Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 12, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'ALIMERA SCIENCES INC | ' |
Entity Central Index Key | '0001267602 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 44,296,136 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $61,424 | $12,628 |
Accounts receivable, net | 1,097 | 500 |
Prepaid expenses and other current assets | 2,245 | 3,474 |
Inventory, net | 1,654 | 1,786 |
Deferred financing costs | 878 | 250 |
Total current assets | 67,298 | 18,638 |
PROPERTY AND EQUIPMENT, net | 1,042 | 982 |
INTANGIBLE ASSET, net | 24,951 | 0 |
TOTAL ASSETS | 93,291 | 19,620 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable | 2,855 | 1,735 |
Accrued expenses | 1,572 | 934 |
Accrued milestone payments | 27,000 | 0 |
Outsourced services payable | 549 | 603 |
Note payable | 0 | 1,667 |
Capital lease obligations | 10 | 10 |
Total current liabilities | 31,986 | 4,949 |
NON-CURRENT LIABILITIES: | ' | ' |
Derivative warrant liability | 19,133 | 16,381 |
Note payable, net of discount — less current portion | 33,938 | 3,194 |
Other non-current liabilities | 11 | 21 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
STOCKHOLDERS’ EQUITY (DEFICIT): | ' | ' |
Common stock, $.01 par value — 100,000,000 shares authorized, 44,272,208 shares issued and outstanding at September 30, 2014 and 31,610,991 shares issued and outstanding at December 31, 2013 | 443 | 316 |
Additional paid-in capital | 291,716 | 240,135 |
Accumulated deficit | -303,997 | -277,345 |
Accumulated other comprehensive loss | -663 | -488 |
TOTAL STOCKHOLDERS’ EQUITY (DEFICIT) | 8,223 | -4,925 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | 93,291 | 19,620 |
Preferred Stock | ' | ' |
STOCKHOLDERS’ EQUITY (DEFICIT): | ' | ' |
Preferred stock | ' | ' |
Series A convertible preferred stock | ' | ' |
STOCKHOLDERS’ EQUITY (DEFICIT): | ' | ' |
Preferred stock | 19,227 | 32,045 |
Common Stock | ' | ' |
STOCKHOLDERS’ EQUITY (DEFICIT): | ' | ' |
Common stock warrants | $1,497 | $412 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (shares) | 44,272,208 | 31,610,991 |
Common stock, shares outstanding (shares) | 44,272,208 | 31,610,991 |
Preferred Stock | ' | ' |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized (shares) | 10,000,000 | 10,000,000 |
Series A convertible preferred stock | ' | ' |
Preferred stock, shares authorized (shares) | 1,300,000 | 1,300,000 |
Preferred stock, shares issued (shares) | 600,000 | 1,000,000 |
Preferred stock, shares outstanding (shares) | 600,000 | 1,000,000 |
Preferred stock, liquidation preference | $24,000,000 | $40,000,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
NET REVENUE | $2,408 | $758 | $6,682 | $937 |
COST OF GOODS SOLD, EXCLUDING DEPRECIATION AND AMORTIZATION | -372 | -57 | -1,312 | -68 |
GROSS MARGIN | 2,036 | 701 | 5,370 | 869 |
RESEARCH AND DEVELOPMENT EXPENSES | 3,941 | 1,780 | 8,376 | 5,983 |
GENERAL AND ADMINISTRATIVE EXPENSES | 2,958 | 2,071 | 8,643 | 7,151 |
SALES AND MARKETING EXPENSES | 3,680 | 4,524 | 10,227 | 12,985 |
DEPRECIATION AND AMORTIZATION | 82 | 42 | 151 | 101 |
OPERATING EXPENSES | 10,661 | 8,417 | 27,397 | 26,220 |
INTEREST EXPENSE, NET AND OTHER | -408 | -134 | -862 | -397 |
UNREALIZED FOREIGN CURRENCY (LOSS) GAIN, NET | -255 | 508 | -457 | 552 |
CHANGE IN FAIR VALUE OF DERIVATIVE WARRANT LIABILITY | 2,324 | 6,229 | -2,752 | -6,107 |
LOSS ON EARLY EXTINGUISHMENT OF DEBT | 0 | 0 | -440 | -153 |
NET LOSS BEFORE TAXES | -6,964 | -1,113 | -26,538 | -31,456 |
PROVISION FOR TAXES | -45 | 0 | -114 | 0 |
NET LOSS | -7,009 | -1,113 | -26,652 | -31,456 |
ACCRETION OF PREFERRED STOCK BENEFICIAL CONVERSION FEATURE | 0 | 0 | 0 | -4,950 |
NET LOSS APPLICABLE TO COMMON STOCKHOLDERS | ($7,009) | ($1,113) | ($26,652) | ($36,406) |
NET INCOME (LOSS) PER SHARE APPLICABLE TO COMMON STOCKHOLDERS — Basic and diluted (in dollars per share) | ($0.17) | ($0.04) | ($0.68) | ($1.15) |
WEIGHTED AVERAGE SHARES OUTSTANDING — Basic and diluted (shares) | 41,062,814 | 31,591,289 | 39,083,187 | 31,570,739 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Loss (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
NET LOSS | ($7,009) | ($1,113) | ($26,652) | ($31,456) |
OTHER COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' |
Foreign currency translation adjustments | -197 | -270 | -175 | -225 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) | -197 | -270 | -175 | -225 |
COMPREHENSIVE LOSS | ($7,206) | ($1,383) | ($26,827) | ($31,681) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net loss | ($26,652) | ($31,456) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Loss from early extinguishment of debt | 440 | 153 |
Depreciation and amortization | 151 | 101 |
Unrealized foreign currency transaction loss (gain) | 457 | -552 |
Amortization of deferred financing costs and debt discount | 261 | 118 |
Stock-based compensation expense | 2,833 | 1,597 |
Change in fair value of derivative warrant liability | 2,752 | 6,107 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable | -679 | -451 |
Prepaid expenses and other current assets | 1,307 | -1,130 |
Inventory | -9 | -2,227 |
Accounts payable | 1,341 | 717 |
Accrued expenses and other current liabilities | 2,649 | -866 |
Other long-term liabilities | -2 | -204 |
Net cash used in operating activities | -15,151 | -28,093 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchases of property and equipment | -163 | -386 |
Net cash used in investing activities | -163 | -386 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from exercise of stock options | 709 | 59 |
Proceeds from sale of common stock | 37,543 | 33 |
Payment of issuance cost of common stock | -2,389 | 0 |
Payment of principal on notes payable | -4,861 | -3,030 |
Payment of debt extinguishment costs | -246 | 0 |
Proceeds from issuance of notes payable | 35,000 | 5,000 |
Payment of debt costs | -1,016 | -292 |
Payment of capital lease obligations | -7 | -9 |
Net cash provided by financing activities | 64,733 | 1,761 |
EFFECT OF EXCHANGE RATES ON CASH AND CASH EQUIVALENTS | -623 | 258 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 48,796 | -26,460 |
CASH AND CASH EQUIVALENTS — Beginning of period | 12,628 | 49,564 |
CASH AND CASH EQUIVALENTS — End of period | 61,424 | 23,104 |
SUPPLEMENTAL DISCLOSURES: | ' | ' |
Cash paid for interest | 502 | 511 |
Supplemental schedule of non-cash investing and financing activities: | ' | ' |
Property and equipment under capital leases | 0 | 33 |
Intangible assets in accrued milestone payments | $25,000 | $0 |
Nature_of_Operations
Nature of Operations | 9 Months Ended |
Sep. 30, 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 pharmaceutical 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 inadequately treated with current therapies and represent a significant market opportunity. The Company’s only commercially approved product is ILUVIEN®, which has been developed to treat diabetic macular edema (DME). DME is a disease of the retina that affects individuals with diabetes and can lead to severe vision loss and blindness. ILUVIEN has received marketing authorization in the United States (U.S.), United Kingdom, Austria, Portugal, France, Germany, Spain, Italy, Norway, Denmark, Sweden and Belgium, and has been recommended for marketing authorization in six additional European Union (EU) countries. In the U.S., ILUVIEN is indicated for the treatment of DME in patients who have been previously treated with a course of corticosteroids and did not have a clinically significant rise in intraocular pressure (IOP). In the EU countries in which ILUVIEN has received marketing authorization, it is indicated for the treatment of vision impairment associated with chronic DME considered insufficiently responsive to available therapies. As part of the approval process in the EU, the Company has committed to conduct a five-year, post-authorization, open label registry study of ILUVIEN in 800 patients. | |
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 (MRP). In June 2014, the Company received a positive outcome from the Repeat-Use Procedure for ILUVIEN in these ten countries. In the second, third and fourth quarters of 2014, the Company received marketing authorizations resulting from the MRP in Norway, Denmark, Sweden and Belgium. The regulatory process in Ireland, the Netherlands, Luxembourg, Finland, Poland and the Czech Republic is in the national phase in which each country grants marketing authorization. | |
In September 2014, the Company received notification from the U.S. Food and Drug Administration (FDA) that the New Drug Application (NDA) for ILUVIEN was approved for the treatment of DME in patients who have been previously treated with a course of corticosteroids and did not have a clinically significant rise in IOP. | |
The Company launched ILUVIEN in the United Kingdom and Germany in the second quarter of 2013 and currently plans to launch ILUVIEN in Portugal in late 2014 and the U.S. in early 2015. 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 October 2013, the United Kingdom’s National Institute for Health and Care Excellence (NICE) issued a positive Final Appraisal Determination recommending ILUVIEN funding, taking into consideration a simple patient access scheme (PAS) for the treatment of pseudophakic eyes (eyes with an artificial lens) in chronic DME patients considered insufficiently responsive to available therapies. The Company began receiving orders for ILUVIEN from several NHS facilities in January 2014 following the final technology appraisal guidance that was published in November 2013. 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 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. The Company continues to negotiate with the French authorities, but has not yet reached an agreement on price. If the Company and the French authorities agree on a price for ILUVIEN, 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, the CT rated the product at "level IV" (Amelioration du Service Medical Rendu or ASMR) which will be used in considering the price and any reimbursement conditions for ILUVIEN in France. | |
In July 2014, the Company reached agreement with INFARMED, the marketing authorization body of the Portuguese Ministry of Health, for the pricing and reimbursement of ILUVIEN for the public sector in Portugal. The Company currently plans to make ILUVIEN commercially available in Portugal in late 2014. |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 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 U.S. (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. | |
Reclassifications | |
Within the Operating expenses section of the unaudited Consolidated Statements of Operations for the three and nine months ended September 30, 2013, we reclassified depreciation expense of $42,000 and $101,000, respectively, from General and administrative expenses to Depreciation and amortization to conform to the current year presentation. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 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. | |
Recent Accounting Pronouncements | |
From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB) or other standard setting bodies that are adopted by us as of the specified effective date. Unless otherwise discussed, we believe that the impact of recently issued standards that are not yet effective will not have a material impact on our financial position or results of operations upon adoption. | |
In May 2014, the FASB issued Accounting Standards Update (ASU) 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 provides a single, comprehensive revenue recognition model for all contracts with customers. The revenue guidance contains principles that an entity will apply to determine the measurement of revenue and timing of when it is recognized. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The standard will be effective for the first interim period within annual reporting periods beginning after December 15, 2016 for public entities, with no early adoption permitted. The Company is still evaluating the potential impact of adopting this guidance on its financial statements. | |
In June 2014, the FASB issued ASU 2014-12, “Compensation Stock - Compensation (Topic 718).” ASU 2014-12 applies to all reporting entities that grant their employees share-based payments in which the terms of the award provide that a performance target that affects vesting could be achieved after the requisite service period. It requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition and follows existing accounting guidance for the treatment of performance conditions. The standard will be effective for annual periods and interim periods within those annual periods beginning after December 15, 2015, with early adoption permitted. The Company is still evaluating the potential impact of adopting this guidance on its financial statements. | |
In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements-Going Concern. ASU 2014-15 provides guidance around management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. For each reporting period, management will be required to evaluate whether there are conditions or events that raise substantial doubt about a company’s ability to continue as a going concern within one year from the date the financial statements are issued. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted. The Company is still evaluating the potential impact of adopting this guidance on its financial statements. |
Factors_Affecting_Operations
Factors Affecting Operations | 9 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
FACTORS AFFECTING OPERATIONS | ' |
FACTORS AFFECTING OPERATIONS | |
To date the Company has incurred negative cash flow from operations, and has accumulated a deficit of $303,997,000 from the Company’s inception through September 30, 2014. As of September 30, 2014, the Company had approximately $61,424,000 in cash and cash equivalents. | |
The Company believes that it has sufficient funds available to fund its operations for the continued commercialization of ILUVIEN in Germany and the United Kingdom, and the projected launch of ILUVIEN in Portugal and the U.S. The Company will seek to raise additional financing to fund its working capital needs associated with the commercialization of ILUVIEN in the U.S. If the Company is unable to raise additional financing, then it may adjust its commercial plans so that it can continue to operate with its existing cash resources. | |
The accompanying interim condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern. The Company's 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 | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
INVENTORY | ' | |||||||
INVENTORY | ||||||||
Inventory consisted of the following: | ||||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Component parts (1) | $ | 195 | $ | 266 | ||||
Work-in-process (2) | 1,217 | 587 | ||||||
Finished goods | 918 | 1,343 | ||||||
Total inventory | 2,330 | 2,196 | ||||||
Inventory reserve | (676 | ) | (410 | ) | ||||
Inventory — net | $ | 1,654 | $ | 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. |
Intangible_Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2014 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' |
Intangible Assets | ' |
INTANGIBLE ASSETS | |
The Company had no intangible assets as of December 31, 2013. As a result of the FDA's approval of the NDA for ILUVIEN in September 2014, the Company was required to pay pSivida US, Inc. (pSivida) a milestone payment of $25,000,000 (the pSivida Milestone Payment) in October 2014 (see Note 8). At September 30, 2014, the pSivida Milestone Payment was capitalized as an intangible asset and was included as a part of accrued milestone payments on the accompanying balance sheet. | |
The gross carrying amount of the intangible asset was $25,000,000 and the amortization expense related to the intangible asset was $49,000 for both the three and nine months ended September 30, 2014. The net book value of the intangible asset was $24,951,000 as of September 30, 2014. |
Accrued_Expenses
Accrued Expenses | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
ACCRUED EXPENSES | ' | |||||||
ACCRUED EXPENSES | ||||||||
Accrued expenses consisted of the following: | ||||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Accrued clinical investigator expenses | $ | 374 | $ | 562 | ||||
Accrued other compensation expenses | 825 | 106 | ||||||
Other accrued expenses | 373 | 266 | ||||||
Total accrued expenses | $ | 1,572 | $ | 934 | ||||
License_Agreements
License Agreements | 9 Months Ended |
Sep. 30, 2014 | |
Disclosure P Sivida Agreement Additional Information [Abstract] | ' |
LICENSE AGREEMENTS | ' |
LICENSE AGREEMENTS | |
The Company entered into an agreement with pSivida for the use of fluocinolone acetonide (FAc) in pSivida’s proprietary delivery device in February 2005, which was subsequently amended 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. | |
The Company must share 20% of the net profits of ILUVIEN 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 September 30, 2014 and December 31, 2013, the Company was owed approximately $14,322,000 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. As a result of the FDA's approval of the NDA for ILUVIEN in September 2014, the Company made the pSivida Milestone Payment of $25,000,000 in October 2014. At September 30, 2014, the pSivida Milestone Payment was capitalized as an intangible asset and was included as a part of accrued milestone payments on the accompanying balance sheet. |
Loan_Agreements
Loan Agreements | 9 Months Ended |
Sep. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
LOAN AGREEMENTS | ' |
LOAN AGREEMENTS | |
2013 Loan Agreement | |
In May 2013, Alimera Sciences Limited (Limited) entered into a loan and security agreement (2013 Loan Agreement) with Silicon Valley Bank (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). In connection with the 2013 Loan Agreement, a previous term loan was repaid in full and terminated. In accordance with ASC 470-50-40-17, the Company recognized a loss on early extinguishment of debt of $153,000 during the three and nine months ended September 30, 2013, associated with the remaining unamortized deferred financing costs, unamortized discount associated with the warrants issued to the lenders, a final interest payment, a prepayment penalty and a lender fee and warrants associated with the 2013 Loan Agreement. No advances were made at closing under the 2013 Line of Credit and no amounts were outstanding as of December 31, 2013. 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 September 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. During the three and nine months ended September 30, 2013 the Company incurred interest expense of $11,000 and $44,000, respectively, in connection with 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 an outstanding loan balance prepayment penalty of $133,000, and an early termination fee of $113,000 in connection with the termination of the 2013 Line of Credit in April 2014. | |
2014 Loan Agreement | |
In April 2014, Limited entered into a loan and security agreement (2014 Loan Agreement) with Hercules Technology Growth Capital, Inc. (Hercules) providing for a term loan of up to $35,000,000 (2014 Term Loan). Under the 2014 Loan Agreement, 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 made an additional advance of $25,000,000 to Limited in September 2014 following the approval of ILUVIEN by the FDA in September 2014 to fund the pSivida Milestone Payment. The 2014 Term Loan provides for interest only payments through November 2015. The interest only period may be extended until June 1, 2017 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) 7.65%, plus (B) the prime rate. 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. | |
In connection with the initial advance, Limited paid to Hercules a facility charge of $262,500 and incurred legal and other fees of approximately $383,000. Limited incurred $375,000 in additional fees in connection with the second advance which were included in accounts payable at September 30, 2014 and paid in October 2014. 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 2014 Loan Agreement and an increase to the applicable interest rate, and would permit Hercules to exercise remedies with respect to the collateral under the 2014 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 2014 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 the closing in April 2014 and the remaining 40% became exercisable upon the funding of the additional $25,000,000 to Limited in September 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 September 30, 2014 and December 31, 2013. | |
Fair Value of Debt | |
The Company utilized Level 2 inputs in the fair value hierarchy of valuation techniques to determine the fair value of all of the note payable (see Note 15). | |
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 September 30, 2014 and December 31, 2013. |
Loss_Per_Share_EPS
Loss Per Share (EPS) | 9 Months Ended | |||||||||||
Sep. 30, 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 and convertible preferred stock. In periods where a net loss is recorded, no effect is given to potentially dilutive securities, since the effect would be anti-dilutive. Common stock equivalent securities that would potentially dilute basic EPS in the future, 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 | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Series A convertible preferred stock | 9,022,556 | 15,037,593 | 9,022,556 | 15,037,593 | ||||||||
Series A convertible preferred stock warrants | 4,511,279 | 4,511,279 | 4,511,279 | 4,511,279 | ||||||||
Common stock warrants | 362,970 | 112,861 | 362,970 | 112,861 | ||||||||
Stock options | 7,582,462 | 5,925,838 | 7,582,462 | 5,925,838 | ||||||||
Total | 21,479,267 | 25,587,571 | 21,479,267 | 25,587,571 | ||||||||
Preferred_Stock
Preferred Stock | 9 Months Ended |
Sep. 30, 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 September 30, 2014 and December 31, 2013, the fair market value of the warrants was estimated to be $19,133,000 and $16,381,000, respectively. During the three months ended September 30, 2014 and 2013, the Company recorded gains of $2,324,000 and $6,229,000, respectively, as a result of the change in fair value of the warrants. During the nine months ended September 30, 2014 and 2013, the Company recorded losses of $2,752,000 and $6,107,000, respectively, as a result of the change in fair value of the warrants. | |
In April 2014, 2,255,639 shares of common stock were issued pursuant to the conversion of 150,000 shares of Series A Convertible Preferred Stock held by an investor. In September 2014, 3,759,398 shares of common stock were issued pursuant to the conversion of 250,000 shares of Series A Convertible Preferred Stock held by another investor. |
Common_Stock
Common Stock | 9 Months Ended |
Sep. 30, 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. | |
In April 2014, 2,255,639 shares of common stock were issued pursuant to the conversion of 150,000 shares of Series A Convertible Preferred Stock held by an investor. In September 2014, 3,759,398 shares of common stock were issued pursuant to the conversion of 250,000 shares of Series A Convertible Preferred Stock held by another investor. | |
During the nine months ended September 30, 2014 and 2013, 23,487 and 15,174 shares of the Company’s common stock were acquired through its employee stock purchase plan resulting in proceeds of $43,000 and $33,000, respectively. |
Stock_Incentive_Plans
Stock Incentive Plans | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||||||||||||
STOCK INCENTIVE PLANS | ' | |||||||||||||||||||||||||||||||
STOCK INCENTIVE PLANS | ||||||||||||||||||||||||||||||||
Stock Option Plans | ||||||||||||||||||||||||||||||||
During the three months ended September 30, 2014 and 2013, the Company recorded compensation expense related to stock options of approximately $970,000 and $599,000, respectively. During the nine months ended September 30, 2014 and 2013, the Company recorded compensation expense related to stock options of approximately $2,799,000 and $1,575,000, respectively. As of September 30, 2014, the total unrecognized compensation cost related to non-vested stock options granted was $6,582,000 and is expected to be recognized over a weighted average period of 2.69 years. The following table presents a summary of stock option activity for the three and nine months ended September 30, 2014 and 2013: | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Options | Weighted | Options | Weighted | Options | Weighted | Options | Weighted | |||||||||||||||||||||||||
Average | Average | Average | Average | |||||||||||||||||||||||||||||
Exercise | Exercise | Exercise | Exercise | |||||||||||||||||||||||||||||
Price | Price | Price | Price | |||||||||||||||||||||||||||||
Options outstanding at beginning of period | 7,599,768 | $ | 2.89 | 5,895,838 | $ | 2.73 | 7,566,438 | $ | 2.74 | 5,493,079 | $ | 2.67 | ||||||||||||||||||||
Grants | 165,000 | 5.66 | 35,000 | 3.8 | 480,000 | 5.66 | 595,000 | 3.13 | ||||||||||||||||||||||||
Forfeitures | (10,208 | ) | 3.45 | (5,000 | ) | 4.38 | (109,375 | ) | 2.62 | (127,412 | ) | 2.15 | ||||||||||||||||||||
Exercises | (172,098 | ) | 2.18 | — | — | (354,601 | ) | 2 | (34,829 | ) | 1.7 | |||||||||||||||||||||
Options outstanding at period end | 7,582,462 | 2.96 | 5,925,838 | 2.74 | 7,582,462 | 2.96 | 5,925,838 | 2.74 | ||||||||||||||||||||||||
Options exercisable at period end | 4,148,647 | 3.18 | 3,062,658 | 3.08 | 4,148,647 | 3.18 | 3,062,658 | 3.08 | ||||||||||||||||||||||||
Weighted average per share fair value of options granted during the period | $ | 4.55 | $ | 3.01 | $ | 4.71 | $ | 2.42 | ||||||||||||||||||||||||
The following table provides additional information related to outstanding stock options, exercisable stock options, and stock options expected to vest as of September 30, 2014: | ||||||||||||||||||||||||||||||||
Shares | Weighted | Weighted | Aggregate | |||||||||||||||||||||||||||||
Average | Average | Intrinsic | ||||||||||||||||||||||||||||||
Exercise | Contractual | Value | ||||||||||||||||||||||||||||||
Price | Term | |||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Outstanding | 7,582,462 | $ | 2.96 | 7.23 years | $ | 21,194 | ||||||||||||||||||||||||||
Exercisable | 4,148,647 | 3.18 | 5.93 years | 11,619 | ||||||||||||||||||||||||||||
Exercisable and expected to vest | 7,121,936 | 2.98 | 7.13 years | 19,888 | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Exercisable and expected to vest | 6,774,099 | 2.79 | 7.46 years | 16,123 | ||||||||||||||||||||||||||||
Employee Stock Purchase Plan | ||||||||||||||||||||||||||||||||
During the three months ended September 30, 2014 and 2013, the Company recorded compensation expense related to its employee stock purchase plan of approximately $14,000 and $8,000, respectively. During the nine months ended September 30, 2014 and 2013, the Company recorded compensation expense related to its employee stock purchase plan of approximately $35,000 and $22,000, respectively. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
INCOME TAXES | ' |
INCOME TAXES | |
In accordance with ASC 740, Income Taxes, 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. | |
At the end of each interim period, the Company makes its best estimate of the effective tax rate expected to be applicable for the full fiscal year. This estimate reflects, among other items, the Company’s best estimate of operating results and foreign currency exchange rates. The Company’s quarterly income tax rate may differ from its estimated annual effective tax rate because accounting standards require the Company to exclude the actual results of certain entities expected to generate a pretax loss when applying the estimated annual effective tax rate to the Company’s consolidated pretax results in interim periods. In estimating the annual effective tax rate, the Company does not include the estimated impact of unusual and/or infrequent items, including the reversal of valuation allowances, which may cause significant variations in the customary relationship between income tax expense (benefit) and pretax income (loss) in quarterly periods. The income tax expense (benefit) for such unusual and/or infrequent items is recorded in the quarterly period such items are incurred. | |
The Company’s income tax expense and resulting effective tax rate are based upon the respective estimated annual effective tax rates applicable for the respective periods adjusted for the effects of items required to be treated as discrete to the period, including changes in tax laws, changes in estimated exposures for uncertain tax positions and other items. The Company’s effective tax rate for the three and nine months ended September 30, 2014 properly excluded tax benefits associated with year-to-date pre-tax losses generated in the U.S. and the Netherlands. 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 ; 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. Tax years since 2012 remain subject to examination in the United Kingdom. | |
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 carry-forwards of approximately $80,158,000 and state NOL carry-forwards of approximately $63,626,000 available to reduce future income. The Company's federal NOL carry-forwards remain fully reserved as of September 30, 2014. If not utilized, the federal NOL carry-forwards will expire at various dates between 2029 and 2033 and the state NOL carry-forwards will expire at various dates between 2020 and 2033. | |
The Company's NOL carry-forwards 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 carry-forwards 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 carry-forwards. If it is determined that significant ownership changes have occurred since the Company generated its NOL carry-forwards, the Company may be subject to annual limitations on the use of these NOL carry-forwards under IRC Section 382 (or comparable provisions of state law). The issuance shares of the Company's Series A Convertible Preferred Stock on October 2, 2012 constituted such a change in ownership. As a result of this change in ownership, approximately $13,700,000 of the Company's NOL carry-forwards generated prior to the change in ownership are not available to be utilized in the future. | |
The Company's foreign subsidiaries commenced business during 2013. 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 has not recorded a deferred tax liability related to excess of book over tax basis in the stock of its foreign subsidiaries in accordance with ASC 740-30-25. |
Fair_Value
Fair Value | 9 Months Ended | |||||||||||||||
Sep. 30, 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 September 30, 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: | ||||||||||||||||
30-Sep-14 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(In thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Cash equivalents (1) | $ | 27,194 | $ | — | $ | — | $ | 27,194 | ||||||||
Assets measured at fair value | $ | 27,194 | $ | — | $ | — | $ | 27,194 | ||||||||
Liabilities: | ||||||||||||||||
Derivative warrant liability (2) | $ | — | $ | 19,133 | $ | — | $ | 19,133 | ||||||||
Liabilities measured at fair value | $ | — | $ | 19,133 | $ | — | $ | 19,133 | ||||||||
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 13). | |||||||||||||||
The carrying amounts of our accounts receivable and accounts payable approximate fair value as of September 30, 2014. The fair values of the Company’s note payable is disclosed in Note 9. The Company utilized Level 2 inputs to determine the fair value of our accounts receivable and accounts payable. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies Summary (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB) or other standard setting bodies that are adopted by us as of the specified effective date. Unless otherwise discussed, we believe that the impact of recently issued standards that are not yet effective will not have a material impact on our financial position or results of operations upon adoption. | |
In May 2014, the FASB issued Accounting Standards Update (ASU) 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 provides a single, comprehensive revenue recognition model for all contracts with customers. The revenue guidance contains principles that an entity will apply to determine the measurement of revenue and timing of when it is recognized. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The standard will be effective for the first interim period within annual reporting periods beginning after December 15, 2016 for public entities, with no early adoption permitted. The Company is still evaluating the potential impact of adopting this guidance on its financial statements. | |
In June 2014, the FASB issued ASU 2014-12, “Compensation Stock - Compensation (Topic 718).” ASU 2014-12 applies to all reporting entities that grant their employees share-based payments in which the terms of the award provide that a performance target that affects vesting could be achieved after the requisite service period. It requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition and follows existing accounting guidance for the treatment of performance conditions. The standard will be effective for annual periods and interim periods within those annual periods beginning after December 15, 2015, with early adoption permitted. The Company is still evaluating the potential impact of adopting this guidance on its financial statements. |
Inventory_Tables
Inventory (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventory | ' | |||||||
Inventory consisted of the following: | ||||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Component parts (1) | $ | 195 | $ | 266 | ||||
Work-in-process (2) | 1,217 | 587 | ||||||
Finished goods | 918 | 1,343 | ||||||
Total inventory | 2,330 | 2,196 | ||||||
Inventory reserve | (676 | ) | (410 | ) | ||||
Inventory — net | $ | 1,654 | $ | 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) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Summary of Accrued Expenses | ' | |||||||
Accrued expenses consisted of the following: | ||||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Accrued clinical investigator expenses | $ | 374 | $ | 562 | ||||
Accrued other compensation expenses | 825 | 106 | ||||||
Other accrued expenses | 373 | 266 | ||||||
Total accrued expenses | $ | 1,572 | $ | 934 | ||||
Loss_Per_Share_EPS_Tables
Loss Per Share (EPS) (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Schedule of antidilutive securities excluded from computation of earnings per share | ' | |||||||||||
Common stock equivalent securities that would potentially dilute basic EPS in the future, 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 | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Series A convertible preferred stock | 9,022,556 | 15,037,593 | 9,022,556 | 15,037,593 | ||||||||
Series A convertible preferred stock warrants | 4,511,279 | 4,511,279 | 4,511,279 | 4,511,279 | ||||||||
Common stock warrants | 362,970 | 112,861 | 362,970 | 112,861 | ||||||||
Stock options | 7,582,462 | 5,925,838 | 7,582,462 | 5,925,838 | ||||||||
Total | 21,479,267 | 25,587,571 | 21,479,267 | 25,587,571 | ||||||||
Stock_Incentive_Plans_Tables
Stock Incentive Plans (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||||||||||||
Summary of stock option transactions | ' | |||||||||||||||||||||||||||||||
The following table presents a summary of stock option activity for the three and nine months ended September 30, 2014 and 2013: | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Options | Weighted | Options | Weighted | Options | Weighted | Options | Weighted | |||||||||||||||||||||||||
Average | Average | Average | Average | |||||||||||||||||||||||||||||
Exercise | Exercise | Exercise | Exercise | |||||||||||||||||||||||||||||
Price | Price | Price | Price | |||||||||||||||||||||||||||||
Options outstanding at beginning of period | 7,599,768 | $ | 2.89 | 5,895,838 | $ | 2.73 | 7,566,438 | $ | 2.74 | 5,493,079 | $ | 2.67 | ||||||||||||||||||||
Grants | 165,000 | 5.66 | 35,000 | 3.8 | 480,000 | 5.66 | 595,000 | 3.13 | ||||||||||||||||||||||||
Forfeitures | (10,208 | ) | 3.45 | (5,000 | ) | 4.38 | (109,375 | ) | 2.62 | (127,412 | ) | 2.15 | ||||||||||||||||||||
Exercises | (172,098 | ) | 2.18 | — | — | (354,601 | ) | 2 | (34,829 | ) | 1.7 | |||||||||||||||||||||
Options outstanding at period end | 7,582,462 | 2.96 | 5,925,838 | 2.74 | 7,582,462 | 2.96 | 5,925,838 | 2.74 | ||||||||||||||||||||||||
Options exercisable at period end | 4,148,647 | 3.18 | 3,062,658 | 3.08 | 4,148,647 | 3.18 | 3,062,658 | 3.08 | ||||||||||||||||||||||||
Weighted average per share fair value of options granted during the period | $ | 4.55 | $ | 3.01 | $ | 4.71 | $ | 2.42 | ||||||||||||||||||||||||
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 September 30, 2014: | ||||||||||||||||||||||||||||||||
Shares | Weighted | Weighted | Aggregate | |||||||||||||||||||||||||||||
Average | Average | Intrinsic | ||||||||||||||||||||||||||||||
Exercise | Contractual | Value | ||||||||||||||||||||||||||||||
Price | Term | |||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Outstanding | 7,582,462 | $ | 2.96 | 7.23 years | $ | 21,194 | ||||||||||||||||||||||||||
Exercisable | 4,148,647 | 3.18 | 5.93 years | 11,619 | ||||||||||||||||||||||||||||
Exercisable and expected to vest | 7,121,936 | 2.98 | 7.13 years | 19,888 | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Exercisable and expected to vest | 6,774,099 | 2.79 | 7.46 years | 16,123 | ||||||||||||||||||||||||||||
Fair_Value_Tables
Fair Value (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 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: | ||||||||||||||||
30-Sep-14 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(In thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Cash equivalents (1) | $ | 27,194 | $ | — | $ | — | $ | 27,194 | ||||||||
Assets measured at fair value | $ | 27,194 | $ | — | $ | — | $ | 27,194 | ||||||||
Liabilities: | ||||||||||||||||
Derivative warrant liability (2) | $ | — | $ | 19,133 | $ | — | $ | 19,133 | ||||||||
Liabilities measured at fair value | $ | — | $ | 19,133 | $ | — | $ | 19,133 | ||||||||
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 13). |
Nature_of_Operations_Detail
Nature of Operations (Detail) (ILUVIEN) | 1 Months Ended | 9 Months Ended |
Sep. 30, 2013 | Sep. 30, 2014 | |
country | Patient | |
Nature Of Operations [Line Items] | ' | ' |
Post-authorization open study period | ' | '5 years |
Planned drug study, number of patients | ' | 800 |
Number of European countries where drug approval is sought | 10 | ' |
French National Health Insurance | ' | ' |
Nature Of Operations [Line Items] | ' | ' |
Insurance reimbursement rate | ' | 100.00% |
Basis_of_Presentation_Basis_of
Basis of Presentation Basis of Presentation (Details) (Adjustment To Prior Period, USD $) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2013 | Sep. 30, 2013 | |
Adjustment To Prior Period | ' | ' |
Depreciation | $42,000 | $101,000 |
Factors_Affecting_Operations_D
Factors Affecting Operations (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' | ' |
Retained earnings (accumulated deficit) | ($303,997) | ($277,345) | ' | ' |
Cash and cash equivalents | $61,424 | $12,628 | $23,104 | $49,564 |
Inventory_Components_of_Invent
Inventory - Components of Inventory (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Inventory net realizable value | ' | ' | ||
Component parts | $195 | [1] | $266 | [1] |
Work-in-process | 1,217 | [2] | 587 | [2] |
Finished goods | 918 | 1,343 | ||
Total inventory | 2,330 | 2,196 | ||
Inventory reserve | -676 | -410 | ||
Inventory — net | $1,654 | $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. |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | 3 Months Ended | 1 Months Ended | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | Oct. 31, 2014 | Sep. 30, 2014 | |
pSivida | License | |||
Subsequent Event | ||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Net book value of intangible asset | $24,951,000 | $0 | ' | $24,951,000 |
Additional milestone payment after the first product approved by the FDA | ' | ' | 25,000,000 | ' |
Gross carrying amount of intangible asset | ' | ' | ' | 25,000,000 |
Amortization of intangible assets | $49,000 | ' | ' | $49,000 |
Accrued_Expenses_Summary_of_Ac
Accrued Expenses - Summary of Accrued Expenses (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Summary of accrued expenses | ' | ' |
Accrued clinical investigator expenses | $374 | $562 |
Accrued other compensation expenses | 825 | 106 |
Other accrued expenses | 373 | 266 |
Total accrued expenses | $1,572 | $934 |
License_Agreements_Detail
License Agreements (Detail) (USD $) | 9 Months Ended | 9 Months Ended | 1 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Oct. 31, 2014 | |
pSivida | pSivida | |||
Subsequent Event | ||||
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 | $14,322,000 | $12,219,000 | ' | ' |
Additional milestone payment after the first product approved by the FDA | ' | ' | ' | $25,000,000 |
Loan_Agreements_Additional_Inf
Loan Agreements - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | ||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | 31-May-13 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | 31-May-13 | Apr. 30, 2014 | Apr. 30, 2014 | 31-May-13 | 31-May-13 | Apr. 30, 2014 | Sep. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | |
Alimera Sciences, Inc.(Company) | 2013 Term Loan | 2013 Term Loan | 2013 Term Loan | 2013 Term Loan | 2013 Term Loan | 2013 Term Loan | 2013 Line of Credit | 2013 Line of Credit | 2013 Line of Credit | 2014 Term Loan | 2014 Term Loan | 2014 Term Loan | 2014 Term Loan | |||||
Silicon Valley Bank (SVB) | Alimera Sciences, Inc.(Company) | Alimera Sciences, Inc.(Company) | Alimera Sciences Limited (Limited) | Maximum | Alimera Sciences Limited (Limited) | Alimera Sciences Limited (Limited) | Prime Rate | Alimera Sciences, Inc.(Company) | Alimera Sciences Limited (Limited) | Alimera Sciences Limited (Limited) | Minimum | |||||||
Silicon Valley Bank (SVB) | Silicon Valley Bank (SVB) | Silicon Valley Bank (SVB) | Alimera Sciences Limited (Limited) | Silicon Valley Bank (SVB) | Silicon Valley Bank (SVB) | Alimera Sciences Limited (Limited) | Hercules Technology Growth Capital, Inc. | Hercules Technology Growth Capital, Inc. | Hercules Technology Growth Capital, Inc. | Alimera Sciences Limited (Limited) | ||||||||
Installment | Silicon Valley Bank (SVB) | Silicon Valley Bank (SVB) | Hercules Technology Growth Capital, Inc. | |||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,000,000 | ' | ' | ' | ' | ' | ' | $10,000,000 | ' |
Company entitled to borrow | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | 35,000,000 | ' |
Loss from early extinguishment of debt | 0 | 0 | 440,000 | 153,000 | ' | 153,000 | 153,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest-only payment period | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 months | ' | ' | ' | ' | ' | ' | ' | ' |
Frequency of periodic payment monthly installments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36 | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on term loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.50% | ' | ' | ' | ' | ' | ' | ' | 10.90% |
Eligible accounts receivable percentage used to determine advances against line of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% | ' | ' | ' | ' | ' |
Basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.75% | ' | ' | 7.65% | ' |
Unused capacity commitment fee percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' |
An upfront fee payment to Lenders | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000 | ' | ' | ' | ' | ' | ' | 262,500 | ' |
Number of shares called by warrants | ' | ' | ' | ' | 31,818 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 285,016 | ' | ' | ' |
Exercise price on warrants (in dollars per share) | ' | ' | ' | ' | $2.86 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6.14 | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Expense, Debt | ' | ' | ' | ' | ' | ' | ' | 11,000 | 44,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fee payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' |
Deferred financing costs capitalized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49,000 | ' | ' | ' | ' | ' |
Prepayment fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 133,000 | ' | ' | ' | ' | ' | ' | ' |
Prepayment fee percentage within the first year of borrowing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25% | ' |
Termination fee amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 113,000 | ' | ' | ' | ' | ' | ' |
Increase of term loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | 25,000,000 | ' | ' |
Debt issuance costs incurred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $375,000 | $383,000 | ' |
Warrants exercisable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60.00% | ' | ' | ' |
Warrants that will become exercisable upon obtaining additional financing amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | ' | ' | ' |
Loss_Per_Share_EPS_AntiDilutiv
Loss Per Share (EPS) - AntiDilutive Securities Excluded (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share (in shares) | 21,479,267 | 25,587,571 | 21,479,267 | 25,587,571 |
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) | 9,022,556 | 15,037,593 | 9,022,556 | 15,037,593 |
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) | 4,511,279 | 4,511,279 | 4,511,279 | 4,511,279 |
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) | 362,970 | 112,861 | 362,970 | 112,861 |
Stock options | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share (in shares) | 7,582,462 | 5,925,838 | 7,582,462 | 5,925,838 |
Preferred_Stock_Detail
Preferred Stock (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | ||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Apr. 30, 2014 | Jun. 30, 2013 | Oct. 02, 2012 | Sep. 30, 2014 | Apr. 30, 2014 | |
Common stock | Common stock | Series A convertible preferred stock | Series A convertible preferred stock | Series A convertible preferred stock | Series A convertible preferred stock | ||||||
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 | ' | ' | ' | ' | ' | ' | ' | ' | $40,000,000 | ' | ' |
Estimated total stock issuance cost | ' | ' | ' | ' | ' | ' | ' | ' | 560,000 | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | ' | ' |
Contingent beneficial conversion feature | 0 | 0 | 0 | 4,950,000 | ' | ' | ' | 4,950,000 | ' | ' | ' |
Proportion of each unit of shares (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 0.3 | ' | ' |
Exercise price of warrants (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $44 | ' | ' |
Estimated fair value of derivatives | 19,133,000 | ' | 19,133,000 | ' | 16,381,000 | ' | ' | ' | ' | ' | ' |
Gain (loss) on change in fair value of derivatives | $2,324,000 | ($6,229,000) | ($2,752,000) | ($6,107,000) | ' | ' | ' | ' | ' | ' | ' |
Common stock issued upon conversion of convertible securities | ' | ' | ' | ' | ' | 3,759,398 | 2,255,639 | ' | ' | ' | ' |
Convertible securities converted | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000 | 150,000 |
Common_Stock_Detail
Common Stock (Detail) (USD $) | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | |||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Apr. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | |
Common stock | Common stock | Common stock | Common stock | Series A convertible preferred stock | Series A convertible preferred stock | Private placement | |||
Employee Stock | Employee Stock | 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 | $37,543,000 | $33,000 | ' | ' | $43,000 | $33,000 | ' | ' | $37,500,000 |
Payment of stock issuance cost | $2,389,000 | $0 | ' | ' | ' | ' | ' | ' | $2,389,000 |
Common stock issued upon conversion of convertible securities | ' | ' | 3,759,398 | 2,255,639 | ' | ' | ' | ' | ' |
Convertible securities converted | ' | ' | ' | ' | ' | ' | 250,000 | 150,000 | ' |
Shares acquired under plan (shares) | ' | ' | ' | ' | 23,487 | 15,174 | ' | ' | ' |
Stock_Incentive_Plans_Addition
Stock Incentive Plans - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Stock options | Stock options | Stock options | Stock options | Employee Stock | Employee Stock | Employee Stock | Employee Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation expense | ' | ' | $970 | $599 | $2,799 | $1,575 | $14 | $8 | $35 | $22 |
Share-based compensation not yet recognized | ' | ' | $6,582 | ' | $6,582 | ' | ' | ' | ' | ' |
Weighted average contractual term (years) | '5 years 11 months 5 days | '5 years 5 months 12 days | ' | ' | '2 years 8 months 8 days | ' | ' | ' | ' | ' |
Stock_Incentive_Plans_Summary_
Stock Incentive Plans - Summary of Stock Option Transactions (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Options | ' | ' | ' | ' | ' |
Options outstanding at beginning of period (in shares) | 7,599,768 | 5,895,838 | 7,566,438 | 5,493,079 | ' |
Grants (in shares) | 165,000 | 35,000 | 480,000 | 595,000 | ' |
Forfeitures (in shares) | -10,208 | -5,000 | -109,375 | -127,412 | ' |
Exercises (in shares) | -172,098 | 0 | -354,601 | -34,829 | ' |
Options outstanding at year end (in shares) | 7,582,462 | 5,925,838 | 7,582,462 | 5,925,838 | ' |
Options exercisable at year end (in shares) | 4,148,647 | 3,062,658 | 4,148,647 | 3,062,658 | 3,304,981 |
Weighted average per share fair value of options granted during the period (in dollars per share) | $4.55 | $3.01 | $4.71 | $2.42 | ' |
Weighted Average Exercise Price | ' | ' | ' | ' | ' |
Options outstanding at beginning of period (in dollars per share) | $2.89 | $2.73 | $2.74 | $2.67 | ' |
Grants (in dollars per share) | $5.66 | $3.80 | $5.66 | $3.13 | ' |
Forfeitures (in dollars per share) | $3.45 | $4.38 | $2.62 | $2.15 | ' |
Exercises (in dollars per share) | $2.18 | $0 | $2 | $1.70 | ' |
Options outstanding at year end (in dollars per share) | $2.96 | $2.74 | $2.96 | $2.74 | ' |
Options exercisable at year end (in dollars per share) | $3.18 | $3.08 | $3.18 | $3.08 | $3.09 |
Stock_Incentive_Plans_Addition1
Stock Incentive Plans - Additional Stock Option Transactions (Detail) (USD $) | 9 Months Ended | 12 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
Outstanding Stock Options | ' | ' | ' | ' | ' | ' |
Outstanding, Shares | 7,582,462 | 7,566,438 | 7,599,768 | 5,925,838 | 5,895,838 | 5,493,079 |
Options, Weighted Average Exercise Price (in dollars per share) | $2.96 | $2.74 | $2.89 | $2.74 | $2.73 | $2.67 |
Outstanding, Weighted Average Contractual Term (years) | '7 years 2 months 23 days | '7 years 7 months 17 days | ' | ' | ' | ' |
Outstanding, Aggregate Intrinsic Value | $21,194 | $17,759 | ' | ' | ' | ' |
Exercisable Stock Options | ' | ' | ' | ' | ' | ' |
Exercisable, Shares | 4,148,647 | 3,304,981 | ' | 3,062,658 | ' | ' |
Exercisable, Weighted Average Exercise Price (in dollars per share) | $3.18 | $3.09 | ' | $3.08 | ' | ' |
Exercisable, Weighted Average Contractual Term (years) | '5 years 11 months 5 days | '5 years 5 months 12 days | ' | ' | ' | ' |
Exercisable, Aggregate Intrinsic Value | 11,619 | 7,589 | ' | ' | ' | ' |
Exercisable and expected to vest | ' | ' | ' | ' | ' | ' |
Exercisable and expected to vest, Shares | 7,121,936 | 6,774,099 | ' | ' | ' | ' |
Exercisable and expected to vest, Weighted Average Exercise Price (in dollars per share) | $2.98 | $2.79 | ' | ' | ' | ' |
Exercisable and expected to vest, Weighted Average Contractual Term (years) | '7 years 1 month 17 days | '7 years 5 months 17 days | ' | ' | ' | ' |
Exercisable and expected to vest, Aggregate Intrinsic Value | $19,888 | $16,123 | ' | ' | ' | ' |
Income_Taxes_Detail
Income Taxes (Detail) (USD $) | 9 Months Ended | ||
Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | |
Federal NOL | State NOL | ||
Income Taxes [Line Items] | ' | ' | ' |
Net operating loss carry-forwards | ' | $80,158,000 | $63,626,000 |
Operating loss carryforwards not available for use due to change in control | ($13,700,000) | ' | ' |
Fair_Value_Assets_Measured_at_
Fair Value - Assets Measured at Fair Value on Recurring Basis (Detail) (Recurring basis, USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Assets: | ' | ' | ||
Cash equivalents | $27,194 | [1] | $6,944 | [1] |
Assets measured at fair value | 27,194 | 6,944 | ||
Liabilities: | ' | ' | ||
Derivative warrant liability | 19,133 | [2] | 16,381 | [2] |
Liabilities measured at fair value | 19,133 | 16,381 | ||
Level 1 | ' | ' | ||
Assets: | ' | ' | ||
Cash equivalents | 27,194 | [1] | 6,944 | [1] |
Assets measured at fair value | 27,194 | 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 | 19,133 | [2] | 16,381 | [2] |
Liabilities measured at fair value | 19,133 | 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 13). |