Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 7-May-14 | |
Document Information [Line Items] | ' | ' |
Entity Registrant Name | 'ALIMERA SCIENCES INC | ' |
Entity Central Index Key | '0001267602 | ' |
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 | '--03-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 40,325,670 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $41,326 | $12,628 |
Accounts receivable, net | 1,278 | 500 |
Prepaid expenses and other current assets | 2,413 | 3,474 |
Inventory, net | 1,234 | 1,786 |
Deferred financing costs | 208 | 250 |
Total current assets | 46,459 | 18,638 |
PROPERTY AND EQUIPMENT — at cost less accumulated depreciation | 959 | 982 |
TOTAL ASSETS | 47,418 | 19,620 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable | 1,844 | 1,735 |
Accrued expenses | 758 | 934 |
Outsourced services payable | 183 | 603 |
Note payable | 1,667 | 1,667 |
Capital lease obligations | 10 | 10 |
Total current liabilities | 4,462 | 4,949 |
NON-CURRENT LIABILITIES: | ' | ' |
Derivative warrant liability | 29,511 | 16,381 |
Note payable, net of discount — less current portion | 2,778 | 3,194 |
Other non-current liabilities | 16 | 21 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
STOCKHOLDERS’ EQUITY (DEFICIT): | ' | ' |
Common stock, $.01 par value — 100,000,000 shares authorized, 38,036,544 shares issued and outstanding at March 31, 2014 and 31,610,991 shares issued and outstanding at December 31, 2013 | 380 | 316 |
Additional paid-in capital | 276,595 | 240,135 |
Accumulated deficit | -298,104 | -277,345 |
Accumulated other comprehensive loss | -484 | -488 |
TOTAL STOCKHOLDERS’ EQUITY (DEFICIT) | 10,651 | -4,925 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | 47,418 | 19,620 |
Preferred Stock | ' | ' |
STOCKHOLDERS’ EQUITY (DEFICIT): | ' | ' |
Preferred stock, $.01 par value — 10,000,000 shares authorized at March 31, 2014 and December 31, 2013: | ' | ' |
Series A convertible preferred stock | ' | ' |
STOCKHOLDERS’ EQUITY (DEFICIT): | ' | ' |
Preferred stock, $.01 par value — 10,000,000 shares authorized at March 31, 2014 and December 31, 2013: | 32,045 | 32,045 |
Common Stock | ' | ' |
STOCKHOLDERS’ EQUITY (DEFICIT): | ' | ' |
Common stock warrants | $219 | $412 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 38,036,544 | 31,610,991 |
Common stock, shares outstanding | 38,036,544 | 31,610,991 |
Series A convertible preferred stock | ' | ' |
Preferred stock, shares authorized | 1,300,000 | 1,300,000 |
Preferred stock, shares issued | 1,000,000 | 1,000,000 |
Preferred stock, shares outstanding | 1,000,000 | 1,000,000 |
Preferred stock, liquidation preference | $40,000,000 | $40,000,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
NET REVENUE | $2,084 | $0 |
COST OF GOODS SOLD | -564 | 0 |
GROSS MARGIN | 1,520 | 0 |
RESEARCH AND DEVELOPMENT EXPENSES | 2,626 | 2,023 |
GENERAL AND ADMINISTRATIVE EXPENSES | 2,927 | 2,670 |
SALES AND MARKETING EXPENSES | 3,411 | 3,563 |
OPERATING EXPENSES | 8,964 | 8,256 |
INTEREST EXPENSE, NET AND OTHER | -129 | -134 |
UNREALIZED FOREIGN CURRENCY LOSS, NET | -56 | 0 |
CHANGE IN FAIR VALUE OF DERIVATIVE WARRANT LIABILITY | -13,130 | -5,594 |
NET LOSS | ($20,759) | ($13,984) |
NET LOSS PER SHARE APPLICABLE TO COMMON SHAREHOLDERS — Basic and diluted (in dollars per share) | ($0.58) | ($0.44) |
WEIGHTED AVERAGE SHARES OUTSTANDING — Basic and diluted (in shares) | 35,853,869 | 31,545,569 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Loss (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net loss | ($20,759) | ($13,984) |
OTHER COMPREHENSIVE LOSS | ' | ' |
Foreign currency translation adjustments | 4 | 8 |
TOTAL OTHER COMPREHENSIVE LOSS | 4 | 8 |
COMPREHENSIVE LOSS | ($20,755) | ($13,976) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net loss | ($20,759) | ($13,984) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation and amortization | 36 | 27 |
Unrealized foreign currency transaction loss | 56 | 0 |
Amortization of deferred financing costs and debt discount | 42 | 40 |
Stock-based compensation expense | 933 | 532 |
Change in fair value of derivative warrant liability | 13,130 | 5,594 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable | -775 | 0 |
Prepaid expenses and other current assets | 1,054 | -611 |
Inventory | 548 | -339 |
Accounts payable | 111 | 367 |
Accrued expenses and other current liabilities | -592 | -1,427 |
Other long-term liabilities | -2 | 26 |
Net cash used in operating activities | -6,218 | -9,775 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchases of property and equipment | -12 | -28 |
Net cash used in investing activities | -12 | -28 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from exercise of stock options | 287 | 33 |
Proceeds from sale of common stock | 37,500 | 0 |
Payment of issuance cost of common stock | -2,389 | 0 |
Payment of principal on notes payable | -417 | -492 |
Payments on capital lease obligations | -2 | -3 |
Net cash provided by (used in) financing activities | 34,979 | -462 |
EFFECT OF EXCHANGE RATES ON CASH AND CASH EQUIVALENTS | -51 | 8 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 28,698 | -10,257 |
CASH AND CASH EQUIVALENTS — Beginning of year | 12,628 | 49,564 |
CASH AND CASH EQUIVALENTS — End of year | 41,326 | 39,307 |
SUPPLEMENTAL DISCLOSURES: | ' | ' |
Cash paid for interest | $89 | $71 |
Nature_of_Operations
Nature of Operations | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
NATURE OF OPERATIONS | ' |
NATURE OF OPERATIONS | |
Alimera Sciences, Inc., and its wholly-owned subsidiaries (the Company), is a biopharmaceutical company that specializes in the research, development and commercialization of prescription ophthalmic pharmaceuticals. The Company was formed on June 4, 2003 under the laws of the State of Delaware. | |
The Company is presently focused on diseases affecting the back of the eye, or retina, because the Company’s management believes these diseases are not well treated with current therapies and represent a significant market opportunity. The Company’s only commercial product is ILUVIEN®, which has received marketing authorization in the United Kingdom, Austria, Portugal, France, Germany and Spain, and has been recommended for marketing authorization in Italy, for the treatment of vision impairment associated with chronic diabetic macular edema (DME) considered insufficiently responsive to available therapies. DME is a disease of the retina that affects individuals with diabetes and can lead to severe vision loss and blindness. ILUVIEN is the first product approved for chronic DME in the United Kingdom and European Union (EU). As part of the approval process in these countries, the Company has committed to conduct a five-year, post-authorization, open label registry study of ILUVIEN in 800 patients treated per the labeled indication. ILUVIEN has not been approved by the U.S. Food and Drug Administration (FDA). | |
The Company launched ILUVIEN in the United Kingdom and Germany in April and May of 2013, respectively, and currently plans to launch ILUVIEN in France in late 2014. The Company was able to launch in Germany without price restrictions, but continues to work with the statutory health insurance funds in Germany to streamline reimbursement for ILUVIEN. | |
In January 2013, the United Kingdom’s National Institute for Health and Care Excellence (NICE) published final guidance for England and Wales indicating that ILUVIEN does not satisfy NICE's definition of cost effectiveness for the treatment of vision impairment associated with chronic DME considered insufficiently responsive to available therapies given the cost of £5,500. The Company submitted a simple patient access scheme (PAS) for ILUVIEN to NICE for consideration under its rapid review facility. In October 2013, the NICE Appraisal Committee issued a positive Final Appraisal Determination recommending ILUVIEN funding for the treatment of pseudophakic eyes (eyes with an artificial lens) in chronic DME patients considered insufficiently responsive to available therapies and the final technology appraisal guidance was published in November 2013. The technology appraisal guidance reverses the published guidance issued by NICE in January 2013, and takes into consideration the PAS. NICE requires clinical commissioning groups, National Health Service (NHS) England and Wales, and local public health authorities to comply with the recommendations in the final guidance within three months of its date of publication. The Company began receiving orders for ILUVIEN from several NHS facilities in January 2014, indicating early implementation of the NICE guidance in certain NHS facilities. Further, in February 2014, the Scottish Medicines Consortium, after completing its assessment and review of a similar simple PAS, announced that is has accepted ILUVIEN for restricted use within the NHS Scotland. | |
In July 2013, the Transparency Commission (Commission de la Transparence or CT) of the French National Health Authority (Haute Autorite de Sante) issued a favorable opinion for the reimbursement and hospital listing of ILUVIEN by the French National Health Insurance for the treatment of chronic DME considered insufficiently responsive to available therapies. In the opinion, ILUVIEN was deemed as providing a "moderate medical benefit" as defined by the Service Medical Rendu. As a result, when the Company agrees on a price with the French authorities, patients will be reimbursed for 100% of the cost of ILUVIEN under the Affection de Longue Duree, a specific program for severe chronic diseases such as diabetes. When comparing the clinical benefit of ILUVIEN to existing therapies (Amelioration du Service Medical Rendu or ASMR), the CT rated the product at "level IV" which will be used in considering the price and any reimbursement conditions for ILUVIEN in France. | |
In September 2013, the Company submitted an application to the Medicines and Healthcare Products Regulatory Agency (MHRA) in the United Kingdom, as the Reference Member State, for ten additional EU country approvals through the Mutual Recognition Procedure. | |
The Company submitted a New Drug Application (NDA) in June 2010 for ILUVIEN in the U.S. with the FDA. The Company resubmitted its NDA with revisions in May 2011 and April 2013 to address matters raised in the FDA's Complete Response Letters (CRLs) relating to the NDA. In October 2013, the Company received a third CRL from the FDA stating that the NDA could not be approved in its current form. In the third CRL, the FDA identified clinical and statistical deficiencies and indicated that the benefits of ILUVIEN did not outweigh its risks. Further, the FDA also indicated that results from a new clinical trial would need to be submitted, together with at least 12 months of follow-up data for all enrolled patients, to support certain indications previously discussed with the FDA. The FDA suggested that a meeting with the Dermatologic and Ophthalmic Drugs Advisory Committee may be of assistance in addressing the deficiencies identified above and providing advice whether a patient population can be identified in which the benefits of the drug product might outweigh the risks. In the third CRL, the FDA also referenced deficiencies in the methods and controls used for the drug product at the facility where ILUVIEN is manufactured. The Company does not believe that these deficiencies will affect its European commercial supply. | |
The Company was notified of a January 2014 meeting of the Advisory Committee, shortly after the issuance of the third CRL. In a subsequent communication with the FDA, the Company believes it clarified that the purpose of the Advisory Committee meeting was to consider the benefits and risks of ILUVIEN based on existing data available from its two completed Phase 3 pivotal clinical trials. A meeting with the FDA in preparation for the Advisory Committee resulted in labeling discussions for ILUVIEN, and the Company and the FDA agreed that the Advisory Committee was no longer necessary. | |
In March 2014, the Company resubmitted its NDA for ILUVIEN in response to the third CRL. In the resubmission, the Company responded to questions raised in the third CRL, addressed deficiencies noted in the methods and controls used for the drug product at the facility where ILUVIEN is manufactured and provided a safety update, which included commercial experience with ILUVIEN in Europe. In April 2014, the Company was notified by the FDA that the resubmission of its NDA for ILUVIEN had been acknowledged as received by the FDA as a complete class 2 response to the third CRL, and that a Prescription Drug User Fee Act (PDUFA) goal date of September 26, 2014 had been established. The Company does not plan to conduct any new clinical trials in connection with the FDA's review of this submission. |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
BASIS OF PRESENTATION | ' |
BASIS OF PRESENTATION | |
The Company has prepared the accompanying unaudited interim condensed consolidated financial statements and notes thereto (interim financial statements) in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial information and the instructions to Form 10-Q and Article 10-01 of Regulation S-X of the Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements reflect all adjustments, which include normal recurring adjustments, necessary to present fairly the Company’s interim financial information. | |
The accompanying unaudited interim condensed consolidated financial statements and related notes should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2013 and related notes included in the Company’s Annual Report on Form 10-K, which was filed with the SEC on March 7, 2014. The financial results for any interim period are not necessarily indicative of the expected financial results for the full year. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
The accounting policies followed for quarterly financial reporting are the same as those disclosed in the Notes to Financial Statements included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2013. |
Factors_Affecting_Operations
Factors Affecting Operations | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
FACTORS AFFECTING OPERATIONS | ' |
FACTORS AFFECTING OPERATIONS | |
To date the Company has incurred recurring losses, negative cash flow from operations, and has accumulated a deficit of $298,104,000 from the Company’s inception through March 31, 2014. As of March 31, 2014, the Company had approximately $41,326,000 in cash and cash equivalents. In April 2014, Alimera Sciences Limited (Limited), a wholly-owned subsidiary of the Company, refinanced its 2013 Term Loan resulting in net proceeds of approximately $4,700,000 (Note 8). | |
The Company believes that it has sufficient funds available to fund its operations beyond the projected commercialization of ILUVIEN in Germany, the United Kingdom and France in 2014. The Company does not expect the generation of positive cash flow from operations until 2015, at the earliest, if at all. If ILUVIEN is not approved in additional jurisdictions or does not generate sufficient revenue, the Company may adjust its commercial plans so that it can continue to operate with its existing cash resources or seek to raise additional financing. | |
The accompanying interim condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern. The Company's recurring net losses, negative cash flow from operations and accumulated deficit raise substantial doubt about its ability to continue as a going concern. The interim condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
Inventory
Inventory | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
INVENTORY | ' | |||||||
INVENTORY | ||||||||
Inventory consisted of the following: | ||||||||
March 31, | December 31, 2013 | |||||||
2014 | ||||||||
(In thousands) | ||||||||
Component parts (1) | $ | 268 | $ | 266 | ||||
Work-in-process (2) | 594 | 587 | ||||||
Finished goods | 1,217 | 1,343 | ||||||
Total inventory | 2,079 | 2,196 | ||||||
Inventory reserve | (845 | ) | (410 | ) | ||||
Inventory — net | $ | 1,234 | $ | 1,786 | ||||
(1) Component parts inventory consisted of manufactured components of the ILUVIEN applicator. | ||||||||
(2) Work-in-process consisted of completed units of ILUVIEN that are undergoing, but have not completed, quality assurance testing as required by regulatory authorities. |
Accrued_Expenses
Accrued Expenses | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
ACCRUED EXPENSES | ' | |||||||
ACCRUED EXPENSES | ||||||||
Accrued expenses consisted of the following: | ||||||||
March 31, | December 31, 2013 | |||||||
2014 | ||||||||
(In thousands) | ||||||||
Accrued clinical investigator expenses | $ | 311 | $ | 562 | ||||
Accrued other compensation expenses | 325 | 106 | ||||||
Other accrued expenses | 122 | 266 | ||||||
Total accrued expenses | $ | 758 | $ | 934 | ||||
License_Agreements
License Agreements | 3 Months Ended |
Mar. 31, 2014 | |
Disclosure P Sivida Agreement Additional Information [Abstract] | ' |
LICENSE AGREEMENTS | ' |
LICENSE AGREEMENTS | |
The Company entered into an agreement with pSivida US, Inc. (pSivida) for the use of fluocinolone acetonide (FAc) in pSivida’s proprietary delivery device in February 2005, and a subsequent amendment in 2008. pSivida is a global drug delivery company committed to the biomedical sector and the development of drug delivery products. The agreement with pSivida provides the Company with a worldwide exclusive license to develop and sell ILUVIEN. | |
The Company’s license rights to pSivida’s proprietary delivery device could revert to pSivida if the Company were to (i) fail twice to cure its breach of an obligation to make certain payments to pSivida following receipt of written notice thereof; (ii) fail to cure other breaches of material terms of its agreement with pSivida within 30 days after notice of such breaches or such longer period (up to 90 days) as may be reasonably necessary if the breach cannot be cured within such 30-day period; (iii) file for protection under the bankruptcy laws, make an assignment for the benefit of creditors, appoint or suffer appointment of a receiver or trustee over its property, file a petition under any bankruptcy or insolvency act or have any such petition filed against it and such proceeding remains undismissed or unstayed for a period of more than 60 days; or (iv) notify pSivida in writing of its decision to abandon its license with respect to a certain product using pSivida’s proprietary delivery device. | |
Upon commercialization of ILUVIEN, the Company must share 20% of net profits and 33% of any lump sum milestone payments received from a sub-licensee of ILUVIEN, as defined by the agreement, with pSivida. In connection with this arrangement the Company is entitled to recover 20% of commercialization costs of ILUVIEN, as defined in the agreement, incurred prior to product profitability out of pSivida’s share of net profits. As of March 31, 2014 and December 31, 2013, the Company was owed $12,386,000 and $12,219,000, respectively, in commercialization costs. Due to the uncertainty of future net profits, the Company has fully reserved these amounts in the accompanying interim condensed consolidated financial statements. The Company will owe pSivida an additional milestone payment of $25,000,000 if ILUVIEN is approved by the FDA (the pSivida Milestone Payment). | |
In November 2007, the Company entered into a license agreement with Dainippon Sumitomo Pharma Co., Ltd. (Dainippon) whereby Dainippon granted the Company a non-exclusive, worldwide, royalty free license to patent rights under specific patents and patent applications. The Company paid $200,000 to Dainippon shortly after the execution of this license agreement and will be required to make an additional payment in the amount of $200,000 to Dainippon within 30 days following the first regulatory approval of a licensed product in the U.S. by the FDA. |
Loan_Agreements
Loan Agreements | 3 Months Ended |
Mar. 31, 2014 | |
Text Block [Abstract] | ' |
LOAN AGREEMENTS | ' |
LOAN AGREEMENTS | |
2010 Term Loan | |
The Company entered into a loan and security agreement with Silicon Valley Bank (SVB) and MidCap Financial LLP (MidCap and together with SVB, the Lenders) in October 2010, which was subsequently amended in May 2011 (as amended, the 2010 Term Loan Agreement). Pursuant to the 2010 Term Loan Agreement, in October 2010 the Company borrowed an aggregate of $6,250,000 from the Lenders (the 2010 Term Loan). The 2010 Term Loan Agreement also provided for the ability to drawdown an additional $11,000,000 subject to FDA approval of the NDA for ILUVIEN by December 31, 2011, which was not obtained. | |
In August 2011, the Company began repaying the outstanding principal under the 2010 Term Loan in 33 equal monthly installments plus interest at a rate of 11.5%. At maturity, the Company was also required to make an additional interest payment equal to 4% of the total amount borrowed. The Company paid to the Lenders an upfront fee of $62,500 upon execution of the 2010 Term Loan Agreement and an additional fee of $50,000 in connection with the May 2011 amendment. In accordance with ASC 470-50-40-17, Debt - Modifications and Extinguishments (ASC 470-50-40-17), the Company was amortizing the deferred financing costs on the 2010 Term Loan and the $50,000 modification fee over the remaining term of the 2010 Term Loan, as modified. | |
In October 2010, in connection with entering into the 2010 Term Loan, the Company issued SVB a warrant to purchase up to 15,909 shares of the Company's common stock and MidCap a warrant to purchase up to 23,864 shares of the Company's common stock. Each of the warrants were exercisable upon issuance, had a per-share exercise price of $11.00 and a term of 10 years. The Company estimated the fair value of warrants granted using the Black-Scholes option pricing model to be $389,000. The Company allocated a portion of the proceeds from the 2010 Term Loan to the warrants in accordance with ASC 470-20-25-2, Debt Instruments with Detachable Warrants. As a result, the Company recorded a discount of $366,000 which was amortized to interest expense using the effective interest method. The Lenders were also issued warrants to purchase up to an aggregate of 69,999 additional shares of the Company's common stock, which were exercisable only upon the drawdown of the additional $11,000,000 subject to FDA approval of the NDA for ILUVIEN by December 31, 2011, which was not obtained. | |
In May 2013, the Company repaid all amounts owed to the Lenders under the 2010 Term Loan, including the final interest payment equal to 4% of the total amount borrowed, and a 1.0% prepayment penalty on the then outstanding principal owed to MidCap. In connection with the repayment of the 2010 Term Loan, and in accordance with ASC 470-50-40-17, the Company recognized a loss on early extinguishment of debt of $153,000 associated with the remaining unamortized deferred financing costs, unamortized discount associated with the Lenders' warrants, the final interest payment, the prepayment penalty and a lender fee and warrants associated with a new term loan. | |
2010 Revolving Loan Agreement | |
In October 2010, the Company and SVB entered into a loan and security agreement, which was subsequently amended in May 2011 (as amended, the 2010 Revolving Loan Agreement), pursuant to which the Company obtained a secured revolving line of credit from SVB against eligible U.S. domestic accounts receivable with borrowing availability up to $20,000,000. Upon entering into the 2010 Revolving Loan Agreement, the Company paid to SVB an upfront fee of $100,000. As of December 31, 2012, no amounts under the 2010 Revolving Loan Agreement were outstanding or available to the Company. In May 2013, the Company and SVB terminated the 2010 Revolving Loan Agreement. | |
2013 Loan Agreement | |
In May 2013, Limited entered into a loan and security agreement (2013 Loan Agreement) with SVB to provide Limited with additional working capital for general corporate purposes. Under the 2013 Loan Agreement, SVB made a term loan (2013 Term Loan) in the principal amount of $5,000,000 to Limited and agreed to provide up to an additional $15,000,000 to Limited under a working capital line of credit (2013 Line of Credit). No advances were made at closing under the 2013 Line of Credit and no amounts were outstanding as of March 31, 2014 or December 31, 2013. At March 31, 2014, Limited's ability to borrow under the 2013 Line of Credit was limited based on the Company's accounts receivable at that date as described below. In April 2014, the 2013 Term Loan was repaid and the 2013 Line of Credit was terminated in connection with the 2014 Loan Agreement described below. | |
The 2013 Term Loan provided for interest only payments for six months followed by 36 monthly payments of interest, plus principal. Limited made its first amortization payment on the 2013 Term Loan in December 2013. Interest on outstanding borrowings under the 2013 Term Loan were payable at the rate of 7.50%. Borrowings under the 2013 Line of Credit would have been advanced at 80% of eligible accounts receivable as defined in the 2013 Loan Agreement. Interest was payable on the balance of eligible accounts financed at the rate of 2.75% above SVB's most recently announced “prime rate.” Limited was also required to pay SVB on a monthly basis an unused line fee equal to 0.25% per annum of the average unused portion of the 2013 Line of Credit during the preceding month. The maturity dates were June 30, 2015 with respect to the 2013 Line of Credit and October 31, 2016 with respect to the 2013 Term Loan. | |
In connection with entering into the 2013 Loan Agreement, Limited paid SVB a facility fee of $25,000. Additionally, the Company re-priced warrants to purchase an aggregate of up to 31,818 shares of the Company’s common stock previously issued to SVB in connection with an earlier term loan. Upon re-pricing, each of the warrants was exercisable immediately at a per-share exercise price of $2.86 and had a remaining term of 7.4 years. The Company estimated the incremental fair value received by SVB using the Black-Scholes option pricing model to be $46,000. In accordance with ASC 470-50-40-17, the Company expensed the facility fee and incremental value of the warrants associated with the 2013 Term Loan as part of the loss on early extinguishment of the earlier term loan. | |
In connection with the 2013 Line of Credit, Limited paid a commitment fee of $100,000. In accordance with ASC 470-50-40-17, the Company capitalized the commitment fee and $49,000 of deferred financing costs remaining on an earlier line of credit as deferred financing costs, which were being amortized over the remaining term of the 2013 Line of Credit. | |
Upon repayment of the 2013 Term Loan in April 2014, Limited paid SVB a prepayment penalty of 3% of the total principal amount then outstanding. In addition, Limited paid SVB a termination fee of $112,500 in connection with the termination of the 2013 Line of Credit in April 2014. | |
The weighted average interest rates of the Company's notes payable approximate the rate at which the Company could obtain alternative financing; therefore, the carrying amount of the notes approximated their fair value at March 31, 2014 and December 31, 2013. | |
2014 Loan Agreement | |
In April 2014, Limited entered into a loan and security agreement (2014 Term Loan) with Hercules Technology Growth Capital, Inc. (Hercules). Under the 2014 Term Loan, Hercules made an advance in the initial principal amount of $10,000,000 to Limited at closing to provide Limited with additional working capital for general corporate purposes and to repay the 2013 Term Loan. Hercules also agreed to provide up to an additional $25,000,000 to Limited upon approval of ILUVIEN by the FDA on or prior to October 31, 2014 to fund the pSivida Milestone Payment. The 2014 Term Loan provides for interest only payments for 18 months. The interest only period may be extended by an additional 18 months if the Company realizes certain revenue thresholds and no event of default has occurred under the 2014 Loan Agreement. Interest on the 2014 Term Loan accrues at a floating per annum rate equal to the greater of (i) 10.90%, or (ii) the sum of (A) 10.90%, plus (B) the prime rate as reported in The Wall Street Journal, or if not reported, the prime rate most recently reported in The Wall Street Journal, minus 3.25%. Following the interest only period the term loan will be due and payable to Hercules in equal monthly payments of principal and interest through May 1, 2018. | |
Limited paid to Hercules a facility charge of $262,500 and incurred legal and other fees of approximately $87,000 in connection with the 2014 Term Loan. If Limited repays the 2014 Term Loan prior to maturity, it will pay Hercules a prepayment penalty of 1.25% of the total principal amount repaid. | |
Limited and the Company, on a consolidated basis with its other subsidiaries, also agreed to customary affirmative and negative covenants and events of default in connection with these arrangements. The occurrence of an event of default could result in the acceleration of Limited’s obligations under the Loan Agreement and an increase to the applicable interest rate, and would permit Hercules to exercise remedies with respect to the collateral under the Loan Agreement. | |
Limited’s obligations to Hercules are secured by a first priority security interest in substantially all of Limited’s assets, excluding intellectual property. Hercules does, however, maintain a negative pledge on Limited’s intellectual property requiring Hercules' consent prior to the sale of such intellectual property. The Company and certain of the Company’s other subsidiaries are guarantors of the obligations of Limited to Hercules under the Loan Agreement pursuant to separate guaranty agreements between Hercules and each of Limited and such subsidiaries (Guaranties). Pursuant to the Guaranties, the Company and these subsidiaries granted Hercules a first priority security interest in substantially all of their respective assets excluding intellectual property. | |
In connection with Limited entering into the 2014 Loan Agreement, the Company entered into a warrant agreement with Hercules to purchase up to 285,016 shares of the Company’s common stock at an exercise price of $6.14 per share. Sixty percent of the warrants were exercisable at closing and the remaining 40% will become exercisable if the remaining $25,000,000 is advanced to the Company prior to October 31, 2014. |
Loss_Per_Share_EPS
Loss Per Share (EPS) | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Earnings Per Share [Abstract] | ' | |||||
LOSS PER SHARE (EPS) | ' | |||||
LOSS PER SHARE (EPS) | ||||||
Basic EPS is calculated in accordance with ASC 260, Earnings per Share, by dividing net income or loss attributable to common stockholders by the weighted average common stock outstanding. Diluted EPS is calculated in accordance with ASC 260 by adjusting weighted average common shares outstanding for the dilutive effect of common stock options, warrants, convertible preferred stock and accrued but unpaid convertible preferred stock dividends. In periods where a net loss is recorded, no effect is given to potentially dilutive securities, since the effect would be anti-dilutive. Weighted average securities that would have diluted basic EPS, but were not included in the computation of diluted EPS because to do so would have been anti-dilutive, were as follows: | ||||||
Three Months Ended March 31, | ||||||
2014 | 2013 | |||||
Series A convertible preferred stock | 15,037,594 | — | ||||
Series A convertible preferred stock warrants | 2,471,478 | — | ||||
Common stock warrants | 14,994 | 3,115 | ||||
Stock options | 4,600,750 | 1,399,554 | ||||
Total | 22,124,816 | 1,402,669 | ||||
Preferred_Stock
Preferred Stock | 3 Months Ended |
Mar. 31, 2014 | |
Equity [Abstract] | ' |
PREFERRED STOCK | ' |
PREFERRED STOCK | |
On October 2, 2012, the Company closed its preferred stock financing in which it sold units consisting of 1,000,000 shares of Series A Convertible Preferred Stock and warrants to purchase 300,000 shares of Series A Convertible Preferred Stock for gross proceeds of $40,000,000, prior to the payment of approximately $560,000 of related issuance costs. The powers, preferences and rights of the Series A Convertible Preferred Stock are set forth in the certificate of designation filed by the Company with the Secretary of State of the State of Delaware on October 1, 2012. Each share of Series A Convertible Preferred Stock, including any shares of Series A Convertible Preferred Stock issued upon exercise of the warrants, is convertible into shares of the Company’s common stock at any time at the option of the holder at the rate equal to $40.00 divided by the then current conversion price (Conversion Price). The initial Conversion Price of $2.91 of the Series A Convertible Preferred Stock was subject to adjustment to $3.16 or $2.66 based on the occurrence or non-occurrence of certain events relating to guidance from NICE regarding ILUVIEN, in addition to certain customary price based anti-dilution adjustments. Each share of Series A Convertible Preferred Stock shall automatically be converted into shares of common stock at the then-effective Conversion Price upon the occurrence of the later to occur of both (i) the Company receives and publicly announces the approval by the FDA of the Company’s NDA for ILUVIEN and (ii) the date on which the Company consummates an equity financing transaction pursuant to which the Company sells to one or more third party investors either (a) shares of common stock or (b) other equity securities that are convertible into shares of common stock and that have rights, preference or privileges, senior to or on a parity with, the Series A Convertible Preferred Stock, in each case having an as-converted per share of common stock price of not less than $10.00 and that results in total gross proceeds to the Company of at least $30,000,000. The rights and preferences of Series A Convertible Preferred Stock also place limitations on the Company's ability to declare or pay any dividend or distribution on any shares of capital stock. | |
On June 30, 2013, the Conversion Price was automatically adjusted to $2.66. As a result of the adjustment to the Conversion Price, the value of the common stock underlying the Series A Convertible Preferred Stock at issuance exceeded the amount of the net proceeds allocated to the Series A Convertible Preferred Stock at issuance. Therefore, the Company recorded the contingent beneficial conversion feature of $4,950,000 as an increase in additional paid in capital. Because the Series A Convertible Preferred Stock was immediately convertible into common stock at the option of the holder on June 30, 2013, the Company immediately accreted the full value of the beneficial conversion feature to the carrying value of the Series A Convertible Preferred Stock on that date. | |
Each unit sold in the preferred stock financing included a warrant to purchase 0.30 shares of Series A Convertible Preferred Stock at an exercise price equal to $44.00 per share. At the election of the holder of a warrant, the warrant may be exercised for the number of shares of common stock then issuable upon conversion of the Series A Convertible Preferred Stock that would otherwise be issued upon such exercise at the then-effective Conversion Price. | |
These warrants are considered derivative instruments because the agreements provide for settlement in Series A Convertible Preferred Stock shares or common stock shares at the option of the holder, an adjustment to the warrant exercise price for common shares at some point in the future, and contain anti-dilution provisions whereby the number of shares for which the warrants are exercisable and/or the exercise price of the warrants are subject to change in the event of certain issuances of stock at prices below the then-effective exercise price of the warrants. Therefore the warrants were recorded as a liability at issuance. At March 31, 2014 and December 31, 2013, the fair market value of the warrants was estimated to be $29,511,000 and $16,381,000, respectively. The Company recorded a loss of $13,130,000 and $5,594,000 as a result of the change in fair value of the warrants during the three months ended March 31, 2014 and 2013, respectively. | |
In April 2014, 2,255,639 shares of common stock were issued pursuant to a conversion of 150,000 shares of Series A Preferred Stock held by an investor. |
Common_Stock
Common Stock | 3 Months Ended |
Mar. 31, 2014 | |
Equity [Abstract] | ' |
COMMON STOCK | ' |
COMMON STOCK | |
In January 2014, the Company entered into a securities purchase agreement with certain investors pursuant to which the Company sold an aggregate of 6,250,000 shares of its common stock at a purchase price of $6.00 per share. Gross proceeds from the offering were $37,500,000 prior to the payment of approximately $2,389,000 of related issuance costs. Proceeds from the private placement are expected to be used for general corporate and working capital purposes. |
Stock_Incentive_Plans
Stock Incentive Plans | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
STOCK INCENTIVE PLANS | ' | |||||||||||||||
STOCK INCENTIVE PLANS | ||||||||||||||||
Stock Option Plans | ||||||||||||||||
During the three months ended March 31, 2014 and 2013, the Company recorded compensation expense related to stock options of approximately $925,000 and $529,000, respectively. As of March 31, 2014, the total unrecognized compensation cost related to non-vested stock options granted was $5,203,000 and is expected to be recognized over a weighted average period of 2.95 years. The following table presents a summary of stock option transactions for the three months ended March 31, 2014 and 2013: | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Options | Weighted | Options | Weighted | |||||||||||||
Average | Average | |||||||||||||||
Exercise | Exercise | |||||||||||||||
Price | Price | |||||||||||||||
Options outstanding at beginning of period | 7,566,438 | $ | 2.74 | 5,493,079 | $ | 2.67 | ||||||||||
Grants | — | — | 387,500 | 2.12 | ||||||||||||
Forfeitures | — | — | (15,912 | ) | 2.2 | |||||||||||
Exercises | (157,461 | ) | 1.82 | (14,829 | ) | 4.7 | ||||||||||
Options outstanding at period end | 7,408,977 | 2.76 | 5,849,838 | 2.63 | ||||||||||||
Options exercisable at period end | 3,584,416 | 3.14 | 2,694,620 | 3.02 | ||||||||||||
Weighted average per share fair value of options granted during the period | $ | — | $ | 1.66 | ||||||||||||
The following table provides additional information related to outstanding stock options, exercisable stock options, and stock options expected to vest as of March 31, 2014: | ||||||||||||||||
Shares | Weighted | Weighted | Aggregate | |||||||||||||
Average | Average | Intrinsic | ||||||||||||||
Exercise | Contractual | Value | ||||||||||||||
Price | Term | |||||||||||||||
(In thousands) | ||||||||||||||||
Outstanding | 7,408,977 | $ | 2.76 | 7.48 years | $ | 39,208 | ||||||||||
Exercisable | 3,584,416 | 3.14 | 5.75 years | 18,051 | ||||||||||||
Expected to vest | 3,094,845 | 2.41 | 9.03 years | 17,138 | ||||||||||||
The following table provides additional information related to outstanding stock options, exercisable stock options, and stock options expected to vest as of December 31, 2013: | ||||||||||||||||
Shares | Weighted | Weighted | Aggregate | |||||||||||||
Average | Average | Intrinsic | ||||||||||||||
Exercise | Contractual | Value | ||||||||||||||
Price | Term | |||||||||||||||
(In thousands) | ||||||||||||||||
Outstanding | 7,566,438 | $ | 2.74 | 7.63 years | $ | 17,759 | ||||||||||
Exercisable | 3,304,981 | 3.09 | 5.45 years | 7,589 | ||||||||||||
Expected to vest | 3,469,118 | 2.48 | 9.25 years | 8,314 | ||||||||||||
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
INCOME TAXES | ' |
INCOME TAXES | |
In accordance with ASC 740, the Company recognizes deferred tax assets and liabilities for temporary differences between the financial reporting basis and the tax basis of its assets and liabilities at the enacted tax rates in effect for the year in which the differences are expected to reverse. The Company records a valuation allowance against its net deferred tax asset to reduce the net carrying value to an amount that is more likely than not to be realized. | |
Income tax positions are considered for uncertainty in accordance with ASC 740-10. The Company believes that its income tax filing positions and deductions are more likely than not to be sustained on audit and the Company does not anticipate any adjustments that will result in a material change in its financial position; therefore, no ASC 740-10 liabilities and no related penalties and interest have been recorded. The Company does not anticipate any material changes to its uncertain tax positions within the next 12 months. Tax years since 2003 remain subject to examination in Georgia, Tennessee, and at the federal level. The time period is longer than the standard statutory 3-year period due to net operating losses (NOLs) from 2003 being available for utilization. The statute of limitations on these years will close when the NOLs expire or when the statute closes on the years in which the NOLs are utilized. | |
Significant management judgment is involved in determining the provision for income taxes, deferred tax assets and liabilities, and any valuation allowance recorded against net deferred tax assets. Due to uncertainties with respect to the realization of deferred tax assets due to the history of operating losses, a valuation allowance has been established against the entire net deferred tax asset balance. The valuation allowance is based on management’s estimates of taxable income in the jurisdictions in which the Company operates and the period over which deferred tax assets will be recoverable. In the event that actual results differ from these estimates or the Company adjusts these estimates in future periods, a change in the valuation allowance may be needed, which could materially impact its financial position and results of operations. | |
At December 31, 2013, the Company had federal NOL carryforwards of approximately 82,380,000 and state NOL carryforwards of approximately $65,840,000 available to reduce future income. The Company's federal NOL carry-forwards remain fully reserved as of March 31, 2014. If not utilized, the federal NOL carryforwards will expire at various dates between 2028 and 2032 and the state NOL carryforwards will expire at various dates between 2020 and 2032. | |
The Company's NOL carryforwards may be subject to annual limitations under Internal Revenue Code (IRC) Section 382 (or comparable provisions of state law) in the event that certain changes in ownership of the Company were to occur. The Company periodically evaluates its NOL carryforwards and whether certain changes in ownership, including its IPO, have occurred that would limit its ability to utilize a portion of the Company's NOL carryforwards. If it is determined that significant ownership changes have occurred since the Company generated its NOL carryforwards, the Company may be subject to annual limitations on the use of these NOL carryforwards under IRC Section 382 (or comparable provisions of state law). | |
The Company's foreign subsidiaries in the Netherlands and the United Kingdom commenced business during 2013 and have incurred NOLs to date. The NOL carryforwards of the foreign entities are fully reserved as of March 31, 2014. The Company has not recorded a deferred tax asset for the excess of tax over book basis in the stock of its foreign subsidiaries. The Company anticipates that its foreign subsidiaries will be profitable and will have earnings in the future. Once the Company's foreign subsidiaries have earnings, the Company intends to indefinitely reinvest in its foreign subsidiaries all undistributed earnings of and original investments in such subsidiaries. As a result, the Company does not expect to record deferred tax liabilities in the future related to excesses of book over tax basis in the stock of its foreign subsidiaries in accordance with ASC 740-30-25. |
Fair_Value
Fair Value | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
FAIR VALUE | ' | |||||||||||||||
FAIR VALUE | ||||||||||||||||
The Company applies ASC 820, Fair Value Measurements, in determining the fair value of certain assets and liabilities. Under this standard, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. | ||||||||||||||||
In determining fair value, the Company uses various valuation approaches. The hierarchy of those valuation approaches is broken down into three levels based on the reliability of inputs as follows: | ||||||||||||||||
Level 1 inputs are quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. The valuation under this approach does not entail a significant degree of judgment. | ||||||||||||||||
Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include: quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that are observable for the asset or liability, (e.g., interest rates and yield curves observable at commonly quoted intervals or current market) and contractual prices for the underlying financial instrument, as well as other relevant economic measures. | ||||||||||||||||
Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. | ||||||||||||||||
There have been no changes in the methodologies used at March 31, 2014 and December 31, 2013. | ||||||||||||||||
The following fair value table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis: | ||||||||||||||||
31-Mar-14 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(In thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Cash equivalents (1) | $ | 33,194 | $ | — | $ | — | $ | 33,194 | ||||||||
Assets measured at fair value | $ | 33,194 | $ | — | $ | — | $ | 33,194 | ||||||||
Liabilities: | ||||||||||||||||
Derivative warrant liability (2) | $ | — | $ | 29,511 | $ | — | $ | 29,511 | ||||||||
Liabilities measured at fair value | $ | — | $ | 29,511 | $ | — | $ | 29,511 | ||||||||
31-Dec-13 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(In thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Cash equivalents (1) | $ | 6,944 | $ | — | $ | — | $ | 6,944 | ||||||||
Assets measured at fair value | $ | 6,944 | $ | — | $ | — | $ | 6,944 | ||||||||
Liabilities: | ||||||||||||||||
Derivative warrant liability (2) | $ | — | $ | 16,381 | $ | — | $ | 16,381 | ||||||||
Liabilities measured at fair value | $ | — | $ | 16,381 | $ | — | $ | 16,381 | ||||||||
-1 | The carrying amounts approximate fair value due to the short-term maturities of the cash equivalents. | |||||||||||||||
-2 | The Company uses the Black-Scholes option pricing model and assumptions that consider, among other variables, the fair value of the underlying stock, risk-free interest rate, volatility, expected life and dividend rates in estimating fair value for the warrants considered to be derivative instruments. Assumptions used are generally consistent with those disclosed for stock based compensation (see Note 12). |
Inventory_Tables
Inventory (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventory | ' | |||||||
Inventory consisted of the following: | ||||||||
March 31, | December 31, 2013 | |||||||
2014 | ||||||||
(In thousands) | ||||||||
Component parts (1) | $ | 268 | $ | 266 | ||||
Work-in-process (2) | 594 | 587 | ||||||
Finished goods | 1,217 | 1,343 | ||||||
Total inventory | 2,079 | 2,196 | ||||||
Inventory reserve | (845 | ) | (410 | ) | ||||
Inventory — net | $ | 1,234 | $ | 1,786 | ||||
(1) Component parts inventory consisted of manufactured components of the ILUVIEN applicator. | ||||||||
(2) Work-in-process consisted of completed units of ILUVIEN that are undergoing, but have not completed, quality assurance testing as required by regulatory authorities. |
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Summary of Accrued Expenses | ' | |||||||
Accrued expenses consisted of the following: | ||||||||
March 31, | December 31, 2013 | |||||||
2014 | ||||||||
(In thousands) | ||||||||
Accrued clinical investigator expenses | $ | 311 | $ | 562 | ||||
Accrued other compensation expenses | 325 | 106 | ||||||
Other accrued expenses | 122 | 266 | ||||||
Total accrued expenses | $ | 758 | $ | 934 | ||||
Loss_Per_Share_EPS_Tables
Loss Per Share (EPS) (Tables) | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Earnings Per Share [Abstract] | ' | |||||
Schedule of antidilutive securities excluded from computation of earnings per share | ' | |||||
Weighted average securities that would have diluted basic EPS, but were not included in the computation of diluted EPS because to do so would have been anti-dilutive, were as follows: | ||||||
Three Months Ended March 31, | ||||||
2014 | 2013 | |||||
Series A convertible preferred stock | 15,037,594 | — | ||||
Series A convertible preferred stock warrants | 2,471,478 | — | ||||
Common stock warrants | 14,994 | 3,115 | ||||
Stock options | 4,600,750 | 1,399,554 | ||||
Total | 22,124,816 | 1,402,669 | ||||
Stock_Incentive_Plans_Tables
Stock Incentive Plans (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Summary of stock option transactions | ' | |||||||||||||||
The following table presents a summary of stock option transactions for the three months ended March 31, 2014 and 2013: | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Options | Weighted | Options | Weighted | |||||||||||||
Average | Average | |||||||||||||||
Exercise | Exercise | |||||||||||||||
Price | Price | |||||||||||||||
Options outstanding at beginning of period | 7,566,438 | $ | 2.74 | 5,493,079 | $ | 2.67 | ||||||||||
Grants | — | — | 387,500 | 2.12 | ||||||||||||
Forfeitures | — | — | (15,912 | ) | 2.2 | |||||||||||
Exercises | (157,461 | ) | 1.82 | (14,829 | ) | 4.7 | ||||||||||
Options outstanding at period end | 7,408,977 | 2.76 | 5,849,838 | 2.63 | ||||||||||||
Options exercisable at period end | 3,584,416 | 3.14 | 2,694,620 | 3.02 | ||||||||||||
Weighted average per share fair value of options granted during the period | $ | — | $ | 1.66 | ||||||||||||
Summary of additional stock option transactions | ' | |||||||||||||||
The following table provides additional information related to outstanding stock options, exercisable stock options, and stock options expected to vest as of March 31, 2014: | ||||||||||||||||
Shares | Weighted | Weighted | Aggregate | |||||||||||||
Average | Average | Intrinsic | ||||||||||||||
Exercise | Contractual | Value | ||||||||||||||
Price | Term | |||||||||||||||
(In thousands) | ||||||||||||||||
Outstanding | 7,408,977 | $ | 2.76 | 7.48 years | $ | 39,208 | ||||||||||
Exercisable | 3,584,416 | 3.14 | 5.75 years | 18,051 | ||||||||||||
Expected to vest | 3,094,845 | 2.41 | 9.03 years | 17,138 | ||||||||||||
The following table provides additional information related to outstanding stock options, exercisable stock options, and stock options expected to vest as of December 31, 2013: | ||||||||||||||||
Shares | Weighted | Weighted | Aggregate | |||||||||||||
Average | Average | Intrinsic | ||||||||||||||
Exercise | Contractual | Value | ||||||||||||||
Price | Term | |||||||||||||||
(In thousands) | ||||||||||||||||
Outstanding | 7,566,438 | $ | 2.74 | 7.63 years | $ | 17,759 | ||||||||||
Exercisable | 3,304,981 | 3.09 | 5.45 years | 7,589 | ||||||||||||
Expected to vest | 3,469,118 | 2.48 | 9.25 years | 8,314 | ||||||||||||
Fair_Value_Tables
Fair Value (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Assets Measured at Fair Value on Recurring Basis | ' | |||||||||||||||
The following fair value table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis: | ||||||||||||||||
31-Mar-14 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(In thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Cash equivalents (1) | $ | 33,194 | $ | — | $ | — | $ | 33,194 | ||||||||
Assets measured at fair value | $ | 33,194 | $ | — | $ | — | $ | 33,194 | ||||||||
Liabilities: | ||||||||||||||||
Derivative warrant liability (2) | $ | — | $ | 29,511 | $ | — | $ | 29,511 | ||||||||
Liabilities measured at fair value | $ | — | $ | 29,511 | $ | — | $ | 29,511 | ||||||||
31-Dec-13 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(In thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Cash equivalents (1) | $ | 6,944 | $ | — | $ | — | $ | 6,944 | ||||||||
Assets measured at fair value | $ | 6,944 | $ | — | $ | — | $ | 6,944 | ||||||||
Liabilities: | ||||||||||||||||
Derivative warrant liability (2) | $ | — | $ | 16,381 | $ | — | $ | 16,381 | ||||||||
Liabilities measured at fair value | $ | — | $ | 16,381 | $ | — | $ | 16,381 | ||||||||
-1 | The carrying amounts approximate fair value due to the short-term maturities of the cash equivalents. | |||||||||||||||
-2 | The Company uses the Black-Scholes option pricing model and assumptions that consider, among other variables, the fair value of the underlying stock, risk-free interest rate, volatility, expected life and dividend rates in estimating fair value for the warrants considered to be derivative instruments. Assumptions used are generally consistent with those disclosed for stock based compensation (see Note 12). |
Nature_of_Operations_Detail
Nature of Operations (Detail) (GBP £) | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | |
Jan. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2014 | Oct. 31, 2013 | Mar. 31, 2014 | |
ILUVIEN | ILUVIEN | Maximum | French National Health Insurance | ||
country | Patient | ILUVIEN | ILUVIEN | ||
clinical_trial | |||||
Nature Of Operations [Line Items] | ' | ' | ' | ' | ' |
Post-authorization open study period | ' | ' | '5 years | ' | ' |
Planned drug study, number of patients | ' | ' | 800 | ' | ' |
Appraisal consultation document fee received | £ 5,500 | ' | ' | ' | ' |
Insurance reimbursement rate | ' | ' | ' | ' | 100.00% |
Number of European countries where drug approval is sought | ' | 10 | ' | ' | ' |
Patient follow-up data required to be submitted in conjunction with clinical trial results for drug approval | ' | ' | ' | '12 months | ' |
Number of clinical trials completed | ' | ' | 2 | ' | ' |
Factors_Affecting_Operations_D
Factors Affecting Operations (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Apr. 30, 2014 |
In Thousands, unless otherwise specified | Subsequent event | ||
Refinancing of debt | |||
Alimera Sciences Limited (Limited) | |||
Factors Affecting Operations [Line Items] | ' | ' | ' |
Accumulated deficit | ($298,104) | ($277,345) | ' |
Cash and cash equivalents | 41,326 | ' | ' |
Net proceeds from debt refinancing | ' | ' | $4,700 |
Inventory_Components_of_Invent
Inventory - Components of Inventory (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Inventory net realizable value | ' | ' | ||
Component parts | $268 | [1] | $266 | [1] |
Work-in-process | 594 | [2] | 587 | [2] |
Finished goods | 1,217 | 1,343 | ||
Inventory, Gross | 2,079 | 2,196 | ||
Inventory reserve | -845 | -410 | ||
Inventory — net | $1,234 | $1,786 | ||
[1] | Component parts inventory consisted of manufactured components of the ILUVIEN applicator. | |||
[2] | Work-in-process consisted of completed units of ILUVIEN that are undergoing, but have not completed, quality assurance testing as required by regulatory authorities. |
Accrued_Expenses_Summary_of_Ac
Accrued Expenses - Summary of Accrued Expenses (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Summary of accrued expenses | ' | ' |
Accrued clinical investigator expenses | $311 | $562 |
Accrued other compensation expenses | 325 | 106 |
Other accrued expenses | 122 | 266 |
Total accrued expenses | $758 | $934 |
License_Agreements_Detail
License Agreements (Detail) (USD $) | 3 Months Ended | 1 Months Ended | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Nov. 30, 2007 | Mar. 31, 2014 | |
Dainippon Sumitomo Pharma Co Ltd | pSivida | |||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' | ' | ' |
Minimum days to require to revert license in case of breaches of contract | ' | ' | ' | '30 days |
Maximum days to require to revert license in case of breaches of contract | ' | ' | ' | '90 days |
Period of bankruptcy petition proceedings remains undismissed | ' | ' | ' | '60 days |
Share of net profits | 20.00% | ' | ' | ' |
Share of any lump sum milestone payments received from a sub-licensee of ILUVIEN | 33.00% | ' | ' | ' |
Recovery of commercialization costs | 20.00% | ' | ' | ' |
Commercialization costs owned | $12,386,000 | $12,219,000 | ' | ' |
Additional milestone payment after the first product approved by the FDA | ' | ' | ' | 25,000,000 |
Payments for license agreement | ' | ' | 200,000 | ' |
Additional payment for license agreement that the company will be required to make | ' | ' | $200,000 | ' |
Period during which additional payment for license agreement is to be made | ' | ' | '30 days | ' |
Loan_Agreements_Additional_Inf
Loan Agreements - Additional Information (Detail) (USD $) | 1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | |||||||||||||
31-May-13 | 31-May-13 | 31-May-13 | Oct. 31, 2010 | Dec. 31, 2013 | 31-May-13 | Aug. 31, 2011 | 31-May-11 | Oct. 31, 2010 | 31-May-13 | Oct. 31, 2010 | Oct. 31, 2010 | 31-May-13 | 31-May-13 | 31-May-13 | 31-May-13 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | |
Alimera Sciences, Inc.(Company) | Alimera Sciences Limited (Limited) | Maximum | 2010 Term Loan | 2010 Term Loan | 2010 Term Loan | 2010 Term Loan | 2010 Term Loan | 2010 Term Loan | 2010 Term Loan | 2010 Term Loan | 2010 Revolving Loan Agreement | 2010 Revolving Loan Agreement | 2013 Term Loan | 2013 Line of Credit | 2013 Line of Credit | 2014 Term Loan | 2014 Term Loan | 2014 Term Loan | |
Silicon Valley Bank (SVB) | Silicon Valley Bank (SVB) | Alimera Sciences Limited (Limited) | Installment | Silicon Valley Bank (SVB) | MidCap Financial LLP | MidCap Financial LLP | Silicon Valley Bank (SVB) | Alimera Sciences Limited (Limited) | Alimera Sciences Limited (Limited) | Alimera Sciences Limited (Limited) | Prime Rate | Subsequent event | Subsequent event | Subsequent event | |||||
Silicon Valley Bank (SVB) | Silicon Valley Bank (SVB) | Silicon Valley Bank (SVB) | Silicon Valley Bank (SVB) | Alimera Sciences Limited (Limited) | Alimera Sciences, Inc.(Company) | Alimera Sciences Limited (Limited) | Minimum | ||||||||||||
Installment | Silicon Valley Bank (SVB) | Hercules Technology Growth Capital, Inc. | Hercules Technology Growth Capital, Inc. | Alimera Sciences Limited (Limited) | |||||||||||||||
Hercules Technology Growth Capital, Inc. | |||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advance term loan | ' | ' | ' | $6,250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase of term loan | ' | ' | ' | 11,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | 25,000,000 | ' |
Frequency of periodic payment monthly installments | ' | ' | ' | ' | ' | ' | 33 | ' | ' | ' | ' | ' | ' | 36 | ' | ' | ' | ' | ' |
Interest rate on term loan | ' | ' | ' | ' | ' | ' | 11.50% | ' | ' | ' | ' | ' | ' | 7.50% | ' | ' | ' | ' | 10.90% |
Final interest payments, as a percentage of total amount borrowed | ' | ' | ' | ' | ' | 4.00% | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
An upfront fee payment to Lenders | ' | 25,000 | ' | 62,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 262,500 | ' |
Additional debt instrument fee amount | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants issued to Lenders to purchase common stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 15,909 | ' | 23,864 | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price on warrants (in dollars per share) | 2.86 | ' | ' | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.14 | ' | ' |
Exercisable term of warrants | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value on warrants | ' | ' | ' | 389,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount amortized to interest expense | ' | ' | ' | 366,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lenders hold warrants to purchase an aggregate of common stock | ' | ' | ' | 69,999 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepayment fee, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on early extinguishment of debt | ' | ' | ' | ' | 153,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Company entitled to borrow | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | 15,000,000 | ' | ' | ' | ' |
Payment of upfront fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' |
Term loan amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | 10,000,000 | ' |
Interest-only payment period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 months | ' | ' | ' | '18 months | ' |
Eligible accounts receivable percentage used to determine advances against line of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% | ' | ' | ' | ' |
Basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.75% | ' | -3.25% | ' |
Unused capacity commitment fee percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' |
Number of shares called by warrants | 31,818 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 285,016 | ' | ' |
Number of shares called by warrants, remaining period | '7 years 4 months 24 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated incremental fair value received by the holder upon re-pricing of warrants | 46,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fee payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' |
Deferred financing costs capitalized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49,000 | ' | ' | ' | ' | ' | ' |
Prepayment fee percentage within the first year of borrowing | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25% | ' |
Termination fee amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 112,500 | ' | ' | ' | ' |
Interest only payment period, extension period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '18 months | ' |
Debt issuance costs incurred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $87,000 | ' |
Warrants exercisable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60.00% | ' | ' |
Warrants that will become exercisable upon obtaining additional financing amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | ' | ' |
Loss_Per_Share_EPS_Detail
Loss Per Share (EPS) (Detail) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive securities excluded from computation of earnings per share (in shares) | 22,124,816 | 1,402,669 |
Series A convertible preferred stock | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive securities excluded from computation of earnings per share (in shares) | 15,037,594 | 0 |
Series A convertible preferred stock warrants | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive securities excluded from computation of earnings per share (in shares) | 2,471,478 | 0 |
Common stock warrants | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive securities excluded from computation of earnings per share (in shares) | 14,994 | 3,115 |
Stock options | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive securities excluded from computation of earnings per share (in shares) | 4,600,750 | 1,399,554 |
Preferred_Stock_Detail
Preferred Stock (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 1 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2013 | Oct. 02, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Apr. 30, 2014 | Apr. 30, 2014 |
Common stock | Series A convertible preferred stock | |||||
Subsequent event | Subsequent event | |||||
Conversion of Stock [Line Items] | ' | ' | ' | ' | ' | ' |
Number of preferred stock and warrants. | ' | 1,000,000 | ' | ' | ' | ' |
Warrants to purchase additional shares | ' | 300,000 | ' | ' | ' | ' |
Gross proceeds under securities purchase agreement | ' | $40,000 | ' | ' | ' | ' |
Estimated total stock issuance cost | ' | 560 | ' | ' | ' | ' |
Conversion rate of Series A Convertible Preferred Stock issued upon exercise of warrants into common stock (in dollar per share) | ' | $40 | ' | ' | ' | ' |
Initial conversion price (in dollars per share) | ' | $2.91 | ' | ' | ' | ' |
Initial conversion price subjected to adjustment (in dollars per share) | ' | $3.16 | ' | ' | ' | ' |
Initial conversion price subjected to adjustment two (in dollars per share) | $2.66 | $2.66 | ' | ' | ' | ' |
Preferred stock converted to common stock per share (in dollars per share) | ' | $10 | ' | ' | ' | ' |
Proceeds from issuance of preferred stock | ' | 30,000 | ' | ' | ' | ' |
Contingent beneficial conversion feature | 4,950 | ' | ' | ' | ' | ' |
Proportion of each unit of shares (in shares) | ' | 0.3 | ' | ' | ' | ' |
Exercise price of warrants (in dollars per share) | ' | $44 | ' | ' | ' | ' |
Estimated fair value of derivatives | ' | ' | 29,511 | 16,381 | ' | ' |
Gain (loss) on change in fair value of derivatives | ' | ' | $13,130 | $5,594 | ' | ' |
Stock Issued During Period, Shares, Conversion of Convertible Securities | ' | ' | ' | ' | 2,255,639 | ' |
Conversion of Stock, Shares Converted | ' | ' | ' | ' | ' | 150,000 |
Common_Stock_Detail
Common Stock (Detail) (USD $) | 3 Months Ended | 1 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Jan. 31, 2014 | |
Private placement | |||
Common stock | |||
Class of Stock [Line Items] | ' | ' | ' |
Issuance of stock (in shares) | ' | ' | 6,250,000 |
Share purchase price of shares issued (in dollars per share) | ' | ' | $6 |
Proceeds from sale of common stock | $37,500,000 | $0 | $37,500,000 |
Payment of stock issuance cost | $2,389,000 | $0 | $2,389,000 |
Stock_Incentive_Plans_Summary_
Stock Incentive Plans - Summary of Stock Option Transactions (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Options | ' | ' | ' |
Options outstanding at beginning of period (in shares) | 7,566,438 | 5,493,079 | ' |
Grants (in shares) | 0 | 387,500 | ' |
Forfeitures (in shares) | 0 | -15,912 | ' |
Exercises (in shares) | -157,461 | -14,829 | ' |
Options outstanding at year end (in shares) | 7,408,977 | 5,849,838 | ' |
Options exercisable at year end (in shares) | 3,584,416 | 2,694,620 | 3,304,981 |
Weighted average per share fair value of options granted during the period (in dollars per share) | $0 | $1.66 | ' |
Weighted Average Exercise Price | ' | ' | ' |
Options outstanding at beginning of period (in dollars per share) | $2.74 | $2.67 | ' |
Grants (in dollars per share) | $0 | $2.12 | ' |
Forfeitures (in dollars per share) | $0 | $2.20 | ' |
Exercises (in dollars per share) | $1.82 | $4.70 | ' |
Options outstanding at year end (in dollars per share) | $2.76 | $2.63 | ' |
Options exercisable at year end (in dollars per share) | $3.14 | $3.02 | $3.09 |
Stock_Incentive_Plans_Addition
Stock Incentive Plans - Additional Stock Option Transactions (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' | ' |
Outstanding, Shares | 7,408,977 | 7,566,438 | 5,849,838 | 5,493,079 |
Options, Weighted Average Exercise Price (in dollars per share) | $2.76 | $2.74 | $2.63 | $2.67 |
Outstanding, Weighted Average Contractual Term | '7 years 5 months 23 days | '7 years 7 months 17 days | ' | ' |
Outstanding, Aggregate Intrinsic Value | $39,208 | $17,759 | ' | ' |
Exercisable, Shares | 3,584,416 | 3,304,981 | 2,694,620 | ' |
Exercisable, Weighted Average Exercise Price (in dollars per share) | $3.14 | $3.09 | $3.02 | ' |
Exercisable, Weighted Average Contractual Term | '5 years 9 months | '5 years 5 months 12 days | ' | ' |
Exercisable, Aggregate Intrinsic Value | 18,051 | 7,589 | ' | ' |
Expected to vest, Shares | 3,094,845 | 3,469,118 | ' | ' |
Expected to vest, Weighted Average Exercise Price (in dollars per share) | $2.41 | $2.48 | ' | ' |
Expected to vest, Weighted Average Contractual Term | '9 years 0 months 10 days | '9 years 3 months | ' | ' |
Expected to vest, Aggregate Intrinsic Value | $17,138 | $8,314 | ' | ' |
Stock_Incentive_Plans_Addition1
Stock Incentive Plans - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Stock options | Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | ' | ' | $925 | $529 |
Total unrecognized compensation cost related to outstanding stock option awards | ' | ' | $5,203 | ' |
Contractual term | '5 years 9 months | '5 years 5 months 12 days | '2 years 11 months 12 days | ' |
Income_Taxes_Detail
Income Taxes (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Federal NOL | ' |
Income Taxes [Line Items] | ' |
Net operating loss carry-forwards | $82,380 |
State NOL | ' |
Income Taxes [Line Items] | ' |
Net operating loss carry-forwards | $65,840 |
Fair_Value_Assets_Measured_at_
Fair Value - Assets Measured at Fair Value on Recurring Basis (Detail) (Recurring basis, USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Assets: | ' | ' | ||
Cash equivalents | $33,194 | [1] | $6,944 | [1] |
Assets measured at fair value | 33,194 | 6,944 | ||
Liabilities: | ' | ' | ||
Derivative warrant liability | 29,511 | [2] | 16,381 | [2] |
Liabilities measured at fair value | 29,511 | 16,381 | ||
Level 1 | ' | ' | ||
Assets: | ' | ' | ||
Cash equivalents | 33,194 | [1] | 6,944 | [1] |
Assets measured at fair value | 33,194 | 6,944 | ||
Liabilities: | ' | ' | ||
Derivative warrant liability | 0 | [2] | 0 | [2] |
Liabilities measured at fair value | 0 | 0 | ||
Level 2 | ' | ' | ||
Assets: | ' | ' | ||
Cash equivalents | 0 | [1] | 0 | [1] |
Assets measured at fair value | 0 | 0 | ||
Liabilities: | ' | ' | ||
Derivative warrant liability | 29,511 | [2] | 16,381 | [2] |
Liabilities measured at fair value | 29,511 | 16,381 | ||
Level 3 | ' | ' | ||
Assets: | ' | ' | ||
Cash equivalents | 0 | [1] | 0 | [1] |
Assets measured at fair value | 0 | 0 | ||
Liabilities: | ' | ' | ||
Derivative warrant liability | 0 | [2] | 0 | [2] |
Liabilities measured at fair value | $0 | $0 | ||
[1] | The carrying amounts approximate fair value due to the short-term maturities of the cash equivalents. | |||
[2] | The Company uses the Black-Scholes option pricing model and assumptions that consider, among other variables, the fair value of the underlying stock, risk-free interest rate, volatility, expected life and dividend rates in estimating fair value for the warrants considered to be derivative instruments. Assumptions used are generally consistent with those disclosed for stock based compensation (see Note 12). |