Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Ocera Therapeutics, Inc. | |
Entity Central Index Key | 1274644 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 19,747,362 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $10,294 | $10,127 |
Short-term investments, available-for-sale | 33,659 | 37,112 |
Accounts receivable | 31 | 62 |
Prepaid expenses and other current assets | 543 | 970 |
Total current assets | 44,527 | 48,271 |
Property and equipment, net | 53 | 61 |
Long-term investments | 2,169 | 3,928 |
Deposits | 0 | 26 |
Intangible assets, net | 130 | 171 |
Goodwill | 595 | 595 |
Total assets | 47,474 | 53,052 |
Current liabilities: | ||
Accounts payable | 1,029 | 941 |
Accrued liabilities | 1,958 | 1,966 |
Total liabilities | 2,987 | 2,907 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock - $0.00001 par value, 5,000,000 shares authorized and no shares issued or outstanding at March 31, 2015 and December 31, 2014. | 0 | 0 |
Common stock - $0.00001 par value, 100,000,000 shares authorized, 19,747,362 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively. | 0 | 0 |
Additional paid-in capital | 156,048 | 155,083 |
Accumulated other comprehensive income (loss) | 1 | -27 |
Accumulated deficit | -111,562 | -104,911 |
Total stockholders' equity | 44,487 | 50,145 |
Total liabilities and stockholders' equity | $47,474 | $53,052 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 19,747,362 | 19,747,362 |
Common stock, shares outstanding | 19,747,362 | 19,747,362 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Loss (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenue: | ||
Royalty revenue | $31 | $45 |
Total Revenue | 31 | 45 |
Operating expenses: | ||
Research and development | 4,398 | 2,466 |
General and administrative | 2,256 | 2,733 |
Amortization of intangibles | 41 | 41 |
Total operating expenses | 6,695 | 5,240 |
Other income (expense) | 13 | 13 |
Net loss from continuing operations | -6,651 | -5,182 |
Net income from discontinued operations (including gain on disposal of $1,149) | 0 | 1,117 |
Net loss | -6,651 | -4,065 |
Net loss per share: | ||
Net loss per share from continuing operations, basic and diluted | ($0.34) | ($0.34) |
Net income per share from discontinued operations, basic and diluted | $0 | $0.07 |
Net loss per share, basic and diluted | ($0.34) | ($0.27) |
Weighted average number of shares used to compute net loss per share of common stock, basic and diluted | 19,747,362 | 15,421,234 |
Unrealized gain on investments | 28 | 2 |
Comprehensive loss | ($6,623) | ($4,063) |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations and Comprehensive Loss (Parenthetical) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Net gain on disposal of assets | $0 | |
Tranzyme Pharma Inc. [Member] | ||
Net gain on disposal of assets | $1,149,000 | $1,149,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating activities | ||
Net loss | ($6,651) | ($4,065) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Net income from discontinued operations | 0 | -1,117 |
Depreciation | 8 | 10 |
Amortization of intangibles | 41 | 41 |
Stock based compensation | 965 | 1,375 |
Accretion of premium on investment securities | 154 | 95 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 31 | 47 |
Prepaid expenses and other assets | 453 | -57 |
Accounts payable | 88 | -406 |
Accrued liabilities | -8 | -896 |
Net cash used in continuing operating activities | -4,919 | -4,973 |
Net cash used in discontinued operating activities | 0 | -412 |
Net cash used in operating activities | -4,919 | -5,385 |
Investing activities | ||
Purchases of property and equipment | 0 | -2 |
Purchase of short-term and long-term investments | -13,414 | -5,371 |
Sale and maturities of short-term investments | 18,500 | 4,250 |
Net cash provided by (used in) continuing investing activities | 5,086 | -1,123 |
Net cash provided by discontinued investing activities | 0 | 1,000 |
Net cash provided by (used in) investing activities | 5,086 | -123 |
Financing activities | ||
Proceeds from exercise of common stock options | 0 | 396 |
Net cash provided by continuing financing activities | 0 | 396 |
Net increase (decrease) in cash and cash equivalents | 167 | -5,112 |
Cash and cash equivalentsbbeginning of period | 10,127 | 15,533 |
Cash and cash equivalentsbend of period | $10,294 | $10,421 |
The_Company
The Company | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
The Company | The Company |
Ocera Therapeutics, Inc. (the "Company") is a clinical-stage biopharmaceutical company focused on the development and commercialization of OCR-002 (ornithine phenylacetate). OCR-002 is an ammonia scavenger which has been granted orphan drug designation and Fast Track status from the U.S. Food and Drug Administration to treat hyperammonemia and associated hepatic encephalopathy in patients with liver cirrhosis, acute liver failure and acute liver injury. | |
On July 15, 2013, Terrapin Acquisition, Inc., a Delaware corporation (“Merger Sub”), a wholly owned subsidiary of Tranzyme, Inc., a Delaware corporation (“Tranzyme”), completed its merger (the “Merger”) with and into Ocera Therapeutics, Inc., a private Delaware corporation (“Private Ocera”). Private Ocera is considered the acquiring company in the Merger for accounting purposes. In connection with the Merger, the combined company changed its name to Ocera Therapeutics, Inc. and the name of Private Ocera was changed to Ocera Subsidiary, Inc. | |
The Company's business is subject to significant risks consistent with biopharmaceutical companies seeking to develop technologies and product candidates for human therapeutic use. These risks include, but are not limited to, uncertainties regarding research and development, access to capital, obtaining and enforcing patents, receiving regulatory approval and competition with other biotechnology and pharmaceutical companies. | |
The Company has a limited operating history and the sales and income potential of the Company's business and market are unproven. As of March 31, 2015, the Company has incurred losses since inception of $111.6 million. The Company anticipates that it will continue to incur net losses into the foreseeable future as it continues the development and commercialization of OCR-002 and as it expands its corporate infrastructure. Based on the Company's current operating plan, the Company believes its working capital is sufficient to fund its operations through at least the next twelve months. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies |
Basis of Presentation | |
The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with United States of America generally accepted accounting principles ("U.S. GAAP") for interim financial statements and pursuant to the rules and regulations of the Securities and Exchange Commission. The financial statements and related notes do not include all information and footnotes required by U.S. GAAP for annual reports. This quarterly report should be read in conjunction with the consolidated financial statements included in the Company’s annual report on Form 10-K for the year ended December 31, 2014. | |
Unaudited Interim Financial Information | |
The accompanying interim consolidated financial statements and related disclosures are unaudited, have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair statement of the results of operations for the periods presented. The year-end balance sheet was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. The consolidated results of operations for any interim period are not necessarily indicative of the results to be expected for the full year or for any other future year or interim period. | |
Use of Estimates | |
The preparation of financial statements in conformity with the U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||||||
The following tables present information about the Company’s financial assets measured at fair value on a recurring basis as of March 31, 2015, and December 31, 2014, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value. As a basis for categorizing inputs, the Company uses a three-tier fair value hierarchy, which prioritizes the inputs used to measure fair value from market-based assumptions to entity specific assumptions: | ||||||||||||||||
Level 1: Quoted prices in active markets for identical assets or liabilities; | ||||||||||||||||
Level 2: Inputs, other than level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and | ||||||||||||||||
Level 3: Unobservable inputs that are supported by little or no market activity, which require the reporting entity to develop its own assumptions. | ||||||||||||||||
Assets measured at fair value on a recurring basis as of March 31, 2015 are as follows (in thousands): | ||||||||||||||||
Balance as of | Quoted Prices | Significant | Significant | |||||||||||||
March 31, | in Active | Other | Unobservable | |||||||||||||
2015 | Markets for | Observable | Inputs | |||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
Assets: | ||||||||||||||||
Money market funds | $ | 9,364 | $ | 9,364 | $ | — | $ | — | ||||||||
Commercial paper | 5,249 | — | 5,249 | — | ||||||||||||
Corporate debt securities | 30,079 | — | 30,079 | — | ||||||||||||
Government agency debt securities | 500 | — | 500 | — | ||||||||||||
Total assets | $ | 45,192 | $ | 9,364 | $ | 35,828 | $ | — | ||||||||
Assets measured at fair value on a recurring basis as of December 31, 2014 are as follows (in thousands): | ||||||||||||||||
Balance as of | Quoted Prices | Significant | Significant | |||||||||||||
December 31, | in Active | Other | Unobservable | |||||||||||||
2014 | Markets for | Observable | Inputs | |||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
Assets: | ||||||||||||||||
Money market funds | $ | 9,171 | $ | 9,171 | $ | — | $ | — | ||||||||
Commercial paper | 3,750 | — | 3,750 | — | ||||||||||||
Corporate debt securities | 36,790 | — | 36,790 | — | ||||||||||||
Government agency debt securities | $ | 500 | $ | — | $ | 500 | $ | — | ||||||||
Total assets | $ | 50,211 | $ | 9,171 | $ | 41,040 | $ | — | ||||||||
Balance_Sheet_Components
Balance Sheet Components | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Balance Sheet Components [Abstract] | |||||||||||||||||||
Balance Sheet Components | Balance Sheet Components | ||||||||||||||||||
Investments | |||||||||||||||||||
The following table summarizes the Company's available for sale investments as of March 31, 2015 (in thousands): | |||||||||||||||||||
Maturity (in Years) | Amortized Cost | Unrealized Gains | Unrealized Losses | Estimated Fair Value | |||||||||||||||
Short-term investments: | |||||||||||||||||||
Commercial paper | 1 or less | $ | 5,244 | $ | 5 | $ | — | $ | 5,249 | ||||||||||
Corporate debt securities | 1 or less | 28,414 | — | (4 | ) | 28,410 | |||||||||||||
Total | 33,658 | 5 | (4 | ) | 33,659 | ||||||||||||||
Long-term investments: | |||||||||||||||||||
Corporate debt securities | 1 to 2 | 1,669 | — | — | 1,669 | ||||||||||||||
Government agency debt securities | 1 to 2 | 500 | — | — | 500 | ||||||||||||||
Total | 2,169 | — | — | 2,169 | |||||||||||||||
Total investments | $ | 35,827 | $ | 5 | $ | (4 | ) | $ | 35,828 | ||||||||||
The following table summarizes the Company's available for sale investments as of December 31, 2014 (in thousands): | |||||||||||||||||||
Maturity (in Years) | Amortized Cost | Unrealized Gains | Unrealized Losses | Estimated Fair Value | |||||||||||||||
Short-term investments: | |||||||||||||||||||
Commercial paper | 1 or less | $ | 3,748 | $ | 2 | $ | — | $ | 3,750 | ||||||||||
Corporate debt securities | 1 or less | 33,379 | — | (17 | ) | 33,362 | |||||||||||||
Total | 37,127 | 2 | (17 | ) | 37,112 | ||||||||||||||
Long-term investments: | |||||||||||||||||||
Corporate debt securities | 1 to 2 | 3,439 | — | (11 | ) | 3,428 | |||||||||||||
Government agency debt securities | 1 to 2 | 501 | — | (1 | ) | 500 | |||||||||||||
Total | 3,940 | — | (12 | ) | 3,928 | ||||||||||||||
Total investments | $ | 41,067 | $ | 2 | $ | (29 | ) | $ | 41,040 | ||||||||||
At each reporting date, the Company performs an evaluation of impairment to determine if the unrealized losses are other-than-temporary. For debt securities, management determines whether it intends to sell the impaired securities, and if there is no intent or expected requirement to sell, management considers whether it is likely that the amortized cost will be recovered. The Company does not consider unrealized losses on its debt investment securities to be credit-related. These unrealized losses relate to changes in interest rates and market spreads subsequent to purchase. The Company has not made a decision to sell securities with unrealized losses and believes it is more likely than not it would not be required to sell such securities before recovery of its amortized cost. There have been no other than temporary losses recognized in earnings. | |||||||||||||||||||
Property and Equipment, net | |||||||||||||||||||
Property and equipment, net consisted of the following (in thousands): | |||||||||||||||||||
Useful Life | March 31, | December 31, | |||||||||||||||||
(in years) | 2015 | 2014 | |||||||||||||||||
Computer equipment and software | 1.5 to 3 years | $ | 53 | $ | 53 | ||||||||||||||
Office furniture and equipment | 5 years | 68 | 68 | ||||||||||||||||
Total property and equipment, gross | 121 | 121 | |||||||||||||||||
Less: accumulated depreciation | (68 | ) | (60 | ) | |||||||||||||||
Property and equipment, net | $ | 53 | $ | 61 | |||||||||||||||
Depreciation expense was $8,000 and $10,000 for the three months ended March 31, 2015 and 2014 respectively. | |||||||||||||||||||
Acquired Intangible Assets | |||||||||||||||||||
The net book value of acquired intangible assets were as follows (in thousands): | |||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||
Customer Agreements: | 2015 | 2014 | |||||||||||||||||
Carrying value | $ | 410 | $ | 410 | |||||||||||||||
Accumulated amortization | (280 | ) | (239 | ) | |||||||||||||||
Intangible assets, net | $ | 130 | $ | 171 | |||||||||||||||
Weighted average remaining life (in years) | 0.75 | 1 | |||||||||||||||||
The Company recognized $41,000 as amortization expense on the intangible assets for the three months ended March 31, 2015 and 2014. No impairment charges were recorded. | |||||||||||||||||||
As of March 31, 2015, expected amortization expense related to our purchased intangible assets is approximately $130,000 during 2015. | |||||||||||||||||||
Accrued Liabilities | |||||||||||||||||||
Accrued liabilities were as follows (in thousands): | |||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||
2015 | 2014 | ||||||||||||||||||
Clinical trials | $ | 1,342 | $ | 897 | |||||||||||||||
Payroll and related expenses | 400 | 678 | |||||||||||||||||
Professional services | 140 | 343 | |||||||||||||||||
Other | 76 | 48 | |||||||||||||||||
Total | $ | 1,958 | $ | 1,966 | |||||||||||||||
Stock_Based_Compensation
Stock Based Compensation | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||
Stock Options | Stock Based Compensation | |||||||||||||||
The Company’s stock option activity and related information for the three months ended March 31, 2015 was as follows (in thousands, except share and per share data): | ||||||||||||||||
Weighted-avg. | ||||||||||||||||
Shares | Weighted-avg. | Remaining | Aggregate | |||||||||||||
Available | Stock Options | Exercise Price | Contractual | Intrinsic | ||||||||||||
for Grant | Outstanding | Per Share | Life (in Years) | Value | ||||||||||||
Balance at December 31, 2014 | 342,210 | 2,086,602 | $ | 8.01 | 8.63 | $ | 871 | |||||||||
Stock options granted | (12,000 | ) | 12,000 | $ | 4.5 | |||||||||||
Stock options cancelled | 57,417 | (57,417 | ) | $ | 7.49 | |||||||||||
Stock options exercised | — | — | $ | — | ||||||||||||
Balance at March 31, 2015 | 387,627 | 2,041,185 | $ | 8 | 8.32 | $ | 522 | |||||||||
At March 31, 2015: | ||||||||||||||||
Vested and expected to vest | 1,978,575 | $ | 8.02 | 8.29 | $ | 522 | ||||||||||
Exercisable | 658,253 | $ | 8.95 | 6.65 | $ | 519 | ||||||||||
The aggregate intrinsic value of options exercised under all option plans was $0 and $2.6 million for the three months ended March 31, 2015 and 2014, respectively, determined as of the date of option exercise. | ||||||||||||||||
The Company recognized stock based compensation expense as follows (in thousands): | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Research and development | $ | 209 | $ | 465 | ||||||||||||
General and administrative | 756 | 910 | ||||||||||||||
Total | $ | 965 | $ | 1,375 | ||||||||||||
As of March 31, 2015, there were unrecognized compensation costs of $9.8 million related to stock options and the Company expects to recognize those costs over a weighted average period of 2.74 years. | ||||||||||||||||
Stock-based compensation cost for stock options is estimated at the grant date based on the fair-value using the Black-Scholes option pricing model. The fair value of employee stock options is being amortized on a straight-line basis over the requisite service period of the awards. The fair value of employee stock options was estimated using the following weighted-average assumptions: | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Expected dividend yield | — | — | ||||||||||||||
Risk-free interest rates | 1.52% | 2.01% | ||||||||||||||
Expected life in years | 6.08 | 6.08 | ||||||||||||||
Expected volatility | 91% | 102% |
Discontinued_Operations
Discontinued Operations | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Restructuring and Related Activities [Abstract] | |||||
Discontinued Operations | Discontinued Operations | ||||
On September 11, 2013, the Company announced a restructuring plan related to the operations of Tranzyme Pharma. On December 13, 2013, the Company entered into a Technology Transfer and License Agreement with Genentech, Inc. ("Genentech"), and F. Hoffman-La Roche, Ltd. ("Roche") to sell certain Canadian fixed assets and materials, the MATCH technology and rights to the Genentech and Roche customer agreements and related intellectual property through licensing of patents for $4.0 million. The Company concluded that the operations of Tranzyme Pharma and related asset groups sold to Genentech and Roche would be accounted for as discontinued operations as the operations and cash flows of the discontinued component or asset group would be eliminated from ongoing operations of the Company and there would not be significant involvement in the component or asset group after the disposal transaction. | |||||
During the three months ended March 31, 2014, the Company completed its obligations under the Technology Transfer and License Agreement with Genentech and Roche and recognized a gain on disposal of assets of $1.1 million within discontinued operations. There were no income or losses recorded in discontinued operations for the period ended March 31, 2015. | |||||
The results of Tranzyme Pharma and related asset groups are disclosed as discontinued operations in the Consolidated Statements of Operations and Comprehensive Loss for the period ended March 31, 2014 (in thousands): | |||||
Three Months Ended | |||||
March 31, 2014 | |||||
Proceeds recognized pursuant to Technology Transfer and License Agreement | $ | 4,000 | |||
Less carrying value of assets sold: | |||||
Intangibles assets | (2,053 | ) | |||
Property and equipment | (356 | ) | |||
Goodwill | (442 | ) | |||
Net gain on disposal of assets | 1,149 | ||||
Other expenses of discontinued operations | (3 | ) | |||
Recognition of accumulated translation adjustments upon deconsolidation of subsidiary | (29 | ) | |||
Net income from discontinued operations | $ | 1,117 | |||
Net_Loss_Per_Share
Net Loss Per Share | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Net Loss Per Share | Net Loss Per Share | |||||||
Basic net loss per share is calculated by dividing the net loss by the weighted average number of common shares outstanding during the period. Diluted net loss per share is computed by dividing the net loss by the weighted average number of common shares and common share equivalents outstanding for the period. Common stock equivalents are only included when their effect is dilutive. Potentially dilutive securities which include warrants and outstanding stock options under the stock option plan have been excluded from the computation of diluted net loss per share as they would be anti-dilutive. For all periods presented, there is no difference in the number of shares used to compute basic and diluted shares outstanding due to the Company’s net loss position. All share and per share amounts for all periods presented in the following table have been adjusted retroactively to reflect the exchange for Tranzyme shares as of the date of the Merger. | ||||||||
The following table presents the computation of net loss per share (in thousands, except share and per share data): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Numerator | ||||||||
Net loss from continuing operations | $ | (6,651 | ) | $ | (5,182 | ) | ||
Net income from discontinued operations | — | 1,117 | ||||||
Net loss | $ | (6,651 | ) | $ | (4,065 | ) | ||
Denominator | ||||||||
Weighted average common shares outstanding used to compute net loss per share, basic and diluted | 19,747,362 | 15,421,234 | ||||||
Net loss per share of common stock, basic and diluted | ||||||||
Net loss per share from continuing operations | $ | (0.34 | ) | $ | (0.34 | ) | ||
Net income per share from discontinued operations | — | 0.07 | ||||||
Net loss per share | $ | (0.34 | ) | $ | (0.27 | ) | ||
The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share of common stock for the periods presented because including them would have been anti-dilutive: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Common stock warrants | 932,535 | 938,882 | ||||||
Common stock options | 2,039,050 | 1,758,820 | ||||||
Total | 2,971,585 | 2,697,702 |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Commitments and Contingencies | Commitments and Contingencies | |||
From time to time, the Company may be involved in disputes, including litigation, relating to claims arising out of operations in the normal course of business. Any of these claims could subject the Company to costly legal expenses and, while the Company generally believes that it has adequate insurance to cover many different types of liabilities, its insurance carriers may deny coverage or its policy limits may be inadequate to fully satisfy any damage awards or settlements. If this were to happen, the payment of any such awards could have a material adverse effect on the Company's consolidated results of operations and financial position. Additionally, any such claims, whether or not successful, could damage the Company's reputation and business. The Company is currently not a party to any legal proceedings, the adverse outcome of which, in management’s opinion, individually or in the aggregate, would have a material adverse effect on the Company's consolidated results of operations or financial position. | ||||
Rent expense was $57,000 and $52,000 for the three months ended March 31, 2015 and 2014, respectively. | ||||
The following is a schedule of non-cancellable future minimum lease payments for operating leases as of March 31, 2015 (in thousands): | ||||
Years ending December 31: | ||||
2015 (Remaining Nine Months) | $ | 140 | ||
2016 | 18 | |||
Total | $ | 158 | ||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting | Basis of Presentation |
The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with United States of America generally accepted accounting principles ("U.S. GAAP") for interim financial statements and pursuant to the rules and regulations of the Securities and Exchange Commission. The financial statements and related notes do not include all information and footnotes required by U.S. GAAP for annual reports. This quarterly report should be read in conjunction with the consolidated financial statements included in the Company’s annual report on Form 10-K for the year ended December 31, 2014. | |
Unaudited Interim Financial Information | Unaudited Interim Financial Information |
The accompanying interim consolidated financial statements and related disclosures are unaudited, have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair statement of the results of operations for the periods presented. The year-end balance sheet was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. The consolidated results of operations for any interim period are not necessarily indicative of the results to be expected for the full year or for any other future year or interim period. | |
Use of Estimates | Use of Estimates |
The preparation of financial statements in conformity with the U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |
Earnings Per Share | Basic net loss per share is calculated by dividing the net loss by the weighted average number of common shares outstanding during the period. Diluted net loss per share is computed by dividing the net loss by the weighted average number of common shares and common share equivalents outstanding for the period. Common stock equivalents are only included when their effect is dilutive. Potentially dilutive securities which include warrants and outstanding stock options under the stock option plan have been excluded from the computation of diluted net loss per share as they would be anti-dilutive. For all periods presented, there is no difference in the number of shares used to compute basic and diluted shares outstanding due to the Company’s net loss position. All share and per share amounts for all periods presented in the following table have been adjusted retroactively to reflect the exchange for Tranzyme shares as of the date of the Merger. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis | Assets measured at fair value on a recurring basis as of March 31, 2015 are as follows (in thousands): | |||||||||||||||
Balance as of | Quoted Prices | Significant | Significant | |||||||||||||
March 31, | in Active | Other | Unobservable | |||||||||||||
2015 | Markets for | Observable | Inputs | |||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
Assets: | ||||||||||||||||
Money market funds | $ | 9,364 | $ | 9,364 | $ | — | $ | — | ||||||||
Commercial paper | 5,249 | — | 5,249 | — | ||||||||||||
Corporate debt securities | 30,079 | — | 30,079 | — | ||||||||||||
Government agency debt securities | 500 | — | 500 | — | ||||||||||||
Total assets | $ | 45,192 | $ | 9,364 | $ | 35,828 | $ | — | ||||||||
Assets measured at fair value on a recurring basis as of December 31, 2014 are as follows (in thousands): | ||||||||||||||||
Balance as of | Quoted Prices | Significant | Significant | |||||||||||||
December 31, | in Active | Other | Unobservable | |||||||||||||
2014 | Markets for | Observable | Inputs | |||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
Assets: | ||||||||||||||||
Money market funds | $ | 9,171 | $ | 9,171 | $ | — | $ | — | ||||||||
Commercial paper | 3,750 | — | 3,750 | — | ||||||||||||
Corporate debt securities | 36,790 | — | 36,790 | — | ||||||||||||
Government agency debt securities | $ | 500 | $ | — | $ | 500 | $ | — | ||||||||
Total assets | $ | 50,211 | $ | 9,171 | $ | 41,040 | $ | — | ||||||||
Balance_Sheet_Components_Table
Balance Sheet Components (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Balance Sheet Components [Abstract] | |||||||||||||||||||
Summary of available for sale investments | The following table summarizes the Company's available for sale investments as of March 31, 2015 (in thousands): | ||||||||||||||||||
Maturity (in Years) | Amortized Cost | Unrealized Gains | Unrealized Losses | Estimated Fair Value | |||||||||||||||
Short-term investments: | |||||||||||||||||||
Commercial paper | 1 or less | $ | 5,244 | $ | 5 | $ | — | $ | 5,249 | ||||||||||
Corporate debt securities | 1 or less | 28,414 | — | (4 | ) | 28,410 | |||||||||||||
Total | 33,658 | 5 | (4 | ) | 33,659 | ||||||||||||||
Long-term investments: | |||||||||||||||||||
Corporate debt securities | 1 to 2 | 1,669 | — | — | 1,669 | ||||||||||||||
Government agency debt securities | 1 to 2 | 500 | — | — | 500 | ||||||||||||||
Total | 2,169 | — | — | 2,169 | |||||||||||||||
Total investments | $ | 35,827 | $ | 5 | $ | (4 | ) | $ | 35,828 | ||||||||||
The following table summarizes the Company's available for sale investments as of December 31, 2014 (in thousands): | |||||||||||||||||||
Maturity (in Years) | Amortized Cost | Unrealized Gains | Unrealized Losses | Estimated Fair Value | |||||||||||||||
Short-term investments: | |||||||||||||||||||
Commercial paper | 1 or less | $ | 3,748 | $ | 2 | $ | — | $ | 3,750 | ||||||||||
Corporate debt securities | 1 or less | 33,379 | — | (17 | ) | 33,362 | |||||||||||||
Total | 37,127 | 2 | (17 | ) | 37,112 | ||||||||||||||
Long-term investments: | |||||||||||||||||||
Corporate debt securities | 1 to 2 | 3,439 | — | (11 | ) | 3,428 | |||||||||||||
Government agency debt securities | 1 to 2 | 501 | — | (1 | ) | 500 | |||||||||||||
Total | 3,940 | — | (12 | ) | 3,928 | ||||||||||||||
Total investments | $ | 41,067 | $ | 2 | $ | (29 | ) | $ | 41,040 | ||||||||||
Property and equipment components | Property and equipment, net consisted of the following (in thousands): | ||||||||||||||||||
Useful Life | March 31, | December 31, | |||||||||||||||||
(in years) | 2015 | 2014 | |||||||||||||||||
Computer equipment and software | 1.5 to 3 years | $ | 53 | $ | 53 | ||||||||||||||
Office furniture and equipment | 5 years | 68 | 68 | ||||||||||||||||
Total property and equipment, gross | 121 | 121 | |||||||||||||||||
Less: accumulated depreciation | (68 | ) | (60 | ) | |||||||||||||||
Property and equipment, net | $ | 53 | $ | 61 | |||||||||||||||
Net book value of acquired intangible assets | The net book value of acquired intangible assets were as follows (in thousands): | ||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||
Customer Agreements: | 2015 | 2014 | |||||||||||||||||
Carrying value | $ | 410 | $ | 410 | |||||||||||||||
Accumulated amortization | (280 | ) | (239 | ) | |||||||||||||||
Intangible assets, net | $ | 130 | $ | 171 | |||||||||||||||
Weighted average remaining life (in years) | 0.75 | 1 | |||||||||||||||||
Schedule of accrued liabilities | Accrued liabilities were as follows (in thousands): | ||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||
2015 | 2014 | ||||||||||||||||||
Clinical trials | $ | 1,342 | $ | 897 | |||||||||||||||
Payroll and related expenses | 400 | 678 | |||||||||||||||||
Professional services | 140 | 343 | |||||||||||||||||
Other | 76 | 48 | |||||||||||||||||
Total | $ | 1,958 | $ | 1,966 | |||||||||||||||
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||
Summary of stock option activity | The Company’s stock option activity and related information for the three months ended March 31, 2015 was as follows (in thousands, except share and per share data): | |||||||||||||||
Weighted-avg. | ||||||||||||||||
Shares | Weighted-avg. | Remaining | Aggregate | |||||||||||||
Available | Stock Options | Exercise Price | Contractual | Intrinsic | ||||||||||||
for Grant | Outstanding | Per Share | Life (in Years) | Value | ||||||||||||
Balance at December 31, 2014 | 342,210 | 2,086,602 | $ | 8.01 | 8.63 | $ | 871 | |||||||||
Stock options granted | (12,000 | ) | 12,000 | $ | 4.5 | |||||||||||
Stock options cancelled | 57,417 | (57,417 | ) | $ | 7.49 | |||||||||||
Stock options exercised | — | — | $ | — | ||||||||||||
Balance at March 31, 2015 | 387,627 | 2,041,185 | $ | 8 | 8.32 | $ | 522 | |||||||||
At March 31, 2015: | ||||||||||||||||
Vested and expected to vest | 1,978,575 | $ | 8.02 | 8.29 | $ | 522 | ||||||||||
Exercisable | 658,253 | $ | 8.95 | 6.65 | $ | 519 | ||||||||||
Stock-based compensation expense | The Company recognized stock based compensation expense as follows (in thousands): | |||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Research and development | $ | 209 | $ | 465 | ||||||||||||
General and administrative | 756 | 910 | ||||||||||||||
Total | $ | 965 | $ | 1,375 | ||||||||||||
Stock option valuation assumptions | The fair value of employee stock options was estimated using the following weighted-average assumptions: | |||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Expected dividend yield | — | — | ||||||||||||||
Risk-free interest rates | 1.52% | 2.01% | ||||||||||||||
Expected life in years | 6.08 | 6.08 | ||||||||||||||
Expected volatility | 91% | 102% |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Restructuring and Related Activities [Abstract] | |||||
Discontinued operations included the Income Statement and Balance Sheets | The results of Tranzyme Pharma and related asset groups are disclosed as discontinued operations in the Consolidated Statements of Operations and Comprehensive Loss for the period ended March 31, 2014 (in thousands): | ||||
Three Months Ended | |||||
March 31, 2014 | |||||
Proceeds recognized pursuant to Technology Transfer and License Agreement | $ | 4,000 | |||
Less carrying value of assets sold: | |||||
Intangibles assets | (2,053 | ) | |||
Property and equipment | (356 | ) | |||
Goodwill | (442 | ) | |||
Net gain on disposal of assets | 1,149 | ||||
Other expenses of discontinued operations | (3 | ) | |||
Recognition of accumulated translation adjustments upon deconsolidation of subsidiary | (29 | ) | |||
Net income from discontinued operations | $ | 1,117 | |||
Net_Loss_Per_Share_Tables
Net Loss Per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Computation of net loss per share | The following table presents the computation of net loss per share (in thousands, except share and per share data): | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Numerator | ||||||||
Net loss from continuing operations | $ | (6,651 | ) | $ | (5,182 | ) | ||
Net income from discontinued operations | — | 1,117 | ||||||
Net loss | $ | (6,651 | ) | $ | (4,065 | ) | ||
Denominator | ||||||||
Weighted average common shares outstanding used to compute net loss per share, basic and diluted | 19,747,362 | 15,421,234 | ||||||
Net loss per share of common stock, basic and diluted | ||||||||
Net loss per share from continuing operations | $ | (0.34 | ) | $ | (0.34 | ) | ||
Net income per share from discontinued operations | — | 0.07 | ||||||
Net loss per share | $ | (0.34 | ) | $ | (0.27 | ) | ||
Potentially dilutive securities not included in the calculation of dilutive net loss per share | The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share of common stock for the periods presented because including them would have been anti-dilutive: | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Common stock warrants | 932,535 | 938,882 | ||||||
Common stock options | 2,039,050 | 1,758,820 | ||||||
Total | 2,971,585 | 2,697,702 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Schedule of non-cancellable future minimum lease payments for operating leases | The following is a schedule of non-cancellable future minimum lease payments for operating leases as of March 31, 2015 (in thousands): | |||
Years ending December 31: | ||||
2015 (Remaining Nine Months) | $ | 140 | ||
2016 | 18 | |||
Total | $ | 158 | ||
The_Company_Details
The Company (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Losses incurred since inception | ($111,562) | ($104,911) |
Fair_Value_Measurements_Fair_V
Fair Value Measurements (Fair Value) (Details) (Recurring [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $45,192 | $50,211 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 9,364 | 9,171 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 35,828 | 41,040 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 9,364 | 9,171 |
Money Market Funds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 9,364 | 9,171 |
Money Market Funds [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Money Market Funds [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 5,249 | 3,750 |
Commercial Paper [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Commercial Paper [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 5,249 | 3,750 |
Commercial Paper [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 30,079 | 36,790 |
Corporate Debt Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Corporate Debt Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 30,079 | 36,790 |
Corporate Debt Securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
US Government Agencies Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 500 | 500 |
US Government Agencies Debt Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
US Government Agencies Debt Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 500 | 500 |
US Government Agencies Debt Securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $0 | $0 |
Balance_Sheet_Components_Avail
Balance Sheet Components (Available For Sale Investments) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $35,827 | $41,067 |
Unrealized Gains | 5 | 2 |
Unrealized Losses | -4 | -29 |
Estimated Fair Value | 35,828 | 41,040 |
Short-term investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 33,658 | 37,127 |
Unrealized Gains | 5 | 2 |
Unrealized Losses | -4 | -17 |
Estimated Fair Value | 33,659 | 37,112 |
Short-term investments [Member] | Commercial Paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 5,244 | 3,748 |
Unrealized Gains | 5 | 2 |
Unrealized Losses | 0 | 0 |
Estimated Fair Value | 5,249 | 3,750 |
Short-term investments [Member] | Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 28,414 | 33,379 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | -4 | -17 |
Estimated Fair Value | 28,410 | 33,362 |
Long-term investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,169 | 3,940 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | -12 |
Estimated Fair Value | 2,169 | 3,928 |
Long-term investments [Member] | Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,669 | 3,439 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | -11 |
Estimated Fair Value | 1,669 | 3,428 |
Long-term investments [Member] | US Government Agencies Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 500 | 501 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | -1 |
Estimated Fair Value | $500 | $500 |
Balance_Sheet_Components_Prope
Balance Sheet Components (Property and Equipment) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $121 | $121 | |
Less accumulated depreciation | -68 | -60 | |
Property and equipment, net | 53 | 61 | |
Depreciation expense | 8 | 10 | |
Computer equipment and software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 53 | 53 | |
Computer equipment and software [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 1 year 6 months | ||
Computer equipment and software [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 3 years | ||
Office furniture and equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $68 | $68 | |
Useful life | 5 years |
Balance_Sheet_Components_Acqui
Balance Sheet Components (Acquired Intangible Assets) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Balance Sheet Components [Abstract] | |||
Carrying value | $410 | $410 | |
Accumulated amortization | -280 | -239 | |
Intangible assets, net | 130 | 171 | |
Weighted average remaining life (in years) | 9 months | 1 year | |
Amortization of intangibles | 41 | 41 | |
Expected amortization expense | $130 |
Balance_Sheet_Components_Accru
Balance Sheet Components (Accrued Liabilities) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Balance Sheet Components [Abstract] | ||
Clinical trials | $1,342 | $897 |
Payroll and related expenses | 400 | 678 |
Professional services | 140 | 343 |
Other | 76 | 48 |
Accrued liabilities | $1,958 | $1,966 |
Stock_Based_Compensation_Stock
Stock Based Compensation (Stock Option Activity) (Details) (Stock Options [Member], USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Stock Options [Member] | ||
Shares Available for Grant | ||
Shares available for grant | 342,210 | |
Stock options granted | -12,000 | |
Stock options cancelled | 57,417 | |
Shares available for grant | 387,627 | 342,210 |
Stock Options Outstanding | ||
Beginning balance, options | 2,086,602 | |
Stock options granted | -12,000 | |
Stock options cancelled | -57,417 | |
Stock options exercised | 0 | |
Ending balance, options | 2,041,185 | 2,086,602 |
Stock options vested and expected to vest | 1,978,575 | |
Stock options exercisable | 658,253 | |
Weighted-average Exercise Price Per Share | ||
Weighted-average exercise price, options outstanding | $8.01 | |
Grants in period | $4.50 | |
Cancelled in period | $7.49 | |
Exercises in period | $0 | |
Weighted-average exercise price, options outstanding | $8 | $8.01 |
Weighted-average exercise price, options exercisable | $8.02 | |
Weighted-average exercise price, options vested and expected to vest | $8.95 | |
Weighted-average remaining contractual life, options outstanding | 8 years 3 months 26 days | 8 years 7 months 17 days |
Weighted-average remaining contractual life, options vested and expected to vest | 8 years 3 months 15 days | |
Weighted-average remaining contractual life, options exercisable | 6 years 7 months 24 days | |
Aggregate Intrinsic value, options outstanding | $522 | $871 |
Aggregate Intrinsic value, options vested and expected to vest | 522 | |
Aggregate Intrinsic value, options exercisable | $519 |
Stock_Based_Compensation_Stock1
Stock Based Compensation (Stock-based compensation expense) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $965 | $1,375 |
Research and Development [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 209 | 465 |
General and Administrative [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $756 | $910 |
Stock_Based_Compensation_Valua
Stock Based Compensation (Valuation Assumptions) (Details) (Stock Options [Member]) | 3 Months Ended | 111 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2014 | |
Fair Value Assumptions and Methodology [Abstract] | |||
Risk free interest rate | 1.52% | 2.01% | |
Expected life in years | 6 years 29 days | 6 years 29 days | |
Expected dividend yield | 0.00% | 0.00% | |
Expected volatility | 91.00% | 102.00% | |
Minimum [Member] | |||
Fair Value Assumptions and Methodology [Abstract] | |||
Expected life in years | 3 months | ||
Maximum [Member] | |||
Fair Value Assumptions and Methodology [Abstract] | |||
Expected life in years | 6 years 3 months |
Stock_Based_Compensation_Addit
Stock Based Compensation (Additional Information) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $965,000 | $1,375,000 |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Aggregate intrinsic value of options exercised | 0 | 2,600,000 |
Compensation costs not yet recognized | $9,800,000 | |
Period for recognizing costs | 2 years 8 months 27 days |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 13, 2013 | |
Restructuring Cost and Reserve [Line Items] | |||
Net gain on disposal of assets | $0 | ||
Tranzyme Pharma Inc. [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Net gain on disposal of assets | 1,149,000 | 1,149,000 | |
Tranzyme Pharma Inc. [Member] | Customer Agreements And Intellectual Property [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Sale price for discontinued operations | $4,000,000 |
Discontinued_Operations_Discon
Discontinued Operations (Discontinued Operations in the Company's Consolidated Statements of Operations and Comprehensive Loss) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net gain on disposal of assets | $0 | |
Net loss from discontinued operations | 0 | 1,117,000 |
Tranzyme Pharma Inc. [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net gain on disposal of assets | 1,149,000 | 1,149,000 |
Other income (expense), net | -3,000 | |
Recognition of accumulated translation adjustments upon deconsolidation of subsidiary | -29,000 | |
Net loss from discontinued operations | 1,117,000 | |
Tranzyme Pharma Inc. [Member] | Intangible Assets [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Lees carrying value of assets sold | -2,053,000 | |
Tranzyme Pharma Inc. [Member] | Property, Plant and Equipment [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Lees carrying value of assets sold | -356,000 | |
Tranzyme Pharma Inc. [Member] | Goodwill [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Lees carrying value of assets sold | -442,000 | |
Tranzyme Pharma Inc. [Member] | Customer Agreements And Intellectual Property [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Proceeds recognized pursuant to Technology Transfer and License Agreement | ($4,000,000) |
Net_Loss_Per_Share_Schedule_of
Net Loss Per Share (Schedule of Basic and Diluted Loss Per Share) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Numerator | ||
Net loss from continuing operations | ($6,651) | ($5,182) |
Net income from discontinued operations | 0 | 1,117 |
Net loss | ($6,651) | ($4,065) |
Denominator | ||
Weighted average common shares outstanding used to compute net loss per share, basic and diluted | 19,747,362 | 15,421,234 |
Net loss per share of common stock, basic and diluted | ||
Net loss per share from continuing operations | ($0.34) | ($0.34) |
Net income per share from discontinued operations | $0 | $0.07 |
Net loss per share, basic and diluted | ($0.34) | ($0.27) |
Net_Loss_Per_Share_Schedule_of1
Net Loss Per Share (Schedule of Antidilutive Securities Excluded From Earnings Per Share) (Details) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 2,971,585 | 2,697,702 |
Warrants [Member] | Common Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 932,535 | 938,882 |
Stock Options [Member] | Common Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 2,039,050 | 1,758,820 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Rent expense | $57,000 | $52,000 |
Future Minimum Payments Due by Fiscal Year Maturity [Abstract] | ||
2015 (Remaining Nine Months) | 140,000 | |
2016 | 18,000 | |
Total | $158,000 |