Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 1-May-14 | |
Document And Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Anthera Pharmaceuticals Inc | ' |
Entity Central Index Key | '0001316175 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Document Fiscal Year Focus | '2014 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 20,887,586 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $23,075 | $25,946 |
Prepaid expenses and other current assets | 624 | 358 |
Total current assets | 23,699 | 26,304 |
Property and equipment - net | 723 | 812 |
Restricted cash | 7,600 | 10,000 |
Other assets | 203 | 301 |
TOTAL | 32,225 | 37,417 |
Current liabilities: | ' | ' |
Accounts payable | 5,250 | 3,519 |
Accrued clinical expenses | 510 | 472 |
Accrued liabilities | 272 | 474 |
Accrued payroll and related costs | 584 | 319 |
Short-term portion of notes payable, net of discount | 2,777 | 2,777 |
Total current liabilities | 9,393 | 7,561 |
Notes payable, net of discount | 12,003 | 15,098 |
Total liabilities | 21,396 | 22,659 |
Commitments and Contingencies (Note 5) | ' | ' |
Stockholders' equity | ' | ' |
Common stock, $0.001 par value, 100,000,000 shares authorized; 20,511,911 and 19,415,901 shares issued and outstanding as of March 31, 2014 and December 31, 2013, respectively | 21 | 19 |
Additional paid-in capital | 305,931 | 301,946 |
Deficit accumulated during the development stage | -295,123 | -287,207 |
Total stockholders' equity | 10,829 | 14,758 |
TOTAL | $32,225 | $37,417 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
CONSOLIDATED BALANCE SHEETS [Abstract] | ' | ' |
Common stock, par value per share | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 20,511,911 | 19,415,901 |
Common stock, shares outstanding | 20,511,911 | 19,415,901 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 115 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 |
OPERATING EXPENSES: | ' | ' | ' |
Research and development | $5,765 | $4,929 | $242,730 |
General and administrative | 1,844 | 1,972 | 39,197 |
Total operating expenses | 7,609 | 6,901 | 281,927 |
Loss from operations | -7,609 | -6,901 | -281,927 |
Other (expense) income | -48 | 25 | 1,437 |
Interest expense | -259 | -704 | -10,560 |
Mark-to-market adjustment of warrant liability | ' | ' | 236 |
Beneficial conversion features | ' | ' | -4,309 |
Other (expense) - net | -307 | -679 | -13,196 |
Net loss attributable to common stockholders | ($7,916) | ($7,580) | ($295,123) |
Net loss per share attributable to common stockholders: | ' | ' | ' |
Basic and diluted | ($0.39) | ($0.49) | ' |
Weighted-average number of shares used to compute net loss per share of common stock: | ' | ' | ' |
Basic and diluted | 20,123,252 | 15,515,502 | ' |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $) | 3 Months Ended | 115 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS [Abstract] | ' | ' | ' |
Net loss | ($7,916) | ($7,580) | ($295,123) |
Unrealized loss on short term investments, net | ' | -4 | ' |
Comprehensive net loss | ($7,916) | ($7,584) | ($295,123) |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | 115 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 |
CASH FLOW FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net loss | ($7,916) | ($7,580) | ($295,123) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' |
Depreciation | 89 | 88 | 943 |
Amortization of premium on short-term investments | ' | ' | 56 |
Realized (gain) on short-term investments and foreign currency exchange rates fluctuation | ' | ' | -106 |
Stock-based compensation expense | 836 | 1,697 | 8,701 |
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 | 20 | 177 | 3,053 |
Amortization of debt issuance costs | 22 | 26 | 752 |
Mark-to-market adjustment on warrant liability | ' | ' | -236 |
Changes in assets and liabilities: | ' | ' | ' |
Prepaid expenses and other assets | -266 | -322 | -627 |
Accounts payable | 1,806 | -2,896 | 5,370 |
Accrued clinical expenses | 38 | -2,066 | 512 |
Accrued liabilities | -172 | 72 | -973 |
Accrued payroll and related costs | 269 | 166 | 561 |
Net cash used in operating activities | -5,274 | -10,638 | -266,686 |
INVESTING ACTIVITIES: | ' | ' | ' |
Property and equipment purchases | ' | ' | -1,675 |
Purchase of short-term investments | ' | ' | -55,155 |
Proceeds from maturities of short-term investments | ' | 1,495 | 55,268 |
Decrease (increase) in restricted cash | 2,400 | ' | -7,600 |
Net cash provided by (used in) investing activities | 2,400 | 1,495 | -9,162 |
FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from issuance of convertible notes and notes payable, net of issuance costs | ' | ' | 70,750 |
Principal payment against note payable | -3,114 | -2,333 | -30,018 |
Net proceeds from issuance of preferred stock | ' | ' | 32,210 |
Proceeds from issuance of common stock, net of offering costs | 3,117 | 42,746 | 225,719 |
Withholding taxes paid on vested restricted stock units | ' | -30 | -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 | ' | ' | 1,022 |
Payment of debt issuance cost for note payable | ' | -100 | ' |
Net cash provided by financing activities | 3 | 40,283 | 298,955 |
Effect of exchange rates on cash and cash equivalents | ' | -1 | -32 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | -2,871 | 31,139 | 23,075 |
CASH AND CASH EQUIVALENTS - Beginning of period | 25,946 | 19,431 | 23,075 |
CASH AND CASH EQUIVALENTS - End of period | 23,075 | 50,570 | 23,075 |
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 | 3 Months Ended |
Mar. 31, 2014 | |
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 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, multiple myeloma, vasculitis, idiopathic thrombocytopenia purpura and others. In January 2012, Anthera Pharmaceuticals, Limited, a wholly-owned subsidiary, was incorporated in Ireland. | |
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 March 31, 2014, 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 March 31, 2014, the Company has funded its operations through equity offerings, private placements of convertible debt and debt financings, raising net proceeds of approximately $328.7 million. | |
From September 9, 2004 (the "Date of Inception") through March 31, 2014, the Company had an accumulated a deficit of $295.1 million. During the three month period ended March 31, 2014, the Company incurred a net loss of $7.9 million. Cash used in operating activities was approximately $5.3 million for the three months ended March 31, 2014. 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 and access to additional capital through equity purchase agreements and equity offering 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 months ended March 31, 2014 are not necessarily indicative of the results to be expected for the year ending December 31, 2014 or for any other period. The consolidated balance sheet as of December 31, 2013 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, 2013, filed with the Securities and Exchange Commission ("SEC") on March 28, 2014. | |
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 the Company's significant accounting policies for the three months ended March 31, 2014 as compared to the significant accounting policies described in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2013. | |
Use of Estimates | |
The preparation of these consolidated 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, tax provision warrant, valuation 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 | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
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 available 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 Earnings Per Share, or 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 March 31, | |||||||||
2014 | 2013 | ||||||||
Net loss per share | |||||||||
Numerator | |||||||||
Net loss | $ | (7,916 | ) | $ | (7,580 | ) | |||
Denominator | |||||||||
Weighted-average common shares outstanding | 20,123,252 | 15,515,502 | |||||||
Basic and diluted net loss per share | $ | (0.39 | ) | $ | (0. 49 | ) | |||
As the Company incurred net losses for all of the periods presented, the following outstanding potentially dilutive securities were excluded from the computation of diluted net loss per share, as the effect of including them would have been antidilutive. | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Options to purchase common stock | 2,105,017 | 137,916 | |||||||
Warrants to purchase common stock | 675,006 | 601,477 | |||||||
Restricted stock units | 7,200 | 58,066 | |||||||
Total | 2,787,223 | 797,459 | |||||||
CASH_EQUIVALENTS
CASH EQUIVALENTS | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
CASH EQUIVALENTS [Abstract] | ' | ||||||||||||
CASH EQUIVALENTS | ' | ||||||||||||
3. CASH EQUIVALENTS | |||||||||||||
At March 31, 2014 and December 31, 2013, the amortized cost and estimated fair value of investments are set forth in the following tables (in thousands): | |||||||||||||
March 31, 2014 | |||||||||||||
Amortized | Gross | Estimated | |||||||||||
Cost | Unrealized | Fair Value | |||||||||||
Losses | |||||||||||||
Cash | $ | 1,994 | $ | - | $ | 1,994 | |||||||
Money market funds | 21,081 | - | 21,081 | ||||||||||
Total | $ | 23,075 | $ | - | $ | 23,075 | |||||||
December 31, 2013 | |||||||||||||
Amortized | Gross | Estimated | |||||||||||
Cost | Unrealized | Fair Value | |||||||||||
Losses | |||||||||||||
Cash | $ | 1,006 | $ | - | $ | 1,006 | |||||||
Money market funds | 24,940 | - | 24,940 | ||||||||||
Total | $ | 25,946 | $ | - | $ | 25,946 |
FAIR_VALUE_OF_FINANCIAL_INSTRU
FAIR VALUE OF FINANCIAL INSTRUMENTS | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract] | ' | ||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ' | ||||||||||||||||
4. FAIR VALUE OF FINANCIAL 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 is 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: | |||||||||||||||||
March 31, 2014 | |||||||||||||||||
Estimated | Level 1 | Level 2 | Level 3 | ||||||||||||||
Fair Value | |||||||||||||||||
Money market funds | $ | 21,081 | $ | 21,081 | $ | - | $ | - | |||||||||
December 31, 2013 | |||||||||||||||||
Estimated | Level 1 | Level 2 | Level 3 | ||||||||||||||
Fair Value | |||||||||||||||||
Money market funds | $ | 24,940 | $ | 24,940 | $ | - | $ | - | |||||||||
At March 31, 2014 and December 31, 2013, the fair value of the principal amount of the Company's outstanding notes payable are classified within the hierarchy as follows (in thousands): | |||||||||||||||||
March 31, 2014 | |||||||||||||||||
Estimated | Level 1 | Level 2 | Level 3 | ||||||||||||||
Fair Value | |||||||||||||||||
Notes Payable ($14,981, net of $201 note discount) | $ | 14,780 | $ | - | $ | - | $ | 14,780 | |||||||||
December 31, 2013 | |||||||||||||||||
Estimated | Level 1 | Level 2 | Level 3 | ||||||||||||||
Fair Value | |||||||||||||||||
Notes Payable ($18,095, net of $220 note discount) | $ | 17,875 | $ | - | $ | - | $ | 17,875 | |||||||||
The fair value of notes payable is estimated based on current interest rates available to the Company for debt instruments in similar terms, degrees of risk and remaining maturities. The carrying value of these obligations, as of each period presented, approximate their respective fair values. For disclosure purposes, the fair value of the principal amount of the Company's outstanding debt obligations is considered to be a Level 3 measurement. | |||||||||||||||||
There were no transfers between Level 1, Level 2 or Level 3 for the period ended March 31, 2014 and 2013. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2014 | |
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 in September 2017. 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 expenses on rent payments is classified as deferred rent liability and included in the accrued liabilities on the balance sheet. | |
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 nonrefundable, upfront license fee of $6.0 million. As there was 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. 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 March 31, 2014, there were no outstanding obligations due to Amgen. | |
NOTES_PAYABLE
NOTES PAYABLE | 3 Months Ended |
Mar. 31, 2014 | |
NOTES PAYABLE [Abstract] | ' |
NOTES PAYABLE | ' |
6. NOTES PAYABLE | |
In March 2011, the Company entered into a Loan and Security Agreement ("Loan Agreement") with Hercules Technology Growth Capital, Inc. and Hercules Technology II, L.P. (together, "Hercules"). In conjunction with the Hercules loan, 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 in March 2018. The Company estimated the fair value of this warrant using the Black-Scholes option valuation model with the following assumptions: expected term of seven years, a risk-free interest rate of 2.87%, expected volatility of 63% and 0% expected dividend yield, resulting in a $1.3 million discount from the par value of the loan, which was amortized as additional interest expense over the term of the loan using the effective interest rate method. Additionally, the Company was obligated to pay an end of the term charge of $937,500, which was also being expensed over the term of the loan. 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 unamortized note discount and end of term charge was fully expensed to interest expense in April 2013 as a result of the payoff. As of March 31, 2014, 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. At March 31, 2014, the outstanding principal owed under the Midcap Credit Agreement was $7.4 million. | |
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 was 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. 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. At March 31, 2014, this warrant remained outstanding and exercisable. | |
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 a 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. For the three months ended March 31, 2014, the Company repaid $2.4 million in principal to Square 1 Bank. At March 31, 2014, the outstanding principal owed under the Square 1 Loan Agreement was $7.6 million. | |
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 | 3 Months Ended |
Mar. 31, 2014 | |
STOCKHOLDERS' EQUITY [Abstract] | ' |
STOCKHOLDERS' EQUITY | ' |
7. STOCKHOLDERS' EQUITY | |
Common Stock | |
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 $22.8 million. The exercise price of the warrants became fixed on July 24, 2012 upon the closing of an equity offering by the Company pursuant to which the Company sold common stock at $8.00 per share, which triggered an adjustment to the exercise price of the warrants to a floor price of $23.20 per share as specified in the warrants. | |
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 $53.9 million. | |
In January 2012, the Company filed a universal shelf registration statement with the SEC on Form S-3 (which File No. 333-179043), which was declared effective on January 24, 2012, for the proposed offering from time to time of up to $100.0 million in shares of its securities, including common stock, preferred stock, debt securities and/or warrants. In July 2012, the Company issued 4,743,750 shares of its common stock at $8.00 per share pursuant to the shelf registration, raising net proceeds of approximately $35.6 million. In January 2013, the Company issued 7,575,757 shares of common stock at $5.28 per share under the shelf registration statement at an initial closing of a public offering, followed by 1,136,362 shares at a second closing in February 2013, raising net proceeds of approximately $42.7 million. In April 2013, the Company increased the amount of securities that may be issued under the registration statement by $3.2 million through the filing of a post-effective amendment pursuant to Rule 462(b) of the Securities Act. 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 an aggregate of $18.5 million in shares of the Company's common stock. Upon executing the agreement, LPC made an initial purchase of $2.0 million in shares of common stock. Subsequent to the initial purchase, the Company has sold approximately $1.1 million in shares of common stock to LPC as of March 31, 2014, which results in approximately $15.4 million of shares of the Company's common stock remaining available to be sold under the Purchase Agreement. In April 2013, the Company registered approximately $19.0 million for sale under the LPC Purchase Agreement, leaving a balance of approximately $205,000 under this shelf registration statement for future issuance as of March 31, 2014. | |
On April 5, 2013, the Company filed a universal shelf registration statement with the SEC on Form S-3 (File No. 333-187780) for the proposed offering from time to time of up to $100.0 million of its securities, including common stock, preferred stock, debt securities and/or warrants. On November 15, 2013, the Company entered into a Sales Agreement (the "Agreement") with Cowen and Company, LLC ("Cowen") to create an at-the-market equity program ("ATM") under which the Company from time to time may offer and sell shares of its common stock, par value $0.001 per share, having an aggregate offering price of up to $25.0 million through Cowen, as agent. The Company registered $25.0 million under the registration statement for the ATM. As of March 31, 2014, the Company had sold 1,015,356 shares of common stock pursuant to the ATM and $21.8 million remains available for future issuance under this ATM. In addition, $75.0 million remains available for future issuance under the S-3 shelf registration statement. | |
Based on the requirements of Form S-3, however, there are certain factors, such as volume of trading in the Company's common stock and the Company's stock price, which limit the amount that can be raised in a short period of time through the Purchase Agreement and registration statements described above. | |
In July and September 2009, the Company sold (i) convertible promissory notes, or the 2009 Notes, that are secured by a first priority security interest in all of the Company's assets, and (ii) warrants, or the 2009 warrants, to purchase shares of the Company's equity securities to certain of its investors for an aggregate purchase price of $10.0 million. These transactions are collectively referred to as the 2009 Bridge Financing. The 2009 Notes and accrued interest were converted into shares of the Company's common stock at a discount of 25% in March 2010 upon the closing of the Company's IPO. The 2009 Warrants carry an exercise price of $56.00 per share. Each of the 2009 Warrants is exercisable in whole or in part at any time until the latest date of September 9, 2014. Each of the warrants contains a net issuance feature, which allows the warrant holder to pay the exercise price of the warrant by forfeiting a portion of the exercised warrant shares with a value equal to the aggregate exercise. The Company accounted for the warrants in accordance with Accounting Standards Codification 815, Derivatives and Hedging ("ASC 815") and measured the fair value of the 2009 Warrants using the Black-Scholes option pricing model on issuance date and adjusted the fair value at the end of each reporting period until conversion of the 2009 Notes into shares of common stock at the completion of the Company's IPO. As of March 31, 2014, warrants to purchase 44,639 shares of common stock remained outstanding and exercisable. |
SHAREBASED_COMPENSATION_PLANS
SHARE-BASED COMPENSATION PLANS | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
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 or forfeiture to satisfy tax withholding) 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 months ended March 31, 2014 and the methods for determining the 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, 2013. | |||||||||||||||||
The following table summarizes stock option activity under the Company's share-based compensation plans for the three months ended March 31, 2014 (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, 2013 | 1,997,075 | $ | 5.21 | 9.11 | $ | 48 | |||||||||||
Granted | 119,868 | $ | 3.3 | ||||||||||||||
Exercised | - | $ | - | ||||||||||||||
Cancelled and expired | -9,846 | $ | 4.95 | 9.06 | |||||||||||||
Forfeited | -2,080 | 4.88 | |||||||||||||||
Balance at March 31, 2014 | 2,105,017 | $ | 5.11 | 9 | $ | 90 | |||||||||||
Vested at March 31, 2014 | 655,002 | $ | 5.99 | 8.56 | $ | 62 | |||||||||||
The intrinsic value of stock options represents the difference between the exercise price of stock options and the market price of the Company's stock as of March 31, 2014 for all the options that are in the money. | |||||||||||||||||
As of March 31, 2014, the vested and expected to vest stock option was 2,076,344 and there were 535,930 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, 2014, 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 (the "Look-Back Provision"). The 15% discount and Look-Back Provision make the ESPP compensatory. No shares were issued pursuant to the ESPP during the three months ended March 31, 2014 and 2013. | |||||||||||||||||
Restricted Stock Units | |||||||||||||||||
The Company grants restricted stock unit awards ("RSUs") under its 2013 Plan and 2010 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. | |||||||||||||||||
Recipients of RSUs granted from the 2013 Plan are not permitted to net share settle in excess of the minimum statutory withholding amount for taxes and therefore, in accordance with guidance issued by the FASB, RSUs granted from the 2013 Plan are classified as equity and the fair value of the awards are recognized on a straight-line basis over the vesting term of the awards. | |||||||||||||||||
Recipients of RSUs granted from the 2010 Plan are not permitted to net share settle in excess of the minimum statutory withholding amount for taxes and therefore, in accordance with guidance issued by the FASB, RSUs granted from the 2010 Plan are classified as liability with the subsequent change in fair value being recorded as expense. The unsettled RSUs are re-measured at each reporting date and will continue to be re-measured until they are fully vested in approximately 2.0 years. Any changes in valuation are recorded as compensation expense for the period. As of March 31, 2014, the liability related to the unsettled awards was not significant. | |||||||||||||||||
The following table summarizes activity related to the Company's restricted stock units and awards: | |||||||||||||||||
Shares | Weighted-Average | Weighted-Average | |||||||||||||||
Grant Date | Remaining Contractual | ||||||||||||||||
Fair Value | Life in Years | ||||||||||||||||
Outstanding at December 31, 2013 | 42,042 | $ | 11.06 | 0.33 | |||||||||||||
RSUs granted | 45,226 | $ | 3.3 | 9.41 | |||||||||||||
RSUs released | -80,073 | $ | 3.26 | ||||||||||||||
Outstanding at March 31, 2014 | 7,200 | $ | 2.85 | 6.91 |
STOCKBASED_COMPENSATION
STOCK-BASED COMPENSATION | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
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. 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 March 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Expected Volatility | 101% | - | |||||||||||
Dividend Yield | 0% | - | |||||||||||
Risk-Free Interest Rate | 2.11% | - | |||||||||||
Expected Term (years) | 6.02 | - | |||||||||||
Weighted-average fair value per share | $ | 2.66 | $ | - | |||||||||
ESPP | |||||||||||||
Three Months Ended March 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Expected Volatility | - | 126 | % | ||||||||||
Dividend Yield | - | 0 | % | ||||||||||
Risk-Free Interest Rate | - | 0.11 | % | ||||||||||
Expected Term (years) | - | 0.5 | |||||||||||
Total stock-based compensation expense for equity awards recognized was as follows (in thousands): | |||||||||||||
Three months ended | Period from | ||||||||||||
March 31, | September 9, | ||||||||||||
2004 (Date of | |||||||||||||
Inception) to | |||||||||||||
March 31, | |||||||||||||
2014 | 2013 | 2014 | |||||||||||
Research and development | $ | 354 | $ | 901 | -1 | $ | 3,862 | ||||||
General and administrative | 482 | 795 | -2 | 4,840 | |||||||||
Total stock-based compensation | $ | 836 | $ | 1,697 | $ | 8,702 | |||||||
(1) | Included in research and development expense is a charge for stock-based compensation of approximately $799,000 associated with the voluntary surrender of stock options by the Company's employees during the three months ended March 31, 2013. | ||||||||||||
(2) | Included in general and administrative expense is a charge for stock-based compensation of approximately $661,000 associated with the voluntary surrender of stock options by the Company's employees during the three months ended March 31, 2013. | ||||||||||||
As of March 31, 2014, there was $4.9 million of unrecognized compensation expense related to options. The unrecognized compensation expense is expected to be recognized over a weighted-average remaining period of 3.03 years. | |||||||||||||
ORGANIZATION_AND_SIGNIFICANT_A1
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
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 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, multiple myeloma, vasculitis, idiopathic thrombocytopenia purpura and others. In January 2012, Anthera Pharmaceuticals, Limited, a wholly-owned subsidiary, was incorporated in Ireland. | |
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 March 31, 2014, 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 March 31, 2014, the Company has funded its operations through equity offerings, private placements of convertible debt and debt financings, raising net proceeds of approximately $328.7 million. | |
From September 9, 2004 (the "Date of Inception") through March 31, 2014, the Company had an accumulated a deficit of $295.1 million. During the three month period ended March 31, 2014, the Company incurred a net loss of $7.9 million. Cash used in operating activities was approximately $5.3 million for the three months ended March 31, 2014. 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 and access to additional capital through equity purchase agreements and equity offering 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 months ended March 31, 2014 are not necessarily indicative of the results to be expected for the year ending December 31, 2014 or for any other period. The consolidated balance sheet as of December 31, 2013 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, 2013, filed with the Securities and Exchange Commission ("SEC") on March 28, 2014. | |
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 the Company's significant accounting policies for the three months ended March 31, 2014 as compared to the significant accounting policies described in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2013. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of these consolidated 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, tax provision warrant, valuation 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) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
NET LOSS PER SHARE [Abstract] | ' | ||||||||
Schedule of Calculation of Net Loss Per Common Share | ' | ||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Net loss per share | |||||||||
Numerator | |||||||||
Net loss | $ | (7,916 | ) | $ | (7,580 | ) | |||
Denominator | |||||||||
Weighted-average common shares outstanding | 20,123,252 | 15,515,502 | |||||||
Basic and diluted net loss per share | $ | (0.39 | ) | $ | (0. 49 | ) | |||
Schedule of Antidilutive Securities | ' | ||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Options to purchase common stock | 2,105,017 | 137,916 | |||||||
Warrants to purchase common stock | 675,006 | 601,477 | |||||||
Restricted stock units | 7,200 | 58,066 | |||||||
Total | 2,787,223 | 797,459 | |||||||
CASH_EQUIVALENTS_Tables
CASH EQUIVALENTS (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
CASH EQUIVALENTS [Abstract] | ' | ||||||||||||
Schedule of Cash and Investments | ' | ||||||||||||
March 31, 2014 | |||||||||||||
Amortized | Gross | Estimated | |||||||||||
Cost | Unrealized | Fair Value | |||||||||||
Losses | |||||||||||||
Cash | $ | 1,994 | $ | - | $ | 1,994 | |||||||
Money market funds | 21,081 | - | 21,081 | ||||||||||
Total | $ | 23,075 | $ | - | $ | 23,075 | |||||||
December 31, 2013 | |||||||||||||
Amortized | Gross | Estimated | |||||||||||
Cost | Unrealized | Fair Value | |||||||||||
Losses | |||||||||||||
Cash | $ | 1,006 | $ | - | $ | 1,006 | |||||||
Money market funds | 24,940 | - | 24,940 | ||||||||||
Total | $ | 25,946 | $ | - | $ | 25,946 |
FAIR_VALUE_OF_FINANCIAL_INSTRU1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
FAIR VALUE OF FINANCIAL 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: | |||||||||||||||||
March 31, 2014 | |||||||||||||||||
Estimated | Level 1 | Level 2 | Level 3 | ||||||||||||||
Fair Value | |||||||||||||||||
Money market funds | $ | 21,081 | $ | 21,081 | $ | - | $ | - | |||||||||
December 31, 2013 | |||||||||||||||||
Estimated | Level 1 | Level 2 | Level 3 | ||||||||||||||
Fair Value | |||||||||||||||||
Money market funds | $ | 24,940 | $ | 24,940 | $ | - | $ | - | |||||||||
At March 31, 2014 and December 31, 2013, the fair value of the principal amount of the Company's outstanding notes payable are classified within the hierarchy as follows (in thousands): | |||||||||||||||||
March 31, 2014 | |||||||||||||||||
Estimated | Level 1 | Level 2 | Level 3 | ||||||||||||||
Fair Value | |||||||||||||||||
Notes Payable ($14,981, net of $201 note discount) | $ | 14,780 | $ | - | $ | - | $ | 14,780 | |||||||||
December 31, 2013 | |||||||||||||||||
Estimated | Level 1 | Level 2 | Level 3 | ||||||||||||||
Fair Value | |||||||||||||||||
Notes Payable ($18,095, net of $220 note discount) | $ | 17,875 | $ | - | $ | - | $ | 17,875 |
SHAREBASED_COMPENSATION_PLANS_
SHARE-BASED COMPENSATION PLANS (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
SHARE-BASED COMPENSATION PLANS [Abstract] | ' | ||||||||||||||||
Summary of Option Activity | ' | ||||||||||||||||
Number of | Weighted- | Weighted- | Aggregate | ||||||||||||||
Options | Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Life in Years | |||||||||||||||||
Balance at December 31, 2013 | 1,997,075 | $ | 5.21 | 9.11 | $ | 48 | |||||||||||
Granted | 119,868 | $ | 3.3 | ||||||||||||||
Exercised | - | $ | - | ||||||||||||||
Cancelled and expired | -9,846 | $ | 4.95 | 9.06 | |||||||||||||
Forfeited | -2,080 | 4.88 | |||||||||||||||
Balance at March 31, 2014 | 2,105,017 | $ | 5.11 | 9 | $ | 90 | |||||||||||
Vested at March 31, 2014 | 655,002 | $ | 5.99 | 8.56 | $ | 62 | |||||||||||
Summary of Restricted Stock Unit Activity | ' | ||||||||||||||||
Shares | Weighted-Average | Weighted-Average | |||||||||||||||
Grant Date | Remaining Contractual | ||||||||||||||||
Fair Value | Life in Years | ||||||||||||||||
Outstanding at December 31, 2013 | 42,042 | $ | 11.06 | 0.33 | |||||||||||||
RSUs granted | 45,226 | $ | 3.3 | 9.41 | |||||||||||||
RSUs released | -80,073 | $ | 3.26 | ||||||||||||||
Outstanding at March 31, 2014 | 7,200 | $ | 2.85 | 6.91 |
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
STOCK-BASED COMPENSATION [Abstract] | ' | ||||||||||||
Summary of Fair Value Assumptions for Stock Options and Stock Purchase Rights | ' | ||||||||||||
Stock Option Plans | |||||||||||||
Three Months Ended March 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Expected Volatility | 101% | - | |||||||||||
Dividend Yield | 0% | - | |||||||||||
Risk-Free Interest Rate | 2.11% | - | |||||||||||
Expected Term (years) | 6.02 | - | |||||||||||
Weighted-average fair value per share | $ | 2.66 | $ | - | |||||||||
ESPP | |||||||||||||
Three Months Ended March 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Expected Volatility | - | 126 | % | ||||||||||
Dividend Yield | - | 0 | % | ||||||||||
Risk-Free Interest Rate | - | 0.11 | % | ||||||||||
Expected Term (years) | - | 0.5 | |||||||||||
Schedule of Stock-based Compensation Expense | ' | ||||||||||||
Three months ended | Period from | ||||||||||||
March 31, | September 9, | ||||||||||||
2004 (Date of | |||||||||||||
Inception) to | |||||||||||||
March 31, | |||||||||||||
2014 | 2013 | 2014 | |||||||||||
Research and development | $ | 354 | $ | 901 | -1 | $ | 3,862 | ||||||
General and administrative | 482 | 795 | -2 | 4,840 | |||||||||
Total stock-based compensation | $ | 836 | $ | 1,697 | $ | 8,702 | |||||||
(1) | Included in research and development expense is a charge for stock-based compensation of approximately $799,000 associated with the voluntary surrender of stock options by the Company's employees during the three months ended March 31, 2013. | ||||||||||||
(2) | Included in general and administrative expense is a charge for stock-based compensation of approximately $661,000 associated with the voluntary surrender of stock options by the Company's employees during the three months ended March 31, 2013. | ||||||||||||
ORGANIZATION_AND_SIGNIFICANT_A2
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 3 Months Ended | 115 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ' | ' | ' |
Proceeds from equity offerings and debt placements | ' | ' | $328,700 | ' |
Deficit accumulated during the development stage | 295,123 | ' | 295,123 | 287,207 |
Net loss | 7,916 | 7,580 | 295,123 | ' |
Cash used in operating activities | $5,274 | $10,638 | $266,686 | ' |
Common stock, par value per share | $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 | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Numerator | ' | ' |
Net loss | ($7,916) | ($7,580) |
Denominator | ' | ' |
Weighted-average common shares outstanding | 20,123,252 | 15,515,502 |
Basic and diluted net loss per share | ($0.39) | ($0.49) |
NET_LOSS_PER_SHARE_Schedule_of1
NET LOSS PER SHARE (Schedule of Antidilutive Securities) (Details) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-dilutive common share equivalents outstanding | 2,787,223 | 797,459 |
Options to purchase common stock [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-dilutive common share equivalents outstanding | 2,105,017 | 137,916 |
Warrants to Purchase Common Stock [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-dilutive common share equivalents outstanding | 675,006 | 601,477 |
Restricted Stock Units [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-dilutive common share equivalents outstanding | 7,200 | 58,066 |
CASH_EQUIVALENTS_Details
CASH EQUIVALENTS (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment Holdings [Line Items] | ' | ' |
Amortized Cost | $23,075 | $25,946 |
Gross Unrealized Losses | ' | ' |
Estimated Fair Value | 23,075 | 25,946 |
Cash [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Amortized Cost | 1,994 | 1,006 |
Gross Unrealized Losses | ' | ' |
Estimated Fair Value | 1,994 | 1,006 |
Money market funds [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Amortized Cost | 21,081 | 24,940 |
Gross Unrealized Losses | ' | ' |
Estimated Fair Value | $21,081 | $24,940 |
FAIR_VALUE_OF_FINANCIAL_INSTRU2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Initial carrying amount assigned to the loan, net of discount | $14,981 | $18,095 |
Debt discount | 201 | 220 |
Estimated Fair Value [Member] | Notes Payable [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Liabilities measured on a recurring basis | 14,780 | 17,875 |
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 | 21,081 | 24,940 |
Level 1 [Member] | Notes Payable [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Liabilities measured on a recurring basis | ' | ' |
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 | 21,081 | 24,940 |
Level 2 [Member] | Notes Payable [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Liabilities measured on a recurring basis | ' | ' |
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 3 [Member] | Notes Payable [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Liabilities measured on a recurring basis | 14,780 | 17,875 |
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 | ' | ' |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | 1 Months Ended | 3 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2007 | Mar. 31, 2014 |
Loss Contingencies [Line Items] | ' | ' |
Square footage of operating facility, in square feet | ' | 14,000 |
Amgen Inc. [Member] | Maximum [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Additional milestone payments upon the achievement of certain development and regulatory milestones | ' | 33,000 |
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 |
NOTES_PAYABLE_Details
NOTES PAYABLE (Details) (USD $) | 1 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | |||||||||
Apr. 30, 2013 | Jan. 31, 2013 | Jul. 31, 2012 | Jun. 30, 2011 | Feb. 28, 2010 | Mar. 31, 2014 | Dec. 31, 2013 | Apr. 30, 2013 | Mar. 31, 2014 | Apr. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
Midcap Credit Agreement [Member] | Midcap Credit Agreement [Member] | Square 1 Loan Agreement [Member] | Square 1 Loan Agreement [Member] | Warrant Expiring in March 2018 [Member] | Notes Payable [Member] | ||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, borrowed amount | ' | ' | ' | ' | ' | ' | ' | $10,000,000 | ' | $10,000,000 | ' | ' | ' |
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 | ' | ' | ' | 'March 2018 | ' |
Debt instrument, maturity date | ' | ' | ' | ' | ' | ' | ' | 3-Oct-16 | ' | 3-Apr-17 | ' | ' | ' |
Fair value assumptions, expected term | ' | ' | ' | ' | ' | ' | ' | '3 years 6 months | ' | ' | ' | '7 years | ' |
Fair value assumptions, risk-free interest rate | ' | ' | ' | ' | ' | ' | ' | 0.39% | ' | ' | ' | 2.87% | ' |
Fair value assumptions, expected volatility | ' | ' | ' | ' | ' | ' | ' | 124.00% | ' | ' | ' | 63.00% | ' |
Fair value assumptions, expected dividend yield | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | 0.00% | ' |
Initial carrying amount assigned to the loan, net of discount | ' | ' | ' | ' | ' | 14,981,000 | 18,095,000 | 9,700,000 | ' | ' | ' | ' | ' |
Debt discount | ' | ' | ' | ' | ' | 201,000 | 220,000 | 280,000 | ' | ' | ' | 1,300,000 | ' |
Debt issuance expenses | 298,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | 7,600,000 | ' | 7,600,000 | ' | ' |
Repayments of Long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,400,000 | ' | ' |
STOCKHOLDERS_EQUITY_Details
STOCKHOLDERS' EQUITY (Details) (USD $) | 1 Months Ended | 3 Months Ended | 115 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | |||||||||||
In Thousands, except Share data, unless otherwise specified | Apr. 30, 2013 | Feb. 28, 2013 | Jan. 31, 2013 | Jul. 31, 2012 | Jan. 31, 2012 | Jun. 30, 2011 | Sep. 30, 2010 | Apr. 30, 2010 | Feb. 28, 2010 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2009 | Mar. 31, 2014 | Dec. 31, 2013 | Apr. 30, 2013 | Mar. 31, 2014 | Nov. 30, 2013 | Mar. 31, 2014 |
Lincoln Park Capital Fund [Member] | Lincoln Park Capital Fund [Member] | Cowen [Member] | Cowen [Member] | |||||||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from private placements | ' | ' | ' | ' | ' | ' | ' | ' | $47,600 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock, shares | ' | 1,136,362 | 7,575,757 | 4,743,750 | ' | 958,333 | ' | ' | 750,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,015,356 |
Issuance of stock, price per share | ' | ' | $5.28 | $8 | ' | $60 | ' | ' | $56 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from stock issuance, IPO | ' | ' | ' | ' | ' | ' | ' | ' | 37,100 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock issued during period pursuant to purchase agreement | ' | ' | ' | ' | ' | ' | ' | ' | 17,100 | ' | ' | ' | ' | ' | 2,000 | 1,100 | ' | ' |
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) | ' | ' | ' | 23.2 | ' | ' | 26.4 | ' | ' | ' | ' | 56 | ' | ' | ' | ' | ' | ' |
Discount rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' |
Net proceeds from issuance of units in private placement transaction | ' | ' | ' | ' | ' | ' | 22,800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of common stock | ' | 42,700 | ' | 35,600 | ' | 53,900 | ' | ' | ' | 3,117 | 42,746 | 10,000 | 225,719 | ' | ' | ' | ' | ' |
Maximum amount of shares of common stock, preferred stock, debt securities and/or warrants that may be issued under a shelf registration statement | 3,200 | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,000 | 15,400 | ' | 75,000 |
Stock offering limit, per Market Issuance Sales Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,800 |
Common stock, par value per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.00 | ' | ' | $0.00 | $0.00 | ' | ' | $0.00 | ' |
Equity purchase agreement, authorized amount of equity authorized for sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,500 | ' | 25,000 | ' |
Maximum shares right to purchase under agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44,639 | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum value of shares to purchase under agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $205 | ' | ' |
SHAREBASED_COMPENSATION_PLANS_1
SHARE-BASED COMPENSATION PLANS (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2014 | Jul. 31, 2010 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Vested and expected to vest | 2,076,344 | ' |
Restricted Stock Units [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Vesting period | '2 years | ' |
2013 Plan [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Common stock options available for future grant under stock option plan | 535,930 | ' |
Share-based compensation, shares authorized under plan | 1,750,000 | ' |
Purchase price as percentage of fair market value of common stock | 100.00% | ' |
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 | ' |
Vesting period | '4 years | ' |
2013 Plan [Member] | Specific cases of certain large stockholders [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Purchase price as percentage of fair market value of common stock | 110.00% | ' |
Maximum term for options granted under the plan | '5 years | ' |
Employee Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based compensation, shares authorized under plan | ' | 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 | 85.00% | ' |
Discount percentage on issuance of stock | 15.00% | ' |
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 $) | 3 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Number of Options | ' | ' |
Balance at December 31, 2013 | 1,997,075 | ' |
Granted | 119,868 | ' |
Exercised | ' | ' |
Cancelled and expired | -9,846 | ' |
Forfeited | -2,080 | ' |
Balance at March 31, 2014 | 2,105,017 | 1,997,075 |
Vested at March 31, 2014 | 655,002 | ' |
Weighted-Average Exercise Price | ' | ' |
Balance at December 31, 2013 | $5.21 | ' |
Granted | $3.30 | ' |
Exercised | $0 | ' |
Cancelled and expired | $4.95 | ' |
Forfeited | $4.88 | ' |
Balance at March 31, 2014 | $5.11 | $5.21 |
Vested at March 31, 2014 | $5.99 | ' |
Weighted-Average Remaining Contractual Life in Years | ' | ' |
Balance at December 31, 2013 | '9 years | '9 years 1 month 10 days |
Cancelled and expired | '9 years 22 days | ' |
Balance at March 31, 2014 | '9 years | '9 years 1 month 10 days |
Vested at March 31, 2014 | '8 years 6 months 22 days | ' |
Aggregate Intrinsic Value | ' | ' |
Balance at December 31, 2013 | $48 | ' |
Balance at March 31, 2014 | 90 | 48 |
Vested at March 31, 2014 | $62 | ' |
SHAREBASED_COMPENSATION_PLANS_3
SHARE-BASED COMPENSATION PLANS (Summary of Restricted Stock Unit Activity) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Shares | ' | ' |
Outstanding at December 31, 2013 | 42,042 | ' |
RSUs granted | 45,226 | ' |
RSUs released | -80,073 | ' |
Outstanding at March 31, 2014 | 7,200 | 42,042 |
Weighted-Average Grant Date Fair Value | ' | ' |
Outstanding at December 31, 2013 | $11.06 | ' |
RSUs granted | $3.30 | ' |
RSUs released | $3.26 | ' |
Outstanding at March 31, 2014 | $2.85 | $11.06 |
Weighted-Average Remaining Contractual Life in Years | ' | ' |
Outstanding at December 31, 2013 | '6 years 10 months 28 days | '3 months 29 days |
Granted | '9 years 4 months 28 days | ' |
Outstanding at March 31, 2014 | '6 years 10 months 28 days | '3 months 29 days |
STOCKBASED_COMPENSATION_Summar
STOCK-BASED COMPENSATION (Summary of Fair Value Assumptions for Stock Options and Stock Purchase Rights) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Stock Option Plans [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Expected Volatility | 101.00% | 0.00% |
Dividend Yield | 0.00% | 0.00% |
Risk-Free Interest Rate | 2.11% | 0.00% |
Expected Term | '6 years 7 days | ' |
Weighted-average fair value per share | $2.66 | $0 |
ESPP [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Expected Volatility | 0.00% | 126.00% |
Dividend Yield | 0.00% | 0.00% |
Risk-Free Interest Rate | 0.00% | 0.11% |
Expected Term | ' | '6 months |
STOCKBASED_COMPENSATION_Narrat
STOCK-BASED COMPENSATION (Narrative) (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
STOCK-BASED COMPENSATION [Abstract] | ' |
Unrecognized compensation cost related to stock options | $4,900 |
Unrecognized compensation cost, period of recognition | '3 years 11 days |
STOCKBASED_COMPENSATION_Schedu
STOCK-BASED COMPENSATION (Schedule of Stock-Based Compensation Expense) (Details) (USD $) | 3 Months Ended | 115 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | |
Total stock-based compensation | $836 | $1,697 | $8,702 | |
Research and Development [Member] | ' | ' | ' | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | |
Total stock-based compensation | 354 | 901 | [1] | 3,862 |
Voluntary surrender of stock options expense included in allocated expense | ' | 799 | ' | |
General and Administrative [Member] | ' | ' | ' | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | |
Total stock-based compensation | 482 | 795 | [2] | 4,840 |
Voluntary surrender of stock options expense included in allocated expense | ' | $661 | ' | |
[1] | Included in research and development expense is a charge for stock-based compensation of approximately $799,000 associated with the voluntary surrender of stock options by the Company's employees during the three months ended March 31, 2013. | |||
[2] | Included in general and administrative expense is a charge for stock-based compensation of approximately $661,000 associated with the voluntary surrender of stock options by the Company's employees during the three months ended March 31, 2013. |