Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 08, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Anthera Pharmaceuticals Inc | ' |
Entity Central Index Key | '0001316175 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2013 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 19,304,116 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $31,561 | $19,431 |
Short-term investments | 479 | 5,322 |
Prepaid expenses and other current assets | 1,145 | 426 |
Total current assets | 33,185 | 25,179 |
Property and equipment - net | 901 | 1,150 |
Debt issuance costs | 249 | 116 |
Restricted cash | 10,000 | ' |
TOTAL | 44,335 | 26,445 |
Current liabilities: | ' | ' |
Accounts payable | 1,617 | 5,206 |
Accrued clinical expenses | 629 | 3,374 |
Accrued liabilities | 236 | 497 |
Accrued payroll and related costs | 328 | 344 |
Short-term portion of notes payable, net of discount | 2,778 | 9,329 |
Total current liabilities | 5,588 | 18,750 |
Notes payable, net of discount | 15,792 | 11,221 |
Total liabilities | 21,380 | 29,971 |
Commitments and Contingencies (Note 5) | ' | ' |
Stockholders' equity (deficit) | ' | ' |
Common stock, $0.001 par value, 100,000,000 shares authorized; 19,304,116 and 9,893,924 shares issued and outstanding as of September 30, 2013 and December 31, 2012, respectively | 19 | 10 |
Additional paid-in capital | 304,996 | 256,859 |
Accumulated other comprehensive loss | -18 | -17 |
Deficit accumulated during the development stage | -282,042 | -260,378 |
Total stockholders' equity (deficit) | 22,955 | -3,526 |
TOTAL | $44,335 | $26,445 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
CONSOLIDATED BALANCE SHEETS [Abstract] | ' | ' |
Common stock, par value per share | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000,000,000 | 100,000,000,000,000 |
Common stock, shares issued | 19,304,116 | 9,893,924 |
Common stock, shares outstanding | 19,304,116 | 9,893,924 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | 109 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 |
OPERATING EXPENSES: | ' | ' | ' | ' | ' |
Research and development | $4,051 | $9,527 | $14,245 | $42,130 | $229,526 |
General and administrative | 1,470 | 1,594 | 5,130 | 5,715 | 35,920 |
Total operating expenses | 5,521 | 11,121 | 19,375 | 47,845 | 265,446 |
LOSS FROM OPERATIONS | -5,521 | -11,121 | -19,375 | -47,845 | -265,446 |
Other income (expense) | 14 | -46 | 33 | -84 | 1,533 |
Interest expense | -296 | -806 | -2,322 | -2,557 | -10,024 |
Mark-to-market adjustment of warrant liability | ' | ' | ' | ' | -3,796 |
Beneficial conversion features | ' | ' | ' | ' | -4,309 |
Total other income (expense) | -282 | -852 | -2,289 | -2,641 | -16,596 |
NET LOSS | ($5,803) | ($11,973) | ($21,664) | ($50,486) | ($282,042) |
Net loss per share - | ' | ' | ' | ' | ' |
Basic and diluted | ($0.30) | ($1.38) | ($1.21) | ($7.97) | ' |
Weighted-average number of shares used in per share calculation - | ' | ' | ' | ' | ' |
Basic and diluted | 19,196,140 | 8,703,790 | 17,937,069 | 6,330,705 | ' |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $) | 3 Months Ended | 9 Months Ended | 109 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS [Abstract] | ' | ' | ' | ' | ' |
Net loss | ($5,803) | ($11,973) | ($21,664) | ($50,486) | ($282,042) |
Unrealized gain (loss) on short term investments, net | -4 | 49 | -1 | -12 | -18 |
Comprehensive loss | ($5,807) | ($11,924) | ($21,665) | ($50,498) | ($282,060) |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | 109 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 |
CASH FLOW FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net loss | ($21,664) | ($50,486) | ($282,042) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' |
Depreciation | 264 | 243 | 765 |
Amortization of premium/(discount) on short-term investments | ' | ' | 56 |
Realized (gain)/loss on short-term investments and foreign currency exchange rates fluctuation | 12 | 46 | -106 |
Stock-based compensation expense | 2,452 | 1,052 | 7,172 |
Issuance of preferred and common stock for license fee, interest and service | ' | ' | 6,122 |
Beneficial conversion feature | ' | ' | 4,309 |
Amortization of discount and deferred interest on convertible notes and notes payable | 959 | 556 | 3,013 |
Amortization of debt issuance costs | 166 | 93 | 706 |
Mark-to-market adjustment on warrant liability | ' | ' | 3,796 |
Changes in assets and liabilities: | ' | ' | ' |
Prepaid expenses and other assets | -719 | 69 | -1,146 |
Accounts payable | -3,661 | -13,309 | 1,736 |
Accrued clinical expenses | -2,745 | 3,179 | 631 |
Accrued liabilities | -1,231 | -74 | -996 |
Accrued payroll and related costs | -16 | 478 | 301 |
Net cash used in operating activities | -26,183 | -58,153 | -255,683 |
INVESTING ACTIVITIES: | ' | ' | ' |
Property and equipment purchases | -15 | -207 | -1,675 |
Purchase of short-term investments | ' | -5,355 | -55,155 |
Proceeds from maturities of short-term investments | 4,831 | 5,624 | 54,771 |
Increase in restricted cash | -10,000 | ' | -10,000 |
Net cash (used in)/provided by investing activities | -5,184 | 62 | -12,059 |
FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from issuance of convertible notes and notes payable, net of issuance costs | 19,798 | ' | 70,750 |
Principal payment against note payable | -21,722 | -2,201 | -26,190 |
Net proceeds from issuance of preferred stock | ' | ' | 32,210 |
Proceeds from issuance of common stock, net of offering costs | 45,410 | 35,575 | 222,266 |
Withholding taxes paid on vested restricted stock units | -32 | -35 | -948 |
Proceeds from issuance of common stock pursuant to exercise of warrant | ' | ' | 220 |
Proceeds from issuance of common stock pursuant to employee stock purchase plan and exercise of stock options, net | 44 | 168 | 1,027 |
Net cash provided by financing activities | 43,498 | 33,507 | 299,335 |
Effect of exchange rates on cash and cash equivalents | -1 | -55 | -32 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 12,130 | -24,639 | 31,561 |
CASH AND CASH EQUIVALENTS - Beginning of period | 19,431 | 65,624 | ' |
CASH AND CASH EQUIVALENTS - End of period | 31,561 | 40,985 | 31,561 |
NONCASH INVESTING AND FINANCING ACTIVITIES: | ' | ' | ' |
Conversion of convertible promissory notes and accrued interest into common stock, Series A-2 convertible preferred stock and Series B-2 convertible preferred stock, including unamortized debt discount | ' | ' | 27,386 |
Beneficial conversion features | ' | ' | 4,309 |
Reclassification of issuance costs charged to equity | ' | ' | $3,565 |
ORGANIZATION_AND_SIGNIFICANT_A
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2013 | |
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' |
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES | ' |
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES | |
Organization | |
Anthera Pharmaceuticals, Inc. (the "Company" or "Anthera") was incorporated on September 9, 2004 in the state of Delaware. Anthera is a biopharmaceutical company focused on developing and commercializing therapeutics to treat serious diseases associated with inflammation and autoimmune diseases. The Company's primary product candidate, blisibimod, targets elevated levels of B-cell activating factor, or BAFF, which has been associated with a variety of B-cell mediated autoimmune diseases, including systemic lupus erythematosus, or lupus, IgA nephropathy, lupus nephritis, vasculitis, rheumatoid arthritis, idiopathic thrombocytopenia purpura, and others. | |
The Company's activities since inception have consisted principally of acquiring product and technology rights, raising capital, and performing research and development. Accordingly, the Company is considered to be in the development stage as of September 30, 2013, as defined by guidance issued by the Financial Accounting Standards Board ("FASB"). Successful completion of the Company's development programs and, ultimately, the attainment of profitable operations are dependent on future events, including, among other things, its ability to access potential markets; secure financing; develop a customer base; attract, retain and motivate qualified personnel; and develop strategic alliances. Through September 30, 2013, the Company has funded its operations through equity offerings, private placements of convertible debt and debt financings, raising net proceeds of approximately $325.2 million. | |
From September 9, 2004 (Date of Inception) through September 30, 2013, the Company had an accumulated a deficit of $282.0 million. During the three and nine month periods ended September 30, 2013, the Company incurred a net loss of $5.8 million and $21.7 million, respectively. Cash used in operating activities was approximately $26.2 million for the nine months ended September 30, 2013. The Company expects to continue to incur substantial losses and negative cash flows from operations over the next several years during its clinical development phase. As of the date of this report, the Company anticipates its existing cash, cash equivalents, short-term investments, and access to additional capital through an equity purchase agreement are sufficient to fund its near term liquidity needs for at least the next 12 months. | |
To fully execute its business plan, the Company will need to complete certain research and development activities and clinical studies. Further, the Company's product candidate will require regulatory approval prior to commercialization. These activities may span many years and require substantial expenditures to complete and may ultimately be unsuccessful. Any delays in completing these activities could adversely impact the Company. The Company will need substantial additional financing to conduct new trials in the development of its product candidate; such financing may not be available on terms favorable to the Company, if at all. The Company plans to meet its capital requirements primarily through issuances of equity securities, debt financing, potential partnerships and in the longer term, revenue from product sales. Failure to generate revenue or raise additional capital would adversely affect the Company's ability to achieve its intended business objectives. | |
Basis of Presentation | |
The accompanying unaudited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States, or U.S. GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not contain all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments, which include only normal recurring adjustments necessary to present fairly the Company's interim consolidated financial information. The results for the three and nine months ended September 30, 2013 are not necessarily indicative of the results to be expected for the year ending December 31, 2013 or for any other period. The consolidated balance sheet as of December 31, 2012 has been derived from the audited financial statements as of that date but it does not include all of the information and notes required by U.S. GAAP. The accompanying unaudited consolidated financial statements and notes thereto should be read in conjunction with the audited financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2012, filed with the Securities and Exchange Commission ("SEC") on March 26, 2013. | |
On July 15, 2013, the Company effectuated a 1-for-8 reverse split of its outstanding common stock . The par value of the Company's common stock remains unchanged at $0.001 per share. All references to shares of common stock outstanding and per share data for all periods presented in the accompanying consolidated financial statements and notes thereto have been adjusted to reflect such reverse split. | |
Significant Accounting Policies | |
There have been no changes in our significant accounting policies for the three and nine months ended September 30, 2013 as compared to the significant accounting policies described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2012. | |
Restricted Cash | |
At September 30, 2013, the Company had restricted cash of $10.0 million to fund a cash security account related to its Square 1 Bank Loan Agreement (see Note 6 for further details). The Company did not have any restricted cash at December 31, 2012. | |
Use of Estimates | |
The preparation of these financial statements in conformity with U.S. GAAP requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, expenses, and related disclosures. On an ongoing basis, management evaluates its estimates, including critical accounting policies or estimates related to clinical trial accruals, our tax provision and stock-based compensation. The Company bases its estimates on historical experience and on various other market specific and other relevant assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ significantly from these estimates. |
NET_LOSS_PER_SHARE
NET LOSS PER SHARE | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
NET LOSS PER SHARE [Abstract] | ' | ||||||||||||||||
NET LOSS PER SHARE | ' | ||||||||||||||||
2. NET LOSS PER SHARE | |||||||||||||||||
Basic net loss attributable to common stockholders per share is computed by dividing loss attributed to common stockholders (the numerator) by the weighted-average number of common shares outstanding (the denominator) during the period. Shares issued during the period and shares reacquired during the period are weighted for the portion of the period that they were outstanding. The computation of diluted EPS is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued. In addition, in computing the dilutive effect of convertible securities, the numerator is adjusted to add back any convertible preferred dividends and the after-tax amount of interest recognized in the period associated with any convertible debt. The numerator also is adjusted for any other changes in income or loss that would result from the assumed conversion of those potential common shares, such as profit-sharing expenses. Diluted EPS is identical to basic EPS since common equivalent shares are excluded from the calculation, as their effect is anti-dilutive. | |||||||||||||||||
The following table summarizes the Company's calculation of net loss per common share (in thousands except share and per share amounts): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net loss per share | |||||||||||||||||
Numerator | |||||||||||||||||
Net loss | $ | (5,803 | ) | $ | (11,973 | ) | $ | -21,664 | $ | (50,486 | ) | ||||||
Denominator | |||||||||||||||||
Weighted-average common shares | 19,196,140 | 8,703,807 | 17,937,069 | 6,330,888 | |||||||||||||
outstanding | |||||||||||||||||
Less: Weighted-average shares subject to | - | (17 | ) | - | (183 | ) | |||||||||||
repurchase | |||||||||||||||||
Denominator for basic and diluted net loss | 19,196,140 | 8,703,790 | 17,937,069 | 6,330,705 | |||||||||||||
per share | |||||||||||||||||
Basic and diluted net loss per share | $ | (0.30 | ) | $ | (1.38 | ) | $ | -1.21 | $ | (7.97 | ) | ||||||
The following table shows weighted-average historical dilutive common share equivalents outstanding, which are not included in the above calculation as the effect of their inclusion is anti-dilutive during each period. | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Options to purchase common stock | 20,185 | 43,454 | 23,566 | 65,365 | |||||||||||||
Common stock subject to repurchase | - | 17 | - | 183 | |||||||||||||
Warrants to purchase common stock | - | - | - | 38,405 | |||||||||||||
Restricted stock units | 42,990 | 31,029 | 43,017 | 35,526 | |||||||||||||
Total | 63,175 | 74,500 | 66,583 | 139,479 |
CASH_CASH_EQUIVALENTS_AND_SHOR
CASH, CASH EQUIVALENTS AND SHORT TERM INVESTMENTS | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
CASH, CASH EQUIVALENTS AND SHORT TERM INVESTMENTS [Abstract] | ' | ||||||||||||
CASH, CASH EQUIVALENTS AND SHORT TERM INVESTMENTS | ' | ||||||||||||
3. CASH, CASH EQUIVALENTS AND SHORT TERM INVESTMENTS | |||||||||||||
At September 30, 2013 and December 31, 2012, the amortized cost and estimated fair value of investments is set forth in the following tables (in thousands): | |||||||||||||
September 30, 2013 | |||||||||||||
Amortized | Gross | Estimated | |||||||||||
Cost | Unrealized | Fair Value | |||||||||||
Losses | |||||||||||||
Cash | $ | 119 | $ | - | $ | 119 | |||||||
Money market funds | 31,442 | - | 31,442 | ||||||||||
Certificates of deposit | 496 | -17 | 479 | ||||||||||
Total | 32,057 | -17 | 32,040 | ||||||||||
Less amounts classified as cash and cash equivalents | (31,561 | ) | - | -31,561 | |||||||||
Total short term investments | $ | 496 | $ | -17 | $ | 479 | |||||||
December 31, 2012 | |||||||||||||
Amortized | Gross | Estimated | |||||||||||
Cost | Unrealized | Fair Value | |||||||||||
Loss | |||||||||||||
Cash | $ | 3,811 | $ | - | $ | 3,811 | |||||||
Money market funds | 15,620 | - | 15,620 | ||||||||||
Certificates of deposit | 5,325 | (3 | ) | 5,322 | |||||||||
Total | 24,756 | (3 | ) | 24,753 | |||||||||
Less amounts classified as cash and cash equivalents | (19,431 | ) | - | (19,431 | ) | ||||||||
Total short term investments | $ | 5,325 | $ | (3 | ) | $ | 5,322 |
FAIR_VALUE_OF_INSTRUMENTS
FAIR VALUE OF INSTRUMENTS | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
FAIR VALUE OF INSTRUMENTS [Abstract] | ' | ||||||||||||||||
FAIR VALUE OF INSTRUMENTS | ' | ||||||||||||||||
4. FAIR VALUE OF INSTRUMENTS | |||||||||||||||||
Pursuant to the accounting guidance for fair value measurement and its subsequent updates, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the "exit price") in an orderly transaction between market participants at the measurement date. The accounting guidance establishes a hierarchy for inputs used in measuring fair value that minimizes the use of unobservable inputs by requiring the use of observable market data when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on active market data. Unobservable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances. | |||||||||||||||||
The fair value hierarchy is broken down into the three input levels summarized below: | |||||||||||||||||
· | Level 1 - Valuations are based on quoted prices in active markets for identical assets or liabilities and readily accessible by us at the reporting date. Examples of assets and liabilities utilizing Level 1 inputs are certain money market funds, U.S. Treasuries and trading securities with quoted prices on active markets. | ||||||||||||||||
· | Level 2 - Valuations based on inputs other than the quoted prices in active markets that are observable either directly or indirectly in active markets. Examples of assets and liabilities utilizing Level 2 inputs are U.S. government agency bonds, corporate bonds, commercial paper, certificates of deposit and over-the-counter derivatives. | ||||||||||||||||
· | Level 3 - Valuations based on unobservable inputs in which there are little or no market data, which require us to develop our own assumptions. | ||||||||||||||||
The following tables present the Company's fair value hierarchy for all its financial assets (including those in cash and cash equivalents), in thousands, by major security type measured at fair value on a recurring basis: | |||||||||||||||||
September 30, 2013 | |||||||||||||||||
Estimated | Level 1 | Level 2 | Level 3 | ||||||||||||||
Fair Value | |||||||||||||||||
Money market funds | $ | 31,442 | $ | 31,442 | $ | - | $ | - | |||||||||
Certificates of deposit | 479 | - | 479 | - | |||||||||||||
Total | $ | 31,921 | $ | 31,442 | $ | 479 | $ | - | |||||||||
December 31, 2012 | |||||||||||||||||
Estimated | Level 1 | Level 2 | Level 3 | ||||||||||||||
Fair Value | |||||||||||||||||
Money market funds | $ | 15,620 | $ | 15,620 | $ | - | $ | - | |||||||||
Certificates of deposit | 5,322 | - | 5,322 | - | |||||||||||||
Total | $ | 20,942 | $ | 15,620 | $ | 5,322 | $ | - | |||||||||
There were no transfers between level 1 and level 2 for the period ended September 30, 2013. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2013 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
5. COMMITMENTS AND CONTINGENCIES | |
Leases | |
The Company leases its main operating facility in Hayward, California. The lease is for approximately 14,000 square feet and expires on September 1, 2014. The Company recognizes rental expense on the facility on a straight line basis over the term of the lease. Differences between the straight-line net expense and rent payments is classified as deferred rent liability and included in accrued liabilities on the balance sheets. In November 2013, the Company renewed its facility lease for an additional three years beginning October 2014 and ending September 2017. See Note 10 of our consolidated financial statements for more information. | |
Other Commitments | |
In December 2007, the Company and Amgen, Inc. ("Amgen") entered into a worldwide, exclusive license agreement (the "Amgen Agreement") to develop and commercialize blisibimod in any indication, including for the treatment of systemic lupus erythematosus ("lupus"). Under the terms of the Amgen Agreement, the Company paid a non-refundable, upfront license fee of $6.0 million. As there is no future alternative use for the technology, the Company expensed the license fee in research and development expenses during 2007. | |
Under the terms of the Amgen Agreement, the Company is obligated to make additional milestone payments to Amgen of up to $33.0 million upon the achievement of certain development and regulatory milestones. The Company is also obligated to pay tiered royalties on future net sales of products, ranging from the high single digits to the low double digits, which are developed and approved as defined by this collaboration. The Company's royalty obligations as to a particular licensed product will be payable, on a country-by-country and licensed product-by-licensed product basis, for the longer of (a) the date of expiration of the last to expire valid claim within the licensed patents that covers the manufacture, use or sale, offer to sell, or import of such licensed product by the Company or a sublicense in such country or (b) 10 years after the first commercial sale of the applicable licensed product in the applicable country. As of September 30, 2013, there were no outstanding obligations due to Amgen. | |
NOTES_PAYABLE
NOTES PAYABLE | 9 Months Ended |
Sep. 30, 2013 | |
NOTES PAYABLE [Abstract] | ' |
NOTES PAYABLE | ' |
6. NOTES PAYABLE | |
In March 2011, the Company entered into a Loan and Security Agreement ("Loan Agreement") with Technology Growth Capital, Inc. and Hercules Technology II, L.P. (together, "Hercules). The Company repaid indebtedness under the Loan Agreement in full on April 3, 2013 in conjunction with the Company's debt refinance (see below). The Company was also obligated to pay an end of the term charge of $937,500, which was being expensed over the term of the Loan Agreement. The unamortized end of term charge of $312,000 was fully expensed to interest expense in April 2013 as a result of the payoff. Pursuant to the Loan Agreement, the Company issued a seven-year warrant to purchase 40,178 shares of the Company's common stock at an exercise price of $48.00 per share. The warrant was immediately exercisable and expires March 2018. At September 30, 2013, the warrant remained outstanding and exercisable. | |
On April 3, 2013, the Company entered a Credit and Security Agreement (the "Midcap Credit Agreement") with MidCap Financial SBIC, LP ("Midcap"), pursuant to which Midcap made a $10.0 million loan (the "Midcap Loan") to the Company. Proceeds from the Midcap Loan were used to repay the entire outstanding principal and end of term charge due to Hercules. The MidCap Credit Agreement matures on October 3, 2016 and the loan bears interest at an annual rate equal to 9.75%. Interest and principal are payable in cash on a monthly basis beginning May 1, 2013. The loan is secured by a pledge of substantially all assets of the Company, excluding intellectual property as well as the Cash Security Account (see further discussion below). In conjunction with the Midcap Loan, the Company issued a warrant to purchase 73,529 shares of its common stock, at an exercise price of $5.44 per share. The warrant is immediately exercisable and expires on October 3, 2016. The Company estimated the fair value of this warrant using the Black-Scholes option valuation model with the following assumptions: expected term of 3.5 years, a risk-free interest rate of 0.39%, expected volatility of 124% and 0% expected dividend yield. At September 30, 2013, this warrant remained outstanding and exercisable. | |
The Company applied the relative fair value method to allocate the $10.0 million proceeds received under the MidCap Credit Agreement between the loan and warrant. The initial carrying amount assigned to the loan was $9.7 million and was recorded as Notes payable-net of discount on the Company's balance sheet. The fair value allocated to the warrant of $280,000 was recorded as an increase to additional paid-in capital in the Company's balance sheet. The resulting $280,000 discount from the $10.0 million par value of the loan is amortized as an additional interest expense over the term of the loan using the effective interest rate method. | |
On April 3, 2013, the Company entered into a Loan and Security Agreement (the "Square 1 Loan Agreement") with Square 1 Bank, pursuant to which Square 1 Bank made a $10.0 million loan to the Company. The proceeds of such loan are used exclusively to fund a cash security account (the "Cash Security Account") at Square 1 Bank. The term loan under the Square 1 Loan Agreement matures on April 3, 2017 and bears interest at an annual rate equal to 1.00%. Interest is payable in cash on a monthly basis starting May 1, 2013 and the principal is payable in lump sum upon maturity of the term loan. However, the Company may prepay the principal in whole or in part from time to time without penalty or premium. The Square 1 Loan Agreement contains customary representations and warranties and certain affirmative and negative covenants including, among other things, maintenance of a balance in the Cash Security Account of not less than the lesser of (a) $10.0 million and (b) the aggregate amount all debt, principal, interest and other amounts owed to Square 1 Bank in the Cash Security Account, and restrictions on mergers. The loan under the Square 1 Term Loan Agreement is not guaranteed by any of the Company's existing subsidiaries, nor have any existing subsidiaries of the Company pledged any of their assets to secure the loan. | |
In connection with the Midcap and Square 1 Agreements, the Company incurred note issuance costs of approximately $298,000, which are recorded as long-term assets on the Company's balance sheet. The note issuance costs are being amortized to interest expense over the term of the Loan Agreements using the effective interest rate method. |
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 9 Months Ended |
Sep. 30, 2013 | |
STOCKHOLDERS' EQUITY [Abstract] | ' |
STOCKHOLDERS' EQUITY | ' |
7. STOCKHOLDERS' EQUITY | |
Prior to the Company's initial public offering ("IPO"), the Company funded its operations through private equity offerings and placements of convertible debt, raising net proceeds of approximately $47.6 million. In connection with the completion of the IPO in February 2010, all of the Company's shares of preferred stock outstanding at the time of the offering were converted into common stock and no liquidation preference remained. | |
In February 2010, the Company's Registration Statement on Form S-1 was declared effective for its IPO, pursuant to which the Company sold 750,000 shares of its common stock at a public offering price of $56.00 per share. The Company received net proceeds of approximately $37.1 million from this transaction. Concurrent with the closing of the IPO, the Company received an aggregate of $17.1 million from the issuance of 324,847 shares of its common stock to certain of its investors pursuant to a common stock purchase agreement. | |
In April 2010, the Company sold 75,561 shares of common stock pursuant to the exercise of the underwriters' over-allotment option in connection with the Company's IPO and received net proceeds of approximately $4.0 million. | |
In September 2010, the Company completed a private placement transaction with certain accredited investors pursuant to which the Company sold an aggregate of 1,312,492 units at a purchase price of $24.00 per unit, with each unit consisting of one share of common stock and a warrant to purchase an additional 0.40 shares of common stock. Each warrant is exercisable in whole or in part at any time until September 24, 2015 at a per share exercise price of $26.40, subject to certain adjustments as specified in the warrant. The Company received net proceeds of approximately $29.1 million. | |
In June 2011, the Company utilized its shelf registration statement to sell 958,333 shares of its common stock at $60.00 per share. The Company received net proceeds of approximately $54.0 million. | |
In January 2012, the Company filed a shelf registration statement with the SEC under which the Company may issue up to $100.0 million in shares of common stock, preferred stock, debt securities and/or warrants. In July 2012, the Company utilized its shelf registration statement to sell 4,125,000 and 618,750 shares of its common stock pursuant to the underwriters' option to purchase additional shares, at a price of $8.00 per share, resulting in net proceeds of approximately $35.6 million. In January 2013, the Company issued 7,575,757 shares of its common stock at $5.28 per share pursuant to the shelf registration statement in an initial closing of a public offering, followed by 1,136,362 shares in a second closing in February 2013, raising net proceeds of approximately $43.0 million. As of September 30, 2013, the Company has approximately $13.3 million available for future offering under the January 2012 shelf registration. | |
In April 2013, the Company filed a shelf registration statement with the Securities and Exchange Commission ("SEC") under which the Company may issue up to $100.0 million in shares of common stock, preferred stock, debt securities and/or warrants. No shares have been issued under the April 2013 shelf registration. | |
On April 5, 2013, the Company entered into an equity purchase agreement (the "Purchase Agreement") with Lincoln Park Capital Fund, LLC ("LPC"), pursuant to which the Company has the right to sell to LPC up to $18.5 million in shares of the Company's common stock. The Company has the right, from time to time, at its sole discretion and subject to certain conditions, to direct LPC to purchase up to 62,500 shares of common stock from the Company for a total amount not exceeding $500,000. In addition, the Company may direct LPC to purchase additional amounts as accelerated purchases if on the date of a regular purchase the closing sale price of the common stock is not below $5.20 per share. | |
Upon executing the agreement, LPC made an initial purchase of $2.0 million in shares of common stock from the Company at a purchase price of $5.18 per share. In the three and nine months ended September 30, 2013, the Company raised approximately $0.7 million in net proceeds from the sale of its common stock under the Purchase Agreement. As of September 30, 2013, the Company can sell an additional $15.8 million in shares of its common stock to LPC under the Purchase Agreement. |
SHAREBASED_COMPENSATION_PLANS
SHARE-BASED COMPENSATION PLANS | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
SHARE-BASED COMPENSATION PLANS [Abstract] | ' | ||||||||||||||||
SHARE-BASED COMPENSATION PLANS | ' | ||||||||||||||||
8. SHARE-BASED COMPENSATION PLANS | |||||||||||||||||
Option Plans | |||||||||||||||||
On March 25, 2013, the Company's board of directors adopted the 2013 Stock Option and Incentive Plan (the "2013 Plan"), which was also approved by the Company's stockholders at its annual general meeting on May 16, 2013. The Company initially reserved 1,750,000 shares of its common stock for the issuance of awards under the 2013 Plan, plus all shares remaining available for grant under the Company's 2010 Plan, plus any additional shares returned under the 2010 Plan or 2013 Plan as a result of the cancellation, forfeiture or other termination (other than by exercise) of awards issued pursuant to the 2010 Plan or 2013 Plan, subject in all cases to adjustment including reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split or other similar change in the Company's capital stock. Of the shares of common stock reserved for issuance under the 2013 Plan, no more than 750,000 shares will be issued to any individual participant as incentive options, non-qualified options or stock appreciation rights during any calendar year. The 2013 Plan permits the granting of incentive and non-statutory stock options, restricted and unrestricted stock awards, restricted stock units, stock appreciation rights, performance share awards, cash-based awards and dividend equivalent rights to eligible employees, directors and consultants. The option exercise price of an option granted under the 2013 Plan may not be less than 100% of the fair market value of a share of the Company's common stock on the date the stock option is granted. Options granted under the 2013 Plan have a maximum term of 10 years and generally vest over four years. In addition, in the case of certain large stockholders, the minimum exercise price of incentive options must equal 110% of fair market value on the date of grant and the maximum term is limited to five years. Subject to overall Plan limitations, the maximum aggregate number of shares of common stock that may be issued in the form of incentive options shall not exceed 6,250,000 shares of common stock. | |||||||||||||||||
The 2013 Plan does not allow the option holders to exercise their options prior to vesting. | |||||||||||||||||
The terms of awards granted during the three and nine months ended September 30, 2013 and the methods for determining grant date fair value of the awards were consistent with those described in the financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2012. | |||||||||||||||||
The following table summarizes stock option activity under the Company's share-based compensation plans for the nine months ended September 30, 2013 (in thousands except share and per share amounts): | |||||||||||||||||
Number of | Weighted- | Weighted- | Aggregate | ||||||||||||||
Options | Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Life in Years | |||||||||||||||||
Balance at December 31, 2012 | 300,468 | $ | 24.15 | 2.29 | $ | 0 | |||||||||||
Granted | 2,020,250 | $ | 4.87 | - | - | ||||||||||||
Exercised | - | $ | - | - | - | ||||||||||||
Cancelled and expired | (382,708 | ) | $ | 17.54 | |||||||||||||
Balance at September 30, 2013 | 1,938,010 | $ | 5.36 | 9.34 | $ | 85 | |||||||||||
Vested at September 30, 2013 | 171,215 | $ | 10.12 | 6.36 | $ | 85 | |||||||||||
Vested and expected to vest at September 30, 2013 | 1,938,010 | $ | 5.36 | 9.34 | $ | 85 | |||||||||||
The intrinsic value of stock options represents the difference between the exercise price of stock options and the market price of our stock on that day for all the options that are in the money. | |||||||||||||||||
As of September 30, 2013, there were 770,361 shares available for future issuance under the 2013 Plan. | |||||||||||||||||
2010 Employee Stock Purchase Plan | |||||||||||||||||
Effective July 2010, under the terms of the ESPP, eligible employees of the Company may authorize the Company to deduct amounts from their compensation, which amounts are used to enable the employees to purchase shares of the Company's common stock. The Company initially reserved 12,500 shares of common stock for issuance thereunder plus on January 1, 2011 and each January 1 thereafter, the number of shares of stock reserved and available for issuance under the Plan shall be cumulatively increased by the lesser of (i) one percent (1%) of the number of shares of common stock issued and outstanding on the immediately preceding December 31 or (ii) 31,250 shares of common stock. On January 1, 2013, in accordance with the ESPP's annual increase provisions, the authorized shares in the ESPP increased by 31,250. | |||||||||||||||||
The purchase price per share is 85% of the fair market value of the common stock as of the first date or the ending date of the applicable semi-annual purchase period, whichever is less. Purchases are generally made on the last trading day of each June and December. There were 13,904 shares issued under the ESPP during the nine months ended September 30, 2013. As of September 30, 2013, 78,930 shares were available for future purchase under the ESPP. | |||||||||||||||||
Restricted Stock Units | |||||||||||||||||
The Company grants restricted stock unit awards ("RSUs") under its equity plan, as determined by the Company's compensation committee. The RSUs granted represent a right to receive shares of common stock at a future date determined in accordance with the participant's award agreement. An exercise price and monetary payment are not required for receipt of RSUs or the shares issued in settlement of the award. Instead, consideration is furnished in the form of the participant's services to the Company. Substantially all of the RSUs vest over four years. | |||||||||||||||||
The following table summarizes activity related to the Company's restricted stock unit awards: | |||||||||||||||||
Shares | Weighted-Average | Weighted-Average | |||||||||||||||
Grant Date | Remaining Contractual | ||||||||||||||||
Fair Value | Life in Years | ||||||||||||||||
Outstanding at December 31, 2012 | 28,106 | $ | 43.04 | 0.71 | |||||||||||||
RSUs granted | 53,584 | $ | 5.12 | ||||||||||||||
RSUs released | (36,836 | ) | $ | 24.3 | |||||||||||||
RSU forfeitures and cancellations | (1,874 | ) | $ | 42.88 | |||||||||||||
Outstanding at September 30, 2013 | 42,980 | $ | 11.83 | 0.57 | |||||||||||||
RSUs are converted into common stock upon vesting. Upon the vesting of RSUs, the Company offers the use of the net share settlement approach and withholds a portion of the shares issued to the employee by the corresponding whole number share value, if required. The number and the value of the shares netted for employee taxes are summarized in the table below (in thousands, except share amounts): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Shares withheld | 28 | 121 | 6,241 | 2,046 | |||||||||||||
Fair value of shares withheld | $ | 0 | 1 | $ | 34 | 35 |
STOCKBASED_COMPENSATION
STOCK-BASED COMPENSATION | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
STOCK-BASED COMPENSATION [Abstract] | ' | ||||||||||||||||||||
STOCK-BASED COMPENSATION | ' | ||||||||||||||||||||
9. STOCK-BASED COMPENSATION | |||||||||||||||||||||
Compensation expense for stock options and stock purchase rights granted is based on the grant date fair value and is recognized over the vesting period of the applicable option on a straight-line basis. The estimated grant date fair values of employee stock options and stock purchase rights were calculated using the Black-Scholes option pricing model. Option pricing models require the input of subjective assumptions and these assumptions can vary over time. There were 19,250 and 2,020,250 stock options granted in the three and nine months period ended September 30, 2013, respectively. The assumptions used to calculate the estimated grant date fair values of employee stock options and stock purchase rights were as follows: | |||||||||||||||||||||
Stock Option Plans | |||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | Period from | |||||||||||||||||||
September 9, | |||||||||||||||||||||
2004 (Date of | |||||||||||||||||||||
Inception) to | |||||||||||||||||||||
September 30, | |||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | |||||||||||||||||
Expected Volatility | 85% | 66 | % | 85% | 66 | % | 82% | ||||||||||||||
Dividend Yield | 0% | 0 | % | 0% | 0 | % | 0% | ||||||||||||||
Risk-Free Interest Rate | 0.62% | 1.3 | % | 0.62% | 1.3 | % | 1.10% | ||||||||||||||
Expected Term (years) | 4 | 6.25 | 3.97 | 6.25 | 4.45 | ||||||||||||||||
ESPP | |||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | Period from | |||||||||||||||||||
September 9, | |||||||||||||||||||||
2004 (Date of | |||||||||||||||||||||
Inception) to | |||||||||||||||||||||
September 30, | |||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | |||||||||||||||||
Expected Volatility | 54% | 242 | % | 116% | 129 | % | 98% | ||||||||||||||
Dividend Yield | 0% | 0 | % | 0% | 0 | % | 0% | ||||||||||||||
Risk-Free Interest Rate | 0.09% | 0.14 | % | 0.11% | 0.19 | % | 0.13% | ||||||||||||||
Expected Term (years) | 0.5 | 0 | 0.5 | 0.5 | 0 | 0.5 | 0 | 0.47 | |||||||||||||
Compensation cost for stock options is based on the grant-date fair value and is recognized over the vesting period of the applicable option on a straight-line basis. The estimated per share weighted-average fair values of stock options granted were as follows: | |||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | Period from | |||||||||||||||||||
September 9, | |||||||||||||||||||||
2004 (Date of | |||||||||||||||||||||
Inception) to | |||||||||||||||||||||
September 30, | |||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | |||||||||||||||||
Estimated per share weighted- | $ | 2.71 | $ | 0 | $ | 2.96 | $ | 10.52 | $ | 4.89 | |||||||||||
average fair value | |||||||||||||||||||||
RSUs | |||||||||||||||||||||
The Company's equity plan allows individuals who had received RSUs to net share settle in excess of the minimum statutory withholding amount for taxes. In accordance with guidance issued by the FASB, this modification resulted in the RSUs being classified as a liability, and the subsequent change in fair value to be recorded as expense. The unsettled RSUs are remeasured at each reporting date and will continue to be remeasured until they are fully vested in approximately 0.68 year. Any changes in valuation are recorded as compensation expense for the period. As of September 30, 2013, the liability related to the unsettled awards is not material. | |||||||||||||||||||||
Total stock-based compensation expense for equity awards recognized was as follows (in thousands): | |||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | Period from | |||||||||||||||||||
September 9, | |||||||||||||||||||||
2004 | |||||||||||||||||||||
(Date of | |||||||||||||||||||||
Inception) | |||||||||||||||||||||
to September 30, | |||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | |||||||||||||||||
Research and development | $ | 172 | $ | 185 | $ | 1,168 | $ | 425 | $ | 3,225 | |||||||||||
General and administrative | 320 | 202 | 1,283 | 627 | 3,947 | ||||||||||||||||
Total stock-based compensation | $ | 492 | $ | 387 | $ | 2,451 | $ | 1,052 | $ | 7,172 | |||||||||||
Stock based compensation expense in the nine month period ended September 30, 2013 includes a one-time charge of approximately $1.5 million associated with the voluntary surrender of stock options by the Company's employees. As of September 30, 2013, there was $6.1 million of unrecognized compensation expense related to stock options. The unrecognized compensation expense will be amortized on a straight-line basis over a weighted-average remaining period of 3.37 years. | |||||||||||||||||||||
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2013 | |
SUBSEQUENT EVENTS [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
10. SUBSEQUENT EVENTS | |
In November 2013, pursuant to the terms of the facility lease agreement, the Company renewed its facility lease for an additional three years beginning October 2014 and ending September 2017. Total future minimum lease payment over the renewed term of the lease is $495,000. | |
ORGANIZATION_AND_SIGNIFICANT_A1
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' |
Organization | ' |
Organization | |
Anthera Pharmaceuticals, Inc. (the "Company" or "Anthera") was incorporated on September 9, 2004 in the state of Delaware. Anthera is a biopharmaceutical company focused on developing and commercializing therapeutics to treat serious diseases associated with inflammation and autoimmune diseases. The Company's primary product candidate, blisibimod, targets elevated levels of B-cell activating factor, or BAFF, which has been associated with a variety of B-cell mediated autoimmune diseases, including systemic lupus erythematosus, or lupus, IgA nephropathy, lupus nephritis, vasculitis, rheumatoid arthritis, idiopathic thrombocytopenia purpura, and others. | |
The Company's activities since inception have consisted principally of acquiring product and technology rights, raising capital, and performing research and development. Accordingly, the Company is considered to be in the development stage as of September 30, 2013, as defined by guidance issued by the Financial Accounting Standards Board ("FASB"). Successful completion of the Company's development programs and, ultimately, the attainment of profitable operations are dependent on future events, including, among other things, its ability to access potential markets; secure financing; develop a customer base; attract, retain and motivate qualified personnel; and develop strategic alliances. Through September 30, 2013, the Company has funded its operations through equity offerings, private placements of convertible debt and debt financings, raising net proceeds of approximately $325.2 million. | |
From September 9, 2004 (Date of Inception) through September 30, 2013, the Company had an accumulated a deficit of $282.0 million. During the three and nine month periods ended September 30, 2013, the Company incurred a net loss of $5.8 million and $21.7 million, respectively. Cash used in operating activities was approximately $26.2 million for the nine months ended September 30, 2013. The Company expects to continue to incur substantial losses and negative cash flows from operations over the next several years during its clinical development phase. As of the date of this report, the Company anticipates its existing cash, cash equivalents, short-term investments, and access to additional capital through an equity purchase agreement are sufficient to fund its near term liquidity needs for at least the next 12 months. | |
To fully execute its business plan, the Company will need to complete certain research and development activities and clinical studies. Further, the Company's product candidate will require regulatory approval prior to commercialization. These activities may span many years and require substantial expenditures to complete and may ultimately be unsuccessful. Any delays in completing these activities could adversely impact the Company. The Company will need substantial additional financing to conduct new trials in the development of its product candidate; such financing may not be available on terms favorable to the Company, if at all. The Company plans to meet its capital requirements primarily through issuances of equity securities, debt financing, potential partnerships and in the longer term, revenue from product sales. Failure to generate revenue or raise additional capital would adversely affect the Company's ability to achieve its intended business objectives. | |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States, or U.S. GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not contain all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments, which include only normal recurring adjustments necessary to present fairly the Company's interim consolidated financial information. The results for the three and nine months ended September 30, 2013 are not necessarily indicative of the results to be expected for the year ending December 31, 2013 or for any other period. The consolidated balance sheet as of December 31, 2012 has been derived from the audited financial statements as of that date but it does not include all of the information and notes required by U.S. GAAP. The accompanying unaudited consolidated financial statements and notes thereto should be read in conjunction with the audited financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2012, filed with the Securities and Exchange Commission ("SEC") on March 26, 2013. | |
On July 15, 2013, the Company effectuated a 1-for-8 reverse split of its outstanding common stock . The par value of the Company's common stock remains unchanged at $0.001 per share. All references to shares of common stock outstanding and per share data for all periods presented in the accompanying consolidated financial statements and notes thereto have been adjusted to reflect such reverse split. | |
Significant Accounting Policies | ' |
Significant Accounting Policies | |
There have been no changes in our significant accounting policies for the three and nine months ended September 30, 2013 as compared to the significant accounting policies described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2012. | |
Restricted cash | ' |
Restricted Cash | |
At September 30, 2013, the Company had restricted cash of $10.0 million to fund a cash security account related to its Square 1 Bank Loan Agreement (see Note 6 for further details). The Company did not have any restricted cash at December 31, 2012. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of these financial statements in conformity with U.S. GAAP requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, expenses, and related disclosures. On an ongoing basis, management evaluates its estimates, including critical accounting policies or estimates related to clinical trial accruals, our tax provision and stock-based compensation. The Company bases its estimates on historical experience and on various other market specific and other relevant assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ significantly from these estimates. |
NET_LOSS_PER_SHARE_Tables
NET LOSS PER SHARE (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
NET LOSS PER SHARE [Abstract] | ' | ||||||||||||||||
Schedule of Calculation of Net Loss Per Common Share | ' | ||||||||||||||||
The following table summarizes the Company's calculation of net loss per common share (in thousands except share and per share amounts): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net loss per share | |||||||||||||||||
Numerator | |||||||||||||||||
Net loss | $ | (5,803 | ) | $ | (11,973 | ) | $ | -21,664 | $ | (50,486 | ) | ||||||
Denominator | |||||||||||||||||
Weighted-average common shares | 19,196,140 | 8,703,807 | 17,937,069 | 6,330,888 | |||||||||||||
outstanding | |||||||||||||||||
Less: Weighted-average shares subject to | - | (17 | ) | - | (183 | ) | |||||||||||
repurchase | |||||||||||||||||
Denominator for basic and diluted net loss | 19,196,140 | 8,703,790 | 17,937,069 | 6,330,705 | |||||||||||||
per share | |||||||||||||||||
Basic and diluted net loss per share | $ | (0.30 | ) | $ | (1.38 | ) | $ | -1.21 | $ | (7.97 | ) | ||||||
Schedule of Antidilutive Securities | ' | ||||||||||||||||
The following table shows weighted-average historical dilutive common share equivalents outstanding, which are not included in the above calculation as the effect of their inclusion is anti-dilutive during each period. | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Options to purchase common stock | 20,185 | 43,454 | 23,566 | 65,365 | |||||||||||||
Common stock subject to repurchase | - | 17 | - | 183 | |||||||||||||
Warrants to purchase common stock | - | - | - | 38,405 | |||||||||||||
Restricted stock units | 42,990 | 31,029 | 43,017 | 35,526 | |||||||||||||
Total | 63,175 | 74,500 | 66,583 | 139,479 |
CASH_CASH_EQUIVALENTS_AND_SHOR1
CASH, CASH EQUIVALENTS AND SHORT TERM INVESTMENTS (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
CASH, CASH EQUIVALENTS AND SHORT TERM INVESTMENTS [Abstract] | ' | ||||||||||||
Schedule of Cash and Investments | ' | ||||||||||||
At September 30, 2013 and December 31, 2012, the amortized cost and estimated fair value of investments is set forth in the following tables (in thousands): | |||||||||||||
September 30, 2013 | |||||||||||||
Amortized | Gross | Estimated | |||||||||||
Cost | Unrealized | Fair Value | |||||||||||
Losses | |||||||||||||
Cash | $ | 119 | $ | - | $ | 119 | |||||||
Money market funds | 31,442 | - | 31,442 | ||||||||||
Certificates of deposit | 496 | -17 | 479 | ||||||||||
Total | 32,057 | -17 | 32,040 | ||||||||||
Less amounts classified as cash and cash equivalents | (31,561 | ) | - | -31,561 | |||||||||
Total short term investments | $ | 496 | $ | -17 | $ | 479 | |||||||
December 31, 2012 | |||||||||||||
Amortized | Gross | Estimated | |||||||||||
Cost | Unrealized | Fair Value | |||||||||||
Loss | |||||||||||||
Cash | $ | 3,811 | $ | - | $ | 3,811 | |||||||
Money market funds | 15,620 | - | 15,620 | ||||||||||
Certificates of deposit | 5,325 | (3 | ) | 5,322 | |||||||||
Total | 24,756 | (3 | ) | 24,753 | |||||||||
Less amounts classified as cash and cash equivalents | (19,431 | ) | - | (19,431 | ) | ||||||||
Total short term investments | $ | 5,325 | $ | (3 | ) | $ | 5,322 |
FAIR_VALUE_OF_INSTRUMENTS_Tabl
FAIR VALUE OF INSTRUMENTS (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
FAIR VALUE OF INSTRUMENTS [Abstract] | ' | ||||||||||||||||
Schedule of Financial Assets Measured at Fair Value on a Recurring Basis | ' | ||||||||||||||||
The following tables present the Company's fair value hierarchy for all its financial assets (including those in cash and cash equivalents), in thousands, by major security type measured at fair value on a recurring basis: | |||||||||||||||||
September 30, 2013 | |||||||||||||||||
Estimated | Level 1 | Level 2 | Level 3 | ||||||||||||||
Fair Value | |||||||||||||||||
Money market funds | $ | 31,442 | $ | 31,442 | $ | - | $ | - | |||||||||
Certificates of deposit | 479 | - | 479 | - | |||||||||||||
Total | $ | 31,921 | $ | 31,442 | $ | 479 | $ | - | |||||||||
December 31, 2012 | |||||||||||||||||
Estimated | Level 1 | Level 2 | Level 3 | ||||||||||||||
Fair Value | |||||||||||||||||
Money market funds | $ | 15,620 | $ | 15,620 | $ | - | $ | - | |||||||||
Certificates of deposit | 5,322 | - | 5,322 | - | |||||||||||||
Total | $ | 20,942 | $ | 15,620 | $ | 5,322 | $ | - |
SHAREBASED_COMPENSATION_PLANS_
SHARE-BASED COMPENSATION PLANS (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
SHARE-BASED COMPENSATION PLANS [Abstract] | ' | ||||||||||||||||
Summary of Option Activity | ' | ||||||||||||||||
The following table summarizes stock option activity under the Company's share-based compensation plans for the nine months ended September 30, 2013 (in thousands except share and per share amounts): | |||||||||||||||||
Number of | Weighted- | Weighted- | Aggregate | ||||||||||||||
Options | Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Life in Years | |||||||||||||||||
Balance at December 31, 2012 | 300,468 | $ | 24.15 | 2.29 | $ | 0 | |||||||||||
Granted | 2,020,250 | $ | 4.87 | - | - | ||||||||||||
Exercised | - | $ | - | - | - | ||||||||||||
Cancelled and expired | (382,708 | ) | $ | 17.54 | |||||||||||||
Balance at September 30, 2013 | 1,938,010 | $ | 5.36 | 9.34 | $ | 85 | |||||||||||
Vested at September 30, 2013 | 171,215 | $ | 10.12 | 6.36 | $ | 85 | |||||||||||
Vested and expected to vest at September 30, 2013 | 1,938,010 | $ | 5.36 | 9.34 | $ | 85 | |||||||||||
Summary of Restricted Stock Unit Activity | ' | ||||||||||||||||
The following table summarizes activity related to the Company's restricted stock unit awards: | |||||||||||||||||
Shares | Weighted-Average | Weighted-Average | |||||||||||||||
Grant Date | Remaining Contractual | ||||||||||||||||
Fair Value | Life in Years | ||||||||||||||||
Outstanding at December 31, 2012 | 28,106 | $ | 43.04 | 0.71 | |||||||||||||
RSUs granted | 53,584 | $ | 5.12 | ||||||||||||||
RSUs released | (36,836 | ) | $ | 24.3 | |||||||||||||
RSU forfeitures and cancellations | (1,874 | ) | $ | 42.88 | |||||||||||||
Outstanding at September 30, 2013 | 42,980 | $ | 11.83 | 0.57 | |||||||||||||
Summary of Shares Netted for Employee Taxes | ' | ||||||||||||||||
The number and the value of the shares netted for employee taxes are summarized in the table below (in thousands, except share amounts): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Shares withheld | 28 | 121 | 6,241 | 2,046 | |||||||||||||
Fair value of shares withheld | $ | 0 | 1 | $ | 34 | 35 |
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
STOCK-BASED COMPENSATION [Abstract] | ' | ||||||||||||||||||||
Summary of Fair Value Assumptions for Stock Options and Stock Purchase Rights | ' | ||||||||||||||||||||
The assumptions used to calculate the estimated grant date fair values of employee stock options and stock purchase rights were as follows: | |||||||||||||||||||||
Stock Option Plans | |||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | Period from | |||||||||||||||||||
September 9, | |||||||||||||||||||||
2004 (Date of | |||||||||||||||||||||
Inception) to | |||||||||||||||||||||
September 30, | |||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | |||||||||||||||||
Expected Volatility | 85% | 66 | % | 85% | 66 | % | 82% | ||||||||||||||
Dividend Yield | 0% | 0 | % | 0% | 0 | % | 0% | ||||||||||||||
Risk-Free Interest Rate | 0.62% | 1.3 | % | 0.62% | 1.3 | % | 1.10% | ||||||||||||||
Expected Term (years) | 4 | 6.25 | 3.97 | 6.25 | 4.45 | ||||||||||||||||
ESPP | |||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | Period from | |||||||||||||||||||
September 9, | |||||||||||||||||||||
2004 (Date of | |||||||||||||||||||||
Inception) to | |||||||||||||||||||||
September 30, | |||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | |||||||||||||||||
Expected Volatility | 54% | 242 | % | 116% | 129 | % | 98% | ||||||||||||||
Dividend Yield | 0% | 0 | % | 0% | 0 | % | 0% | ||||||||||||||
Risk-Free Interest Rate | 0.09% | 0.14 | % | 0.11% | 0.19 | % | 0.13% | ||||||||||||||
Expected Term (years) | 0.5 | 0 | 0.5 | 0.5 | 0 | 0.5 | 0 | 0.47 | |||||||||||||
Schedule of Weighted Average Fair Value of Options Granted | ' | ||||||||||||||||||||
The estimated per share weighted-average fair values of stock options granted were as follows: | |||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | Period from | |||||||||||||||||||
September 9, | |||||||||||||||||||||
2004 (Date of | |||||||||||||||||||||
Inception) to | |||||||||||||||||||||
September 30, | |||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | |||||||||||||||||
Estimated per share weighted- | $ | 2.71 | $ | 0 | $ | 2.96 | $ | 10.52 | $ | 4.89 | |||||||||||
average fair value | |||||||||||||||||||||
Schedule of Stock-based Compensation Expense | ' | ||||||||||||||||||||
Total stock-based compensation expense for equity awards recognized was as follows (in thousands): | |||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | Period from | |||||||||||||||||||
September 9, | |||||||||||||||||||||
2004 | |||||||||||||||||||||
(Date of | |||||||||||||||||||||
Inception) | |||||||||||||||||||||
to September 30, | |||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | |||||||||||||||||
Research and development | $ | 172 | $ | 185 | $ | 1,168 | $ | 425 | $ | 3,225 | |||||||||||
General and administrative | 320 | 202 | 1,283 | 627 | 3,947 | ||||||||||||||||
Total stock-based compensation | $ | 492 | $ | 387 | $ | 2,451 | $ | 1,052 | $ | 7,172 | |||||||||||
ORGANIZATION_AND_SIGNIFICANT_A2
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 3 Months Ended | 9 Months Ended | 109 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ' | ' | ' | ' | ' |
Proceeds from equity offerings and debt placements | ' | ' | $325,200 | ' | ' | ' |
Deficit accumulated during the development stage | 282,042 | ' | 282,042 | ' | 282,042 | 260,378 |
Net loss | 5,803 | 11,973 | 21,664 | 50,486 | 282,042 | ' |
Cash used in operating activities | ' | ' | 26,183 | 58,153 | 255,683 | ' |
Restricted cash | $10,000 | ' | $10,000 | ' | $10,000 | ' |
Common stock, par value per share | $0.00 | ' | $0.00 | ' | $0.00 | $0.00 |
NET_LOSS_PER_SHARE_Schedule_of
NET LOSS PER SHARE (Schedule of Calculation of Net Loss Per Common Share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Numerator | ' | ' | ' | ' |
Net loss | ($5,803) | ($11,973) | ($21,664) | ($50,486) |
Denominator | ' | ' | ' | ' |
Weighted-average common shares outstanding | 19,196,140 | 8,703,807 | 17,937,069 | 6,330,888 |
Less: Weighted-average shares subject to repurchase | ' | -17 | ' | -183 |
Denominator for basic and diluted net loss per share | 19,196,140 | 8,703,790 | 17,937,069 | 6,330,705 |
Basic and diluted net loss per share | ($0.30) | ($1.38) | ($1.21) | ($7.97) |
NET_LOSS_PER_SHARE_Schedule_of1
NET LOSS PER SHARE (Schedule of Antidilutive Securities) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Anti-dilutive common share equivalents outstanding | 63,175 | 74,500 | 66,583 | 139,479 |
Options to purchase common stock [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Anti-dilutive common share equivalents outstanding | 20,185 | 43,454 | 23,566 | 65,365 |
Common Stock Subject to Repurchase [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Anti-dilutive common share equivalents outstanding | ' | 17 | ' | 186 |
Warrants to Purchase Common Stock [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Anti-dilutive common share equivalents outstanding | ' | ' | ' | 38,405 |
Restricted Stock Units [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Anti-dilutive common share equivalents outstanding | 42,990 | 31,029 | 43,017 | 35,526 |
CASH_CASH_EQUIVALENTS_AND_SHOR2
CASH, CASH EQUIVALENTS AND SHORT TERM INVESTMENTS (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investment Holdings [Line Items] | ' | ' |
Amortized Cost | $32,057 | $24,756 |
Gross Unrealized Losses | -17 | -3 |
Estimated Fair Value | 32,040 | 24,753 |
Cash [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Amortized Cost | 119 | 3,811 |
Gross Unrealized Losses | ' | ' |
Estimated Fair Value | 119 | 3,811 |
Money market funds [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Amortized Cost | 31,442 | 15,620 |
Gross Unrealized Losses | ' | ' |
Estimated Fair Value | 31,442 | 15,620 |
Certificates of deposit [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Amortized Cost | 496 | 5,325 |
Gross Unrealized Losses | -17 | -3 |
Estimated Fair Value | 479 | 5,322 |
Less amounts classified as cash and cash equivalents [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Amortized Cost | -31,561 | -19,431 |
Gross Unrealized Losses | ' | ' |
Estimated Fair Value | -31,561 | -19,431 |
Short-term investments [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Amortized Cost | 496 | 5,325 |
Gross Unrealized Losses | -17 | -3 |
Estimated Fair Value | $479 | $5,322 |
FAIR_VALUE_OF_INSTRUMENTS_Deta
FAIR VALUE OF INSTRUMENTS (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Estimated Fair Value [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured on a recurring basis | $31,921 | $20,942 |
Estimated Fair Value [Member] | Money Market Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured on a recurring basis | 31,442 | 15,620 |
Estimated Fair Value [Member] | Certificates of Deposit [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured on a recurring basis | 479 | 5,322 |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured on a recurring basis | 31,442 | 15,620 |
Level 1 [Member] | Money Market Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured on a recurring basis | 31,442 | 15,620 |
Level 1 [Member] | Certificates of Deposit [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured on a recurring basis | ' | ' |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured on a recurring basis | 479 | 5,322 |
Level 2 [Member] | Money Market Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured on a recurring basis | ' | ' |
Level 2 [Member] | Certificates of Deposit [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured on a recurring basis | 479 | 5,322 |
Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured on a recurring basis | ' | ' |
Level 3 [Member] | Money Market Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured on a recurring basis | ' | ' |
Level 3 [Member] | Certificates of Deposit [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured on a recurring basis | ' | ' |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | 1 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2007 | Sep. 30, 2013 |
Loss Contingencies [Line Items] | ' | ' |
Square footage of operating facility, in square feet | ' | 14,000 |
Amgen Inc. [Member] | License Agreement [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
License initiation fees | $6,000 | ' |
Royalty obligation expiration period after the first commercial sale of the applicable licensed product in the applicable country | ' | '10 years |
Amgen Inc. [Member] | License Agreement [Member] | Maximum [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Additional milestone payments upon the achievement of certain development and regulatory milestones | ' | 33,000 |
NOTES_PAYABLE_Details
NOTES PAYABLE (Details) (USD $) | 1 Months Ended | 9 Months Ended | 109 Months Ended | 1 Months Ended | 9 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2013 | Jul. 31, 2012 | Jun. 30, 2011 | Feb. 28, 2010 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Apr. 30, 2013 | Apr. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Midcap Credit Agreement [Member] | Square 1 Loan Agreement [Member] | Warrant Expiring in March 2018 [Member] | Notes Payable [Member] | ||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, borrowed amount | ' | ' | ' | ' | ' | ' | ' | $10,000 | $10,000 | $25,000 | ' |
Interest rate | ' | ' | ' | ' | ' | ' | ' | 9.75% | 1.00% | ' | ' |
End of term charge obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 937,500 |
Term of warrant | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | ' |
Number of shares called by warrant(s) | ' | ' | ' | ' | ' | ' | ' | 73,529 | ' | 40,178 | ' |
Public offering, price per share | $5.28 | $8 | $60 | $56 | ' | ' | ' | $5.44 | ' | $48 | ' |
Warrant expiration date | ' | ' | ' | ' | ' | ' | ' | 'October 3, 2016 | 'April 3, 2017 | 'March 2018 | ' |
Fair value assumptions, expected term | ' | ' | ' | ' | ' | ' | ' | '3 years 6 months | ' | ' | ' |
Fair value assumptions, risk-free interest rate | ' | ' | ' | ' | ' | ' | ' | 0.39% | ' | ' | ' |
Fair value assumptions, expected volatility | ' | ' | ' | ' | ' | ' | ' | 124.00% | ' | ' | ' |
Fair value assumptions, expected dividend yield | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial carrying amount assigned to the loan, net of discount | ' | ' | ' | ' | ' | ' | ' | 9,700 | ' | ' | ' |
Debt discount | ' | ' | ' | ' | ' | ' | ' | 280 | ' | 312,000 | ' |
Amortization of debt issuance costs | ' | ' | ' | ' | 166 | 93 | 706 | ' | ' | ' | ' |
Debt issuance expenses | ' | ' | ' | ' | ' | ' | ' | ' | $298 | ' | ' |
STOCKHOLDERS_EQUITY_Details
STOCKHOLDERS' EQUITY (Details) (USD $) | 1 Months Ended | 9 Months Ended | 109 Months Ended | 0 Months Ended | 1 Months Ended | 9 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Feb. 28, 2013 | Jan. 31, 2013 | Jul. 31, 2012 | Jan. 31, 2012 | Jun. 30, 2011 | Sep. 30, 2010 | Apr. 30, 2010 | Feb. 28, 2010 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Apr. 05, 2013 | Apr. 30, 2013 | Sep. 30, 2013 |
Lincoln Park Capital Fund [Member] | Lincoln Park Capital Fund [Member] | Lincoln Park Capital Fund [Member] | |||||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from private placements | ' | ' | ' | ' | ' | ' | ' | $47,600 | ' | ' | ' | ' | $500 | ' | ' |
Issuance of common stock, shares | 1,136,362 | 7,575,757 | 4,743,750 | ' | 958,333 | ' | ' | 750,000 | ' | ' | ' | ' | 62,500 | ' | ' |
Issuance of stock, price per share | ' | $5.28 | $8 | ' | $60 | ' | ' | $56 | ' | ' | ' | ' | $5.20 | $5.18 | $5.18 |
Proceeds from stock issuance, IPO | ' | ' | ' | ' | ' | ' | ' | 37,100 | ' | ' | ' | ' | ' | ' | ' |
Stock issued during period pursuant to purchase agreement | ' | ' | ' | ' | ' | ' | ' | 17,100 | ' | ' | ' | ' | ' | 2,000 | 2,000 |
Stock issued during period pursuant to purchase agreement, shares | ' | ' | ' | ' | ' | ' | ' | 324,847 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock upon exercise of overallotment by underwriters, shares | ' | ' | ' | ' | ' | ' | 75,561 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock upon exercise of overallotment by underwriters | ' | ' | ' | ' | ' | ' | 4,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of units upon private placement transaction, number of units | ' | ' | ' | ' | ' | 1,312,492 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Price per unit, units issued upon private placement transaction | ' | ' | ' | ' | ' | $24 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares of common stock for each warrant | ' | ' | ' | ' | ' | $0.40 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price of warrant(s) | ' | ' | ' | ' | ' | -26.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from issuance of units in private placement transaction | ' | ' | ' | ' | ' | 29,100 | ' | ' | ' | ' | ' | ' | ' | ' | 700 |
Proceeds from issuance of common stock | 43,000 | ' | 35,600 | ' | 54,000 | ' | ' | ' | 45,410 | 35,575 | 222,266 | ' | ' | ' | ' |
Maximum amount of shares of common stock, preferred stock, debt securities and/or warrants that may be issued under a shelf registration statement | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' |
Stock issuance, shares issued to the public | ' | ' | 4,125,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock issuance, shares issued to underwriter | ' | ' | 618,750 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, par value per share | ' | ' | ' | ' | ' | ' | ' | ' | $0.00 | ' | $0.00 | $0.00 | ' | ' | ' |
Equity purchase agreement, authorized amount of equity authorized for sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,500 | ' |
Additional aggregate purchase price | ' | ' | ' | ' | ' | ' | ' | ' | $13,300 | ' | ' | ' | ' | ' | $15,800 |
SHAREBASED_COMPENSATION_PLANS_1
SHARE-BASED COMPENSATION PLANS (Narrative) (Details) | 9 Months Ended | 12 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Jan. 31, 2013 | Sep. 30, 2013 | Jul. 31, 2010 | |
Restricted Stock Units [Member] | 2013 Plan [Member] | Employee Stock [Member] | Employee Stock [Member] | Employee Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Common stock options available for future grant under stock option plan | ' | ' | ' | 770,361 | ' | 78,930 | ' |
Share-based compensation, shares authorized under plan | ' | ' | ' | 1,750,000 | ' | ' | 12,500 |
Maximum number of shares of common stock by which the number of shares of stock reserved and available for grant shall be cumulatively increased | ' | ' | ' | ' | 31,250 | ' | ' |
Purchase price as percentage of fair market value of common stock | ' | ' | ' | 100.00% | 85.00% | ' | ' |
Share-based compensation, shares issued during period | ' | ' | ' | ' | ' | 13,904 | ' |
Maximum term for options granted under the plan | ' | ' | ' | '10 years | ' | ' | ' |
Maximum shares allowed to be issued per individual | ' | ' | ' | 750,000 | ' | ' | ' |
Maximum shares allowed to be issued as incentive options | ' | ' | ' | 6,250,000 | ' | ' | ' |
Remaining contractual life | '6 months 20 days | '8 months 16 days | ' | '5 years | ' | ' | ' |
Vesting period | ' | ' | '4 years | '4 years | ' | ' | ' |
Percentage of the number of shares of common stock by which the number of shares available for sale shall be increased | ' | ' | ' | ' | 1.00% | ' | ' |
SHAREBASED_COMPENSATION_PLANS_2
SHARE-BASED COMPENSATION PLANS (Summary of Option Activity) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Number of Options | ' | ' |
Balance at December 31, 2012 | 300,468 | ' |
Granted | 2,020,250 | ' |
Exercised | ' | ' |
Cancelled and expired | 382,708 | ' |
Balance at September 30, 2013 | 1,938,010 | 300,468 |
Vested at September 30, 2013 | 171,215 | ' |
Vested and expected to vest at September 30, 2013 | 1,938,010 | ' |
Weighted-Average Exercise Price | ' | ' |
Balance at December 31, 2012 | $24.15 | ' |
Granted | $4.87 | ' |
Exercised | ' | ' |
Cancelled and expired | $17.54 | ' |
Balance at September 30, 2013 | $5.36 | $24.15 |
Vested at September 30, 2013 | $10.12 | ' |
Vested and expected to vest at September 30, 2013 | $5.36 | ' |
Weighted-Average Remaining Contractual Life in Years | ' | ' |
Balance at December 31, 2012 | '9 years 4 months 2 days | '2 years 3 months 16 days |
Balance at September 30, 2013 | '9 years 4 months 2 days | '2 years 3 months 16 days |
Vested at September 30, 2013 | '6 years 4 months 5 days | ' |
Vested and expected to vest at September 30, 2013 | '9 years 4 months 2 days | ' |
Aggregate Intrinsic Value | ' | ' |
Balance at December 31, 2012 | ' | ' |
Balance at September 30, 2013 | 85 | ' |
Vested at September 30, 2013 | 85 | ' |
Vested and expected to vest at September 30, 2013 | $85 | ' |
SHAREBASED_COMPENSATION_PLANS_3
SHARE-BASED COMPENSATION PLANS (Summary of Restricted Stock Unit Activity) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Shares | ' | ' |
Outstanding at December 31, 2012 | 28,106 | ' |
RSUs granted | 53,584 | ' |
RSUs released | 36,836 | ' |
RSUs forfeitures and cancellations | 1,874 | ' |
Outstanding at September 30, 2013 | 42,980 | 28,106 |
Weighted-Average Grant Date Fair Value | ' | ' |
Outstanding at December 31, 2012 | $43.04 | ' |
RSUs granted | $5.12 | ' |
RSUs released | $24.30 | ' |
RSUs forfeitures and cancellations | $42.88 | ' |
Outstanding at September 30, 2013 | $11.83 | $43.04 |
Weighted-Average Remaining Contractual Life in Years | ' | ' |
Outstanding at December 31, 2012 | '6 months 20 days | '8 months 16 days |
Outstanding at September 30, 2013 | '6 months 20 days | '8 months 16 days |
SHAREBASED_COMPENSATION_PLANS_4
SHARE-BASED COMPENSATION PLANS (Summary of Shares Netted for Employee Taxes) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
SHARE-BASED COMPENSATION PLANS [Abstract] | ' | ' | ' | ' |
Shares withheld | 28 | 121 | 6,241 | 2,046 |
Fair value of shares withheld | $0 | $1,000 | $34,000 | $35,000 |
STOCKBASED_COMPENSATION_Summar
STOCK-BASED COMPENSATION (Summary of Fair Value Assumptions for Stock Options and Stock Purchase Rights) (Details) | 3 Months Ended | 9 Months Ended | 109 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Stock Option Plans [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Expected Volatility | 85.00% | 66.00% | 85.00% | 66.00% | 82.00% |
Dividend Yield | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Risk-Free Interest Rate | 0.62% | 1.30% | 0.62% | 1.30% | 1.10% |
Expected Term | '4 years | '6 years 3 months | '3 years 11 months 21 days | '6 years 3 months | '4 years 5 months 9 days |
ESPP [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Expected Volatility | 54.00% | 242.00% | 116.00% | 129.00% | 98.00% |
Dividend Yield | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Risk-Free Interest Rate | 0.09% | 0.14% | 0.11% | 0.19% | 0.13% |
Expected Term | '6 months | '6 months | '6 months | '6 months | '5 months 17 days |
STOCKBASED_COMPENSATION_Summar1
STOCK-BASED COMPENSATION (Summary of Weighted-Average Fair Values) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 109 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
STOCK-BASED COMPENSATION [Abstract] | ' | ' | ' | ' | ' |
Estimated per share weighted-average fair value | $2.71 | $0 | $2.96 | $10.52 | $4.89 |
STOCKBASED_COMPENSATION_Narrat
STOCK-BASED COMPENSATION (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 109 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Granted | 19,250 | ' | 2,020,250 | ' | ' |
Stock-based compensation | $492 | $387 | $2,451 | $1,052 | $7,172 |
RSU [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Unrecognized compensation cost, period of recognition | ' | ' | '8 months 4 days | ' | ' |
Stock Option Plans [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Stock-based compensation | ' | ' | 1,500 | ' | ' |
Unrecognized compensation cost related to stock options | $6,100 | ' | $6,100 | ' | $6,100 |
Unrecognized compensation cost, period of recognition | ' | ' | '3 years 4 months 6 days | ' | ' |
STOCKBASED_COMPENSATION_Schedu
STOCK-BASED COMPENSATION (Schedule of Stock-Based Compensation Expense) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 109 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' |
Total stock-based compensation | $492 | $387 | $2,451 | $1,052 | $7,172 |
Research and Development [Member] | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' |
Total stock-based compensation | 172 | 185 | 1,168 | 425 | 3,225 |
General and Administrative [Member] | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' |
Total stock-based compensation | $320 | $202 | $1,283 | $627 | $3,947 |
SUBSEQUENT_EVENTS_Details
SUBSEQUENT EVENTS (Details) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
SUBSEQUENT EVENTS [Abstract] | ' |
Total future minimum lease payments | $495,000 |