Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 30, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'CODEXIS INC | ' |
Entity Central Index Key | '0001200375 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 38,660,773 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $23,163 | $22,130 |
Marketable securities | 1,002 | 3,005 |
Accounts receivable, net of allowances of $460 at March 31, 2014 and December 31, 2013 | 4,907 | 5,413 |
Inventories | 2,045 | 1,487 |
Prepaid expenses and other current assets | 1,730 | 1,567 |
Assets held for sale | 1,394 | 2,179 |
Total current assets | 34,241 | 35,781 |
Restricted cash | 711 | 711 |
Non-current marketable securities | 1,446 | 795 |
Property and equipment, net | 7,396 | 8,446 |
Intangible assets, net | 8,716 | 9,560 |
Goodwill | 3,241 | 3,241 |
Other non-current assets | 208 | 306 |
Total assets | 55,959 | 58,840 |
Current liabilities: | ' | ' |
Accounts payable | 3,487 | 3,961 |
Accrued compensation | 3,638 | 3,625 |
Other accrued liabilities | 2,699 | 1,612 |
Deferred revenues | 3,266 | 2,001 |
Total current liabilities | 13,090 | 11,199 |
Deferred revenues, net of current portion | 1,398 | 1,114 |
Other long-term liabilities | 4,900 | 5,044 |
Total liabilities | 19,388 | 17,357 |
Commitments and contingencies (note 10) | ' | ' |
Stockholders’ equity: | ' | ' |
Preferred stock, $0.0001 par value; 5,000 shares authorized, none issued and outstanding | 0 | 0 |
Common stock, $0.0001 par value; 100,000 shares authorized at March 31, 2014 and December 31, 2013; 38,661 and 38,351 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively | 4 | 4 |
Additional paid-in capital | 299,431 | 298,370 |
Accumulated other comprehensive income (loss) | 370 | -32 |
Accumulated deficit | -263,234 | -256,859 |
Total stockholders’ equity | 36,571 | 41,483 |
Total liabilities and stockholders’ equity | $55,959 | $58,840 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Accounts receivable, allowances | $460 | $460 |
Preferred Stock, Par or Stated Value Per Share | $0.00 | $0.00 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Preferred Stock, Shares Outstanding | $0.00 | $0.00 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares, Issued | 38,661,000 | 38,351,000 |
Common Stock, Shares, Outstanding | 38,661,000 | 38,351,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues: | ' | ' |
Biocatalyst products | $2,985 | $9,137 |
Biocatalyst research and development | 2,146 | 1,300 |
Revenue sharing arrangement | 1,943 | 1,044 |
Total revenues | 7,074 | 11,481 |
Costs and operating expenses: | ' | ' |
Cost of biocatalyst product revenues | 2,524 | 5,665 |
Research and development | 4,834 | 7,322 |
Selling, general and administrative | 6,112 | 8,124 |
Total costs and operating expenses | 13,470 | 21,111 |
Loss from operations | -6,396 | -9,630 |
Interest income | 9 | 27 |
Other expenses | -118 | -85 |
Loss before income taxes | -6,505 | -9,688 |
Benefit from income taxes | -130 | -65 |
Net loss | ($6,375) | ($9,623) |
Net loss per share, basic and diluted (dollars per share) | ($0.17) | ($0.25) |
Weighted average common shares used in computing net loss per share, basic and diluted (shares) | 38,506 | 37,842 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Loss (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Net loss | ($6,375) | ($9,623) |
Other comprehensive income: | ' | ' |
Unrealized gain on marketable securities, net of tax of $248 and $123 for the three months ended March 31, 2014 and 2013, respectively | 402 | 192 |
Other comprehensive income | 402 | 192 |
Total comprehensive loss | ($5,973) | ($9,431) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Loss (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Unrealized gain (loss) on marketable securities, tax | $248 | $123 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating activities: | ' | ' |
Net loss | ($6,375) | ($9,623) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Amortization of intangible assets | 844 | 844 |
Depreciation and amortization of property and equipment | 1,016 | 1,798 |
(Gain) loss on disposal of property and equipment | -66 | 108 |
Gain on sale of Hungarian subsidiary | -760 | 0 |
Stock-based compensation | 1,229 | 1,472 |
(Accretion of discount) amortization of premium on marketable securities | 1 | -43 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | 550 | 133 |
Inventories | -557 | -384 |
Prepaid expenses and other current assets | -813 | 1,301 |
Other assets | 8 | -464 |
Accounts payable | -472 | 792 |
Accrued compensation | 162 | 656 |
Other accrued liabilities | 1,279 | -2,197 |
Deferred revenues | 1,549 | 2,120 |
Net cash used in operating activities | -2,405 | -3,487 |
Investing activities: | ' | ' |
Purchase of property and equipment | -21 | -48 |
Proceeds from maturities of marketable securities | 2,000 | 2,500 |
Proceeds from sale of Hungarian subsidiary, net of selling costs | 1,500 | 0 |
Proceeds from the sale of assets held for sale | 10 | 0 |
Proceeds from sale of property and equipment | 117 | 0 |
Net cash provided by investing activities | 3,606 | 2,452 |
Financing activities: | ' | ' |
Proceeds from exercises of stock options | 62 | 263 |
Taxes paid related to net share settlement of equity awards | -230 | 0 |
Net cash provided by (used in) financing activities | -168 | 263 |
Net increase (decrease) in cash and cash equivalents | 1,033 | -772 |
Cash and cash equivalents at the beginning of the period | 22,130 | 32,003 |
Cash and cash equivalents at the end of the period | $23,163 | $31,231 |
Description_of_Business
Description of Business | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Description of Business | ' |
Description of Business | |
Codexis, Inc. (the “Company”) was incorporated in the State of Delaware in January 2002. The Company develops biocatalysts for the pharmaceutical and fine chemicals market. Its proven technologies enable scale-up and implementation of biocatalytic solutions to meet customer needs for rapid, cost-effective and sustainable process development, from research to manufacturing. | |
Biocatalysts are enzymes or microbes that initiate and/or accelerate chemical reactions. Manufacturers have historically used naturally occurring biocatalysts to produce many goods used in everyday life. However, inherent limitations in naturally occurring biocatalysts have restricted their commercial use. The Company’s proprietary technology platform is able to overcome many of these limitations, allowing us to evolve and optimize biocatalysts to perform specific and desired chemical reactions at commercial scale. | |
The Company has commercialized its technology and products in the pharmaceuticals market, which is the Company’s primary business focus. The Company’s pharmaceutical customers, which include several of the largest global pharmaceutical companies, use the Company’s technology, products and services in their manufacturing process development, including in the production of some of the world's bestselling and fastest growing drugs. | |
The Company has recently begun to use its technology to develop biocatalysts for use in the fine chemicals market. The fine chemicals market is similar to the Company’s pharmaceutical business and consists of several large market segments, including food, animal feed, polymers, flavors and fragrances and agricultural chemicals. | |
The Company creates its biocatalyst products by applying its CodeEvolver® directed evolution technology platform, which introduces genetic mutations into microorganisms, giving rise to changes in the enzymes that they produce. Once the Company identifies potentially beneficial mutations, it tests combinations of these mutations until it has created variant enzymes that exhibit marketable performance characteristics superior to competitive products. This process allows the Company to make continuous, efficient improvements to the performance of its enzymes. | |
In these Notes to Consolidated Financial Statements, the “Company” refers to Codexis, Inc. and its subsidiaries on a consolidated basis. |
Basis_of_Presentation_and_Summ
Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Accounting Policies [Abstract] | ' | |||
Basis of Presentation and Summary of Significant Accounting Policies | ' | |||
Basis of Presentation and Summary of Significant Accounting Policies | ||||
Basis of Presentation and Principles of Consolidation | ||||
The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2013. The condensed consolidated balance sheet at December 31, 2013 has been derived from the audited consolidated financial statements at that date, but does not include all disclosures including notes required by GAAP for complete financial statements. | ||||
The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, reflect all adjustments of a normal recurring nature considered necessary to present fairly its financial position as of March 31, 2014 and results of its operations, comprehensive loss and cash flows for the three months ended March 31, 2014 and 2013. The interim results are not necessarily indicative of the results for any future interim period or for the entire year. Certain prior period amounts have been reclassified to conform to current period presentation. | ||||
The unaudited interim condensed consolidated financial statements include the amounts of Codexis, Inc. and its wholly-owned subsidiaries in the United States, Brazil, Hungary (through the sale date of March 13, 2014), India, Mauritius, The Netherlands and Singapore. All significant intercompany balances and transactions have been eliminated in consolidation. | ||||
Use of Estimates | ||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. The Company's management regularly assesses these estimates which primarily affect revenue recognition, the valuation of marketable securities and accounts receivable, held for sale assets, intangible assets, goodwill arising out of business acquisitions, inventories, accrued liabilities, stock awards and the valuation allowances associated with deferred tax assets. Actual results could differ from those estimates and such differences may be material to the condensed consolidated financial statements. | ||||
Foreign Currency Translation | ||||
The assets and liabilities of foreign subsidiaries, where the local currency is the functional currency, are translated from their respective functional currencies into United States dollars at the exchange rates in effect at the balance sheet date, with resulting foreign currency translation adjustments recorded in the consolidated statement of comprehensive loss. Revenue and expense amounts are translated at average rates during the period. | ||||
Where the United States dollar is the functional currency, nonmonetary assets and liabilities originally acquired or assumed in other currencies are recorded in United States dollars at the exchange rates in effect at the date they were acquired or assumed. Monetary assets and liabilities denominated in other currencies are translated into United States dollars at the exchange rates in effect at the balance sheet date. Translation adjustments are recorded in interest expense and other, net in the accompanying condensed consolidated statements of operations. Gains and losses realized from transactions, including intercompany balances not considered as permanent investments, denominated in currencies other than an entity’s functional currency, are included in interest expense and other, net in the accompanying consolidated statements of operations. | ||||
Concentrations of Credit Risk | ||||
Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents, marketable securities, accounts receivable and restricted cash. Cash and cash equivalents, marketable securities and restricted cash are invested through banks and other financial institutions in the United States, as well as in other foreign countries. Such deposits may be in excess of insured limits. | ||||
Credit risk with respect to accounts receivable exists to the extent of amounts presented in the condensed consolidated financial statements. The Company estimates an allowance for doubtful accounts through specific identification of potentially uncollectible accounts receivable based on an analysis of its accounts receivable aging. Uncollectible accounts receivable are written off against the allowance for doubtful accounts when all efforts to collect them have been exhausted. Recoveries are recognized when they are received. Actual collection losses may differ from its estimates and could be material to its consolidated financial position, results of operations, and cash flows. | ||||
The Company's top five customers accounted for 90% and 94% of the Company's total revenues for the three months ended March 31, 2014 and 2013, respectively. Major customers that represented more than 10% of total Company revenue for the three months ended March 31, 2014 were Novartis at 28%, Exela at 27% and Merck at 22%. Major customers that represented more than 10% of total Company revenue for the three months ended March 31, 2013 were Merck at 41%, Arch at 19%, Novartis at 12% and Pfizer at 12%. | ||||
Accounts receivable balances for customers that represented more than 10% of accounts receivable as of March 31, 2014 were Novartis at 40%, Exela at 15% and Merck at 14%. Novartis had a balance of 50% of the Company's accounts receivable as of December 31, 2013. | ||||
Fair Value of Financial Instruments | ||||
The carrying amounts of certain of the Company's financial instruments, including cash and cash equivalents, restricted cash, accounts receivable and accounts payable, approximate fair value due to their short maturities. | ||||
Fair value is considered to be the price at which an asset could be exchanged or a liability transferred (an exit price) in an orderly transaction between knowledgeable, willing parties in the principal or most advantageous market for the asset or liability. Where available, fair value is based on or derived from observable market prices or other observable inputs. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments and the instruments’ complexity. | ||||
Cash, Cash Equivalents and Marketable Securities | ||||
The Company considers all highly liquid investments with maturity dates of three months or less at the date of purchase to be cash equivalents. Cash and cash equivalents consist of cash on deposit with banks and money market funds. The majority of cash and cash equivalents are maintained with major financial institutions in North America. Deposits with these financial institutions may exceed the amount of insurance provided on such deposits. Marketable securities included in current assets are comprised of corporate bonds. The Company's investment in common shares of CO2 Solutions Inc. (“CO2 Solutions”) is included in non-current marketable securities. | ||||
The Company performs separate evaluations of impaired debt and equity securities to determine if the unrealized losses as of the balance sheet date are other-than-temporary impairment. | ||||
For the Company's investments in equity securities, its evaluation considers a number of factors including, but not limited to, the length of time and extent to which the fair value has been less than cost, the financial condition and near term prospects of the issuer, and its management’s ability and intent to hold the securities until fair value recovers. The assessment of the ability and intent to hold these securities to recovery focuses on its current and forecasted liquidity requirements and capital requirements. As of March 31, 2014, there were no unrealized losses related to the Company's equity securities. | ||||
For the Company's investments in debt securities, management determines whether it intends to sell or if it is more-likely-than-not that the Company will be required to sell impaired securities. This determination considers current and forecasted liquidity requirements and capital requirements. For all impaired debt securities for which there was no intent or expected requirement to sell, the evaluation considers all available evidence to assess whether it is likely the amortized cost value will be recovered. The Company conducts a regular assessment of its debt securities with unrealized losses to determine whether the securities have other-than-temporary impairment considering, among other factors, the nature of the securities, credit rating or financial condition of the issuer, the extent and duration of the unrealized loss, expected cash flows of underlying collateral and market conditions. As of March 31, 2014, there were no unrealized losses related to the Company's debt securities. | ||||
The Company's investments in debt and equity securities are classified as available-for-sale and are carried at fair value. Unrealized gains and losses are reported on the condensed consolidated statement of comprehensive loss unless considered other-than-temporary. Amortization of purchase premiums and accretion of purchase discounts, realized gains and losses of debt securities and declines in value deemed to be other than temporary, if any, are included in interest income or other expenses. The cost of securities sold is based on the specific-identification method. There were no significant realized gains or losses from sales of marketable securities during the three months ended March 31, 2014 and 2013. | ||||
Impairment of Long-Lived Assets and Intangible Assets | ||||
Long-lived and intangible assets with finite lives are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of these assets is measured by comparison of their carrying amounts to future undiscounted cash flows the assets are expected to generate. | ||||
The Company's intangible assets with finite lives consist of customer relationships, developed core technology, trade names, and the intellectual property (“IP”) rights associated with the acquisition of Maxygen Inc.'s ("Maxygen") directed evolution technology in 2010. Intangible assets were recorded at their fair values at the date the Company acquired the assets and, for those assets having finite useful lives, are amortized using the straight-line method over their estimated useful lives. The Company's long-lived assets include property, plant and equipment, and other non-current assets. | ||||
The Company determined that it has a single entity wide asset group (“Asset Group”). The directed evolution technology patent portfolio acquired from Maxygen (“Core IP”) is the most significant component of the Asset Group since it is the base technology for all aspects of the Company's research and development activities, and represents the basis for all of the Company's identifiable cash flow generating capacity. Consequently, the Company does not believe that identification of independent cash flows associated with its long-lived assets is currently possible at any lower level than the Asset Group. | ||||
The Core IP is the only finite-lived intangible asset on the Company's consolidated balance sheet as of March 31, 2014 and is considered the primary asset within the Asset Group. There has been no significant change in the utilization or estimated life of the Core IP since the Company acquired the technology patent portfolio from Maxygen. | ||||
The carrying value of the Company's long-lived assets in the Asset Group may not be recoverable based upon the existence of one or more indicators of impairment which could include: a significant decrease in the market price of the Company's common stock; current period cash flow losses or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the assets; slower growth rates in the Company's industry; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the assets; loss of significant customers or partners; or the current expectation that the assets will more likely than not be sold or disposed of significantly before the end of their estimated useful life. | ||||
The Company evaluates recoverability of its long-lived assets and intangible assets based on the sum of the undiscounted cash flows expected to result from the use, and the eventual disposal of, the Asset Group. The Company makes estimates and judgments about the future undiscounted cash flows over the remaining useful life of the Asset Group. The Company's anticipated future cash flows include its estimates of existing or in process product revenues, production and operating costs, future capital expenditures, working capital needs, and assumptions regarding the ultimate sale of the Asset Group at the end of the life of the primary asset. The useful life of the Asset Group was based on the estimated useful life of the Core IP, the primary asset at the time of acquisition. There has been no change in the estimated useful life of the Asset Group. Although the Company's cash flow forecasts are based on assumptions that are consistent with our plans, there is significant judgment involved in determining the cash flows attributable to the Asset Group over its estimated remaining useful life. | ||||
In the fourth quarter of 2013, the Company determined that its continued annual operating losses and a decline in market price of the Company’s common stock, reduced anticipated future cash flows related to potential CodeXyme® cellulase enzyme and CodeXol® detergent alcohols transactions and reduced future revenue growth to reflect the Company’s most recent outlook were indicators of impairment. As a result, the Company undertook an impairment analysis in the fourth quarter of 2013. | ||||
The results of the Company's fourth quarter 2013 impairment analysis indicated that the undiscounted cash flows for the Asset Group were greater than the carrying value of the Asset Group by approximately 37%. Based on the results obtained, the Company determined there was no impairment of the Company's intangible assets as of December 31, 2013. | ||||
During the first quarter of 2014, the Company made no changes to the underlying forecasts nor did the Company identify any additional indicators of potential impairment or other new information that would have a material impact on the forecast or the impairment analysis prepared as of December 31, 2013. | ||||
Valuation of Goodwill | ||||
The Company reviews goodwill impairment annually in the fourth quarter of each of its fiscal years and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable. | ||||
The Company determined that it has only one operating segment and reporting unit under the criteria in ASC 280, Segment Reporting. Accordingly, the Company's review of goodwill impairment indicators is performed at the Company level. | ||||
The goodwill impairment test consists of a two-step process. The first step of the goodwill impairment test, used to identify potential impairment, compares the fair value of the reporting unit to its carrying value. If the fair value of the reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired, and the second step of the impairment test is not required. | ||||
The Company uses its market capitalization as an indicator of fair value. The Company believes that since its reporting unit is publicly traded, the ability of a controlling stockholder to benefit from synergies and other intangible assets that arise from control might cause the fair value of the Company's reporting unit as a whole to exceed its market capitalization. However, the Company believes that the fair value measurement need not be based solely on the quoted market price of an individual share of the Company's common stock, but also can consider the impact of a control premium in measuring the fair value of its reporting unit. | ||||
If the Company were to use an income approach it would establish a fair value by estimating the present value of its projected future cash flows expected to be generated from its business. The discount rate applied to the projected future cash flows to arrive at the present value would be intended to reflect all risks of ownership and the associated risks of realizing the stream of projected future cash flows. The Company's discounted cash flow methodology would consider projections of financial performance for a period of several years combined with an estimated residual value. The most significant assumptions it would use in a discounted cash flow methodology are the discount rate, the residual value and expected future revenues, gross margins and operating costs, along with considering any implied control premium. | ||||
Should the Company's market capitalization be less than the total stockholder's equity as of the Company's annual test date or as of any interim impairment testing date, the Company would also consider market comparables, recent trends in the Company's stock price over a reasonable period and, if appropriate, use an income approach to determine whether the fair value of its reporting unit is greater than the carrying amount. | ||||
The second step, if required, compares the implied fair value of the reporting unit goodwill with the carrying amount of that goodwill. If the carrying amount of the reporting unit's goodwill exceeds its implied fair value, an impairment charge is recognized in an amount equal to that excess. Implied fair value is the excess of the fair value of the reporting unit over the fair value of all identified assets and liabilities. The Company bases its fair value estimates on assumptions it believes to be reasonable. Actual future results may differ from those estimates. | ||||
Goodwill was tested for impairment in the fourth quarter of 2013. The Company concluded that the fair value of the reporting unit exceeded the carrying value and no impairment existed. No impairment charges were recorded during the year ended December 31, 2013. During the first quarter of 2014, the Company did not identify any indicators of impairment that would indicate that the carrying value of goodwill may not be recoverable. | ||||
Restricted Cash | ||||
Restricted cash consisted of amounts invested in money market accounts primarily for purposes of securing a standby letter of credit as collateral for the Company's Redwood City, California facility lease agreement. | ||||
Revenue Recognition | ||||
Revenues are recognized when the four basic revenue recognition criteria are met: (1) persuasive evidence of an arrangement exists; (2) products have been delivered, transfer of technology has been completed or services have been rendered; (3) the fee is fixed or determinable; and (4) collectability is reasonably assured. | ||||
The Company's primary sources of revenues consist of biocatalyst product revenues, biocatalyst research and development agreements and revenue sharing arrangements. Biocatalyst research and development agreements typically provide the Company with multiple revenue streams, including up-front fees for licensing, exclusivity and technology access, fees for full time employee ("FTE") services and the potential to earn milestone payments upon achievement of contractual criteria and royalty fees based on future product sales or cost savings achieved by the Company's customers. | ||||
For each source of biocatalyst research and development revenues, biocatalyst product revenues and revenue sharing revenues, the Company applies the following revenue recognition criteria: | ||||
Biocatalyst product revenues are recognized once passage of title and risk of loss has occurred and contractually specified acceptance criteria, if any, have been met, provided all other revenue recognition criteria have also been met. Product revenues consist of sales of biocatalyst intermediates, active pharmaceutical ingredients and Codex Biocatalyst Panels and Kits. Cost of product revenues includes both internal and third party fixed and variable costs including amortization of purchased technology, materials and supplies, labor, facilities and other overhead costs associated with the Company's biocatalyst product revenues. | ||||
Revenue sharing arrangement revenues are recognized based upon sales of licensed products by the Company's revenue share partner Exela (see Note 9 "Related Party Transactions"). Revenue share amounts received are net of product and selling costs. The Company bases its estimates of earned revenue on notification from its revenue share partner of the Company’s share of net profit based on the contractual percentage from the sale of licensed product. The Company bases its estimates on notification of the sale of revenue sharing products and related costs by its revenue share partner. | ||||
Up-front fees received in connection with biocatalyst research and development agreements, including license fees, technology access fees, and exclusivity fees, are deferred upon receipt, are not considered a separate unit of accounting and are recognized as revenues over the relevant performance periods related to the combined units of accounting appropriate for each customer arrangement. | ||||
Revenues related to FTE services recognized as research services are performed over the related performance periods for each contract. The Company performs biocatalyst research and development activities as specified in each respective customer agreement. The payments received are not refundable and are based on a contractual reimbursement rate per FTE working on the project. When up-front payments are combined with FTE services in a single unit of accounting, the Company recognizes the up-front payments using the proportionate performance method of revenue recognition based upon the actual amount of research and development labor hours incurred relative to the amount of the total expected labor hours to be incurred by the Company, up to the amount of cash received. In cases where the planned levels of research services fluctuate substantially over the research term, the Company is required to make estimates of the total hours required to perform the Company's obligations. Research and development expenses related to FTE services under the collaborative research and development agreements approximate the research funding over the term of the respective agreements. | ||||
A payment that is contingent upon the achievement of a substantive milestone is recognized in its entirety in the period in which the milestone is achieved. A milestone is an event (i) that can only be achieved based in whole or in part on either the Company's performance or on the occurrence of a specific outcome resulting from its performance, (ii) for which there is substantive uncertainty at the date the arrangement is entered into that the event will be achieved, and (iii) results in additional payments being due to the Company. Milestones are considered substantive when the consideration earned from the achievement of the milestone (i) is commensurate with either the Company's performance to achieve the milestone or the enhancement of value of the item delivered as a result of a specific outcome resulting from its performance, (ii) relates solely to past performance, and (iii) is reasonable relative to all deliverable and payment terms in the arrangement. | ||||
Other payments received for which such payments are contingent solely upon the passage of time or the result of a collaborative partner’s performance are recognized as revenue when earned in accordance with the contract terms and when such payments can be reasonably estimated and collectability is reasonably assured. | ||||
The Company recognizes revenues from royalties based on licensees’ sales of products using the Company's technologies. Royalties are recognized as earned in accordance with the contract terms when royalties from licensees can be reasonably estimated and collectability is reasonably assured. The Company bases its estimates on notification the sale of licensed products from licensees. | ||||
Through 2012, the Company received payments from government entities for work performed in the form of government awards. Government awards are agreements that generally provide the Company with cost reimbursement for certain types of expenditures in return for research and development activities over a contractually defined period. Revenues from government awards are recognized in the period during which the related costs are incurred, provided that the conditions under which the government awards were provided have been met and the Company has only perfunctory obligations outstanding. | ||||
Shipping and handling costs charged to customers are recorded as revenues. Shipping costs are included in the Company's cost of biocatalyst products revenues. Such charges were not significant in any of the periods presented. | ||||
Income Taxes | ||||
The Company uses the liability method of accounting for income taxes, whereby deferred tax assets or liability account balances are calculated at the balance sheet date using current tax laws and rates in effect for the year in which the differences are expected to affect taxable income. Valuation allowances are provided when necessary to reduce deferred tax assets to the amount that will more likely than not be realized. | ||||
The Company makes certain estimates and judgments in determining income tax expense for financial statement purposes. These estimates and judgments occur in the calculation of tax credits, benefits and deductions and in the calculation of certain tax assets and liabilities, which arise from differences in the timing of recognition of revenues and expenses for tax and financial statement purposes. Significant changes to these estimates may result in an increase or decrease to the Company's tax provision in a subsequent period. | ||||
In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized on a jurisdiction by jurisdiction basis. The ultimate realization of deferred tax assets is dependent upon the generation of taxable income in the future. The Company has recorded a deferred tax asset in jurisdictions where ultimate realization of deferred tax assets is more likely than not to occur. | ||||
The Company makes estimates and judgments about its future taxable income that are based on assumptions that are consistent with its plans and estimates. Should the actual amounts differ from its estimates, the amount of its valuation allowance could be materially impacted. Any adjustment to the deferred tax asset valuation allowance would be recorded in the income statement for the periods in which the adjustment is determined to be required. With the sale of the Hungarian subsidiary during the quarter ended March 31, 2014, the related net operating losses and other tax attributes are no longer available to the Company. The related deferred tax assets had a full valuation allowance and, as a result, their removal did not have a material impact to the financial statements. | ||||
The Company accounts for uncertainty in income taxes as required by the provisions of ASC Topic 740, Income Taxes, which clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to estimate and measure the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as this requires us to determine the probability of various possible outcomes. The Company considers many factors when evaluating and estimating the Company's tax positions and tax benefits, which may require periodic adjustments and may not accurately anticipate actual outcomes. | ||||
The Tax Reform Act of 1986 and similar state provisions limit the use of net operating loss carryforwards in certain situations where equity transactions result in a change of ownership as defined by Internal Revenue Code Section 382. In the event the Company should experience an ownership change, as defined, utilization of the Company's federal and state net operating loss carryforwards could be limited. | ||||
Stock-Based Compensation | ||||
The fair value of stock options is estimated at grant date using the Black-Scholes option pricing model. The Company’s determination of fair value of stock options on the date of grant, using an option pricing model, is affected by the Company’s stock price, as well as the assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, the Company’s expected stock price volatility over the term of the awards and projected employee stock option exercise behaviors. The fair value of each restricted stock unit grant, each restricted stock award unit and each performance stock unit grant is based on the underlying value of the Company’s common stock on the date of grant. In addition, the Company estimates the expected forfeiture rate and only recognizes expense for those awards expected to vest. The Company estimates the forfeiture rate based on historical experience and to the extent the actual forfeiture rate is different from the estimate, share-based compensation expense is adjusted accordingly. The Company generally uses the straight-line method to allocate stock-based compensation expense to the appropriate reporting periods. Some awards are accounted for using the accelerated method as appropriate for the terms of the awards. | ||||
The Company accounts for stock awards issued to non-employees based on their estimated fair value determined using the Black-Scholes option-pricing model. Compensation expense for the stock awards granted to non-employees is recognized based on the fair value of awards as they vest, during the period the related services are rendered. | ||||
Net Loss per Share | ||||
Basic net loss per share of common stock is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period, less the weighted-average unvested common stock subject to repurchase. Diluted net loss per share of common stock is computed by giving effect to all potential common shares, consisting of stock options, restricted stock units, performance stock units and warrants, to the extent dilutive. Basic and diluted net loss per share of common stock was the same for each period presented as the inclusion of all potential common shares outstanding was anti-dilutive. | ||||
The following options to purchase common stock, restricted stock units, performance stock units and warrants to purchase common stock were excluded from the computation of diluted net loss per share of common stock for the three months ended March 31, 2014 and 2013 (in thousands): | ||||
Three Months Ended March 31, | ||||
2014 | 2013 | |||
Options to purchase common stock | 4,333 | 5,117 | ||
Restricted stock units/awards | 1,975 | 1,626 | ||
Performance stock units | 775 | 523 | ||
Warrants to purchase common stock | 75 | 260 | ||
Total shares excluded as anti-dilutive | 7,158 | 7,526 | ||
Recently Issued and Adopted Accounting Guidance | ||||
There have been no recently issued accounting pronouncements that have had or are expected to have a material impact on the financial statements. |
Collaborative_Research_and_Dev
Collaborative Research and Development Agreements | 3 Months Ended |
Mar. 31, 2014 | |
Research and Development [Abstract] | ' |
Collaborative Research and Development Agreements | ' |
Collaborative Research and Development Agreements | |
Merck Research and Development Collaboration | |
On February 1, 2012, the Company entered into a 5 year Sitagliptin Catalyst Supply Agreement ("Sitagliptin Agreement") whereby Merck Sharp and Dohme Corp. ("Merck") may obtain commercial scale substance for their use in the manufacture of one of its products, Januvia®. Merck may extend the term of the Sitagliptin Agreement for an additional five years at its sole discretion. | |
The Sitagliptin Agreement calls for Merck to pay an annual license fee for the rights to the Sitagliptin technology each year for the term of the Sitagliptin Agreement. As of March 31, 2014, the Company has a deferred revenue balance of $2,404,000 from Merck related to the license fee. The license fee is being recognized as collaborative research and development revenue ratably over the five year term of the Sitagliptin Agreement. Pursuant to the Sitagliptin Agreement, Merck may purchase substance from the Company for a fee based on contractually stated prices. During the three months ended March 31, 2014 and 2013, the Company recognized $492,000 and $328,000 of the license fee as collaborative research and development revenue and $0 and $505,000 in product revenue, respectively. | |
Arch Manufacturing Collaboration | |
From 2006 through November 2012, Arch of Mumbai, India manufactured substantially all of the Company's commercialized intermediates and active pharmaceutical ingredients ("APIs") for sale to generic and innovator pharmaceutical manufacturers. Prior to November 2012, Arch produced atorva-family API's and intermediates for the Company and it sold these directly to end customers primarily in India. In November 2012, the Company entered into a new commercial arrangement with Arch (the "New Arch Enzyme Supply Agreement") whereby the Company agreed to supply Arch with enzymes for use in the manufacture of atorva family products and Arch agreed to market these products directly to end customers. For the three months ended March 31, 2014 and 2013, the Company recognized $39,000 and $2,134,000, respectively, in product revenue for the sale of enzyme inventory to Arch pursuant to the New Arch Enzyme Supply Agreement. During 2013, the Company recorded an allowance for bad debt of approximately $387,000 due to a write-off of an accounts receivable from Arch. |
Assets_Held_for_Sale
Assets Held for Sale | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Assets Held for Sale [Abstract] | ' | ||||
Assets Held for Sale | ' | ||||
Assets Held for Sale | |||||
In the fourth quarter of 2013, the Company announced that it would begin winding down its CodeXyme® cellulase enzyme program. As a result of the termination of this research program and corresponding reductions in headcount, the Company had concluded that certain excess research and development equipment, including assets at the Company's Hungarian subsidiary, were no longer held for use, and these assets were determined to meet the criteria to be classified as held for sale at December 31, 2013. In March 2014, the Company sold its Hungarian subsidiary including all of the equipment at this facility classified as assets held for sale. The sale of the assets was recorded at their adjusted carrying value of $779,000 and intends to sell the remaining held for sale assets in an orderly manner, is conducting a program to actively market these assets and believes it will complete the sale within one year. | |||||
In conjunction with classifying certain assets as held for sale, in 2013, the Company performed a detailed review of its excess research and development equipment with the assistance of a third party and determined that the estimated net sales price, less selling costs, was below the carrying value. A charge of $1,571,000 was recorded in the fourth quarter of 2013 to research and development expenses to reduce the value of held for sale assets to their estimated fair market value net of selling expenses. The Company reclassified the adjusted carrying value to Assets Held for Sale as of December 31, 2013. | |||||
Total assets reclassified as Assets Held for Sale at March 31, 2014 were (in thousands): | |||||
Assets Held for Sale | Adjusted Carrying Value | ||||
Research & development equipment classified as held for sale at December 31, 2013 | $ | 2,179 | |||
Hungarian assets sold during the three months ended March 31, 2014 | (779 | ) | |||
U.S. assets sold during the three months ended March 31, 2014 | (6 | ) | |||
Research & development equipment classified as held for sale at March 31, 2014 | $ | 1,394 | |||
Assets held for sale located in the United States were sold for $10,000 in proceeds during the three months ended March 31, 2014, resulting in a gain on the sale of approximately $4,000. | |||||
Sale of Hungarian Subsidiary | |||||
On March 13, 2014, the Company entered into an agreement with Intrexon Corporation to sell 100% of its equity interests in its Hungarian subsidiary, Codexis Laboratories Hungary Kft. On March 15, 2014, the sale transaction closed and the Company received cash proceeds of $1,500,000 from the sale and recorded a net gain of $760,000 which was included in research and development expenses in connection with the sale. As part of the purchase, the buyer obtained all the Hungarian assets held for sale and assumed all employment and facility lease related contract obligations. There were no transaction related costs incurred other than legal fees, which were recorded in selling, general and administrative expenses. |
Sale_of_Hungarian_Subsidiary
Sale of Hungarian Subsidiary | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Equity [Abstract] | ' | ||||
Sale of Hungarian Subsidiary | ' | ||||
Assets Held for Sale | |||||
In the fourth quarter of 2013, the Company announced that it would begin winding down its CodeXyme® cellulase enzyme program. As a result of the termination of this research program and corresponding reductions in headcount, the Company had concluded that certain excess research and development equipment, including assets at the Company's Hungarian subsidiary, were no longer held for use, and these assets were determined to meet the criteria to be classified as held for sale at December 31, 2013. In March 2014, the Company sold its Hungarian subsidiary including all of the equipment at this facility classified as assets held for sale. The sale of the assets was recorded at their adjusted carrying value of $779,000 and intends to sell the remaining held for sale assets in an orderly manner, is conducting a program to actively market these assets and believes it will complete the sale within one year. | |||||
In conjunction with classifying certain assets as held for sale, in 2013, the Company performed a detailed review of its excess research and development equipment with the assistance of a third party and determined that the estimated net sales price, less selling costs, was below the carrying value. A charge of $1,571,000 was recorded in the fourth quarter of 2013 to research and development expenses to reduce the value of held for sale assets to their estimated fair market value net of selling expenses. The Company reclassified the adjusted carrying value to Assets Held for Sale as of December 31, 2013. | |||||
Total assets reclassified as Assets Held for Sale at March 31, 2014 were (in thousands): | |||||
Assets Held for Sale | Adjusted Carrying Value | ||||
Research & development equipment classified as held for sale at December 31, 2013 | $ | 2,179 | |||
Hungarian assets sold during the three months ended March 31, 2014 | (779 | ) | |||
U.S. assets sold during the three months ended March 31, 2014 | (6 | ) | |||
Research & development equipment classified as held for sale at March 31, 2014 | $ | 1,394 | |||
Assets held for sale located in the United States were sold for $10,000 in proceeds during the three months ended March 31, 2014, resulting in a gain on the sale of approximately $4,000. | |||||
Sale of Hungarian Subsidiary | |||||
On March 13, 2014, the Company entered into an agreement with Intrexon Corporation to sell 100% of its equity interests in its Hungarian subsidiary, Codexis Laboratories Hungary Kft. On March 15, 2014, the sale transaction closed and the Company received cash proceeds of $1,500,000 from the sale and recorded a net gain of $760,000 which was included in research and development expenses in connection with the sale. As part of the purchase, the buyer obtained all the Hungarian assets held for sale and assumed all employment and facility lease related contract obligations. There were no transaction related costs incurred other than legal fees, which were recorded in selling, general and administrative expenses. |
Balance_Sheets_Details
Balance Sheets Details | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||
Balance Sheets Details [Abstract] | ' | |||||||||||||||||||||||||
Balance Sheets Details | ' | |||||||||||||||||||||||||
Balance Sheets Details | ||||||||||||||||||||||||||
Inventory | ||||||||||||||||||||||||||
Inventory, net consisted of the following (in thousands): | ||||||||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Raw materials | $ | 577 | $ | 763 | ||||||||||||||||||||||
Work in process | 109 | 31 | ||||||||||||||||||||||||
Finished goods | 1,359 | 693 | ||||||||||||||||||||||||
Inventory, net | $ | 2,045 | $ | 1,487 | ||||||||||||||||||||||
Property and Equipment, net | ||||||||||||||||||||||||||
Property and equipment, net consisted of the following (in thousands): | ||||||||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Laboratory equipment | $ | 23,136 | $ | 23,949 | ||||||||||||||||||||||
Leasehold improvements | 9,493 | 9,493 | ||||||||||||||||||||||||
Computer equipment | 3,209 | 3,196 | ||||||||||||||||||||||||
Office furniture and equipment | 1,228 | 1,228 | ||||||||||||||||||||||||
37,066 | 37,866 | |||||||||||||||||||||||||
Less: accumulated depreciation and amortization | (29,678 | ) | (29,461 | ) | ||||||||||||||||||||||
7,388 | 8,405 | |||||||||||||||||||||||||
Construction in progress | 8 | 41 | ||||||||||||||||||||||||
Property and equipment, net | $ | 7,396 | $ | 8,446 | ||||||||||||||||||||||
Intangible Assets | ||||||||||||||||||||||||||
Intangible assets consisted of the following (in thousands): | ||||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | Weighted- | ||||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | Average | ||||||||||||||||||||
Amount | Amount | Amount | Amount | Amortization | ||||||||||||||||||||||
Period | ||||||||||||||||||||||||||
(years) | ||||||||||||||||||||||||||
Customer relationships | $ | 3,098 | $ | (3,098 | ) | $ | — | $ | 3,098 | $ | (3,098 | ) | $ | — | 5 | |||||||||||
Developed and core technology | 1,534 | (1,534 | ) | — | 1,534 | (1,534 | ) | — | 5 | |||||||||||||||||
Maxygen intellectual property | 20,244 | (11,528 | ) | 8,716 | 20,244 | (10,684 | ) | 9,560 | 6 | |||||||||||||||||
Total | $ | 24,876 | $ | (16,160 | ) | $ | 8,716 | $ | 24,876 | $ | (15,316 | ) | $ | 9,560 | ||||||||||||
The estimated future amortization expense to be charged to research and development through the year ending December 31, 2016 is as follows (in thousands): | ||||||||||||||||||||||||||
Year ending December 31: | Total | |||||||||||||||||||||||||
2014 (remaining 9 months) | $ | 2,530 | ||||||||||||||||||||||||
2015 | 3,374 | |||||||||||||||||||||||||
2016 | 2,812 | |||||||||||||||||||||||||
$ | 8,716 | |||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||||
There were no changes in the carrying value of goodwill of $3,241,000 during the first three months of 2014 and 2013. |
Cash_Equivalents_and_Marketabl
Cash Equivalents and Marketable Securities | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Cash Equivalents and Marketable Securities [Abstract] | ' | |||||||||||||||||
Cash Equivalents and Marketable Securities | ' | |||||||||||||||||
Cash Equivalents and Marketable Securities | ||||||||||||||||||
At March 31, 2014, cash equivalents and marketable securities consisted of the following (in thousands): | ||||||||||||||||||
31-Mar-14 | ||||||||||||||||||
Adjusted Cost | Gross | Gross | Estimated | Average | ||||||||||||||
Unrealized | Unrealized | Fair Value | Contractual | |||||||||||||||
Gains | Losses | Maturities | ||||||||||||||||
(in days) | ||||||||||||||||||
Money market funds | $ | 14,592 | $ | — | $ | — | $ | 14,592 | n/a | |||||||||
Corporate bonds | 1,001 | 1 | — | 1,002 | 50 | |||||||||||||
Common shares of CO2 Solutions | 563 | 883 | — | 1,446 | n/a | |||||||||||||
Total | $ | 16,156 | $ | 884 | $ | — | $ | 17,040 | ||||||||||
The total cash and cash equivalents balance of $23,163,000 as of March 31, 2014 was comprised of money market funds of $14,592,000, and $8,571,000 held as cash, primarily with major financial institutions in North America. At March 31, 2014, the Company had no marketable securities in an unrealized loss position. | ||||||||||||||||||
At December 31, 2013, cash equivalents and marketable securities consisted of the following (in thousands): | ||||||||||||||||||
31-Dec-13 | ||||||||||||||||||
Adjusted Cost | Gross | Gross | Estimated | Average | ||||||||||||||
Unrealized | Unrealized | Fair Value | Contractual | |||||||||||||||
Gains | Losses | Maturities | ||||||||||||||||
(in days) | ||||||||||||||||||
Money market funds | $ | 16,089 | $ | — | $ | — | $ | 16,089 | n/a | |||||||||
Corporate bonds | 1,002 | 3 | — | 1,005 | 140 | |||||||||||||
U.S. Treasury obligations | 2,000 | — | — | 2,000 | 59 | |||||||||||||
Common shares of CO2 Solutions | 563 | 232 | — | 795 | n/a | |||||||||||||
Total | $ | 19,654 | $ | 235 | $ | — | $ | 19,889 | ||||||||||
The total cash and cash equivalents balance of $22,130,000 as of December 31, 2013, was comprised of money market funds of $16,089,000 and $6,041,000 held as cash, primarily with major financial institutions in North America. At December 31, 2013, the Company had no marketable securities in an unrealized loss position. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
Fair Value Measurements | ||||||||||||||||
Assets and liabilities recorded at fair value in the condensed consolidated financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels which are directly related to the amount of subjectivity associated with the inputs to the valuation of these assets or liabilities are as follows: | ||||||||||||||||
Level 1 - Inputs that are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. | ||||||||||||||||
Level 2 - Inputs (other than quoted prices included in Level 1) that are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument's anticipated life. | ||||||||||||||||
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 and which reflect management's best estimate of what market participants would use in pricing the asset or liability at the measurement date. | ||||||||||||||||
For Level 2 financial instruments, the Company's investment adviser provides monthly account statements documenting the value of corporate bonds and U.S. Treasury obligations based on prices received from an independent third-party valuation service provider. This third party evaluates the types of securities in the Company's investment portfolio and calculates a fair value using a multi-dimensional pricing model that includes a variety of inputs, including quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks and default rates that are observable at commonly quoted intervals. As the Company is ultimately responsible for the determination of the fair value of these instruments, it performs quarterly analyses using prices obtained from another independent provider of financial instrument valuations, to validate that the prices the Company has used are reasonable estimates of fair value. | ||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||
The following table presents the financial instruments that were measured at fair value on a recurring basis at March 31, 2014 by level within the fair value hierarchy (in thousands): | ||||||||||||||||
31-Mar-14 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Money market funds | $ | 14,592 | $ | — | $ | — | $ | 14,592 | ||||||||
Corporate bonds | — | 1,002 | — | 1,002 | ||||||||||||
Common shares of CO2 Solutions | — | 1,446 | — | 1,446 | ||||||||||||
Total | $ | 14,592 | $ | 2,448 | $ | — | $ | 17,040 | ||||||||
The following table presents the financial instruments that were measured at fair value on a recurring basis at December 31, 2013 by level within the fair value hierarchy (in thousands): | ||||||||||||||||
31-Dec-13 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Money market funds | $ | 16,089 | $ | — | $ | — | $ | 16,089 | ||||||||
Corporate bonds | — | 1,005 | — | 1,005 | ||||||||||||
U.S. Treasury obligations | — | 2,000 | — | 2,000 | ||||||||||||
Common shares of CO2 Solutions | — | 795 | — | 795 | ||||||||||||
Total | $ | 16,089 | $ | 3,800 | $ | — | $ | 19,889 | ||||||||
Cash balances at financial institutions of $8,571,000 and $6,041,000 as of March 31, 2014 and December 31, 2013, respectively, are not included in the above tables as they are not considered financial instruments. The Company estimated the fair value of its investment in 10,000,000 common shares of CO2 Solutions using the market value of common shares as determined based upon quoted prices on the TSX Venture Exchange. There were no other-than-temporary impairments noted as of March 31, 2014. | ||||||||||||||||
Fair Value of Assets Held for Sale | ||||||||||||||||
As of March 31, 2014, the Company had assets held for sale of $1,394,000 related to lab equipment located in the United States. The fair value of these assets was determined based on Level 3 inputs, primarily sales data for similar assets. No losses were recognized in the first quarter of 2014 due to fair value remeasurements using Level 3 inputs. | ||||||||||||||||
The fair value of assets held for sale at March 31, 2014 and December 31, 2013, measured on a nonrecurring basis, is as follows (in thousands): | ||||||||||||||||
31-Mar-14 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets held for sale | $ | — | $ | — | $ | 1,394 | $ | 1,394 | ||||||||
31-Dec-13 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets held for sale | $ | — | $ | — | $ | 2,179 | $ | 2,179 | ||||||||
Related_Party_Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2014 | |
Related Party Transaction, Due from (to) Related Party [Abstract] | ' |
Related Party Transactions | ' |
Related Party Transactions | |
Exela PharmaSci, Inc. | |
The Company signed a license agreement with Exela PharmaSci, Inc. (“Exela”) in 2007. CMEA Ventures, which owns approximately 7.6% of the Company's common stock, owns over 10% of Exela’s outstanding capital stock. Thomas R. Baruch, one of the Company's directors, also serves on the board of directors of Exela and, as a limited partner in the CMEA Ventures funds that hold such shares of Exela, has an indirect pecuniary interest in the shares of Exela held by CMEA Ventures. Exela agreed to pay to the Company a contractual percentage share of Exela’s net profit from the sales of licensed products. | |
During the three months ended March 31, 2014 and 2013, the Company recognized $1,943,000 and $1,044,000 of revenue, respectively, related to this arrangement, in the condensed consolidated statements of operations as revenue sharing arrangement revenue. | |
Alexander A. Karsner | |
Alexander A. Karsner is a director of Codexis and provided consulting services to the Company during 2013 and 2014. Mr. Karsner was paid $30,000 for consulting services for the three months ended March 31, 2014 and 2013. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments and Contingencies | ' | |||
Commitments and Contingencies | ||||
Operating Leases | ||||
The Company's headquarters are located in Redwood City, California where it leases approximately 107,000 square feet of office and laboratory space in four buildings within the same business park from Metropolitan Life Insurance Company ("MetLife"). The Company entered into the initial lease with Met Life for a portion of this space in 2004 and the lease has been amended numerous times since then to add and subtract space and amend the terms of the lease, with the latest amendment being in 2012. The various terms for the spaces under the lease have expiration dates that range from January 2017 through January 2020. | ||||
As of December 31, 2012, the Company incurred $3,600,000 of capital improvement costs related to the facilities leased from MetLife and received $3,100,000 of reimbursements from the landlord out of the tenant improvement and HVAC allowances for the completed construction. The reimbursements are being amortized on a straight line basis over the term of the lease as a reduction in rent expense. As of March 31, 2014, the lease incentive obligation remaining was classified with other long-term liabilities on the condensed consolidated balance sheet for $2,054,000. | ||||
As part of a restructuring plan that the Company undertook in the third quarter of 2012, the Company began the process of vacating the 101 Saginaw Drive, Redwood City, California space and marketed the space for sublease. In March 2014, the Company entered into a three-year sublease agreement with a subtenant, which terminates in April 2017, with the option to extend for two consecutive one-year terms thereafter. The sublease income is being recorded as a reduction of the Company's rent expense. | ||||
The Company's lease obligations for the facility in Hungary were transferred to the buyer of the Company's Hungarian subsidiary in March 2014. | ||||
The Company's leased facility in Singapore has been vacated, the lease terminated and the Company recorded a cease use liability of $354,000 representing the remaining six months lease term for the facility as an accrued expense at December 31, 2012, which was paid in 2013. | ||||
Rent expense is recognized on a straight-line basis over the term of the lease. In accordance with the terms of the amended lease agreement, the Company exercised the Company's right to deliver letters of credit in lieu of a security deposit. The letters of credit in the amount of $707,000 as of March 31, 2014 were collateralized by deposit balances held by the Company's bank. These deposits are recorded as restricted cash on the condensed consolidated balance sheets. | ||||
As of March 31, 2014, the Company had estimated asset retirement obligations of approximately $109,000 from operating leases, requiring the Company to restore the facilities that the Company is renting to their original form. The Company is expensing the asset retirement obligation over the terms of the respective leases. The Company reviews the estimated obligation each period and makes adjustments for any changes in estimates. | ||||
Future minimum payments under noncancellable operating leases are as follows at March 31, 2014 (in thousands): | ||||
Lease payments | ||||
9 months ending December 31, | ||||
2014 | $ | 2,006 | ||
Years ending December 31, | ||||
2015 | 2,743 | |||
2016 | 2,827 | |||
2017 | 2,677 | |||
2018 | 2,736 | |||
2019 and beyond | 3,054 | |||
Total | $ | 16,043 | ||
Litigation | ||||
The Company has been subject to various legal proceedings related to matters that have arisen during the ordinary course of business. Although there can be no assurance as to the ultimate disposition of these matters, the Company has determined, based upon the information available, that the expected outcome of these matters, individually or in the aggregate, will not have a material adverse effect on the condensed consolidated financial position, results of operations or cash flows. | ||||
Indemnifications | ||||
The Company is required to recognize a liability for the fair value of any obligations the Company assumes upon the issuance of a guarantee. The Company has certain agreements with licensors, licensees and collaborators that contain indemnification provisions. In such provisions, the Company typically agrees to indemnify the licensor, licensee and collaborator against certain types of third party claims. The maximum amount of the indemnifications is not limited. The Company accrues for known indemnification issues when a loss is probable and can be reasonably estimated. There were no accruals for expenses related to indemnification issues for any periods presented. | ||||
Other Contingencies | ||||
On July 30, 2013, Dyadic International, Inc. ("Dyadic") delivered notice to the Company alleging that it is in breach under the Dyadic license agreement and stating that Dyadic intended to terminate the Dyadic license agreement in 60 days if the alleged breach was not cured to Dyadic's satisfaction. This notice was subsequently withdrawn by Dyadic in February 2014 in light of the Company's decision to wind down its CodeXyme® cellulase enzyme program. Although the Company does not believe that the use of the licensed technology in its CodeXyme® cellulase enzyme program constituted a breach of the Dyadic license agreement , the Company can make no assurances that Dyadic will not make such allegations again in the future, or regarding the Company's ability to resolve any possible future disputes with Dyadic on commercially reasonable terms or the Company's ability to dispute with success, through legal action or otherwise, any possible future allegations by Dyadic that such use may have breached the Dyadic license agreement. | ||||
In November 2009, one of the Company's foreign subsidiaries sold intellectual property to Codexis, Inc. Under the local laws, the sale of intellectual property to a nonresident legal entity is deemed an export and is not subject to VAT. However, there is uncertainty regarding whether the items sold represented intellectual property or research and development services, which would subject the sale to VAT. The Company believes that the uncertainty results in an exposure to pay VAT that is more than remote but less than likely to occur and, accordingly, has not recorded an accrual for this exposure. If the sale is deemed a sale of research and development services, the Company could be obligated to pay an estimated amount of $600,000. |
Warrants
Warrants | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Warrants and Rights Note Disclosure [Abstract] | ' | |||||||
Warrants | ' | |||||||
Warrants | ||||||||
The Company's outstanding warrants are exercisable for common stock at any time during their respective terms. As of March 31, 2014, the following warrants remain outstanding: | ||||||||
31-Mar-14 | ||||||||
Issue Date | Shares Subject | Exercise Price | Expiration | |||||
to warrants | per Share | |||||||
July 17, 2007 | 2,384 | $ | 12.45 | February 9, 2016 | ||||
September 28, 2007 | 72,727 | $ | 8.25 | September 28, 2017 | ||||
Stockholders_Equity
Stockholders' Equity | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Equity [Abstract] | ' | |||||||
Stockholders' Equity | ' | |||||||
Stockholders' Equity | ||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||
The components of accumulated other comprehensive income, net of tax, and other comprehensive income are summarized as follows (in thousands): | ||||||||
Net Unrealized Gains on Marketable Securities | Accumulated Other Comprehensive Income | |||||||
Balance at December 31, 2013 | $ | (32 | ) | $ | (32 | ) | ||
Other comprehensive income | 401 | 401 | ||||||
Amounts reclassified to interest income | 1 | 1 | ||||||
Balance at March 31, 2014 | $ | 370 | $ | 370 | ||||
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||
Stock-Based Compensation | ' | |||||||||||||
Stock-Based Compensation | ||||||||||||||
Stock Plans | ||||||||||||||
In 2002, the Company adopted the 2002 Stock Plan (the “2002 Plan”), pursuant to which its board of directors issued incentive stock options, non-statutory stock options and stock purchase rights to its employees, officers, directors and consultants. In March 2010, the Company's board of directors and stockholders approved the 2010 Equity Incentive Award Plan (the “2010 Plan”), which became effective upon the completion of its initial public offering ("IPO") in April 2010. The 2010 Plan is similar to the 2002 Plan but allows for issuance of additional awards, such as a restricted stock unit (“RSU”), performance stock unit (“PSU”), deferred stock award and stock appreciation rights. A total of 1,100,000 shares of common stock were initially reserved for future issuance under the 2010 Plan and any shares of common stock reserved for future grant or issuance under the Company's 2002 Plan that remained unissued at the time of completion of the IPO became available for future grant or issuance under the 2010 Plan. In addition, the shares reserved for issuance pursuant to the exercise of any outstanding awards under the 2002 Plan that expire unexercised will also become available for future issuance under the 2010 Plan. The 2010 Plan also provides for automatic annual increases in the number of shares reserved for future issuance. | ||||||||||||||
The following table presents the shares available for grant as of March 31, 2014 (in thousands): | ||||||||||||||
Shares available for grant | ||||||||||||||
31-Dec-13 | 4,908 | |||||||||||||
Annual increase in shares available for grant | 1,525 | |||||||||||||
Option grants | (870 | ) | ||||||||||||
Restricted stock unit grants | (75 | ) | ||||||||||||
Restricted stock award grants | (229 | ) | ||||||||||||
Performance stock unit grants | (775 | ) | ||||||||||||
Restricted stock unit award shares withheld for taxes | 123 | |||||||||||||
Options forfeited, cancelled or expired | 195 | |||||||||||||
Restricted stock units forfeited or cancelled | 196 | |||||||||||||
Performance stock units forfeited or cancelled | 358 | |||||||||||||
31-Mar-14 | 5,356 | |||||||||||||
Stock Options | ||||||||||||||
Awards granted under the 2002 Plan and 2010 Plan expire no later than 10 years from the date of grant. For incentive stock options and nonstatutory stock options, the option price shall be at least 100% and 85%, respectively, of the fair value of the common stock on the date of grant, as determined by the board of directors. If, at the time of a grant, the optionee directly or by attribution owns stock possessing more than 10% of the total combined voting power of all of the Company's outstanding capital stock, the exercise price for these options must be at least 110% of the fair value of the underlying common stock. Options typically vest over a 4-year period at a rate of no less than 25% per year but may be granted with different vesting terms. | ||||||||||||||
A summary of stock option activity for the three months ended March 31, 2014 is as follows (in thousands, except per share amounts and years): | ||||||||||||||
Options Outstanding | ||||||||||||||
Number of | Weighted | Weighted Average Remaining Contractual Terms (years) | Aggregate Intrinsic Value | |||||||||||
Options | Average | |||||||||||||
Exercise Price | ||||||||||||||
per Share | ||||||||||||||
31-Dec-13 | 4,126 | $ | 5.68 | 5.75 | $ | 87 | ||||||||
Grants | 870 | 1.94 | ||||||||||||
Exercises | (62 | ) | 1.01 | 40 | ||||||||||
Forfeited/Cancelled | (601 | ) | 6.77 | |||||||||||
31-Mar-14 | 4,333 | $ | 4.84 | 6.72 | $ | 245 | ||||||||
The weighted-average grant date fair value of options granted during the three months ended March 31, 2014 and 2013 was $1.15, and $1.36, respectively. | ||||||||||||||
The intrinsic value of options outstanding is calculated based on the difference between the exercise price and the fair value of the Company’s common stock as of the reporting date. The aggregate intrinsic value of exercised stock options is calculated based on the difference between the exercise price and the fair value of the Company’s common stock as of the exercise date. | ||||||||||||||
At March 31, 2014, there was $1,783,000 of unrecognized stock-based compensation cost for outstanding options which is expected to be recognized over an average period of 3.12 years. | ||||||||||||||
Restricted Stock Units | ||||||||||||||
RSUs issued generally vest over four years with 25% of the RSUs vesting annually but may be granted with different vesting terms. The fair value of the RSUs was calculated based on the NASDAQ quoted stock price on the date of the grant with the expense recognized on a straight-line basis over the requisite service period. | ||||||||||||||
A summary of RSU activity for the three months ended March 31, 2014 is as follows (in thousands, except per share amounts and years): | ||||||||||||||
RSUs Outstanding | ||||||||||||||
Number of RSUs | Weighted Average Grant Date Fair Value Per Share | Weighted Average Remaining Contractual Terms (years) | Aggregate Intrinsic Value | |||||||||||
31-Dec-13 | 2,238 | 1.1 | $ | 3,133 | ||||||||||
Grants | 75 | $ | 1.97 | |||||||||||
Shares released | (371 | ) | ||||||||||||
Forfeited/Cancelled | (196 | ) | ||||||||||||
31-Mar-14 | 1,746 | 1.07 | $ | 3,562 | ||||||||||
The intrinsic value of RSUs outstanding is calculated based on the fair value of the Company’s common stock as of the reporting date. The aggregate intrinsic value of RSUs released is calculated based on the fair value of the Company’s common stock as of the vesting date. | ||||||||||||||
The fair value of RSUs released during the three months ended March 31, 2014 and 2013 was $692,000 and $366,000, respectively. The majority of RSUs that vested in the first three months of 2014 and 2013 were net-share settled such that the Company withheld shares with value equivalent to the employees’ minimum statutory obligation for the applicable income and other employment taxes, and remitted the cash to the appropriate taxing authorities. The Company pays the taxes on behalf of the restricted stock unit holder, returns the withheld restricted stock units to the shares available for grant pool and did not represent an expense to the Company. | ||||||||||||||
At March 31, 2014, there was $2,909,000 of unrecognized stock-based compensation cost for outstanding RSUs which is expected to be recognized over an average period of 1.61 years. | ||||||||||||||
Performance Stock Units | ||||||||||||||
PSUs awarded may be conditional upon the attainment of one or more performance objectives over a specified period. Total compensation expense for PSUs is determined by the product of the number of shares eligible to be awarded and expected to vest, and the market price of the Company's common stock, commencing at the inception of the requisite service period. The fair value of such an award is equal to the closing price of our common stock on the grant date. At the end of the performance period, if the goals are attained, the awards are granted. The Company recognizes compensation expense of these awards on a straight-line basis over the vesting period. | ||||||||||||||
The Company awarded 775,000 and 523,048 PSUs during the quarter ended March 31, 2014 and 2013, respectively, under the 2010 Plan based upon achieving certain cash flow performance goals for each respective year. These PSUs vest such that one-half of the PSUs subject to the award vest one year following the grant, and the remainder of the PSUs vest two years following the grant, subject to the recipient’s continued service to the Company on each vesting date and the Company achieving the performance goals. If the performance goals is achieved at the threshold level the number of shares issuable in respect of the PSUs would be equal to half the number of PSUs granted. If the performance goal is achieved at the target level, the number of shares issuable in respect of the PSUs would be equal to the number of PSUs granted. If the performance goal is achieved at the superior level, the number of shares issuable in respect of the PSUs would be equal to two times the number PSUs granted. The number of shares issuable upon achievement of the performance goal at the levels between the threshold and target levels or target level and superior levels is determined using linear interpolation. Achievement below the threshold level results in no shares being issuable in respect of the PSUs. | ||||||||||||||
During 2013, the Company revised its estimate of forecasted performance criteria and concluded that the performance target would not likely be achieved for the PSUs that were granted in 2013. The 358,308 outstanding PSUs that were granted in 2013 were cancelled in February 2014 when the Company determined that it had not attained the threshold performance target for the 2013 awards. At March 31, 2014, there were 775,000 PSUs outstanding, all of which were granted in 2014. | ||||||||||||||
Restricted Stock Awards | ||||||||||||||
In January 2013, the Company granted a total of 215,515 restricted stock awards to specific non-employee members of its board of directors with a total value of $500,000. These awards vest over three years with 33% of the awards vesting on each annual anniversary of the grant date. | ||||||||||||||
In January 2014, the Company granted a total of 229,163 restricted stock awards to specific non-employee members of its board of directors with a total value of $356,000. Initial director awards vest over a three year period with 33% of the award vesting on the anniversary date the director commences service on the Company's board of directors, and annual awards vest over a one year period fully vesting on the anniversary of the grant date. | ||||||||||||||
At March 31, 2014, there was $2,020,000 of unrecognized stock-based compensation cost for outstanding restricted stock awards which is expected to be recognized over an average period of 1.82 years. | ||||||||||||||
Stock-Based Compensation Expense | ||||||||||||||
The following table presents total stock-based compensation expense by functional areas included in the condensed consolidated statements of operations for the three months ended March 31, 2014 and 2013 (in thousands): | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Research and development | $ | 239 | $ | 527 | ||||||||||
Selling, general and administrative | 990 | 945 | ||||||||||||
Total | $ | 1,229 | $ | 1,472 | ||||||||||
The following table presents total stock-based compensation expense by security types included in the condensed consolidated statements of operations for the three months ended March 31, 2014 and 2013 (in thousands): | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Stock options | $ | 276 | $ | 610 | ||||||||||
Restricted stock units | 869 | 734 | ||||||||||||
Performance stock units | 84 | 128 | ||||||||||||
Total | $ | 1,229 | $ | 1,472 | ||||||||||
The Company estimates the fair value of stock-based awards granted to employees and directors using the Black- Scholes option-pricing model. The Black-Scholes option-pricing model requires the use of highly subjective and complex assumptions to determine the fair value of stock-based awards, including the expected life of the option and expected volatility of the underlying stock over the expected life of the related grants. | ||||||||||||||
The Company used the following assumptions to estimate the fair value of its employee option grants: | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Weighted-average expected life (years) | 6 | 6 | ||||||||||||
Weighted-average expected volatility | 64 | % | 65 | % | ||||||||||
Weighted-average risk free interest rate | 1.9 | % | 1.1 | % | ||||||||||
Expected dividend yield | 0 | % | 0 | % | ||||||||||
The Company estimates the expected volatility based on historical volatility of its common stock. Due to the Company's limited history of grant activity, the expected life of options granted to employees is calculated using the “simplified method” permitted by the SEC as the average of the total contractual term of the option and its vesting period. The risk-free rate assumption was based on United States Treasury instruments whose terms were consistent with the terms of its stock options. The expected dividend assumption was based on the Company's history and expectation of dividend payouts. |
Segment_Reporting
Segment Reporting | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Segment Reporting | ' | |||||||
Segment Reporting | ||||||||
Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision making group, in deciding how to allocate resources and in assessing performance. The Company's chief operating decision maker is its Chief Executive Officer. The Chief Executive Officer and the Company's board of directors review financial information presented on a consolidated basis, accompanied by information about revenues by geographic region, for purposes of allocating resources and evaluating financial performance. The Company has one business activity and there are no segment managers who are held accountable for operations, operating results beyond revenue goals or plans for levels or components below the consolidated unit level. Accordingly, the Company has a single reporting segment. Operations outside of the United States consist principally of research and development and sales activities. | ||||||||
The following table represents revenues that are identified in the corresponding geographic regions based on the customer's ship-to locations (in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Revenues | ||||||||
United States | $ | 3,574 | $ | 2,120 | ||||
Europe | ||||||||
Ireland | 1,960 | 1,219 | ||||||
Others | 1,112 | 1,986 | ||||||
Asia | ||||||||
India | 87 | 2,219 | ||||||
Singapore | — | 3,648 | ||||||
Others | 341 | 289 | ||||||
$ | 7,074 | $ | 11,481 | |||||
The following table represents identifiable long-lived assets in the corresponding regions (in thousands): | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Long-lived assets | ||||||||
United States | $ | 14,404 | $ | 16,189 | ||||
Europe (1) | 1,916 | 2,123 | ||||||
$ | 16,320 | $ | 18,312 | |||||
-1 | Primarily the Netherlands |
Restructuring
Restructuring | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Restructuring Costs [Abstract] | ' | |||
Restructuring | ' | |||
Restructuring | ||||
Q4 2013 Restructuring Plan | ||||
During the fourth quarter of 2013, the Company's board of directors approved and committed to a restructuring plan (the “Q4 2013 Restructuring Plan”) to reduce its cost structure resulting from the Company's decision to begin winding down its CodeXyme® cellulase enzymes program, which included a total of 15 employee terminations in the United States. For the year ended December 31, 2013, costs of $809,000 of employee severance and other termination benefits have been recognized, consisting of $573,000 in research and development expenses and $236,000 in selling, general and administrative expenses. During the three months ended March 31, 2014, the Company made payments of $238,000 and there was no remaining liability at March 31, 2014. Associated with the Q4 2013 Restructuring Plan, the Company announced it was selling certain research and development assets that have become excess to future requirements (see Note 4). The Company does not anticipate recording any further costs under this restructuring plan. | ||||
The following table summarizes the activity in the restructuring accrual during the three months ended March 31, 2014 (in thousands): | ||||
Q4 2013 Restructuring Plan | ||||
Balance at December 31, 2013 | $ | 277 | ||
Cash payments during the first quarter of 2014 | (238 | ) | ||
Adjustments to previously accrued charges | (39 | ) | ||
Balance at March 31, 2014 | $ | — | ||
Basis_of_Presentation_and_Summ1
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. The Company's management regularly assesses these estimates which primarily affect revenue recognition, the valuation of marketable securities and accounts receivable, held for sale assets, intangible assets, goodwill arising out of business acquisitions, inventories, accrued liabilities, stock awards and the valuation allowances associated with deferred tax assets. Actual results could differ from those estimates and such differences may be material to the condensed consolidated financial statements. | |
Foreign Currency Translation | ' |
Foreign Currency Translation | |
The assets and liabilities of foreign subsidiaries, where the local currency is the functional currency, are translated from their respective functional currencies into United States dollars at the exchange rates in effect at the balance sheet date, with resulting foreign currency translation adjustments recorded in the consolidated statement of comprehensive loss. Revenue and expense amounts are translated at average rates during the period. | |
Where the United States dollar is the functional currency, nonmonetary assets and liabilities originally acquired or assumed in other currencies are recorded in United States dollars at the exchange rates in effect at the date they were acquired or assumed. Monetary assets and liabilities denominated in other currencies are translated into United States dollars at the exchange rates in effect at the balance sheet date. Translation adjustments are recorded in interest expense and other, net in the accompanying condensed consolidated statements of operations. Gains and losses realized from transactions, including intercompany balances not considered as permanent investments, denominated in currencies other than an entity’s functional currency, are included in interest expense and other, net in the accompanying consolidated statements of operations. | |
Basis of Presentation and Consolidation | ' |
Basis of Presentation and Principles of Consolidation | |
The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2013. The condensed consolidated balance sheet at December 31, 2013 has been derived from the audited consolidated financial statements at that date, but does not include all disclosures including notes required by GAAP for complete financial statements. | |
The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, reflect all adjustments of a normal recurring nature considered necessary to present fairly its financial position as of March 31, 2014 and results of its operations, comprehensive loss and cash flows for the three months ended March 31, 2014 and 2013. The interim results are not necessarily indicative of the results for any future interim period or for the entire year. Certain prior period amounts have been reclassified to conform to current period presentation. | |
The unaudited interim condensed consolidated financial statements include the amounts of Codexis, Inc. and its wholly-owned subsidiaries in the United States, Brazil, Hungary (through the sale date of March 13, 2014), India, Mauritius, The Netherlands and Singapore. All significant intercompany balances and transactions have been eliminated in consolidation. | |
Concentrations of Credit Risk | ' |
Concentrations of Credit Risk | |
Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents, marketable securities, accounts receivable and restricted cash. Cash and cash equivalents, marketable securities and restricted cash are invested through banks and other financial institutions in the United States, as well as in other foreign countries. Such deposits may be in excess of insured limits. | |
Credit risk with respect to accounts receivable exists to the extent of amounts presented in the condensed consolidated financial statements. The Company estimates an allowance for doubtful accounts through specific identification of potentially uncollectible accounts receivable based on an analysis of its accounts receivable aging. Uncollectible accounts receivable are written off against the allowance for doubtful accounts when all efforts to collect them have been exhausted. Recoveries are recognized when they are received. Actual collection losses may differ from its estimates and could be material to its consolidated financial position, results of operations, and cash flows. | |
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, restricted cash, accounts receivable and accounts payable, approximate fair value due to their short maturities. | |
Fair value is considered to be the price at which an asset could be exchanged or a liability transferred (an exit price) in an orderly transaction between knowledgeable, willing parties in the principal or most advantageous market for the asset or liability. Where available, fair value is based on or derived from observable market prices or other observable inputs. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments and the instruments’ complexity. | |
Cash, Cash Equivalents and Marketable Securities | ' |
Cash, Cash Equivalents and Marketable Securities | |
The Company considers all highly liquid investments with maturity dates of three months or less at the date of purchase to be cash equivalents. Cash and cash equivalents consist of cash on deposit with banks and money market funds. The majority of cash and cash equivalents are maintained with major financial institutions in North America. Deposits with these financial institutions may exceed the amount of insurance provided on such deposits. Marketable securities included in current assets are comprised of corporate bonds. The Company's investment in common shares of CO2 Solutions Inc. (“CO2 Solutions”) is included in non-current marketable securities. | |
The Company performs separate evaluations of impaired debt and equity securities to determine if the unrealized losses as of the balance sheet date are other-than-temporary impairment. | |
For the Company's investments in equity securities, its evaluation considers a number of factors including, but not limited to, the length of time and extent to which the fair value has been less than cost, the financial condition and near term prospects of the issuer, and its management’s ability and intent to hold the securities until fair value recovers. The assessment of the ability and intent to hold these securities to recovery focuses on its current and forecasted liquidity requirements and capital requirements. As of March 31, 2014, there were no unrealized losses related to the Company's equity securities. | |
For the Company's investments in debt securities, management determines whether it intends to sell or if it is more-likely-than-not that the Company will be required to sell impaired securities. This determination considers current and forecasted liquidity requirements and capital requirements. For all impaired debt securities for which there was no intent or expected requirement to sell, the evaluation considers all available evidence to assess whether it is likely the amortized cost value will be recovered. The Company conducts a regular assessment of its debt securities with unrealized losses to determine whether the securities have other-than-temporary impairment considering, among other factors, the nature of the securities, credit rating or financial condition of the issuer, the extent and duration of the unrealized loss, expected cash flows of underlying collateral and market conditions. As of March 31, 2014, there were no unrealized losses related to the Company's debt securities. | |
The Company's investments in debt and equity securities are classified as available-for-sale and are carried at fair value. Unrealized gains and losses are reported on the condensed consolidated statement of comprehensive loss unless considered other-than-temporary. Amortization of purchase premiums and accretion of purchase discounts, realized gains and losses of debt securities and declines in value deemed to be other than temporary, if any, are included in interest income or other expenses. The cost of securities sold is based on the specific-identification method. | |
Impairment of Long-Lived Assets and Intangible Assets | ' |
Impairment of Long-Lived Assets and Intangible Assets | |
Long-lived and intangible assets with finite lives are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of these assets is measured by comparison of their carrying amounts to future undiscounted cash flows the assets are expected to generate. | |
The Company's intangible assets with finite lives consist of customer relationships, developed core technology, trade names, and the intellectual property (“IP”) rights associated with the acquisition of Maxygen Inc.'s ("Maxygen") directed evolution technology in 2010. Intangible assets were recorded at their fair values at the date the Company acquired the assets and, for those assets having finite useful lives, are amortized using the straight-line method over their estimated useful lives. The Company's long-lived assets include property, plant and equipment, and other non-current assets. | |
The Company determined that it has a single entity wide asset group (“Asset Group”). The directed evolution technology patent portfolio acquired from Maxygen (“Core IP”) is the most significant component of the Asset Group since it is the base technology for all aspects of the Company's research and development activities, and represents the basis for all of the Company's identifiable cash flow generating capacity. Consequently, the Company does not believe that identification of independent cash flows associated with its long-lived assets is currently possible at any lower level than the Asset Group. | |
The Core IP is the only finite-lived intangible asset on the Company's consolidated balance sheet as of March 31, 2014 and is considered the primary asset within the Asset Group. There has been no significant change in the utilization or estimated life of the Core IP since the Company acquired the technology patent portfolio from Maxygen. | |
The carrying value of the Company's long-lived assets in the Asset Group may not be recoverable based upon the existence of one or more indicators of impairment which could include: a significant decrease in the market price of the Company's common stock; current period cash flow losses or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the assets; slower growth rates in the Company's industry; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the assets; loss of significant customers or partners; or the current expectation that the assets will more likely than not be sold or disposed of significantly before the end of their estimated useful life. | |
The Company evaluates recoverability of its long-lived assets and intangible assets based on the sum of the undiscounted cash flows expected to result from the use, and the eventual disposal of, the Asset Group. The Company makes estimates and judgments about the future undiscounted cash flows over the remaining useful life of the Asset Group. The Company's anticipated future cash flows include its estimates of existing or in process product revenues, production and operating costs, future capital expenditures, working capital needs, and assumptions regarding the ultimate sale of the Asset Group at the end of the life of the primary asset. The useful life of the Asset Group was based on the estimated useful life of the Core IP, the primary asset at the time of acquisition. There has been no change in the estimated useful life of the Asset Group. Although the Company's cash flow forecasts are based on assumptions that are consistent with our plans, there is significant judgment involved in determining the cash flows attributable to the Asset Group over its estimated remaining useful life. | |
In the fourth quarter of 2013, the Company determined that its continued annual operating losses and a decline in market price of the Company’s common stock, reduced anticipated future cash flows related to potential CodeXyme® cellulase enzyme and CodeXol® detergent alcohols transactions and reduced future revenue growth to reflect the Company’s most recent outlook were indicators of impairment. As a result, the Company undertook an impairment analysis in the fourth quarter of 2013. | |
The results of the Company's fourth quarter 2013 impairment analysis indicated that the undiscounted cash flows for the Asset Group were greater than the carrying value of the Asset Group by approximately 37%. Based on the results obtained, the Company determined there was no impairment of the Company's intangible assets as of December 31, 2013. | |
During the first quarter of 2014, the Company made no changes to the underlying forecasts nor did the Company identify any additional indicators of potential impairment or other new information that would have a material impact on the forecast or the impairment analysis prepared as of December 31, 2013. | |
Valuation of Goodwill | ' |
Valuation of Goodwill | |
The Company reviews goodwill impairment annually in the fourth quarter of each of its fiscal years and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable. | |
The Company determined that it has only one operating segment and reporting unit under the criteria in ASC 280, Segment Reporting. Accordingly, the Company's review of goodwill impairment indicators is performed at the Company level. | |
The goodwill impairment test consists of a two-step process. The first step of the goodwill impairment test, used to identify potential impairment, compares the fair value of the reporting unit to its carrying value. If the fair value of the reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired, and the second step of the impairment test is not required. | |
The Company uses its market capitalization as an indicator of fair value. The Company believes that since its reporting unit is publicly traded, the ability of a controlling stockholder to benefit from synergies and other intangible assets that arise from control might cause the fair value of the Company's reporting unit as a whole to exceed its market capitalization. However, the Company believes that the fair value measurement need not be based solely on the quoted market price of an individual share of the Company's common stock, but also can consider the impact of a control premium in measuring the fair value of its reporting unit. | |
If the Company were to use an income approach it would establish a fair value by estimating the present value of its projected future cash flows expected to be generated from its business. The discount rate applied to the projected future cash flows to arrive at the present value would be intended to reflect all risks of ownership and the associated risks of realizing the stream of projected future cash flows. The Company's discounted cash flow methodology would consider projections of financial performance for a period of several years combined with an estimated residual value. The most significant assumptions it would use in a discounted cash flow methodology are the discount rate, the residual value and expected future revenues, gross margins and operating costs, along with considering any implied control premium. | |
Should the Company's market capitalization be less than the total stockholder's equity as of the Company's annual test date or as of any interim impairment testing date, the Company would also consider market comparables, recent trends in the Company's stock price over a reasonable period and, if appropriate, use an income approach to determine whether the fair value of its reporting unit is greater than the carrying amount. | |
The second step, if required, compares the implied fair value of the reporting unit goodwill with the carrying amount of that goodwill. If the carrying amount of the reporting unit's goodwill exceeds its implied fair value, an impairment charge is recognized in an amount equal to that excess. Implied fair value is the excess of the fair value of the reporting unit over the fair value of all identified assets and liabilities. The Company bases its fair value estimates on assumptions it believes to be reasonable. Actual future results may differ from those estimates. | |
Goodwill was tested for impairment in the fourth quarter of 2013. The Company concluded that the fair value of the reporting unit exceeded the carrying value and no impairment existed. No impairment charges were recorded during the year ended December 31, 2013. During the first quarter of 2014, the Company did not identify any indicators of impairment that would indicate that the carrying value of goodwill may not be recoverable. | |
Restricted Cash | ' |
Restricted Cash | |
Restricted cash consisted of amounts invested in money market accounts primarily for purposes of securing a standby letter of credit as collateral for the Company's Redwood City, California facility lease agreement. | |
Revenue Recognition | ' |
Revenue Recognition | |
Revenues are recognized when the four basic revenue recognition criteria are met: (1) persuasive evidence of an arrangement exists; (2) products have been delivered, transfer of technology has been completed or services have been rendered; (3) the fee is fixed or determinable; and (4) collectability is reasonably assured. | |
The Company's primary sources of revenues consist of biocatalyst product revenues, biocatalyst research and development agreements and revenue sharing arrangements. Biocatalyst research and development agreements typically provide the Company with multiple revenue streams, including up-front fees for licensing, exclusivity and technology access, fees for full time employee ("FTE") services and the potential to earn milestone payments upon achievement of contractual criteria and royalty fees based on future product sales or cost savings achieved by the Company's customers. | |
For each source of biocatalyst research and development revenues, biocatalyst product revenues and revenue sharing revenues, the Company applies the following revenue recognition criteria: | |
Biocatalyst product revenues are recognized once passage of title and risk of loss has occurred and contractually specified acceptance criteria, if any, have been met, provided all other revenue recognition criteria have also been met. Product revenues consist of sales of biocatalyst intermediates, active pharmaceutical ingredients and Codex Biocatalyst Panels and Kits. Cost of product revenues includes both internal and third party fixed and variable costs including amortization of purchased technology, materials and supplies, labor, facilities and other overhead costs associated with the Company's biocatalyst product revenues. | |
Revenue sharing arrangement revenues are recognized based upon sales of licensed products by the Company's revenue share partner Exela (see Note 9 "Related Party Transactions"). Revenue share amounts received are net of product and selling costs. The Company bases its estimates of earned revenue on notification from its revenue share partner of the Company’s share of net profit based on the contractual percentage from the sale of licensed product. The Company bases its estimates on notification of the sale of revenue sharing products and related costs by its revenue share partner. | |
Up-front fees received in connection with biocatalyst research and development agreements, including license fees, technology access fees, and exclusivity fees, are deferred upon receipt, are not considered a separate unit of accounting and are recognized as revenues over the relevant performance periods related to the combined units of accounting appropriate for each customer arrangement. | |
Revenues related to FTE services recognized as research services are performed over the related performance periods for each contract. The Company performs biocatalyst research and development activities as specified in each respective customer agreement. The payments received are not refundable and are based on a contractual reimbursement rate per FTE working on the project. When up-front payments are combined with FTE services in a single unit of accounting, the Company recognizes the up-front payments using the proportionate performance method of revenue recognition based upon the actual amount of research and development labor hours incurred relative to the amount of the total expected labor hours to be incurred by the Company, up to the amount of cash received. In cases where the planned levels of research services fluctuate substantially over the research term, the Company is required to make estimates of the total hours required to perform the Company's obligations. Research and development expenses related to FTE services under the collaborative research and development agreements approximate the research funding over the term of the respective agreements. | |
A payment that is contingent upon the achievement of a substantive milestone is recognized in its entirety in the period in which the milestone is achieved. A milestone is an event (i) that can only be achieved based in whole or in part on either the Company's performance or on the occurrence of a specific outcome resulting from its performance, (ii) for which there is substantive uncertainty at the date the arrangement is entered into that the event will be achieved, and (iii) results in additional payments being due to the Company. Milestones are considered substantive when the consideration earned from the achievement of the milestone (i) is commensurate with either the Company's performance to achieve the milestone or the enhancement of value of the item delivered as a result of a specific outcome resulting from its performance, (ii) relates solely to past performance, and (iii) is reasonable relative to all deliverable and payment terms in the arrangement. | |
Other payments received for which such payments are contingent solely upon the passage of time or the result of a collaborative partner’s performance are recognized as revenue when earned in accordance with the contract terms and when such payments can be reasonably estimated and collectability is reasonably assured. | |
The Company recognizes revenues from royalties based on licensees’ sales of products using the Company's technologies. Royalties are recognized as earned in accordance with the contract terms when royalties from licensees can be reasonably estimated and collectability is reasonably assured. The Company bases its estimates on notification the sale of licensed products from licensees. | |
Through 2012, the Company received payments from government entities for work performed in the form of government awards. Government awards are agreements that generally provide the Company with cost reimbursement for certain types of expenditures in return for research and development activities over a contractually defined period. Revenues from government awards are recognized in the period during which the related costs are incurred, provided that the conditions under which the government awards were provided have been met and the Company has only perfunctory obligations outstanding. | |
Shipping and handling costs charged to customers are recorded as revenues. Shipping costs are included in the Company's cost of biocatalyst products revenues. Such charges were not significant in any of the periods presented. | |
Income Taxes | ' |
Income Taxes | |
The Company uses the liability method of accounting for income taxes, whereby deferred tax assets or liability account balances are calculated at the balance sheet date using current tax laws and rates in effect for the year in which the differences are expected to affect taxable income. Valuation allowances are provided when necessary to reduce deferred tax assets to the amount that will more likely than not be realized. | |
The Company makes certain estimates and judgments in determining income tax expense for financial statement purposes. These estimates and judgments occur in the calculation of tax credits, benefits and deductions and in the calculation of certain tax assets and liabilities, which arise from differences in the timing of recognition of revenues and expenses for tax and financial statement purposes. Significant changes to these estimates may result in an increase or decrease to the Company's tax provision in a subsequent period. | |
In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized on a jurisdiction by jurisdiction basis. The ultimate realization of deferred tax assets is dependent upon the generation of taxable income in the future. The Company has recorded a deferred tax asset in jurisdictions where ultimate realization of deferred tax assets is more likely than not to occur. | |
The Company makes estimates and judgments about its future taxable income that are based on assumptions that are consistent with its plans and estimates. Should the actual amounts differ from its estimates, the amount of its valuation allowance could be materially impacted. Any adjustment to the deferred tax asset valuation allowance would be recorded in the income statement for the periods in which the adjustment is determined to be required. With the sale of the Hungarian subsidiary during the quarter ended March 31, 2014, the related net operating losses and other tax attributes are no longer available to the Company. The related deferred tax assets had a full valuation allowance and, as a result, their removal did not have a material impact to the financial statements. | |
The Company accounts for uncertainty in income taxes as required by the provisions of ASC Topic 740, Income Taxes, which clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to estimate and measure the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as this requires us to determine the probability of various possible outcomes. The Company considers many factors when evaluating and estimating the Company's tax positions and tax benefits, which may require periodic adjustments and may not accurately anticipate actual outcomes. | |
The Tax Reform Act of 1986 and similar state provisions limit the use of net operating loss carryforwards in certain situations where equity transactions result in a change of ownership as defined by Internal Revenue Code Section 382. In the event the Company should experience an ownership change, as defined, utilization of the Company's federal and state net operating loss carryforwards could be limited. | |
Stock-Based Compensation | ' |
Stock-Based Compensation | |
The fair value of stock options is estimated at grant date using the Black-Scholes option pricing model. The Company’s determination of fair value of stock options on the date of grant, using an option pricing model, is affected by the Company’s stock price, as well as the assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, the Company’s expected stock price volatility over the term of the awards and projected employee stock option exercise behaviors. The fair value of each restricted stock unit grant, each restricted stock award unit and each performance stock unit grant is based on the underlying value of the Company’s common stock on the date of grant. In addition, the Company estimates the expected forfeiture rate and only recognizes expense for those awards expected to vest. The Company estimates the forfeiture rate based on historical experience and to the extent the actual forfeiture rate is different from the estimate, share-based compensation expense is adjusted accordingly. The Company generally uses the straight-line method to allocate stock-based compensation expense to the appropriate reporting periods. Some awards are accounted for using the accelerated method as appropriate for the terms of the awards. | |
The Company accounts for stock awards issued to non-employees based on their estimated fair value determined using the Black-Scholes option-pricing model. Compensation expense for the stock awards granted to non-employees is recognized based on the fair value of awards as they vest, during the period the related services are rendered. | |
Net Loss per Share | ' |
Net Loss per Share | |
Basic net loss per share of common stock is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period, less the weighted-average unvested common stock subject to repurchase. Diluted net loss per share of common stock is computed by giving effect to all potential common shares, consisting of stock options, restricted stock units, performance stock units and warrants, to the extent dilutive. Basic and diluted net loss per share of common stock was the same for each period presented as the inclusion of all potential common shares outstanding was anti-dilutive. | |
Recently Issued and Adopted Accounting Guidance | ' |
Recently Issued and Adopted Accounting Guidance | |
There have been no recently issued accounting pronouncements that have had or are expected to have a material impact on the financial statements. |
Basis_of_Presentation_and_Summ2
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Accounting Policies [Abstract] | ' | |||
Securities not included in the net loss per common share calculations | ' | |||
The following options to purchase common stock, restricted stock units, performance stock units and warrants to purchase common stock were excluded from the computation of diluted net loss per share of common stock for the three months ended March 31, 2014 and 2013 (in thousands): | ||||
Three Months Ended March 31, | ||||
2014 | 2013 | |||
Options to purchase common stock | 4,333 | 5,117 | ||
Restricted stock units/awards | 1,975 | 1,626 | ||
Performance stock units | 775 | 523 | ||
Warrants to purchase common stock | 75 | 260 | ||
Total shares excluded as anti-dilutive | 7,158 | 7,526 |
Assets_Held_for_Sale_Tables
Assets Held for Sale (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Assets Held for Sale [Abstract] | ' | |||||||||||||||
Disclosure of Long Lived Assets Held-for-sale | ' | |||||||||||||||
Total assets reclassified as Assets Held for Sale at March 31, 2014 were (in thousands): | ||||||||||||||||
Assets Held for Sale | Adjusted Carrying Value | |||||||||||||||
Research & development equipment classified as held for sale at December 31, 2013 | $ | 2,179 | ||||||||||||||
Hungarian assets sold during the three months ended March 31, 2014 | (779 | ) | ||||||||||||||
U.S. assets sold during the three months ended March 31, 2014 | (6 | ) | ||||||||||||||
Research & development equipment classified as held for sale at March 31, 2014 | $ | 1,394 | ||||||||||||||
The fair value of assets held for sale at March 31, 2014 and December 31, 2013, measured on a nonrecurring basis, is as follows (in thousands): | ||||||||||||||||
31-Mar-14 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets held for sale | $ | — | $ | — | $ | 1,394 | $ | 1,394 | ||||||||
31-Dec-13 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets held for sale | $ | — | $ | — | $ | 2,179 | $ | 2,179 | ||||||||
Balance_Sheets_Details_Tables
Balance Sheets Details (Tables) | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||
Balance Sheets Details [Abstract] | ' | |||||||||||||||||||||||||
Schedule of inventory components | ' | |||||||||||||||||||||||||
Inventory | ||||||||||||||||||||||||||
Inventory, net consisted of the following (in thousands): | ||||||||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Raw materials | $ | 577 | $ | 763 | ||||||||||||||||||||||
Work in process | 109 | 31 | ||||||||||||||||||||||||
Finished goods | 1,359 | 693 | ||||||||||||||||||||||||
Inventory, net | $ | 2,045 | $ | 1,487 | ||||||||||||||||||||||
Schedule of property and equipment, net | ' | |||||||||||||||||||||||||
Property and Equipment, net | ||||||||||||||||||||||||||
Property and equipment, net consisted of the following (in thousands): | ||||||||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Laboratory equipment | $ | 23,136 | $ | 23,949 | ||||||||||||||||||||||
Leasehold improvements | 9,493 | 9,493 | ||||||||||||||||||||||||
Computer equipment | 3,209 | 3,196 | ||||||||||||||||||||||||
Office furniture and equipment | 1,228 | 1,228 | ||||||||||||||||||||||||
37,066 | 37,866 | |||||||||||||||||||||||||
Less: accumulated depreciation and amortization | (29,678 | ) | (29,461 | ) | ||||||||||||||||||||||
7,388 | 8,405 | |||||||||||||||||||||||||
Construction in progress | 8 | 41 | ||||||||||||||||||||||||
Property and equipment, net | $ | 7,396 | $ | 8,446 | ||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets | ' | |||||||||||||||||||||||||
Intangible Assets | ||||||||||||||||||||||||||
Intangible assets consisted of the following (in thousands): | ||||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | Weighted- | ||||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | Average | ||||||||||||||||||||
Amount | Amount | Amount | Amount | Amortization | ||||||||||||||||||||||
Period | ||||||||||||||||||||||||||
(years) | ||||||||||||||||||||||||||
Customer relationships | $ | 3,098 | $ | (3,098 | ) | $ | — | $ | 3,098 | $ | (3,098 | ) | $ | — | 5 | |||||||||||
Developed and core technology | 1,534 | (1,534 | ) | — | 1,534 | (1,534 | ) | — | 5 | |||||||||||||||||
Maxygen intellectual property | 20,244 | (11,528 | ) | 8,716 | 20,244 | (10,684 | ) | 9,560 | 6 | |||||||||||||||||
Total | $ | 24,876 | $ | (16,160 | ) | $ | 8,716 | $ | 24,876 | $ | (15,316 | ) | $ | 9,560 | ||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | ' | |||||||||||||||||||||||||
The estimated future amortization expense to be charged to research and development through the year ending December 31, 2016 is as follows (in thousands): | ||||||||||||||||||||||||||
Year ending December 31: | Total | |||||||||||||||||||||||||
2014 (remaining 9 months) | $ | 2,530 | ||||||||||||||||||||||||
2015 | 3,374 | |||||||||||||||||||||||||
2016 | 2,812 | |||||||||||||||||||||||||
$ | 8,716 | |||||||||||||||||||||||||
Schedule of Goodwill | ' | |||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||||
There were no changes in the carrying value of goodwill of $3,241,000 during the first three months of 2014 and 2013. |
Cash_Equivalents_and_Marketabl1
Cash Equivalents and Marketable Securities (Tables) | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Cash Equivalents and Marketable Securities [Abstract] | ' | |||||||||||||||||
Schedule of cash equivalents and marketable securities | ' | |||||||||||||||||
At December 31, 2013, cash equivalents and marketable securities consisted of the following (in thousands): | ||||||||||||||||||
31-Dec-13 | ||||||||||||||||||
Adjusted Cost | Gross | Gross | Estimated | Average | ||||||||||||||
Unrealized | Unrealized | Fair Value | Contractual | |||||||||||||||
Gains | Losses | Maturities | ||||||||||||||||
(in days) | ||||||||||||||||||
Money market funds | $ | 16,089 | $ | — | $ | — | $ | 16,089 | n/a | |||||||||
Corporate bonds | 1,002 | 3 | — | 1,005 | 140 | |||||||||||||
U.S. Treasury obligations | 2,000 | — | — | 2,000 | 59 | |||||||||||||
Common shares of CO2 Solutions | 563 | 232 | — | 795 | n/a | |||||||||||||
Total | $ | 19,654 | $ | 235 | $ | — | $ | 19,889 | ||||||||||
At March 31, 2014, cash equivalents and marketable securities consisted of the following (in thousands): | ||||||||||||||||||
31-Mar-14 | ||||||||||||||||||
Adjusted Cost | Gross | Gross | Estimated | Average | ||||||||||||||
Unrealized | Unrealized | Fair Value | Contractual | |||||||||||||||
Gains | Losses | Maturities | ||||||||||||||||
(in days) | ||||||||||||||||||
Money market funds | $ | 14,592 | $ | — | $ | — | $ | 14,592 | n/a | |||||||||
Corporate bonds | 1,001 | 1 | — | 1,002 | 50 | |||||||||||||
Common shares of CO2 Solutions | 563 | 883 | — | 1,446 | n/a | |||||||||||||
Total | $ | 16,156 | $ | 884 | $ | — | $ | 17,040 | ||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ' | |||||||||||||||
Disclosure of Long Lived Assets Held-for-sale | ' | |||||||||||||||
Total assets reclassified as Assets Held for Sale at March 31, 2014 were (in thousands): | ||||||||||||||||
Assets Held for Sale | Adjusted Carrying Value | |||||||||||||||
Research & development equipment classified as held for sale at December 31, 2013 | $ | 2,179 | ||||||||||||||
Hungarian assets sold during the three months ended March 31, 2014 | (779 | ) | ||||||||||||||
U.S. assets sold during the three months ended March 31, 2014 | (6 | ) | ||||||||||||||
Research & development equipment classified as held for sale at March 31, 2014 | $ | 1,394 | ||||||||||||||
The fair value of assets held for sale at March 31, 2014 and December 31, 2013, measured on a nonrecurring basis, is as follows (in thousands): | ||||||||||||||||
31-Mar-14 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets held for sale | $ | — | $ | — | $ | 1,394 | $ | 1,394 | ||||||||
31-Dec-13 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets held for sale | $ | — | $ | — | $ | 2,179 | $ | 2,179 | ||||||||
Summary of financial instruments measured at fair value on a recurring basis | ' | |||||||||||||||
The following table presents the financial instruments that were measured at fair value on a recurring basis at March 31, 2014 by level within the fair value hierarchy (in thousands): | ||||||||||||||||
31-Mar-14 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Money market funds | $ | 14,592 | $ | — | $ | — | $ | 14,592 | ||||||||
Corporate bonds | — | 1,002 | — | 1,002 | ||||||||||||
Common shares of CO2 Solutions | — | 1,446 | — | 1,446 | ||||||||||||
Total | $ | 14,592 | $ | 2,448 | $ | — | $ | 17,040 | ||||||||
The following table presents the financial instruments that were measured at fair value on a recurring basis at December 31, 2013 by level within the fair value hierarchy (in thousands): | ||||||||||||||||
31-Dec-13 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Money market funds | $ | 16,089 | $ | — | $ | — | $ | 16,089 | ||||||||
Corporate bonds | — | 1,005 | — | 1,005 | ||||||||||||
U.S. Treasury obligations | — | 2,000 | — | 2,000 | ||||||||||||
Common shares of CO2 Solutions | — | 795 | — | 795 | ||||||||||||
Total | $ | 16,089 | $ | 3,800 | $ | — | $ | 19,889 | ||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Schedule of future minimum payments under non-cancellable operating leases | ' | |||
Future minimum payments under noncancellable operating leases are as follows at March 31, 2014 (in thousands): | ||||
Lease payments | ||||
9 months ending December 31, | ||||
2014 | $ | 2,006 | ||
Years ending December 31, | ||||
2015 | 2,743 | |||
2016 | 2,827 | |||
2017 | 2,677 | |||
2018 | 2,736 | |||
2019 and beyond | 3,054 | |||
Total | $ | 16,043 | ||
Warrants_Tables
Warrants (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Warrants and Rights Note Disclosure [Abstract] | ' | |||||||
Schedule of common stock warrants issued and outstanding | ' | |||||||
As of March 31, 2014, the following warrants remain outstanding: | ||||||||
31-Mar-14 | ||||||||
Issue Date | Shares Subject | Exercise Price | Expiration | |||||
to warrants | per Share | |||||||
July 17, 2007 | 2,384 | $ | 12.45 | February 9, 2016 | ||||
September 28, 2007 | 72,727 | $ | 8.25 | September 28, 2017 | ||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Equity [Abstract] | ' | |||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||
The components of accumulated other comprehensive income, net of tax, and other comprehensive income are summarized as follows (in thousands): | ||||||||
Net Unrealized Gains on Marketable Securities | Accumulated Other Comprehensive Income | |||||||
Balance at December 31, 2013 | $ | (32 | ) | $ | (32 | ) | ||
Other comprehensive income | 401 | 401 | ||||||
Amounts reclassified to interest income | 1 | 1 | ||||||
Balance at March 31, 2014 | $ | 370 | $ | 370 | ||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||
Summary of Share Based Award Activity | ' | |||||||||||||
The following table presents the shares available for grant as of March 31, 2014 (in thousands): | ||||||||||||||
Shares available for grant | ||||||||||||||
31-Dec-13 | 4,908 | |||||||||||||
Annual increase in shares available for grant | 1,525 | |||||||||||||
Option grants | (870 | ) | ||||||||||||
Restricted stock unit grants | (75 | ) | ||||||||||||
Restricted stock award grants | (229 | ) | ||||||||||||
Performance stock unit grants | (775 | ) | ||||||||||||
Restricted stock unit award shares withheld for taxes | 123 | |||||||||||||
Options forfeited, cancelled or expired | 195 | |||||||||||||
Restricted stock units forfeited or cancelled | 196 | |||||||||||||
Performance stock units forfeited or cancelled | 358 | |||||||||||||
31-Mar-14 | 5,356 | |||||||||||||
Schedule of stock options activity | ' | |||||||||||||
A summary of stock option activity for the three months ended March 31, 2014 is as follows (in thousands, except per share amounts and years): | ||||||||||||||
Options Outstanding | ||||||||||||||
Number of | Weighted | Weighted Average Remaining Contractual Terms (years) | Aggregate Intrinsic Value | |||||||||||
Options | Average | |||||||||||||
Exercise Price | ||||||||||||||
per Share | ||||||||||||||
31-Dec-13 | 4,126 | $ | 5.68 | 5.75 | $ | 87 | ||||||||
Grants | 870 | 1.94 | ||||||||||||
Exercises | (62 | ) | 1.01 | 40 | ||||||||||
Forfeited/Cancelled | (601 | ) | 6.77 | |||||||||||
31-Mar-14 | 4,333 | $ | 4.84 | 6.72 | $ | 245 | ||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | ' | |||||||||||||
A summary of RSU activity for the three months ended March 31, 2014 is as follows (in thousands, except per share amounts and years): | ||||||||||||||
RSUs Outstanding | ||||||||||||||
Number of RSUs | Weighted Average Grant Date Fair Value Per Share | Weighted Average Remaining Contractual Terms (years) | Aggregate Intrinsic Value | |||||||||||
31-Dec-13 | 2,238 | 1.1 | $ | 3,133 | ||||||||||
Grants | 75 | $ | 1.97 | |||||||||||
Shares released | (371 | ) | ||||||||||||
Forfeited/Cancelled | (196 | ) | ||||||||||||
31-Mar-14 | 1,746 | 1.07 | $ | 3,562 | ||||||||||
Schedule of stock-based compensation expense | ' | |||||||||||||
The following table presents total stock-based compensation expense by functional areas included in the condensed consolidated statements of operations for the three months ended March 31, 2014 and 2013 (in thousands): | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Research and development | $ | 239 | $ | 527 | ||||||||||
Selling, general and administrative | 990 | 945 | ||||||||||||
Total | $ | 1,229 | $ | 1,472 | ||||||||||
The following table presents total stock-based compensation expense by security types included in the condensed consolidated statements of operations for the three months ended March 31, 2014 and 2013 (in thousands): | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Stock options | $ | 276 | $ | 610 | ||||||||||
Restricted stock units | 869 | 734 | ||||||||||||
Performance stock units | 84 | 128 | ||||||||||||
Total | $ | 1,229 | $ | 1,472 | ||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | ' | |||||||||||||
The Company used the following assumptions to estimate the fair value of its employee option grants: | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Weighted-average expected life (years) | 6 | 6 | ||||||||||||
Weighted-average expected volatility | 64 | % | 65 | % | ||||||||||
Weighted-average risk free interest rate | 1.9 | % | 1.1 | % | ||||||||||
Expected dividend yield | 0 | % | 0 | % |
Segment_Reporting_Tables
Segment Reporting (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Schedule of revenues by geographical area | ' | |||||||
The following table represents revenues that are identified in the corresponding geographic regions based on the customer's ship-to locations (in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Revenues | ||||||||
United States | $ | 3,574 | $ | 2,120 | ||||
Europe | ||||||||
Ireland | 1,960 | 1,219 | ||||||
Others | 1,112 | 1,986 | ||||||
Asia | ||||||||
India | 87 | 2,219 | ||||||
Singapore | — | 3,648 | ||||||
Others | 341 | 289 | ||||||
$ | 7,074 | $ | 11,481 | |||||
Schedule of long-lived assets by geographical area | ' | |||||||
The following table represents identifiable long-lived assets in the corresponding regions (in thousands): | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Long-lived assets | ||||||||
United States | $ | 14,404 | $ | 16,189 | ||||
Europe (1) | 1,916 | 2,123 | ||||||
$ | 16,320 | $ | 18,312 | |||||
-1 | Primarily the Netherlands |
Restructuring_Tables
Restructuring (Tables) | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Restructuring Costs [Abstract] | ' | |||
Summary of changes in restructuring accrual | ' | |||
The following table summarizes the activity in the restructuring accrual during the three months ended March 31, 2014 (in thousands): | ||||
Q4 2013 Restructuring Plan | ||||
Balance at December 31, 2013 | $ | 277 | ||
Cash payments during the first quarter of 2014 | (238 | ) | ||
Adjustments to previously accrued charges | (39 | ) | ||
Balance at March 31, 2014 | $ | — | ||
Basis_of_Presentation_and_Summ3
Basis of Presentation and Summary of Significant Accounting Policies (Textual) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | |
reporting_unit | Total revenues [Member] | Accounts Receivable [Member] | Equity Securities [Member] | Debt Securities [Member] | Novartis [Member] | Novartis [Member] | Exela [Member] | Merck [Member] | Merck [Member] | Arch [Member] | Pfizer [Member] | Intellectual Property [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Novartis [Member] | Novartis [Member] | Merck [Member] | Exela [Member] | Available-for-sale Securities [Member] | Available-for-sale Securities [Member] | ||
operating_segment | Customer concentration risk [Member] | Customer concentration risk [Member] | Total revenues [Member] | Total revenues [Member] | Total revenues [Member] | Total revenues [Member] | Total revenues [Member] | Total revenues [Member] | Total revenues [Member] | |||||||||||||
customer | Customer concentration risk [Member] | Customer concentration risk [Member] | Customer concentration risk [Member] | Customer concentration risk [Member] | Customer concentration risk [Member] | Customer concentration risk [Member] | Customer concentration risk [Member] | |||||||||||||||
Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Reportable Segments | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Operating Segments | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity Date of Highly Liquid Investments | '3 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Undiscounted Cash Flows Greater Than Carry Value of Asset Group | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Entity-Wide Revenue, Major Customer, Percentage | 10.00% | ' | ' | 10.00% | ' | ' | 28.00% | 12.00% | 27.00% | 22.00% | 41.00% | 19.00% | 12.00% | ' | 90.00% | 94.00% | 40.00% | 50.00% | 14.00% | 15.00% | ' | ' |
Goodwill Impairment | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of major customers (customer) | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross unrealized losses | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant realized gains or losses from sales of marketable securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 |
Basis_of_Presentation_and_Summ4
Basis of Presentation and Summary of Significant Accounting Policies (Anti-Dilutive Securities) (Details) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Total shares excluded as anti-dilutive | 7,158 | 7,526 |
Stock options [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Total shares excluded as anti-dilutive | 4,333 | 5,117 |
Restricted stock units [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Total shares excluded as anti-dilutive | 1,975 | 1,626 |
Performance Stock Units [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Total shares excluded as anti-dilutive | 775 | 523 |
Warrants to purchase common stock [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Total shares excluded as anti-dilutive | 75 | 260 |
Collaborative_Research_and_Dev1
Collaborative Research and Development Agreements (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 01, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
Merck [Member] | Merck [Member] | Merck [Member] | Arch [Member] | Arch [Member] | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' | ' | ' | ' |
Term of collaborative research and development agreement (years) | '5 years | ' | ' | ' | ' |
Deferred Revenue | ' | $2,404 | ' | ' | ' |
Sales Revenue, Services, Net | ' | 492 | 328 | ' | ' |
Sales Revenue, Goods, Net | ' | 0 | 505 | 39 | 2,134 |
Allowance for Doubtful Accounts Receivable, Charge-offs | ' | ' | ' | ' | $387 |
Assets_Held_for_Sale_Details
Assets Held for Sale (Details) (USD $) | 1 Months Ended | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
Long Lived Assets Held-for-sale [Line Items] | ' | ' | ' | ' |
Assets Held-for-sale, at Carrying Value | $1,394 | $1,394 | $2,179 | ' |
Proceeds from sale of property and equipment | 779 | 117 | ' | 0 |
Asset Impairment Charges | ' | ' | 1,571 | ' |
Long Lived Assets Held-for-sale, Gain (Loss) on Sale | ' | 66 | ' | -108 |
UNITED STATES | ' | ' | ' | ' |
Long Lived Assets Held-for-sale [Line Items] | ' | ' | ' | ' |
Increase (Decrease) in Assets Held-for-sale | ' | -6 | ' | ' |
Proceeds from sale of property and equipment | ' | 10 | ' | ' |
Long Lived Assets Held-for-sale, Gain (Loss) on Sale | ' | 4 | ' | ' |
HUNGARY | ' | ' | ' | ' |
Long Lived Assets Held-for-sale [Line Items] | ' | ' | ' | ' |
Increase (Decrease) in Assets Held-for-sale | ' | ($779) | ' | ' |
Sale_of_Hungarian_Subsidiary_D
Sale of Hungarian Subsidiary (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Equity [Abstract] | ' | ' |
Equity Method Investment, Ownership Percentage | 100.00% | ' |
Proceeds from sale of Hungarian subsidiary, net of selling costs | $1,500 | $0 |
Gain (Loss) on Sale of Stock in Subsidiary | $760 | $0 |
Balance_Sheets_Details_Invento
Balance Sheets Details (Inventory) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Inventory Components | ' | ' |
Raw materials | $577 | $763 |
Work in process | 109 | 31 |
Finished goods | 1,359 | 693 |
Inventory, net | $2,045 | $1,487 |
Balance_Sheets_Details_Propert
Balance Sheets Details (Property and Equipment) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $37,066 | $37,866 |
Less: accumulated depreciation and amortization | -29,678 | -29,461 |
Property and equipment, net, excluding construction in progress | 7,388 | 8,405 |
Property and equipment, net | 7,396 | 8,446 |
Laboratory equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 23,136 | 23,949 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 9,493 | 9,493 |
Computer equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 3,209 | 3,196 |
Office equipment and furniture [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 1,228 | 1,228 |
Construction in Progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $8 | $41 |
Balance_Sheets_Details_Intangi
Balance Sheets Details (Intangible Assets) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $2,530 | ' |
Finite-Lived Intangible Assets, Gross | 24,876 | 24,876 |
Finite-Lived Intangible Assets, Accumulated Amortization | -16,160 | -15,316 |
Finite-Lived Intangible Assets, Net | 8,716 | 9,560 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 3,374 | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 2,812 | ' |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 3,098 | 3,098 |
Finite-Lived Intangible Assets, Accumulated Amortization | -3,098 | -3,098 |
Finite-Lived Intangible Assets, Net | 0 | 0 |
Finite-Lived Intangible Asset, Useful Life | '5 years | ' |
Technology-Based Intangible Assets [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 1,534 | 1,534 |
Finite-Lived Intangible Assets, Accumulated Amortization | -1,534 | -1,534 |
Finite-Lived Intangible Assets, Net | 0 | 0 |
Finite-Lived Intangible Asset, Useful Life | '5 years | ' |
Intellectual Property [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 20,244 | 20,244 |
Finite-Lived Intangible Assets, Accumulated Amortization | -11,528 | -10,684 |
Finite-Lived Intangible Assets, Net | $8,716 | $9,560 |
Finite-Lived Intangible Asset, Useful Life | '6 years | ' |
Balance_Sheets_Details_Goodwil
Balance Sheets Details (Goodwill) (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Balance Sheets Details [Abstract] | ' | ' | ' |
Changes in the carrying value of goodwill | $0 | $0 | ' |
Goodwill | $3,241,000 | $3,241,000 | $3,241,000 |
Cash_Equivalents_and_Marketabl2
Cash Equivalents and Marketable Securities (Components of Cash Equivalents and Marketable Securities) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Cash Equivalents and Marketable Securities [Line Items] | ' | ' |
Adjusted Cost | $16,156 | $19,654 |
Gross Unrealized Gains | 884 | 235 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 17,040 | 19,889 |
Money market funds [Member] | ' | ' |
Cash Equivalents and Marketable Securities [Line Items] | ' | ' |
Adjusted Cost | 14,592 | 16,089 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 14,592 | 16,089 |
Corporate bonds (unamortized cost) [Member] | ' | ' |
Cash Equivalents and Marketable Securities [Line Items] | ' | ' |
Adjusted Cost | 1,001 | 1,002 |
Gross Unrealized Gains | 1 | 3 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 1,002 | 1,005 |
Average Contractual Maturities (in days) | '50 days | '140 days |
U.S. Treasury obligations (unamortized cost) [Member] | ' | ' |
Cash Equivalents and Marketable Securities [Line Items] | ' | ' |
Adjusted Cost | ' | 2,000 |
Gross Unrealized Gains | ' | 0 |
Gross Unrealized Losses | ' | 0 |
Estimated Fair Value | ' | 2,000 |
Average Contractual Maturities (in days) | ' | '59 days |
Common shares of CO2 Solution [Member] | ' | ' |
Cash Equivalents and Marketable Securities [Line Items] | ' | ' |
Adjusted Cost | 563 | 563 |
Gross Unrealized Gains | 883 | 232 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | $1,446 | $795 |
Cash_Equivalents_and_Marketabl3
Cash Equivalents and Marketable Securities (Textual) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | securities | securities | ||
Cash Equivalents and Marketable Securities [Abstract] | ' | ' | ' | ' |
Cash and cash equivalents | $23,163 | $22,130 | $31,231 | $32,003 |
Money market funds | 14,592 | 16,089 | ' | ' |
Cash | $8,571 | $6,041 | ' | ' |
Number of marketable securities in a loss position (securities) | 0 | 0 | ' | ' |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule of Financial Instruments Measured at Fair Value on Recurring Basis) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets Held-for-sale, at Carrying Value | $1,394 | $2,179 |
Summary of financial instruments measured at fair value on a recurring basis | ' | ' |
Total financial assets measured at fair value on a recurring basis | 17,040 | 19,889 |
Level 1 [Member] | ' | ' |
Summary of financial instruments measured at fair value on a recurring basis | ' | ' |
Total financial assets measured at fair value on a recurring basis | 14,592 | 16,089 |
Level 2 [Member] | ' | ' |
Summary of financial instruments measured at fair value on a recurring basis | ' | ' |
Total financial assets measured at fair value on a recurring basis | 2,448 | 3,800 |
Level 3 [Member] | ' | ' |
Summary of financial instruments measured at fair value on a recurring basis | ' | ' |
Total financial assets measured at fair value on a recurring basis | 0 | 0 |
Money market funds [Member] | ' | ' |
Summary of financial instruments measured at fair value on a recurring basis | ' | ' |
Total financial assets measured at fair value on a recurring basis | 14,592 | 16,089 |
Money market funds [Member] | Level 1 [Member] | ' | ' |
Summary of financial instruments measured at fair value on a recurring basis | ' | ' |
Total financial assets measured at fair value on a recurring basis | 14,592 | 16,089 |
Money market funds [Member] | Level 2 [Member] | ' | ' |
Summary of financial instruments measured at fair value on a recurring basis | ' | ' |
Total financial assets measured at fair value on a recurring basis | 0 | 0 |
Money market funds [Member] | Level 3 [Member] | ' | ' |
Summary of financial instruments measured at fair value on a recurring basis | ' | ' |
Total financial assets measured at fair value on a recurring basis | 0 | 0 |
Corporate bonds [Member] | ' | ' |
Summary of financial instruments measured at fair value on a recurring basis | ' | ' |
Total financial assets measured at fair value on a recurring basis | 1,002 | 1,005 |
Corporate bonds [Member] | Level 1 [Member] | ' | ' |
Summary of financial instruments measured at fair value on a recurring basis | ' | ' |
Total financial assets measured at fair value on a recurring basis | 0 | 0 |
Corporate bonds [Member] | Level 2 [Member] | ' | ' |
Summary of financial instruments measured at fair value on a recurring basis | ' | ' |
Total financial assets measured at fair value on a recurring basis | 1,002 | 1,005 |
Corporate bonds [Member] | Level 3 [Member] | ' | ' |
Summary of financial instruments measured at fair value on a recurring basis | ' | ' |
Total financial assets measured at fair value on a recurring basis | 0 | 0 |
U.S. Treasury obligations [Member] | ' | ' |
Summary of financial instruments measured at fair value on a recurring basis | ' | ' |
Total financial assets measured at fair value on a recurring basis | ' | 2,000 |
U.S. Treasury obligations [Member] | Level 1 [Member] | ' | ' |
Summary of financial instruments measured at fair value on a recurring basis | ' | ' |
Total financial assets measured at fair value on a recurring basis | ' | 0 |
U.S. Treasury obligations [Member] | Level 2 [Member] | ' | ' |
Summary of financial instruments measured at fair value on a recurring basis | ' | ' |
Total financial assets measured at fair value on a recurring basis | ' | 2,000 |
U.S. Treasury obligations [Member] | Level 3 [Member] | ' | ' |
Summary of financial instruments measured at fair value on a recurring basis | ' | ' |
Total financial assets measured at fair value on a recurring basis | ' | 0 |
Common shares of CO2 Solution [Member] | ' | ' |
Summary of financial instruments measured at fair value on a recurring basis | ' | ' |
Total financial assets measured at fair value on a recurring basis | 1,446 | 795 |
Common shares of CO2 Solution [Member] | Level 1 [Member] | ' | ' |
Summary of financial instruments measured at fair value on a recurring basis | ' | ' |
Total financial assets measured at fair value on a recurring basis | 0 | 0 |
Common shares of CO2 Solution [Member] | Level 2 [Member] | ' | ' |
Summary of financial instruments measured at fair value on a recurring basis | ' | ' |
Total financial assets measured at fair value on a recurring basis | 1,446 | 795 |
Common shares of CO2 Solution [Member] | Level 3 [Member] | ' | ' |
Summary of financial instruments measured at fair value on a recurring basis | ' | ' |
Total financial assets measured at fair value on a recurring basis | 0 | 0 |
Assets Held-for-sale [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets Held-for-sale, at Carrying Value | 1,394 | 2,179 |
Assets Held-for-sale [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets Held-for-sale, at Carrying Value | 0 | 0 |
Assets Held-for-sale [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets Held-for-sale, at Carrying Value | 0 | 0 |
Assets Held-for-sale [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets Held-for-sale, at Carrying Value | $1,394 | $2,179 |
Fair_Value_Measurements_Textua
Fair Value Measurements (Textual) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | CO2 Solutions [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ' | ' | ' |
Cash | $8,571 | $6,041 | ' |
Number of common shares fair value (shares) | ' | ' | 10,000,000 |
Assets Held-for-sale, at Carrying Value | $1,394 | $2,179 | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Exela PharmaSci, Inc [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Collaborative research and development revenue | $1,943 | $1,044 |
Director [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Related Party Transaction, Expenses from Transactions with Related Party | $30 | ' |
Parent Company [Member] | CMEA Ventures [Member] | Affiliated Entity [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Investment, Ownership Percentage | 7.60% | ' |
Exela PharmaSci, Inc [Member] | CMEA Ventures [Member] | Affiliated Entity [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Investment, Ownership Percentage | 10.00% | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Textual) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2012 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Fifth Amendment [Member] | Sixth Amendment [Member] | Headquarters, Redwood City [Member] | Penobscot Space, Building 2 Space, and Saginaw Space [Member] | Chesapeake Space [Member] | Singapore [Member] | Singapore [Member] | |
Fifth Amendment [Member] | Fifth Amendment [Member] | |||||||
sqft | ||||||||
Commitments and Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Lease area space occupancy (square feet) | ' | ' | ' | 107,000 | ' | ' | ' | ' |
Expiration date of lease | ' | ' | ' | ' | 31-Jan-20 | 31-Jan-17 | ' | ' |
Payments for Capital Improvements | ' | $3,600 | ' | ' | ' | ' | ' | ' |
Tenant Reimbursements | ' | 3,100 | ' | ' | ' | ' | ' | ' |
Incentive from Lessor | 2,054 | ' | ' | ' | ' | ' | ' | ' |
Operating Leases, Future Minimum Payments Due | 16,043 | ' | ' | ' | ' | ' | ' | 354 |
Operating Leases Term | ' | ' | ' | ' | ' | ' | '6 months | ' |
Letters of credit | ' | ' | 707 | ' | ' | ' | ' | ' |
Asset retirement obligations | 109 | ' | ' | ' | ' | ' | ' | ' |
Estimated obligation payable | $600 | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies (Future Minimum Lease Payments) (Details) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Future minimum payments under non-cancellable operating leases | ' |
Lease payments, 3 months ending December 31, 2013 | $2,006 |
Lease payments, Year ending December 31, 2014 | 2,743 |
Lease payments, Year ending December 31, 2015 | 2,827 |
Lease payments, Year ending December 31, 2016 | 2,677 |
Lease payments, Year ending December 31, 2017 | 2,736 |
Lease payments, Year ending December 31, 2018 and beyond | 3,054 |
Lease payments, Total | $16,043 |
Warrants_Details
Warrants (Details) | 3 Months Ended |
Mar. 31, 2014 | |
Warrants Issued on July 17, 2007 and Expiring on February 9, 2016 [Member] | ' |
Schedule of common stock warrants issued and outstanding | ' |
Issue Date | 17-Jul-07 |
Shares subject to warrants (shares) | 2,384 |
Exercise Price per Share (dollars per share) | 12.45 |
Expiration | 9-Feb-16 |
Warrants Issued on September 28, 2007 and Expiring on September 28, 2017 [Member] | ' |
Schedule of common stock warrants issued and outstanding | ' |
Issue Date | 28-Sep-07 |
Shares subject to warrants (shares) | 72,727 |
Exercise Price per Share (dollars per share) | 8.25 |
Expiration | 28-Sep-17 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Equity [Abstract] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | $370 | ($32) |
Accumulated other comprehensive income (loss) | 370 | -32 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | 401 | ' |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 401 | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Net of Tax | $1 | ' |
StockBased_Compensation_Textua
Stock-Based Compensation (Textual) (Details) (USD $) | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | |||||||||||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2010 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2013 | Mar. 31, 2014 |
2010 Plan [Member] | Incentive Stock Options [Member] | Non-Statutory Stock Options [Member] | Restricted Stock [Member] | Stock options [Member] | Stock options [Member] | Restricted stock units [Member] | Restricted stock units [Member] | Restricted stock units [Member] | Performance stock units [Member] | Performance stock units [Member] | Performance stock units [Member] | Stock options [Member] | Stock options [Member] | Director [Member] | Director [Member] | Director [Member] | |||
Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | ' | ' | ' | ' | ' | ' | ' | ' | 1,746,000 | ' | 2,238,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 0 months 25 days | ' | '1 year 1 month 6 days | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | $3,562 | ' | $3,133 | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | 692 | 366 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | ' | ' | ' | ' | ' | ' | $1.15 | $1.36 | $1.97 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | ' | ' | '4 years | ' | '4 years | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | ' | ' | ' | 100.00% | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of Voting Interests | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock Above Minimum Threshold, Percent | ' | ' | ' | ' | ' | ' | 110.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | ' | ' | ' | ' | ' | ' | ' | ' | 75,000 | ' | ' | 775,000 | ' | 523,048 | ' | ' | ' | 215,515 | 229,163 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised | ' | ' | ' | ' | ' | ' | ' | ' | -371,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Forfeitures and Expirations | ' | ' | ' | ' | ' | ' | ' | ' | -196,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 years | '6 years | ' | ' | ' |
Shares reserved for future issuance (shares) | ' | ' | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation | 1,229 | 1,472 | ' | ' | ' | ' | 276 | 610 | 869 | 734 | ' | 84 | 128 | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 775,000 | ' | 358,308 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 64.00% | 65.00% | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.90% | 1.10% | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500 | 356 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | ' | ' | ' | ' | ' | ' | 25.00% | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | 33.00% | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $1,783 | ' | ' | ' | ' | $2,020 | ' | ' | $2,909 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '3 years 1 month 13 days | ' | ' | ' | ' | '1 year 9 months 25 days | ' | ' | '1 year 7 months 9 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
StockBased_Compensation_Shares
Stock-Based Compensation (Shares Available For Grant) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Stock options [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 4,333 | 4,126 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $4.84 | $5.68 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | '6 years 8 months 19 days | '5 years 9 months |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $245 | $87 |
Shares Available For Grant [Roll Forward] | ' | ' |
Beginning balance (shares) | 4,908 | ' |
Annual increase in shares available for grant (shares) | 1,525 | ' |
Grants (shares) | -870 | ' |
Forfeited / cancelled (shares) | 195 | ' |
Ending balance (shares) | 5,356 | 4,908 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 870 | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $1.94 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | -62 | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $1.01 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $40 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | -601 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $6.77 | ' |
Restricted stock units [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | '1 year 0 months 25 days | '1 year 1 month 6 days |
Shares Available For Grant [Roll Forward] | ' | ' |
Grants (shares) | -75 | ' |
Award shares withheld for taxes (shares) | 123 | ' |
Forfeited / cancelled (shares) | 196 | ' |
Restricted Stock Award [Member] | ' | ' |
Shares Available For Grant [Roll Forward] | ' | ' |
Grants (shares) | -229 | ' |
Performance stock units [Member] | ' | ' |
Shares Available For Grant [Roll Forward] | ' | ' |
Grants (shares) | -775 | ' |
Forfeited / cancelled (shares) | 358 | ' |
StockBased_Compensation_StockB
Stock-Based Compensation (Stock-Based Compensation Expense) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Schedule of stock-based compensation expense | ' | ' |
Stock-based compensation | $1,229 | $1,472 |
Research and development [Member] | ' | ' |
Schedule of stock-based compensation expense | ' | ' |
Stock-based compensation | 239 | 527 |
Selling, general and administrative [Member] | ' | ' |
Schedule of stock-based compensation expense | ' | ' |
Stock-based compensation | 990 | 945 |
Stock options [Member] | ' | ' |
Schedule of stock-based compensation expense | ' | ' |
Stock-based compensation | 276 | 610 |
Restricted stock units [Member] | ' | ' |
Schedule of stock-based compensation expense | ' | ' |
Stock-based compensation | 869 | 734 |
Performance stock units [Member] | ' | ' |
Schedule of stock-based compensation expense | ' | ' |
Stock-based compensation | $84 | $128 |
Revenues_by_Geographic_Area_De
(Revenues by Geographic Area) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Schedule of revenues by geographical area | ' | ' |
Revenues | $7,074 | $11,481 |
UNITED STATES | ' | ' |
Schedule of revenues by geographical area | ' | ' |
Revenues | 3,574 | 2,120 |
Europe [Member] | ' | ' |
Schedule of revenues by geographical area | ' | ' |
Revenues | ' | ' |
IRELAND | ' | ' |
Schedule of revenues by geographical area | ' | ' |
Revenues | 1,960 | 1,219 |
Other European Countries [Member] | ' | ' |
Schedule of revenues by geographical area | ' | ' |
Revenues | 1,112 | 1,986 |
India [Member] | ' | ' |
Schedule of revenues by geographical area | ' | ' |
Revenues | 87 | 2,219 |
Singapore [Member] | ' | ' |
Schedule of revenues by geographical area | ' | ' |
Revenues | 0 | 3,648 |
Other [Member] | ' | ' |
Schedule of revenues by geographical area | ' | ' |
Revenues | $341 | $289 |
LongLived_Assets_by_Geographic
(Long-Lived Assets by Geographic Area) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of long-lived assets by geographical area | ' | ' |
Long-lived assets | $16,320 | $18,312 |
UNITED STATES | ' | ' |
Schedule of long-lived assets by geographical area | ' | ' |
Long-lived assets | 14,404 | 16,189 |
Europe [Member] | ' | ' |
Schedule of long-lived assets by geographical area | ' | ' |
Long-lived assets | $1,916 | $2,123 |
Segment_Reporting_Narrative_De
Segment Reporting (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2014 | |
operating_segment | |
Segment Reporting [Abstract] | ' |
Number of Operating Segments | 1 |
Restructuring_Changes_in_Restr
Restructuring (Changes in Restructuring Accrual) (Details) (Quarter Four Two Thousand Thirteen Restructuring Plan [Member], USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Quarter Four Two Thousand Thirteen Restructuring Plan [Member] | ' |
Summary of changes in restructuring accrual | ' |
Beginning balance | $277 |
Cash payments | -238 |
Adjustments to restructuring charges | -39 |
Ending balance | $0 |
Restructuring_Textual_Details
Restructuring (Textual) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 |
Quarter Four Two Thousand Thirteen Restructuring Plan [Member] | Quarter Four Two Thousand Thirteen Restructuring Plan [Member] | Quarter Four Two Thousand Thirteen Restructuring Plan [Member] | Quarter Four Two Thousand Thirteen Restructuring Plan [Member] | Quarter Four Two Thousand Thirteen Restructuring Plan [Member] | |
employee | Research and Development Expense [Member] | Selling, General and Administrative Expenses [Member] | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Employee terminations (employee) | 15 | ' | ' | ' | ' |
Restructuring Charges | ' | $809 | $573 | $236 | ' |
Restructuring Reserve, Settled with Cash | ' | ' | ' | ' | $238 |