Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 28, 2015 | Jun. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | THLD | ||
Entity Registrant Name | THRESHOLD PHARMACEUTICALS INC | ||
Entity Central Index Key | 1183765 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $214,218,509 | ||
Entity Common Stock, Shares Outstanding | 71,273,406 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $8,391 | $7,279 |
Marketable securities, current | 50,209 | 58,390 |
Collaboration receivable | 7,248 | 18,094 |
Prepaid expenses and other current assets | 832 | 2,246 |
Total current assets | 66,680 | 86,009 |
Marketable securities, non-current | 16,364 | |
Property and equipment, net | 557 | 686 |
Other assets | 1,159 | 1,059 |
Total assets | 68,396 | 104,118 |
Current liabilities: | ||
Accounts payable | 2,074 | 1,689 |
Accrued clinical and development expenses | 5,998 | 7,444 |
Accrued liabilities | 3,180 | 3,161 |
Deferred revenue, current | 14,722 | 14,722 |
Total current liabilities | 25,974 | 27,016 |
Warrant liability | 3,961 | 23,421 |
Deferred revenue, non-current | 62,194 | 76,916 |
Deferred rent | 243 | 240 |
Total liabilities | 92,372 | 127,593 |
Commitments and contingencies (Note 7) | ||
Stockholders’ equity (deficit): | ||
Preferred stock, $0.001 par value, 2,000,000 shares authorized; no shares issued and outstanding | ||
Common stock, $0.001 par value: Authorized: 150,000,000 shares at December 31, 2014 and 2013; Issued and outstanding: 62,898,233 and 59,232,611 shares at December 31, 2014 and 2013, respectively. | 63 | 59 |
Additional paid-in capital | 349,236 | 328,116 |
Accumulated other comprehensive (loss) income | -13 | 28 |
Accumulated deficit | -373,262 | -351,678 |
Total stockholders’ equity (deficit) | -23,976 | -23,475 |
Total liabilities and stockholders’ equity (deficit) | $68,396 | $104,118 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 62,898,233 | 59,232,611 |
Common stock, shares outstanding | 62,898,233 | 59,232,611 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Loss (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Revenue | $14,722 | $12,495 | $5,867 |
Operating expenses: | |||
Research and development | 35,832 | 29,334 | 18,786 |
General and administrative | 10,141 | 9,185 | 7,080 |
Total operating expenses | 45,973 | 38,519 | 25,866 |
Loss from operations | -31,251 | -26,024 | -19,999 |
Interest income (expense), net | 121 | 136 | 80 |
Other income (expense), net | 9,344 | -2,325 | -51,216 |
Income (loss) before provision for income taxes | -21,786 | -28,213 | -71,135 |
Provision (benefit) for income taxes | -202 | 202 | |
Net loss | -21,584 | -28,415 | -71,135 |
Other comprehensive income (loss): | |||
Unrealized gain (loss) on available for sale securities | -41 | 17 | 12 |
Comprehensive loss | ($21,625) | ($28,398) | ($71,123) |
Net loss per common share: | |||
Basic | ($0.36) | ($0.49) | ($1.31) |
Diluted | ($0.49) | ($0.49) | ($1.31) |
Weighted average number of shares used in per common share calculations: | |||
Basic | 60,335 | 57,832 | 54,219 |
Diluted | 63,386 | 57,832 | 54,219 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (Deficit) (USD $) | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
In Thousands, except Share data | |||||
Balances, value at Dec. 31, 2011 | $4,483 | $49 | $256,563 | ($1) | ($252,128) |
Balances, shares at Dec. 31, 2011 | 49,128,475 | ||||
Issuance of common stock to certain investors, net of issuance costs of $0.4 million, value | 12,323 | 2 | 12,321 | ||
Issuance of common stock to certain investors, net of issuance costs of $0.4 million, shares | 2,022,144 | ||||
Exercise of warrants to purchase common stock, value | 8,849 | 5 | 8,844 | ||
Exercise of warrants to purchase common stock, shares | 4,727,331 | ||||
Issuance of common stock pursuant to stock plans, value | 738 | 738 | |||
Issuance of common stock pursuant to stock plans, shares | 553,257 | ||||
Stock-based compensation | 3,010 | 3,010 | |||
Reclassification of fair value of warrants exercised from liability to equity | 27,867 | 27,867 | |||
Change in unrealized gain (loss) on marketable securities | 12 | 12 | |||
Net loss | -71,135 | -71,135 | |||
Balances, value at Dec. 31, 2012 | -13,853 | 56 | 309,343 | 11 | -323,263 |
Balances, shares at Dec. 31, 2012 | 56,431,207 | ||||
Exercise of warrants to purchase common stock, value | 1,882 | 3 | 1,879 | ||
Exercise of warrants to purchase common stock, shares | 2,488,518 | ||||
Issuance of common stock pursuant to stock plans, value | 510 | 510 | |||
Issuance of common stock pursuant to stock plans, shares | 312,886 | ||||
Stock-based compensation | 4,922 | 4,922 | |||
Reclassification of fair value of warrants exercised from liability to equity | 11,462 | 11,462 | |||
Change in unrealized gain (loss) on marketable securities | 17 | 17 | |||
Net loss | -28,415 | -28,415 | |||
Balances, value at Dec. 31, 2013 | -23,475 | 59 | 328,116 | 28 | -351,678 |
Balances, shares at Dec. 31, 2013 | 59,232,611 | 59,232,611 | |||
Exercise of warrants to purchase common stock, value | 4,834 | 3 | 4,831 | ||
Exercise of warrants to purchase common stock, shares | 3,437,348 | ||||
Issuance of common stock pursuant to stock plans, value | 686 | 1 | 685 | ||
Issuance of common stock pursuant to stock plans, shares | 228,274 | ||||
Stock-based compensation | 5,488 | 5,488 | |||
Reclassification of fair value of warrants exercised from liability to equity | 10,116 | 10,116 | |||
Change in unrealized gain (loss) on marketable securities | -41 | -41 | |||
Net loss | -21,584 | -21,584 | |||
Balances, value at Dec. 31, 2014 | ($23,976) | $63 | $349,236 | ($13) | ($373,262) |
Balances, shares at Dec. 31, 2014 | 62,898,233 | 62,898,233 |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Deficit) (Parenthetical) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2012 |
Statement Of Stockholders Equity [Abstract] | |
Issuance of common stock, issuance cost | $0.40 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net loss | ($21,584) | ($28,415) | ($71,135) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization | 1,309 | 1,506 | 1,008 |
Stock-based compensation expense | 5,488 | 4,922 | 3,010 |
Change in common stock warrant value | -9,344 | 2,325 | 51,216 |
(Gain) loss on sale of investments, property and equipment | -3 | -5 | |
Changes in operating assets and liabilities: | |||
Collaboration receivable | 10,846 | -2,459 | -15,635 |
Prepaid expenses and other current assets | 1,314 | -1,079 | -623 |
Accounts payable | 385 | 781 | -1,481 |
Accrued clinical and development expenses | -1,446 | 1,694 | 1,285 |
Accrued liabilities | 19 | 904 | 520 |
Deferred rent | 3 | -28 | 115 |
Deferred revenue | -14,722 | 30,005 | 61,633 |
Net cash provided by (used in) operating activities | -27,735 | 10,151 | 29,913 |
Cash flows from investing activities: | |||
Acquisition of property and equipment | -224 | -158 | -482 |
Acquisition of marketable securities | -44,911 | -101,968 | -93,745 |
Proceeds from sales of marketable securities | 14,584 | 5,338 | 14,266 |
Proceeds from maturities of marketable securities | 53,878 | 80,495 | 33,285 |
Net cash provided by (used in) investing activities | 23,327 | -16,293 | -46,676 |
Cash flows from financing activities: | |||
Proceeds from issuance of common stock and warrants, net of offering expenses | 5,520 | 2,392 | 21,910 |
Net cash provided by financing activities | 5,520 | 2,392 | 21,910 |
Net increase (decrease) in cash and cash equivalents | 1,112 | -3,750 | 5,147 |
Cash and cash equivalents, beginning of period | 7,279 | 11,029 | 5,882 |
Cash and cash equivalents, end of period | 8,391 | 7,279 | 11,029 |
Non-cash investing and financing activities: | |||
Change in unrealized gain (loss) in marketable securities | ($41) | $17 | $12 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Summary of Significant Accounting Policies | NOTE 1—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Description of Operations and Basis of Presentation | ||
Threshold Pharmaceuticals, Inc. (the “Company” or “Threshold”) was incorporated in the State of Delaware on October 17, 2001. The Company is a biotechnology company using its expertise in the tumor microenvironment to discover and develop therapeutic agents that selectively target tumor cells for the treatment of patients living with cancer. In June 2005, the Company formed a wholly-owned subsidiary, THLD Enterprises (UK), Limited in the United Kingdom in connection with conducting clinical trials in Europe. As of December 31, 2014, there has been no financial activity related to this entity. | ||
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and include the accounts of the Company and its wholly owned subsidiary, and reflect the elimination of intercompany accounts and transactions. | ||
Revenue Recognition | ||
The Company recognizes revenue in accordance with ASC 605 “Revenue Recognition”, subtopic ASC 605-25 “Revenue with Multiple Element Arrangements” and subtopic ASC 605-28 “Revenue Recognition-Milestone Method”, which provides accounting guidance for revenue recognition for arrangements with multiple deliverables and guidance on defining the milestone and determining when the use of the milestone method of revenue recognition for research and development transactions is appropriate, respectively. | ||
The Company’s revenues are related to its collaboration arrangement with Merck KGaA, which was entered in February 2012. The collaboration with Merck KGaA provides for various types of payments to the Company, including non-refundable upfront license, milestone and royalty payments. The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price is fixed or determinable, and collectability is reasonably assured. The Company will also receive reimbursement for Merck KGaA’s 70% share for eligible worldwide development expenses for evofosfamide (formerly TH-302). Such reimbursement is reflected as a reduction of operating expenses. | ||
For multiple-element arrangements, each deliverable within a multiple deliverable revenue arrangement is accounted for as a separate unit of accounting if both of the following criteria are met: (1) the delivered item or items have value to the customer on a standalone basis and (2) for an arrangement that includes a general right of return relative to the delivered item(s), delivery or performance of the undelivered item(s) is considered probable and substantially in the Company’s control. The deliverables under the Merck KGaA agreement have been determined to be a single unit of accounting and as such the revenue relating to this unit of accounting will be recorded as deferred revenue and recognized ratably over the term of its estimated performance period under the agreement, which is the product development period. The Company determines the estimated performance period and it will be periodically reviewed based on the progress of the related product development plan. The effect of a change made to an estimated performance period and therefore revenue recognized ratably would occur on a prospective basis in the period that the change was made. | ||
Deferred revenue associated with a non-refundable payment received under a collaborative agreement for which the performance obligations are terminated will result in an immediate recognition of any remaining deferred revenue in the period that termination occurred provided that all performance obligations have been satisfied. | ||
The Company recognizes revenue from milestone payments when: (i) the milestone event is substantive and its achievability has substantive uncertainty at the inception of the agreement, and (ii) the Company does not have ongoing performance obligations related to the achievement of the milestone earned. Milestone payments are considered substantive if all of the following conditions are met: the milestone payment (a) is commensurate with either the Company’s performance subsequent to the inception of the arrangement to achieve the milestone or the enhancement of the value of the delivered item or items as a result of a specific outcome resulting from the Company’s performance subsequent to the inception of the arrangement to achieve the milestone, (b) relates solely to past performance, and (c) is reasonable relative to all of the deliverables and payment terms (including other potential milestone consideration) within the arrangement. See Note 3, “Collaboration Arrangements,” for analysis of milestone events deemed to be substantive or non-substantive. | ||
Use of Estimates | ||
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Significant estimates, assumptions and judgments made by management include those related to the valuation of equity and related instruments, revenue recognition, stock-based compensation and clinical trial accrued liabilities. | ||
Cash and Cash Equivalents | ||
The Company considers all highly liquid investments purchased with original maturities of three months or less on the date of purchase, to be cash equivalents. All cash and cash equivalents are held in the United States of America in financial institutions or money market funds, which are unrestricted as to withdrawal or use. | ||
Marketable Securities | ||
The Company classifies its marketable securities as “available-for-sale.” Such marketable securities are recorded at fair value and unrealized gains and losses are recorded as a separate component of stockholders’ equity (deficit) until realized. Realized gains and losses on sale of all such securities are reported in net loss, computed using the specific identification cost method. The Company places its marketable securities primarily in U.S. government securities, money market funds, corporate debt securities, commercial paper and certificates of deposit. | ||
The Company’s investments are subject to a periodic impairment review. The Company recognizes an impairment charge when a decline in the fair value of its investments below the cost basis is judged to be other-than-temporary. The Company considers various factors in determining whether to recognize an impairment charge, including the length of time and extent to which the fair value has been less than the Company’s cost basis, the financial condition and near-term prospects of the investee, and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in the market value. | ||
Fair Value of Financial Instruments | ||
The carrying amounts of certain of the Company’s financial instruments, including cash and cash equivalents, accounts payable and accrued liabilities approximate fair value due to their relatively short maturities. Estimated fair values for marketable securities, which are separately disclosed in Note 4, are based on quoted market prices for the same or similar instruments. The counterparties to the agreements relating to the Company’s investment securities consist of the US Treasury, various major corporations, governmental agencies and financial institutions with high credit standing. | ||
Fair Value of Warrants | ||
ASC 815 “Derivatives and Hedging” provides guidance that clarifies the determination of whether an instrument (or an embedded feature) is indexed to an entity’s own stock, which would qualify for classification as a liability. The guidance requires common stock warrants with certain terms be classified as a liability and to be fair valued at each reporting period, with the changes in fair value recognized in the Company’s consolidated statements of operations. We fair value the outstanding common stock warrants using a Black Scholes valuation model at the end of each reporting period. The carrying amount of the common stock warrant liability represents its estimated fair value. | ||
Concentration of Credit Risk | ||
Financial instruments which potentially subject the Company to concentrations of risk consist principally of cash, cash equivalents and marketable securities. The Company invests in a variety of financial instruments, such as, but not limited to, certificates of deposit, corporate and municipal bonds, United States Treasury and agency securities. The Company is exposed to credit risk in the event of default by the financial institutions for amounts in excess of Federal Deposit Insurance Corporation insured limits. The Company performs periodic evaluations of the relative credit standings of these financial institutions, and by policy, limits the amount of credit exposure with any one financial institution or commercial issuer. | ||
Other Risks and Uncertainties | ||
The Company has no products for commercial sale and has only one product candidate in clinical development and, since inception, has devoted substantially all of its time and efforts to performing research and development, raising capital and recruiting personnel. The Company has incurred significant losses since its inception. The Company continues to incur substantial expenses related to research and development and management believes that it will continue to do so for the foreseeable future. On February 3, 2012, the Company entered into an agreement with Merck KGaA. To date, the Company has received $110 million in upfront and milestone payments from this collaboration. See further details in Note 3, “Collaboration Arrangements”. | ||
The Company expects that it will need to raise additional capital to complete the clinical development of evofosfamide, to develop its recently licensed product candidate, TH-4000 (formerly referred to as PR610 or Hypoxin™), and, to support new in-house development programs or to in-license or otherwise acquire and develop additional products or programs. The Company may seek to raise capital through a variety of sources, including: | ||
· | the public equity market; | |
· | private equity financing; | |
· | collaborative arrangements; | |
· | licensing arrangements; and/or | |
· | public or private debt. | |
The Company’s ability to raise additional funds will depend, in part on the outcome of its clinical trials and other clinical and regulatory events, as well as factors related to financial, economic, and market conditions, collaboration or license agreements with others and factors related to financial, economic and market conditions, many of which are beyond the Company’s control. In addition, the Company’s ability to raise additional capital may be dependent upon its common stock remaining listed on the NASDAQ Capital Market. The Company cannot be certain that sufficient funds will be available when required or on satisfactory terms, if at all. If adequate funds are not available, the Company may be required to significantly reduce or refocus its operations or to obtain funds through additional arrangements that may require the Company to relinquish rights to certain of its products, technologies or potential markets, any of which could delay or require that the Company curtail or eliminate some or all of its development programs or otherwise have a material adverse effect on its business, financial condition and results of operations. In addition, the Company may have to delay, reduce the scope of or eliminate some of its research and development, which could delay the time to market for any of its product candidates, if adequate funds are not available. To the extent that additional capital is raised through the sale of equity or convertible debt securities, the issuance of such securities would result in ownership dilution to existing stockholders. There are no assurances that the Company will be able to raise additional financing on terms acceptable to the Company. | ||
The Company’s lead product candidate, evofosfamide, has not received any regulatory approvals. To achieve profitable operations, the Company must successfully develop, test, manufacture and market its product candidates, including evofosfamide. With respect to the development and commercialization of evofosfamide, the Company is substantially dependent on Merck KGaA for the continued development and potential commercialization of evofosfamide. In addition, the Company’s development of TH-4000 is at a very early stage and it is possible that TH-4000 may not be found to be safe or effective in the Company’s planned Phase 2 proof-of-concept study of TH-4000 or in any other studies that the Company may conduct, and the Company may otherwise fail to realize the anticipated benefits of its licensing of this product candidate. There can be no assurance that evofosfamide, TH-4000 or any other of the Company’s potential future product candidates will be developed successfully or manufactured at an acceptable cost and with appropriate performance characteristics, or that such products will be successfully marketed. These factors could have a material adverse effect on the Company’s future financial results. | ||
Any products developed by the Company will require approval from the U.S. Food and Drug Administration (“FDA”) or foreign regulatory agencies prior to commercial sales. There can be no assurance that the Company’s products will receive the necessary approvals. If the Company or Merck KGaA is denied such approvals or such approvals are delayed, it could have a material adverse effect on the Company. | ||
Property and Equipment | ||
Property and equipment is stated at cost less accumulated depreciation. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets, generally three years. Leasehold improvements are amortized using the straight-line method over the estimated useful life of the improvement, or the lease term, if shorter. Accordingly, leasehold improvements are being amortized over lease terms of approximately 4-6 years. Maintenance and repairs are charged to operations as incurred. Upon sale or retirement of assets, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss is reflected in operations. The Company reviews its property, plant and equipment assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. | ||
Comprehensive loss | ||
Comprehensive loss is comprised of the Company’s net loss and other comprehensive income (loss). Unrealized gain (loss) on available-for-sale marketable securities represents the only component of other comprehensive income (loss). | ||
Research and Development expenses | ||
Research and development expenses consist of costs such as salaries and benefits, laboratory supplies, facility costs, consulting fees and fees paid to contract research organizations, clinical trial sites, laboratories, other clinical service providers and contract manufacturing organizations. Research and development expenses are expensed as incurred. | ||
Clinical Trial Accruals | ||
The Company’s preclinical and clinical trials are performed by third party contract research organizations (CROs) and/or clinical investigators, and clinical supplies are manufactured by contract manufacturing organizations (CMOs). Invoicing from these third parties may be monthly based upon services performed or based upon milestones achieved. The Company accrues these expenses based upon its assessment of the status of each clinical trial and the work completed, and upon information obtained from the CROs and CMOs. The Company’s estimates are dependent upon the timeliness and accuracy of data provided by the CROs and CMOs regarding the status and cost of the studies, and may not match the actual services performed by the organizations. This could result in adjustments to the Company’s research and development expenses in future periods. To date the Company has had no significant adjustments. | ||
Bonus Accruals | ||
The Company has bonus programs for eligible employees. Bonuses are determined based on various criteria, including the achievement of corporate, departmental and individual goals. Bonus accruals are estimated based on various factors, including target bonus percentages per level of employee and probability of achieving the goals upon which bonuses are based. The Company’s management periodically reviews the progress made towards the goals under the bonus programs. As bonus accruals are dependent upon management’s judgments of the likelihood of achieving the various goals, it is possible for bonus expense to vary significantly in future periods if changes occur in those management estimates. | ||
Income Taxes | ||
The Company accounts for income taxes under the liability method. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts expected to be realized. | ||
Segments | ||
The Company has one reportable segment and uses one measurement of results of operations to manage its business. All long-lived assets are maintained in the United States of America. | ||
Stock-Based compensation | ||
The Company accounts for stock-based compensation in accordance with ASC 718, “Compensation—Stock Compensation,” which requires measurement of all employee stock-based compensation awards using a fair-value method and recording of such expense in the consolidated financial statements over the requisite service period. | ||
The Company accounts for equity instruments issued to non-employees in accordance with the provisions of ASC 718 and ASC 505, “Equity,” which require that such equity instruments are recorded at their fair value on the measurement date. The measurement of stock-based compensation is subject to periodic adjustment as the underlying equity instruments vest. | ||
See Note 9 “Equity Incentive Plans and Stock Based Compensation” for further discussion. | ||
Recent Accounting Pronouncements Not Yet Adopted | ||
In August 2014, the Financing Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which requires management to evaluate, in connection with preparing financial statements for each annual and interim reporting period, whether there are conditions or events, considered in the aggregate, that raise substantial doubt about an entity’s ability to continue as a going concern within one year after the date that the financial statements are issued and provide related disclosures. This guidance is effective for annual periods ending after December 15, 2016, and, as such, will be applicable to the Company in 2017. Early adoption is permitted. The Company does not expect this standard to have a material impact on its financial statements. | ||
In May 2014, the FASB issued ASU No. 2014-09, Revenue From Contracts With Customers, requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The updated standard will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective and permits the use of either the retrospective or cumulative effect transition method. Early adoption is not permitted. The updated standard becomes effective for the Company in the first quarter of fiscal 2017. The Company has not yet selected a transition method and is currently evaluating the effect that the updated standard will have on its consolidated financial statements and related disclosures. |
Net_Loss_Per_Common_Share
Net Loss Per Common Share | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Net Loss Per Common Share | NOTE 2—NET LOSS PER COMMON SHARE | ||||||||||||
Basic net loss per common share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per common share is computed by giving effect to all potential dilutive common shares, including outstanding options and warrants. | |||||||||||||
Potential dilutive common shares also include the dilutive effect of the common stock underlying in-the-money stock options and warrants that were calculated based on the average share price for each period using the treasury stock method. Under the treasury stock method, the proceeds from the exercise of an option or warrant is assumed to be used to repurchase shares in the current period. In addition, the average amount of compensation cost for in-the-money options, if any, for future service that the Company has not yet recognized when the option is exercised, is also assumed to repurchase shares in the current period. | |||||||||||||
A reconciliation of the numerator and denominator used in the calculation is as follows (in thousands, except per share amounts): | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator: | |||||||||||||
Net income (loss) - basic | $ | (21,584 | ) | $ | (28,415 | ) | $ | (71,135 | ) | ||||
Less: noncash income from change in fair value of | 9,344 | — | — | ||||||||||
common stock warrants | |||||||||||||
Net loss - diluted | (30,928 | ) | $ | (28,415 | ) | $ | (71,135 | ) | |||||
Denominator: | |||||||||||||
Weighted-average number of common shares outstanding | 60,335 | 57,832 | 54,219 | ||||||||||
Dilutive effect of warrants | 3,051 | — | — | ||||||||||
Weighted-average common shares outstanding and dilutive | 63,386 | 57,832 | 54,219 | ||||||||||
potential common share-diluted | |||||||||||||
Net loss per share: | |||||||||||||
Basic | $ | (0.36 | ) | $ | (0.49 | ) | $ | (1.31 | ) | ||||
Diluted | $ | (0.49 | ) | $ | (0.49 | ) | $ | (1.31 | ) | ||||
The following warrants, outstanding options and purchase rights under the Company’s 2004 Employee Stock Purchase Plan (“2004 Purchase Plan”) were excluded from the computation of diluted net loss per common share for the periods presented because including them would have had an antidilutive effect (in thousands): | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Shares issuable upon exercise of warrants | — | 8,282 | 11,583 | ||||||||||
Shares issuable upon exercise of stock options | 8,169 | 6,527 | 5,099 | ||||||||||
Shares issuable related to the ESPP | 67 | 64 | 79 | ||||||||||
Collaboration_Arrangements
Collaboration Arrangements | 12 Months Ended |
Dec. 31, 2014 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Collaboration Arrangements | NOTE 3—COLLABORATION ARRANGEMENTS |
Agreement with Merck KGaA | |
On February 3, 2012, the Company entered into a global license and co-development agreement with Merck KGaA, of Darmstadt, Germany, to co-develop and commercialize evofosfamide, the Company’s small molecule hypoxia-targeted drug. Under the terms of the agreement, Merck KGaA received co-development rights, exclusive global commercialization rights and provided the Company with an option to co-commercialize evofosfamide in the United States. To date the Company received $110 million in upfront and milestone payments, including $12.5 million received during the quarter ended March 31, 2014. The milestones earned to date were not deemed to be substantive milestones because the work related to the achievement of these items was predominately completed prior to the inception of the arrangement or was not commensurate with Company’s performance subsequent to the inception of the arrangement to achieve the milestone. The Company is eligible to earn additional potential milestone payments of up to $100 million in regulatory and development milestones, and $340 million in commercialization milestones. | |
In the United States, the Company has primary responsibility for development of evofosfamide in the soft tissue sarcoma indication. The Company and Merck KGaA will jointly develop evofosfamide in all other cancer indications being pursued. Merck KGaA will pay 70% of worldwide development expenses for evofosfamide. Subject to FDA approval in the United States, Merck KGaA will initially be responsible for commercialization of evofosfamide with the Company receiving a tiered, double-digit royalty on sales. Under the royalty-bearing portion of the agreement, Threshold retains the option to co-promote evofosfamide in the United States. Additionally, the Company retains the option to co-commercialize evofosfamide in the United States, upon the achievement of certain sales and regulatory milestones, allowing the Company to participate in up to 50% of the profits in the United States depending on total sales. Outside of the United States, Merck KGaA will be solely responsible for the commercialization of evofosfamide with the Company receiving a tiered, double-digit royalty on sales in these territories. The agreement will continue on a country-by-country and product-by-product basis until the later of the last to expire patent covering such product containing evofosfamide in such country or ten years following the commercial launch of a product containing evofosfamide in such country, unless terminated earlier. Merck KGaA has the right to terminate the agreement on limited notice, and each party has the right to terminate the agreement following an uncured material breach by the other party. | |
The Company’s deliverables under the Merck KGaA agreement, which include delivery of the rights and license for evofosfamide and performance of research and development activities, have been determined to be a single unit of accounting. The delivered license does not have standalone value at the inception of the arrangement due to the Company’s proprietary expertise with respect to the licensed compound and related ongoing developmental participation under the global license and co-development agreement, which is required for Merck KGaA to fully realize the value from the delivered license. Therefore, the revenue relating to this unit of accounting will be recorded as deferred revenue and recognized over the estimated performance period under the agreement, which is the product development period. The Company recorded $42.5 million of milestones earned in 2013 and $67.5 million of upfront payment and milestones earned in 2012 as deferred revenue and is amortizing them ratably over its estimated period of performance, which the Company currently estimates to end on March 31, 2020. As a result, the Company recognized $14.7 million, $12.5 million and $5.9 million of revenue in 2014, 2013 and 2012, respectively. The Company will periodically review and, if necessary, revise the estimated periods of performance of the Company’s collaboration. The Company also earned a $21.9 million, $16.5 million and $13.1 million reimbursement for eligible worldwide development expenses for evofosfamide from Merck KGaA in 2014, 2013 and 2012, respectively. Such earned reimbursement has been reflected as a reduction of research and development expenses. | |
Of the remaining potential future milestones, $100 million are related to regulatory and development milestones and $340 million are related to commercialization milestones that may be received under the Merck KGaA Agreement. Regulatory milestones include the filing and acceptance of regulatory applications for marketing approval in major markets. Development milestones include primarily the initiation of various phases of clinical trials. Commercialization milestones include the achievement of first commercial sales in a particular market or annual product sales in excess of a pre-specified threshold. At the inception of the collaboration agreement the Company assessed regulatory and development milestones to be substantive where there was substantive scientific and regulatory uncertainty of achievement, the amounts of payments assigned were considered to be commensurate with the enhancement, that occurred subsequent to inception of the Merck KGaA agreement, of the value of the delivered rights and license of evofosfamide and the Company’s performance is necessary to the achievement of the milestone. Accordingly, the Company will recognize payments related to the achievement of such milestones, if any, when such milestone is achieved. Regulatory and development milestones that do not meet these conditions were considered non-substantive and payments related to the achievement of such milestones, if any, will be recorded as deferred revenue and amortized ratably over the estimated period of performance. Final determination of whether a development or regulatory milestone is substantive will depend upon the Company’s role in achieving the milestone. The specific role and responsibilities related to the regulatory and development activities for certain of these milestones have yet to be determined and may change during the development period. Under the Merck agreement, Merck KGaA will initially be responsible for commercialization activities and the Company initially may not be involved in the achievement of these commercialization milestones. These commercialization milestones would typically be achieved after the completion of the Company’s regulatory and development activities. If there are no future development obligations, the Company expects to account for the commercialization milestones in the same manner as royalties, with revenue recognized upon achievement of the milestone. |
Fair_Value_Measurements_and_Ma
Fair Value Measurements and Marketable Securities | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurements and Marketable Securities | NOTE 4—FAIR VALUE MEASUREMENTS AND MARKETABLE SECURITIES | ||||||||||||||||
The Company accounts for its marketable securities in accordance with ASC 820 “Fair Value Measurements and Disclosures.” ASC 820 defines fair value, establishes a framework for measuring fair value in GAAP, and expands disclosures about fair value measurements. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use | |||||||||||||||||
of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: | |||||||||||||||||
Level 1—Quoted prices in active markets for identical assets or liabilities. | |||||||||||||||||
Level 2—Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |||||||||||||||||
Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | |||||||||||||||||
The Company utilizes the market approach to measure fair value for its financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. For Level 2 securities that have market prices from multiples sources, a “consensus price” or a weighted average price for each of these securities can be derived from a distribution-curve-based algorithm which includes market prices obtained from a variety of industrial standard data providers (e.g. Bloomberg), security master files from large financial institutions, and other third-party sources. Level 2 securities with short maturities and infrequent secondary market trades are typically priced using mathematical calculations adjusted for observable inputs when available. | |||||||||||||||||
The following table sets forth the Company’s financial assets (cash equivalents and available-for-sale marketable securities) at fair value on a recurring basis as of December 31, 2014 and 2013: | |||||||||||||||||
Fair Value as of | |||||||||||||||||
December 31, | Basis of Fair Value Measurements | ||||||||||||||||
(in thousands) | 2014 | Level 1 | Level 2 | Level 3 | |||||||||||||
Money market funds | $ | 3,369 | $ | 3,369 | $ | — | $ | — | |||||||||
Certificates of deposit | 2,505 | — | 2,505 | — | |||||||||||||
Corporate debt securities | 28,081 | — | 28,081 | — | |||||||||||||
Government securities | 19,123 | — | 19,123 | — | |||||||||||||
Commercial paper | 5,499 | — | 5,499 | — | |||||||||||||
Total cash equivalents and marketable securities | $ | 58,577 | $ | 3,369 | $ | 55,208 | $ | — | |||||||||
Fair Value as of | |||||||||||||||||
December 31, | Basis of Fair Value Measurements | ||||||||||||||||
(in thousands) | 2013 | Level 1 | Level 2 | Level 3 | |||||||||||||
Money market funds | $ | 4,285 | $ | 4,285 | $ | — | $ | — | |||||||||
Certificates of deposit | 1,584 | — | 1,584 | — | |||||||||||||
Corporate debt securities | 49,019 | — | 49,019 | — | |||||||||||||
Government securities | 21,731 | — | 21,731 | — | |||||||||||||
Municipal securities | 2,815 | — | 2,815 | — | |||||||||||||
Commercial paper | 2,599 | — | 2,599 | — | |||||||||||||
Total cash equivalents and marketable securities | $ | 82,033 | $ | 4,285 | $ | 77,748 | $ | — | |||||||||
The Company invests in highly-liquid, investment-grade securities. The following is a summary of the Company’s available-for-sale securities at December 31, 2014 and 2013: | |||||||||||||||||
As of December 31, 2014 (in thousands): | Cost Basis | Unrealized | Unrealized | Fair | |||||||||||||
Gain | Loss | Value | |||||||||||||||
Money market funds | $ | 3,369 | $ | — | $ | — | $ | 3,369 | |||||||||
Certificates of deposit | 2,505 | — | — | 2,505 | |||||||||||||
Corporate debt securities | 28,094 | 1 | (14 | ) | 28,081 | ||||||||||||
Government securities | 19,123 | 3 | (3 | ) | 19,123 | ||||||||||||
Commercial paper | 5,499 | — | — | 5,499 | |||||||||||||
58,590 | 4 | (17 | ) | 58,577 | |||||||||||||
Less cash equivalents | (8,368 | ) | — | — | (8,368 | ) | |||||||||||
Total marketable securities | $ | 50,222 | $ | 4 | $ | (17 | ) | $ | 50,209 | ||||||||
As of December 31, 2013 (in thousands): | Cost Basis | Unrealized | Unrealized | Fair | |||||||||||||
Gain | Loss | Value | |||||||||||||||
Money market funds | $ | 4,285 | $ | — | $ | — | $ | 4,285 | |||||||||
Certificates of deposit | 1,584 | — | — | 1,584 | |||||||||||||
Corporate debt securities | 49,001 | 25 | (7 | ) | 49,019 | ||||||||||||
Government securities | 21,722 | 12 | (3 | ) | 21,731 | ||||||||||||
Municipal securities | 2,814 | 1 | — | 2,815 | |||||||||||||
Commercial paper | 2,599 | — | — | 2,599 | |||||||||||||
82,005 | 38 | (10 | ) | 82,033 | |||||||||||||
Less cash equivalents | 7,279 | — | — | 7,279 | |||||||||||||
Total marketable securities | $ | 74,726 | $ | 38 | $ | (10 | ) | $ | 74,754 | ||||||||
The Company recognized realized gains of $3,000 and $5,000 in 2014 and 2013, respectively. There were no realized losses in 2014 or 2013. There were no realized gains or losses in 2012. The Company realized no gains in 2014 and 2013 that were previously classified as unrealized gains and losses in accumulated other comprehensive income at December 31, 2013 or 2012, respectively. | |||||||||||||||||
As of December 31, 2014, weighted average maturity for the Company’s available for sale securities was approximately 4 months, with the longest maturity being November 2015. | |||||||||||||||||
The following table provides the breakdown of the marketable securities with unrealized losses at December 31, 2014 (in thousands): | |||||||||||||||||
As of December 31, 2014 (in thousands): | In loss position for less | ||||||||||||||||
than twelve months | |||||||||||||||||
Fair | Unrealized | ||||||||||||||||
Value | Loss | ||||||||||||||||
Government securities | $ | 11,722 | $ | 3 | |||||||||||||
Corporate debt securities | 18,136 | 14 | |||||||||||||||
Total marketable securities | $ | 29,858 | $ | 17 | |||||||||||||
The Company classifies financial instruments in Level 3 of the fair value hierarchy when there is reliance on at least one significant unobservable input to the valuation model. In addition to these unobservable inputs, the valuation models for Level 3 financial instruments typically also rely on a number of inputs that are readily observable either directly or indirectly. The only Level 3 financial instruments are warrants. The Company determined the fair value of the liability associated with its warrants to purchase 3.8 million shares of outstanding common stock using a Black-Scholes Model. See detailed discussion in Note 8—Stockholders’ Equity (Deficit). | |||||||||||||||||
Property_and_Equipment
Property and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property Plant And Equipment [Abstract] | |||||||||
Property and Equipment | NOTE 5—PROPERTY AND EQUIPMENT | ||||||||
Property and equipment comprise the following (in thousands): | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Computer and office equipment | $ | 479 | $ | 483 | |||||
Laboratory equipment | 1,838 | 1,703 | |||||||
Leasehold improvements | 548 | 523 | |||||||
2,865 | 2,709 | ||||||||
Less: Accumulated depreciation and amortization | (2,308 | ) | (2,023 | ) | |||||
Total property and equipment, net | $ | 557 | $ | 686 | |||||
Depreciation and amortization expense was $0.4 million, $0.3 million and $0.2 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||
Balance_Sheet_Components
Balance Sheet Components | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Payables And Accruals [Abstract] | |||||||||
Balance Sheet Components | NOTE 6—BALANCE SHEET COMPONENTS | ||||||||
Accrued liabilities comprise the following (in thousands): | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Payroll and employee related expenses | $ | 2,808 | $ | 2,682 | |||||
Professional services | 331 | 150 | |||||||
Other accrued expenses | 41 | 329 | |||||||
Total accrued liabilities | $ | 3,180 | $ | 3,161 | |||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments And Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies | NOTE 7—COMMITMENTS AND CONTINGENCIES | ||||
The Company leases certain of its facilities under noncancelable leases, which qualify for operating lease accounting treatment under ASC 840, “Leases,” and, as such, these facilities are not included on its consolidated balance sheets. | |||||
The Company had a noncancelable facility sublease agreement for 28,650 square feet of laboratory space and office space located in South San Francisco, California, which serves as the Company’s corporate headquarters. The lease began on October 1, 2011 and will expire on April 30, 2017. The aggregate rent for the term of the lease is approximately $3.4 million. In addition, the lease requires the Company to pay certain taxes, assessments, fees and other costs associated with the premises, in amounts yet to be determined. The Company will also be responsible for the costs of certain tenant improvements associated with the leased space. In connection with the execution of the lease the Company paid a security deposit of approximately $60,000. In November 2013, the Company entered into a noncancelable facility lease agreement for 7,934 square feet of additional office space located in South San Francisco, California. The lease began on December 1, 2013 and will expire on December 31, 2016. The aggregate rent for the term of the lease is approximately $0.7 million. | |||||
As of December 31, 2014, the future rental payments required by the Company for these facilities under noncancelable operating leases are as follows (in thousands): | |||||
Years Ending December 31, | |||||
2015 | $ | 918 | |||
2016 | 953 | ||||
2017 | 238 | ||||
Thereafter | — | ||||
Total | $ | 2,109 | |||
Rent expense for the years ended December 31, 2014, 2013 and 2012 was $0.8 million, $0.6 million and $0.7 million, respectively. | |||||
The Company’s purchase commitments at December 31, 2014 were $3.1 million, which are primarily for the manufacture and testing of active pharmaceutical ingredient (API) or drug product for clinical testing. | |||||
Indemnification | |||||
The Company enters into indemnification provisions under its agreements with other companies in the ordinary course of business, including business partners, contractors and parties performing its clinical trials. Pursuant to these arrangements, the Company indemnifies, holds harmless, and agrees to reimburse the indemnified parties for losses suffered or incurred by the indemnified party as a result of the Company’s activities. The duration of these indemnification agreements is generally perpetual. The maximum potential amount of future payments the Company could be required to make under these agreements is not determinable. The Company has never incurred costs to defend lawsuits or settle claims related to these indemnification agreements. As a result, the Company believes the estimated fair value of these agreements is minimal. The Company maintains commercial general liability insurance and products liability insurance to offset certain of its potential liabilities under these indemnification provisions. Accordingly, the Company has not recognized any liabilities relating to these agreements as of December 31, 2014. | |||||
The Company’s bylaws provide that it is required to indemnify its directors and officers against liabilities that may arise by reason of their status or service as directors or officers, other than liabilities arising from willful misconduct of a culpable nature, to the fullest extent permissible by applicable law; and to advance their expenses incurred as a result of any proceeding against them as to which they could be indemnified. |
Stockholders_Equity_Deficit
Stockholders' Equity (Deficit) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Stockholders' Equity (Deficit) | NOTE 8—STOCKHOLDERS’ EQUITY (DEFICIT) | ||||||||||||||||
Common Stock | |||||||||||||||||
On October 29, 2010, the Company entered into an at market issuance sales agreement, as amended, or the prior sales agreement, with MLV & Co., LLC, formerly McNicoll, Lewis & Vlak LLC (“MLV”), pursuant to which the Company was able to issue and sell shares of its common stock having an aggregate offering price of up to $17.6 million from time to time through MLV as sales agent. The Company paid MLV an aggregate commission rate of 3.0% of the gross proceeds of the sales price per share of the common stock sold under the prior sales agreement.During the year ended December 31, 2012, the Company sold 2,022,144 shares of its common stock at an average price of $6.29 pursuant to the prior sales agreement. Net proceeds from the sale of common stock in 2012 were $12.3 million. In 2014 and 2013, there were no shares sold pursuant to the prior sales agreement. In April 2014, the prior sales agreement was terminated. | |||||||||||||||||
On August 1, 2014, the Company entered into a new at market issuance sales agreement, or the current sales agreement, with MLV, which provides that, upon the terms and subject to the conditions and limitations set forth in the current sales agreement, the Company may elect to issue and sell shares of its common stock having an aggregate offering price of up to $30.0 million from time to time through MLV as the Company’s sales agent. Sales of the Company’s common stock through MLV, if any, will be made on The NASDAQ Capital Market by means of ordinary brokers’ transactions at market prices, in block transactions or as otherwise agreed by the Company and MLV. Subject to the terms and conditions of the current sales agreement, MLV will use commercially reasonable efforts to sell the Company’s common stock from time to time, based upon the Company’s instructions (including any price, time or size limits or other customary parameters or conditions the Company may impose). The Company is not obligated to make any sales of common stock under the current sales agreement. The Company will pay MLV an aggregate commission rate of up to 3.0% of the gross proceeds of the sales price per share of any common stock sold under the current sales agreement. The number of shares the Company is able to sell under this arrangement will be limited in practice based on the trading volume of the Company’s common stock. The Company has not yet sold any common stock pursuant to the current sales agreement. Under certain circumstances, sales of the stock under the current sales agreement could result in a downward adjustment to the exercise price of the warrants to purchase common stock that the Company issued in February 2015 (see Note 13—Subsequent Events). | |||||||||||||||||
On March 16, 2011, the Company sold to certain investors an aggregate of 14,313,081 shares of its common stock for a purchase price equal to $2.05 per share and, for a purchase price of $0.05 per share, warrants exercisable for a total of 5,725,227 shares of its common stock for aggregate gross proceeds equal to $30.1 million in connection with the offering. Net proceeds generated from the offering were approximately $27.8 million which includes underwriter discounts and estimated offering costs. The warrants have a five-year term and an exercise price equal to $2.46 per share of common stock. The number of shares issuable upon exercise of the warrants and the exercise price are subject to adjustment for subdivisions and stock splits, stock dividends, combinations, reorganizations, reclassifications, consolidations, mergers or sales of properties and assets and upon the issuance of certain assets or securities to holders of the Company’s common stock, as applicable. | |||||||||||||||||
On October 5, 2009, the Company sold to certain investors an aggregate of 18,324,599 shares of its common stock for a purchase price equal to $1.86 per share and, for a purchase price of $0.05 per share, warrants exercisable for a total of 7,329,819 shares of its common stock for aggregate gross proceeds equal to $35.0 million in connection with the offering. Net proceeds generated from the offering were $33.1 million. The warrants had a five-year term and an exercise price equal to $2.23 per share of common stock. The exercise price of the warrants was subject to adjustment in certain circumstances, including certain issuances of securities at a price equal to less than the then current exercise price. In addition, the number of shares issuable upon exercise of the warrants and the exercise price was subject to adjustment for subdivisions and stock splits, stock dividends, combinations, reorganizations, reclassifications, consolidations, mergers or sales of properties and assets and upon the issuance of certain assets or securities to holders of the Company’s common stock, as applicable. As a result of the offering on March 16, 2011, the exercise price of the warrants exercisable for a total of 7,329,819 shares of common stock sold to investors in October 2009 that had an original exercise price of $2.23 per share, was subsequently reduced to $2.05 per share pursuant to the terms of such warrants. As of October 5, 2014, all such warrants had been fully exercised. | |||||||||||||||||
Common Stock Warrants | |||||||||||||||||
The Company accounts for its common stock warrants under guidance now codified in ASC 815 that clarifies the determination of whether an instrument (or an embedded feature) is indexed to an entity’s own stock, which would qualify for classification as liabilities. The guidance required the Company’s outstanding warrants to be classified as liabilities and to be fair valued at each reporting period, with the changes in fair value recognized as other income (expense) in the Company’s consolidated statements of operations. | |||||||||||||||||
In 2014, warrants to purchase 2,106,792 shares of common stock were cashless exercised for 1,108,582 shares of common stock. In addition, warrants to purchase 2,328,766 shares of common stock were exercised on a cash basis for net proceeds of approximately $4.8 million. In 2013, warrants to purchase 2,367,636 shares of common stock were cashless exercised for 1,555,043 shares of common stock. In addition, warrants to purchase 933,475 shares of common stock were exercised on a cash basis for net proceeds of approximately $1.9 million. In 2012, warrants to purchase 999,895 shares of common stock were cashless exercised for 666,793 shares of common stock. In addition, warrants to purchase 4,060,538 shares of common stock were exercised on a cash basis for net proceeds of approximately $8.8 million. As of the date of exercise of the warrants, the Company transferred the fair value of the warrants of approximately $10.1 million and $11.5 million and $27.9 million from warrant liability into stockholders’ equity (deficit) in 2014, 2013 and 2012, respectively. | |||||||||||||||||
At December 31, 2013, all warrants related to an offering in August 2008 had been exercised. During the years ended December 31, 2013 and 2012, a change in fair value of $2.4 million non-cash expense and $9.9 million non-cash income related to the August 2008 warrants was recorded as other income (expense) in the Company’s consolidated statements of operations, respectively. | |||||||||||||||||
At December 31, 2014 and 2013, the Company had warrants outstanding to purchase 0 and 4,287,940 shares of common stock, respectively, from the October 2009 offering. All of the warrants related to the October 2009 offering were exercised prior to their expiration date of October 5, 2014. The fair value of these warrants on December 31, 2013 was determined using a Black Scholes valuation model with the following Level 3 inputs: | |||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Risk-free interest rate | — | 0.13 | % | ||||||||||||||
Expected life (in years) | — | 0.76 | |||||||||||||||
Dividend yield | — | — | |||||||||||||||
Volatility | — | 49 | % | ||||||||||||||
Stock price | — | $ | 4.67 | ||||||||||||||
During the years ended December 31, 2014, 2013 and 2012, a change in fair value of $1.3 million of non-cash income, $0.6 million of non-cash income and $24.2 million of non-cash expense related to the October 2009 warrants was recorded as other income (expense) in the Company’s consolidated statements of operations, respectively. | |||||||||||||||||
At December 31, 2014 and 2013 the Company had warrants outstanding to purchase 3,846,165 and 3,993,783 shares of common stock, respectively, from the March 2011 offering. The fair value of these warrants on December 31, 2014 and 2013 was determined using a Black Scholes valuation model with the following Level 3 inputs: | |||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Risk-free interest rate | 0.67 | % | 0.78 | % | |||||||||||||
Expected life (in years) | 1.21 | 2.21 | |||||||||||||||
Dividend yield | — | — | |||||||||||||||
Volatility | 49 | % | 88 | % | |||||||||||||
Stock price | $ | 3.18 | $ | 4.67 | |||||||||||||
During the years ended December 31, 2014, 2013 and 2012, a change in the fair value of $8.0 million of non-cash income, $0.5 million of non-cash expense and $17.1 million of non-cash income related to the March 2011 warrants was recorded as other income (expense) in the Company’s consolidated statements of operations, respectively. | |||||||||||||||||
The following table sets forth the Company’s financial liabilities, related to warrants issued in the October 2009 and March 2011 offerings, subject to fair value measurements as of December 31, 2014 and 2013: | |||||||||||||||||
Fair Value as of | |||||||||||||||||
December 31, | Basis of Fair Value Measurements | ||||||||||||||||
(in thousands) | 2014 | Level 1 | Level 2 | Level 3 | |||||||||||||
March 2011 warrants | $ | 3,961 | $ | — | $ | — | $ | 3,961 | |||||||||
Fair Value as of | |||||||||||||||||
December 31, | Basis of Fair Value Measurements | ||||||||||||||||
(in thousands) | 2013 | Level 1 | Level 2 | Level 3 | |||||||||||||
October 2009 warrants | $ | 11,320 | $ | — | $ | — | $ | 11,320 | |||||||||
March 2011 warrants | 12,101 | — | — | 12,101 | |||||||||||||
Total common stock warrants | $ | 23,421 | $ | — | $ | — | $ | 23,421 | |||||||||
The following table is a reconciliation of the warrant liability measured at fair value using level 3 inputs (in thousands): | |||||||||||||||||
Warrant Liability | |||||||||||||||||
Balance at December 31, 2011 | $ | 9,209 | |||||||||||||||
Exercise of common stock warrants during 2012 | (27,867 | ) | |||||||||||||||
Change in fair value of common stock warrants during 2012 | 51,216 | ||||||||||||||||
Balance at December 31, 2012 | $ | 32,558 | |||||||||||||||
Exercise of common stock warrants during 2013 | (11,462 | ) | |||||||||||||||
Change in fair value of common stock warrants during 2013 | 2,325 | ||||||||||||||||
Balance at December 31, 2013 | $ | 23,421 | |||||||||||||||
Exercise of common stock warrants during 2014 | (10,116 | ) | |||||||||||||||
Change in fair value of common stock warrants during 2014 | (9,344 | ) | |||||||||||||||
Balance at December 31, 2014 | $ | 3,961 | |||||||||||||||
Equity_Incentive_Plans_and_Sto
Equity Incentive Plans and Stock Based Compensation | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||||||||||||||||
Equity Incentive Plans and Stock Based Compensation | NOTE 9—EQUITY INCENTIVE PLANS AND STOCK BASED COMPENSATION | ||||||||||||||||||||
2004 Equity Incentive Plan | |||||||||||||||||||||
The 2004 Equity Incentive Plan (“2004 Plan”) provided for the grant of incentive stock options, nonstatutory stock options, stock appreciation rights, stock awards and cash awards to employees and consultants. Stock options were granted under the 2004 Plan with an exercise price not less than 100% of the fair market value of the common stock on the date of grant. Stock options under the 2004 Plan were granted with terms of up to ten years and generally vested over a period of four years. The share reserve under the 2004 Plan was subject to automatic annual increases and on January 1, 2014 an additional 1,250,000 shares of common stock were added to the share reserve under the 2004 Plan. The 2004 Plan expired pursuant to its terms on April 7, 2014. No additional awards have been or will be made after April 7, 2014 under the 2004 Plan. | |||||||||||||||||||||
2014 Equity Incentive Plan | |||||||||||||||||||||
In May 2014, the Company adopted the 2014 Equity Incentive Plan (“2014 Plan”). The terms of the 2014 Plan provide for the grant of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, other stock awards, and performance awards that may be settled in cash, stock, or other property. Stock options may be granted under the 2014 Plan with an exercise price not less than 100% of the fair market value of the common stock on the date of grant. Stock options under the 2014 Plan may be granted with terms of up to ten years and generally vest over a period of four years, with the exception of grants to non-employee directors and consultants where the vesting period is or may be shorter. The total number of shares of the Company’s common stock initially reserved for issuance under the 2014 Plan was equal to the sum of (i) 6,000,000 newly reserved shares plus (ii) up to 6,626,157 additional shares (the “Prior Plan Shares”) that may be added to the 2014 Plan in connection with the forfeiture or expiration of awards outstanding under the 2004 Plan as of May 15, 2014 (the “Returning Shares”). The Prior Plan Shares will be added to the share reserve under the 2014 Plan only as and when such shares become Returning Shares. | |||||||||||||||||||||
Activity under the 2004 and 2014 Plans is set forth below: | |||||||||||||||||||||
Weighted | |||||||||||||||||||||
Shares | Outstanding Options | Average | |||||||||||||||||||
Available | Number of | Exercise | Exercise | ||||||||||||||||||
for Grant | Shares | Price | Price | ||||||||||||||||||
Balances, December 31, 2011 | 1,077,784 | 3,672,179 | $ | 0.42–3.18 | $ | 1.45 | |||||||||||||||
Additional shares reserved | 1,250,000 | — | |||||||||||||||||||
Options granted | (1,844,000 | ) | 1,844,000 | 1.38–7.75 | 6.24 | ||||||||||||||||
Options exercised | — | (402,580 | ) | 0.79–3.08 | 1.39 | ||||||||||||||||
Options canceled | 14,627 | (14,627 | ) | 0.79–6.18 | 4.25 | ||||||||||||||||
Balances, December 31, 2012 | 498,411 | 5,098,972 | $ | 0.42–7.75 | $ | 3.18 | |||||||||||||||
Additional shares reserved | 1,250,000 | — | |||||||||||||||||||
Options granted | (1,663,500 | ) | 1,663,500 | 4.45–5.58 | 5.1 | ||||||||||||||||
Options exercised | — | (145,641 | ) | 0.79–3.46 | 1.56 | ||||||||||||||||
Options canceled | 90,325 | (90,325 | ) | 1.44–7.75 | 6.49 | ||||||||||||||||
Balances, December 31, 2013 | 175,236 | 6,526,506 | $ | 0.42–7.75 | $ | 3.66 | |||||||||||||||
Additional shares reserved | 7,250,000 | — | |||||||||||||||||||
Shares expired | (1,286,025 | ) | — | ||||||||||||||||||
Options granted | (1,895,250 | ) | 1,895,250 | 2.91–4.99 | 3.78 | ||||||||||||||||
Options exercised | — | (73,282 | ) | 0.64–4.90 | 1.43 | ||||||||||||||||
Options canceled | 179,532 | (179,532 | ) | 1.64–6.18 | 4.63 | ||||||||||||||||
Balances, December 31, 2014 | 4,423,493 | 8,168,942 | $ | 0.42–7.75 | $ | 3.69 | |||||||||||||||
At December 31, 2014, stock options outstanding and exercisable by exercise price were as follows: | |||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||
Range of | Number | Weighted | Weighted | Number | Weighted | ||||||||||||||||
Exercise | Outstanding | Average | Average | Exercisable | Average | ||||||||||||||||
Prices | Remaining | Exercise | Exercise | ||||||||||||||||||
Contractual | Price | Price | |||||||||||||||||||
Life (Years) | |||||||||||||||||||||
$0.42-$1.38 | 544,315 | 3.25 | $ | 1.11 | 533,481 | $ | 1.11 | ||||||||||||||
$1.44-$1.44 | 1,351,681 | 5.38 | $ | 1.44 | 1,351,681 | $ | 1.44 | ||||||||||||||
$1.49-$3.46 | 1,509,094 | 6.57 | $ | 1.98 | 1,234,515 | $ | 1.88 | ||||||||||||||
$3.62-$3.62 | 1,449,916 | 9.36 | $ | 3.62 | 265,344 | $ | 3.62 | ||||||||||||||
$4.14-$5.09 | 1,752,625 | 8.39 | $ | 4.97 | 690,927 | $ | 5.04 | ||||||||||||||
$5.25-$7.75 | 1,561,311 | 7.38 | $ | 6.8 | 1,095,923 | $ | 6.75 | ||||||||||||||
$0.42-$7.75 | 8,168,942 | 7.19 | $ | 3.69 | 5,171,871 | $ | 3.23 | ||||||||||||||
The aggregate intrinsic value of options outstanding and options exercisable as of December 31, 2014 were $5.4 million and $5.1 million, respectively. As of December 31, 2014, the ending options vested and expected to vest was 8.1 million and the aggregate intrinsic value of these options was $5.4 million. The weighted average remaining contractual life and weighted average exercise price of these options were 7.18 years and $3.68, respectively. The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted price of the Company’s common stock for options that were in-the-money at December 31, 2014. | |||||||||||||||||||||
The total intrinsic value of stock options exercised during the years ended December 31, 2014, 2013 and 2012 were $0.2 million, $0.5 million and $1.7 million, respectively, determined at the date of the option exercise. Cash received from stock option exercises were $0.1 million, $0.1 million and $0.6 million for the years ended December 31, 2014, 2013 and 2012, respectively. The Company issues new shares of common stock upon exercise of options. In connection with these exercises, there was no tax benefit realized by the Company due to its current loss position. | |||||||||||||||||||||
2004 Employee Stock Purchase Plan | |||||||||||||||||||||
On January 1, 2014 and 2013 an additional 100,000 shares was authorized for issuance under the 2004 Employee Stock Purchase Plan (“2004 Purchase Plan”) pursuant to the annual automatic increase to the authorized shares under the 2004 Purchase Plan. The 2004 Purchase Plan contains consecutive, overlapping 24 month offering periods. Each offering period includes four six-month purchase periods. The price of the common stock purchased will be the lower of 85% of the fair market value of the common stock at the beginning of an offering period or at the end of the purchase period. For the year ended December 31, 2014, employees had purchased 154,992 shares of common stock under the 2004 Purchase Plan at an average price of $3.74. For the year ended December 31, 2013, employees had purchased 167,245 shares of common stock under the 2004 Purchase Plan at an average price of $1.69. At December 31, 2014, 180,904 shares were authorized and available for issuance under the 2004 Purchase Plan. | |||||||||||||||||||||
Stock-based Compensation | |||||||||||||||||||||
The Company recognizes stock-based compensation in accordance with ASC 718, “Compensation—Stock Compensation.” Under this guidance, stock-based compensation cost is based on the recognition of the grant date fair value estimated in accordance with the provisions of ASC 815 over the service period, which is generally the vesting period. In addition, ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Stock-based compensation expense, which consists of the compensation cost for employee stock options and ESPP, and the value of options issued to non-employees for services rendered, was allocated to research and development and general and administrative in the consolidated statements of operations as follows (in thousands): | |||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Stock-based compensation expense: | |||||||||||||||||||||
Research and development | $ | 3,123 | $ | 2,562 | $ | 1,521 | |||||||||||||||
General and administrative | 2,365 | 2,360 | 1,489 | ||||||||||||||||||
$ | 5,488 | $ | 4,922 | $ | 3,010 | ||||||||||||||||
Employee Stock-based Compensation Expense | |||||||||||||||||||||
Valuation Assumptions | |||||||||||||||||||||
The Company estimated the fair value of stock options granted using the Black-Scholes option-pricing formula and a single option award approach. This fair value is being amortized ratably over the requisite service periods of the awards, which is generally the vesting period. The fair value of employee stock options and employee purchase rights under the Company’s ESPP was estimated using the following weighted-average assumptions for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Employee Stock Options | |||||||||||||||||||||
Risk-free interest rate | 1.83 | % | 1.14 | % | 1.12 | % | |||||||||||||||
Expected life (in years) | 5.98 | 5.97 | 5.99 | ||||||||||||||||||
Dividend yield | — | — | — | ||||||||||||||||||
Volatility | 94 | % | 101 | % | 105 | % | |||||||||||||||
Weighted-average fair value of stock options granted | $ | 2.89 | $ | 4.04 | $ | 5.09 | |||||||||||||||
Employee Stock Purchase Plan | |||||||||||||||||||||
Risk-free interest rate | 0.2 | % | 0.19 | % | 0.21 | % | |||||||||||||||
Expected life (in years) | 1.24 | 1.25 | 1.25 | ||||||||||||||||||
Dividend yield | — | — | — | ||||||||||||||||||
Volatility | 49 | % | 77 | % | 111 | % | |||||||||||||||
Weighted-average fair value of ESPP purchase rights | $ | 1.6 | $ | 2.27 | $ | 3.46 | |||||||||||||||
To determine the expected term of the Company’s employee stock options granted, the Company utilized the simplified approach as defined by SEC Staff Accounting Bulletin No. 107, “Share-Based Payment”. To determine the risk-free interest rate, the Company utilized an average interest rate based on U.S. Treasury instruments with a term consistent with the expected term of the Company’s stock based awards. To determine the expected stock price volatility for the Company’s stock based awards, the Company considers its historical volatility and its industry peers. The fair value of all the Company’s stock based awards assumes no dividends as the Company does not anticipate paying cash dividends on its common stock. | |||||||||||||||||||||
The Company recognized $5.4 million, $4.8 million and $2.8 million of stock-based compensation expense related to stock options granted and purchase rights granted under the Company’s equity compensation plans, for the years ended December 31, 2014, 2013 and 2012, respectively. As of December 31, 2014, the total unrecognized compensation cost related to unvested stock-based awards granted to employees under the Company’s equity compensation plans was approximately $10.1 million before estimated forfeitures. This cost will be recorded as compensation expense ratably over the remaining weighted average requisite service period of approximately 2.39 years. | |||||||||||||||||||||
Non-employee Stock-based Compensation Expense | |||||||||||||||||||||
Stock-based compensation expense related to stock options granted to non-employees is recognized ratably, as the stock options are earned. The Company issued options to non-employees, which generally vest ratably over the time period the Company expects to receive services from the non-employee. The values attributable to these options are amortized over the service period and the unvested portion of these options was remeasured at each vesting date. The Company believes that the fair value of the stock options is more reliably measurable than the fair value of the services received. The fair value of the stock options granted were revalued at each reporting date using the Black-Scholes valuation model as prescribed by ASC 505-50 Equity-Based Payments to Non-Employees using the following assumptions: | |||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Risk-free interest rate | 2.52 | % | 2.51 | % | 1.93 | % | |||||||||||||||
Expected life (in years) | 10 | 10 | 10 | ||||||||||||||||||
Dividend yield | — | — | — | ||||||||||||||||||
Expected volatility | 97 | % | 100 | % | 101 | % | |||||||||||||||
The stock-based compensation expense will fluctuate as the fair market value of the common stock fluctuates. In connection with the grant of stock options to non-employees, the Company recorded stock-based compensation of approximately $0.1 million, $0.1 million and $0.2 million for the years ended December 31, 2014, 2013 and 2012, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | NOTE 10—INCOME TAXES | ||||||||||||
For the year ended December 31, 2014, the Company recorded an income tax benefit of $0.2 million, which was related to state minimum taxes recorded in the prior year. For the year ended December 31, 2013, the Company recorded an income tax provision of $0.2 million, which was related to state minimum taxes. For the years ended December 31, 2012, the Company did not record an income tax provision due to net operating losses and the inability to record an income tax benefit. | |||||||||||||
A reconciliation of income taxes at the statutory federal income tax rate to net income taxes included in the accompanying statements of operations is as follows (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
U.S. federal taxes (benefit) at statutory rate | $ | (7,407 | ) | $ | (9,592 | ) | $ | (24,186 | ) | ||||
State federal income tax benefit | (571 | ) | (1,794 | ) | (1,160 | ) | |||||||
Unutilized (utilized) net operating losses | 9,809 | 9,747 | 7,455 | ||||||||||
Stock-based compensation | 730 | 486 | 288 | ||||||||||
Research and development credits | (952 | ) | (1,416 | ) | — | ||||||||
Tax assets not benefited | 1,322 | 1,926 | 143 | ||||||||||
Nondeductible warrant expense | (3,177 | ) | 790 | 17,414 | |||||||||
Other | 44 | 55 | 46 | ||||||||||
Total | $ | (202 | ) | $ | 202 | $ | — | ||||||
The tax effects of temporary differences that give rise to significant components of the net deferred tax assets are as follows (in thousands): | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Capitalized start-up costs | $ | 128 | $ | 179 | |||||||||
Net operating loss carryforwards | 33,049 | 31,988 | |||||||||||
Research and development credits | 6,616 | 5,427 | |||||||||||
Deferred stock compensation | 3,933 | 3,327 | |||||||||||
Deferred revenue | 26,151 | 21,151 | |||||||||||
Other (accruals, reserves, depreciation) | 1,019 | 1,069 | |||||||||||
Total deferred tax assets | 70,896 | 63,141 | |||||||||||
Less: Valuation allowance | (70,896 | ) | (63,141 | ) | |||||||||
Net deferred tax assets | $ | — | $ | — | |||||||||
At December 31, 2014, the Company had federal and state net operating loss carryforwards of approximately $82 million and $87 million, respectively, available to offset future taxable income. The Company’s federal and state net operating loss carryforwards will begin to expire in 2021 and 2015, respectively, if not used before such time to offset future taxable income or tax liabilities. For federal and state income tax purposes, a portion of the Company’s net operating loss carryforward is subject to certain limitations on annual utilization in case of changes in ownership, as defined by federal and state tax laws. The annual limitation may result in the expiration of the net operating loss before utilization. | |||||||||||||
The net operating loss deferred tax asset balance as of December 31, 2014 includes $0.4 million of excess tax benefits from stock option exercises. Stockholders’ equity (deficit) will be credited if and when such excess tax benefits are ultimately realized. | |||||||||||||
At December 31, 2014, the Company had federal research and development tax credits of approximately $4.1 million, which expire in the year beginning 2022, and state research and development tax credits of approximately $4.9 million, which have no expiration date. | |||||||||||||
The Company has established a valuation allowance against its deferred tax assets due to the uncertainty surrounding the realization of such assets. The valuation allowance increased by $7.8 million, $11.6 million and by $7.8 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||
The Company adopted ASC Topic 740-10-50 “Accounting for Uncertainty of Income Taxes” (“ASC Topic 740-10-50”), on January 1, 2007. The Company does not believe that its unrecognized tax benefits will change over the next twelve months. | |||||||||||||
The following table summarizes the activity related to the Company’s gross unrecognized tax benefits: | |||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||
Gross unrecognized tax benefits at January 1, | $ | 1,100 | $ | 1,100 | |||||||||
Gross increases (decreases) related to prior year tax positions | — | — | |||||||||||
Gross increases (decreases) related to current year tax | — | — | |||||||||||
positions | |||||||||||||
Settlements | — | — | |||||||||||
Expiration of the statute of limitations for the assessment of | — | — | |||||||||||
taxes | |||||||||||||
Gross unrecognized tax benefits at December 31, | $ | 1,100 | $ | 1,100 | |||||||||
The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. As of December 31, 2014 and 2013, the Company had no accrued interest or penalties due to the Company’s net operating losses available to offset any tax adjustment. The Company currently has no federal or state tax examinations in progress nor has it had any federal or state tax examinations since its inception. As a result of the Company’s net operating loss carryforwards, all of its tax years are subject to federal and state tax examination. |
Employee_Benefit_Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2014 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plan | NOTE 11—EMPLOYEE BENEFIT PLAN |
In November 2002, the Company implemented a 401(k) plan to provide a retirement savings program for the employees of the Company. The 401(k) plan is maintained for the exclusive purpose of benefiting the 401(k) plan participants. The 401(k) plan is intended to operate in accordance with all applicable state and federal laws and regulations and, to the extent applicable, the provisions of Department of Labor regulations issued pursuant to ERISA Section 404(c). As of December 31, 2014, the Company has not made any contributions to the 401(k) plan. |
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Financial Data (Unaudited) | NOTE 12—QUARTERLY FINANCIAL DATA (UNAUDITED) | ||||||||||||||||
The following table presents certain unaudited quarterly financial information for the eight quarters ended December 31, 2014. This information has been prepared on the same basis as the audited consolidated financial statements and includes all adjustments necessary to state fairly the unaudited quarterly results of operations. Net loss per common share, basic and diluted for the four quarters of each fiscal year, may not sum to the total for the fiscal year because of the different weighted average number of shares outstanding in each of the periods. | |||||||||||||||||
2014 | First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
Revenue | $ | 3,681 | $ | 3,680 | $ | 3,680 | $ | 3,681 | |||||||||
Net income (loss) | $ | (7,109 | ) | $ | (766 | ) | $ | (7,745 | ) | $ | (5,964 | ) | |||||
Net income (loss) per common share | |||||||||||||||||
Basic | $ | (0.12 | ) | $ | (0.01 | ) | $ | (0.13 | ) | $ | (0.09 | ) | |||||
Diluted | $ | (0.14 | ) | $ | (0.12 | ) | $ | (0.15 | ) | $ | (0.12 | ) | |||||
2013 | First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
Revenue | $ | 2,922 | $ | 3,180 | $ | 3,181 | $ | 3,212 | |||||||||
Net income (loss) | $ | (9,214 | ) | $ | (12,788 | ) | $ | 1,176 | $ | (7,589 | ) | ||||||
Net income (loss) per common share | |||||||||||||||||
Basic | $ | (0.16 | ) | $ | (0.22 | ) | $ | 0.02 | $ | (0.13 | ) | ||||||
Diluted | $ | (0.16 | ) | $ | (0.22 | ) | $ | (0.08 | ) | $ | (0.13 | ) | |||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Event | NOTE 13—SUBSEQUENT EVENTS |
Common Stock | |
On February 18, 2015, the Company completed an underwritten public offering of 8.3 million shares of its common stock and accompanying warrants to purchase up to 8.3 million shares of common stock. Net proceeds from the sale of common stock and accompanying warrants, excluding the proceeds, if any, from the exercise of the warrants issued in the offering, are expected to be approximately $28.2 million after deducting the underwriting discount and estimated offering expenses payable by the Company. | |
The warrants issued in the February 2015 offering carry an initial exercise price of $10.86 per share and are exercisable at any time and from time to time commencing with the date six months following the issuance date and continuing through the date that is five years from the issuance date. On the 30th trading day following the earlier of (i) the date two years from the issuance date or (ii) the later to occur of (a) the date on which top-line efficacy data from the Company’s Phase 3 clinical trial of evofosfamide plus doxorubicin versus doxorubicin alone in patients with locally advanced unresectable or metastatic soft tissue sarcoma is publicly announced by the Company or (b) the date on which top-line efficacy data from the Phase 3 MAESTRO clinical trial of evofosfamide in combination with gemcitabine in patients with previously untreated, locally advanced unresectable or metastatic pancreatic adenocarcinoma is publicly announced by the Company, the warrant exercise price will be adjusted to equal the average of the volume-weighted average price of the Company’s common stock for each of the 20 trading days immediately preceding the applicable date, provided that in no event will the exercise price be adjusted above $10.86 or below $3.62. After the date of foregoing adjustment to the warrant exercise price (such date, the “Adjustment Date”), the exercise price of the warrants will then be subject to price-based anti-dilution protection such that to the extent the Company’s issues and sells any shares of common stock, or any securities convertible or exchangeable for shares of common stock (in each case subject to certain exceptions), at a price per share below the warrant exercise price then in effect, the warrant exercise price will be adjusted downward to the equal the price at which such securities are issued and sold by the Company (but in no event will the warrant exercise price be reduced below $3.62 per share). | |
The exercise price of the warrants are also be subject to adjustment in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting the Company’s common stock. The warrants must be exercised for cash, except that if the Company fails to maintain an effective registration statement covering the exercise of the warrants, the warrants may be exercised on a net, or cashless basis. In addition, subject to the satisfaction of certain conditions set forth in the warrants, at the Company’s option, the Company has the right to force the holders of the warrants to exercise their warrants in full if the volume-weighted average price of the Company’s common stock for any 20 consecutive trading-day period beginning after the 90th day following the Adjustment Date exceeds $18.00 per share. | |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Description of Operations and Basis of Presentation | Description of Operations and Basis of Presentation | |
Threshold Pharmaceuticals, Inc. (the “Company” or “Threshold”) was incorporated in the State of Delaware on October 17, 2001. The Company is a biotechnology company using its expertise in the tumor microenvironment to discover and develop therapeutic agents that selectively target tumor cells for the treatment of patients living with cancer. In June 2005, the Company formed a wholly-owned subsidiary, THLD Enterprises (UK), Limited in the United Kingdom in connection with conducting clinical trials in Europe. As of December 31, 2014, there has been no financial activity related to this entity. | ||
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and include the accounts of the Company and its wholly owned subsidiary, and reflect the elimination of intercompany accounts and transactions. | ||
Revenue Recognition | Revenue Recognition | |
The Company recognizes revenue in accordance with ASC 605 “Revenue Recognition”, subtopic ASC 605-25 “Revenue with Multiple Element Arrangements” and subtopic ASC 605-28 “Revenue Recognition-Milestone Method”, which provides accounting guidance for revenue recognition for arrangements with multiple deliverables and guidance on defining the milestone and determining when the use of the milestone method of revenue recognition for research and development transactions is appropriate, respectively. | ||
The Company’s revenues are related to its collaboration arrangement with Merck KGaA, which was entered in February 2012. The collaboration with Merck KGaA provides for various types of payments to the Company, including non-refundable upfront license, milestone and royalty payments. The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price is fixed or determinable, and collectability is reasonably assured. The Company will also receive reimbursement for Merck KGaA’s 70% share for eligible worldwide development expenses for evofosfamide (formerly TH-302). Such reimbursement is reflected as a reduction of operating expenses. | ||
For multiple-element arrangements, each deliverable within a multiple deliverable revenue arrangement is accounted for as a separate unit of accounting if both of the following criteria are met: (1) the delivered item or items have value to the customer on a standalone basis and (2) for an arrangement that includes a general right of return relative to the delivered item(s), delivery or performance of the undelivered item(s) is considered probable and substantially in the Company’s control. The deliverables under the Merck KGaA agreement have been determined to be a single unit of accounting and as such the revenue relating to this unit of accounting will be recorded as deferred revenue and recognized ratably over the term of its estimated performance period under the agreement, which is the product development period. The Company determines the estimated performance period and it will be periodically reviewed based on the progress of the related product development plan. The effect of a change made to an estimated performance period and therefore revenue recognized ratably would occur on a prospective basis in the period that the change was made. | ||
Deferred revenue associated with a non-refundable payment received under a collaborative agreement for which the performance obligations are terminated will result in an immediate recognition of any remaining deferred revenue in the period that termination occurred provided that all performance obligations have been satisfied. | ||
The Company recognizes revenue from milestone payments when: (i) the milestone event is substantive and its achievability has substantive uncertainty at the inception of the agreement, and (ii) the Company does not have ongoing performance obligations related to the achievement of the milestone earned. Milestone payments are considered substantive if all of the following conditions are met: the milestone payment (a) is commensurate with either the Company’s performance subsequent to the inception of the arrangement to achieve the milestone or the enhancement of the value of the delivered item or items as a result of a specific outcome resulting from the Company’s performance subsequent to the inception of the arrangement to achieve the milestone, (b) relates solely to past performance, and (c) is reasonable relative to all of the deliverables and payment terms (including other potential milestone consideration) within the arrangement. See Note 3, “Collaboration Arrangements,” for analysis of milestone events deemed to be substantive or non-substantive. | ||
Use of Estimates | Use of Estimates | |
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Significant estimates, assumptions and judgments made by management include those related to the valuation of equity and related instruments, revenue recognition, stock-based compensation and clinical trial accrued liabilities. | ||
Cash and Cash Equivalents | Cash and Cash Equivalents | |
The Company considers all highly liquid investments purchased with original maturities of three months or less on the date of purchase, to be cash equivalents. All cash and cash equivalents are held in the United States of America in financial institutions or money market funds, which are unrestricted as to withdrawal or use. | ||
Marketable Securities | Marketable Securities | |
The Company classifies its marketable securities as “available-for-sale.” Such marketable securities are recorded at fair value and unrealized gains and losses are recorded as a separate component of stockholders’ equity (deficit) until realized. Realized gains and losses on sale of all such securities are reported in net loss, computed using the specific identification cost method. The Company places its marketable securities primarily in U.S. government securities, money market funds, corporate debt securities, commercial paper and certificates of deposit. | ||
The Company’s investments are subject to a periodic impairment review. The Company recognizes an impairment charge when a decline in the fair value of its investments below the cost basis is judged to be other-than-temporary. The Company considers various factors in determining whether to recognize an impairment charge, including the length of time and extent to which the fair value has been less than the Company’s cost basis, the financial condition and near-term prospects of the investee, and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in the market value. | ||
Fair Value of Financial Instruments | Fair Value of Financial Instruments | |
The carrying amounts of certain of the Company’s financial instruments, including cash and cash equivalents, accounts payable and accrued liabilities approximate fair value due to their relatively short maturities. Estimated fair values for marketable securities, which are separately disclosed in Note 4, are based on quoted market prices for the same or similar instruments. The counterparties to the agreements relating to the Company’s investment securities consist of the US Treasury, various major corporations, governmental agencies and financial institutions with high credit standing. | ||
Fair Value of Warrants | Fair Value of Warrants | |
ASC 815 “Derivatives and Hedging” provides guidance that clarifies the determination of whether an instrument (or an embedded feature) is indexed to an entity’s own stock, which would qualify for classification as a liability. The guidance requires common stock warrants with certain terms be classified as a liability and to be fair valued at each reporting period, with the changes in fair value recognized in the Company’s consolidated statements of operations. We fair value the outstanding common stock warrants using a Black Scholes valuation model at the end of each reporting period. The carrying amount of the common stock warrant liability represents its estimated fair value. | ||
Concentration of Credit Risk | Concentration of Credit Risk | |
Financial instruments which potentially subject the Company to concentrations of risk consist principally of cash, cash equivalents and marketable securities. The Company invests in a variety of financial instruments, such as, but not limited to, certificates of deposit, corporate and municipal bonds, United States Treasury and agency securities. The Company is exposed to credit risk in the event of default by the financial institutions for amounts in excess of Federal Deposit Insurance Corporation insured limits. The Company performs periodic evaluations of the relative credit standings of these financial institutions, and by policy, limits the amount of credit exposure with any one financial institution or commercial issuer. | ||
Other Risks and Uncertainties | Other Risks and Uncertainties | |
The Company has no products for commercial sale and has only one product candidate in clinical development and, since inception, has devoted substantially all of its time and efforts to performing research and development, raising capital and recruiting personnel. The Company has incurred significant losses since its inception. The Company continues to incur substantial expenses related to research and development and management believes that it will continue to do so for the foreseeable future. On February 3, 2012, the Company entered into an agreement with Merck KGaA. To date, the Company has received $110 million in upfront and milestone payments from this collaboration. See further details in Note 3, “Collaboration Arrangements”. | ||
The Company expects that it will need to raise additional capital to complete the clinical development of evofosfamide, to develop its recently licensed product candidate, TH-4000 (formerly referred to as PR610 or Hypoxin™), and, to support new in-house development programs or to in-license or otherwise acquire and develop additional products or programs. The Company may seek to raise capital through a variety of sources, including: | ||
· | the public equity market; | |
· | private equity financing; | |
· | collaborative arrangements; | |
· | licensing arrangements; and/or | |
· | public or private debt. | |
The Company’s ability to raise additional funds will depend, in part on the outcome of its clinical trials and other clinical and regulatory events, as well as factors related to financial, economic, and market conditions, collaboration or license agreements with others and factors related to financial, economic and market conditions, many of which are beyond the Company’s control. In addition, the Company’s ability to raise additional capital may be dependent upon its common stock remaining listed on the NASDAQ Capital Market. The Company cannot be certain that sufficient funds will be available when required or on satisfactory terms, if at all. If adequate funds are not available, the Company may be required to significantly reduce or refocus its operations or to obtain funds through additional arrangements that may require the Company to relinquish rights to certain of its products, technologies or potential markets, any of which could delay or require that the Company curtail or eliminate some or all of its development programs or otherwise have a material adverse effect on its business, financial condition and results of operations. In addition, the Company may have to delay, reduce the scope of or eliminate some of its research and development, which could delay the time to market for any of its product candidates, if adequate funds are not available. To the extent that additional capital is raised through the sale of equity or convertible debt securities, the issuance of such securities would result in ownership dilution to existing stockholders. There are no assurances that the Company will be able to raise additional financing on terms acceptable to the Company. | ||
The Company’s lead product candidate, evofosfamide, has not received any regulatory approvals. To achieve profitable operations, the Company must successfully develop, test, manufacture and market its product candidates, including evofosfamide. With respect to the development and commercialization of evofosfamide, the Company is substantially dependent on Merck KGaA for the continued development and potential commercialization of evofosfamide. In addition, the Company’s development of TH-4000 is at a very early stage and it is possible that TH-4000 may not be found to be safe or effective in the Company’s planned Phase 2 proof-of-concept study of TH-4000 or in any other studies that the Company may conduct, and the Company may otherwise fail to realize the anticipated benefits of its licensing of this product candidate. There can be no assurance that evofosfamide, TH-4000 or any other of the Company’s potential future product candidates will be developed successfully or manufactured at an acceptable cost and with appropriate performance characteristics, or that such products will be successfully marketed. These factors could have a material adverse effect on the Company’s future financial results. | ||
Any products developed by the Company will require approval from the U.S. Food and Drug Administration (“FDA”) or foreign regulatory agencies prior to commercial sales. There can be no assurance that the Company’s products will receive the necessary approvals. If the Company or Merck KGaA is denied such approvals or such approvals are delayed, it could have a material adverse effect on the Company. | ||
Property and Equipment | Property and Equipment | |
Property and equipment is stated at cost less accumulated depreciation. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets, generally three years. Leasehold improvements are amortized using the straight-line method over the estimated useful life of the improvement, or the lease term, if shorter. Accordingly, leasehold improvements are being amortized over lease terms of approximately 4-6 years. Maintenance and repairs are charged to operations as incurred. Upon sale or retirement of assets, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss is reflected in operations. The Company reviews its property, plant and equipment assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. | ||
Comprehensive Loss | Comprehensive loss | |
Comprehensive loss is comprised of the Company’s net loss and other comprehensive income (loss). Unrealized gain (loss) on available-for-sale marketable securities represents the only component of other comprehensive income (loss). | ||
Research and Development expenses | Research and Development expenses | |
Research and development expenses consist of costs such as salaries and benefits, laboratory supplies, facility costs, consulting fees and fees paid to contract research organizations, clinical trial sites, laboratories, other clinical service providers and contract manufacturing organizations. Research and development expenses are expensed as incurred. | ||
Clinical Trial Accruals | Clinical Trial Accruals | |
The Company’s preclinical and clinical trials are performed by third party contract research organizations (CROs) and/or clinical investigators, and clinical supplies are manufactured by contract manufacturing organizations (CMOs). Invoicing from these third parties may be monthly based upon services performed or based upon milestones achieved. The Company accrues these expenses based upon its assessment of the status of each clinical trial and the work completed, and upon information obtained from the CROs and CMOs. The Company’s estimates are dependent upon the timeliness and accuracy of data provided by the CROs and CMOs regarding the status and cost of the studies, and may not match the actual services performed by the organizations. This could result in adjustments to the Company’s research and development expenses in future periods. To date the Company has had no significant adjustments. | ||
Bonus Accruals | Bonus Accruals | |
The Company has bonus programs for eligible employees. Bonuses are determined based on various criteria, including the achievement of corporate, departmental and individual goals. Bonus accruals are estimated based on various factors, including target bonus percentages per level of employee and probability of achieving the goals upon which bonuses are based. The Company’s management periodically reviews the progress made towards the goals under the bonus programs. As bonus accruals are dependent upon management’s judgments of the likelihood of achieving the various goals, it is possible for bonus expense to vary significantly in future periods if changes occur in those management estimates. | ||
Income Taxes | Income Taxes | |
The Company accounts for income taxes under the liability method. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts expected to be realized. | ||
Segments | Segments | |
The Company has one reportable segment and uses one measurement of results of operations to manage its business. All long-lived assets are maintained in the United States of America. | ||
Stock-Based Compensation | Stock-Based compensation | |
The Company accounts for stock-based compensation in accordance with ASC 718, “Compensation—Stock Compensation,” which requires measurement of all employee stock-based compensation awards using a fair-value method and recording of such expense in the consolidated financial statements over the requisite service period. | ||
The Company accounts for equity instruments issued to non-employees in accordance with the provisions of ASC 718 and ASC 505, “Equity,” which require that such equity instruments are recorded at their fair value on the measurement date. The measurement of stock-based compensation is subject to periodic adjustment as the underlying equity instruments vest. | ||
Recent Accounting Pronouncements Not Yet Adopted | Recent Accounting Pronouncements Not Yet Adopted | |
In August 2014, the Financing Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which requires management to evaluate, in connection with preparing financial statements for each annual and interim reporting period, whether there are conditions or events, considered in the aggregate, that raise substantial doubt about an entity’s ability to continue as a going concern within one year after the date that the financial statements are issued and provide related disclosures. This guidance is effective for annual periods ending after December 15, 2016, and, as such, will be applicable to the Company in 2017. Early adoption is permitted. The Company does not expect this standard to have a material impact on its financial statements. | ||
In May 2014, the FASB issued ASU No. 2014-09, Revenue From Contracts With Customers, requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The updated standard will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective and permits the use of either the retrospective or cumulative effect transition method. Early adoption is not permitted. The updated standard becomes effective for the Company in the first quarter of fiscal 2017. The Company has not yet selected a transition method and is currently evaluating the effect that the updated standard will have on its consolidated financial statements and related disclosures. |
Net_Loss_Per_Common_Share_Tabl
Net Loss Per Common Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Reconciliation of Numerator and Denominator | A reconciliation of the numerator and denominator used in the calculation is as follows (in thousands, except per share amounts): | ||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator: | |||||||||||||
Net income (loss) - basic | $ | (21,584 | ) | $ | (28,415 | ) | $ | (71,135 | ) | ||||
Less: noncash income from change in fair value of | 9,344 | — | — | ||||||||||
common stock warrants | |||||||||||||
Net loss - diluted | (30,928 | ) | $ | (28,415 | ) | $ | (71,135 | ) | |||||
Denominator: | |||||||||||||
Weighted-average number of common shares outstanding | 60,335 | 57,832 | 54,219 | ||||||||||
Dilutive effect of warrants | 3,051 | — | — | ||||||||||
Weighted-average common shares outstanding and dilutive | 63,386 | 57,832 | 54,219 | ||||||||||
potential common share-diluted | |||||||||||||
Net loss per share: | |||||||||||||
Basic | $ | (0.36 | ) | $ | (0.49 | ) | $ | (1.31 | ) | ||||
Diluted | $ | (0.49 | ) | $ | (0.49 | ) | $ | (1.31 | ) | ||||
Warrants, Options and Purchase Rights Excluded from Computation of Diluted Net Loss Per Common Share | The following warrants, outstanding options and purchase rights under the Company’s 2004 Employee Stock Purchase Plan (“2004 Purchase Plan”) were excluded from the computation of diluted net loss per common share for the periods presented because including them would have had an antidilutive effect (in thousands): | ||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Shares issuable upon exercise of warrants | — | 8,282 | 11,583 | ||||||||||
Shares issuable upon exercise of stock options | 8,169 | 6,527 | 5,099 | ||||||||||
Shares issuable related to the ESPP | 67 | 64 | 79 | ||||||||||
Fair_Value_Measurements_and_Ma1
Fair Value Measurements and Marketable Securities (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Financial Assets at Fair Value on Recurring Basis | The following table sets forth the Company’s financial assets (cash equivalents and available-for-sale marketable securities) at fair value on a recurring basis as of December 31, 2014 and 2013: | ||||||||||||||||
Fair Value as of | |||||||||||||||||
December 31, | Basis of Fair Value Measurements | ||||||||||||||||
(in thousands) | 2014 | Level 1 | Level 2 | Level 3 | |||||||||||||
Money market funds | $ | 3,369 | $ | 3,369 | $ | — | $ | — | |||||||||
Certificates of deposit | 2,505 | — | 2,505 | — | |||||||||||||
Corporate debt securities | 28,081 | — | 28,081 | — | |||||||||||||
Government securities | 19,123 | — | 19,123 | — | |||||||||||||
Commercial paper | 5,499 | — | 5,499 | — | |||||||||||||
Total cash equivalents and marketable securities | $ | 58,577 | $ | 3,369 | $ | 55,208 | $ | — | |||||||||
Fair Value as of | |||||||||||||||||
December 31, | Basis of Fair Value Measurements | ||||||||||||||||
(in thousands) | 2013 | Level 1 | Level 2 | Level 3 | |||||||||||||
Money market funds | $ | 4,285 | $ | 4,285 | $ | — | $ | — | |||||||||
Certificates of deposit | 1,584 | — | 1,584 | — | |||||||||||||
Corporate debt securities | 49,019 | — | 49,019 | — | |||||||||||||
Government securities | 21,731 | — | 21,731 | — | |||||||||||||
Municipal securities | 2,815 | — | 2,815 | — | |||||||||||||
Commercial paper | 2,599 | — | 2,599 | — | |||||||||||||
Total cash equivalents and marketable securities | $ | 82,033 | $ | 4,285 | $ | 77,748 | $ | — | |||||||||
Summary of Company's Available-for-Sale Securities | The Company invests in highly-liquid, investment-grade securities. The following is a summary of the Company’s available-for-sale securities at December 31, 2014 and 2013: | ||||||||||||||||
As of December 31, 2014 (in thousands): | Cost Basis | Unrealized | Unrealized | Fair | |||||||||||||
Gain | Loss | Value | |||||||||||||||
Money market funds | $ | 3,369 | $ | — | $ | — | $ | 3,369 | |||||||||
Certificates of deposit | 2,505 | — | — | 2,505 | |||||||||||||
Corporate debt securities | 28,094 | 1 | (14 | ) | 28,081 | ||||||||||||
Government securities | 19,123 | 3 | (3 | ) | 19,123 | ||||||||||||
Commercial paper | 5,499 | — | — | 5,499 | |||||||||||||
58,590 | 4 | (17 | ) | 58,577 | |||||||||||||
Less cash equivalents | (8,368 | ) | — | — | (8,368 | ) | |||||||||||
Total marketable securities | $ | 50,222 | $ | 4 | $ | (17 | ) | $ | 50,209 | ||||||||
As of December 31, 2013 (in thousands): | Cost Basis | Unrealized | Unrealized | Fair | |||||||||||||
Gain | Loss | Value | |||||||||||||||
Money market funds | $ | 4,285 | $ | — | $ | — | $ | 4,285 | |||||||||
Certificates of deposit | 1,584 | — | — | 1,584 | |||||||||||||
Corporate debt securities | 49,001 | 25 | (7 | ) | 49,019 | ||||||||||||
Government securities | 21,722 | 12 | (3 | ) | 21,731 | ||||||||||||
Municipal securities | 2,814 | 1 | — | 2,815 | |||||||||||||
Commercial paper | 2,599 | — | — | 2,599 | |||||||||||||
82,005 | 38 | (10 | ) | 82,033 | |||||||||||||
Less cash equivalents | 7,279 | — | — | 7,279 | |||||||||||||
Total marketable securities | $ | 74,726 | $ | 38 | $ | (10 | ) | $ | 74,754 | ||||||||
Marketable Securities with Unrealized Losses | The following table provides the breakdown of the marketable securities with unrealized losses at December 31, 2014 (in thousands): | ||||||||||||||||
As of December 31, 2014 (in thousands): | In loss position for less | ||||||||||||||||
than twelve months | |||||||||||||||||
Fair | Unrealized | ||||||||||||||||
Value | Loss | ||||||||||||||||
Government securities | $ | 11,722 | $ | 3 | |||||||||||||
Corporate debt securities | 18,136 | 14 | |||||||||||||||
Total marketable securities | $ | 29,858 | $ | 17 | |||||||||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property Plant And Equipment [Abstract] | |||||||||
Components of Property and Equipment | Property and equipment comprise the following (in thousands): | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Computer and office equipment | $ | 479 | $ | 483 | |||||
Laboratory equipment | 1,838 | 1,703 | |||||||
Leasehold improvements | 548 | 523 | |||||||
2,865 | 2,709 | ||||||||
Less: Accumulated depreciation and amortization | (2,308 | ) | (2,023 | ) | |||||
Total property and equipment, net | $ | 557 | $ | 686 | |||||
Balance_Sheet_Components_Table
Balance Sheet Components (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Payables And Accruals [Abstract] | |||||||||
Components of Accrued Liabilities | Accrued liabilities comprise the following (in thousands): | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Payroll and employee related expenses | $ | 2,808 | $ | 2,682 | |||||
Professional services | 331 | 150 | |||||||
Other accrued expenses | 41 | 329 | |||||||
Total accrued liabilities | $ | 3,180 | $ | 3,161 | |||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments And Contingencies Disclosure [Abstract] | |||||
Future Rental Payments under Noncancelable Operating Leases | As of December 31, 2014, the future rental payments required by the Company for these facilities under noncancelable operating leases are as follows (in thousands): | ||||
Years Ending December 31, | |||||
2015 | $ | 918 | |||
2016 | 953 | ||||
2017 | 238 | ||||
Thereafter | — | ||||
Total | $ | 2,109 | |||
Stockholders_Equity_Deficit_Ta
Stockholders' Equity (Deficit) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Inputs Liabilities Quantitative Information [Line Items] | |||||||||||||||||
Financial Liabilities Subject to Fair Value Measurements | The following table sets forth the Company’s financial liabilities, related to warrants issued in the October 2009 and March 2011 offerings, subject to fair value measurements as of December 31, 2014 and 2013: | ||||||||||||||||
Fair Value as of | |||||||||||||||||
December 31, | Basis of Fair Value Measurements | ||||||||||||||||
(in thousands) | 2014 | Level 1 | Level 2 | Level 3 | |||||||||||||
March 2011 warrants | $ | 3,961 | $ | — | $ | — | $ | 3,961 | |||||||||
Fair Value as of | |||||||||||||||||
December 31, | Basis of Fair Value Measurements | ||||||||||||||||
(in thousands) | 2013 | Level 1 | Level 2 | Level 3 | |||||||||||||
October 2009 warrants | $ | 11,320 | $ | — | $ | — | $ | 11,320 | |||||||||
March 2011 warrants | 12,101 | — | — | 12,101 | |||||||||||||
Total common stock warrants | $ | 23,421 | $ | — | $ | — | $ | 23,421 | |||||||||
Reconciliation of Warrant Liability Measured at Fair Value | The following table is a reconciliation of the warrant liability measured at fair value using level 3 inputs (in thousands): | ||||||||||||||||
Warrant Liability | |||||||||||||||||
Balance at December 31, 2011 | $ | 9,209 | |||||||||||||||
Exercise of common stock warrants during 2012 | (27,867 | ) | |||||||||||||||
Change in fair value of common stock warrants during 2012 | 51,216 | ||||||||||||||||
Balance at December 31, 2012 | $ | 32,558 | |||||||||||||||
Exercise of common stock warrants during 2013 | (11,462 | ) | |||||||||||||||
Change in fair value of common stock warrants during 2013 | 2,325 | ||||||||||||||||
Balance at December 31, 2013 | $ | 23,421 | |||||||||||||||
Exercise of common stock warrants during 2014 | (10,116 | ) | |||||||||||||||
Change in fair value of common stock warrants during 2014 | (9,344 | ) | |||||||||||||||
Balance at December 31, 2014 | $ | 3,961 | |||||||||||||||
October 2009 Offering | |||||||||||||||||
Fair Value Inputs Liabilities Quantitative Information [Line Items] | |||||||||||||||||
Outstanding Warrants Valuation Assumption | All of the warrants related to the October 2009 offering were exercised prior to their expiration date of October 5, 2014. The fair value of these warrants on December 31, 2013 was determined using a Black Scholes valuation model with the following Level 3 inputs: | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Risk-free interest rate | — | 0.13 | % | ||||||||||||||
Expected life (in years) | — | 0.76 | |||||||||||||||
Dividend yield | — | — | |||||||||||||||
Volatility | — | 49 | % | ||||||||||||||
Stock price | — | $ | 4.67 | ||||||||||||||
March 2011 Offering | |||||||||||||||||
Fair Value Inputs Liabilities Quantitative Information [Line Items] | |||||||||||||||||
Outstanding Warrants Valuation Assumption | The fair value of these warrants on December 31, 2014 and 2013 was determined using a Black Scholes valuation model with the following Level 3 inputs: | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Risk-free interest rate | 0.67 | % | 0.78 | % | |||||||||||||
Expected life (in years) | 1.21 | 2.21 | |||||||||||||||
Dividend yield | — | — | |||||||||||||||
Volatility | 49 | % | 88 | % | |||||||||||||
Stock price | $ | 3.18 | $ | 4.67 | |||||||||||||
Equity_Incentive_Plans_and_Sto1
Equity Incentive Plans and Stock Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||||
Stock Option Activity Under Equity Incentive Plan | Activity under the 2004 and 2014 Plans is set forth below: | ||||||||||||||||||||
Weighted | |||||||||||||||||||||
Shares | Outstanding Options | Average | |||||||||||||||||||
Available | Number of | Exercise | Exercise | ||||||||||||||||||
for Grant | Shares | Price | Price | ||||||||||||||||||
Balances, December 31, 2011 | 1,077,784 | 3,672,179 | $ | 0.42–3.18 | $ | 1.45 | |||||||||||||||
Additional shares reserved | 1,250,000 | — | |||||||||||||||||||
Options granted | (1,844,000 | ) | 1,844,000 | 1.38–7.75 | 6.24 | ||||||||||||||||
Options exercised | — | (402,580 | ) | 0.79–3.08 | 1.39 | ||||||||||||||||
Options canceled | 14,627 | (14,627 | ) | 0.79–6.18 | 4.25 | ||||||||||||||||
Balances, December 31, 2012 | 498,411 | 5,098,972 | $ | 0.42–7.75 | $ | 3.18 | |||||||||||||||
Additional shares reserved | 1,250,000 | — | |||||||||||||||||||
Options granted | (1,663,500 | ) | 1,663,500 | 4.45–5.58 | 5.1 | ||||||||||||||||
Options exercised | — | (145,641 | ) | 0.79–3.46 | 1.56 | ||||||||||||||||
Options canceled | 90,325 | (90,325 | ) | 1.44–7.75 | 6.49 | ||||||||||||||||
Balances, December 31, 2013 | 175,236 | 6,526,506 | $ | 0.42–7.75 | $ | 3.66 | |||||||||||||||
Additional shares reserved | 7,250,000 | — | |||||||||||||||||||
Shares expired | (1,286,025 | ) | — | ||||||||||||||||||
Options granted | (1,895,250 | ) | 1,895,250 | 2.91–4.99 | 3.78 | ||||||||||||||||
Options exercised | — | (73,282 | ) | 0.64–4.90 | 1.43 | ||||||||||||||||
Options canceled | 179,532 | (179,532 | ) | 1.64–6.18 | 4.63 | ||||||||||||||||
Balances, December 31, 2014 | 4,423,493 | 8,168,942 | $ | 0.42–7.75 | $ | 3.69 | |||||||||||||||
Stock Options Outstanding and Exercisable by Exercise Price | At December 31, 2014, stock options outstanding and exercisable by exercise price were as follows: | ||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||
Range of | Number | Weighted | Weighted | Number | Weighted | ||||||||||||||||
Exercise | Outstanding | Average | Average | Exercisable | Average | ||||||||||||||||
Prices | Remaining | Exercise | Exercise | ||||||||||||||||||
Contractual | Price | Price | |||||||||||||||||||
Life (Years) | |||||||||||||||||||||
$0.42-$1.38 | 544,315 | 3.25 | $ | 1.11 | 533,481 | $ | 1.11 | ||||||||||||||
$1.44-$1.44 | 1,351,681 | 5.38 | $ | 1.44 | 1,351,681 | $ | 1.44 | ||||||||||||||
$1.49-$3.46 | 1,509,094 | 6.57 | $ | 1.98 | 1,234,515 | $ | 1.88 | ||||||||||||||
$3.62-$3.62 | 1,449,916 | 9.36 | $ | 3.62 | 265,344 | $ | 3.62 | ||||||||||||||
$4.14-$5.09 | 1,752,625 | 8.39 | $ | 4.97 | 690,927 | $ | 5.04 | ||||||||||||||
$5.25-$7.75 | 1,561,311 | 7.38 | $ | 6.8 | 1,095,923 | $ | 6.75 | ||||||||||||||
$0.42-$7.75 | 8,168,942 | 7.19 | $ | 3.69 | 5,171,871 | $ | 3.23 | ||||||||||||||
Stock-Based Compensation Expense | Stock-based compensation expense, which consists of the compensation cost for employee stock options and ESPP, and the value of options issued to non-employees for services rendered, was allocated to research and development and general and administrative in the consolidated statements of operations as follows (in thousands): | ||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Stock-based compensation expense: | |||||||||||||||||||||
Research and development | $ | 3,123 | $ | 2,562 | $ | 1,521 | |||||||||||||||
General and administrative | 2,365 | 2,360 | 1,489 | ||||||||||||||||||
$ | 5,488 | $ | 4,922 | $ | 3,010 | ||||||||||||||||
Weighted-Average Fair Value Valuation Assumptions | The fair value of employee stock options and employee purchase rights under the Company’s ESPP was estimated using the following weighted-average assumptions for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Employee Stock Options | |||||||||||||||||||||
Risk-free interest rate | 1.83 | % | 1.14 | % | 1.12 | % | |||||||||||||||
Expected life (in years) | 5.98 | 5.97 | 5.99 | ||||||||||||||||||
Dividend yield | — | — | — | ||||||||||||||||||
Volatility | 94 | % | 101 | % | 105 | % | |||||||||||||||
Weighted-average fair value of stock options granted | $ | 2.89 | $ | 4.04 | $ | 5.09 | |||||||||||||||
Employee Stock Purchase Plan | |||||||||||||||||||||
Risk-free interest rate | 0.2 | % | 0.19 | % | 0.21 | % | |||||||||||||||
Expected life (in years) | 1.24 | 1.25 | 1.25 | ||||||||||||||||||
Dividend yield | — | — | — | ||||||||||||||||||
Volatility | 49 | % | 77 | % | 111 | % | |||||||||||||||
Weighted-average fair value of ESPP purchase rights | $ | 1.6 | $ | 2.27 | $ | 3.46 | |||||||||||||||
Non-employee Stock-based Compensation Expense | |||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||||
Weighted-Average Fair Value Valuation Assumptions | The fair value of the stock options granted were revalued at each reporting date using the Black-Scholes valuation model as prescribed by ASC 505-50 Equity-Based Payments to Non-Employees using the following assumptions: | ||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Risk-free interest rate | 2.52 | % | 2.51 | % | 1.93 | % | |||||||||||||||
Expected life (in years) | 10 | 10 | 10 | ||||||||||||||||||
Dividend yield | — | — | — | ||||||||||||||||||
Expected volatility | 97 | % | 100 | % | 101 | % | |||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of Reconciliation of Income Taxes at Statutory Federal Income Tax Rate to Net Income Taxes | A reconciliation of income taxes at the statutory federal income tax rate to net income taxes included in the accompanying statements of operations is as follows (in thousands): | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
U.S. federal taxes (benefit) at statutory rate | $ | (7,407 | ) | $ | (9,592 | ) | $ | (24,186 | ) | ||||
State federal income tax benefit | (571 | ) | (1,794 | ) | (1,160 | ) | |||||||
Unutilized (utilized) net operating losses | 9,809 | 9,747 | 7,455 | ||||||||||
Stock-based compensation | 730 | 486 | 288 | ||||||||||
Research and development credits | (952 | ) | (1,416 | ) | — | ||||||||
Tax assets not benefited | 1,322 | 1,926 | 143 | ||||||||||
Nondeductible warrant expense | (3,177 | ) | 790 | 17,414 | |||||||||
Other | 44 | 55 | 46 | ||||||||||
Total | $ | (202 | ) | $ | 202 | $ | — | ||||||
Schedule of Significant Components of Net Deferred Tax Assets | The tax effects of temporary differences that give rise to significant components of the net deferred tax assets are as follows (in thousands): | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Capitalized start-up costs | $ | 128 | $ | 179 | |||||||||
Net operating loss carryforwards | 33,049 | 31,988 | |||||||||||
Research and development credits | 6,616 | 5,427 | |||||||||||
Deferred stock compensation | 3,933 | 3,327 | |||||||||||
Deferred revenue | 26,151 | 21,151 | |||||||||||
Other (accruals, reserves, depreciation) | 1,019 | 1,069 | |||||||||||
Total deferred tax assets | 70,896 | 63,141 | |||||||||||
Less: Valuation allowance | (70,896 | ) | (63,141 | ) | |||||||||
Net deferred tax assets | $ | — | $ | — | |||||||||
Schedule of Activity Related to Unrecognized Tax Benefits | The following table summarizes the activity related to the Company’s gross unrecognized tax benefits: | ||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||
Gross unrecognized tax benefits at January 1, | $ | 1,100 | $ | 1,100 | |||||||||
Gross increases (decreases) related to prior year tax positions | — | — | |||||||||||
Gross increases (decreases) related to current year tax | — | — | |||||||||||
positions | |||||||||||||
Settlements | — | — | |||||||||||
Expiration of the statute of limitations for the assessment of | — | — | |||||||||||
taxes | |||||||||||||
Gross unrecognized tax benefits at December 31, | $ | 1,100 | $ | 1,100 | |||||||||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule of Quarterly Financial Information | The following table presents certain unaudited quarterly financial information for the eight quarters ended December 31, 2014. This information has been prepared on the same basis as the audited consolidated financial statements and includes all adjustments necessary to state fairly the unaudited quarterly results of operations. Net loss per common share, basic and diluted for the four quarters of each fiscal year, may not sum to the total for the fiscal year because of the different weighted average number of shares outstanding in each of the periods. | ||||||||||||||||
2014 | First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
Revenue | $ | 3,681 | $ | 3,680 | $ | 3,680 | $ | 3,681 | |||||||||
Net income (loss) | $ | (7,109 | ) | $ | (766 | ) | $ | (7,745 | ) | $ | (5,964 | ) | |||||
Net income (loss) per common share | |||||||||||||||||
Basic | $ | (0.12 | ) | $ | (0.01 | ) | $ | (0.13 | ) | $ | (0.09 | ) | |||||
Diluted | $ | (0.14 | ) | $ | (0.12 | ) | $ | (0.15 | ) | $ | (0.12 | ) | |||||
2013 | First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
Revenue | $ | 2,922 | $ | 3,180 | $ | 3,181 | $ | 3,212 | |||||||||
Net income (loss) | $ | (9,214 | ) | $ | (12,788 | ) | $ | 1,176 | $ | (7,589 | ) | ||||||
Net income (loss) per common share | |||||||||||||||||
Basic | $ | (0.16 | ) | $ | (0.22 | ) | $ | 0.02 | $ | (0.13 | ) | ||||||
Diluted | $ | (0.16 | ) | $ | (0.22 | ) | $ | (0.08 | ) | $ | (0.13 | ) | |||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 35 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Reportable segment | 1 | ||
Property and equipment, estimated useful lives | 3 years | ||
Leasehold Improvements | Minimum | |||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Property and equipment, estimated useful lives | 4 years | ||
Leasehold Improvements | Maximum | |||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Property and equipment, estimated useful lives | 6 years | ||
Merck KGaA | |||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Percentage share of eligible worldwide development expenses | 70.00% | ||
Upfront and milestone payments received to date | $12.50 | $110 | $110 |
Net_Income_Loss_Per_Common_Sha
Net (Income) Loss Per Common Share - Reconciliation of Numerator and Denominator (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Numerator: | |||||||||||
Net income (loss) - basic | ($5,964) | ($7,745) | ($766) | ($7,109) | ($7,589) | $1,176 | ($12,788) | ($9,214) | ($21,584) | ($28,415) | ($71,135) |
Less: noncash income from change in fair value of common stock warrants | 9,344 | ||||||||||
Net loss - diluted | ($30,928) | ($28,415) | ($71,135) | ||||||||
Denominator: | |||||||||||
Weighted-average number of common shares outstanding | 60,335 | 57,832 | 54,219 | ||||||||
Dilutive effect of warrants | 3,051 | ||||||||||
Weighted-average common shares outstanding and dilutive potential common share-diluted | 63,386 | 57,832 | 54,219 | ||||||||
Net loss per share: | |||||||||||
Basic | ($0.09) | ($0.13) | ($0.01) | ($0.12) | ($0.13) | $0.02 | ($0.22) | ($0.16) | ($0.36) | ($0.49) | ($1.31) |
Diluted | ($0.12) | ($0.15) | ($0.12) | ($0.14) | ($0.13) | ($0.08) | ($0.22) | ($0.16) | ($0.49) | ($0.49) | ($1.31) |
Net_Loss_Per_Common_Share_Warr
Net Loss Per Common Share - Warrants, Options and Purchase Rights Excluded from Computation of Diluted Net Loss Per Common Share (Detail) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Warrants | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Shares issuable | 8,282 | 11,583 | |
Stock Options | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Shares issuable | 8,169 | 6,527 | 5,099 |
ESPP | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Shares issuable | 67 | 64 | 79 |
Collaboration_Arrangements_Add
Collaboration Arrangements - Additional Information (Detail) (Merck KGaA, USD $) | 3 Months Ended | 12 Months Ended | 35 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Upfront and milestone payments received to date | $12.50 | $110 | $110 | ||
Merck KGaA's percentage share of worldwide development expenses | 70.00% | ||||
Collaboration payments achieved and received | 42.5 | 67.5 | |||
Revenue recognized by the Company | 14.7 | 12.5 | 5.9 | ||
Company earned a reimbursement for eligible worldwide development expenses | 21.9 | 16.5 | 13.1 | ||
United States | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Portion of profits that Company is eligible to participate, depending upon total sales | 50.00% | ||||
Regulatory and Development Milestones | Maximum | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Potential future milestones | 100 | ||||
Commercialization Milestones | Maximum | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Potential future milestones | $340 |
Fair_Value_Measurements_and_Ma2
Fair Value Measurements and Marketable Securities - Financial Assets at Fair Value on Recurring Basis (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | $58,577 | $82,033 |
Basis of Fair Value Measurements, Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 3,369 | 4,285 |
Basis of Fair Value Measurements, Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 55,208 | 77,748 |
Basis of Fair Value Measurements, Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 0 | 0 |
Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 3,369 | 4,285 |
Money Market Funds | Basis of Fair Value Measurements, Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 3,369 | 4,285 |
Money Market Funds | Basis of Fair Value Measurements, Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 0 | 0 |
Certificates of Deposit | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 2,505 | 1,584 |
Certificates of Deposit | Basis of Fair Value Measurements, Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 2,505 | 1,584 |
Certificates of Deposit | Basis of Fair Value Measurements, Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 0 | 0 |
Corporate Debt Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 28,081 | 49,019 |
Corporate Debt Securities | Basis of Fair Value Measurements, Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 28,081 | 49,019 |
Corporate Debt Securities | Basis of Fair Value Measurements, Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 0 | 0 |
Government Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 19,123 | 21,731 |
Government Securities | Basis of Fair Value Measurements, Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 19,123 | 21,731 |
Government Securities | Basis of Fair Value Measurements, Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 0 | 0 |
Commercial Paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 5,499 | 2,599 |
Commercial Paper | Basis of Fair Value Measurements, Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 5,499 | 2,599 |
Commercial Paper | Basis of Fair Value Measurements, Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 0 | 0 |
Municipal Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 2,815 | |
Municipal Securities | Basis of Fair Value Measurements, Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 2,815 | |
Municipal Securities | Basis of Fair Value Measurements, Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | $0 |
Fair_Value_Measurements_and_Ma3
Fair Value Measurements and Marketable Securities - Summary of Company's Available-for-Sale Securities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cost Basis | $50,222 | $74,726 |
Unrealized Gain | 4 | 38 |
Unrealized Loss | -17 | -10 |
Fair Value | 50,209 | 74,754 |
Money Market Funds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cost Basis | 3,369 | 4,285 |
Unrealized Gain | 0 | 0 |
Unrealized Loss | 0 | 0 |
Fair Value | 3,369 | 4,285 |
Certificates of Deposit | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cost Basis | 2,505 | 1,584 |
Unrealized Gain | 0 | 0 |
Unrealized Loss | 0 | 0 |
Fair Value | 2,505 | 1,584 |
Corporate Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cost Basis | 28,094 | 49,001 |
Unrealized Gain | 1 | 25 |
Unrealized Loss | -14 | -7 |
Fair Value | 28,081 | 49,019 |
Government Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cost Basis | 19,123 | 21,722 |
Unrealized Gain | 3 | 12 |
Unrealized Loss | -3 | -3 |
Fair Value | 19,123 | 21,731 |
Municipal Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cost Basis | 2,814 | |
Unrealized Gain | 1 | |
Unrealized Loss | 0 | |
Fair Value | 2,815 | |
Commercial Paper | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cost Basis | 5,499 | 2,599 |
Unrealized Gain | 0 | 0 |
Unrealized Loss | 0 | 0 |
Fair Value | 5,499 | 2,599 |
Marketable Securities Including Cash Equivalents | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cost Basis | 58,590 | 82,005 |
Unrealized Gain | 4 | 38 |
Unrealized Loss | -17 | -10 |
Fair Value | 58,577 | 82,033 |
Less Cash Equivalents | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cost Basis | -8,368 | 7,279 |
Unrealized Gain | 0 | 0 |
Unrealized Loss | 0 | 0 |
Fair Value | ($8,368) | $7,279 |
Fair_Value_Measurements_and_Ma4
Fair Value Measurements and Marketable Securities - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule Of Available For Sale Securities [Line Items] | |||
Recognized realized gains | $3,000 | $5,000 | |
Recognized realized losses | 0 | 0 | |
Realized gain or losses | 0 | ||
Realized gains and losses related to unrealized gains and losses in accumulated comprehensive income | $0 | $0 | |
Weighted average maturity for available for sale securities | 4 months | ||
Shares of common stock to be purchased with warrants | 3,800,000 | ||
Maximum | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available for sale securities, longest maturity date | 2015-09 |
Fair_Value_Measurements_and_Ma5
Fair Value Measurements and Marketable Securities - Marketable Securities with Unrealized Losses (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Schedule Of Available For Sale Securities [Line Items] | |
Marketable securities, in loss position for less than twelve months, Fair Value | $29,858 |
Marketable securities, in loss position for less than twelve months, Unrealized Loss | 17 |
Government Securities | |
Schedule Of Available For Sale Securities [Line Items] | |
Marketable securities, in loss position for less than twelve months, Fair Value | 11,722 |
Marketable securities, in loss position for less than twelve months, Unrealized Loss | 3 |
Corporate Debt Securities | |
Schedule Of Available For Sale Securities [Line Items] | |
Marketable securities, in loss position for less than twelve months, Fair Value | 18,136 |
Marketable securities, in loss position for less than twelve months, Unrealized Loss | $14 |
Property_and_Equipment_Compone
Property and Equipment - Components of Property and Equipment (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, Gross | $2,865 | $2,709 |
Less: Accumulated depreciation and amortization | -2,308 | -2,023 |
Total property and equipment, net | 557 | 686 |
Computer and Office Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, Gross | 479 | 483 |
Laboratory Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, Gross | 1,838 | 1,703 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, Gross | $548 | $523 |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property Plant And Equipment [Abstract] | |||
Depreciation and amortization | $0.40 | $0.30 | $0.20 |
Balance_Sheet_Components_Compo
Balance Sheet Components - Components of Accrued Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities Current [Abstract] | ||
Payroll and employee related expenses | $2,808 | $2,682 |
Professional services | 331 | 150 |
Other accrued expenses | 41 | 329 |
Total accrued liabilities | $3,180 | $3,161 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other Commitments [Line Items] | |||
Rent expense | $0.80 | $0.60 | $0.70 |
Purchase commitments | 3.1 | ||
Non-cancelable Facility Sublease beginning October 1, 2011 [Member] | |||
Other Commitments [Line Items] | |||
Square feet of laboratory space and office space | 28,650 | ||
Lease agreement expiration date | 30-Apr-17 | ||
Aggregate rent over life of lease | 3.4 | ||
Security deposit for lease | 0.06 | ||
Non-cancelable Facility Sublease beginning December 1, 2013 [Member] | |||
Other Commitments [Line Items] | |||
Square feet of laboratory space and office space | 7,934 | ||
Lease agreement expiration date | 31-Dec-16 | ||
Aggregate rent over life of lease | $0.70 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Future Rental Payments under Noncancelable Operating Leases (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | |
2015 | $918 |
2016 | 953 |
2017 | 238 |
Total | $2,109 |
Stockholders_Equity_Deficit_Ad
Stockholders' Equity (Deficit) - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 16, 2011 | Oct. 05, 2009 | Aug. 01, 2014 | Oct. 29, 2010 | |
Class Of Warrant Or Right [Line Items] | |||||||
Aggregate offering price of common stock which the Company may issue and sell | $30,000,000 | $17,600,000 | |||||
Aggregate commission rate on gross proceeds | 3.00% | 3.00% | |||||
Common stock sold, shares | 62,898,233 | 59,232,611 | |||||
Net proceeds from sale of common stock | 5,520,000 | 2,392,000 | 21,910,000 | ||||
Reclassification of fair value from liability to permanent equity (deficit) of warrants exercised | 10,116,000 | 11,462,000 | 27,867,000 | ||||
Warrants outstanding | 3,800,000 | ||||||
Investment Warrants Expiration Date | 5-Oct-14 | ||||||
March 2011 Offering | |||||||
Class Of Warrant Or Right [Line Items] | |||||||
Common stock sold, shares | 14,313,081 | ||||||
Common stock sold, price per share | $2.05 | ||||||
Net proceeds from sale of common stock | 27,800,000 | ||||||
Warrants exercisable, price per unit of warrant | $0.05 | ||||||
Warrants issued | 5,725,227 | ||||||
Gross proceed from sale of common stock | 30,100,000 | ||||||
Term of Warrants | 5 years | ||||||
Warrant exercise price | $2.46 | ||||||
Warrants outstanding | 3,846,165 | 3,993,783 | |||||
October 2009 Offering | |||||||
Class Of Warrant Or Right [Line Items] | |||||||
Common stock sold, shares | 18,324,599 | ||||||
Common stock sold, price per share | $1.86 | ||||||
Net proceeds from sale of common stock | 33,100,000 | ||||||
Warrants exercisable, price per unit of warrant | $0.05 | ||||||
Warrants issued | 7,329,819 | ||||||
Gross proceed from sale of common stock | 35,000,000 | ||||||
Term of Warrants | 5 years | ||||||
Warrant exercise price | $2.05 | ||||||
Warrants outstanding | 0 | 4,287,940 | |||||
October 2009 Offering | Scenario, Previously Reported | |||||||
Class Of Warrant Or Right [Line Items] | |||||||
Warrant exercise price | $2.23 | ||||||
Common Stock | |||||||
Class Of Warrant Or Right [Line Items] | |||||||
Common stock sold, shares | 0 | 0 | 2,022,144 | ||||
Common stock sold, price per share | $6.29 | ||||||
Net proceeds from sale of common stock | 12,300,000 | ||||||
Warrants | |||||||
Class Of Warrant Or Right [Line Items] | |||||||
Warrants exercised on a cashless basis | 2,106,792 | 2,367,636 | 999,895 | ||||
Net proceeds from warrants exercised | 4,800,000 | 1,900,000 | 8,800,000 | ||||
Common stock shares issued for cashless conversion of warrants | 1,108,582 | 1,555,043 | 666,793 | ||||
Warrants exercised on cash basis | 2,328,766 | 933,475 | 4,060,538 | ||||
Warrants | March 2011 Offering | |||||||
Class Of Warrant Or Right [Line Items] | |||||||
Change in fair value of common stock warrants | 8,000,000 | 500,000 | 17,100,000 | ||||
Warrants | October 2009 Offering | |||||||
Class Of Warrant Or Right [Line Items] | |||||||
Change in fair value of common stock warrants | 1,300,000 | 600,000 | 24,200,000 | ||||
Warrants | August 2008 Offering | |||||||
Class Of Warrant Or Right [Line Items] | |||||||
Change in fair value of common stock warrants | $2,400,000 | $9,900,000 |
Stockholders_Equity_Deficit_Ou
Stockholders' Equity (Deficit) - Outstanding Warrants Valuation Assumption (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
October 2009 Offering | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Risk-free interest rate | 0.13% | |
Expected life (in years) | 9 months 4 days | |
Dividend yield | 0.00% | |
Volatility | 49.00% | |
Stock price | $4.67 | |
March 2011 Offering | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Risk-free interest rate | 0.67% | 0.78% |
Expected life (in years) | 1 year 2 months 16 days | 2 years 2 months 16 days |
Dividend yield | 0.00% | 0.00% |
Volatility | 49.00% | 88.00% |
Stock price | $3.18 | $4.67 |
Stockholders_Equity_Deficit_Fi
Stockholders' Equity (Deficit) - Financial Liabilities Subject to Fair Value Measurements (Detail) (Warrants, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Inputs Liabilities Quantitative Information [Line Items] | ||
Financial liabilities subject to fair value measurements | $23,421 | |
Basis of Fair Value Measurements, Level 3 | ||
Fair Value Inputs Liabilities Quantitative Information [Line Items] | ||
Financial liabilities subject to fair value measurements | 23,421 | |
March 2011 Warrants | ||
Fair Value Inputs Liabilities Quantitative Information [Line Items] | ||
Financial liabilities subject to fair value measurements | 3,961 | 12,101 |
March 2011 Warrants | Basis of Fair Value Measurements, Level 3 | ||
Fair Value Inputs Liabilities Quantitative Information [Line Items] | ||
Financial liabilities subject to fair value measurements | 3,961 | 12,101 |
October 2009 Warrants | ||
Fair Value Inputs Liabilities Quantitative Information [Line Items] | ||
Financial liabilities subject to fair value measurements | 11,320 | |
October 2009 Warrants | Basis of Fair Value Measurements, Level 3 | ||
Fair Value Inputs Liabilities Quantitative Information [Line Items] | ||
Financial liabilities subject to fair value measurements | $11,320 |
Stockholders_Equity_Deficit_Re
Stockholders' Equity (Deficit) - Reconciliation of Warrant Liability Measured at Fair Value (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Equity [Abstract] | |||
Beginning Balance | $23,421 | $32,558 | $9,209 |
Exercise of common stock warrants | -10,116 | -11,462 | -27,867 |
Change in common stock warrant value | -9,344 | 2,325 | 51,216 |
Ending Balance | $3,961 | $23,421 | $32,558 |
Equity_Incentive_Plans_and_Sto2
Equity Incentive Plans and Stock Based Compensation - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 15-May-14 | Dec. 31, 2011 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Additional shares authorized for issuance | 7,250,000 | 1,250,000 | 1,250,000 | |||||
Aggregate intrinsic value of options outstanding | $5,400,000 | $5,400,000 | ||||||
Aggregate intrinsic value of options exercisable | 5,100,000 | 5,100,000 | ||||||
Options vested and expected to vest | 8,100,000 | 8,100,000 | ||||||
Aggregate intrinsic value of options vested and expected to vest | 5,400,000 | 5,400,000 | ||||||
Weighted average remaining contractual life of options vested and expected to vest | 7 years 2 months 5 days | |||||||
Weighted average exercise price of options vested and expected to vest | $3.68 | $3.68 | ||||||
Total intrinsic value of stock options exercised | 200,000 | 500,000 | 1,700,000 | |||||
Cash received from stock option exercises | 100,000 | 100,000 | 600,000 | |||||
Tax benefit realized upon exercise of option | 0 | 0 | 0 | |||||
Offering period | 24 months | |||||||
Purchase period | 6 months | |||||||
Discount available to eligible employees related to employee stock purchase plan | 85.00% | |||||||
Remaining shares available for issuance | 4,423,493 | 175,236 | 498,411 | 4,423,493 | 175,236 | 498,411 | 1,077,784 | |
Stock-based compensation expense | 5,400,000 | 4,800,000 | 2,800,000 | 5,488,000 | 4,922,000 | 3,010,000 | ||
Unrecognized compensation cost related to unvested stock-based awards granted to employees under the stock option plans | 10,100,000 | 10,100,000 | ||||||
Unrecognized compensation cost related to unvested stock-based awards granted to employees under the stock option plans, period for recognition | 2 years 4 months 21 days | |||||||
Non-employee stock-based compensation expense | $100,000 | $100,000 | $200,000 | |||||
2004 Equity Incentive Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Additional shares authorized for issuance | 1,250,000 | |||||||
Percentage of fair market value | 100.00% | |||||||
Terms of stock options granted | 10 years | |||||||
Terms of stock options vested | 4 years | |||||||
2014 Equity Incentive Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Additional shares authorized for issuance | 6,626,157 | |||||||
Percentage of fair market value | 100.00% | |||||||
Terms of stock options granted | 10 years | |||||||
Terms of stock options vested | 4 years | |||||||
Shares authorized for issuance under the 2014 Equity Incentive Plan | 6,000,000 | |||||||
2004 Employee Stock Purchase Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Additional shares authorized for issuance | 100,000 | 100,000 | ||||||
Plan participants purchased shares | 154,992 | 167,245 | ||||||
Average purchase price under 2004 Employee Stock Purchase Plan | $3.74 | $1.69 | $3.74 | $1.69 | ||||
Remaining shares available for issuance | 180,904 | 180,904 |
Equity_Incentive_Plans_and_Sto3
Equity Incentive Plans and Stock Based Compensation - Stock Option Activity Under Equity Incentive Plan (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Shares Available for Grant, Beginning Balance | 175,236 | 498,411 | 1,077,784 |
Shares Available for Grant, Additional shares reserved | 7,250,000 | 1,250,000 | 1,250,000 |
Shares Available for Grant, Options granted | -1,895,250 | -1,663,500 | -1,844,000 |
Shares Available for Grant, Options canceled | 179,532 | 90,325 | 14,627 |
Shares Available for Grant, Ending Balance | 4,423,493 | 175,236 | 498,411 |
Shares Available for Grant, Shares expired | -1,286,025 | ||
Number of Shares, Beginning Balance | 6,526,506 | 5,098,972 | 3,672,179 |
Number of Shares, Granted | 1,895,250 | 1,663,500 | 1,844,000 |
Number of Shares, Exercised | -73,282 | -145,641 | -402,580 |
Number of shares, Canceled | -179,532 | -90,325 | -14,627 |
Number of Shares, Ending Balance | 8,168,942 | 6,526,506 | 5,098,972 |
Weighted Average Exercise Price, Beginning Balance | $3.66 | $3.18 | $1.45 |
Weighted Average Exercise Price, Granted | $3.78 | $5.10 | $6.24 |
Weighted Average Exercise Price, Exercised | $1.43 | $1.56 | $1.39 |
Weighted Average Exercise Price, Canceled | $4.63 | $6.49 | $4.25 |
Weighted Average Exercise Price, Ending Balance | $3.69 | $3.66 | $3.18 |
Minimum | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Weighted Average Exercise Price, Beginning Balance | $0.42 | $0.42 | |
Weighted Average Exercise Price, Granted | $4.45 | $1.38 | |
Weighted Average Exercise Price, Exercised | $0.79 | $0.79 | |
Weighted Average Exercise Price, Canceled | $1.44 | $0.79 | |
Weighted Average Exercise Price, Ending Balance | $0.42 | $0.42 | |
Maximum | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Weighted Average Exercise Price, Beginning Balance | $7.75 | $3.18 | |
Weighted Average Exercise Price, Granted | $5.58 | $7.75 | |
Weighted Average Exercise Price, Exercised | $3.46 | $3.08 | |
Weighted Average Exercise Price, Canceled | $7.75 | $6.18 | |
Weighted Average Exercise Price, Ending Balance | $7.75 | $7.75 |
Equity_Incentive_Plans_and_Sto4
Equity Incentive Plans and Stock Based Compensation - Stock Options Outstanding and Exercisable by Exercise Price (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
$0.42-1.38 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower Limit | $0.42 |
Range of Exercise Prices, Upper Limit | $1.38 |
Options Outstanding, Number Outstanding | 544,315 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 3 years 3 months |
Options Outstanding, Weighted Average Exercise Price | $1.11 |
Options Exercisable, Number Exercisable | 533,481 |
Options Exercisable, Weighted Average Exercise Price | $1.11 |
$1.44-1.44 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower Limit | $1.44 |
Range of Exercise Prices, Upper Limit | $1.44 |
Options Outstanding, Number Outstanding | 1,351,681 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 5 years 4 months 17 days |
Options Outstanding, Weighted Average Exercise Price | $1.44 |
Options Exercisable, Number Exercisable | 1,351,681 |
Options Exercisable, Weighted Average Exercise Price | $1.44 |
$1.49-3.46 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower Limit | $1.49 |
Range of Exercise Prices, Upper Limit | $3.46 |
Options Outstanding, Number Outstanding | 1,509,094 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 6 years 6 months 26 days |
Options Outstanding, Weighted Average Exercise Price | $1.98 |
Options Exercisable, Number Exercisable | 1,234,515 |
Options Exercisable, Weighted Average Exercise Price | $1.88 |
$3.62-3.62 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower Limit | $3.62 |
Range of Exercise Prices, Upper Limit | $3.62 |
Options Outstanding, Number Outstanding | 1,449,916 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 9 years 4 months 10 days |
Options Outstanding, Weighted Average Exercise Price | $3.62 |
Options Exercisable, Number Exercisable | 265,344 |
Options Exercisable, Weighted Average Exercise Price | $3.62 |
$4.14-5.09 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower Limit | $4.14 |
Range of Exercise Prices, Upper Limit | $5.09 |
Options Outstanding, Number Outstanding | 1,752,625 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 8 years 4 months 21 days |
Options Outstanding, Weighted Average Exercise Price | $4.97 |
Options Exercisable, Number Exercisable | 690,927 |
Options Exercisable, Weighted Average Exercise Price | $5.04 |
$5.25-7.75 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower Limit | $5.25 |
Range of Exercise Prices, Upper Limit | $7.75 |
Options Outstanding, Number Outstanding | 1,561,311 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 7 years 4 months 17 days |
Options Outstanding, Weighted Average Exercise Price | $6.80 |
Options Exercisable, Number Exercisable | 1,095,923 |
Options Exercisable, Weighted Average Exercise Price | $6.75 |
$0.42-7.75 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower Limit | $0.42 |
Range of Exercise Prices, Upper Limit | $7.75 |
Options Outstanding, Number Outstanding | 8,168,942 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 7 years 2 months 9 days |
Options Outstanding, Weighted Average Exercise Price | $3.69 |
Options Exercisable, Number Exercisable | 5,171,871 |
Options Exercisable, Weighted Average Exercise Price | $3.23 |
Equity_Incentive_Plans_and_Sto5
Equity Incentive Plans and Stock Based Compensation - Stock-Based Compensation Expense (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Stock-based compensation expense | $5,400 | $4,800 | $2,800 | $5,488 | $4,922 | $3,010 |
Research and Development | ||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Stock-based compensation expense | 3,123 | 2,562 | 1,521 | |||
General and Administrative | ||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Stock-based compensation expense | $2,365 | $2,360 | $1,489 |
Equity_Incentive_Plans_and_Sto6
Equity Incentive Plans and Stock Based Compensation - Weighted-Average Fair Value Valuation Assumptions (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Employee Stock Options | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Risk-free interest rate | 1.83% | 1.14% | 1.12% |
Expected life (in years) | 5 years 11 months 23 days | 5 years 11 months 19 days | 5 years 11 months 27 days |
Volatility | 94.00% | 101.00% | 105.00% |
Weighted-average fair value of stock options granted | $2.89 | $4.04 | $5.09 |
Employee Stock Purchase Plan (ESPP) | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Risk-free interest rate | 0.20% | 0.19% | 0.21% |
Expected life (in years) | 1 year 2 months 27 days | 1 year 3 months | 1 year 3 months |
Volatility | 49.00% | 77.00% | 111.00% |
Weighted-average fair value of ESPP purchase rights | $1.60 | $2.27 | $3.46 |
Equity_Incentive_Plans_and_Sto7
Equity Incentive Plans and Stock Based Compensation - Assumptions of Equity-Based Payments to Non-Employees (Detail) (Non-employee Stock-based Compensation Expense) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Non-employee Stock-based Compensation Expense | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Risk-free interest rate | 2.52% | 2.51% | 1.93% |
Expected life (in years) | 10 years | 10 years | 10 years |
Expected volatility | 97.00% | 100.00% | 101.00% |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Taxes Disclosure [Line Items] | |||
Income tax (benefit) provision | ($202,000) | $202,000 | |
NOL DTA related to excess benefits from stock option exercises | 400,000 | ||
Increase in valuation allowance | 7,800,000 | 11,600,000 | 7,800,000 |
Accrued interest or penalties | 0 | 0 | |
Federal [Member] | |||
Income Taxes Disclosure [Line Items] | |||
Federal and State net operating loss carryforwards | 82,000,000 | ||
Year net operating loss carryforwards begin to expire | 2021 | ||
Research and development credits | 4,100,000 | ||
Year research and development credits begin to expire | 2022 | ||
State [Member] | |||
Income Taxes Disclosure [Line Items] | |||
Federal and State net operating loss carryforwards | 87,000,000 | ||
Year net operating loss carryforwards begin to expire | 2015 | ||
Research and development credits | $4,900,000 |
Income_Taxes_Schedule_of_Recon
Income Taxes - Schedule of Reconciliation of Income Taxes at Statutory Federal Income Tax Rate to Net Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
U.S. federal taxes (benefit) at statutory rate | ($7,407) | ($9,592) | ($24,186) |
State federal income tax benefit | -571 | -1,794 | -1,160 |
Unutilized (utilized) net operating losses | 9,809 | 9,747 | 7,455 |
Stock-based compensation | 730 | 486 | 288 |
Research and development credits | -952 | -1,416 | |
Tax assets not benefited | 1,322 | 1,926 | 143 |
Nondeductible warrant expense | -3,177 | 790 | 17,414 |
Other | 44 | 55 | 46 |
Total | ($202) | $202 |
Income_Taxes_Schedule_of_Signi
Income Taxes - Schedule of Significant Components of Net Deferred Tax Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Capitalized start-up costs | $128 | $179 |
Net operating loss carryforwards | 33,049 | 31,988 |
Research and development credits | 6,616 | 5,427 |
Deferred stock compensation | 3,933 | 3,327 |
Deferred revenue | 26,151 | 21,151 |
Other (accruals, reserves, depreciation) | 1,019 | 1,069 |
Total deferred tax assets | 70,896 | 63,141 |
Less: Valuation allowance | ($70,896) | ($63,141) |
Income_Taxes_Schedule_of_Activ
Income Taxes - Schedule of Activity Related to Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ||
Gross unrecognized tax benefits at January 1, | $1,100 | $1,100 |
Gross increases (decreases) related to prior year tax positions | 0 | 0 |
Gross increases (decreases) related to current year tax positions | 0 | 0 |
Settlements | 0 | 0 |
Expiration of the statute of limitations for the assessment of taxes | 0 | 0 |
Gross unrecognized tax benefits at December 31, | $1,100 | $1,100 |
Quarterly_Financial_Data_Sched
Quarterly Financial Data - Schedule of Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | $3,681 | $3,680 | $3,680 | $3,681 | $3,212 | $3,181 | $3,180 | $2,922 | $14,722 | $12,495 | $5,867 |
Net income (loss) | ($5,964) | ($7,745) | ($766) | ($7,109) | ($7,589) | $1,176 | ($12,788) | ($9,214) | ($21,584) | ($28,415) | ($71,135) |
Net income (loss) per common share | |||||||||||
Basic | ($0.09) | ($0.13) | ($0.01) | ($0.12) | ($0.13) | $0.02 | ($0.22) | ($0.16) | ($0.36) | ($0.49) | ($1.31) |
Diluted | ($0.12) | ($0.15) | ($0.12) | ($0.14) | ($0.13) | ($0.08) | ($0.22) | ($0.16) | ($0.49) | ($0.49) | ($1.31) |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 18, 2015 | Feb. 28, 2015 |
Subsequent Event [Line Items] | |||||
Proceeds from issuance of common stock and warrants, net of offering expenses | $5,520 | $2,392 | $21,910 | ||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Common stock sold, shares | 8,300,000 | ||||
Warrants to purchase shares of common stock | 8,300,000 | ||||
Proceeds from issuance of common stock and warrants, net of offering expenses | $28,200 | ||||
Initial exercise price of the warrants | $10.86 | ||||
Maximum exercise price of warrants after adjustment date | $10.86 | ||||
Minimum exercise price of warrants after adjustment date | $3.62 | ||||
Term of warrant | 5 years | ||||
Company can force exercise of warrant if 20 day VWAP price exceeds | $18 |