Omeros (OMER) 10-Q 11 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	7-May-15
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Trading Symbol	OMER
Entity Registrant Name	OMEROS CORP
Entity Central Index Key	1285819
Current Fiscal Year End Date	-19
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		37,832,261

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Current assets:
Cash and cash equivalents	$1,441	$354
Short-term investments	68,621	6,532
Receivables	538	392
Inventory	566	568
Prepaid expense	1,784	1,191
Other current assets	116	120
Total current assets	73,066	9,157
Property and equipment, net	727	782
Restricted cash	679	679
Other assets	439	472
Total assets	74,911	11,090
Current liabilities:
Accounts payable	4,611	4,915
Accrued expenses	6,438	7,070
Current portion of notes payable, net of discount	9,019	6,446
Total current liabilities	20,068	18,431
Notes payable, net of current portion and discount	23,906	26,263
Deferred rent	9,091	9,050
Commitments and contingencies (Note 8)
Shareholders’ equity:
Preferred stock, par value $0.01 per share: Authorized shares - 20,000,000 at March 31, 2015 (unaudited) and December 31, 2014; Issued and outstanding shares—none	0	0
Common stock, par value $0.01 per share: Authorized shares - 150,000,000 at March 31, 2015 (unaudited) and December 31, 2014; Issued and outstanding shares—37,185,464 and 34,185,464 at March 31, 2015 (unaudited) and December 31, 2014, respectively	378	342
Additional paid-in capital	368,183	285,050
Accumulated deficit	-346,715	-328,046
Total shareholders’ equity (deficit)	21,846	-42,654
Total liabilities and shareholders’ equity (deficit)	$74,911	$11,090

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
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	37,825,261	34,185,464
Common stock, outstanding shares	37,825,261	34,185,464

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
Product sales	$238	$0
Grant revenue	150	100
Revenue	388	100
Costs and expenses:
Cost of product sales	11	0
Research and development	9,318	12,017
Selling, general and administrative	8,989	3,767
Total costs and expenses	18,318	15,784
Loss from operations	-17,930	-15,684
Interest expense	-957	-672
Investment income and other income (expense), net	218	-286
Net loss	-18,669	-16,642
Comprehensive loss	($18,669)	($16,642)
Basic and diluted net loss per share (USD per share)	($0.51)	($0.54)
Weighted-average shares used to compute basic and diluted net loss per share (shares)	36,483,559	30,897,039

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	($18,669)	($16,642)
Adjustments to reconcile net loss to net cash used in operating activities:
Gain on sale of assets	0	-9
Depreciation and amortization	55	82
Stock-based compensation expense	2,517	1,788
Non-cash interest expense	212	136
Warrant modification expense	0	452
Changes in operating assets and liabilities:
Receivables	-146	-109
Prepaid expenses and other current and noncurrent assets	499	-1,060
Accounts payable, accrued expenses and other	-1,944	4,223
Net cash used in operating activities	-17,476	-11,139
Investing activities:
Purchases of property and equipment, net	0	-6
Purchases of investments	-79,389	-58,839
Proceeds from the sale and maturities of investments	17,300	19,934
Net cash used in investing activities	-62,089	-38,911
Financing activities:
Proceeds from issuance of common stock and pre-funded warrants, net of offering costs	79,076	37,749
Net proceeds from borrowings under notes payable	0	12,699
Payments on notes payable	0	-1,464
Proceeds upon exercise of stock options and warrants	1,576	249
Net cash provided by financing activities	80,652	49,233
Net increase (decrease) in cash and cash equivalents	1,087	-817
Cash and cash equivalents at beginning of period	354	1,384
Cash and cash equivalents at end of period	1,441	567
Supplemental cash flow information
Cash paid for interest	$745	$691

Organization_and_Significant_A

Organization and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2015
Organization and Significant Accounting Policies	Organization and Significant Accounting Policies
	Organization
	We are a biopharmaceutical company committed to discovering, developing and commercializing both small-molecule and protein therapeutics for large-market as well as orphan indications targeting inflammation, coagulopathies and disorders of the central nervous system. Our first drug product Omidria has been approved by the U.S. Food and Drug Administration (FDA) for use during cataract surgery or intraocular lens (IOL) replacement. We commenced a controlled launch of Omidria to a small number of ambulatory surgery centers (or ASCs) in the U.S. in February 2015. During the controlled launch, our sales were made on a direct, non-return basis and the majority of the patients were covered under Medicare Part B. In early April 2015, we initiated the broad U.S. launch of Omidria and we have begun to sell the product to wholesalers who will, in turn, sell to ASCs and hospitals.
	Basis of Presentation
	Our condensed consolidated financial statements include the financial position and results of operations of Omeros Corporation and our wholly owned subsidiaries. All inter-company transactions have been eliminated. The accompanying unaudited condensed 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 March 31, 2015 and for the three months ended March 31, 2015 and 2014 includes all adjustments, which include normal recurring adjustments, necessary to present fairly our interim financial information. The Condensed Consolidated Balance Sheet at December 31, 2014 has been derived from audited financial statements but does not include all of the information and footnotes required by GAAP.
	The accompanying unaudited condensed consolidated financial statements and notes to condensed 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, 2014 filed with the Securities and Exchange Commission (SEC) on March 16, 2015.
	Revenue Recognition
	Our revenues are comprised of product sales of Omidria and amounts earned for services under grants from the National Institutes of Health (NIH). Revenue is recognized when there is persuasive evidence that an arrangement exists, product has been shipped to the customer or the service has been provided, the price is fixed or determinable and collection is reasonably assured. We recorded product revenue when title and risk of loss passed to the ASCs, which occurred upon shipment of Omidria. Product sales were made on a direct, non-return basis and as of March 31, 2015, we have not signed any contracts that would create deductions against these sales.
	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 March 31, 2015, we had $70.1 million in cash, cash equivalents and short-term investments. We believe that our existing cash, cash equivalents and short-term investments and anticipated future sales from Omidria together with capital that we may have the opportunity to raise through public or private equity securities sales, through the issuance of additional debt, through corporate partnerships, through asset sales or through the pursuit of collaborations and licensing arrangements related to certain of our programs 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. If we are unable to raise capital as and when needed, or upon acceptable terms, such failure would have a significant negative impact on our financial condition.
	Inventory
	Inventory is stated at the lower of cost or market determined on a specific identification basis in a manner which approximates the first-in, first-out (FIFO) method. Costs include amounts related to third-party manufacturing, transportation and internal labor and overhead. Capitalization of costs as inventory begins when the product candidate receives regulatory approval in the U.S. or the EU, which for Omidria began upon U.S. regulatory approval in May 2014. We expense inventory costs related to product candidates as research and development expenses prior to regulatory approval in the respective territory. Inventory is reduced to net realizable value by reserving for excess and obsolete inventories based on forecast demand. As of March 31, 2015, all inventory is finished goods for Omidria.
	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 April 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-03 related to simplifying the presentation of debt issuance costs. This standard requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction to the liability. This standard is effective for interim and annual periods beginning after December 15, 2015 and early adoption is permitted. We are currently evaluating in which period we will transition and the presentation of the debt liability on our balance sheet following such transition, as well as how related disclosures will be impacted. The disclosures required are those applicable for a change in accounting principle.
	In August 2014, the FASB issued 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 duration 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 will review the impact of the standard upon our disclosures, if applicable, beginning in 2017.
	In May 2014, the FASB 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. On April 1, 2015, the FASB voted to approve a one-year deferral of the original effective date. This standard is now effective for interim and annual periods beginning after December 15, 2017 and cannot be adopted before that effective date. We are currently evaluating the impact that this standard may have on our financial statements once it is adopted.

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 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 months ended March 31, 2015 and 2014 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:
		March 31,
		2015	2014
	Outstanding options to purchase common stock	8,365,741	6,762,948
	Warrants and pre-funded warrants to purchase common stock	1,160,788	609,016
	Total	9,526,529	7,371,964

Cash_Cash_Equivalents_and_Inve

Cash, Cash Equivalents and Investments	3 Months Ended
	Mar. 31, 2015
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents and Investments	Cash, Cash Equivalents and Investments
	As of March 31, 2015 and December 31, 2014, all investments are classified as short-term and available-for-sale on the accompanying Condensed Consolidated Balance Sheets. We did not own any securities with unrealized loss positions as of March 31, 2015 or December 31, 2014. Investment income consists primarily of interest earned.

FairValue_Measurements

Fair-Value Measurements	3 Months Ended
	Mar. 31, 2015
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 they are 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:
		31-Mar-15
		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	68,621		—		—		68,621
	Total	$	69,300	$	—	$	—	$	69,300
		31-Dec-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	6,532		—		—		6,532
	Total	$	7,211	$	—	$	—	$	7,211
	Cash held in demand deposit accounts of $1.4 million and $354,000 is excluded from our fair-value hierarchy disclosure as of March 31, 2015 and December 31, 2014, respectively. There were no unrealized gains and losses associated with our short-term investments as of March 31, 2015 or December 31, 2014. The carrying amounts reported in the accompanying Condensed Consolidated Balance Sheets for 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	3 Months Ended
	Mar. 31, 2015
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued Liabilities
	Accrued liabilities consisted of the following:
		March 31,		December 31,
		2015		2014
		(In thousands)
	Consulting and professional fees	$	2,587	$	1,952
	Employee compensation	1,893		2,421
	Contract research	852		1,280
	Clinical trials	619		828
	Other accruals	487		589
	Total accrued liabilities	$	6,438	$	7,070

Notes_Payable

Notes Payable	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Notes Payable	Notes Payable
	In March 2014, we entered into a 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 loan initiation costs, we received $12.7 million in net proceeds. The Oxford/MidCap Loan Agreement provides for 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 became 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 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 enter into certain transactions, and it also includes provisions related to events of default, the occurrence of a material adverse effect (MAE) and changes 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.
	As of March 31, 2015, the remaining unamortized discount and debt issuance costs associated with the debt were $1.5 million and $227,000, respectively, and are being amortized to interest expense using the effective interest method through the loan maturity date.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies
	Real Estate Obligations
	We lease office and laboratory spaces in The Omeros Building. 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 March 31, 2015, the remaining aggregate non-cancelable rent payable under the initial term of the lease was approximately $57.5 million. The deferred rent balance relates to rent deferrals since the inception of our lease and is being amortized to research and development as well as selling, general and administrative expense on a straight-line basis through the initial term of the lease.
	Contracts
	We have 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. 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 at any time subsequent to January 2016. As of March 31, 2015, our commitment under the agreement is approximately $630,000 per month 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 March 31, 2015, we had a firm purchase commitment requiring payment of $879,000.
	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 as of March 31, 2015 and, therefore, we do not currently have any firm purchase commitments outstanding 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 2014 Annual Report on Form 10-K filed with the SEC on March 16, 2015.

Shareholders_Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2015
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity
	Common Stock
	Securities Offerings - In February 2015, we sold 3.4 million shares of our common stock at a public offering price of $20.03 and sold pre-funded warrants to purchase up to 749,250 shares of our common stock at a public offering price of $20.02 per pre-funded warrant share. The public offering price for the pre-funded warrants was equal to the public offering price of the common stock, less the $0.01 per share exercise price of each pre-funded warrant. If not exercised, the pre-funded warrants will expire on February 3, 2022. After deducting underwriter discounts and offering expenses of $4.9 million, we received net proceeds from the offering of $79.1 million.
	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 $37.7 million.
	Warrants
	The following table summarizes our total outstanding warrants as of March 31, 2015, which have a weighted average exercise price of $10.43:
	Outstanding At	Expiration Date	Exercise Price ($)
	31-Mar-15
	11,539	April 26, 2015	9.13
	133,333	October 21, 2015	20
	133,333	October 21, 2015	30
	133,333	October 21, 2015	40
	749,250	February 3, 2022	0.01
	1,160,788
	In March 2014 and September 2014, we extended the expiration dates of warrants to purchase approximately 197,000 shares of our common stock at an exercise price of $12.25 per share by six months that, together, extended the expiration dates of these warrants to March 29, 2015. We evaluated the fair value of the warrants before and after the modifications and for the three months ended March 31, 2014, and we recorded the $452,000 change in fair value as other expense in the accompanying Condensed Consolidated Statement of Operations and Comprehensive Loss. During the three months ended March 31, 2015, of the warrants with a March 29, 2015 expiration date, warrant holders exercised warrants to purchase 136,017 shares of our common stock, either for cash or pursuant to cashless net exercise provision. Of that amount, 117,231 shares were issued upon cash exercises of warrants, pursuant to which we received proceeds of $1.4 million, and the remainder were issued pursuant to cashless net exercise provisions.

StockBased_Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation
	On January 1, 2015, in accordance with provisions of our 2008 Equity Incentive Plan, the authorized shares available for grant were increased by 1,709,273 shares. As of March 31, 2015, a total of 10,243,574 shares were reserved for issuance under our stock plans of which 1,877,833 were available for future grants.
	The fair value of each option grant to employees and directors is estimated on the date of grant using the Black-Scholes option-pricing model. The following assumptions were applied to employee and director stock option grants during the periods ended:
		Three Months Ended
		March 31,
		2015				2014
	Estimated weighted-average fair value	$	13.49			N/A
	Weighted-average assumptions
	Expected volatility	70		%		N/A
	Expected term, in years	6				N/A
	Risk-free interest rate	1.51		%		N/A
	Expected dividend yield	—		%		N/A
	There were no stock option grants during the first quarter of 2014.
	Stock-based compensation expense includes amortization of stock options granted to employees and non-employees and has been reported in our Condensed Consolidated Statements of Operations and Comprehensive Loss as follows:
		Three Months Ended
		March 31,
		2015				2014
		(In thousands)
	Research and development	$	1,324			$	1,011
	Selling, general and administrative	1,193				777
	Total	$	2,517			$	1,788
	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, 2014	8,364,469			$	7.52
	Granted	84,325			21.46
	Exercised	(69,004	)		2.02
	Forfeited	(14,049	)		12.19
	Balance at March 31, 2015	8,365,741			$	7.7		6.8	$	119,875
	Vested and expected to vest at March 31, 2015	8,075,479			$	7.58		6.73	$	116,713
	Exercisable at March 31, 2015	5,447,791			$	5.9		5.65	$	87,848
	At March 31, 2015, there were 2,917,950 unvested options outstanding that will vest over a weighted-average period of 2.4 years. Excluding non-employee stock options, the total estimated compensation expense to be recognized in connection with these options is $17.2 million.

Organization_and_Significant_A1

Organization and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2015
Organization	Organization
	We are a biopharmaceutical company committed to discovering, developing and commercializing both small-molecule and protein therapeutics for large-market as well as orphan indications targeting inflammation, coagulopathies and disorders of the central nervous system. Our first drug product Omidria has been approved by the U.S. Food and Drug Administration (FDA) for use during cataract surgery or intraocular lens (IOL) replacement.
Basis of Presentation	Basis of Presentation
	Our condensed consolidated financial statements include the financial position and results of operations of Omeros Corporation and our wholly owned subsidiaries. All inter-company transactions have been eliminated. The accompanying unaudited condensed 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 March 31, 2015 and for the three months ended March 31, 2015 and 2014 includes all adjustments, which include normal recurring adjustments, necessary to present fairly our interim financial information. The Condensed Consolidated Balance Sheet at December 31, 2014 has been derived from audited financial statements but does not include all of the information and footnotes required by GAAP.
	The accompanying unaudited condensed consolidated financial statements and notes to condensed 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, 2014 filed with the Securities and Exchange Commission (SEC) on March 16, 2015.
Revenue Recognition [Text Block]	Revenue Recognition
	Our revenues are comprised of product sales of Omidria and amounts earned for services under grants from the National Institutes of Health (NIH). Revenue is recognized when there is persuasive evidence that an arrangement exists, product has been shipped to the customer or the service has been provided, the price is fixed or determinable and collection is reasonably assured. We recorded product revenue when title and risk of loss passed to the ASCs, which occurred upon shipment of Omidria. Product sales were made on a direct, non-return basis and as of March 31, 2015, we have not signed any contracts that would create deductions against these sales.
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.
Inventory, Policy	Inventory
	Inventory is stated at the lower of cost or market determined on a specific identification basis in a manner which approximates the first-in, first-out (FIFO) method. Costs include amounts related to third-party manufacturing, transportation and internal labor and overhead. Capitalization of costs as inventory begins when the product candidate receives regulatory approval in the U.S. or the EU, which for Omidria began upon U.S. regulatory approval in May 2014. We expense inventory costs related to product candidates as research and development expenses prior to regulatory approval in the respective territory. Inventory is reduced to net realizable value by reserving for excess and obsolete inventories based on forecast demand. As of March 31, 2015, all inventory is finished goods for Omidria.
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 April 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-03 related to simplifying the presentation of debt issuance costs. This standard requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction to the liability. This standard is effective for interim and annual periods beginning after December 15, 2015 and early adoption is permitted. We are currently evaluating in which period we will transition and the presentation of the debt liability on our balance sheet following such transition, as well as how related disclosures will be impacted. The disclosures required are those applicable for a change in accounting principle.
	In August 2014, the FASB issued 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 duration 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 will review the impact of the standard upon our disclosures, if applicable, beginning in 2017.
	In May 2014, the FASB 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. On April 1, 2015, the FASB voted to approve a one-year deferral of the original effective date. This standard is now effective for interim and annual periods beginning after December 15, 2017 and cannot be adopted before that effective date. We are currently evaluating the impact that this standard may have on our financial statements once it is adopted.

Net_Loss_Per_Share_Tables

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2015
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:
		March 31,
		2015	2014
	Outstanding options to purchase common stock	8,365,741	6,762,948
	Warrants and pre-funded warrants to purchase common stock	1,160,788	609,016
	Total	9,526,529	7,371,964

FairValue_Measurements_Tables

Fair-Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2015
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:
		31-Mar-15
		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	68,621		—		—		68,621
	Total	$	69,300	$	—	$	—	$	69,300
		31-Dec-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	6,532		—		—		6,532
	Total	$	7,211	$	—	$	—	$	7,211

Accrued_Liabilities_Tables

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2015
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued liabilities consisted of the following:
		March 31,		December 31,
		2015		2014
		(In thousands)
	Consulting and professional fees	$	2,587	$	1,952
	Employee compensation	1,893		2,421
	Contract research	852		1,280
	Clinical trials	619		828
	Other accruals	487		589
	Total accrued liabilities	$	6,438	$	7,070

Shareholders_Equity_Tables

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2015
Equity [Abstract]
Schedule of Stockholders' Equity Note, Warrants or Rights	The following table summarizes our total outstanding warrants as of March 31, 2015, which have a weighted average exercise price of $10.43:
	Outstanding At	Expiration Date	Exercise Price ($)
	31-Mar-15
	11,539	April 26, 2015	9.13
	133,333	October 21, 2015	20
	133,333	October 21, 2015	30
	133,333	October 21, 2015	40
	749,250	February 3, 2022	0.01
	1,160,788

StockBased_Compensation_Tables

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2015
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 to employees and directors is estimated on the date of grant using the Black-Scholes option-pricing model. The following assumptions were applied to employee and director stock option grants during the periods ended:
		Three Months Ended
		March 31,
		2015				2014
	Estimated weighted-average fair value	$	13.49			N/A
	Weighted-average assumptions
	Expected volatility	70		%		N/A
	Expected term, in years	6				N/A
	Risk-free interest rate	1.51		%		N/A
	Expected dividend yield	—		%		N/A
Stock-Based Compensation Expense	Stock-based compensation expense includes amortization of stock options granted to employees and non-employees and has been reported in our Condensed Consolidated Statements of Operations and Comprehensive Loss as follows:
		Three Months Ended
		March 31,
		2015				2014
		(In thousands)
	Research and development	$	1,324			$	1,011
	Selling, general and administrative	1,193				777
	Total	$	2,517			$	1,788
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, 2014	8,364,469			$	7.52
	Granted	84,325			21.46
	Exercised	(69,004	)		2.02
	Forfeited	(14,049	)		12.19
	Balance at March 31, 2015	8,365,741			$	7.7		6.8	$	119,875
	Vested and expected to vest at March 31, 2015	8,075,479			$	7.58		6.73	$	116,713
	Exercisable at March 31, 2015	5,447,791			$	5.9		5.65	$	87,848

Organization_and_Significant_A2

Organization and Significant Accounting Policies (Detail) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015
	segment
Accounting Policies [Abstract]
Cash, Cash Equivalents, and Short-term Investments	$70.10
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)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding dilutive securities not included in diluted loss per share calculation	9,526,529	7,371,964
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	8,365,741	6,762,948
Warrants and pre-funded 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	1,160,788	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 $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total	$69,300	$7,211
Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Money-market funds classified as short-term investments	68,621	6,532
Non Current
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Money-market funds classified as non-current restricted cash	679	679
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total	69,300	7,211
Fair Value, Inputs, Level 1 | Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Money-market funds classified as short-term investments	68,621	6,532
Fair Value, Inputs, Level 1 | Non Current
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Money-market funds classified as non-current restricted cash	$679	$679

FairValue_Measurements_Narrati

Fair-Value Measurements - Narrative (Detail) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash excluded from fair value hierarchy disclosure	$1,400,000	$354,000
Unrealized Gain (Loss) on Investments	$0	$0

Accrued_Liabilities_Accrued_Li

Accrued Liabilities - Accrued Liabilities (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Payables and Accruals [Abstract]
Consulting and professional fees	$2,587	$1,952
Employee compensation	1,893	2,421
Contract research	852	1,280
Clinical trials	619	828
Other accruals	487	589
Total accrued liabilities	$6,438	$7,070

Notes_Payable_Detail

Notes Payable (Detail) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Sep. 30, 2014	Mar. 04, 2014
Debt Instrument [Line Items]
Net proceeds from borrowings under notes payable	$0	$12,699,000
Oxford Midcap Loan [Member]
Debt Instrument [Line Items]
Loan and security agreement, existing outstanding indebtedness				32,000,000
Repayments of Debt		19,100,000
Net proceeds from borrowings under notes payable		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%
Unamortized balance of debt discount	1,490,000
Unamortized balance of debt issuance costs	$227,000

Commitments_and_Contingencies_

Commitments and Contingencies (Detail) (USD $)	3 Months Ended
	Mar. 31, 2015
	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	$57,500,000
InVentiv [Member]
Commitments and Contingencies Disclosure [Line Items]
Recorded Unconditional Purchase Obligation, Due in Remainder of Fiscal Year	630,000
Patheon [Member]
Commitments and Contingencies Disclosure [Line Items]
Unrecorded Unconditional Purchase Obligation	$879,000

Shareholders_Equity_Detail

Shareholders' Equity (Detail) (USD $)	1 Months Ended	3 Months Ended
	Feb. 28, 2015	Mar. 31, 2015	Mar. 31, 2014	Mar. 29, 2007
Class of Stock [Line Items]
Shares of common stock to purchase by warrant	749,250			197,000
Stock Issued During Period, Shares, New Issues	3,400,000		3,500,000
Share Price	$20.03		$11.50
Exercise price of warrants	$0.01			$12.25
Payments of Stock Issuance Costs	$4,900,000		$2,500,000
Proceeds from issuance of common stock and pre-funded warrants, net of offering costs	79,100,000	79,076,000	37,749,000
Class of Warrant or Right, Exercise Price of Warrants or Rights, Weighted Average Price		10.43
Class of Warrant or Right, Outstanding		1,160,788
Class of Warrant or Right, Exercised During Period		136,017
Proceeds from Warrant Exercises		1,400,000
Oxford
Class of Stock [Line Items]
Shares of common stock to purchase by warrant		11,539
Exercise price of warrants		$9.13
Warrant expiration date		26-Apr-15
Warrant-Series E Cash Exercises
Class of Stock [Line Items]
Stock Issued During Period, Shares, Other		117,231
Series E Mod 1Q14
Class of Stock [Line Items]
Fair Value Adjustment of Warrants			($452,000)
Warrant One | Vulcan Incorporated
Class of Stock [Line Items]
Shares of common stock to purchase by warrant		133,333
Exercise price of warrants		$20
Warrant expiration date		21-Oct-15
Warrant Two | Vulcan Incorporated
Class of Stock [Line Items]
Shares of common stock to purchase by warrant		133,333
Exercise price of warrants		$30
Warrant expiration date		21-Oct-15
Warrant Three | Vulcan Incorporated
Class of Stock [Line Items]
Shares of common stock to purchase by warrant		133,333
Exercise price of warrants		$40
Warrant expiration date		21-Oct-15
Pre-funded Warrants
Class of Stock [Line Items]
Shares of common stock to purchase by warrant		749,250
Share Price	$20.02
Exercise price of warrants		$0.01
Warrant expiration date		3-Feb-22

StockBased_Compensation_Narrat

Stock-Based Compensation - Narrative (Detail) (USD $)	3 Months Ended	1 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2015	Jan. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested options outstanding	2,917,950
Unvested options outstanding, vesting period	2 years 5 months 12 days
Unrecognized compensation expense	$17.20
Granted in period (shares)	84,325
Granted in period (USD per share)	$21.46
Equity Incentive Plan 2008
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, number of shares reserved for issuance	10,243,574
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	1,877,833
Equity Incentive Plan 2008 | Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase in authorized shares		1,709,273

StockBased_Compensation_Fair_V

Stock-Based Compensation - Fair Value of Employee Option Grant Estimated on Date of Grant (Details) (USD $)	3 Months Ended
	Mar. 31, 2015
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	$13.49
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected volatility	70.00%
Expected term, in years	6 years 0 months 17 days
Risk-free interest rate	1.51%
Expected dividend yield	0.00%

StockBased_Compensation_StockB

Stock-Based Compensation - Stock-Based Compensation Expense (Detail) (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]
Total	$2,517	$1,788
Research and Development Expense
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	1,324	1,011
Selling, General and Administrative Expenses
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$1,193	$777

StockBased_Compensation_Summar

Stock-Based Compensation - Summary of Stock Option Activity and Related Information (Detail) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015
Options Outstanding
Beginning balance (shares)	8,364,469
Granted (shares)	84,325
Exercised (shares)	-69,004
Forfeited (shares)	-14,049
Ending balance (shares)	8,365,741
Vested and expected to vest (shares)	8,075,479
Exercisable (shares)	5,447,791
Weighted-Average Exercise Price per Share
Beginning balance (USD per share)	$7.52
Granted (USD per share)	$21.46
Exercised (USD per share)	$2.02
Forfeited (USD per share)	$12.19
Ending balance (USD per share)	$7.70
Vested and expected to vest (USD per share)	$7.58
Exercisable (USD per share)	$5.90
Weighted- Average Remaining Contractual Life
Balance (in years)	6 years 9 months 17 days
Vested and expected to vest (in years)	6 years 8 months 22 days
Exercisable (in years)	5 years 7 months 24 days
Aggregate Intrinsic Value
Balance	$119,875
Vested and expected to vest	116,713
Exercisable	$87,848