Omeros (OMER) 10-Q 10 Nov 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2014	Nov. 06, 2014
Document Information [Line Items]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'
Trading Symbol	'OMER	'
Entity Registrant Name	'OMEROS CORP	'
Entity Central Index Key	'0001285819	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	34,075,924

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Current assets:	'	'
Cash and cash equivalents	$750	$1,384
Short-term investments	21,030	12,717
Grant and other receivables	381	379
Prepaid expenses	1,052	251
Other current assets	148	86
Total current assets	23,361	14,817
Property and equipment, net	846	939
Restricted cash	679	679
Other assets	408	100
Total assets	25,294	16,535
Current liabilities:	'	'
Accounts payable	4,156	2,329
Accrued expenses	6,250	3,944
Current portion of notes payable, net of discount	3,991	5,600
Total current liabilities	14,397	11,873
Notes payable, net of current portion and discount	28,551	14,898
Deferred rent	8,935	8,148
Commitments and contingencies (Note 8)	'	'
Shareholders’ equity:	'	'
Preferred stock, par value $0.01 per share: Authorized shares - 20,000,000 at September 30, 2014 (unaudited) and December 31, 2013; Issued and outstanding shares—none	'	'
Common stock, par value $0.01 per share: Authorized shares - 150,000,000 at September 30, 2014 (unaudited) and December 31, 2013; Issued and outstanding shares—34,022,145 and 30,359,508 at September 30, 2014 (unaudited) and December 31, 2013, respectively	340	304
Additional paid-in capital	280,404	235,685
Accumulated deficit	-307,333	-254,373
Total shareholders’ deficit	-26,589	-18,384
Total liabilities and shareholders’ equity	$25,294	$16,535

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Preferred stock, par value (USD per share)	$0.01	$0.01
Preferred stock, authorized shares	20,000,000	20,000,000
Preferred stock, Issued shares	0	0
Preferred stock, outstanding shares	0	0
Common stock, par value (USD per share)	$0.01	$0.01
Common stock, authorized shares	150,000,000	150,000,000
Common stock, Issued shares	34,022,145	30,359,508
Common stock, outstanding shares	34,022,145	30,359,508

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (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
Revenue	$214	$196	$359	$1,431
Operating expenses:	'	'	'	'
Research and development	11,772	9,420	36,196	26,111
Selling, general and administrative	5,574	4,210	14,196	11,934
Total operating expenses	17,346	13,630	50,392	38,045
Loss from operations	-17,132	-13,434	-50,033	-36,614
Investment income	3	2	10	10
Interest expense	-944	-592	-2,555	-1,768
Other income (expense), net	-254	154	-382	421
Net loss	-18,327	-13,870	-52,960	-37,951
Comprehensive loss	($18,327)	($13,870)	($52,960)	($37,951)
Basic and diluted net loss per share (USD per share)	($0.54)	($0.46)	($1.61)	($1.36)
Weighted-average shares used to compute basic and diluted net loss per share (shares)	34,005,642	29,844,507	32,945,346	27,984,133

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Operating activities:	'	'
Net loss	($52,960,000)	($37,951,000)
Adjustments to reconcile net loss to net cash used in operating activities:	'	'
Gain on disposal of assets	-9,000	0
Depreciation and amortization	246,000	222,000
Stock-based compensation expense	5,083,000	4,364,000
Non-cash interest expense	532,000	371,000
Warrant modification expense	863,000	41,000
Changes in operating assets and liabilities:	'	'
Grant and other receivables	-2,000	1,053,000
Prepaid expenses and other current and noncurrent assets	-842,000	31,000
Accounts payable and accrued expenses	3,949,000	453,000
Deferred revenue	0	-970,000
Deferred rent	787,000	2,987,000
Net cash used in operating activities	-42,353,000	-29,399,000
Investing activities:	'	'
Purchases and sales of property and equipment, net	-12,000	-137,000
Purchases of investments	-58,847,000	-22,963,000
Proceeds from the sale and maturities of investments	50,534,000	35,945,000
Net cash (used in) provided by investing activities	-8,325,000	12,845,000
Financing activities:	'	'
Proceeds from issuance of common stock, net of offering costs	37,754,000	16,120,000
Proceeds from Issuance of Long-term Debt	12,699,000	0
Payments on notes payable	-1,464,000	0
Proceeds from Stock Options and Warrants Exercised	1,055,000	'
Proceeds from Stock Options Exercised	'	64,000
Net cash provided by financing activities	50,044,000	16,184,000
Net decrease in cash and cash equivalents	-634,000	-370,000
Cash and cash equivalents at beginning of period	1,384,000	1,520,000
Cash and cash equivalents at end of period	750,000	1,150,000
Supplemental cash flow information	'	'
Cash paid for interest	1,931,000	1,243,000
Small Business Innovative Research	'	'
Supplemental cash flow information	'	'
Reduction of equipment cost basis purchased with grant funding	$40,000	$0

Organization_and_Significant_A

Organization and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2014
Organization and Significant Accounting Policies	'
	Organization and Significant Accounting Policies
	Organization
	We are a biopharmaceutical company committed to discovering, developing and commercializing small-molecule and protein therapeutics for large-market as well as orphan indications targeting inflammation, coagulopathies and disorders of the central nervous system. Our PharmacoSurgery® platform, designed to improve clinical outcomes of patients undergoing ophthalmological, arthroscopic, urological and other surgical procedures, is based on low-dose combinations of FDA-approved therapeutic agents delivered directly to the surgical site throughout the duration of the procedure to inhibit preemptively inflammation and other problems caused by surgical trauma and to provide clinical benefits both during and after surgery. We have six clinical-stage development programs in our pipeline, which also includes a diverse group of preclinical programs as well as two additional platforms: one capable of unlocking new G protein-coupled receptor (GPCR) drug targets and the other used to generate antibodies.
	Derived from our proprietary PharmacoSurgery platform, our first drug product Omidria™ (phenylephrine and ketorolac injection) 1%/0.3% was approved by the U.S. Food and Drug Administration (FDA) on May 30, 2014 for use during cataract surgery or intraocular lens replacement (ILR) to maintain pupil size by preventing intraoperative miosis (pupil constriction) and to reduce postoperative ocular pain. We began calling on ophthalmic surgeons and their staff in the U.S. in August 2014 regarding Omidria. In October 2014, we were granted transitional pass-through reimbursement status from the Centers for Medicare and Medicaid Services (CMS) for Omidria, effective January 1, 2015. Pass-through status allows for separate payment for new drugs and other medical technologies that meet specific clinical-value and cost requirements. We expect pass-through to remain in effect for a period of two to three years from the January 1, 2015 effective date, after which time CMS will make a new reimbursement determination. We have submitted for Omidria a wholesale acquisition cost of $465 per single-use vial. We expect to begin selling Omidria in the U.S. in early 2015.
	In September 2013, we submitted a Marketing Authorisation Application (MAA) to the European Medicines Agency (EMA) for Omidria. Marketing and sales of Omidria in the European Union (EU) are subject to approval of our MAA and, most likely, entering into a partnership for European marketing and distribution. In addition to the EU, we plan to enter into one or more partnerships for the marketing and distribution of Omidria in other international territories.
	For Omidria and each of our product candidates and our programs, we have retained all manufacturing, marketing and distribution rights.
	Basis of Presentation
	Our consolidated financial statements include the financial position and results of operations of Omeros Corporation (Omeros) and our wholly owned subsidiaries. All inter-company transactions between and among our subsidiaries have been eliminated. The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The information as of September 30, 2014 and for the three and nine months ended September 30, 2014 and 2013 includes all adjustments, which include normal recurring adjustments, necessary to present fairly our interim financial information. The Consolidated Balance Sheet at December 31, 2013 has been derived from audited financial statements but does not include all of the information and footnotes required by GAAP.
	The accompanying unaudited consolidated financial statements and notes to consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto that are included in our Annual Report on Form 10-K for the year ended December 31, 2013 filed with the Securities and Exchange Commission (SEC) on March 13, 2014.
	Use of Estimates
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant items subject to such estimates include revenue recognition, fair market value of investments, stock-based compensation expense and accruals for clinical trials and contingencies. We base our estimates on historical experience and on various other factors that we believe are reasonable under the circumstances; however, actual results could differ from these estimates.
	Liquidity and Capital Resources
	As of September 30, 2014, we had $21.8 million in cash, cash equivalents and short-term investments. We believe that our existing cash, cash equivalents and short-term investments, together with anticipated future sales from Omidria and capital that we may be able to raise through one or more corporate partnerships, equity offerings, debt financings, collaborations, licensing arrangements or asset sales, will be sufficient to fund our anticipated operating expenses, capital expenditures and interest and principal payments on our outstanding notes for at least the next 12 months. Corporate partnerships, public or private equity sales, additional debt financings, corporate collaboration and licensing arrangements or asset sales may not be available on terms that are acceptable to us, if at all, and any further equity financing would dilute the ownership of our existing shareholders. If we are unable to raise capital as and when needed, such failure would have a significant negative impact on our financial condition.
	Inventory
	Inventory is stated at the lower of cost or market. Capitalization of costs as inventory begins when the product has received regulatory approval in the U.S. or the EU. We expense inventory costs related to product candidates as research and development expenses prior to regulatory approval in the respective territory. For Omidria, capitalization of costs as inventory began upon U.S. regulatory approval on May 30, 2014.
	Segments
	We operate in one segment. Management uses cash flow as the primary measure to manage our business and does not segment our business for internal reporting or decision-making.
	Recent Accounting Pronouncements
	In August 2014, the Financial Accounting Standards Board issued Accounting Standards Update, or ASU, No. 2014-15 related to disclosure of an entity’s ability to continue as a going concern. This standard requires management to evaluate whether substantial doubt exists regarding the entity’s ability to continue as a going concern at each reporting period for a period of one year after the date the financial statements are issued or available to be issued. The standard establishes certain required disclosures if substantial doubt exists. This standard must be applied prospectively and is effective for interim and annual periods beginning after December 15, 2016. We do not expect the adoption of this guidance to have any impact on our financial position, results of operations or cash flows.
	In May 2014, the Financial Accounting Standards Board issued ASU No. 2014-09 related to the recognition of revenue that supersedes existing guidance. This standard clarifies the principles for recognizing revenue utilizing a five-step process. This standard must be applied retroactively to each prior reporting period presented, or retrospectively with the cumulative effect of applying the standard recognized in the period adopted. This standard is effective for interim and annual periods beginning after December 15, 2016 and cannot be adopted before that effective date. We are currently evaluating the impact this standard may have on our financial statements once it is adopted.

Net_Loss_Per_Share

Net Loss Per Share	9 Months Ended
	Sep. 30, 2014
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 for the period. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares and dilutive common share equivalents outstanding for the period, determined using the treasury-stock method.
	The basic and diluted net loss per share amounts for the three and nine months ended September 30, 2014 and 2013 were computed based on the shares of common stock outstanding during the respective periods. Potentially dilutive securities excluded from the diluted loss per share calculation are as follows:
		September 30,
		2014	2013
	Outstanding options to purchase common stock	6,779,998	6,909,332
	Warrants to purchase common stock	604,327	609,016
	Total	7,384,325	7,518,348

Cash_Cash_Equivalents_and_Inve

Cash, Cash Equivalents and Investments	9 Months Ended
	Sep. 30, 2014
Cash and Cash Equivalents [Abstract]	'
Cash, Cash Equivalents and Investments	'
	Cash, Cash Equivalents and Investments
	As of September 30, 2014 and December 31, 2013, all investments are classified as short-term and available-for-sale on the accompanying Consolidated Balance Sheets. We did not own any securities with unrealized loss positions as of September 30, 2014 or December 31, 2013. Investment income consists primarily of interest income.

FairValue_Measurements

Fair-Value Measurements	9 Months Ended
	Sep. 30, 2014
Fair Value Disclosures [Abstract]	'
Fair-Value Disclosures	'
	Fair-Value Measurements
	On a recurring basis, we measure certain financial assets at fair value. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability, an exit price, in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The accounting standard establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs, where available. The following summarizes the three levels of inputs required:
	Level 1—Observable inputs for identical assets or liabilities, such as quoted prices in active markets;
	Level 2—Inputs other than quoted prices in active markets that are either directly or indirectly observable; and
	Level 3—Unobservable inputs in which little or no market data exists, therefore developed using estimates and assumptions developed by us, which reflect those that a market participant would use.
	Our fair-value hierarchy for our financial assets and liabilities measured at fair value on a recurring basis are as follows:
		30-Sep-14
		Level 1		Level 2		Level 3		Total
		(In thousands)
	Assets:
	Money-market funds classified as non-current restricted cash	$	679	$	—	$	—	$	679
	Money-market funds classified as short-term investments	21,030		—		—		21,030
	Total	$	21,709	$	—	$	—	$	21,709
		31-Dec-13
		Level 1		Level 2		Level 3		Total
		(In thousands)
	Assets:
	Money-market funds classified as cash equivalents	$	213	$	—	$	—	$	213
	Money-market funds classified as non-current restricted cash	679		—		—		679
	Money-market funds classified as short-term investments	12,717		—		—		12,717
	Total	$	13,609	$	—	$	—	$	13,609
	Cash held in demand deposit accounts of $750,000 and $1.2 million is excluded from our fair-value hierarchy disclosure as of September 30, 2014 and December 31, 2013, respectively. There were no unrealized gains and losses associated with our short-term investments as of September 30, 2014 or December 31, 2013. The carrying amounts reported in the accompanying Consolidated Balance Sheets for grant and other receivables, accounts payable and other current monetary assets and liabilities approximate fair value because of the immediate or short-term maturity of these financial instruments.

Accrued_Liabilities

Accrued Liabilities	9 Months Ended
	Sep. 30, 2014
Payables and Accruals [Abstract]	'
Accrued Liabilities	'
	Accrued Liabilities
	Accrued liabilities consisted of the following:
		September 30,		December 31,
		2014		2013
		(In thousands)
	Contract research	$	1,746	$	858
	Consulting & professional fees	1,536		649
	Employee compensation	1,403		1,346
	Clinical trials	949		596
	Other accruals	616		495
	Total accrued liabilities	$	6,250	$	3,944

Notes_Payable

Notes Payable	9 Months Ended
	Sep. 30, 2014
Debt Disclosure [Abstract]	'
Notes Payable	'
	Notes Payable
	In March 2014, we entered into a new Loan and Security Agreement (the Oxford/MidCap Loan Agreement) with Oxford Finance LLC (Oxford) and MidCap Financial SBIC, LP (MidCap) pursuant to which we borrowed $32.0 million. We used approximately $19.1 million of the loan proceeds to repay all of the amounts owed by us under our then outstanding loan from Oxford and, after deducting all loan initiation costs including a $160,000 upfront loan initiation fee and lenders’ legal costs, we received $12.7 million in net proceeds. The Oxford/MidCap Loan Agreement provides for monthly interest-only payments at an annual rate of 9.25% through March 1, 2015. Beginning April 1, 2015, monthly principal and interest payments of $1.0 million are due through the maturity date of March 1, 2018. In addition, the Oxford/MidCap Loan Agreement requires a $2.2 million loan maturity fee upon full repayment of the loan. We may prepay the outstanding principal balance in its entirety at any time if we pay an additional fee equal to 1.0% of the then-outstanding principal balance, which prepayment fee would be waived if we refinance the indebtedness with Oxford and MidCap and pay the loan maturity fee. As security under the Oxford/MidCap Loan Agreement, we granted Oxford, as collateral agent for the lenders, a security interest in substantially all of our assets, excluding intellectual property.
	The Oxford/MidCap Loan Agreement contains covenants that limit or restrict our ability to incur indebtedness, grant liens, merge or consolidate, dispose of assets, make investments, make acquisitions, enter into certain transactions with affiliates, pay dividends or make distributions, pledge our intellectual property or repurchase stock. Additionally, the Oxford/MidCap Loan Agreement includes events of default regarding non-payment, inaccuracy of representations and warranties, covenant breach, occurrence of a material adverse effect (MAE, as defined below), cross default to material indebtedness, bankruptcy or insolvency, material judgment defaults and a change of control. The occurrence of an event of default could result in the acceleration of the Oxford/MidCap Loan Agreement and, under certain circumstances, could increase our interest rate by 5.0% per annum during the period of default.
	MAE is defined as a material adverse effect upon (i) our business operations, properties, assets, results of operations or financial condition of Omeros, taken as a whole with respect to our viability, that reasonably would be expected to result in our inability to repay any portion of the loans in accordance with the terms of the Oxford/MidCap Loan Agreement, (ii) the validity, perfection, value or priority of the lenders’ security interest in the collateral, (iii) the enforceability of any material provision of the Oxford/MidCap Loan Agreement or related agreements, or (iv) the ability of the lenders to enforce their rights and remedies under the Oxford/MidCap Loan Agreement or related agreements.
	We accounted for the Oxford/MidCap Loan Agreement as a debt modification and, accordingly, the remaining unamortized debt issuance costs of $103,000 associated with the then outstanding loan with Oxford and the debt issuance costs of $244,000 associated with the Oxford/MidCap Loan Agreement are being amortized to interest expense using the effective interest method through the March 1, 2018 Oxford/MidCap Loan Agreement maturity date. Additionally, the $2.2 million maturity fee, which is treated as a debt discount, is being amortized to interest expense using the effective-interest method through March 1, 2018.
	As of September 30, 2014, the remaining unamortized discount and debt issuance costs associated with the debt were $1.9 million and $284,000, respectively.

Revenue

Revenue	9 Months Ended
	Sep. 30, 2014
Text Block [Abstract]	'
Revenue	'
	Revenue
	Revenue recognized from grants and other sources is as follows:
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2014		2013		2014		2013
		(In thousands)				(In thousands)
	Small Business Innovative Research Grants	$	214	$	196	$	359	$	461
	Vulcan Inc.	—		—		—		970
	Total revenue	$	214	$	196	$	359	$	1,431
	We have periodically received Small Business Innovative Research (SBIR) grants from the National Institutes of Health (NIH), which are used to support the research and development of our product candidates. We recorded revenue related to these grants of $214,000 and $196,000 for the three months ended September 30, 2014 and 2013, respectively, and $359,000 and $461,000 for the nine months ended September 30, 2014 and 2013, respectively. We recorded cost reductions to property and equipment due to assets being purchased with grant funding of $40,000 and $0 for the three and nine months ended September 30, 2014 and 2013, respectively. As of September 30, 2014, $785,000 of potential revenue remained available under these grants, if qualifying research is performed.
	In October 2010, we entered into a platform development funding agreement with Vulcan Inc. and its affiliate (collectively, Vulcan) pursuant to which we received $20.0 million for our G protein-coupled receptor (GPCR) program. Of the funds received, $8.2 million was recorded as deferred revenue. The remaining deferred revenue of $970,000 was recognized as revenue during the first quarter of 2013.

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	Commitments and Contingencies
	Real Estate Obligations
	We lease our office and laboratory space in The Omeros Building under a lease agreement with BMR-201 Elliott Avenue LLC (BMR). The initial term of the lease ends in November 2027 and we have two options to extend the lease term, each by five years. As of September 30, 2014, the remaining aggregate non-cancelable rent payable under the initial term of the lease is approximately $59.4 million. The deferred rent balance relates to rent deferrals since the inception of our lease. Deferred rent is being amortized to research and development and selling, general and administrative expense on a straight-line basis through the term of the lease.
	Contracts
	In June 2014, we entered into an agreement with Ventiv Commercial Services, LLC (inVentiv) for field sales representatives and related sales operation services for the U.S. commercial launch of Omidria. As of September 30, 2014, we had a monthly fee of approximately $300,000, which began in August 2014. We can terminate the agreement upon 30 days written notice if Omidria is withdrawn from the market for any reason or a regulatory agency acts to prevent or materially restrict the sale of Omidria, or upon 90 days written notice any time subsequent to January 2016.
	In October 2014, we entered into an amendment to the agreement with inVentiv for additional sales representatives in the U.S. Under the terms of the amendment, our total monthly fee will increase to approximately $630,000 upon inVentiv providing additional sales representatives, which is expected in January 2015, and will continue through January 2016.
	We have a non-exclusive agreement with Patheon Manufacturing Services LLC (Patheon) for commercial supply of Omidria through December 31, 2015. Pursuant to the terms of the contract, we are required to provide a monthly, non-binding production forecast covering the term of the contract. Upon submission of the monthly forecast, a portion of the forecast becomes a firm purchase commitment. In the event we do not purchase the quantities included in the firm purchase commitment, we would owe a cancellation fee. As of September 30, 2014, we had a firm purchase commitment requiring payment of approximately $519,000.
	In October 2014, we entered into a non-exclusive agreement with Hospira S.p.A and Hospira Worldwide, Inc. (together, “Hospira”) for commercial supply of Omidria. We have no firm purchase commitments under this agreement until, in connection with the commencement of commercial manufacturing of Omidria at Hospira, we provide monthly rolling forecasts that will be used to calculate our firm purchase commitment. We have not commenced commercial manufacturing of Omidria at Hospira and, therefore, do not currently have any firm purchase commitments under this agreement.
	Development Milestones and Product Royalties
	We have retained worldwide commercial rights to Omidria and all of our product candidates in our clinical and preclinical programs. We potentially owe certain development milestones and sales based royalties on commercial sales of certain product candidates within our pipeline. These are low-single-digit royalties based on net sales or net income as more fully described in our 2013 Annual Report on Form 10-K filed with the SEC on March 13, 2014.
	During the first quarter of 2014, we incurred a milestone payment of $200,000 to Helion Biotech ApS (Helion) related to the filing of an Investigational New Drug Application (IND) with the FDA for our mannan-binding lectin-associated serine protease-2 (MASP-2) program.
	Other
	In the first quarter of 2013, we recorded $900,000 as selling, general and administrative expense in connection with previously awarded NIH grants.

Shareholders_Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2014
Equity [Abstract]	'
Shareholders' Equity	'
	Shareholders’ Equity
	Common Stock
	Public Offering - In March 2014, we sold 3.5 million shares of our common stock at a public offering price of $11.50 per share. After deducting offering expenses and underwriter discounts of $2.5 million, we received net proceeds from the transaction of $37.8 million.
	Warrants
	The following table summarizes our total outstanding warrants as of September 30, 2014, which have a weighted average exercise price of $23.94:
	Outstanding At	Expiration Date	Exercise Price
	30-Sep-14
	192,789	March 29, 2015	$12.25
	133,333	October 21, 2015	20
	133,333	October 21, 2015	30
	133,333	October 21, 2015	40
	11,539	April 26, 2015	9.13
	604,327
	On March 28, 2014, we extended to September 29, 2014 the expiration dates of warrants to purchase 197,478 shares of our common stock at an exercise price of $12.25 per share that had been due to expire on March 29, 2014. We evaluated the fair value of the warrants before and after the modifications and recorded the $452,000 change in fair value as other expense in the accompanying Consolidated Statement of Operations and Comprehensive Loss for the three months ended March 31, 2014.
	During September 2014, warrants associated with a total of 4,689 shares were exercised by the warrant holders resulting in the issuance of 3,305 shares of our common stock. Of that amount, 3,088 shares were issued upon cash exercise of warrants, pursuant to which we received proceeds of $37,828, and the remainder were issued pursuant to cashless net exercise provisions in the warrants.
	On September 28, 2014, we extended to March 29, 2015 the expiration date of the remaining warrants to purchase 192,789 shares of our common stock that had been due to expire on September 29, 2014. We evaluated the fair value of the warrants before and after the modifications and recorded the $411,000 change in fair value as other expense in the accompanying Consolidated Statement of Operations and Comprehensive Loss for the three months ended September 30, 2014. Considering the extensions on March 28 and September 28, 2014, the total other expense recorded in the Consolidated Statement of Operations and Comprehensive Loss for the nine months ended September 30, 2014 was $863,000.
	In October 2010, in connection with the Vulcan agreement, we issued to Vulcan three warrants to purchase our common stock, each exercisable for 133,333 shares, with exercise prices of $20, $30 and $40 per share, respectively.

StockBased_Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Stock-Based Compensation	'
	Stock-Based Compensation
	Our 2008 Equity Incentive Plan (the 2008 Plan) provides for the grant of incentive and non-statutory stock options, restricted stock, stock appreciation rights, performance units and performance shares to employees, directors and consultants and subsidiary corporations’ employees and consultants. Options are granted with exercise prices equal to the closing fair market value of our common stock on the date of the grant. The terms of options may not exceed 10 years and options generally vest over a four-year period.
	On January 1, 2014, in accordance with provisions of the 2008 Plan, the authorized shares available for grant under the 2008 Plan were increased by 1,517,975 shares. As of September 30, 2014, a total of 8,741,276 shares were reserved for issuance under our stock plans, of which 1,961,278 were available for future grants under the 2008 Plan.
	In October 2014, in connection with our annual employee review process, we granted qualified employees options to purchase approximately 1.2 million shares of our common stock with an exercise price of $11.58.
	The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The following assumptions were applied to stock option grants during the periods ended:
		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2014				2013				2014			2013
	Estimated weighted-average fair value	$	10.18			$	6.77			$	8.39		$	6.73
	Weighted-average assumptions
	Expected volatility	70		%		88		%		82		%	87		%
	Expected term, in years	6.1				5.8				5.9			5.8
	Risk-free interest rate	1.95		%		1.66		%		1.9		%	1.65		%
	Expected dividend yield	—		%		—		%		—		%	—		%
	Stock-based compensation expense has been reported in our Consolidated Statements of Operations and Comprehensive Loss as follows:
		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2014				2013				2014			2013
		(In thousands)								(In thousands)
	Research and development	$	879			$	1,371			$	2,791		$	2,518
	Selling, general and administrative	786				840				2,292			1,846
	Total	$	1,665			$	2,211			$	5,083		$	4,364
	Stock option activity for all stock plans and related information is as follows:
		Options			Weighted-				Remaining		Aggregate
		Outstanding			Average				Contractual  Life		Intrinsic
					Exercise				(In years)		Value
					Price per						(In thousands)
					Share
	Balance at December 31, 2013	6,969,303			$	6.38
	Granted	184,250			12
	Exercised	(159,332	)		6.39
	Forfeited	(214,223	)		9.82
	Balance at September 30, 2014	6,779,998			$	6.42			6.46		$	42,797
	Vested and expected to vest at September 30, 2014	6,577,603			$	6.32			6.39		$	42,141
	Exercisable at September 30, 2014	4,755,993			$	5.12			5.54		$	36,147
	At September 30, 2014, there were 2,024,005 unvested options outstanding that will vest over a weighted-average period of 2.0 years. Excluding non-employee stock options, the total estimated compensation expense to be recognized in connection with these options is $11.1 million.

Organization_and_Significant_A1

Organization and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2014
Organization	'
	Organization
	We are a biopharmaceutical company committed to discovering, developing and commercializing small-molecule and protein therapeutics for large-market as well as orphan indications targeting inflammation, coagulopathies and disorders of the central nervous system. Our PharmacoSurgery® platform, designed to improve clinical outcomes of patients undergoing ophthalmological, arthroscopic, urological and other surgical procedures, is based on low-dose combinations of FDA-approved therapeutic agents delivered directly to the surgical site throughout the duration of the procedure to inhibit preemptively inflammation and other problems caused by surgical trauma and to provide clinical benefits both during and after surgery. We have six clinical-stage development programs in our pipeline, which also includes a diverse group of preclinical programs as well as two additional platforms: one capable of unlocking new G protein-coupled receptor (GPCR) drug targets and the other used to generate antibodies.
	Derived from our proprietary PharmacoSurgery platform, our first drug product Omidria™ (phenylephrine and ketorolac injection) 1%/0.3% was approved by the U.S. Food and Drug Administration (FDA) on May 30, 2014 for use during cataract surgery or intraocular lens replacement (ILR) to maintain pupil size by preventing intraoperative miosis (pupil constriction) and to reduce postoperative ocular pain. We began calling on ophthalmic surgeons and their staff in the U.S. in August 2014 regarding Omidria. In October 2014, we were granted transitional pass-through reimbursement status from the Centers for Medicare and Medicaid Services (CMS) for Omidria, effective January 1, 2015. Pass-through status allows for separate payment for new drugs and other medical technologies that meet specific clinical-value and cost requirements. We expect pass-through to remain in effect for a period of two to three years from the January 1, 2015 effective date, after which time CMS will make a new reimbursement determination. We have submitted for Omidria a wholesale acquisition cost of $465 per single-use vial. We expect to begin selling Omidria in the U.S. in early 2015.
	In September 2013, we submitted a Marketing Authorisation Application (MAA) to the European Medicines Agency (EMA) for Omidria. Marketing and sales of Omidria in the European Union (EU) are subject to approval of our MAA and, most likely, entering into a partnership for European marketing and distribution. In addition to the EU, we plan to enter into one or more partnerships for the marketing and distribution of Omidria in other international territories.
Basis of Presentation	'
	Basis of Presentation
	Our consolidated financial statements include the financial position and results of operations of Omeros Corporation (Omeros) and our wholly owned subsidiaries. All inter-company transactions between and among our subsidiaries have been eliminated. The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The information as of September 30, 2014 and for the three and nine months ended September 30, 2014 and 2013 includes all adjustments, which include normal recurring adjustments, necessary to present fairly our interim financial information. The Consolidated Balance Sheet at December 31, 2013 has been derived from audited financial statements but does not include all of the information and footnotes required by GAAP.
	The accompanying unaudited consolidated financial statements and notes to consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto that are included in our Annual Report on Form 10-K for the year ended December 31, 2013 filed with the Securities and Exchange Commission (SEC) on March 13, 2014.
Use of Estimates	'
	Use of Estimates
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant items subject to such estimates include revenue recognition, fair market value of investments, stock-based compensation expense and accruals for clinical trials and contingencies. We base our estimates on historical experience and on various other factors that we believe are reasonable under the circumstances; however, actual results could differ from these estimates.
Liquidity Disclosure [Policy Text Block]	'
	Liquidity and Capital Resources
	As of September 30, 2014, we had $21.8 million in cash, cash equivalents and short-term investments. We believe that our existing cash, cash equivalents and short-term investments, together with anticipated future sales from Omidria and capital that we may be able to raise through one or more corporate partnerships, equity offerings, debt financings, collaborations, licensing arrangements or asset sales, will be sufficient to fund our anticipated operating expenses, capital expenditures and interest and principal payments on our outstanding notes for at least the next 12 months. Corporate partnerships, public or private equity sales, additional debt financings, corporate collaboration and licensing arrangements or asset sales may not be available on terms that are acceptable to us, if at all, and any further equity financing would dilute the ownership of our existing shareholders. If we are unable to raise capital as and when needed, such failure would have a significant negative impact on our financial condition.
Inventory, Policy [Policy Text Block]	'
	Inventory
	Inventory is stated at the lower of cost or market. Capitalization of costs as inventory begins when the product has received regulatory approval in the U.S. or the EU. We expense inventory costs related to product candidates as research and development expenses prior to regulatory approval in the respective territory. For Omidria, capitalization of costs as inventory began upon U.S. regulatory approval on May 30, 2014.
Segments	'
	Segments
	We operate in one segment. Management uses cash flow as the primary measure to manage our business and does not segment our business for internal reporting or decision-making.
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	'
	Recent Accounting Pronouncements
	In August 2014, the Financial Accounting Standards Board issued Accounting Standards Update, or ASU, No. 2014-15 related to disclosure of an entity’s ability to continue as a going concern. This standard requires management to evaluate whether substantial doubt exists regarding the entity’s ability to continue as a going concern at each reporting period for a period of one year after the date the financial statements are issued or available to be issued. The standard establishes certain required disclosures if substantial doubt exists. This standard must be applied prospectively and is effective for interim and annual periods beginning after December 15, 2016. We do not expect the adoption of this guidance to have any impact on our financial position, results of operations or cash flows.
	In May 2014, the Financial Accounting Standards Board issued ASU No. 2014-09 related to the recognition of revenue that supersedes existing guidance. This standard clarifies the principles for recognizing revenue utilizing a five-step process. This standard must be applied retroactively to each prior reporting period presented, or retrospectively with the cumulative effect of applying the standard recognized in the period adopted. This standard is effective for interim and annual periods beginning after December 15, 2016 and cannot be adopted before that effective date. We are currently evaluating the impact this standard may have on our financial statements once it is adopted.

Net_Loss_Per_Share_Tables

Net Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2014
Earnings Per Share [Abstract]	'
Calculation of Historical Outstanding Dilutive Securities Not Included in Diluted Loss per Share	'
	Potentially dilutive securities excluded from the diluted loss per share calculation are as follows:
		September 30,
		2014	2013
	Outstanding options to purchase common stock	6,779,998	6,909,332
	Warrants to purchase common stock	604,327	609,016
	Total	7,384,325	7,518,348

FairValue_Measurements_Tables

Fair-Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2014
Fair Value Disclosures [Abstract]	'
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis	'
	Our fair-value hierarchy for our financial assets and liabilities measured at fair value on a recurring basis are as follows:
		30-Sep-14
		Level 1		Level 2		Level 3		Total
		(In thousands)
	Assets:
	Money-market funds classified as non-current restricted cash	$	679	$	—	$	—	$	679
	Money-market funds classified as short-term investments	21,030		—		—		21,030
	Total	$	21,709	$	—	$	—	$	21,709
		31-Dec-13
		Level 1		Level 2		Level 3		Total
		(In thousands)
	Assets:
	Money-market funds classified as cash equivalents	$	213	$	—	$	—	$	213
	Money-market funds classified as non-current restricted cash	679		—		—		679
	Money-market funds classified as short-term investments	12,717		—		—		12,717
	Total	$	13,609	$	—	$	—	$	13,609

Accrued_Liabilities_Tables

Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2014
Payables and Accruals [Abstract]	'
Accrued Liabilities	'
	Accrued liabilities consisted of the following:
		September 30,		December 31,
		2014		2013
		(In thousands)
	Contract research	$	1,746	$	858
	Consulting & professional fees	1,536		649
	Employee compensation	1,403		1,346
	Clinical trials	949		596
	Other accruals	616		495
	Total accrued liabilities	$	6,250	$	3,944

Revenue_Revenue_by_Agreement_T

Revenue Revenue by Agreement (Tables)	9 Months Ended
	Sep. 30, 2014
Revenue Recognition [Abstract]	'
Revenue Recognition, Multiple-deliverable Arrangements, Description	'
	Revenue recognized from grants and other sources is as follows:
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2014		2013		2014		2013
		(In thousands)				(In thousands)
	Small Business Innovative Research Grants	$	214	$	196	$	359	$	461
	Vulcan Inc.	—		—		—		970
	Total revenue	$	214	$	196	$	359	$	1,431

Shareholders_Equity_Tables

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2014
Equity [Abstract]	'
Schedule of Stockholders' Equity Note, Warrants or Rights	'
	The following table summarizes our total outstanding warrants as of September 30, 2014, which have a weighted average exercise price of $23.94:
	Outstanding At	Expiration Date	Exercise Price
	30-Sep-14
	192,789	March 29, 2015	$12.25
	133,333	October 21, 2015	20
	133,333	October 21, 2015	30
	133,333	October 21, 2015	40
	11,539	April 26, 2015	9.13
	604,327

StockBased_Compensation_Tables

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	'
	The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The following assumptions were applied to stock option grants during the periods ended:
		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2014				2013				2014			2013
	Estimated weighted-average fair value	$	10.18			$	6.77			$	8.39		$	6.73
	Weighted-average assumptions
	Expected volatility	70		%		88		%		82		%	87		%
	Expected term, in years	6.1				5.8				5.9			5.8
	Risk-free interest rate	1.95		%		1.66		%		1.9		%	1.65		%
	Expected dividend yield	—		%		—		%		—		%	—		%
Stock-Based Compensation Expense	'
	Stock-based compensation expense has been reported in our Consolidated Statements of Operations and Comprehensive Loss as follows:
		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2014				2013				2014			2013
		(In thousands)								(In thousands)
	Research and development	$	879			$	1,371			$	2,791		$	2,518
	Selling, general and administrative	786				840				2,292			1,846
	Total	$	1,665			$	2,211			$	5,083		$	4,364
Stock Option Activity and Related Information	'
	Stock option activity for all stock plans and related information is as follows:
		Options			Weighted-				Remaining		Aggregate
		Outstanding			Average				Contractual  Life		Intrinsic
					Exercise				(In years)		Value
					Price per						(In thousands)
					Share
	Balance at December 31, 2013	6,969,303			$	6.38
	Granted	184,250			12
	Exercised	(159,332	)		6.39
	Forfeited	(214,223	)		9.82
	Balance at September 30, 2014	6,779,998			$	6.42			6.46		$	42,797
	Vested and expected to vest at September 30, 2014	6,577,603			$	6.32			6.39		$	42,141
	Exercisable at September 30, 2014	4,755,993			$	5.12			5.54		$	36,147

Organization_and_Significant_A2

Organization and Significant Accounting Policies (Detail) (USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014
	segment
Accounting Policies [Abstract]	'
Cash, Cash Equivalents, and Short-term Investments	$21.80
Number of operating segments	1

Net_Loss_Per_Share_Calculation

Net Loss Per Share - Calculation of Historical Outstanding Dilutive Securities Not Included in Diluted Loss Per Share (Detail)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'
Outstanding dilutive securities not included in diluted loss per share calculation	7,384,325	7,518,348
Outstanding options to purchase common stock	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'
Outstanding dilutive securities not included in diluted loss per share calculation	6,779,998	6,909,332
Warrants to purchase common stock	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'
Outstanding dilutive securities not included in diluted loss per share calculation	604,327	609,016

FairValue_Measurements_Financi

Fair-Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (Fair Value, Measurements, Recurring, USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]	'	'
Total	$21,709	$13,609
Money Market Funds	'	'
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]	'	'
Money-market funds classified as cash equivalents	'	213
Money-market funds classified as short-term investments	21,030	12,717
Non Current	'	'
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]	'	'
Money-market funds classified as restricted cash	679	679
Fair Value, Inputs, Level 1	'	'
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]	'	'
Total	21,709	13,609
Fair Value, Inputs, Level 1 | Money Market Funds	'	'
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]	'	'
Money-market funds classified as cash equivalents	'	213
Money-market funds classified as short-term investments	21,030	12,717
Fair Value, Inputs, Level 1 | Non Current	'	'
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]	'	'
Money-market funds classified as restricted cash	$679	$679

FairValue_Measurements_Narrati

Fair-Value Measurements - Narrative (Detail) (USD $)	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Cash excluded from fair value hierarchy disclosure	$750,000	$1,200,000
Unrealized Gain (Loss) on Investments	$0	$0

Accrued_Liabilities_Accrued_Li

Accrued Liabilities - Accrued Liabilities (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Payables and Accruals [Abstract]	'	'
Contract research	$1,746	$858
Consulting & professional fees	1,536	649
Employee compensation	1,403	1,346
Clinical trials	949	596
Other accruals	616	495
Total accrued liabilities	$6,250	$3,944

Notes_Payable_Detail

Notes Payable (Detail) (USD $)	9 Months Ended		3 Months Ended	9 Months Ended		2 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Mar. 31, 2014	Sep. 30, 2014	Mar. 04, 2014	Mar. 04, 2014
			Oxford Midcap Loan [Member]	Oxford Midcap Loan [Member]	Oxford Midcap Loan [Member]	Oxford Loan Agreement [Member]
Debt Instrument [Line Items]	'	'	'	'	'	'
Loan and security agreement, existing outstanding indebtedness	'	'	'	'	$32,000,000	'
Repayments of Debt	'	'	19,100,000	'	'	'
Payments of Debt Restructuring Costs	'	'	160,000	'	'	'
Proceeds from Issuance of Long-term Debt	12,699,000	0	12,699,000	'	'	'
Accrued interest rate	'	'	'	9.25%	'	'
Debt Instrument, Date of First Required Payment	'	'	'	1-Apr-15	'	'
Debt Instrument, Periodic Payment	'	'	'	1,021,000	'	'
Debt Instrument, Fee Amount	'	'	'	2,200,000	'	'
Debt Prepayment Penalty Rate	'	'	'	1.00%	'	'
Additional Default Interest Rate	'	'	'	5.00%	'	'
Debt Issuance Cost	'	'	244,000	'	'	103,000
Unamortized balance of debt discount	'	'	'	1,851,000	'	'
Unamortized balance of debt issuance costs	'	'	'	$284,000	'	'

Revenue_Detail

Revenue (Detail) (USD $)	1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 31, 2010	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenue [Line Items]	'	'	'	'	'
Revenue	'	$214,000	$196,000	$359,000	$1,431,000
Small Business Innovative Research	'	'	'	'	'
Revenue [Line Items]	'	'	'	'	'
Revenue from Grants	'	214,000	196,000	359,000	461,000
Reduction of equipment cost basis purchased with grant funding	'	40,000	0	40,000	0
Remaining available amount under grant	'	785,000	'	785,000	'
Revenue	'	'	'	359,000	461,000
Vulcan Incorporated	'	'	'	'	'
Revenue [Line Items]	'	'	'	'	'
Grants received	20,000,000	'	'	'	'
Deferred revenue	8,200,000	'	'	'	'
Deferred Revenue, Revenue Recognized	'	$0	$0	$0	$970,000

Commitments_and_Contingencies_

Commitments and Contingencies (Detail) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
			Leases
Commitments and Contingencies Disclosure [Line Items]	'	'	'	'
Number of Options to extend the lease term	'	'	2	'
Options to extend the lease term, number of options	'	'	'5 years	'
Remaining aggregate rent payable	$59,400,000	'	$59,400,000	'
Research and development expense	11,772,000	9,420,000	36,196,000	26,111,000
InVentiv [Member]	'	'	'	'
Commitments and Contingencies Disclosure [Line Items]	'	'	'	'
Recorded Unconditional Purchase Obligation, Due in Remainder of Fiscal Year	300,000	'	300,000	'
Unrecorded Unconditional Purchase Obligation, Change of Amount as Result of Variable Components	630,000	'	630,000	'
DSM [Member]	'	'	'	'
Commitments and Contingencies Disclosure [Line Items]	'	'	'	'
Unrecorded Unconditional Purchase Obligation	519,000	'	519,000	'
Helion Biotech ApS	'	'	'	'
Commitments and Contingencies Disclosure [Line Items]	'	'	'	'
Research and development expense	'	'	200,000	'
Selling, General and Administrative Expenses	'	'	'	'
Commitments and Contingencies Disclosure [Line Items]	'	'	'	'
Government Grants Under Review	'	'	'	$900,000

Shareholders_Equity_Detail

Shareholders' Equity (Detail) (USD $)

1 Months Ended

3 Months Ended

9 Months Ended

9 Months Ended

1 Months Ended

3 Months Ended

9 Months Ended

9 Months Ended

9 Months Ended

Sep. 30, 2014

Oct. 31, 2010

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Mar. 29, 2007

Sep. 30, 2014

Sep. 30, 2014

Mar. 31, 2014

Sep. 30, 2014

Sep. 30, 2014

Oct. 31, 2010

Sep. 30, 2014

Oct. 31, 2010

Sep. 30, 2014

Oct. 31, 2010

warrant

Oxford

Warrant-Series E

Series E Mod 1Q14

Series E Mod 3Q14

Warrant One

Warrant One

Warrant Two

Warrant Two

Warrant Three

Warrant Three

Vulcan Incorporated

Vulcan Incorporated

Vulcan Incorporated

Vulcan Incorporated

Vulcan Incorporated

Vulcan Incorporated

Class of Stock [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Stock Issued During Period, Shares, New Issues

'

'

'

3,500,000

'

'

'

'

'

'

'

'

'

'

'

'

Share Price

$11.50

'

$11.50

$11.50

'

'

'

'

'

'

'

'

'

'

'

'

Payments of Stock Issuance Costs

'

'

'

$2,500,000

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from issuance of common stock, net of offering costs

'

'

'

37,754,000

16,120,000

'

'

'

'

'

'

'

'

'

'

'

Shares of common stock to purchase by warrant

192,789

'

192,789

192,789

'

197,478

11,539

'

'

'

133,333

133,333

133,333

133,333

133,333

133,333

Warrant expiration date

'

'

'

'

'

'

26-Apr-15

'

29-Sep-14

29-Mar-15

21-Oct-15

'

21-Oct-15

'

21-Oct-15

'

Exercise price of warrants

$12.25

'

$12.25

$12.25

'

$12.25

$9.13

'

'

'

$20

$20

$30

$30

$40

$40

Class of Warrant or Right, Outstanding

604,327

'

604,327

604,327

'

'

'

'

'

'

'

'

'

'

'

'

Fair Value Adjustment of Warrants

'

'

'

-863,000

'

'

'

'

-452,000

-411,000

'

'

'

'

'

'

Class of Warrant or Right, Exercised During Period

4,689

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Stock Issued During Period, Shares, Other

3,305

'

'

'

'

'

'

3,088

'

'

'

'

'

'

'

'

Proceeds from Warrant Exercises

'

'

$37,828

'

'

'

'

'

'

'

'

'

'

'

'

'

Class of Warrant or Right, Exercise Price of Warrants or Rights, Weighted Average Price

23.94

'

23.94

23.94

'

'

'

'

'

'

'

'

'

'

'

'

Number of warrants issued

'

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

StockBased_Compensation_Narrat

Stock-Based Compensation - Narrative (Detail) (USD $)	3 Months Ended		9 Months Ended			1 Months Ended	9 Months Ended	1 Months Ended
In Millions, except Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Jan. 31, 2014	Sep. 30, 2014	Oct. 31, 2014
					Equity Incentive Plan 2008	Equity Incentive Plan 2008	Equity Incentive Plan 2008	Subsequent Event
						Stock Option	Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'	'	'	'	'
Stock options, maximum term	'6 years 0 months 25 days	'5 years 9 months 17 days	'5 years 11 months 8 days	'5 years 9 months 17 days	'	'	'10 years	'
Stock options, average vesting period	'	'	'	'	'4 years	'	'	'
Increase in authorized shares	'	'	'	'	'	1,517,975	'	'
Stock options, number of shares reserved for issuance	'	'	'	'	8,741,276	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	'	'	'	'	1,961,278	'	'	'
Unvested options outstanding	2,024,005	'	2,024,005	'	'	'	'	'
Unvested options outstanding, vesting period	'	'	'2 years 0 months 18 days	'	'	'	'	'
Unrecognized compensation expense	$11.10	'	$11.10	'	'	'	'	'
Granted in period (shares)	'	'	184,250	'	'	'	'	1,200,000
Granted in period (USD per share)	'	'	$12	'	'	'	'	$11.58

StockBased_Compensation_Fair_V

Stock-Based Compensation - Fair Value of Employee Option Grant Estimated on Date of Grant (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$10.18	$6.77	$8.39	$6.73
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]	'	'	'	'
Expected volatility	70.00%	88.00%	82.00%	87.00%
Expected term, in years	'6 years 0 months 25 days	'5 years 9 months 17 days	'5 years 11 months 8 days	'5 years 9 months 17 days
Risk-free interest rate	1.95%	1.66%	1.90%	1.65%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%

StockBased_Compensation_StockB

Stock-Based Compensation - Stock-Based Compensation Expense (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'	'	'
Total	$1,665	$2,211	$5,083	$4,364
Research and Development Expense	'	'	'	'
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'	'	'
Stock-based compensation expense	879	1,371	2,791	2,518
Selling, General and Administrative Expenses	'	'	'	'
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'	'	'
Stock-based compensation expense	$786	$840	$2,292	$1,846

StockBased_Compensation_Summar

Stock-Based Compensation - Summary of Stock Option Activity and Related Information (Detail) (USD $)	9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014
Options Outstanding	'
Beginning balance (shares)	6,969,303
Granted (shares)	184,250
Exercised (shares)	-159,332
Forfeited (shares)	-214,223
Ending balance (shares)	6,779,998
Vested and expected to vest (shares)	6,577,603
Exercisable (shares)	4,755,993
Weighted-Average Exercise Price per Share	'
Beginning balance (USD per share)	$6.38
Granted (USD per share)	$12
Exercised (USD per share)	$6.39
Forfeited (USD per share)	$9.82
Ending balance (USD per share)	$6.42
Vested and expected to vest (USD per share)	$6.32
Exercisable (USD per share)	$5.12
Weighted- Average Remaining Contractual Life	'
Balance (in years)	'6 years 5 months 15 days
Vested and expected to vest (in years)	'6 years 4 months 22 days
Exercisable (in years)	'5 years 6 months 14 days
Aggregate Intrinsic Value	'
Balance	$42,797
Vested and expected to vest	42,141
Exercisable	$36,147