agreements that meet the criteria for revenue recognition are included in Research Revenue and the costs associated with these reimbursable amounts are included in research and development expenses. | |
In order to determine the revenue recognition for contingent milestones, the Company evaluates the contingent milestones using the criteria as provided by the Financial Accounting Standards Boards (FASB) guidance on the milestone method of revenue recognition at the inception of a collaboration agreement. The criteria requires that (i) the Company determines if the milestone is commensurate with either its performance to achieve the milestone or the enhancement of value resulting from the Company’s activities to achieve the milestone, (ii) the milestone be related to past performance, and (iii) the milestone be reasonable relative to all deliverable and payment terms of the collaboration arrangement. If these criteria are met then the contingent milestones can be considered as substantive milestones and will be recognized as revenue in the period that the milestone is achieved. | |
Although the Company believes the assumptions and estimates made are reasonable, they are based in part on historical experience and information obtained from the management of the acquired businesses and are inherently uncertain. Examples of critical estimates in valuing any contingent acquisition consideration issued or which may be issued and the intangible assets we have acquired or may acquire in the future include but are not limited to: | |
· the feasibility and timing of achievement of development, regulatory and commercial milestones; | |
· expected costs to develop the in-process research and development into commercially viable products; and | |
· future expected cash flows from product sales. | |
Unanticipated events and circumstances may occur which may affect the accuracy or validity of such assumptions, estimates or actual results. | |
Fair Value Measurements | |
The Company records certain asset and liability balances under the fair value measurements as defined by the FASB guidance. Current FASB fair value guidance emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, current FASB guidance establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions that market participants assumptions would use in pricing assets or liabilities (unobservable inputs classified within Level 3 of the hierarchy). | |
Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at measurement date. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which is typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. | |
New Accounting Standards | |
In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (ASU 2014-15), which defines management’s responsibility to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures if there is substantial doubt about its ability to continue as a going concern. The pronouncement is effective for annual reporting periods ending after December 15, 2016 with early adoption permitted. The adoption of this guidance is not expected to have a significant impact on the Company’s consolidated financial statements. | |
In June 2014, the FASB issued ASU 2014-10 that removes the definition of development stage entity from the accounting standards codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the ASU eliminates the requirements for development stage entities to (i) present inception-to-date information in the statement of income, cash flow and stockholders’ equity, (ii) label the financial statements as those of a development stage entity, (iii) disclose a description of the development stage activities in which the entity is engaged, and (iv) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The Company has applied the ASU effective from the financial statements as of June 30, 2014. | |
In May 2014, FASB issued ASU 2014-09, Revenue From Contracts With Customers, that outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The ASU is based on the principle that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to fulfill a contract. Entities have the option of using either a full retrospective or a modified retrospective approach for the adoption of the new standard. The ASU becomes effective for the Company at the beginning of its 2017 fiscal year; early adoption is not permitted. The Company is currently assessing the impact that this standard will have on its consolidated financial statements. |
Cash_Money_Market_Funds_and_Ma
Cash, Money Market Funds and Marketable Securities | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Cash, Money Market Funds and Marketable Securities | ' | |||||||||||||
Cash, Money Market Funds and Marketable Securities | ' | |||||||||||||
Note 2. Cash, Money Market Funds and Marketable Securities | ||||||||||||||
As of September 30, 2014, the Company held $19.7 million in cash and cash equivalents and $65.5 million of available-for-sale investment securities which are reported at fair value on the Company’s balance sheet. Unrealized holding gains and losses are reported within accumulated comprehensive income/ (loss) in the statement of comprehensive loss. If a decline in the fair value of a marketable security below the Company’s cost basis is determined to be other than temporary, such marketable security is written down to its estimated fair value as a new cost basis and the amount of the write-down is included in earnings as an impairment charge. To date, only temporary impairment adjustments have been recorded. | ||||||||||||||
Consistent with the Company’s investment policy, the Company does not use derivative financial instruments in its investment portfolio. The Company regularly invests excess operating cash in deposits with major financial institutions, money market funds, notes issued by the U.S. government, as well as fixed income investments and U.S. bond funds both of which can be readily purchased and sold using established markets. The Company believes that the market risk arising from its holdings of these financial instruments is mitigated as many of these securities are either government backed or of the highest credit rating. | ||||||||||||||
Cash and available-for-sale securities consisted of the following as of December 31, 2013 and September 30, 2014 (in thousands): | ||||||||||||||
As of December 31, 2013 | ||||||||||||||
Cost | Unrealized | Unrealized | Fair | |||||||||||
Gain | Loss | Value | ||||||||||||
Cash balances | $ | 43,640 | $ | — | $ | — | $ | 43,640 | ||||||
Corporate debt securities | 30,817 | 1 | (6 | ) | 30,812 | |||||||||
Commercial paper | 7,192 | 6 | — | 7,198 | ||||||||||
Certificate of deposit | 350 | — | — | 350 | ||||||||||
$ | 81,999 | $ | 7 | $ | (6 | ) | $ | 82,000 | ||||||
Included in cash and cash equivalents | $ | 43,640 | $ | — | $ | — | $ | 43,640 | ||||||
Included in marketable securities | 38,359 | 7 | (6 | ) | 38,360 | |||||||||
Total cash and available for sale securities | $ | 81,999 | $ | 7 | $ | (6 | ) | $ | 82,000 | |||||
As of September 30, 2014 | ||||||||||||||
Cost | Unrealized | Unrealized | Fair | |||||||||||
Gain | Loss | Value | ||||||||||||
Cash balances | $ | 19,671 | $ | — | $ | — | $ | 19,671 | ||||||
Corporate debt securities | 53,674 | 1 | (13 | ) | 53,662 | |||||||||
Commercial paper | 11,486 | 13 | — | 11,499 | ||||||||||
Certificate of deposit | 350 | — | — | 350 | ||||||||||
$ | 85,181 | $ | 14 | $ | (13 | ) | $ | 85,182 | ||||||
Included in cash and cash equivalents | $ | 19,671 | $ | — | $ | — | $ | 19,671 | ||||||
Included in marketable securities | 65,510 | 14 | (13 | ) | 65,511 | |||||||||
Total cash and available for sale securities | $ | 85,181 | $ | 14 | $ | (13 | ) | $ | 85,182 | |||||
Unrealized gains and losses are reported as a component of other comprehensive income/(loss) in the statements of comprehensive loss. For the year ended December 31, 2013, unrealized holding loss of $13 thousand and for the nine months ended September 30, 2014, unrealized holding gain of $1 thousand, were recognized. | ||||||||||||||
For the year ended December 31, 2013 and the nine months ended September 30, 2014, there were no realized gains or losses. The cost of securities sold is based on the specific identification method. | ||||||||||||||
Unrealized loss positions in the available for sale securities as of December 31, 2013 and September 30, 2014 reflect temporary impairments that have not been recognized and have been in a loss position for less than twelve months. The fair value of these available for sale securities in unrealized loss positions was $23.6 million and $42.6 million as of December 31, 2013 and September 30, 2014, respectively. | ||||||||||||||
The Company holds available-for-sale investment securities which are reported at fair value on the Company’s balance sheet. Unrealized holding gains and losses are reported within accumulated other comprehensive income (AOCI) in the statements of comprehensive loss. The changes in AOCI associated with the unrealized holding gain on available-for-sale investments during the three and nine months ended September 30, 2013 and 2014, were as follows (in thousands): | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||
Balance, beginning | $ | 3 | (2 | ) | $ | 14 | $ | 1 | ||||||
Current period changes in fair value, (a) | 2 | 4 | (9 | ) | 1 | |||||||||
Reclassification of earnings, (a) | — | — | — | — | ||||||||||
Balance, ending | $ | 5 | $ | 2 | $ | 5 | $ | 2 | ||||||
(a) — Taxes have not been accrued on the unrealized gain on securities as the Company is in a loss position for all periods presented. |
Basic_and_Diluted_Net_Loss_Att
Basic and Diluted Net Loss Attributable to Common Stockholders per Common Share | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Basic and Diluted Net Loss Attributable to Common Stockholders per Common Share | ' | |||||||||||||
Basic and Diluted Net Loss Attributable to Common Stockholders per Common Share | ' | |||||||||||||
Note 3. Basic and Diluted Net Loss Attributable to Common Stockholders per Common Share | ||||||||||||||
The Company calculates net loss per share as a measurement of the Company’s performance while giving effect to all dilutive potential common shares that were outstanding during the reporting period. The Company has a net loss for all periods presented; accordingly, the inclusion of common stock options and warrants would be anti-dilutive. Therefore, the weighted average shares used to calculate both basic and diluted earnings per share are the same. | ||||||||||||||
The following table provides a reconciliation of the numerator and denominator used in computing basic and diluted net loss attributable to common stockholders per common share: | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
(In thousands, except per share amounts) | 2013 | 2014 | 2013 | 2014 | ||||||||||
Historical | ||||||||||||||
Numerator: | ||||||||||||||
Net loss attributable to common stockholders per common | $ | (14,589 | ) | $ | (17,149 | ) | $ | (47,396 | ) | $ | (47,706 | ) | ||
Denominator | ||||||||||||||
Weighted average common shares outstanding — basic and diluted | 49,621,188 | 78,889,346 | 49,621,188 | 70,216,251 | ||||||||||
Dilutive common stock equivalents would include the dilutive effect of common stock options, restricted stock units and warrants for common stock equivalents. Potentially dilutive common stock equivalents were excluded from the diluted earnings per share denominator for all periods because of their anti-dilutive effect. The table below presents potential shares of common stock that were excluded from the computation as they were anti-dilutive using the treasury stock method (in thousands): | ||||||||||||||
As of September 30, | ||||||||||||||
2013 | 2014 | |||||||||||||
Options to purchase common stock | 10,112 | 10,329 | ||||||||||||
Outstanding warrants, convertible to common stock | 1,404 | 1,600 | ||||||||||||
Unvested restricted stock units | — | 955 | ||||||||||||
Total number of potentially issuable shares | 11,516 | 12,884 |
Acquisition_of_Callidus_Biopha
Acquisition of Callidus Biopharma, Inc. | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Acquisition of Callidus Biopharma, Inc. | ' | |||||||
Acquisition of Callidus Biopharma, Inc. | ' | |||||||
Note 4. Acquisition of Callidus Biopharma, Inc. | ||||||||
In November 2013, the Company acquired Callidus, through the merger of the Company’s subsidiary, CB Acquisition Corp. with and into Callidus (see — Note 1. Description of Business). Callidus was a privately-held biologics company focused on developing best-in-class ERTs for LSDs and its lead ERT is ATB200 for Pompe disease in late preclinical development. The acquisition of the Callidus assets and technology complements Amicus’ CHART™ platform for the development of next generation ERTs. | ||||||||
In consideration for the merger, the Company agreed to issue an aggregate of 7.2 million shares of its common stock, par value $0.01 per share, to the former stockholders of Callidus. As of September 30, 2014, approximately 25 thousand shares remain issuable to former Callidus shareholders. In addition, the Company will be obligated to make additional payments to the former stockholders of Callidus upon the achievement by the Company of certain clinical milestones of up to $35 million and regulatory approval milestones of up to $105 million as set forth in the Merger Agreement, provided that the aggregate consideration shall not exceed $130 million. The Company may, at its election, satisfy certain milestone payments identified in the Merger Agreement aggregating $40 million in shares of its Common Stock (calculated based on a price per share equal to the average of the last closing bid price per share for the Common Stock on The NASDAQ Global Market for the ten (10) trading days immediately preceding the date of payment). The milestone payments not permitted to be satisfied in Common Stock (as well as any payments that the Company is permitted to, but chooses not to, satisfy in Common Stock), as a result of the terms of the Merger Agreement, the rules of The NASDAQ Global Market, or otherwise, will be paid in cash. | ||||||||
The fair value of the contingent acquisition consideration payments on the acquisition date was $10.6 million and was estimated by applying a probability-based income approach utilizing an appropriate discount rate. This estimation was based on significant inputs that are not observable in the market, referred to as Level 3 inputs. Key assumptions included a discount rate of 13.0% and various probability factors. As of September 30, 2014, the range of outcomes and assumptions used to develop these estimates has changed to better reflect the probability of certain milestone outcomes. (see — Note 8. Assets and Liabilities Measured at Fair Value for additional discussion regarding fair value measurements of the contingent acquisition consideration payable). The Company determined the fair value of the contingent consideration to be $10.2 million at September 30, 2014, resulting in a decrease in the contingent consideration payable and related income of $0.4 million for the nine months ended September 30, 2014. | ||||||||
A substantial portion of the assets acquired consisted of intangible assets related to Callidus lead ERT. The Company determined that the estimated acquisition-date fair values of the IPR&D related to the lead ERT was $23.0 million. | ||||||||
As part of the Callidus acquisition, the Company recognized $9.2 million of deferred tax liabilities, which relates to the tax impact of future amortization or possible impairments associated with the identified intangible assets acquired, and are not deductible for tax purposes. The Company also recorded goodwill in the Company’s consolidated balance sheet as of the acquisition date. The goodwill results from the recognition of the deferred tax liability on the intangible assets as well as synergies expected from the acquisition and other benefits that do not qualify for separate recognition as acquired intangible assets. None of the goodwill is expected to be deductible for income tax purposes. The final valuation of this acquisition was completed on March 31, 2014. | ||||||||
For further information, see — Note 5 Goodwill & — Note 6 Intangible Assets. | ||||||||
Supplemental Pro Forma Information | ||||||||
The following pro forma information for the three and nine months ending September 30, 2013 assumes the Merger Agreement occurred as of January 1, 2013. The pro forma information is not necessarily indicative either of the combined results of operations that actually would have been realized had the Merger Agreement been consummated during the period for which pro forma information is presented, or is it intended to be a projection of future results or trends. | ||||||||
(in thousands) | Three Months ended | Nine Months ended | ||||||
September 30, 2013 | September 30, 2013 | |||||||
Revenue | $ | — | $ | — | ||||
Net loss | $ | (15,838 | ) | $ | (49,569 | ) |
Goodwill
Goodwill | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Goodwill | ' | ||||
Goodwill | ' | ||||
Note 5. Goodwill | |||||
In connection with the acquisition of Callidus in November 2013, the Company recognized $11.6 million of goodwill, resulting from the recognition of the deferred tax liability on the intangible assets as well as synergies expected from the acquisition and other benefits that do not qualify for separate recognition as acquired intangible assets. | |||||
Goodwill is tested for impairment on an annual basis. In between annual tests the Company assesses any events occurring or changes in the circumstances that would reduce the fair value of the goodwill below its carrying amount. | |||||
The following table represents the changes in goodwill for the nine months ended September 30, 2014: | |||||
(in thousands) | |||||
Balance at December 31, 2013 | $ | 11,613 | |||
Change in goodwill related to the acquisition of Callidus | — | ||||
Balance at September 30, 2014 | $ | 11,613 |
Intangible_Assets
Intangible Assets | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Intangible Assets | ' | ||||
Intangible Assets | ' | ||||
Note 6. Intangible Assets | |||||
In connection with the acquisition of Callidus in November 2013, the Company recognized $23.0 million of IPR&D. | |||||
Intangible assets consisting of IPR&D are considered indefinite-lived until the completion or abandonment of the associated research and development efforts. During the period the assets are considered indefinite lived, they will not be amortized but will be tested for impairment on an annual basis. In between annual tests the Company assesses any events occurring or changes in the circumstances that would reduce the fair value of the intangible asset below its carrying amount. | |||||
The following table represents the changes in intangible assets for the nine months ended September 30, 2014: | |||||
(in thousands) | |||||
Balance at December 31, 2013 | $ | 23,000 | |||
Change in IPR&D related to the acquisition of Callidus | — | ||||
Balance at September 30, 2014 | $ | 23,000 |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Stockholders' Equity | ' | |||||||||||||
Stockholders' Equity | ' | |||||||||||||
Note 7. Stockholders’ Equity | ||||||||||||||
Common Stock and Warrants | ||||||||||||||
As of September 30, 2014, the Company was authorized to issue 125 million shares of common stock. Dividends on common stock will be paid when, and if declared by the board of directors. Each holder of common stock is entitled to vote on all matters and is entitled to one vote for each share held. | ||||||||||||||
In March 2014, the Company entered into the Sales Agreement with Cowen to create an ATM equity program under which the Company sold shares of its common stock, par value $0.01 per share, with an aggregate offering price of up to $40 million (ATM Shares) through Cowen. Upon delivery of a placement notice and subject to the terms and conditions of the ATM agreement, Cowen used its commercially reasonable efforts to sell the ATM Shares, based upon the Company’s instructions. The Company had provided Cowen with customary indemnification rights, and Cowen was entitled to a commission at a fixed commission rate of up to 3.0% of the gross proceeds per Share sold. Sales of the ATM Shares under the Sales Agreement were to be made in transactions that were deemed to be “at the market offerings” as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made by means of ordinary brokers’ transactions, including on The NASDAQ Global Market, at market prices or as otherwise agreed with Cowen. The Company began the sale of ATM Shares in May 2014. The Company sold 14.3 million shares of common stock resulting in net proceeds of $38.7 million, which included Cowen’s commission of $1.1 million and legal fees of $0.1 million. The Company completed all sales under the ATM equity program in July 2014. | ||||||||||||||
In November 2013, the Company entered into the 2013 SPA with certain entities controlled by Redmile Group, LLC and GSK and for the private placement of shares of the Company’s common stock, par value $0.01 and a combination of shares of common stock (the Shares) and warrants (the Warrants) to purchase shares of the Common Stock (collectively, the Units). Each of the investors was one of the Company’s shareholders prior to consummation of these transactions. The Shares and the Units sold to the investors were offered and sold in reliance on exemptions from registration pursuant to Rule 506 of Regulation D promulgated under the Securities Act based on the nature of such investors and certain representations made to the Company. Pursuant to the 2013 SPA, Amicus agreed to issue 1.5 million Shares at $2.00 per Share to GSK and (b) 6 million Units at $2.00 per Unit to Redmile Group, with each Unit consisting of one Share and .267 Warrants resulting in an aggregate of 6 million Shares and 1.6 million Warrants underlying the Units to be issued. Each Warrant is exercisable between July 1, 2014 and June 30, 2015 with an exercise price of $2.50, subject to certain adjustments. The Company received total proceeds of $15 million for general corporate and working capital purposes as a result of the private placement and the transaction closed in November 2013. | ||||||||||||||
At the time of issuance the Company evaluated the warrants against current accounting guidance and determined that these warrants should be accounted as a component of equity. As such, these warrants were valued at issuance date using the Black Scholes valuation model using inputs such as the underlying price of the shares issued when the warrant is exercised, volatility, risk free interest rate and expected life of the instrument. The six inputs used to determine the value of the warrants were: (1) the closing price of Amicus stock on the day of evaluation of $2.12; (2) the exercise price of the warrants of $2.50; (3) the remaining term of the warrants of 1 year; (4) the volatility of Amicus’ stock for the one year term of 93.5%; (5) the annual rate of dividends of 0%; and (6) the riskless rate of return of 0.12%. The annual rate of dividends is based on the Company’s historical practice of not granting dividends. The resulting Black Scholes value of the warrants was $1.0 million. | ||||||||||||||
In November 2013, in connection with its acquisition of Callidus, the Company agreed to issue an aggregate of 7.2 million shares of its common stock, par value $0.01 per share, to the former stockholders of Callidus. As of September 30, 2014, approximately 25 thousand shares remain issuable to former Callidus shareholders. | ||||||||||||||
Nonqualified Cash Deferral Plan | ||||||||||||||
In July 2014, the Board of Directors approved the Company’s Cash Deferral Plan (the Deferral Plan), which provides certain key employees and other service providers as selected by the Compensation Committee of the Board of Directors of the Company (the Compensation Committee), with an opportunity to defer the receipt of such Participant’s base salary, bonus and director’s fees, as applicable. The Deferral Plan is intended to be a nonqualified deferred compensation plan that complies with the provisions of Section 409A of the Internal Revenue Code (the Code). | ||||||||||||||
As of September 30, 2014, the amounts deferred under the Deferral Plan have not been invested. The investments are expected to be made in the fourth quarter of fiscal year 2014. All of the investments held in the Deferral Plan will be classified as trading securities and recorded at fair value with changes in the investments’ fair value recognized in the period they occur. The corresponding liability for the Deferral Plan is included in other non-current liability in the Company’s consolidated balance sheets. | ||||||||||||||
Equity Incentive Plan | ||||||||||||||
In June 2014, the Company’s shareholders approved the Amended and Restated 2007 Equity Incentive Plan (the Plan). The amendment to the Plan makes an additional 6 million shares of the Company’s common stock available for issuance and increases the maximum number of shares within the Plan that may be issued as restricted stock, restricted stock units (RSUs), stock grants and any other similar awards from 1.1 million to 1.5 million shares. As of September 30, 2014, awards issued under the Plan include both stock options and RSUs. | ||||||||||||||
Stock Option Grants | ||||||||||||||
The fair value of the stock options granted is estimated on the date of grant using a Black-Scholes option pricing model with the following weighted-average assumptions: | ||||||||||||||
Three Months | Nine Months | |||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||
Expected stock price volatility | 81.7 | % | 81 | % | 82 | % | 81.3 | % | ||||||
Risk free interest rate | 1.8 | % | 1.9 | % | 1.3 | % | 1.9 | % | ||||||
Expected life of options (years) | 6.25 | 6.25 | 6.25 | 6.25 | ||||||||||
Expected annual dividend per share | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||
A summary of the Company’s stock options for the nine months ended September 30, 2014 is as follows: | ||||||||||||||
Number of | Weighted | Weighted | Aggregate Intrinsic | |||||||||||
Shares | Average Exercise | Average | Value | |||||||||||
(in thousands) | Price | Remaining | (in millions) | |||||||||||
Contractual Life | ||||||||||||||
Balance at December 31, 2013 | 9,041.10 | $ | 5.65 | |||||||||||
Options granted | 2,894.10 | $ | 2.87 | |||||||||||
Options exercised | (594.4 | ) | $ | 3.53 | ||||||||||
Options forfeited | (1,012.3 | ) | $ | 5.82 | ||||||||||
Balance at September 30, 2014 | 10,328.50 | $ | 4.97 | 6.9 years | $ | 17.6 | ||||||||
Vested and unvested expected to vest, September 30, 2014 | 9,649.50 | $ | 5.1 | 6.8 years | $ | 15.6 | ||||||||
Exercisable at September 30, 2014 | 5,551.10 | $ | 6.4 | 5.2 years | $ | 4.9 | ||||||||
As of September 30, 2014, the total unrecognized compensation cost related to non-vested stock options granted was $8.3 million and is expected to be recognized over a weighted average period of 2.4 years. | ||||||||||||||
Restricted Stock Units | ||||||||||||||
In April 2014, the Compensation Committee made awards of restricted stock units (the RSUs) to certain employees of the Company. The RSUs awarded under the Plan are generally subject to graded vesting of 50% of the RSUs on the 13th month anniversary of the grant date and the remaining 50% of the RSUs on the 20th month anniversary of the grant date, in each case, contingent on such employee’s continued service on such date. | ||||||||||||||
RSUs are generally subject to forfeiture if employment terminates prior to the release of vesting restrictions. The Company expenses the cost of the RSUs, which is determined to be the fair market value of the shares of common stock underlying the RSUs at the date of grant, ratably over the period during which the vesting restrictions lapse. | ||||||||||||||
A summary of non-vested RSU activity under the Plan for the nine months ended September 30, 2014 is as follows: | ||||||||||||||
Number of | Weighted | Weighted | Aggregate Intrinsic | |||||||||||
Shares | Average Grant | Average | Value | |||||||||||
(in thousands) | Date Fair | Remaining Years | (in millions) | |||||||||||
Value | ||||||||||||||
Non-vested units as of December 31, 2013 | — | $ | — | |||||||||||
Granted | 975 | $ | 2.28 | |||||||||||
Vested | — | $ | — | |||||||||||
Forfeited | (20 | ) | $ | 2.15 | ||||||||||
Non-vested units as of September 30, 2014 | 955 | $ | 2.28 | 1 | $ | 3.5 | ||||||||
For the nine months ended September 30, 2014, there were no RSUs that vested and all non-vested units are expected to vest over their normal term. As of September 30, 2014, there was $1.5 million of total unrecognized compensation cost related to unvested RSUs with service-based vesting conditions. These costs are expected to be recognized over a weighted average period of 1.0 years. | ||||||||||||||
In April 2014, the Board of Directors approved the Company’s Restricted Stock Unit Deferral Plan (the Deferred Compensation Plan), which provides selected employees with an opportunity to defer receipt of RSUs until the first to occur of termination of the employee’s employment or a date selected by the employee. Any RSUs deferred under the Deferred Compensation Plan would be fully vested once the original vesting conditions of the RSU were satisfied. | ||||||||||||||
Compensation Expense Related to Equity Awards | ||||||||||||||
The following table summarizes information related to compensation expense recognized in the statements of operations related to the equity awards (in thousands): | ||||||||||||||
Three Months | Nine Months | |||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||
Stock compensation expense recognized in: | ||||||||||||||
Research and development expense | $ | 824 | $ | 698 | $ | 2,634 | $ | 1,950 | ||||||
General and administrative expense | 693 | 953 | 2,040 | 2,448 | ||||||||||
Total stock compensation expense | $ | 1,517 | $ | 1,651 | $ | 4,674 | $ | 4,398 |
Assets_and_Liabilities_Measure
Assets and Liabilities Measured at Fair Value | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Assets and Liabilities Measured at Fair Value | ' | |||||||||||||
Assets and Liabilities Measured at Fair Value | ' | |||||||||||||
Note 8. Assets and Liabilities Measured at Fair Value | ||||||||||||||
The Company’s financial assets and liabilities are measured at fair value and classified within the fair value hierarchy which is defined as follows: | ||||||||||||||
Level 1 — Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. | ||||||||||||||
Level 2 — Inputs other than quoted prices in active markets that are observable for the asset or liability, either directly or indirectly. | ||||||||||||||
Level 3 — Inputs that are unobservable for the asset or liability. | ||||||||||||||
Cash, Money Market Funds and Marketable Securities | ||||||||||||||
The Company classifies its cash and money market funds within the fair value hierarchy as Level 1 as these assets are valued using quoted prices in active market for identical assets at the measurement date. The Company considers its investments in marketable securities as available-for-sale and classifies these assets within the fair value hierarchy as Level 2 primarily utilizing broker quotes in a non-active market for valuation of these securities. No changes in valuation techniques or inputs occurred during the three and nine months ended September 30, 2014. No transfers of assets between Level 1 and Level 2 of the fair value measurement hierarchy occurred during the three and nine months ended September 30, 2014. | ||||||||||||||
Secured Debt | ||||||||||||||
As disclosed in Note 9, the Company entered into a loan and security agreement (the 2013 Loan Agreement) with MidCap Funding III, LLC, Oxford Finance LLC and Silicon Valley Bank (SVB) in December 2013. The Company also entered into an equipment loan with SVB in 2011. The carrying amount of the Company’s borrowings approximates fair value at September 30, 2014. The Company’s secured debt is classified as Level 2 and the fair value is estimated using quoted prices for similar liabilities in active markets, as well as inputs that are observable for the liability (other than quoted prices), such as interest rates that are observable at commonly quoted intervals. | ||||||||||||||
In connection with the 2013 Loan Agreement, as disclosed in Note 9, the Company recorded a contingent liability of approximately $0.3 million representing the fair value of a contingent payment of up to $0.4 million related to a success fee payable within six months of a trigger event, with the trigger event being regulatory acceptance of a New Drug Application (NDA) or the Marketing Authorization Application (MAA) submission. This is effective five years from the closing of the 2013 Loan Agreement. The success fee payable to the lender was probability adjusted and discounted utilizing an appropriate discount rate and classified as Level 3. | ||||||||||||||
For the nine months ended September 30, 2014, change in fair value of the contingent success fee payable was $30 thousand, and is recorded in other income/(expense) in the Company’s consolidated statements of operations. | ||||||||||||||
(in thousands) | ||||||||||||||
Fair value balance at December 31, 2013 | $ | 264 | ||||||||||||
Change in fair value | 30 | |||||||||||||
Fair value balance at September 30, 2014 | $ | 294 | ||||||||||||
Contingent Consideration Payable | ||||||||||||||
The Company recorded a liability upon the acquisition of Callidus to estimate the fair value of future contingent consideration payments which may be made to former Callidus stockholders, as outlined under the terms of the merger agreement with Callidus. These contingent payments are owed if upon the achievement by the Company of certain clinical milestones of up to $35 million and regulatory approval milestones of up to $105 million as set forth in the Merger Agreement, provided that the aggregate consideration shall not exceed $130 million. The fair values of these Level 3 liabilities are estimated using a probability-weighted discounted cash flow analysis. Such valuations require significant estimates and assumptions including but not limited to: determining the timing and estimated costs to complete the in-process projects, projecting regulatory approvals, estimating future cash flows, and developing appropriate discount rates. | ||||||||||||||
Subsequent changes in the fair value of these contingent consideration liabilities are recorded to the “Change in fair value of contingent consideration payable” expense line item in the consolidated statements of operations under operating expenses. For the nine months ended September 30, 2014, the recognized amount of the contingent consideration payable decreased by $0.4 million as a result of changes in certain probability factors and the time value of money. | ||||||||||||||
(in thousands) | ||||||||||||||
Fair value balance at December 31, 2013 | $ | 10,600 | ||||||||||||
Change in fair value | (400 | ) | ||||||||||||
Fair value balance at September 30, 2014 | $ | 10,200 | ||||||||||||
Warrants | ||||||||||||||
The Company allocated $3.3 million of proceeds from its March 2010 registered direct offering to warrants issued in connection with the offering that was classified as a liability. The valuation of the warrants was determined using the Black-Scholes model. The Company determined the warrant liability is most appropriately classified within Level 3 of the fair value hierarchy. This liability was subject to a fair value mark-to-market adjustment each period and the Company recognized the change in the fair value of the warrant liability as non-operating expense of $0.3 million for the three months ended March 31, 2013 and the resulting fair value of the warrant liability at March 31, 2013 was $1.2 million. The warrants expired on March 2, 2014 and hence the warrant liability is no longer recognized on the consolidated balance sheet as of September 30, 2014. | ||||||||||||||
A summary of the fair value of the Company’s assets and liabilities aggregated by the level in the fair value hierarchy within which those measurements fall as of December 31, 2013, are identified in the following table (in thousands): | ||||||||||||||
Level 1 | Level 2 | Total | ||||||||||||
Assets: | ||||||||||||||
Cash/ money market funds | $ | 43,640 | $ | — | $ | 43,640 | ||||||||
Corporate debt securities | — | 30,812 | 30,812 | |||||||||||
Commercial paper | — | 7,198 | 7,198 | |||||||||||
Certificate of deposit | — | 350 | 350 | |||||||||||
$ | 43,640 | $ | 38,360 | $ | 82,000 | |||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||
Liabilities: | ||||||||||||||
Secured debt | $ | — | $ | 14,473 | $ | — | $ | 14,473 | ||||||
Contingent success fee payable | — | — | 264 | 264 | ||||||||||
Contingent consideration payable | — | — | 10,600 | 10,600 | ||||||||||
Warrants liability | — | — | — | — | ||||||||||
$ | — | $ | 14,473 | $ | 10,864 | $ | 25,337 | |||||||
A summary of the fair value of the Company’s assets and liabilities aggregated by the level in the fair value hierarchy within which those measurements fall as of September 30, 2014, are identified in the following table (in thousands): | ||||||||||||||
Level 1 | Level 2 | Total | ||||||||||||
Assets: | ||||||||||||||
Cash/ money market funds | $ | 19,671 | $ | — | $ | 19,671 | ||||||||
Corporate debt securities | — | 53,662 | 53,662 | |||||||||||
Commercial paper | — | 11,499 | 11,499 | |||||||||||
Certificate of deposit | — | 350 | 350 | |||||||||||
$ | 19,671 | $ | 65,511 | $ | 85,182 | |||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||
Liabilities: | ||||||||||||||
Secured debt | $ | — | $ | 14,302 | $ | — | $ | 14,302 | ||||||
Contingent success fee payable | — | — | 294 | 294 | ||||||||||
Contingent consideration payable | — | — | 10,200 | 10,200 | ||||||||||
$ | — | $ | 14,302 | $ | 10,494 | $ | 24,796 |
ShortTerm_Borrowings_and_LongT
Short-Term Borrowings and Long-Term Debt | 9 Months Ended |
Sep. 30, 2014 | |
Short-Term Borrowings and Long-Term Debt | ' |
Short-Term Borrowings and Long-Term Debt | ' |
Note 9. Short-Term Borrowings and Long-Term Debt | |
In December 2013, the Company entered into the 2013 Loan Agreement with a lending syndicate consisting of MidCap Funding III, LLC, Oxford Finance LLC, and SVB which provides an aggregate of $25 million (the Term Loan). The Company drew $15 million of the aggregate principal amount of the Term Loan at the end of December 2013 (the First Tranche) and may draw up to an additional $10 million through the end of the fourth quarter of 2014 (the Second Tranche). The principal outstanding balance of the First Tranche bears interest at a rate per annum fixed at 8.5%. If the Company draws from the Second Tranche, the principal outstanding balance of the Second Tranche will also have a fixed interest rate, which will be determined by reference to the applicable index rate at the time of the draw. The Company will make interest-only payments on the Term Loan beginning January 1, 2014 and continuing through April 1, 2015, after which the Company will repay the aggregate principal outstanding balance of the Term Loan in 33 equal monthly installments of principal, plus accrued interest at the applicable rate. The Term Loan matures on December 27, 2017. At September 30, 2014, the total principal amount due under the Term Loan was $15 million. | |
In connection with the Term Loan, the Company recorded a debt discount of $0.8 million at December 31, 2013 which consists of payments to be made and a contingent payable to the lenders. These payments include a debt facility fee of $0.1 million which was paid on the date of the First Tranche, $0.4 million exit fee that will be payable upon repayment of the term loan and $0.3 million representing the fair value of a contingent payment of up to $0.4 million related to a success fee payable within six months of a trigger event, with the trigger event being regulatory acceptance of NDA or MMA submission. This is effective 5 years from the closing of the Term Loan. The success fee payable to the lender was probability adjusted and discounted utilizing an appropriate discount rate and is shown as a current liability on the Company’s consolidated balance sheet. The amortization of the debt discount is recorded as noncash interest expense over the life of the loan. | |
For the three months ended September 30, 2014, the Company amortized the debt discount and the deferred financing using the effective interest method and recorded amortization expense of $45 thousand and $6 thousand, respectively, under operating expense on the consolidated statement of operations. For the nine months ended September 30, 2014, the Company amortized the debt discount and the deferred financing using the effective interest method and recorded amortization expense of $131 thousand and $18 thousand, respectively, under operating expense on the consolidated statement of operations. | |
In February 2012, the Company borrowed approximately $1.0 million from a loan and security agreement (the 2011 Loan Agreement) with SVB which was to be repaid over the following 2.5 years. The 2011 Loan Agreement contains financial covenants and the Company has at all times been in compliance with these covenants. As of September 30, 2014, the 2011 Loan Agreement has been fully repaid and there is no amount currently due. | |
The carrying amount of the Company’s borrowings approximates fair value at September 30, 2014. |
Collaborative_Agreements
Collaborative Agreements | 9 Months Ended |
Sep. 30, 2014 | |
Collaborative Agreements | ' |
Collaborative Agreements | ' |
Note 10. Collaborative Agreements | |
GSK | |
In October 2010, the Company entered into the Original Collaboration Agreement with Glaxo Group Limited, an affiliate of GSK, to develop and commercialize migalastat. Under the terms of the Original Collaboration Agreement, GSK received an exclusive worldwide license to develop, manufacture and commercialize migalastat. In consideration of the license grant, the Company received an upfront, license payment of $30 million from GSK and was eligible to receive further payments of approximately $173.5 million upon the successful achievement of development, regulatory and commercialization milestones, as well as tiered double-digit royalties on global sales of migalastat GSK and the Company were jointly funding development costs in accordance with an agreed upon development plan. Additionally, GSK purchased approximately 6.9 million shares of the Company’s common stock at $4.56 per share, a 30% premium on the average price per share of the Company’s stock over a 60 day period preceding the closing date of the transaction. The total value of this equity investment to the Company was approximately $31 million. | |
In July 2012, the Company entered into the Expanded Collaboration Agreement with GSK pursuant to which the Company and GSK continue to develop and commercialize migalastat, currently in Phase 3 development for the treatment of Fabry disease. The Expanded Collaboration Agreement amended and replaced in its entirety the Original Collaboration Agreement. Under the terms of the Expanded Collaboration Agreement, the Company and GSK were to co-develop all formulations of migalastat for Fabry disease, including the development of migalastat co-formulated with an investigational enzyme replacement therapy (ERT) for Fabry disease (the Co-formulated Product). | |
Additionally, simultaneous with entry into the Expanded Collaboration Agreement, Amicus and GSK entered into a Securities Purchase Agreement (the 2012 SPA) pursuant to which GSK purchased approximately 2.9 million shares of Amicus common stock at a price of $6.30 per share for proceeds of $18.6 million. | |
In November 2013, Amicus entered into the Revised Agreement with GSK, pursuant to which Amicus has obtained global rights to develop and commercialize migalastat as a monotherapy and in combination with ERT for Fabry disease. The Revised Agreement amends and replaces in its entirety the Expanded Collaboration Agreement entered into between Amicus and GSK in July 2012. Under the terms of the Revised Agreement, there was no upfront payment from Amicus to GSK. For the next-generation Fabry ERT (migalastat co-formulated with ERT), GSK is eligible to receive single-digit royalties on net sales in eight major markets outside the U.S. For migalastat monotherapy, GSK is eligible to receive post-approval and sales-based milestones up to $40 million, as well as tiered royalties in the mid-teens in eight major markets outside the U.S. | |
Under the terms of the Revised Agreement, GSK will no longer jointly fund development costs for all formulations of migalastat. | |
Biogen | |
In September 2013, the Company entered into a license and collaboration agreement (the “Biogen Agreement”) with Biogen to discover, develop and commercialize novel small molecules that target the GCase enzyme for the treatment of Parkinson’s disease. Biogen was responsible for funding all discovery, development, and commercialization activities and the Company was reimbursed for all full-time employees working on the project as part of a cost sharing arrangement. | |
In accordance with the revenue recognition guidance related to reimbursement of research and development expenses, the Company identified all deliverables at the inception of the Biogen Agreement. The Company has not commenced its planned principal operations (i.e. selling commercial products) and is therefore a development stage enterprise. The Company is only performing development of its compounds, and therefore, development activities are part of the Company’s ongoing central operations. Additionally, the Company has the following accounting policies: | |
· Research and development expenses related to a collaboration agreement will be recorded on a gross basis in the income statement and not presented net of any reimbursement received from a collaboration agreement; and | |
· The reimbursement of research and development expenses from a collaborator will be recognized in the income statement as “Research Revenue” for the period in which the research activity occurred. | |
For the nine months ended September 30, 2014, the Company recognized $1.2 million in Research Revenue for work performed under the cost sharing arrangement of the Biogen Agreement. | |
In September 2014, the Company and Biogen concluded their research collaboration. The Company’s most advanced Parkinson’s candidate is AT3375, which was developed outside the collaboration and is wholly-owned by the Company. |
Restructuring_Charges
Restructuring Charges | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Restructuring Charges | ' | ||||||||||||||||
Restructuring Charges | ' | ||||||||||||||||
Note 11. Restructuring Charges | |||||||||||||||||
In November 2013, the Company announced a work-force reduction of approximately 14 percent, or 15 employees, as a part of a corporate restructuring. This measure was intended to reduce costs and to align the Company’s resources with its key strategic priorities. | |||||||||||||||||
In December 2013, the Company initiated and completed a facilities consolidation effort, closing one of its subleased locations in San Diego, CA. The Company recorded a total charge of $2.0 million during the fourth quarter of 2013 which included $1.2 million for employment termination costs payable and a facilities consolidation charge of $0.8 million consisting of lease payments of $0.7 million related to the net present value of the net future minimum lease payments at the cease-use date and the write-down of the net book value of the fixed assets in the vacated building of $0.1 million. At September 30, 2014, $77 thousand of the restructuring charges related to employment termination costs were unpaid and classified under accrued expenses on the balance sheet. | |||||||||||||||||
The following table summarizes the restructuring charges and utilization for the nine months ended September 30, 2014 (in thousands): | |||||||||||||||||
Balance as of | Charges | Cash Payments | Adjustments | Balance as of | |||||||||||||
December 31, | September 30, | ||||||||||||||||
2013 | 2014 | ||||||||||||||||
Employment termination costs | $ | 1,139 | $ | — | $ | (1,062 | ) | $ | — | $ | 77 | ||||||
Facilities consolidation | 703 | — | (299 | ) | (74 | ) | 330 | ||||||||||
$ | 1,842 | $ | — | $ | (1,361 | ) | $ | (74 | ) | $ | 407 |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events | ' |
Subsequent Events | ' |
Note 12. Subsequent Events | |
In October 2014, GSK sold 11,315,825 shares of our common stock at a price of $5.29 per share, representing their entire holdings in our common stock. We did not sell any shares or receive any proceeds and the total number of shares of our outstanding common stock did not change as a result of this sale. |
Description_of_Business_and_Si1
Description of Business and Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Description of Business and Significant Accounting Policies | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The Company has prepared the accompanying unaudited consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10-01 of Regulations S-X. Accordingly, they do not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. In the opinion of management, the accompanying unaudited financial statements reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s interim financial information. | |
The accompanying unaudited consolidated financial statements and related notes should be read in conjunction with the Company’s financial statements and related notes as contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. For a complete description of the Company’s accounting policies, please refer to the Annual Report on Form 10-K for the fiscal year ended December 31, 2013. | |
Revenue Recognition | ' |
Revenue Recognition | |
The Company recognizes revenue when amounts are realized or realizable and earned. Revenue is considered realizable and earned when the following criteria are met: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services have been rendered; (3) the price is fixed or determinable; and (4) collection of the amounts due are reasonably assured. | |
In multiple element arrangements, revenue is allocated to each separate unit of accounting and each deliverable in an arrangement is evaluated to determine whether it represents separate units of accounting. A deliverable constitutes a separate unit of accounting when it has standalone value and there is no general right of return for the delivered elements. In instances when the aforementioned criteria are not met, the deliverable is combined with the undelivered elements and the allocation of the arrangement consideration and revenue recognition is determined for the combined unit as a single unit of accounting. Allocation of the consideration is determined at arrangement inception on the basis of each unit’s relative selling price. In instances where there is determined to be a single unit of accounting, the total consideration is applied as revenue for the single unit of accounting and is recognized over the period of inception through the date where the last deliverable within the single unit of accounting is expected to be delivered. | |
The Company’s current revenue recognition policies, which were applied in fiscal 2010, provide that, when a collaboration arrangement contains multiple deliverables, such as license and research and development services, the Company allocates revenue to each separate unit of accounting based on a selling price hierarchy. The selling price hierarchy for a deliverable is based on (i) its vendor specific objective evidence (VSOE) if available, (ii) third party evidence (TPE) if VSOE is not available, or (iii) best estimated selling price (BESP) if neither VSOE nor TPE is available. The Company would establish the VSOE of selling price using the price charged for a deliverable when sold separately. The TPE of selling price would be established by evaluating largely similar and interchangeable competitor products or services in standalone sales to similarly situated customers. The BESP would be established considering internal factors such as an internal pricing analysis or an income approach using a discounted cash flow model. | |
The Company also considers the impact of potential future payments it makes in its role as a vendor to its customers and evaluates if these potential future payments could be a reduction of revenue from that customer. If the potential future payments to the customer are: | |
· a payment for an identifiable benefit; and | |
· the identifiable benefit is separable from the existing relationship between the Company and its customer; and | |
· the identifiable benefit can be obtained from a party other than the customer; and | |
· the Company can reasonably estimate the fair value of the identifiable benefit, | |
then the payments are accounted for separate from the revenue received from that customer. If, however, all these criteria are not satisfied, then the payments are treated as a reduction of revenue from that customer. | |
If the Company determines that any potential future payments to its customers are to be considered as a reduction of revenue, it must evaluate if the total amount of revenue to be received under the arrangement is fixed and determinable. If the total amount of revenue is not fixed and determinable due to the uncertain nature of the potential future payments to the customer, then any customer payments cannot be recognized as revenue until the total arrangement consideration becomes fixed and determinable. | |
The reimbursements for research and development costs under collaboration agreements that meet the criteria for revenue recognition are included in Research Revenue and the costs associated with these reimbursable amounts are included in research and development expenses. | |
In order to determine the revenue recognition for contingent milestones, the Company evaluates the contingent milestones using the criteria as provided by the Financial Accounting Standards Boards (FASB) guidance on the milestone method of revenue recognition at the inception of a collaboration agreement. The criteria requires that (i) the Company determines if the milestone is commensurate with either its performance to achieve the milestone or the enhancement of value resulting from the Company’s activities to achieve the milestone, (ii) the milestone be related to past performance, and (iii) the milestone be reasonable relative to all deliverable and payment terms of the collaboration arrangement. If these criteria are met then the contingent milestones can be considered as substantive milestones and will be recognized as revenue in the period that the milestone is achieved. | |
Although the Company believes the assumptions and estimates made are reasonable, they are based in part on historical experience and information obtained from the management of the acquired businesses and are inherently uncertain. Examples of critical estimates in valuing any contingent acquisition consideration issued or which may be issued and the intangible assets we have acquired or may acquire in the future include but are not limited to: | |
· the feasibility and timing of achievement of development, regulatory and commercial milestones; | |
· expected costs to develop the in-process research and development into commercially viable products; and | |
· future expected cash flows from product sales. | |
Unanticipated events and circumstances may occur which may affect the accuracy or validity of such assumptions, estimates or actual results. | |
Fair Value Measurements | ' |
Fair Value Measurements | |
The Company records certain asset and liability balances under the fair value measurements as defined by the FASB guidance. Current FASB fair value guidance emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, current FASB guidance establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions that market participants assumptions would use in pricing assets or liabilities (unobservable inputs classified within Level 3 of the hierarchy). | |
Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at measurement date. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which is typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. | |
New Accounting Standards | ' |
New Accounting Standards | |
In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (ASU 2014-15), which defines management’s responsibility to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures if there is substantial doubt about its ability to continue as a going concern. The pronouncement is effective for annual reporting periods ending after December 15, 2016 with early adoption permitted. The adoption of this guidance is not expected to have a significant impact on the Company’s consolidated financial statements. | |
In June 2014, the FASB issued ASU 2014-10 that removes the definition of development stage entity from the accounting standards codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the ASU eliminates the requirements for development stage entities to (i) present inception-to-date information in the statement of income, cash flow and stockholders’ equity, (ii) label the financial statements as those of a development stage entity, (iii) disclose a description of the development stage activities in which the entity is engaged, and (iv) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The Company has applied the ASU effective from the financial statements as of June 30, 2014. | |
In May 2014, FASB issued ASU 2014-09, Revenue From Contracts With Customers, that outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The ASU is based on the principle that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to fulfill a contract. Entities have the option of using either a full retrospective or a modified retrospective approach for the adoption of the new standard. The ASU becomes effective for the Company at the beginning of its 2017 fiscal year; early adoption is not permitted. The Company is currently assessing the impact that this standard will have on its consolidated financial statements. |
Cash_Money_Market_Funds_and_Ma1
Cash, Money Market Funds and Marketable Securities (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Cash, Money Market Funds and Marketable Securities | ' | |||||||||||||
Schedule of cash and available-for-sale securities | ' | |||||||||||||
Cash and available-for-sale securities consisted of the following as of December 31, 2013 and September 30, 2014 (in thousands): | ||||||||||||||
As of December 31, 2013 | ||||||||||||||
Cost | Unrealized | Unrealized | Fair | |||||||||||
Gain | Loss | Value | ||||||||||||
Cash balances | $ | 43,640 | $ | — | $ | — | $ | 43,640 | ||||||
Corporate debt securities | 30,817 | 1 | (6 | ) | 30,812 | |||||||||
Commercial paper | 7,192 | 6 | — | 7,198 | ||||||||||
Certificate of deposit | 350 | — | — | 350 | ||||||||||
$ | 81,999 | $ | 7 | $ | (6 | ) | $ | 82,000 | ||||||
Included in cash and cash equivalents | $ | 43,640 | $ | — | $ | — | $ | 43,640 | ||||||
Included in marketable securities | 38,359 | 7 | (6 | ) | 38,360 | |||||||||
Total cash and available for sale securities | $ | 81,999 | $ | 7 | $ | (6 | ) | $ | 82,000 | |||||
As of September 30, 2014 | ||||||||||||||
Cost | Unrealized | Unrealized | Fair | |||||||||||
Gain | Loss | Value | ||||||||||||
Cash balances | $ | 19,671 | $ | — | $ | — | $ | 19,671 | ||||||
Corporate debt securities | 53,674 | 1 | (13 | ) | 53,662 | |||||||||
Commercial paper | 11,486 | 13 | — | 11,499 | ||||||||||
Certificate of deposit | 350 | — | — | 350 | ||||||||||
$ | 85,181 | $ | 14 | $ | (13 | ) | $ | 85,182 | ||||||
Included in cash and cash equivalents | $ | 19,671 | $ | — | $ | — | $ | 19,671 | ||||||
Included in marketable securities | 65,510 | 14 | (13 | ) | 65,511 | |||||||||
Total cash and available for sale securities | $ | 85,181 | $ | 14 | $ | (13 | ) | $ | 85,182 | |||||
Schedule of changes in AOCI associated with the unrealized holding gain on available-for-sale investments | ' | |||||||||||||
The changes in AOCI associated with the unrealized holding gain on available-for-sale investments during the three and nine months ended September 30, 2013 and 2014, were as follows (in thousands): | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||
Balance, beginning | $ | 3 | (2 | ) | $ | 14 | $ | 1 | ||||||
Current period changes in fair value, (a) | 2 | 4 | (9 | ) | 1 | |||||||||
Reclassification of earnings, (a) | — | — | — | — | ||||||||||
Balance, ending | $ | 5 | $ | 2 | $ | 5 | $ | 2 | ||||||
(a) — Taxes have not been accrued on the unrealized gain on securities as the Company is in a loss position for all periods presented. |
Basic_and_Diluted_Net_Loss_Att1
Basic and Diluted Net Loss Attributable to Common Stockholders per Common Share (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Basic and Diluted Net Loss Attributable to Common Stockholders per Common Share | ' | |||||||||||||
Schedule of reconciliation of the numerator and denominator used in computing basic and diluted net loss attributable to common stockholders per common share | ' | |||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
(In thousands, except per share amounts) | 2013 | 2014 | 2013 | 2014 | ||||||||||
Historical | ||||||||||||||
Numerator: | ||||||||||||||
Net loss attributable to common stockholders per common | $ | (14,589 | ) | $ | (17,149 | ) | $ | (47,396 | ) | $ | (47,706 | ) | ||
Denominator | ||||||||||||||
Weighted average common shares outstanding — basic and diluted | 49,621,188 | 78,889,346 | 49,621,188 | 70,216,251 | ||||||||||
Schedule of potential shares of common stock that were excluded from the computation as they were anti-dilutive using the treasury stock method | ' | |||||||||||||
The table below presents potential shares of common stock that were excluded from the computation as they were anti-dilutive using the treasury stock method (in thousands): | ||||||||||||||
As of September 30, | ||||||||||||||
2013 | 2014 | |||||||||||||
Options to purchase common stock | 10,112 | 10,329 | ||||||||||||
Outstanding warrants, convertible to common stock | 1,404 | 1,600 | ||||||||||||
Unvested restricted stock units | — | 955 | ||||||||||||
Total number of potentially issuable shares | 11,516 | 12,884 |
Acquisition_of_Callidus_Biopha1
Acquisition of Callidus Biopharma, Inc. (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Acquisition of Callidus Biopharma, Inc. | ' | |||||||
Schedule of supplemental pro forma information | ' | |||||||
(in thousands) | Three Months ended | Nine Months ended | ||||||
September 30, 2013 | September 30, 2013 | |||||||
Revenue | $ | — | $ | — | ||||
Net loss | $ | (15,838 | ) | $ | (49,569 | ) |
Goodwill_Tables
Goodwill (Tables) | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Goodwill | ' | ||||
Schedule of changes in goodwill | ' | ||||
(in thousands) | |||||
Balance at December 31, 2013 | $ | 11,613 | |||
Change in goodwill related to the acquisition of Callidus | — | ||||
Balance at September 30, 2014 | $ | 11,613 |
Intangible_Assets_Tables
Intangible Assets (Tables) | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Intangible Assets | ' | ||||
Schedule representing the changes in intangible assets | ' | ||||
(in thousands) | |||||
Balance at December 31, 2013 | $ | 23,000 | |||
Change in IPR&D related to the acquisition of Callidus | — | ||||
Balance at September 30, 2014 | $ | 23,000 |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Stockholders' Equity | ' | |||||||||||||
Schedule of fair value weighted-average assumptions | ' | |||||||||||||
Three Months | Nine Months | |||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||
Expected stock price volatility | 81.7 | % | 81 | % | 82 | % | 81.3 | % | ||||||
Risk free interest rate | 1.8 | % | 1.9 | % | 1.3 | % | 1.9 | % | ||||||
Expected life of options (years) | 6.25 | 6.25 | 6.25 | 6.25 | ||||||||||
Expected annual dividend per share | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||
Summary of stock options | ' | |||||||||||||
Number of | Weighted | Weighted | Aggregate Intrinsic | |||||||||||
Shares | Average Exercise | Average | Value | |||||||||||
(in thousands) | Price | Remaining | (in millions) | |||||||||||
Contractual Life | ||||||||||||||
Balance at December 31, 2013 | 9,041.10 | $ | 5.65 | |||||||||||
Options granted | 2,894.10 | $ | 2.87 | |||||||||||
Options exercised | (594.4 | ) | $ | 3.53 | ||||||||||
Options forfeited | (1,012.3 | ) | $ | 5.82 | ||||||||||
Balance at September 30, 2014 | 10,328.50 | $ | 4.97 | 6.9 years | $ | 17.6 | ||||||||
Vested and unvested expected to vest, September 30, 2014 | 9,649.50 | $ | 5.1 | 6.8 years | $ | 15.6 | ||||||||
Exercisable at September 30, 2014 | 5,551.10 | $ | 6.4 | 5.2 years | $ | 4.9 | ||||||||
Summary of information on the Company's restricted stock | ' | |||||||||||||
Number of | Weighted | Weighted | Aggregate Intrinsic | |||||||||||
Shares | Average Grant | Average | Value | |||||||||||
(in thousands) | Date Fair | Remaining Years | (in millions) | |||||||||||
Value | ||||||||||||||
Non-vested units as of December 31, 2013 | — | $ | — | |||||||||||
Granted | 975 | $ | 2.28 | |||||||||||
Vested | — | $ | — | |||||||||||
Forfeited | (20 | ) | $ | 2.15 | ||||||||||
Non-vested units as of September 30, 2014 | 955 | $ | 2.28 | 1 | $ | 3.5 | ||||||||
Summary of information related to compensation expense recognized in the statements of operations | ' | |||||||||||||
The following table summarizes information related to compensation expense recognized in the statements of operations related to the equity awards (in thousands): | ||||||||||||||
Three Months | Nine Months | |||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||
Stock compensation expense recognized in: | ||||||||||||||
Research and development expense | $ | 824 | $ | 698 | $ | 2,634 | $ | 1,950 | ||||||
General and administrative expense | 693 | 953 | 2,040 | 2,448 | ||||||||||
Total stock compensation expense | $ | 1,517 | $ | 1,651 | $ | 4,674 | $ | 4,398 |
Assets_and_Liabilities_Measure1
Assets and Liabilities Measured at Fair Value (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Assets and Liabilities Measured at Fair Value | ' | |||||||||||||
Schedule of changes in contingent success fee payable | ' | |||||||||||||
(in thousands) | ||||||||||||||
Fair value balance at December 31, 2013 | $ | 264 | ||||||||||||
Change in fair value | 30 | |||||||||||||
Fair value balance at September 30, 2014 | $ | 294 | ||||||||||||
Schedule of changes in contingent consideration payable | ' | |||||||||||||
(in thousands) | ||||||||||||||
Fair value balance at December 31, 2013 | $ | 10,600 | ||||||||||||
Change in fair value | (400 | ) | ||||||||||||
Fair value balance at September 30, 2014 | $ | 10,200 | ||||||||||||
Schedule of financial assets and liabilities subject to fair value measurements | ' | |||||||||||||
A summary of the fair value of the Company’s assets and liabilities aggregated by the level in the fair value hierarchy within which those measurements fall as of December 31, 2013, are identified in the following table (in thousands): | ||||||||||||||
Level 1 | Level 2 | Total | ||||||||||||
Assets: | ||||||||||||||
Cash/ money market funds | $ | 43,640 | $ | — | $ | 43,640 | ||||||||
Corporate debt securities | — | 30,812 | 30,812 | |||||||||||
Commercial paper | — | 7,198 | 7,198 | |||||||||||
Certificate of deposit | — | 350 | 350 | |||||||||||
$ | 43,640 | $ | 38,360 | $ | 82,000 | |||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||
Liabilities: | ||||||||||||||
Secured debt | $ | — | $ | 14,473 | $ | — | $ | 14,473 | ||||||
Contingent success fee payable | — | — | 264 | 264 | ||||||||||
Contingent consideration payable | — | — | 10,600 | 10,600 | ||||||||||
Warrants liability | — | — | — | — | ||||||||||
$ | — | $ | 14,473 | $ | 10,864 | $ | 25,337 | |||||||
A summary of the fair value of the Company’s assets and liabilities aggregated by the level in the fair value hierarchy within which those measurements fall as of September 30, 2014, are identified in the following table (in thousands): | ||||||||||||||
Level 1 | Level 2 | Total | ||||||||||||
Assets: | ||||||||||||||
Cash/ money market funds | $ | 19,671 | $ | — | $ | 19,671 | ||||||||
Corporate debt securities | — | 53,662 | 53,662 | |||||||||||
Commercial paper | — | 11,499 | 11,499 | |||||||||||
Certificate of deposit | — | 350 | 350 | |||||||||||
$ | 19,671 | $ | 65,511 | $ | 85,182 | |||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||
Liabilities: | ||||||||||||||
Secured debt | $ | — | $ | 14,302 | $ | — | $ | 14,302 | ||||||
Contingent success fee payable | — | — | 294 | 294 | ||||||||||
Contingent consideration payable | — | — | 10,200 | 10,200 | ||||||||||
$ | — | $ | 14,302 | $ | 10,494 | $ | 24,796 |
Restructuring_Charges_Tables
Restructuring Charges (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Restructuring Charges | ' | ||||||||||||||||
Summary of restructuring charges and utilization | ' | ||||||||||||||||
The following table summarizes the restructuring charges and utilization for the nine months ended September 30, 2014 (in thousands): | |||||||||||||||||
Balance as of | Charges | Cash Payments | Adjustments | Balance as of | |||||||||||||
December 31, | September 30, | ||||||||||||||||
2013 | 2014 | ||||||||||||||||
Employment termination costs | $ | 1,139 | $ | — | $ | (1,062 | ) | $ | — | $ | 77 | ||||||
Facilities consolidation | 703 | — | (299 | ) | (74 | ) | 330 | ||||||||||
$ | 1,842 | $ | — | $ | (1,361 | ) | $ | (74 | ) | $ | 407 |
Description_of_Business_and_Si2
Description of Business and Significant Accounting Policies (Details) (USD $) | 1 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | |
Aug. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Nov. 30, 2013 | Jul. 31, 2014 | Nov. 30, 2013 | |
item | SPA | Cowen and Company, LLC | GSK | |||
Sales Agreement | Revised Agreement | |||||
item | ||||||
Corporate Information, Status of Operations and Management Plans | ' | ' | ' | ' | ' | ' |
Number of patients with GLP HEK-amenable mutation who completed study 012 | 48 | ' | ' | ' | ' | ' |
Number of patients elected to continue with treatment extension | 46 | ' | ' | ' | ' | ' |
Patients elected to continue with 12 month treatment extension (as a percent) | 96.00% | ' | ' | ' | ' | ' |
Term of treatment extension | '12 months | ' | ' | ' | ' | ' |
Number of patients remain on migalastate | 45 | ' | ' | ' | ' | ' |
Issuance of common stock | ' | ' | ' | ' | $40,000,000 | ' |
Common stock, par value (in dollars per share) | ' | $0.01 | $0.01 | $0.01 | $0.01 | ' |
Proceeds from the issuance of common stock (in dollars) | ' | 38,736,000 | ' | ' | 38,700,000 | ' |
Common stock issued (in shares) | ' | ' | ' | ' | 14,300,000 | ' |
Number of major markets outside the U.S. from whom parties to contractual arrangement is eligible to receive single-digit royalties on net sales | ' | ' | ' | ' | ' | 8 |
Number of major markets outside the U.S. from whom parties to contractual arrangement is eligible to receive post-approval and sales-based milestones | ' | ' | ' | ' | ' | 8 |
Remaining term of the warrants | ' | '1 year | ' | ' | ' | ' |
Exercise price of warrants (in dollars per share) | ' | ' | ' | $2.50 | ' | ' |
Aggregate offering proceeds | ' | ' | ' | 15,000,000 | ' | ' |
Accumulated deficit | ' | $426,228,000 | $378,522,000 | ' | ' | ' |
Cash_Money_Market_Funds_and_Ma2
Cash, Money Market Funds and Marketable Securities (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Cash, Money Market Funds, and Marketable Securities | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents, Amortized Cost | $19,671,000 | $30,047,000 | $19,671,000 | $30,047,000 | $43,640,000 | $33,971,000 |
Cash and cash equivalents, Fair Value | 19,671,000 | ' | 19,671,000 | ' | 43,640,000 | ' |
Marketable securities, Amortized Cost | 65,510,000 | ' | 65,510,000 | ' | 38,359,000 | ' |
Unrealized Gain | 14,000 | ' | 14,000 | ' | 7,000 | ' |
Unrealized Loss | -13,000 | ' | -13,000 | ' | -6,000 | ' |
Marketable securities, Fair Value | 65,511,000 | ' | 65,511,000 | ' | 38,360,000 | ' |
Cash and marketable securities, Amortized Cost | 85,181,000 | ' | 85,181,000 | ' | 81,999,000 | ' |
Cash and marketable securities, Fair Value | 85,182,000 | ' | 85,182,000 | ' | 82,000,000 | ' |
Available-for-sale investments | ' | ' | ' | ' | ' | ' |
Realized gain (loss) on securities available-for-sale | ' | ' | 0 | ' | 0 | ' |
Fair value of available for sale securities in unrealized loss positions | 42,600,000 | ' | 42,600,000 | ' | 23,600,000 | ' |
Changes in AOCI associated with the unrealized holding gain on available-for-sale investments | ' | ' | ' | ' | ' | ' |
Balance, beginning | -2,000 | 3,000 | 1,000 | 14,000 | 14,000 | ' |
Current period changes in fair value | 4,000 | 2,000 | 1,000 | -9,000 | -13,000 | ' |
Balance, ending | 2,000 | 5,000 | 2,000 | 5,000 | 1,000 | ' |
Corporate debt securities | ' | ' | ' | ' | ' | ' |
Cash, Money Market Funds, and Marketable Securities | ' | ' | ' | ' | ' | ' |
Marketable securities, Amortized Cost | 53,674,000 | ' | 53,674,000 | ' | 30,817,000 | ' |
Unrealized Gain | 1,000 | ' | 1,000 | ' | 1,000 | ' |
Unrealized Loss | -13,000 | ' | -13,000 | ' | -6,000 | ' |
Marketable securities, Fair Value | 53,662,000 | ' | 53,662,000 | ' | 30,812,000 | ' |
Commercial paper | ' | ' | ' | ' | ' | ' |
Cash, Money Market Funds, and Marketable Securities | ' | ' | ' | ' | ' | ' |
Marketable securities, Amortized Cost | 11,486,000 | ' | 11,486,000 | ' | 7,192,000 | ' |
Unrealized Gain | 13,000 | ' | 13,000 | ' | 6,000 | ' |
Marketable securities, Fair Value | 11,499,000 | ' | 11,499,000 | ' | 7,198,000 | ' |
Certificate of deposit | ' | ' | ' | ' | ' | ' |
Cash, Money Market Funds, and Marketable Securities | ' | ' | ' | ' | ' | ' |
Marketable securities, Amortized Cost | 350,000 | ' | 350,000 | ' | 350,000 | ' |
Marketable securities, Fair Value | $350,000 | ' | $350,000 | ' | $350,000 | ' |
Basic_and_Diluted_Net_Loss_Att2
Basic and Diluted Net Loss Attributable to Common Stockholders per Common Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Numerator: | ' | ' | ' | ' |
Net loss attributable to common stockholders | ($17,149) | ($14,589) | ($47,706) | ($47,396) |
Denominator | ' | ' | ' | ' |
Weighted average common shares outstanding - basic and diluted | 78,889,346 | 49,621,188 | 70,216,251 | 49,621,188 |
Antidilutive securities | ' | ' | ' | ' |
Antidilutive securities excluded from computation of diluted earnings per share (in shares) | ' | ' | 12,884,000 | 11,516,000 |
Options to purchase common stock | ' | ' | ' | ' |
Antidilutive securities | ' | ' | ' | ' |
Antidilutive securities excluded from computation of diluted earnings per share (in shares) | ' | ' | 10,329,000 | 10,112,000 |
Outstanding warrants, convertible to common stock | ' | ' | ' | ' |
Antidilutive securities | ' | ' | ' | ' |
Antidilutive securities excluded from computation of diluted earnings per share (in shares) | ' | ' | 1,600,000 | 1,404,000 |
Unvested restricted stock units | ' | ' | ' | ' |
Antidilutive securities | ' | ' | ' | ' |
Antidilutive securities excluded from computation of diluted earnings per share (in shares) | ' | ' | 955,000 | ' |
Acquisition_of_Callidus_Biopha2
Acquisition of Callidus Biopharma, Inc. (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | ||||
Share data in Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Nov. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Nov. 30, 2013 |
Callidus | Callidus | Callidus | Callidus | ||||||
Maximum | |||||||||
Acquisition of Callidus Biopharma, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued on acquisition (in shares) | ' | ' | ' | ' | ' | 7,200 | 25 | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | ' | $0.01 | ' | $0.01 | $0.01 | ' | ' | ' |
Additional payment to be made upon achievement of clinical milestones | ' | ' | ' | ' | ' | ' | ' | ' | $35,000,000 |
Additional payment to be made upon achievement of regulatory approval milestones | ' | ' | ' | ' | ' | ' | ' | ' | 105,000,000 |
Maximum merger consideration to be transferred | ' | ' | ' | ' | ' | 130,000,000 | ' | ' | ' |
Milestone payment that can be settled in equity | ' | ' | ' | ' | ' | 40,000,000 | ' | ' | ' |
Number of trading days immediately preceding the date of payment on basis of which issue price will be determined | ' | ' | ' | ' | ' | '10 days | ' | ' | ' |
Discount rate (as a percent) | ' | ' | ' | ' | ' | 13.00% | ' | ' | ' |
Contingent acquisition consideration payable | 10,200,000 | ' | 10,200,000 | ' | 10,600,000 | 10,600,000 | 10,200,000 | 10,600,000 | ' |
Decrease in the contingent consideration payable | 600,000 | ' | 400,000 | ' | ' | ' | 400,000 | ' | ' |
Intangible assets-(IPR&D) | ' | ' | ' | ' | ' | ' | 23,000,000 | ' | ' |
Deferred tax liability | ' | ' | ' | ' | ' | ' | 9,200,000 | ' | ' |
Goodwill expected to be deductible for income tax purposes | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Supplemental Pro Forma Information | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | ' | ($15,838,000) | ' | ($49,569,000) | ' | ' | ' | ' | ' |
Goodwill_Details
Goodwill (Details) (USD $) | 1 Months Ended | ||
Nov. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | |
Changes in goodwill | ' | ' | ' |
Balance at beginning of the period | ' | $11,613,000 | $11,613,000 |
Change in goodwill related to the acquisition of Callidus | 11,600,000 | ' | ' |
Balance at end of the period | ' | $11,613,000 | $11,613,000 |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | 1 Months Ended | ||
Nov. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | |
Changes in IPR&D | ' | ' | ' |
IPR&D related to the acquisition of Callidus | $23,000,000 | ' | ' |
Balance at the beginning of the period | ' | 23,000,000 | 23,000,000 |
Balance at the end of the period | ' | $23,000,000 | $23,000,000 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | ||||||
Sep. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Nov. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Nov. 30, 2013 | Jul. 31, 2014 | Oct. 31, 2014 | Nov. 30, 2013 | Jul. 31, 2012 | Nov. 30, 2013 | |
item | 2007 Equity Incentive Plan | 2007 Equity Incentive Plan | 2007 Equity Incentive Plan | Callidus | Callidus | Warrants | SPA | Cowen | GSK | GSK | GSK | Redmile Group | ||
Minimum | Maximum | item | Sales Agreement | Subsequent event | SPA | SPA | SPA | |||||||
Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Authorized number of shares of common stock | 125,000,000 | 125,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Voting right for each share held, number | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collaborative Agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 | ' | ' | ' | $0.01 | ' | ' | $0.01 | $0.01 | ' | ' | ' | ' |
Aggregate offering proceeds from issuance of common stock (in dollars) | $38,736,000 | ' | ' | ' | ' | ' | ' | ' | ' | $38,700,000 | ' | ' | ' | ' |
Fixed commission rate as a percentage of gross proceeds per Share sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' |
Common stock issued (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,300,000 | 11,315,825 | ' | ' | ' |
Commission expenses incurred on issue of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000 | ' | ' | ' | ' |
Legal fees incurred on issue of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' |
Number of shares represented by units issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000,000 |
Price per unit (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2 |
Number of shares of common stock sold in a unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 |
Number of warrants sold in a unit (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.267 |
Stock issued from collaboration agreement (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | 2,900,000 | 6,000,000 |
Offering price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | $2.12 | ' | ' | $5.29 | $2 | $6.30 | ' |
Warrants issued (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,600,000 |
Exercise price of warrants (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $2.50 | ' | ' | ' | ' | ' |
Proceeds received from private placement | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' |
Number of inputs used to determine the value of the warrants | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' |
Exercise price of warrants (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | $2.50 | ' | ' | ' | ' | ' | ' |
Remaining term of the warrants | '1 year | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' |
Volatility (as a percent) | ' | ' | ' | ' | ' | ' | ' | 93.50% | ' | ' | ' | ' | ' | ' |
Annual rate of dividends (as a percent) | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' |
Riskless rate of return (as a percent) | ' | ' | ' | ' | ' | ' | ' | 0.12% | ' | ' | ' | ' | ' | ' |
Value of the warrants | ' | ' | ' | ' | ' | ' | ' | $1,000,000 | ' | ' | ' | ' | ' | ' |
Common stock issued on acquisition (in shares) | ' | ' | ' | ' | ' | 7,200,000 | 25,000 | ' | ' | ' | ' | ' | ' | ' |
Additional common stock authorized (in shares) | ' | ' | 6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in shares) | ' | ' | ' | 1,100,000 | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Details_2
Stockholders' Equity (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 |
Stock options plans | Stock options plans | Stock options plans | Stock options plans | Restricted Stock Units | Restricted Stock Units | Restricted Stock Units | |
Vesting on 13th month anniversary of grant date | Vesting on 20th month anniversary of grant date | ||||||
Fair value weighted-average assumptions: | ' | ' | ' | ' | ' | ' | ' |
Expected stock price volatility (as a percent) | 81.00% | 81.70% | 81.30% | 82.00% | ' | ' | ' |
Risk free interest rate (as a percent) | 1.90% | 1.80% | 1.90% | 1.30% | ' | ' | ' |
Expected life of options | '6 years 3 months | '6 years 3 months | '6 years 3 months | '6 years 3 months | ' | ' | ' |
Expected annual dividend per share (in dollars per share) | $0 | $0 | $0 | $0 | ' | ' | ' |
Number of Shares | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period (in shares) | ' | ' | 9,041,100 | ' | ' | ' | ' |
Options granted (in shares) | ' | ' | 2,894,100 | ' | ' | ' | ' |
Options exercised (in shares) | ' | ' | -594,400 | ' | ' | ' | ' |
Options forfeited (in shares) | ' | ' | -1,012,300 | ' | ' | ' | ' |
Balance at the end of the period (in shares) | 10,328,500 | ' | 10,328,500 | ' | ' | ' | ' |
Vested and unvested expected to vest at the end of the period (in shares) | 9,649,500 | ' | 9,649,500 | ' | ' | ' | ' |
Exercisable at the end of the period (in shares) | 5,551,100 | ' | 5,551,100 | ' | ' | ' | ' |
Weighted Average Exercise Price | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period (in dollars per share) | ' | ' | $5.65 | ' | ' | ' | ' |
Options granted (in dollars per share) | ' | ' | $2.87 | ' | ' | ' | ' |
Options exercised (in dollars per share) | ' | ' | $3.53 | ' | ' | ' | ' |
Options forfeited (in dollars per share) | ' | ' | $5.82 | ' | ' | ' | ' |
Balance at the end of the period (in dollars per share) | $4.97 | ' | $4.97 | ' | ' | ' | ' |
Vested and unvested expected to vest at the end of the period (in dollars per share) | $5.10 | ' | $5.10 | ' | ' | ' | ' |
Exercisable at the end of the period (in dollars per share) | $6.40 | ' | $6.40 | ' | ' | ' | ' |
Weighted Average Remaining Contractual Life | ' | ' | ' | ' | ' | ' | ' |
Balance at the end of the period | ' | ' | '6 years 10 months 24 days | ' | ' | ' | ' |
Vested and unvested expected to vest at the end of the period | ' | ' | '6 years 9 months 18 days | ' | ' | ' | ' |
Exercisable at the end of the period | ' | ' | '5 years 2 months 12 days | ' | ' | ' | ' |
Aggregate Intrinsic Value | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value of options outstanding | $17.60 | ' | $17.60 | ' | ' | ' | ' |
Aggregate intrinsic value of options vested and unvested expected to vest | 15.6 | ' | 15.6 | ' | ' | ' | ' |
Aggregate intrinsic value of options exercisable | 4.9 | ' | 4.9 | ' | ' | ' | ' |
Total unrecognized compensation cost related to non-vested stock options granted | 8.3 | ' | 8.3 | ' | ' | ' | ' |
Period of recognition compensation cost | ' | ' | '2 years 4 months 24 days | ' | '1 year | ' | ' |
Vesting rights percentage | ' | ' | ' | ' | ' | 50.00% | 50.00% |
Number of Shares | ' | ' | ' | ' | ' | ' | ' |
Granted (in shares) | ' | ' | ' | ' | 975,000 | ' | ' |
Forfeited (in shares) | ' | ' | ' | ' | -20,000 | ' | ' |
Non-vested units at the end of the period | ' | ' | ' | ' | 955,000 | ' | ' |
Weighted Average Grant Date Fair Value | ' | ' | ' | ' | ' | ' | ' |
Granted (in dollars per shares) | ' | ' | ' | ' | $2.28 | ' | ' |
Forfeited (in dollars per shares) | ' | ' | ' | ' | $2.15 | ' | ' |
Non-vested units at the end of the period | ' | ' | ' | ' | $2.28 | ' | ' |
Weighted Average Remaining Contractual Life | ' | ' | ' | ' | ' | ' | ' |
Non-vested units at the end of period | ' | ' | ' | ' | '1 year | ' | ' |
Aggregate Intrinsic Value | ' | ' | ' | ' | ' | ' | ' |
Non-vested units at the end of the period | ' | ' | ' | ' | 3.5 | ' | ' |
Shares vested and expected to vest | ' | ' | ' | ' | 0 | ' | ' |
Unrecognized compensation cost related to unvested restricted stock awards (in dollars) | ' | ' | ' | ' | $1.50 | ' | ' |
Stockholders_Equity_Details_3
Stockholders' Equity (Details 3) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Stock compensation expense | ' | ' | ' | ' |
Total stock compensation expense | $1,651 | $1,517 | $4,398 | $4,674 |
Research and development expense | ' | ' | ' | ' |
Stock compensation expense | ' | ' | ' | ' |
Total stock compensation expense | 698 | 824 | 1,950 | 2,634 |
General and administrative expense | ' | ' | ' | ' |
Stock compensation expense | ' | ' | ' | ' |
Total stock compensation expense | $953 | $693 | $2,448 | $2,040 |
Assets_and_Liabilities_Measure2
Assets and Liabilities Measured at Fair Value (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Mar. 31, 2010 | Nov. 30, 2013 | Sep. 30, 2014 | Nov. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | |
Level 1 | Level 1 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 3 | Level 3 | Total | Total | Total | Total | Total | Total | Total | Total | SPA | Callidus | Callidus | Callidus | 2013 Loan Agreement | 2013 Loan Agreement | ||||||||
Corporate debt securities | Corporate debt securities | Commercial paper | Commercial paper | Certificate of deposit | Certificate of deposit | Corporate debt securities | Corporate debt securities | Commercial paper | Commercial paper | Certificate of deposit | Certificate of deposit | Maximum | Maximum | ||||||||||||||||||||
Assets and Liabilities Measured at Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transfer of assets from Level 1 to Level 2 | $0 | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transfer of assets from Level 2 to Level 1 | 0 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in fair value of warrant liability | ' | -517,000 | 300,000 | ' | -874,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant liability | ' | ' | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial assets and liabilities subject to fair value measurements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of contingent payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' |
Contingent success fee payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 294,000 | 264,000 | 294,000 | 264,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 294,000 | 400,000 |
Period of trigger event within which success fee is payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 months | ' |
Period of effectiveness of trigger event from closing of loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' |
Contingent success fee payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 294,000 | 264,000 | 294,000 | 264,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 264,000 | 400,000 |
Change in fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000 | ' |
Balance at the end of the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 294,000 | 264,000 | 294,000 | 264,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 294,000 | 400,000 |
Additional payment to be made upon achievement of clinical milestones | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,000,000 | ' | ' |
Additional payment to be made upon achievement of regulatory approval milestones | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 105,000,000 | ' | ' |
Maximum merger consideration to be transferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 130,000,000 | ' | ' | ' | ' |
Contingent consideration payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | ' | ' | ' | 10,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,200,000 | 10,600,000 | 10,200,000 | 10,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | 10,600,000 | ' | ' | ' |
Change in fair value | -600,000 | ' | ' | -400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -400,000 | ' | ' | ' |
Balance at the end of the period | 10,200,000 | ' | ' | 10,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,200,000 | 10,600,000 | 10,200,000 | 10,600,000 | ' | ' | ' | ' | ' | ' | ' | 10,600,000 | 10,200,000 | ' | ' | ' |
Proceeds from issuance of warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,300,000 | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash/money market funds | 19,671,000 | 30,047,000 | ' | 19,671,000 | 30,047,000 | 43,640,000 | 33,971,000 | 19,671,000 | 43,640,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,671,000 | 43,640,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of assets | ' | ' | ' | ' | ' | ' | ' | 19,671,000 | 43,640,000 | 65,511,000 | 38,360,000 | 53,662,000 | 30,812,000 | 11,499,000 | 7,198,000 | 350,000 | 350,000 | ' | ' | 85,182,000 | 82,000,000 | 53,662,000 | 30,812,000 | 11,499,000 | 7,198,000 | 350,000 | 350,000 | ' | ' | ' | ' | ' | ' |
Liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,302,000 | 14,473,000 | ' | ' | ' | ' | ' | ' | ' | ' | 14,302,000 | 14,473,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent success fee payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 294,000 | 264,000 | 294,000 | 264,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 294,000 | 400,000 |
Contingent consideration payable | 10,200,000 | ' | ' | 10,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,200,000 | 10,600,000 | 10,200,000 | 10,600,000 | ' | ' | ' | ' | ' | ' | ' | 10,600,000 | 10,200,000 | ' | ' | ' |
Fair value of liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | $14,302,000 | $14,473,000 | ' | ' | ' | ' | ' | ' | $10,494,000 | $10,864,000 | $24,796,000 | $25,337,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ShortTerm_Borrowings_and_LongT1
Short-Term Borrowings and Long-Term Debt (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Feb. 29, 2012 | Sep. 30, 2014 | |
2013 Loan Agreement | 2013 Loan Agreement | 2013 Loan Agreement | 2013 Loan Agreement | 2011 Loan Agreement | 2011 Loan Agreement | |
item | item | Maximum | ||||
Short-Term Borrowings and Long-Term Debt | ' | ' | ' | ' | ' | ' |
Maximum amount of loan | ' | ' | $25,000,000 | ' | ' | ' |
Long-term portion, gross of debt discount | 15,000,000 | 15,000,000 | 15,000,000 | ' | ' | 0 |
Amount available for borrowing | ' | ' | ' | 10,000,000 | ' | ' |
Fixed interest rate (as a percent) | 8.50% | 8.50% | ' | ' | ' | ' |
Number of equal monthly installments for repayment of debt | 33 | 33 | ' | ' | ' | ' |
Debt discount | ' | ' | 800,000 | ' | ' | ' |
Debt facility fee | 100,000 | 100,000 | ' | ' | ' | ' |
Contingent exit fee payable | 400,000 | 400,000 | ' | ' | ' | ' |
Fair value of contingent payment | ' | 300,000 | ' | ' | ' | ' |
Contingent success fee payable | 294,000 | 294,000 | 264,000 | 400,000 | ' | ' |
Period of trigger event within which success fee is payable | ' | '6 months | ' | ' | ' | ' |
Period of effectiveness of trigger event from closing of loan | ' | '5 years | ' | ' | ' | ' |
Amortization of debt discount | 45,000 | 131,000 | ' | ' | ' | ' |
Amortization of deferred financing costs | 6,000 | 18,000 | ' | ' | ' | ' |
Amount borrowed | ' | ' | ' | ' | $1,000,000 | ' |
Period for repayment of debt | ' | ' | ' | ' | '2 years 6 months | ' |
Collaborative_Agreements_Detai
Collaborative Agreements (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | ||||||
Share data in Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Oct. 31, 2010 | Nov. 30, 2013 | Jul. 31, 2012 | Nov. 30, 2013 | Nov. 30, 2013 | Sep. 30, 2014 |
GSK | GSK | GSK | GSK | GSK | Biogen Idec | |||||
Original Collaboration Agreement | SPA | SPA | Revised Agreement | Revised Agreement | ||||||
item | Maximum | |||||||||
Collaborative Agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Upfront payment received | ' | ' | ' | ' | $30,000,000 | ' | ' | $0 | ' | ' |
Potential milestone payments receivable | ' | ' | ' | ' | 173,500,000 | ' | ' | ' | ' | ' |
Stock issued from collaboration agreement (in shares) | ' | ' | ' | ' | 6.9 | 1.5 | 2.9 | ' | ' | ' |
Price per share of common stock issued as part of the license and collaboration agreement (in dollars per share) | ' | ' | ' | ' | $4.56 | $2 | $6.30 | ' | ' | ' |
Percentage of premium on average price per share of common stock issued as part of the license and collaboration agreement | ' | ' | ' | ' | 30.00% | ' | ' | ' | ' | ' |
Period preceding the closing date of the transaction over which average price per share of the company's stock is used | ' | ' | ' | ' | '60 days | ' | ' | ' | ' | ' |
Total value of the equity investment to the company | ' | ' | 38,736,000 | ' | 31,000,000 | ' | ' | ' | ' | ' |
Total purchase price (in dollars) | ' | ' | ' | ' | ' | ' | 18,600,000 | ' | ' | ' |
Number of major markets outside the U.S. from whom parties to contractual arrangement is eligible to receive single-digit royalties on net sales | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' |
Number of major markets outside the U.S. from whom parties to contractual arrangement is eligible to receive post-approval and sales-based milestones | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' |
Potential milestone payments upon achievement of post-approval and sales-based milestones | ' | ' | ' | ' | ' | ' | ' | ' | 40,000,000 | ' |
Research revenue for work performed under cost sharing arrangement | $293,000 | $39,000 | $1,224,000 | $39,000 | ' | ' | ' | ' | ' | $1,200,000 |
Restructuring_Charges_Details
Restructuring Charges (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Nov. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | |
Employment termination costs | Employment termination costs | Employment termination costs | Facilities consolidation | Facilities consolidation | Facilities consolidation | ||||
item | item | ||||||||
Restructuring charges | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employees eliminated (as a percent) | ' | ' | ' | 14.00% | ' | ' | ' | ' | ' |
Number of employees eliminated | ' | ' | ' | 15 | ' | ' | ' | ' | ' |
Number of subleased locations that were closed in consolidation | ' | ' | ' | ' | ' | ' | 1 | ' | ' |
Restructuring charges | $15,000 | $2,000,000 | ($74,000) | ' | $1,200,000 | ' | ' | $800,000 | ' |
Lease payments | ' | ' | ' | ' | ' | ' | ' | 700,000 | ' |
Write-down of the net book value of fixed assets | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' |
Restructuring charges unpaid and classified under accrued expenses | ' | ' | ' | ' | ' | 77,000 | ' | ' | ' |
Summary of restructuring charges and utilization | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | ' | ' | 1,842,000 | ' | ' | 1,139,000 | ' | ' | 703,000 |
Cash Payments | ' | ' | -1,361,000 | ' | ' | -1,062,000 | ' | ' | -299,000 |
Adjustments | ' | ' | -74,000 | ' | ' | ' | ' | ' | -74,000 |
Balance at the end of the period | $407,000 | $1,842,000 | $407,000 | ' | $1,139,000 | $77,000 | $703,000 | $703,000 | $330,000 |
Subsequent_Events_Details
Subsequent Events (Details) (GSK, USD $) | Nov. 30, 2013 | Jul. 31, 2012 | Oct. 31, 2014 |
SPA | SPA | Subsequent event | |
Subsequent Events | ' | ' | ' |
Common stock issued (in shares) | ' | ' | 11,315,825 |
Share Price | $2 | $6.30 | $5.29 |