Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Mar. 01, 2014 | Jun. 28, 2013 |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'ATHX | ' | ' |
Entity Registrant Name | 'ATHERSYS, INC / NEW | ' | ' |
Entity Central Index Key | '0001368148 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 76,633,698 | ' |
Entity Public Float | ' | ' | $89.40 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $31,948 | $25,533 |
Accounts receivable | 520 | 490 |
Prepaid expenses and other | 387 | 286 |
Total current assets | 32,855 | 26,309 |
Equipment, net | 1,333 | 1,294 |
Total assets | 34,188 | 27,603 |
Current liabilities: | ' | ' |
Accounts payable | 2,243 | 1,767 |
Accrued compensation and related benefits | 1,067 | 827 |
Accrued clinical trial costs | 88 | 950 |
Accrued expenses | 884 | 934 |
Deferred revenue | 86 | ' |
Total current liabilities | 4,368 | 4,478 |
Note payable | 176 | 169 |
Warrant liabilities | 9,823 | 2,709 |
Stockholders' equity: | ' | ' |
Preferred stock, at stated value; 10,000,000 shares authorized, and no shares issued and outstanding at December 31, 2013 and December 31, 2012 | ' | ' |
Common stock, $0.001 par value; 150,000,000 and 100,000,000 shares authorized at December 31, 2013 and December 31, 2012, respectively, 70,749,212 and 53,058,632 shares issued at December 31, 2013 and December 31, 2012, respectively, and 70,683,480 and 53,058,632 shares outstanding at December 31, 2013 and December 31, 2012, respectively | 71 | 53 |
Additional paid-in capital | 284,323 | 253,889 |
Treasury stock, at cost; 65,732 shares at December 31, 2013 | -135 | ' |
Accumulated deficit | -264,438 | -233,695 |
Total stockholders' equity | 19,821 | 20,247 |
Total liabilities and stockholders' equity | $34,188 | $27,603 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Statement Of Financial Position [Abstract] | ' | ' |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | ' | ' |
Preferred stock, shares outstanding | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 150,000,000 | 100,000,000 |
Common stock, shares issued | 70,749,212 | 53,058,632 |
Common stock, shares outstanding | 70,683,480 | 53,058,632 |
Treasury stock, shares outstanding | 65,732 | ' |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Loss (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues | ' | ' | ' |
Contract revenue | $755 | $7,380 | $9,015 |
Grant revenue | 1,683 | 1,328 | 1,329 |
Total revenues | 2,438 | 8,708 | 10,344 |
Costs and expenses | ' | ' | ' |
Research and development (including stock compensation expense of $639, $150 and $205 in 2013, 2012 and 2011, respectively) | 20,484 | 19,636 | 18,930 |
General and administrative (including stock compensation expense of $884, $331 and $347 in 2013, 2012 and 2011, respectively) | 6,065 | 4,753 | 4,916 |
Depreciation | 346 | 320 | 278 |
Total costs and expenses | 26,895 | 24,709 | 24,124 |
Loss from operations | -24,457 | -16,001 | -13,780 |
Other income (expense), net | 38 | -1,138 | -778 |
(Expense) income from change in fair value of warrants | -6,324 | 2,404 | 812 |
Net loss | -30,743 | -14,735 | -13,746 |
Basic and diluted net loss per common share | ($0.53) | ($0.45) | ($0.59) |
Weighted average shares outstanding, basic and diluted | 57,674,833 | 32,556,781 | 23,239,019 |
Items included in other comprehensive income (loss): | ' | ' | ' |
Proportional share of comprehensive (loss) income of equity method investment | ' | -28 | 28 |
Unrealized loss on available-for-sale securities | ' | ' | -26 |
Other comprehensive (loss) income items | ' | -28 | 2 |
Comprehensive loss | ($30,743) | ($14,763) | ($13,744) |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations and Comprehensive Loss (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Research and development [Member] | ' | ' | ' |
Stock compensation expense | $639 | $150 | $205 |
General and administrative [Member] | ' | ' | ' |
Stock compensation expense | $884 | $331 | $347 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income [Member] | Accumulated Deficit [Member] |
In Thousands, except Share data | |||||||
Beginning balance at Dec. 31, 2010 | $9,005 | ' | $19 | $214,174 | ' | $26 | ($205,214) |
Common stock beginning balance, shares at Dec. 31, 2010 | ' | ' | 18,930,678 | ' | ' | ' | ' |
Preferred stock shares, beginning balance at Dec. 31, 2010 | ' | ' | ' | ' | ' | ' | ' |
Stock based compensation | 552 | ' | ' | 552 | ' | ' | ' |
Issuance of common stock and warrants, net of issuance costs | 11,485 | ' | 5 | 11,480 | ' | ' | ' |
Issuance of common stock and warrants, net of issuance costs, Shares | ' | ' | 5,556,582 | ' | ' | ' | ' |
Net loss | -13,746 | ' | ' | ' | ' | ' | -13,746 |
Other comprehensive income (loss) items | -26 | ' | ' | ' | ' | 2 | ' |
Ending balance at Dec. 31, 2011 | 7,298 | ' | 24 | 226,206 | ' | 28 | -218,960 |
Common stock ending balance, shares at Dec. 31, 2011 | ' | ' | 24,487,260 | ' | ' | ' | ' |
Preferred stock shares, ending balance at Dec. 31, 2011 | ' | ' | ' | ' | ' | ' | ' |
Stock based compensation | 481 | ' | ' | 481 | ' | ' | ' |
Issuance of common stock and warrants, net of issuance costs | 27,231 | ' | 29 | 27,202 | ' | ' | ' |
Issuance of common stock and warrants, net of issuance costs, Shares | ' | ' | 28,561,553 | ' | ' | ' | ' |
Issuance of common stock under equity compensation plans | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock under equity compensation plans, Shares | ' | ' | 9,819 | ' | ' | ' | ' |
Net loss | -14,735 | ' | ' | ' | ' | ' | -14,735 |
Other comprehensive income (loss) items | ' | ' | ' | ' | ' | -28 | ' |
Ending balance at Dec. 31, 2012 | 20,247 | ' | 53 | 253,889 | ' | ' | -233,695 |
Common stock ending balance, shares at Dec. 31, 2012 | 53,058,632 | ' | 53,058,632 | ' | ' | ' | ' |
Preferred stock shares, ending balance at Dec. 31, 2012 | ' | ' | ' | ' | ' | ' | ' |
Stock based compensation | 1,523 | ' | ' | 1,523 | ' | ' | ' |
Issuance of common stock from warrant exercises, Cost | 797 | ' | ' | 797 | ' | ' | ' |
Issuance of common stock from warrant exercises, Shares | ' | ' | 397,826 | ' | ' | ' | ' |
Issuance of common stock and warrants, net of issuance costs | 28,267 | ' | 17 | 28,113 | 137 | ' | ' |
Issuance of common stock and warrants, net of issuance costs, Shares | 10,000,000 | ' | 16,899,999 | ' | ' | ' | ' |
Issuance of common stock under equity compensation plans | -270 | ' | 1 | 1 | -272 | ' | ' |
Issuance of common stock under equity compensation plans, Shares | 479,490 | ' | 327,023 | ' | ' | ' | ' |
Net loss | -30,743 | ' | ' | ' | ' | ' | -30,743 |
Other comprehensive income (loss) items | ' | ' | ' | ' | ' | ' | ' |
Ending balance at Dec. 31, 2013 | $19,821 | ' | $71 | $284,323 | ($135) | ' | ($264,438) |
Common stock ending balance, shares at Dec. 31, 2013 | 70,683,480 | ' | 70,683,480 | ' | ' | ' | ' |
Preferred stock shares, ending balance at Dec. 31, 2013 | ' | ' | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating activities | ' | ' | ' |
Net loss | ($30,743) | ($14,735) | ($13,746) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' |
Depreciation | 346 | 320 | 278 |
Realized gain on investments and available-for-sale securities | ' | -183 | -55 |
Stock-based compensation | 1,523 | 481 | 552 |
Issuance of common stock to former lenders | ' | 1,005 | 683 |
Change in fair value of warrant liabilities | 6,324 | -2,404 | -812 |
Amortization of premium on available-for-sale securities and other | 7 | 14 | 58 |
Changes in operating assets and liabilities: | ' | ' | ' |
Accounts receivable | -30 | 199 | 1,745 |
Prepaid expenses and other assets | -101 | 580 | -511 |
Accounts payable and accrued expenses | -196 | 198 | 983 |
Deferred revenue | 86 | -3,140 | -3,664 |
Net cash used in operating activities | -22,784 | -17,665 | -14,489 |
Investing activities | ' | ' | ' |
Purchase of available-for-sale securities | ' | ' | -12,508 |
Proceeds from maturities of available-for-sale securities | ' | 4,237 | 21,672 |
Purchases of equipment | -385 | -347 | -590 |
Net cash (used in) provided by investing activities | -385 | 3,890 | 8,574 |
Financing activities | ' | ' | ' |
Proceeds from note payable | ' | 166 | ' |
Purchase of treasury stock | -272 | ' | ' |
Proceeds from exercise of warrants | 402 | ' | ' |
Proceeds from issuance of common stock and warrants, net | 29,454 | 30,357 | 12,595 |
Net cash provided by financing activities | 29,584 | 30,523 | 12,595 |
Increase in cash and cash equivalents | 6,415 | 16,748 | 6,680 |
Cash and cash equivalents at beginning of year | 25,533 | 8,785 | 2,105 |
Cash and cash equivalents at end of year | $31,948 | $25,533 | $8,785 |
Background
Background | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Background | ' |
A. Background | |
We are an international biopharmaceutical company that is focused primarily in the field of regenerative medicine and operate in one business segment. Our operations consist primarily of research and product development activities. |
Accounting_Policies
Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Accounting Policies | ' | ||||||||||||
B. Accounting Policies | |||||||||||||
Principles of Consolidation | |||||||||||||
The consolidated financial statements include our accounts and results of operations and those of our wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Investments in joint ventures are accounted for using the equity method when we do not control the investee, but have the ability to exercise significant influence over the investee’s operations and financial policies. We liquidated our investment in our joint venture in January 2012 and recognized a gain of $183,000. | |||||||||||||
Revenue Recognition | |||||||||||||
Our license and collaboration agreements may contain multiple elements, including license and technology access fees, research and development funding, manufacturing revenue, cost-sharing, milestones and royalties. The deliverables under such an arrangement are evaluated under Accounting Standards Codification (“ASC”) 605-25, Multiple-Element Arrangements. Effective January 1, 2011, we adopted ASU 2009-13, Multiple-Deliverable Revenue Arrangements (“ASU 2009-13”), which amended the guidance in ASC 605-25 on the accounting for arrangements involving the delivery of more than one element. Pursuant to the new standard, each required deliverable is evaluated to determine whether it qualifies as a separate unit of accounting based on whether the deliverable has “stand-alone value” to the customer. The arrangement’s consideration that is fixed or determinable is then allocated to each separate unit of accounting based on the relative selling price of each deliverable. In general, the consideration allocated to each unit of accounting is recognized as the related goods or services are delivered, limited to the consideration that is not contingent upon future deliverables. | |||||||||||||
We adopted this new accounting standard on a prospective basis for agreements containing multiple elements entered into on or after January 1, 2011, and for any agreements entered into prior to January 1, 2011, but materially modified on or after that date. | |||||||||||||
The primary impact of adopting the new standard is expected to be the earlier recognition of revenue for multiple element arrangements. The adoption of ASU 2009-13 did not affect revenues that we have earned through December 31, 2013. The impact of adopting this new accounting standard is dependent on the terms and conditions of any future arrangements that we may enter into that include multiple elements and arrangements entered into prior to January 1, 2011 that are materially modified. Depending on the terms of any such arrangements, the adoption of this accounting standard may have a material impact on our consolidated results of operations or financial position as it may have the potential effect of less revenue deferral for new collaborations than we have historically experienced. | |||||||||||||
For agreements entered into prior to January 1, 2011 and not materially modified thereafter, we continue to apply our prior accounting policy with respect to such arrangements. Under this policy, the deliverables under the arrangement are evaluated to assess whether they have standalone value and objective and reliable evidence of fair value, and if so, are accounted for as a single unit. We then recognize revenue for each unit based on the culmination of the earnings process under ASC 605-S25, issued as Staff Accounting Bulletin (“SAB”) Topic 13, and our estimated performance period for the single units of accounting based on the specific terms of each collaborative agreement. We subsequently adjust the estimated performance periods, if appropriate, on a prospective basis based upon available facts and circumstances. Future changes in estimates of the performance period may materially impact the timing of future revenue recognized. Amounts received prior to satisfying the revenue recognition criteria for contract revenues are recorded as deferred revenue in the accompanying balance sheets. Reimbursement amounts (other than those accounted for using collaboration accounting) paid to us are recorded on a gross basis in the statements of operations as contract revenues. | |||||||||||||
We recognize revenue from at-risk, performance milestones that are substantive in the period that the milestone is achieved, as defined in the respective contracts. | |||||||||||||
Also included in contract revenue are license fees received from Bristol-Myers Squibb, which are specifically set forth in the license and collaboration agreement as amounts due to us based on our completion of certain tasks (e.g., delivery and acceptance of a cell line) and development milestones (e.g., clinical trial phases), and as such, are not based on estimates that are susceptible to change. Such amounts are invoiced and recorded as revenue as tasks are completed and as milestones are achieved. | |||||||||||||
Similarly, grant revenue consists of funding under cost reimbursement programs primarily from federal and state sources for qualified research and development activities performed by us, and as such, are not based on estimates that are susceptible to change. Such amounts are invoiced (unless prepaid) and recorded as revenue as tasks are completed. | |||||||||||||
Cash and Cash Equivalents | |||||||||||||
We consider all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash equivalents are primarily invested in money market funds and commercial paper. The carrying amount of our cash equivalents approximates fair value due to the short maturity of the investments. | |||||||||||||
Research and Development | |||||||||||||
Research and development expenditures, which consist primarily of costs associated with external clinical and preclinical study fees, manufacturing costs, salaries and related personnel costs, legal expenses resulting from intellectual property application processes, and laboratory supply and reagent costs, including direct and allocated overhead expenses, are charged to expense as incurred. | |||||||||||||
Collaborative Arrangements | |||||||||||||
Collaborative arrangements that involve cost or future profit sharing are reviewed to determine the nature of the arrangement and the nature of the collaborative parties’ businesses. The arrangements are also reviewed to determine if one party has sole or primary responsibility for an activity, or whether the parties have shared responsibility for the activity. If responsibility for an activity is shared and there is no principal party, then the related costs of that activity are recognized by us on a net basis in the statement of operations (e.g., total cost less reimbursement from collaborator). If we are deemed to be the principal party for an activity, then the costs and revenues associated with that activity are recognized on a gross basis in the statement of operations. The accounting may be susceptible to change if the nature of a collaborator’s business changes. Our only collaboration accounted for on a net basis was our cost-sharing collaboration with Angiotech Pharmaceuticals, Inc. (“Angiotech”), which was terminated in 2011. | |||||||||||||
Clinical Trial Costs | |||||||||||||
Clinical trial costs are accrued based on work performed by outside contractors that manage and perform the trials. We obtain initial estimates of total costs based on enrollment of subjects, project management estimates and other activities. Actual costs are typically charged to us and recognized as the tasks are completed by the contractor, and if we are invoiced based on progress payments as opposed to actual costs, we develop estimates of work completed to date. Accrued clinical trial costs may be subject to revisions as clinical trials progress, and any revisions are recorded in the period in which the facts that give rise to the revisions become known. | |||||||||||||
Royalties | |||||||||||||
We may be required to make future royalty payments to certain parties based on product sales under license agreements. We did not pay any royalties during the three-year period ended December 31, 2013. | |||||||||||||
Investments in Available-for-Sale Securities | |||||||||||||
We determine the appropriate classification of investment securities at the time of purchase and re-evaluate such designation as of each balance sheet date. Our investments typically consist of United States government obligations and corporate debt securities, which are classified as available-for-sale and are valued based on quoted prices in active markets for identical assets (Level 1). Available-for-sale securities are carried at fair value, with the unrealized gains and losses, net of applicable tax, reported as a component of accumulated other comprehensive income. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization or accretion is included in interest income. Realized gains and losses on available-for-sale securities are included in interest income. The cost of securities sold is based on the specific identification method. Interest earned on securities classified as available-for-sale is included in interest income. None of our financial assets are in markets that are not active. | |||||||||||||
Long-Lived Assets | |||||||||||||
Equipment is stated at acquired cost less accumulated depreciation. Laboratory and office equipment are depreciated on the straight-line basis over the estimated useful lives (three to ten years). Leasehold improvements are amortized over the shorter of the lease term or estimated useful life. | |||||||||||||
Long-lived assets are evaluated for impairment when events or changes in circumstances indicate that the carrying amount of the asset or related group of assets may not be recoverable. If the expected future undiscounted cash flows are less than the carrying amount of the asset, an impairment loss is recognized at that time. Measurement of impairment may be based upon appraisal, market value of similar assets or discounted cash flows. | |||||||||||||
Patent Costs and Rights | |||||||||||||
Costs of prosecuting and maintaining patents and patent rights are expensed as incurred. As of December 31, 2013, we have filed for broad intellectual property protection on our proprietary technologies. We currently have numerous United States patent applications and corresponding international patent applications related to our technologies, as well as many issued United States and international patents. | |||||||||||||
Warrant Liabilities | |||||||||||||
We account for common stock warrants as either liabilities or as equity instruments depending on the specific terms of the warrant agreement. Registered common stock warrants that could require cash settlement or liquidated damages are accounted for as liabilities. We classify these warrant liabilities on the consolidated balance sheet as non-current liabilities. The warrant liabilities are revalued at fair value at each balance sheet date subsequent to the initial issuance. We use the Black-Scholes valuation model to value the warrant liabilities at fair value. The fair value is estimated using the expected volatility based on our historical volatility for warrants issued after January 1, 2013, or for warrants issued prior to 2013, using the historical volatilities of comparable companies from a representative peer group selected based on industry and market capitalization. The fair value of the warrants is determined using probability weighted-average assumptions, when appropriate. Changes in the fair market value of the warrant are reflected in the consolidated statement of operations as other income (expense). | |||||||||||||
Treasury Stock | |||||||||||||
Treasury stock is recorded at cost and any difference between the cost basis and the selling price of treasury stock is recognized as additional paid-in capital. Treasury stock is relieved on a first-in-first-out basis at actual cost. At December 31, 2013, we had 65,732 shares of common stock held in treasury and available for reissuance. | |||||||||||||
Comprehensive Income (Loss) | |||||||||||||
Unrealized gains and losses on our available-for-sale securities, if any, and the proportional share of comprehensive income and loss of our equity method investment, which was liquidated in 2012, are the only components of accumulated other comprehensive income. | |||||||||||||
Concentration of Credit Risk | |||||||||||||
Our accounts receivable are generally comprised of amounts due from collaborators and granting authorities and are subject to concentration of credit risk due to the absence of a large number of customers. At December 31, 2013, the majority of our accounts receivable are due from granting authorities. We do not require collateral from these customers. | |||||||||||||
Use of Estimates | |||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |||||||||||||
Stock-Based Compensation | |||||||||||||
We recognize stock-based compensation expense on the straight-line method and use a Black-Scholes option-pricing model to estimate the fair value of option awards. The expected term of options granted represent the period of time that option grants are expected to be outstanding. We use the “simplified” method to calculate the expected life of option grants given our limited history of exercise activity and determine volatility by using our historical stock volatility. The fair value of our restricted stock units are equal to the closing price of our common stock on the date of grant and is expensed over the vesting period on a straight-line basis. Estimates of fair value are not intended to predict actual future events or the value ultimately realized by persons that receive equity awards. | |||||||||||||
Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. If actual forfeitures vary from the estimate, we recognize the difference in compensation expense in the period the actual forfeitures occur or when options vest. | |||||||||||||
All of the aforementioned estimates and assumptions are evaluated on a quarterly basis and may change as facts and circumstances warrant. Changes in these assumptions can materially affect the estimate of the fair value of our share-based payments and the related amount recognized in our financial statements. | |||||||||||||
The following weighted-average input assumptions were used in determining the fair value of the Company’s stock options: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Volatility | 109.20% | 117.30% | 125.70% | ||||||||||
Risk-free interest rate | 1.50% | 0.80% | 1.50% | ||||||||||
Expected life of option | 6.14 years | 5.72 years | 5.96 years | ||||||||||
Expected dividend yield | 0.00% | 0.00% | 0.00% | ||||||||||
Income Taxes | |||||||||||||
Deferred tax liabilities and assets are determined based on the differences between the financial reporting and tax basis of assets and liabilities and are measured using the tax rate and laws currently in effect. We evaluate our deferred income taxes to determine if a valuation allowance should be established against the deferred tax assets or if the valuation allowance should be reduced based on consideration of all available evidence, both positive and negative, using a “more likely than not” standard. | |||||||||||||
We had no liability for uncertain income tax positions as of December 31, 2013 and 2012. Our policy is to recognize potential accrued interest and penalties related to the liability for uncertain tax benefits, if applicable, in income tax expense. Net operating loss and credit carryforwards since inception remain open to examination by taxing authorities, and will for a period post utilization. | |||||||||||||
Net Loss per Share | |||||||||||||
Basic and diluted net loss per share has been computed using the weighted-average number of shares of common stock outstanding during the period. We have outstanding options and warrants that are not used in the calculation of diluted net loss per share because to do so would be anti-dilutive. The following instruments were excluded from the calculation of diluted net loss per share because their effects would be anti-dilutive: | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Outstanding options | 5,129,579 | 4,058,184 | 4,499,601 | ||||||||||
Restricted stock units | 2,449,346 | 70,814 | 39,300 | ||||||||||
Outstanding warrants | 8,909,027 | 5,806,853 | 6,435,496 | ||||||||||
16,487,952 | 9,935,851 | 10,974,397 | |||||||||||
Reclassifications | |||||||||||||
Certain prior year amounts have been reclassified to conform with current year presentations. |
Equipment
Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Equipment | ' | ||||||||
C. Equipment | |||||||||
December 31, | |||||||||
Equipment consists of (in thousands): | 2013 | 2012 | |||||||
Laboratory equipment | $ | 6,703 | $ | 6,741 | |||||
Office equipment and leasehold improvements | 2,814 | 3,842 | |||||||
9,517 | 10,583 | ||||||||
Accumulated depreciation | (8,184 | ) | (9,289 | ) | |||||
$ | 1,333 | $ | 1,294 | ||||||
In 2013, we disposed of approximately $1.5 million of obsolete laboratory equipment, office equipment and leasehold improvements, all of which was fully depreciated. |
Financial_Instruments
Financial Instruments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Investments All Other Investments [Abstract] | ' | ||||||||||||||||
Financial Instruments | ' | ||||||||||||||||
D. Financial Instruments | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
We classify the inputs used to measure fair value into the following hierarchy: | |||||||||||||||||
Level 1 | Unadjusted quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||
Level 2 | Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability. | ||||||||||||||||
Level 3 | Unobservable inputs for the asset or liability. | ||||||||||||||||
The following table provides a summary of the financial assets and liabilities measured at fair value on a recurring basis as follows: (in thousands): | |||||||||||||||||
Fair Value Measurements at December 31, 2013 Using | |||||||||||||||||
Description | Balance as of | Quoted Prices in Active | Significant Other | Significant | |||||||||||||
December 31, | Markets for Identical | Observable Inputs | Unobservable | ||||||||||||||
2013 | Assets (Level 1) | (Level 2) | Inputs (Level 3) | ||||||||||||||
Warrant liabilities | $ | 9,823 | $ | — | $ | — | $ | 9,823 | |||||||||
Fair Value Measurements at December 31, 2012 Using | |||||||||||||||||
Description | Balance as of | Quoted Prices in Active | Significant Other | Significant | |||||||||||||
December 31, | Markets for Identical | Observable Inputs | Unobservable | ||||||||||||||
2012 | Assets (Level 1) | (Level 2) | Inputs (Level 3) | ||||||||||||||
Warrant liabilities | $ | 2,709 | $ | — | $ | — | $ | 2,709 | |||||||||
We review and reassess the fair value hierarchy classifications on a quarterly basis. Changes from one quarter to the next related to the observability of inputs in a fair value measurement may result in a reclassification between fair value hierarchy levels. There were no reclassifications for all periods presented. | |||||||||||||||||
The estimated fair value of warrants accounted for as liabilities, representing a level 3 fair value measure, was determined on the issuance date and subsequently marked to market at each financial reporting date. The fair value is estimated using the expected volatility based on our historical volatility for warrants issued after January 1, 2013, or for warrants issued prior to 2013, using the historical volatilities of comparable companies from a representative peer group selected based on industry and market capitalization. The fair value of the warrants is determined using probability weighted-average assumptions, when appropriate. The warrants issued in our December 2013 offering were issued in two series, since 1,401,218 of the total 3,500,000 warrants issued are not exercisable until June 3, 2014. The following inputs were used at December 31, 2013: | |||||||||||||||||
“A” | “B” | Warrants Issued | Warrants Issued | ||||||||||||||
Warrants Issued | Warrants Issued | Mar-12 | Feb-11 | ||||||||||||||
Dec-13 | Dec-13 | ||||||||||||||||
Expected volatility | 53.3 | % | 51.7 | % | 71.4 | % | 73.3 | % | |||||||||
Risk-free interest rate | 0.13 | % | 0.13 | % | 0.78 | % | 0.38 | % | |||||||||
Expected life | 1.25 | years | 0.82 | years | 3.20 | years | 2.09 | years | |||||||||
Fair value at December 31, 2013 | $ | 1,232 | $ | 650 | $ | 6,944 | $ | 997 | |||||||||
(in thousands) | |||||||||||||||||
A roll-forward of fair value measurements using significant unobservable inputs (Level 3) for the warrants is as follows (in thousands): | |||||||||||||||||
Year ended | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Balance January 1, 2013 | $ | 2,709 | |||||||||||||||
Issuance of warrants December 2013 | 1,186 | ||||||||||||||||
Settlements | (396 | ) | |||||||||||||||
Loss included in other income (expense), net, for the period | 6,324 | ||||||||||||||||
Balance December 31, 2013 | $ | 9,823 | |||||||||||||||
Financing Arrangements | |||||||||||||||||
We lease office and laboratory space under operating leases. The lease for our corporate offices and laboratories began in 2000 and currently expires in March 2016, and we have the option to renew annually through 2019. Our rent is $267,000 per year and our rental rate has not changed since the lease inception in 2000. Also, we lease office and laboratory space for our Belgian subsidiary, which currently expires in July 2015 and includes options to renew annually through July 2022, with annual rent of $197,000, subject to adjustments based on an inflationary index | |||||||||||||||||
Aggregate rent expense was approximately $491,000, $415,000 and $397,000 in 2013, 2012 and 2011, respectively. The future annual minimum lease commitments at December 31, 2013 are approximately $483,000 for 2014, $383,000 for 2015, $67,000 for 2016, and $0 for 2017. | |||||||||||||||||
In April 2012, we entered into an arrangement with the Global Cardiovascular Innovation Center and the Cleveland Clinic Foundation pursuant to which we are entitled to proceeds of up to $500,000 in the form of a forgivable loan to fund certain remaining preclinical work using MultiStem to treat congestive heart failure and for preparing the program for an investigational new drug application with the United States Food and Drug Administration. Interest on the loan accrues at a fixed rate of 4.25% per annum, and is added to the outstanding principal. The principal and interest on the loan will be forgiven based on the achievement of a certain milestone, unrelated to the preclinical work, within three to four years. As of December 31, 2013 and 2012, we have drawn $166,000 of this financing, which is reflected on the balance sheet as a non-current note payable, including interest. | |||||||||||||||||
Our former lenders retained a right to receive remaining milestone payments up to $1.3 million as of December 31, 2011 (from an original amount of $2.25 million) upon the occurrence of certain events, and the final balance was settled in full in 2012 in connection with equity offerings during the year. We elected to pay 75% of the milestone payments in shares of common stock at the per-share offering prices in 2012 and $1.3 million in cash and stock-based milestone payments were recognized as other expense in 2012. In 2011, milestone expense was $0.9 million. | |||||||||||||||||
We paid no interest during the three years ended December 31, 2013. |
Collaborations_and_Revenue_Rec
Collaborations and Revenue Recognition | 12 Months Ended |
Dec. 31, 2013 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' |
Collaborations and Revenue Recognition | ' |
E. Collaborations and Revenue Recognition | |
Pfizer | |
In 2009, we entered into a collaboration with Pfizer Inc. (“Pfizer”) to develop and commercialize our MultiStem® product candidate to treat inflammatory bowel disease (“IBD”) for the worldwide market. Under the terms of the agreement, we received a non-refundable up-front payment from Pfizer and research funding and support through June 2012. In addition, we are eligible to receive milestone payments upon the successful achievement of certain development, regulatory and commercial milestones, for which we evaluated the nature of the events triggering these contingent payments and concluded that these events constituted substantive milestones that will be recognized as revenue in the period in which the underlying triggering event occurs. In concluding that each milestone is substantive, we considered factors such as whether the associated consideration fairly represents either the level of effort required to reach the milestone or the value added to the product based on the achievement of such milestone. No significant milestone revenue has been recognized to date. | |
Pfizer pays us for manufacturing product for clinical development and commercialization purposes. Pfizer has responsibility for development, regulatory and commercialization and will pay us tiered royalties on worldwide commercial sales of MultiStem IBD products. Alternatively, in lieu of royalties and certain commercialization milestones, we may elect to co-develop with Pfizer and the parties will share development and commercialization expenses and profits/losses on an agreed basis beginning at Phase 3 clinical development. | |
We evaluated the facts and circumstances of the agreement and determined the Pfizer agreement had multiple deliverables that should be combined into a single unit of accounting. We recognized the license and technology access fee and research and development funding ratably on a straight-line basis over the estimated performance period, which was completed mid-2012, and measured manufacturing revenue beginning upon the culmination of the earnings process and recognized it over the performance period of the bundled unit of accounting. | |
Angiotech | |
In 2011, we reached an agreement with Angiotech to terminate the collaboration agreement and license between the parties, reflecting a change in Angiotech’s business and financial strategy. As a result of the termination, we regained ownership of all rights for developing our stem cell technologies and products for cardiovascular disease indications, including AMI, congestive heart failure, chronic ischemia, and peripheral vascular disease, and Angiotech no longer has any license rights or options with respect to our technologies and products. As part of the termination agreement, if we enter into a new AMI collaboration before November 14, 2014, and at the time of the collaboration, we have made certain progress in development, Angiotech could be eligible for 10% of any third-party license fees up to a maximum of $5.0 million. Angiotech is not entitled to other downstream payments, such as milestone payments, royalties or any profit-sharing payments. Prior to the termination of the collaboration, our clinical costs were recorded net of Angiotech’s cost-share reimbursements, which amounted to $312,000 in 2011. | |
RTI Surgical, Inc. | |
In 2010, we entered into an agreement with RTI Surgical, Inc. (“RTI”), formerly RTI Biologics, Inc., to develop and commercialize biologic implants using our technology for certain orthopedic applications in the bone graft substitutes market. Under the terms of the agreement, we received a $5.0 million license fee in installments, of which $3.0 million was guaranteed and received in 2010 and 2011, and $2.0 million was contingent upon future events and considered a substantive milestone at the inception of the agreement. We evaluated the facts and circumstances and determined the RTI agreement had obligations constituting deliverables and concluded that it has multiple deliverables, including deliverables relating to the grant of a license to our technology and performance of research and development services, and concluded that these deliverables should be combined into a single unit of accounting. We recognized the $3.0 million guaranteed license fee ratably on a straight-line basis over the estimated performance period, which was completed in 2011. | |
In September 2012, RTI agreed to make the remaining $2.0 million license fee payments by December 31, 2012, and we agreed to provide RTI with certain technical support through December 31, 2012. The $2.0 million consideration associated with the amendment was recognized over the performance period from September 2012 through December 2012. | |
We are also eligible to receive $35.5 million in cash payments upon the successful achievement of certain commercial milestones. We evaluated the nature of the events triggering these contingent payments and concluded that these events are substantive and that revenue will be recognized in the period in which each underlying triggering event occurs. In addition, we will receive tiered royalties on worldwide commercial sales, if any, of implants using our technologies. No milestone or royalty revenue has been recognized to date. |
Capitalization_and_Warrant_Lia
Capitalization and Warrant Liability | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Equity [Abstract] | ' | ||||||||
Capitalization and Warrant Liability | ' | ||||||||
F. Capitalization and Warrant Liability | |||||||||
Capitalization | |||||||||
At December 31, 2013, we had 150.0 million shares of common stock (100.0 million shares at December 31, 2012) and 10.0 million shares of undesignated preferred stock authorized. No shares of preferred stock have been issued as of December 31, 2013. | |||||||||
The following shares of common stock were reserved for future issuance: | |||||||||
December 31 | |||||||||
2013 | 2012 | ||||||||
Stock-based compensation plans | 11,020,510 | 5,490,181 | |||||||
Warrants to purchase common stock — former lenders | 149,026 | 149,026 | |||||||
Warrants to purchase common stock — 2011 offering | 1,310,000 | 1,310,000 | |||||||
Warrants to purchase common stock — 2012 offering | 3,950,001 | 4,347,827 | |||||||
Warrants to purchase common stock — 2013 offering | 3,500,000 | — | |||||||
19,929,537 | 11,297,034 | ||||||||
In January 2014, we completed a registered direct offering generating net proceeds of approximately $18.7 million through the issuance of 5,000,000 shares of common stock and immediately exercisable warrants to purchase 1,500,000 shares of common stock with an exercise price of $4.50 per share that expire on July 15, 2016. The securities were sold in multiples of a fixed combination of one share of common stock and a warrant to purchase 0.30 shares of common stock at an offering price of $4.10 per fixed combination. | |||||||||
In December 2013, we completed a registered direct offering generating net proceeds of approximately $18.4 million through the issuance of 10,000,000 shares of common stock and warrants to purchase 3,500,000 shares of common stock with an exercise price of $2.50 per share that expire on March 31, 2015. Of the 3,500,000 warrants, 1,401,218 are not exercisable until June 3, 2014. The securities were sold in multiples of a fixed combination of one share of common stock and a warrant to purchase 0.35 shares of common stock at an offering price of $2.00 per fixed combination. | |||||||||
In October 2012, we completed a public offering generating net proceeds of approximately $18.3 million through the issuance of 19,802,000 shares of common stock at a price of $1.01 per share. In November 2012, the underwriters exercised in full their right to purchase an additional 2,970,300 shares of common stock, solely to cover over-allotments. The exercise of the full over-allotment option generated an additional $2.8 million of net proceeds. | |||||||||
In March 2012, we completed a private placement financing generating net proceeds of approximately $8.1 million through the issuance of 4,347,827 shares of common stock and five-year warrants to purchase 4,347,827 shares of common stock with an exercise price of $2.07 per share. The securities were sold in multiples of a fixed combination of one share of common stock and a warrant to purchase one share of common stock at an offering price of $2.07 per fixed combination, and the warrants include price protection in the event we sell stock below the exercise price, as defined. As a result of the October 2012 public offering and in accordance with the terms of the warrants, we sought and obtained stockholder approval in February 2013 to reduce the exercise price of these warrants to $1.01 per share. | |||||||||
In February 2011, we completed a registered direct offering with net proceeds of $11.8 million through the issuance of 4,366,667 shares of common stock and five-year warrants to purchase 1,310,000 shares of common stock with an exercise price of $3.55 per share. The securities were sold in multiples of a fixed combination of one share of common stock and a warrant to purchase 0.3 of a share of common stock at an offering price of $3.00 per fixed combination. | |||||||||
Aspire Capital | |||||||||
In November 2011, we entered into an equity purchase agreement, which provides that Aspire Capital Fund, LLC (“Aspire Capital”) is committed to purchase up to an aggregate of $20.0 million of shares of our common stock over a two-year term, subject to our election to sell any such shares. Under the agreement, we have the right to sell shares, subject to certain volume limitations and a minimum floor price, at a modest discount to the prevailing market price. As part of the agreement, Aspire Capital made an initial investment of $1.0 million in us through the purchase of 666,667 shares of our common stock at $1.50 per share in 2011, and received 266,667 additional shares as compensation for its commitment. In 2012, we sold an additional 800,000 shares to Aspire Capital at an average price of $1.57 per share. | |||||||||
In October 2013, we terminated the expiring 2011 equity purchase agreement with Aspire Capital and entered into a new equity purchase agreement with Aspire Capital to purchase up to an aggregate of $25.0 million of shares of our common stock over a new two-year period. The terms of the 2013 equity facility are similar to the previous arrangement, and we issued 333,333 shares of our common stock Aspire Capital as a commitment fee in October 2013 and filed a registration statement for the resale of 10,000,000 shares of common stock in connection with the new equity facility. In 2013, we sold an aggregate 6,566,666 shares to Aspire Capital at an average price of $1.70 per share under both equity purchase agreements (300,000 shares were sold during the quarter ended December 31, 2013 at an average price of $1.69 per share). As of December 31, 2013, we have received aggregate proceeds of approximately $13.4 million under both equity purchase agreements since their inception. | |||||||||
Warrant Liabilities | |||||||||
The warrants we issued in the December 2013 registered direct offering contain a provision for a cash payment in the event that the shares are not delivered to the holder within two trading days. The cash payment equals $10 per day per $2,000 of warrant shares for each day late. The warrants we issued in both the March 2012 private placement and the February 2011 registered direct offering each contain a provision for net cash settlement in the event that there is a fundamental transaction (e.g., merger, sale of substantially all assets, tender offer, or share exchange). If a fundamental transaction occurs in which the consideration issued consists of all cash or stock in a non-public company, then the warrant holder has the option to receive cash equal to a Black Scholes value of the remaining unexercised portion of the warrant. Further, the March 2012 warrants include price protection in the event we sell stock below the exercise price, as defined. As a result of the October 2012 public offering and in accordance with the terms of the warrants, we sought and obtained stockholder approval in February 2013 to reduce the exercise price of these 4,347,827 warrants to $1.01 per share. | |||||||||
The warrants have been classified as liabilities, as opposed to equity, due to the potential adjustment to the exercise price that could result upon late delivery of the shares or potential cash settlement upon the occurrence of certain events as described above, and are recorded at their fair values at each balance sheet date. See Note D. | |||||||||
As of December 31, 2013, we had the following outstanding warrants to purchase shares of common stock: | |||||||||
Number of | Exercise Price | Expiration | |||||||
Underlying Shares | |||||||||
149,026 | $5.00 | June 8, 2014 | |||||||
1,310,000 | $3.55 | February 2, 2016 | |||||||
3,950,001 | $1.01 | 14-Mar-17 | |||||||
3,500,000 | $2.50 | 31-Mar-15 | |||||||
8,909,027 | |||||||||
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||||||||||
G. Stock-Based Compensation | |||||||||||||||||||||||||
We have two incentive plans that authorized an aggregate of 11,500,000 shares of common stock for awards to employees, directors and consultants, which reflects an increase in shares authorized of 6,000,000 that was approved in 2013. These equity incentive plans authorize the issuance of equity-based compensation in the form of stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares and units, and other stock-based awards to qualified employees, directors and consultants. As of December 31, 2013, a total of 479,490 shares of common stock have been issued under our equity incentive plans. | |||||||||||||||||||||||||
As of December 31, 2013, a total of 3,441,585 shares were available for issuance under our equity compensation plans and stock-based awards to purchase 7,578,925 shares of common stock were outstanding. We recognized $1,523,000, $481,000 and $552,000 of stock-based compensation expense in 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||
Stock Options | |||||||||||||||||||||||||
The weighted average fair value of options granted in 2013, 2012 and 2011 was $1.42, $1.21 and $2.30 per share, respectively. The total fair value of options vested during 2013, 2012 and 2011 was $585,000, $420,000 and $570,000, respectively. At December 31, 2013, total unrecognized estimated compensation cost related to unvested stock options was approximately $1,686,000, which is expected to be recognized by mid-2017 using the straight-line method. The weighted average contractual life of unvested options at December 31, 2013 was 9.34 years. The aggregate intrinsic value of fully vested option shares and option shares expected to vest as of December 31, 2013 was $402,000. | |||||||||||||||||||||||||
A summary of our stock option activity and related information is as follows: | |||||||||||||||||||||||||
Number | Weighted | ||||||||||||||||||||||||
of Options | Average | ||||||||||||||||||||||||
Exercise | |||||||||||||||||||||||||
Price | |||||||||||||||||||||||||
Outstanding January 1, 2011 | 4,308,013 | $ | 4.73 | ||||||||||||||||||||||
Granted | 213,588 | 2.61 | |||||||||||||||||||||||
Forfeited / Terminated / Expired | (22,000 | ) | 3.46 | ||||||||||||||||||||||
Outstanding December 31, 2011 | 4,499,601 | 4.63 | |||||||||||||||||||||||
Granted | 290,150 | 1.44 | |||||||||||||||||||||||
Forfeited / Expired | (731,567 | ) | 4.92 | ||||||||||||||||||||||
Outstanding December 31, 2012 | 4,058,184 | 4.36 | |||||||||||||||||||||||
Granted | 1,336,928 | 1.71 | |||||||||||||||||||||||
Exercised | (1,312 | ) | 1.26 | ||||||||||||||||||||||
Forfeited / Expired | (264,221 | ) | 3.36 | ||||||||||||||||||||||
Outstanding December 31, 2013 | 5,129,579 | $ | 3.72 | ||||||||||||||||||||||
Vested during 2013 | 383,808 | $ | 1.86 | ||||||||||||||||||||||
Vested and exercisable at December 31, 2013 | 3,896,383 | $ | 4.35 | ||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Options Outstanding | Options Vested and Exercisable | ||||||||||||||||||||||||
Exercise Price | Number | Weighted | Weighted | Number | Weighted | Weighted | |||||||||||||||||||
of | Average | Average | of | Average | Average | ||||||||||||||||||||
Options | Remaining | Exercise | Options | Remaining | Exercise | ||||||||||||||||||||
Contractual | Price | Contractual | Price | ||||||||||||||||||||||
Life | Life | ||||||||||||||||||||||||
$1.13 – 2.94 | 1,988,579 | 8.18 | $ | 1.86 | 756,133 | 6.28 | $ | 2.08 | |||||||||||||||||
$3.10 – 5.00 | 3,033,500 | 3.37 | $ | 4.88 | 3,032,750 | 3.37 | $ | 4.88 | |||||||||||||||||
$5.28 – 7.80 | 107,500 | 5.98 | $ | 5.28 | 107,500 | 5.98 | $ | 5.28 | |||||||||||||||||
5,129,579 | 3,896,383 | ||||||||||||||||||||||||
Restricted Stock Units | |||||||||||||||||||||||||
A summary of our restricted stock unit activity and related information is as follows: | |||||||||||||||||||||||||
Number | Weighted | ||||||||||||||||||||||||
of | Average | ||||||||||||||||||||||||
Restricted | Fair Value | ||||||||||||||||||||||||
Stock Units | |||||||||||||||||||||||||
Outstanding January 1, 2011 | — | $ | — | ||||||||||||||||||||||
Granted | 39,300 | 2.69 | |||||||||||||||||||||||
Outstanding December 31, 2011 | 39,300 | 2.69 | |||||||||||||||||||||||
Granted | 56,716 | 1.43 | |||||||||||||||||||||||
Vested-common stock issued | (9,819 | ) | 2.69 | ||||||||||||||||||||||
Forfeited/expired | (15,383 | ) | 1.88 | ||||||||||||||||||||||
Outstanding December 31, 2012 | 70,814 | 1.86 | |||||||||||||||||||||||
Granted | 2,851,964 | 1.71 | |||||||||||||||||||||||
Vested-common stock issued | (468,359 | ) | 1.72 | ||||||||||||||||||||||
Forfeited/expired | (5,073 | ) | 1.77 | ||||||||||||||||||||||
Outstanding December 31, 2013 | 2,449,346 | $ | 1.71 | ||||||||||||||||||||||
Vested/Issued cumulative at December 31, 2013 | 478,178 | $ | 1.74 | ||||||||||||||||||||||
The weighted average fair value of restricted stock units granted in 2013 was $1.71 per share. The total fair value of restricted stock units vested during 2013, 2012 and 2011 was $805,000, $26,000 and $0, respectively. At December 31, 2013, total unrecognized estimated compensation cost related to unvested restricted stock units was approximately $3,954,000, which is expected to be recognized by mid-2017 using the straight-line method. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Income Taxes | ' | ||||||||
H. Income Taxes | |||||||||
We had net operating loss and research and development tax credit carryforwards of approximately $26,382,000 and $1,473,000, respectively, at December 31, 2013, and approximately $71,522,000 and $4,176,000, respectively at December 31, 2012. Such losses and credits may be used to reduce future taxable income and tax liabilities and will expire at various dates between 2033 and 2034. | |||||||||
Additionally, as of December 31, 2013, we have net operating loss carryforwards of approximately $34,521,000 (“Section 382 Limited NOL”) that are limited to an annual net operating loss carryforward of $1,833,000. This limitation under Section 382 of the Internal Revenue Code was a result of our equity offering in October 2012. The Section 382 Limited NOL may be used to reduce future taxable income and tax liabilities and will expire at various dates between 2014 and 2031. | |||||||||
Significant components of our deferred tax assets are as follows (in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Net operating loss carryforwards | $ | 8,970 | $ | 24,318 | |||||
Net operating loss carryforwards — Section 382 Limited NOL | 11,737 | 2,277 | |||||||
Research and development credit carryforwards | 1,473 | 4,176 | |||||||
Compensation expense | 3,353 | 2,948 | |||||||
Other | 509 | 503 | |||||||
Total deferred tax assets | 26,042 | 34,222 | |||||||
Valuation allowance for deferred tax assets | (26,042 | ) | (34,222 | ) | |||||
Net deferred tax assets | $ | — | $ | — | |||||
Because of our cumulative losses, the deferred tax assets have been fully offset by a valuation allowance. We have not paid income taxes for the three-year period ended December 31, 2013. |
Profit_Sharing_Plan_and_401k_P
Profit Sharing Plan and 401(k) Plan | 12 Months Ended |
Dec. 31, 2013 | |
Postemployment Benefits [Abstract] | ' |
Profit Sharing Plan and 401(k) Plan | ' |
I. Profit Sharing Plan and 401(k) Plan | |
We have a profit sharing and 401(k) plan that covers substantially all employees and allows for discretionary contributions by us. We make employer contributions to this plan, and the expense was approximately $97,000 in 2013, $98,000 in 2012, and $88,000 in 2011. |
Quarterly_Financial_Data_unaud
Quarterly Financial Data (unaudited) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Quarterly Financial Data (unaudited) | ' | ||||||||||||||||||||
J. Quarterly Financial Data (unaudited) | |||||||||||||||||||||
The following table presents quarterly data for the years ended December 31, 2013 and 2012, in thousands, except per share data: | |||||||||||||||||||||
2013 | |||||||||||||||||||||
First | Second | Third | Fourth | Full Year | |||||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||
Revenues | $ | 326 | $ | 571 | $ | 621 | $ | 920 | $ | 2,438 | |||||||||||
Net loss | $ | (9,388 | ) | $ | (5,946 | ) | $ | (5,614 | ) | $ | (9,795 | ) | $ | (30,743 | ) | ||||||
Basic and diluted net loss per common share | $ | (0.18 | ) | $ | (0.11 | ) | $ | (0.10 | ) | $ | (0.15 | ) | $ | (0.53 | ) | ||||||
2012 | |||||||||||||||||||||
First | Second | Third | Fourth | Full Year | |||||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||
Revenues | $ | 2,747 | $ | 2,657 | $ | 1,015 | $ | 2,289 | $ | 8,708 | |||||||||||
Net loss | $ | (4,336 | ) | $ | (3,713 | ) | $ | (3,449 | ) | $ | (3,237 | ) | $ | (14,735 | ) | ||||||
Basic and diluted net loss per common share | $ | (0.17 | ) | $ | (0.13 | ) | $ | (0.12 | ) | $ | (0.07 | ) | $ | (0.45 | ) | ||||||
Due to the effect of quarterly changes to outstanding shares of common stock and weightings, the annual loss per share will not necessarily equal the sum of the respective quarters. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Valuation And Qualifying Accounts [Abstract] | ' | ||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | ' | ||||||||||||||||
The following financial statement schedule of Athersys, Inc. is included: | |||||||||||||||||
Schedule II – Valuation and Qualifying Accounts | |||||||||||||||||
(In thousands) | Balance at | Additions | Deductions | Balance at | |||||||||||||
Beginning of | End of Year | ||||||||||||||||
Year | |||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||
Deducted from asset accounts: | |||||||||||||||||
Allowance for doubtful accounts | $ | 330 | $ | — | $ | — | $ | 330 | |||||||||
Tax valuation allowances | $ | 34,222 | $ | 4,373 | $ | 12,464 | (B) | $ | 26,131 | ||||||||
Total 2013 | $ | 34,552 | $ | 4,373 | $ | 12,464 | $ | 26,461 | |||||||||
Year Ended December 31, 2012 | |||||||||||||||||
Deducted from asset accounts: | |||||||||||||||||
Allowance for doubtful accounts | $ | 307 | $ | 23 | (A) | $ | — | $ | 330 | ||||||||
Tax valuation allowances | $ | 29,272 | $ | 4,950 | $ | — | $ | 34,222 | |||||||||
Total 2012 | $ | 29,579 | $ | 4,973 | $ | — | $ | 34,552 | |||||||||
Year Ended December 31, 2011 | |||||||||||||||||
Deducted from asset accounts: | |||||||||||||||||
Allowance for doubtful accounts | $ | 296 | $ | 11 | (A) | $ | — | $ | 307 | ||||||||
Tax valuation allowances | $ | 23,908 | $ | 5,364 | $ | — | $ | 29.272 | |||||||||
Total 2011 | $ | 24,204 | $ | 5,375 | $ | — | $ | 29,579 | |||||||||
(A) – | Reserve on note receivable. | ||||||||||||||||
(B) – | Deferred tax assets are fully offset by valuation allowances. As a result of the October 2012 equity offering and merger, the Company lost the use of a significant portion of its net operating loss carryforwards generated prior to October 2012. |
Accounting_Policies_Policies
Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Principles of Consolidation | ' | ||||||||||||
Principles of Consolidation | |||||||||||||
The consolidated financial statements include our accounts and results of operations and those of our wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Investments in joint ventures are accounted for using the equity method when we do not control the investee, but have the ability to exercise significant influence over the investee’s operations and financial policies. We liquidated our investment in our joint venture in January 2012 and recognized a gain of $183,000. | |||||||||||||
Revenue Recognition | ' | ||||||||||||
Revenue Recognition | |||||||||||||
Our license and collaboration agreements may contain multiple elements, including license and technology access fees, research and development funding, manufacturing revenue, cost-sharing, milestones and royalties. The deliverables under such an arrangement are evaluated under Accounting Standards Codification (“ASC”) 605-25, Multiple-Element Arrangements. Effective January 1, 2011, we adopted ASU 2009-13, Multiple-Deliverable Revenue Arrangements (“ASU 2009-13”), which amended the guidance in ASC 605-25 on the accounting for arrangements involving the delivery of more than one element. Pursuant to the new standard, each required deliverable is evaluated to determine whether it qualifies as a separate unit of accounting based on whether the deliverable has “stand-alone value” to the customer. The arrangement’s consideration that is fixed or determinable is then allocated to each separate unit of accounting based on the relative selling price of each deliverable. In general, the consideration allocated to each unit of accounting is recognized as the related goods or services are delivered, limited to the consideration that is not contingent upon future deliverables. | |||||||||||||
We adopted this new accounting standard on a prospective basis for agreements containing multiple elements entered into on or after January 1, 2011, and for any agreements entered into prior to January 1, 2011, but materially modified on or after that date. | |||||||||||||
The primary impact of adopting the new standard is expected to be the earlier recognition of revenue for multiple element arrangements. The adoption of ASU 2009-13 did not affect revenues that we have earned through December 31, 2013. The impact of adopting this new accounting standard is dependent on the terms and conditions of any future arrangements that we may enter into that include multiple elements and arrangements entered into prior to January 1, 2011 that are materially modified. Depending on the terms of any such arrangements, the adoption of this accounting standard may have a material impact on our consolidated results of operations or financial position as it may have the potential effect of less revenue deferral for new collaborations than we have historically experienced. | |||||||||||||
For agreements entered into prior to January 1, 2011 and not materially modified thereafter, we continue to apply our prior accounting policy with respect to such arrangements. Under this policy, the deliverables under the arrangement are evaluated to assess whether they have standalone value and objective and reliable evidence of fair value, and if so, are accounted for as a single unit. We then recognize revenue for each unit based on the culmination of the earnings process under ASC 605-S25, issued as Staff Accounting Bulletin (“SAB”) Topic 13, and our estimated performance period for the single units of accounting based on the specific terms of each collaborative agreement. We subsequently adjust the estimated performance periods, if appropriate, on a prospective basis based upon available facts and circumstances. Future changes in estimates of the performance period may materially impact the timing of future revenue recognized. Amounts received prior to satisfying the revenue recognition criteria for contract revenues are recorded as deferred revenue in the accompanying balance sheets. Reimbursement amounts (other than those accounted for using collaboration accounting) paid to us are recorded on a gross basis in the statements of operations as contract revenues. | |||||||||||||
We recognize revenue from at-risk, performance milestones that are substantive in the period that the milestone is achieved, as defined in the respective contracts. | |||||||||||||
Also included in contract revenue are license fees received from Bristol-Myers Squibb, which are specifically set forth in the license and collaboration agreement as amounts due to us based on our completion of certain tasks (e.g., delivery and acceptance of a cell line) and development milestones (e.g., clinical trial phases), and as such, are not based on estimates that are susceptible to change. Such amounts are invoiced and recorded as revenue as tasks are completed and as milestones are achieved. | |||||||||||||
Similarly, grant revenue consists of funding under cost reimbursement programs primarily from federal and state sources for qualified research and development activities performed by us, and as such, are not based on estimates that are susceptible to change. Such amounts are invoiced (unless prepaid) and recorded as revenue as tasks are completed. | |||||||||||||
Cash and Cash Equivalents | ' | ||||||||||||
Cash and Cash Equivalents | |||||||||||||
We consider all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash equivalents are primarily invested in money market funds and commercial paper. The carrying amount of our cash equivalents approximates fair value due to the short maturity of the investments. | |||||||||||||
Research and Development | ' | ||||||||||||
Research and Development | |||||||||||||
Research and development expenditures, which consist primarily of costs associated with external clinical and preclinical study fees, manufacturing costs, salaries and related personnel costs, legal expenses resulting from intellectual property application processes, and laboratory supply and reagent costs, including direct and allocated overhead expenses, are charged to expense as incurred. | |||||||||||||
Collaborative Arrangements | ' | ||||||||||||
Collaborative Arrangements | |||||||||||||
Collaborative arrangements that involve cost or future profit sharing are reviewed to determine the nature of the arrangement and the nature of the collaborative parties’ businesses. The arrangements are also reviewed to determine if one party has sole or primary responsibility for an activity, or whether the parties have shared responsibility for the activity. If responsibility for an activity is shared and there is no principal party, then the related costs of that activity are recognized by us on a net basis in the statement of operations (e.g., total cost less reimbursement from collaborator). If we are deemed to be the principal party for an activity, then the costs and revenues associated with that activity are recognized on a gross basis in the statement of operations. The accounting may be susceptible to change if the nature of a collaborator’s business changes. Our only collaboration accounted for on a net basis was our cost-sharing collaboration with Angiotech Pharmaceuticals, Inc. (“Angiotech”), which was terminated in 2011. | |||||||||||||
Clinical Trial Costs | ' | ||||||||||||
Clinical Trial Costs | |||||||||||||
Clinical trial costs are accrued based on work performed by outside contractors that manage and perform the trials. We obtain initial estimates of total costs based on enrollment of subjects, project management estimates and other activities. Actual costs are typically charged to us and recognized as the tasks are completed by the contractor, and if we are invoiced based on progress payments as opposed to actual costs, we develop estimates of work completed to date. Accrued clinical trial costs may be subject to revisions as clinical trials progress, and any revisions are recorded in the period in which the facts that give rise to the revisions become known. | |||||||||||||
Royalties | ' | ||||||||||||
Royalties | |||||||||||||
We may be required to make future royalty payments to certain parties based on product sales under license agreements. We did not pay any royalties during the three-year period ended December 31, 2013. | |||||||||||||
Investments in Available-for-Sale Securities | ' | ||||||||||||
Investments in Available-for-Sale Securities | |||||||||||||
We determine the appropriate classification of investment securities at the time of purchase and re-evaluate such designation as of each balance sheet date. Our investments typically consist of United States government obligations and corporate debt securities, which are classified as available-for-sale and are valued based on quoted prices in active markets for identical assets (Level 1). Available-for-sale securities are carried at fair value, with the unrealized gains and losses, net of applicable tax, reported as a component of accumulated other comprehensive income. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization or accretion is included in interest income. Realized gains and losses on available-for-sale securities are included in interest income. The cost of securities sold is based on the specific identification method. Interest earned on securities classified as available-for-sale is included in interest income. None of our financial assets are in markets that are not active. | |||||||||||||
Long-Lived Assets | ' | ||||||||||||
Long-Lived Assets | |||||||||||||
Equipment is stated at acquired cost less accumulated depreciation. Laboratory and office equipment are depreciated on the straight-line basis over the estimated useful lives (three to ten years). Leasehold improvements are amortized over the shorter of the lease term or estimated useful life. | |||||||||||||
Long-lived assets are evaluated for impairment when events or changes in circumstances indicate that the carrying amount of the asset or related group of assets may not be recoverable. If the expected future undiscounted cash flows are less than the carrying amount of the asset, an impairment loss is recognized at that time. Measurement of impairment may be based upon appraisal, market value of similar assets or discounted cash flows. | |||||||||||||
Patent Costs and Rights | ' | ||||||||||||
Patent Costs and Rights | |||||||||||||
Costs of prosecuting and maintaining patents and patent rights are expensed as incurred. As of December 31, 2013, we have filed for broad intellectual property protection on our proprietary technologies. We currently have numerous United States patent applications and corresponding international patent applications related to our technologies, as well as many issued United States and international patents. | |||||||||||||
Warrant Liabilities | ' | ||||||||||||
Warrant Liabilities | |||||||||||||
We account for common stock warrants as either liabilities or as equity instruments depending on the specific terms of the warrant agreement. Registered common stock warrants that could require cash settlement or liquidated damages are accounted for as liabilities. We classify these warrant liabilities on the consolidated balance sheet as non-current liabilities. The warrant liabilities are revalued at fair value at each balance sheet date subsequent to the initial issuance. We use the Black-Scholes valuation model to value the warrant liabilities at fair value. The fair value is estimated using the expected volatility based on our historical volatility for warrants issued after January 1, 2013, or for warrants issued prior to 2013, using the historical volatilities of comparable companies from a representative peer group selected based on industry and market capitalization. The fair value of the warrants is determined using probability weighted-average assumptions, when appropriate. Changes in the fair market value of the warrant are reflected in the consolidated statement of operations as other income (expense). | |||||||||||||
Treasury Stock | ' | ||||||||||||
Treasury Stock | |||||||||||||
Treasury stock is recorded at cost and any difference between the cost basis and the selling price of treasury stock is recognized as additional paid-in capital. Treasury stock is relieved on a first-in-first-out basis at actual cost. At December 31, 2013, we had 65,732 shares of common stock held in treasury and available for reissuance. | |||||||||||||
Comprehensive Income (Loss) | ' | ||||||||||||
Comprehensive Income (Loss) | |||||||||||||
Unrealized gains and losses on our available-for-sale securities, if any, and the proportional share of comprehensive income and loss of our equity method investment, which was liquidated in 2012, are the only components of accumulated other comprehensive income. | |||||||||||||
Concentration of Credit Risk | ' | ||||||||||||
Concentration of Credit Risk | |||||||||||||
Our accounts receivable are generally comprised of amounts due from collaborators and granting authorities and are subject to concentration of credit risk due to the absence of a large number of customers. At December 31, 2013, the majority of our accounts receivable are due from granting authorities. We do not require collateral from these customers. | |||||||||||||
Use of Estimates | ' | ||||||||||||
Use of Estimates | |||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |||||||||||||
Stock-Based Compensation | ' | ||||||||||||
Stock-Based Compensation | |||||||||||||
We recognize stock-based compensation expense on the straight-line method and use a Black-Scholes option-pricing model to estimate the fair value of option awards. The expected term of options granted represent the period of time that option grants are expected to be outstanding. We use the “simplified” method to calculate the expected life of option grants given our limited history of exercise activity and determine volatility by using our historical stock volatility. The fair value of our restricted stock units are equal to the closing price of our common stock on the date of grant and is expensed over the vesting period on a straight-line basis. Estimates of fair value are not intended to predict actual future events or the value ultimately realized by persons that receive equity awards. | |||||||||||||
Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. If actual forfeitures vary from the estimate, we recognize the difference in compensation expense in the period the actual forfeitures occur or when options vest. | |||||||||||||
All of the aforementioned estimates and assumptions are evaluated on a quarterly basis and may change as facts and circumstances warrant. Changes in these assumptions can materially affect the estimate of the fair value of our share-based payments and the related amount recognized in our financial statements. | |||||||||||||
The following weighted-average input assumptions were used in determining the fair value of the Company’s stock options: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Volatility | 109.20% | 117.30% | 125.70% | ||||||||||
Risk-free interest rate | 1.50% | 0.80% | 1.50% | ||||||||||
Expected life of option | 6.14 years | 5.72 years | 5.96 years | ||||||||||
Expected dividend yield | 0.00% | 0.00% | 0.00% | ||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
Deferred tax liabilities and assets are determined based on the differences between the financial reporting and tax basis of assets and liabilities and are measured using the tax rate and laws currently in effect. We evaluate our deferred income taxes to determine if a valuation allowance should be established against the deferred tax assets or if the valuation allowance should be reduced based on consideration of all available evidence, both positive and negative, using a “more likely than not” standard. | |||||||||||||
We had no liability for uncertain income tax positions as of December 31, 2013 and 2012. Our policy is to recognize potential accrued interest and penalties related to the liability for uncertain tax benefits, if applicable, in income tax expense. Net operating loss and credit carryforwards since inception remain open to examination by taxing authorities, and will for a period post utilization. | |||||||||||||
Net Loss per Share | ' | ||||||||||||
Net Loss per Share | |||||||||||||
Basic and diluted net loss per share has been computed using the weighted-average number of shares of common stock outstanding during the period. We have outstanding options and warrants that are not used in the calculation of diluted net loss per share because to do so would be anti-dilutive. The following instruments were excluded from the calculation of diluted net loss per share because their effects would be anti-dilutive: | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Outstanding options | 5,129,579 | 4,058,184 | 4,499,601 | ||||||||||
Restricted stock units | 2,449,346 | 70,814 | 39,300 | ||||||||||
Outstanding warrants | 8,909,027 | 5,806,853 | 6,435,496 | ||||||||||
16,487,952 | 9,935,851 | 10,974,397 | |||||||||||
Reclassifications | ' | ||||||||||||
Reclassifications | |||||||||||||
Certain prior year amounts have been reclassified to conform with current year presentations. |
Accounting_Policies_Tables
Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Fair Value of Stock-Based Compensation Awards | ' | ||||||||||||
The following weighted-average input assumptions were used in determining the fair value of the Company’s stock options: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Volatility | 109.20% | 117.30% | 125.70% | ||||||||||
Risk-free interest rate | 1.50% | 0.80% | 1.50% | ||||||||||
Expected life of option | 6.14 years | 5.72 years | 5.96 years | ||||||||||
Expected dividend yield | 0.00% | 0.00% | 0.00% | ||||||||||
Instruments Excluded from Calculation of Diluted Net Loss Per Share | ' | ||||||||||||
The following instruments were excluded from the calculation of diluted net loss per share because their effects would be anti-dilutive: | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Outstanding options | 5,129,579 | 4,058,184 | 4,499,601 | ||||||||||
Restricted stock units | 2,449,346 | 70,814 | 39,300 | ||||||||||
Outstanding warrants | 8,909,027 | 5,806,853 | 6,435,496 | ||||||||||
16,487,952 | 9,935,851 | 10,974,397 | |||||||||||
Equipment_Tables
Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Equipment | ' | ||||||||
December 31, | |||||||||
Equipment consists of (in thousands): | 2013 | 2012 | |||||||
Laboratory equipment | $ | 6,703 | $ | 6,741 | |||||
Office equipment and leasehold improvements | 2,814 | 3,842 | |||||||
9,517 | 10,583 | ||||||||
Accumulated depreciation | (8,184 | ) | (9,289 | ) | |||||
$ | 1,333 | $ | 1,294 | ||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Investments All Other Investments [Abstract] | ' | ||||||||||||||||
Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||
The following table provides a summary of the financial assets and liabilities measured at fair value on a recurring basis as follows: (in thousands): | |||||||||||||||||
Fair Value Measurements at December 31, 2013 Using | |||||||||||||||||
Description | Balance as of | Quoted Prices in Active | Significant Other | Significant | |||||||||||||
December 31, | Markets for Identical | Observable Inputs | Unobservable | ||||||||||||||
2013 | Assets (Level 1) | (Level 2) | Inputs (Level 3) | ||||||||||||||
Warrant liabilities | $ | 9,823 | $ | — | $ | — | $ | 9,823 | |||||||||
Fair Value Measurements at December 31, 2012 Using | |||||||||||||||||
Description | Balance as of | Quoted Prices in Active | Significant Other | Significant | |||||||||||||
December 31, | Markets for Identical | Observable Inputs | Unobservable | ||||||||||||||
2012 | Assets (Level 1) | (Level 2) | Inputs (Level 3) | ||||||||||||||
Warrant liabilities | $ | 2,709 | $ | — | $ | — | $ | 2,709 | |||||||||
Fair Value of Warrants Based on Historical Volatilities | ' | ||||||||||||||||
The following inputs were used at December 31, 2013: | |||||||||||||||||
“A” | “B” | Warrants Issued | Warrants Issued | ||||||||||||||
Warrants Issued | Warrants Issued | Mar-12 | Feb-11 | ||||||||||||||
Dec-13 | Dec-13 | ||||||||||||||||
Expected volatility | 53.3 | % | 51.7 | % | 71.4 | % | 73.3 | % | |||||||||
Risk-free interest rate | 0.13 | % | 0.13 | % | 0.78 | % | 0.38 | % | |||||||||
Expected life | 1.25 | years | 0.82 | years | 3.20 | years | 2.09 | years | |||||||||
Fair value at December 31, 2013 | $ | 1,232 | $ | 650 | $ | 6,944 | $ | 997 | |||||||||
(in thousands) | |||||||||||||||||
Roll-Forward of Fair Value Measurements Using Significant Unobservable Inputs (Level 3) for Warrants | ' | ||||||||||||||||
A roll-forward of fair value measurements using significant unobservable inputs (Level 3) for the warrants is as follows (in thousands): | |||||||||||||||||
Year ended | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Balance January 1, 2013 | $ | 2,709 | |||||||||||||||
Issuance of warrants December 2013 | 1,186 | ||||||||||||||||
Settlements | (396 | ) | |||||||||||||||
Loss included in other income (expense), net, for the period | 6,324 | ||||||||||||||||
Balance December 31, 2013 | $ | 9,823 | |||||||||||||||
Capitalization_and_Warrant_Lia1
Capitalization and Warrant Liability (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Equity [Abstract] | ' | ||||||||
Common Stock Shares Reserved for Future Issuance | ' | ||||||||
The following shares of common stock were reserved for future issuance: | |||||||||
December 31 | |||||||||
2013 | 2012 | ||||||||
Stock-based compensation plans | 11,020,510 | 5,490,181 | |||||||
Warrants to purchase common stock — former lenders | 149,026 | 149,026 | |||||||
Warrants to purchase common stock — 2011 offering | 1,310,000 | 1,310,000 | |||||||
Warrants to purchase common stock — 2012 offering | 3,950,001 | 4,347,827 | |||||||
Warrants to purchase common stock — 2013 offering | 3,500,000 | — | |||||||
19,929,537 | 11,297,034 | ||||||||
Outstanding Warrants to Purchase Shares of Common Stock | ' | ||||||||
As of December 31, 2013, we had the following outstanding warrants to purchase shares of common stock: | |||||||||
Number of | Exercise Price | Expiration | |||||||
Underlying Shares | |||||||||
149,026 | $5.00 | June 8, 2014 | |||||||
1,310,000 | $3.55 | February 2, 2016 | |||||||
3,950,001 | $1.01 | 14-Mar-17 | |||||||
3,500,000 | $2.50 | 31-Mar-15 | |||||||
8,909,027 | |||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||||||
Summary of Stock Option Activity and Related Information | ' | ||||||||||||||||||||||||
A summary of our stock option activity and related information is as follows: | |||||||||||||||||||||||||
Number | Weighted | ||||||||||||||||||||||||
of Options | Average | ||||||||||||||||||||||||
Exercise | |||||||||||||||||||||||||
Price | |||||||||||||||||||||||||
Outstanding January 1, 2011 | 4,308,013 | $ | 4.73 | ||||||||||||||||||||||
Granted | 213,588 | 2.61 | |||||||||||||||||||||||
Forfeited / Terminated / Expired | (22,000 | ) | 3.46 | ||||||||||||||||||||||
Outstanding December 31, 2011 | 4,499,601 | 4.63 | |||||||||||||||||||||||
Granted | 290,150 | 1.44 | |||||||||||||||||||||||
Forfeited / Expired | (731,567 | ) | 4.92 | ||||||||||||||||||||||
Outstanding December 31, 2012 | 4,058,184 | 4.36 | |||||||||||||||||||||||
Granted | 1,336,928 | 1.71 | |||||||||||||||||||||||
Exercised | (1,312 | ) | 1.26 | ||||||||||||||||||||||
Forfeited / Expired | (264,221 | ) | 3.36 | ||||||||||||||||||||||
Outstanding December 31, 2013 | 5,129,579 | $ | 3.72 | ||||||||||||||||||||||
Vested during 2013 | 383,808 | $ | 1.86 | ||||||||||||||||||||||
Vested and exercisable at December 31, 2013 | 3,896,383 | $ | 4.35 | ||||||||||||||||||||||
Summarizes Information Concerning Options Outstanding and Options Vested and Exercisable | ' | ||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Options Outstanding | Options Vested and Exercisable | ||||||||||||||||||||||||
Exercise Price | Number | Weighted | Weighted | Number | Weighted | Weighted | |||||||||||||||||||
of | Average | Average | of | Average | Average | ||||||||||||||||||||
Options | Remaining | Exercise | Options | Remaining | Exercise | ||||||||||||||||||||
Contractual | Price | Contractual | Price | ||||||||||||||||||||||
Life | Life | ||||||||||||||||||||||||
$1.13 – 2.94 | 1,988,579 | 8.18 | $ | 1.86 | 756,133 | 6.28 | $ | 2.08 | |||||||||||||||||
$3.10 – 5.00 | 3,033,500 | 3.37 | $ | 4.88 | 3,032,750 | 3.37 | $ | 4.88 | |||||||||||||||||
$5.28 – 7.80 | 107,500 | 5.98 | $ | 5.28 | 107,500 | 5.98 | $ | 5.28 | |||||||||||||||||
5,129,579 | 3,896,383 | ||||||||||||||||||||||||
Summary of Restricted Stock Unit Activity and Related Information | ' | ||||||||||||||||||||||||
A summary of our restricted stock unit activity and related information is as follows: | |||||||||||||||||||||||||
Number | Weighted | ||||||||||||||||||||||||
of | Average | ||||||||||||||||||||||||
Restricted | Fair Value | ||||||||||||||||||||||||
Stock Units | |||||||||||||||||||||||||
Outstanding January 1, 2011 | — | $ | — | ||||||||||||||||||||||
Granted | 39,300 | 2.69 | |||||||||||||||||||||||
Outstanding December 31, 2011 | 39,300 | 2.69 | |||||||||||||||||||||||
Granted | 56,716 | 1.43 | |||||||||||||||||||||||
Vested-common stock issued | (9,819 | ) | 2.69 | ||||||||||||||||||||||
Forfeited/expired | (15,383 | ) | 1.88 | ||||||||||||||||||||||
Outstanding December 31, 2012 | 70,814 | 1.86 | |||||||||||||||||||||||
Granted | 2,851,964 | 1.71 | |||||||||||||||||||||||
Vested-common stock issued | (468,359 | ) | 1.72 | ||||||||||||||||||||||
Forfeited/expired | (5,073 | ) | 1.77 | ||||||||||||||||||||||
Outstanding December 31, 2013 | 2,449,346 | $ | 1.71 | ||||||||||||||||||||||
Vested/Issued cumulative at December 31, 2013 | 478,178 | $ | 1.74 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Components of Deferred Tax Assets | ' | ||||||||
Significant components of our deferred tax assets are as follows (in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Net operating loss carryforwards | $ | 8,970 | $ | 24,318 | |||||
Net operating loss carryforwards — Section 382 Limited NOL | 11,737 | 2,277 | |||||||
Research and development credit carryforwards | 1,473 | 4,176 | |||||||
Compensation expense | 3,353 | 2,948 | |||||||
Other | 509 | 503 | |||||||
Total deferred tax assets | 26,042 | 34,222 | |||||||
Valuation allowance for deferred tax assets | (26,042 | ) | (34,222 | ) | |||||
Net deferred tax assets | $ | — | $ | — | |||||
Quarterly_Financial_Data_unaud1
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Quarterly Financial Data | ' | ||||||||||||||||||||
The following table presents quarterly data for the years ended December 31, 2013 and 2012, in thousands, except per share data: | |||||||||||||||||||||
2013 | |||||||||||||||||||||
First | Second | Third | Fourth | Full Year | |||||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||
Revenues | $ | 326 | $ | 571 | $ | 621 | $ | 920 | $ | 2,438 | |||||||||||
Net loss | $ | (9,388 | ) | $ | (5,946 | ) | $ | (5,614 | ) | $ | (9,795 | ) | $ | (30,743 | ) | ||||||
Basic and diluted net loss per common share | $ | (0.18 | ) | $ | (0.11 | ) | $ | (0.10 | ) | $ | (0.15 | ) | $ | (0.53 | ) | ||||||
2012 | |||||||||||||||||||||
First | Second | Third | Fourth | Full Year | |||||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||
Revenues | $ | 2,747 | $ | 2,657 | $ | 1,015 | $ | 2,289 | $ | 8,708 | |||||||||||
Net loss | $ | (4,336 | ) | $ | (3,713 | ) | $ | (3,449 | ) | $ | (3,237 | ) | $ | (14,735 | ) | ||||||
Basic and diluted net loss per common share | $ | (0.17 | ) | $ | (0.13 | ) | $ | (0.12 | ) | $ | (0.07 | ) | $ | (0.45 | ) |
Background_Additional_Informat
Background - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Segment | |
Accounting Policies [Abstract] | ' |
Number of business segments | 1 |
Accounting_Policies_Additional
Accounting Policies - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Recognized gain on investment in joint venture | $183,000 | ' | ' |
Liquid investments with a maturity | ' | 'Three months or less | ' |
Payments for Royalties | ' | 0 | ' |
Common stock shares held in treasury | ' | 65,732 | ' |
Liability for uncertain income tax | ' | $0 | $0 |
Minimum [Member] | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Estimated useful life of long-lived assets | ' | '3 years | ' |
Maximum [Member] | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Estimated useful life of long-lived assets | ' | '10 years | ' |
Accounting_Policies_Fair_Value
Accounting Policies - Fair Value of Stock-Based Compensation Awards (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Methodology [Abstract] | ' | ' | ' |
Volatility | 109.20% | 117.30% | 125.70% |
Risk-free interest rate | 1.50% | 0.80% | 1.50% |
Expected life of option | '6 years 1 month 21 days | '5 years 8 months 19 days | '5 years 11 months 16 days |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Accounting_Policies_Instrument
Accounting Policies - Instruments Excluded from Calculation of Diluted Net Loss Per Share (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Total | 16,487,952 | 9,935,851 | 10,974,397 |
Outstanding options [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Total | 5,129,579 | 4,058,184 | 4,499,601 |
Restricted stock units [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Total | 2,449,346 | 70,814 | 39,300 |
Outstanding warrants [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Total | 8,909,027 | 5,806,853 | 6,435,496 |
Equipment_Equipment_Detail
Equipment - Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Equipment, Gross | $9,517 | $10,583 |
Accumulated depreciation | -8,184 | -9,289 |
Equipment, net | 1,333 | 1,294 |
Laboratory equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Equipment, Gross | 6,703 | 6,741 |
Office equipment and leasehold improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Equipment, Gross | $2,814 | $3,842 |
Equipment_Additional_Informati
Equipment - Additional Information (Detail) (Office and Laboratory Equipment and Leasehold Improvements [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Office and Laboratory Equipment and Leasehold Improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Disposal of obsolete equipment | $1.50 |
Financial_Instruments_Summary_
Financial Instruments - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Warrant liabilities | $9,823 | $2,709 |
Fair Value Measurements, Recurring Basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Warrant liabilities | 9,823 | 2,709 |
Fair Value Measurements, Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Warrant liabilities | ' | ' |
Fair Value Measurements, Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Warrant liabilities | ' | ' |
Fair Value Measurements, Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Warrant liabilities | $9,823 | $2,709 |
Financial_Instruments_Addition
Financial Instruments - Additional Information (Detail) (USD $) | 12 Months Ended | 36 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Apr. 30, 2012 | Mar. 31, 2012 | Feb. 28, 2011 | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Common stock purchased under warrants | 3,500,000 | ' | ' | 3,500,000 | ' | 4,347,827 | 1,310,000 |
Number of warrants not exercisable | 1,401,218 | ' | ' | ' | ' | ' | ' |
Rent | $267,000 | ' | ' | ' | ' | ' | ' |
Lease expiration period | '2016-03 | ' | ' | ' | ' | ' | ' |
Aggregate rent expense | 491,000 | 415,000 | 397,000 | ' | ' | ' | ' |
Future annual minimum lease commitments for 2014 | 483,000 | ' | ' | 483,000 | ' | ' | ' |
Future annual minimum lease commitments for 2015 | 383,000 | ' | ' | 383,000 | ' | ' | ' |
Future annual minimum lease commitments for 2016 | 67,000 | ' | ' | 67,000 | ' | ' | ' |
Future annual minimum lease commitments for 2017 | 0 | ' | ' | 0 | ' | ' | ' |
Forgivable loan | ' | ' | ' | ' | 500,000 | ' | ' |
Interest on forgivable loan | ' | ' | ' | ' | 4.25% | ' | ' |
Non current note payable | 176,000 | 169,000 | ' | 176,000 | ' | ' | ' |
Period for loan forgivable | 'three to four years | ' | ' | ' | ' | ' | ' |
Right to receive remaining milestone payments | ' | ' | 1,300,000 | ' | ' | ' | ' |
Original amount | ' | ' | 2,250,000 | ' | ' | ' | ' |
Milestone in share of common stock | ' | 75.00% | ' | ' | ' | ' | ' |
Milestone payments were paid to the lenders | ' | 1,300,000 | 900,000 | ' | ' | ' | ' |
Interest paid | ' | ' | ' | 0 | ' | ' | ' |
Belgium [Member] | ' | ' | ' | ' | ' | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Rent | $197,000 | ' | ' | ' | ' | ' | ' |
Lease expiration period | '2015-07 | ' | ' | ' | ' | ' | ' |
Financial_Instruments_Fair_Val
Financial Instruments - Fair Value of Warrants Based on Historical Volatilities (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
"A" Warrants Issued December 2013 [Member] | ' |
Class of Warrant or Right [Line Items] | ' |
Expected volatility | 53.30% |
Risk-free interest rate | 0.13% |
Expected life (in years) | '1 year 3 months |
Fair value at December 31, 2013 | $1,232 |
"B" Warrants Issued December 2013 [Member] | ' |
Class of Warrant or Right [Line Items] | ' |
Expected volatility | 51.70% |
Risk-free interest rate | 0.13% |
Expected life (in years) | '9 months 26 days |
Fair value at December 31, 2013 | 650 |
Warrants Issued March 2012 [Member] | ' |
Class of Warrant or Right [Line Items] | ' |
Expected volatility | 71.40% |
Risk-free interest rate | 0.78% |
Expected life (in years) | '3 years 2 months 12 days |
Fair value at December 31, 2013 | 6,944 |
Warrants Issued February 2011 [Member] | ' |
Class of Warrant or Right [Line Items] | ' |
Expected volatility | 73.30% |
Risk-free interest rate | 0.38% |
Expected life (in years) | '2 years 1 month 2 days |
Fair value at December 31, 2013 | $997 |
Financial_Instruments_RollForw
Financial Instruments - Roll-Forward of Fair Value Measurements Using Significant Unobservable Inputs (Level 3) for Warrants (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ' |
Loss included in other income (expense), net, for the period | ($6,324) | $2,404 | $812 |
Outstanding warrants [Member] | ' | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ' |
Beginning Balance | 2,709 | ' | ' |
Issuance of warrants December 2013 | 1,186 | ' | ' |
Settlements | -396 | ' | ' |
Loss included in other income (expense), net, for the period | 6,324 | ' | ' |
Ending Balance | $9,823 | ' | ' |
Collaborations_and_Revenue_Rec1
Collaborations and Revenue Recognition - Additional Information (Detail) (USD $) | 4 Months Ended | 12 Months Ended | 24 Months Ended | |||||
Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Pfizer [Member] | Angiotech [Member] | Angiotech [Member] | Rti Surgical Inc [Member] | Rti Surgical Inc [Member] | Rti Surgical Inc [Member] | |||
Collaborative Arrangements And Revenue Recognition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Commercial milestone revenue | ' | ' | $0 | ' | ' | $0 | $0 | ' |
Percentage of third party license fees | ' | ' | ' | 10.00% | ' | ' | ' | ' |
Maximum license fees paid | ' | ' | ' | 5,000,000 | ' | ' | ' | ' |
Clinical costs were recorded net of cost-share reimbursements | ' | ' | ' | ' | 312,000 | ' | ' | ' |
License fee recognized | 2,000,000 | ' | ' | ' | ' | 5,000,000 | ' | 3,000,000 |
Contingent license fee payments | ' | ' | ' | ' | ' | 2,000,000 | ' | ' |
Additional cash payment receivable contingent | ' | 35,500,000 | ' | ' | ' | ' | ' | ' |
Royalty revenue | ' | ' | ' | ' | ' | $0 | $0 | ' |
Capitalization_and_Warrant_Lia2
Capitalization and Warrant Liability - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||||
Dec. 31, 2013 | Nov. 30, 2012 | Oct. 31, 2012 | Mar. 31, 2012 | Feb. 28, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 28, 2013 | Jan. 31, 2014 | Nov. 30, 2012 | Oct. 31, 2013 | Nov. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2011 | |
Scenario, Forecast [Member] | Underwriters [Member] | Aspire [Member] | Aspire [Member] | Aspire [Member] | Aspire [Member] | Aspire [Member] | Aspire [Member] | Aspire [Member] | ||||||||||
Equity Purchase Agreement [Member] | ||||||||||||||||||
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized | 150,000,000 | ' | ' | ' | ' | 150,000,000 | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares authorized | 10,000,000 | ' | ' | ' | ' | 10,000,000 | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds through issuance of common stock | $18,400,000 | $2,800,000 | $18,300,000 | $8,100,000 | $11,800,000 | $29,454,000 | $30,357,000 | $12,595,000 | ' | $18,700,000 | ' | ' | ' | ' | ' | $13,400,000 | ' | ' |
Issuance of common stock, new issues | ' | ' | 19,802,000 | 4,347,827 | 4,366,667 | 10,000,000 | ' | ' | ' | 5,000,000 | 2,970,300 | ' | 666,667 | 300,000 | 0 | 6,566,666 | 800,000 | ' |
Common stock exercise price | 2.5 | ' | ' | 2.07 | 3.55 | 2.5 | ' | ' | 1.01 | 4.5 | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock purchased under warrants | 3,500,000 | ' | ' | 4,347,827 | 1,310,000 | 3,500,000 | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock at an offering price of fixed combination | ' | ' | ' | $2.07 | $3 | $2 | ' | ' | ' | $4.10 | ' | ' | ' | ' | ' | ' | ' | ' |
Ratio of common stock to warrant in fixed combination | ' | ' | ' | ' | 0.30% | 0.35% | ' | ' | ' | 0.30% | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of common stock and warrants expiration date | 31-Mar-15 | ' | ' | ' | ' | 31-Mar-15 | ' | ' | ' | 15-Jul-16 | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants exercisable beginning date | ' | ' | ' | ' | ' | 3-Jun-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of warrants not exercisable until June 3, 2014 | ' | ' | ' | ' | ' | 1,401,218 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock shares per share | ' | ' | $1.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock warrants period | ' | ' | ' | '5 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity purchase agreement, value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | 20,000,000 | ' | ' | ' | ' | ' |
Equity purchase agreement, term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | '2 years | ' | ' | ' | ' | ' |
Initial investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000,000 | ' | ' | ' | ' | ' |
Common stock per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.50 | ' | ' | ' | ' | ' |
Common stock issuance (shares) under equity purchase agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 266,667 |
Sale of additional shares at an average price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.69 | ' | $1.70 | $1.57 | ' |
Common stock issued as commitment fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 333,333 | ' | ' | ' | ' | ' | ' |
Common stock registered for resale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' |
Terms of issuance of warrant demanding cash payments | ' | ' | ' | ' | ' | 'The warrants issued in December 2013 registered direct offering contain a provision for a cash payment in the event that the shares are not delivered to the holder within two trading days. The cash payment equals $10 per day per $2,000 of warrant shares for each day late. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalization_and_Warrant_Lia3
Capitalization and Warrant Liability - Common Stock Shares Reserved for Future Issuance (Detail) | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Common Stock Shares Reserved For Future Issuance | 19,929,537 | 11,297,034 |
Stock-based compensation plans [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Common Stock Shares Reserved For Future Issuance | 11,020,510 | 5,490,181 |
Warrants to purchase common stock former lenders [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Common Stock Shares Reserved For Future Issuance | 149,026 | 149,026 |
Warrants to purchase common stock 2011 offering [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Common Stock Shares Reserved For Future Issuance | 1,310,000 | 1,310,000 |
Warrants to purchase common stock 2012 offering [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Common Stock Shares Reserved For Future Issuance | 3,950,001 | 4,347,827 |
Warrants to purchase common stock - 2013 offering [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Common Stock Shares Reserved For Future Issuance | 3,500,000 | ' |
Capitalization_and_Warrant_Lia4
Capitalization and Warrant Liability - Outstanding Warrants to Purchase Shares of Common Stock (Detail) | Dec. 31, 2013 | Feb. 28, 2013 | Mar. 31, 2012 | Feb. 28, 2011 |
Class of Warrant or Right [Line Items] | ' | ' | ' | ' |
Number of Underlying Shares | 8,909,027 | ' | ' | ' |
Exercise Price | 2.5 | 1.01 | 2.07 | 3.55 |
June 8, 2014 [Member] | ' | ' | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' | ' | ' |
Number of Underlying Shares | 149,026 | ' | ' | ' |
Exercise Price | 5 | ' | ' | ' |
Expiration | 8-Jun-14 | ' | ' | ' |
February 2, 2016 [Member] | ' | ' | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' | ' | ' |
Number of Underlying Shares | 1,310,000 | ' | ' | ' |
Exercise Price | 3.55 | ' | ' | ' |
Expiration | 2-Feb-16 | ' | ' | ' |
March 14, 2017 [Member] | ' | ' | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' | ' | ' |
Number of Underlying Shares | 3,950,001 | ' | ' | ' |
Exercise Price | 1.01 | ' | ' | ' |
Expiration | 14-Mar-17 | ' | ' | ' |
March 31, 2015 [Member] | ' | ' | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' | ' | ' |
Number of Underlying Shares | 3,500,000 | ' | ' | ' |
Exercise Price | 2.5 | ' | ' | ' |
Expiration | 31-Mar-15 | ' | ' | ' |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Plans | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of incentive plans | 2 | ' | ' |
Common stock authorized for equity incentive plans | 11,500,000 | ' | ' |
Common stock shares issued | 479,490 | ' | ' |
Increase in share authorized | 6,000,000 | ' | ' |
Shares available for issuance | 19,929,537 | 11,297,034 | ' |
Shares of common stock outstanding | 7,578,925 | ' | ' |
Stock-based compensation expense | $1,523,000 | $481,000 | $552,000 |
Weighted average fair value of options granted | $1.42 | $1.21 | $2.30 |
Total fair value of options vested | 585,000 | 420,000 | 570,000 |
Total unrecognized estimated compensation cost | 1,686,000 | ' | ' |
Weighted average contractual life of unvested options | '9 years 4 months 2 days | ' | ' |
Intrinsic value of fully vested option shares | 402,000 | ' | ' |
Compensation cost related to unvested stock-based awards not yet recognized, expected year for recognition | '2017 | ' | ' |
Weighted average fair value, granted | $1.71 | ' | ' |
Restricted stock vested | 805,000 | 26,000 | 0 |
Estimated compensation cost of unvested restricted stock | $3,954,000 | ' | ' |
Equity compensation plans & stock-based awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares available for issuance | 3,441,585 | ' | ' |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Stock Option Activity and Related Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Summary Of Stock Option Activities [Line Items] | ' | ' | ' |
Weighted Average Exercise Price Outstanding, Beginning Balance | $4.36 | $4.63 | $4.73 |
Weighted Average Exercise Price, Granted | $1.71 | $1.44 | $2.61 |
Weighted Average Exercise Price, Exercised | $1.26 | ' | ' |
Weighted Average Exercise Price, Forfeited/Terminated/ Expired | $3.36 | $4.92 | $3.46 |
Weighted Average Exercise Price Outstanding, Ending Balance | $3.72 | $4.36 | $4.63 |
Weighted Average Exercise Price, Vested during 2013 | $1.86 | ' | ' |
Weighted Average Exercise Price, Vested and exercisable at December 31, 2013 | $4.35 | ' | ' |
Outstanding options [Member] | ' | ' | ' |
Summary Of Stock Option Activities [Line Items] | ' | ' | ' |
Number of Options Outstanding, Beginning Balance | 4,058,184 | 4,499,601 | 4,308,013 |
Number of Options, Granted | 1,336,928 | 290,150 | 213,588 |
Number of Options, Exercised | -1,312 | ' | ' |
Number of Options, Forfeited/Terminated/ Expired | -264,221 | -731,567 | -22,000 |
Number of Options Outstanding, Ending Balance | 5,129,579 | 4,058,184 | 4,499,601 |
Number of Options, Vested during 2013 | 383,808 | ' | ' |
Number of Options, Vested and exercisable at December 31, 2013 | 3,896,383 | ' | ' |
StockBased_Compensation_Summar1
Stock-Based Compensation - Summarizes Information Concerning Options Outstanding and Options Vested and Exercisable (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Options outstanding, Number of Options | 5,129,579 |
Options Vested and Exercisable, Number of Options | 3,896,383 |
1.13 - 2.94 Exercise Price [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Exercise price lower range | $1.13 |
Exercise price upper range | $2.94 |
Options outstanding, Number of Options | 1,988,579 |
Option Outstanding, Weighted Average Remaining Contractual Life | '8 years 2 months 5 days |
Options Outstanding, Weighted Average Exercise Price | $1.86 |
Options Vested and Exercisable, Number of Options | 756,133 |
Options Vested and Exercisable, Weighted Average Remaining Contractual Life | '6 years 3 months 11 days |
Options Vested and Exercisable, Weighted Average Exercise Price | $2.08 |
3.10 - 5.00 Exercise Price [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Exercise price lower range | $3.10 |
Exercise price upper range | $5 |
Options outstanding, Number of Options | 3,033,500 |
Option Outstanding, Weighted Average Remaining Contractual Life | '3 years 4 months 13 days |
Options Outstanding, Weighted Average Exercise Price | $4.88 |
Options Vested and Exercisable, Number of Options | 3,032,750 |
Options Vested and Exercisable, Weighted Average Remaining Contractual Life | '3 years 4 months 13 days |
Options Vested and Exercisable, Weighted Average Exercise Price | $4.88 |
5.28 -7.80 Exercise Price [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Exercise price lower range | $5.28 |
Exercise price upper range | $7.80 |
Options outstanding, Number of Options | 107,500 |
Option Outstanding, Weighted Average Remaining Contractual Life | '5 years 11 months 23 days |
Options Outstanding, Weighted Average Exercise Price | $5.28 |
Options Vested and Exercisable, Number of Options | 107,500 |
Options Vested and Exercisable, Weighted Average Remaining Contractual Life | '5 years 11 months 23 days |
Options Vested and Exercisable, Weighted Average Exercise Price | $5.28 |
StockBased_Compensation_Summar2
Stock-Based Compensation - Summary of Restricted Stock Unit Activity and Related Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of Restricted Stock Units, Vested/issued | -805,000 | -26,000 | 0 |
Weighted average fair value, granted | $1.71 | ' | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of Restricted Stock Units, Outstanding, Beginning balance | 70,814 | 39,300 | ' |
Number of Restricted Stock Units, Granted | 2,851,964 | 56,716 | 39,300 |
Number of Restricted Stock Units, Vested/issued | -468,359 | -9,819 | ' |
Number of Restricted Stock Units, Forfeited / Expired | -5,073 | -15,383 | ' |
Number of Restricted Stock Units, Outstanding, Ending balance | 2,449,346 | 70,814 | 39,300 |
Number of Restricted Stock Units, Vested/Issued Cumulative | 478,178 | ' | ' |
Weighted Average Fair Value, Beginning Balance | $1.86 | 2.69 | ' |
Weighted average fair value, granted | $1.71 | 1.43 | 2.69 |
Weighted Average Fair Value, Vested/Issued | $1.72 | 2.69 | ' |
Weighted Average Fair Value, Forfeited/Expired | $1.77 | 1.88 | ' |
Weighted Average Fair Value, Ending Balance | $1.71 | 1.86 | 2.69 |
Weighted Average Fair Value Vested and Exercisable | $1.74 | ' | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Income Taxes [Line Items] | ' | ' |
Net operating loss | $26,382,000 | $71,522,000 |
Research and development tax credit | 1,473,000 | 4,176,000 |
Operating loss carryforwards, expiration dates | 'Expire at various dates between 2033 and 2034. | ' |
Net operating loss carry forward | 34,521,000 | ' |
Annual net operating loss | 1,833,000 | ' |
Income tax paid | $0 | ' |
Pre-Merger NOL [Member] | ' | ' |
Income Taxes [Line Items] | ' | ' |
Operating loss carryforwards, expiration dates | 'Expire at various dates between 2014 and 2031. | ' |
Income_Taxes_Components_of_Def
Income Taxes - Components of Deferred Tax Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' |
Net operating loss carryforwards | $8,970,000 | $24,318,000 |
Net operating loss carryforwards - Section 382 Limited NOL | 11,737,000 | 2,277,000 |
Research and development credit carryforwards | 1,473,000 | 4,176,000 |
Compensation expense | 3,353,000 | 2,948,000 |
Other | 509,000 | 503,000 |
Total deferred tax assets | 26,042,000 | 34,222,000 |
Valuation allowance for deferred tax assets | -26,042,000 | -34,222,000 |
Net deferred tax assets | ' | ' |
Profit_Sharing_Plan_and_401_k_
Profit Sharing Plan and 401 (k) Plan - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Postemployment Benefits [Abstract] | ' | ' | ' |
Employer contribution for profit sharing plan | $97,000 | $98,000 | $88,000 |
Quarterly_Financial_Data_Quart
Quarterly Financial Data - Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net Income Loss Available To Common Stockholders Basic [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $920 | $621 | $571 | $326 | $2,289 | $1,015 | $2,657 | $2,747 | $2,438 | $8,708 | $10,344 |
Net loss | ($9,795) | ($5,614) | ($5,946) | ($9,388) | ($3,237) | ($3,449) | ($3,713) | ($4,336) | ($30,743) | ($14,735) | ($13,746) |
Basic and diluted net loss per common share | ($0.15) | ($0.10) | ($0.11) | ($0.18) | ($0.07) | ($0.12) | ($0.13) | ($0.17) | ($0.53) | ($0.45) | ($0.59) |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at Beginning of Year | $34,552 | $29,579 | $24,204 |
Additions | 4,373 | 4,973 | 5,375 |
Deductions | 12,464 | ' | ' |
Balance at End of Year | 26,461 | 34,552 | 29,579 |
Allowance for Doubtful Accounts [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at Beginning of Year | 330 | 307 | 296 |
Additions | ' | 23 | 11 |
Deductions | ' | ' | ' |
Balance at End of Year | 330 | 330 | 307 |
Tax valuation allowances [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at Beginning of Year | 34,222 | 29,272 | 23,908 |
Additions | 4,373 | 4,950 | 5,364 |
Deductions | 12,464 | ' | ' |
Balance at End of Year | $26,131 | $34,222 | $29,272 |