Athersys, Inc / New (ATHXQ) 10-Q 8 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	5-May-14
Document And Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	31-Mar-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'
Entity Registrant Name	'ATHERSYS, INC / NEW	'
Entity Central Index Key	'0001368148	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	77,046,136

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (Unaudited) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Current assets:	'	'
Cash and cash equivalents	$44,981	$31,948
Accounts receivable	894	520
Prepaid expenses and other	319	387
Total current assets	46,194	32,855
Equipment, net	1,394	1,333
Total assets	47,588	34,188
Current liabilities:	'	'
Accounts payable	2,454	2,243
Accrued compensation and related benefits	601	1,067
Accrued clinical trial costs	96	88
Accrued expenses	890	884
Deferred revenue	46	86
Note payable	178	'
Total current liabilities	4,265	4,368
Note payable	'	176
Warrant liabilities	13,663	9,823
Stockholders' equity:	'	'
Preferred stock, at stated value; 10,000,000 shares authorized, and no shares issued and outstanding at March 31, 2014 and December 31, 2013	'	'
Common stock, $0.001 par value; 150,000,000 shares authorized and 77,121,743 and 70,749,212 shares issued at March 31, 2014 and December 31, 2013, respectively, and 77,046,136 and 70,683,480 shares outstanding at March 31, 2014 and December 31, 2013, respectively	77	71
Additional paid-in capital	305,784	284,323
Treasury stock, at cost; 75,607 and 65,732 shares at March 31, 2014 and December 31, 2013, respectively	-279	-135
Accumulated deficit	-275,922	-264,438
Total stockholders' equity	29,660	19,821
Total liabilities and stockholders' equity	$47,588	$34,188

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
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	150,000,000
Common stock, shares issued	77,121,743	70,749,212
Common stock, shares outstanding	77,046,136	70,683,480
Treasury stock, shares outstanding	75,607	65,732

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Revenues	'	'
Contract revenue	$44	$84
Grant revenue	663	242
Total revenues	707	326
Costs and expenses	'	'
Research and development	6,226	5,576
General and administrative	1,781	1,507
Depreciation	89	85
Total costs and expenses	8,096	7,168
Loss from operations	-7,389	-6,842
Other income, net	29	17
Expense from change in fair value of warrants, net	-4,124	-2,563
Net loss and comprehensive loss	($11,484)	($9,388)
Basic and diluted net loss per common share	($0.15)	($0.18)
Weighted average shares outstanding, basic and diluted	75,852,753	53,455,779

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Operating activities	'	'
Net loss	($11,484)	($9,388)
Adjustments to reconcile net loss to net cash used in operating activities:	'	'
Depreciation	89	85
Stock-based compensation	579	116
Change in fair value of warrant liabilities	4,124	2,563
Changes in operating assets and liabilities:	'	'
Accounts receivable	-374	17
Prepaid expenses and other assets	68	-7
Accounts payable and accrued expenses	-239	501
Deferred revenue	-40	'
Net cash used in operating activities	-7,277	-6,113
Investing activities	'	'
Purchases of equipment	-150	-101
Net cash used in investing activities	-150	-101
Financing activities	'	'
Proceeds from issuance of common stock and warrants, net	19,814	2,026
Purchase of treasury stock	-292	'
Proceeds from exercise of warrants	938	'
Net cash provided by financing activities	20,460	2,026
Increase (decrease) in cash and cash equivalents	13,033	-4,188
Cash and cash equivalents at beginning of the period	31,948	25,533
Cash and cash equivalents at end of the period	$44,981	$21,345

Background_and_Basis_of_Presen

Background and Basis of Presentation	3 Months Ended
	Mar. 31, 2014
Accounting Policies [Abstract]	'
Background and Basis of Presentation	'
	1. Background and Basis of Presentation
	We are an international biopharmaceutical company that is focused primarily on the field of regenerative medicine and operate in one business segment. Our operations consist primarily of research and product development activities.
	The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2013. The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and Article 10 of Regulation S-X. Accordingly, since they are interim statements, the accompanying financial statements do not include all of the information and notes required by GAAP for complete financial statements. The accompanying financial statements reflect all adjustments, consisting of normal recurring adjustments, that are, in the opinion of management, necessary for a fair presentation of financial position and results of operations for the interim periods presented. Interim results are not necessarily indicative of results for a full year.
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Our critical accounting policies, estimates and assumptions are described in “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” which is included below in this Quarterly Report on Form 10-Q.

Net_Loss_per_Share

Net Loss per Share	3 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Net Loss per Share	'
	2. 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, restricted stock units and warrants that are not used in the calculation of diluted net loss per share because to do so would be antidilutive. The following instruments were excluded from the calculation of diluted net loss per share because their effects would be antidilutive:
		Three Months Ended
		March 31,
		2014		2013
	Outstanding options		5,088,973		4,005,601
	Restricted stock units		2,224,096		70,814
	Outstanding warrants		9,480,103		5,806,853
	Total		16,793,172		9,883,268

Financial_Instruments

Financial Instruments

3 Months Ended

Mar. 31, 2014

Investments All Other Investments [Abstract]

'

Financial Instruments

'

3. 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 of March 31, 2014 (in thousands):

Fair Value Measurements at March 31, 2014 Using

Description

Balance as of

Quoted Prices in Active

Significant Other

Significant Unobservable

March 31, 2014

Markets for

Observable Inputs

Inputs (Level 3)

Identical Assets

(Level 2)

(Level 1)

Warrant liabilities

$

13,663

$

—

$

—

$

13,663

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. 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. 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 March 31, 2014:

Expected Volatility

Risk-Free Interest Rate

Expected Life

Warrants with one year or less remaining term

58.28% - 58.71%

0.13%

0.82 – 1.00 year

Warrants with greater than one year remaining term

55.35% - 72.00%

0.44% - 0.90%

1.84 – 2.96 years

A roll-forward of fair value measurements using significant unobservable inputs (Level 3) for the warrants is as follows (in thousands):

Three months ended

March 31, 2014

Balance January 1, 2014

$

9,823

Issuance of warrants January 2014

2,012

Settlements

(2,296

)

Loss included in expense from change in fair value of warrants

4,124

Balance March 31, 2014

$

13,663

Collaborations_and_Revenue_Rec

Collaborations and Revenue Recognition	3 Months Ended
	Mar. 31, 2014
Organization Consolidation And Presentation Of Financial Statements [Abstract]	'
Collaborations and Revenue Recognition	'
	4. 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. 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. No significant milestone revenue has been recognized to date.
	Pfizer pays us for manufacturing product for clinical development and commercialization purposes, which is recognized in the period that the manufacturing services are performed. Pfizer would have responsibility for development, regulatory and commercialization and would 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 would share development and commercialization expenses and profits/losses on an agreed basis beginning at Phase 3 clinical development.
	RTI Surgical, Inc.
	In 2010, we entered into an agreement with RTI Surgical, Inc. (“RTI”) to develop and commercialize biologic implants using our technology for certain orthopedic applications in the bone graft substitutes market. We are eligible to receive 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 receive royalties on worldwide commercial sales of implants using our technologies. No milestone revenue has been recognized to date.

Stockbased_Compensation

Stock-based Compensation	3 Months Ended
	Mar. 31, 2014
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]	'
Stock-based Compensation	'
	5. 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. 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. As of March 31, 2014, a total of 762,972 shares of common stock have been issued under our equity incentive plans.
	As of March 31, 2014, a total of 3,423,959 shares were available for issuance under our equity compensation plans and stock-based awards to purchase 7,313,069 shares of common stock were outstanding. For the three-month periods ended March 31, 2014 and 2013, stock-based compensation expense was approximately $579,000 and $116,000, respectively. At March 31, 2014, total unrecognized estimated compensation cost related to unvested stock-based awards was approximately $5,124,000, which is expected to be recognized by the end of 2017 using the straight-line method.

Issuance_of_Common_Stock_and_W

Issuance of Common Stock and Warrants	3 Months Ended
	Mar. 31, 2014
Equity [Abstract]	'
Issuance of Common Stock and Warrants	'
	6. Issuance of Common Stock and Warrants
	In January 2014, we completed a registered direct offering generating net proceeds of approximately $18.8 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 the first quarter of 2014, we sold 250,000 shares to Aspire Capital Fund, LLC under our equity purchase agreement at an average price of $3.78 per share.
	As of March 31, 2014, we had the following outstanding warrants to purchase shares of common stock:
	Number of	Exercise Price		Expiration
	Underlying Shares
	149,026	$	5		June 8, 2014
	1,310,000	$	3.55		February 2, 2016
	3,021,077	$	1.01		14-Mar-17
	3,500,000	$	2.5		31-Mar-15
	1,500,000	$	4.5		15-Jul-16
	9,480,103
	During the three months ended March 31, 2014, we received proceeds of approximately $938,000 from the exercise of warrants, resulting in the issuance of 928,924 shares of common stock in the aggregate.

Warrant_Liabilities

Warrant Liabilities	3 Months Ended
	Mar. 31, 2014
Text Block [Abstract]	'
Warrant Liabilities	'
	7. 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 are accounted for as liabilities. We classify these warrant liabilities on the consolidated balance sheet as a non-current liability. The warrant liabilities are revalued at fair value at each balance sheet date subsequent to the initial issuance. Changes in the fair market value of the warrant are reflected in the consolidated statement of operations as income (expense) from change in fair value of warrants.
	The warrants we issued in the January 2014 and December 2013 registered direct offerings 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 issued in 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, and the exercise price as reduced in February 2013 to $1.01 per share as a result of the October 2012 public offering.
	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.

Income_Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2014
Income Tax Disclosure [Abstract]	'
Income Taxes	'
	8. Income Taxes
	We have net operating loss and research and development tax credit carryforwards that may be used to reduce future taxable income and tax liabilities. Our deferred tax assets have been fully offset by a valuation allowance due to our cumulative losses. As a result of our October 2012 equity offering, our net operating loss carryforwards are significantly limited for use under Section 382 of the Internal Revenue Code.

Net_Loss_per_Share_Tables

Net Loss per Share (Tables)	3 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
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 antidilutive:
		Three Months Ended
		March 31,
		2014		2013
	Outstanding options		5,088,973		4,005,601
	Restricted stock units		2,224,096		70,814
	Outstanding warrants		9,480,103		5,806,853
	Total		16,793,172		9,883,268

Financial_Instruments_Tables

Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2014

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 of March 31, 2014 (in thousands):

Fair Value Measurements at March 31, 2014 Using

Description

Balance as of

Quoted Prices in Active

Significant Other

Significant Unobservable

March 31, 2014

Markets for

Observable Inputs

Inputs (Level 3)

Identical Assets

(Level 2)

(Level 1)

Warrant liabilities

$

13,663

$

—

$

—

$

13,663

Fair Value of Warrants Based on Historical Volatilities

'

The following inputs were used at March 31, 2014:

Expected Volatility

Risk-Free Interest Rate

Expected Life

Warrants with one year or less remaining term

58.28% - 58.71%

0.13%

0.82 – 1.00 year

Warrants with greater than one year remaining term

55.35% - 72.00%

0.44% - 0.90%

1.84 – 2.96 years

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):

Three months ended

March 31, 2014

Balance January 1, 2014

$

9,823

Issuance of warrants January 2014

2,012

Settlements

(2,296

)

Loss included in expense from change in fair value of warrants

4,124

Balance March 31, 2014

$

13,663

Issuance_of_Common_Stock_and_W1

Issuance of Common Stock and Warrants (Tables)	3 Months Ended
	Mar. 31, 2014
Equity [Abstract]	'
Outstanding Warrants to Purchase Shares of Common Stock	'
	As of March 31, 2014, we had the following outstanding warrants to purchase shares of common stock:
	Number of	Exercise Price		Expiration
	Underlying Shares
	149,026	$	5		June 8, 2014
	1,310,000	$	3.55		February 2, 2016
	3,021,077	$	1.01		14-Mar-17
	3,500,000	$	2.5		31-Mar-15
	1,500,000	$	4.5		15-Jul-16
	9,480,103

Background_and_Basis_of_Presen1

Background and Basis of Presentation - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2014
	Segment
Accounting Policies [Abstract]	'
Number of business segments	1

Net_Loss_Per_Share_Instruments

Net Loss Per Share - Instruments Excluded from the Calculation of Diluted Net Loss Per Share (Detail)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'
Total	16,793,172	9,883,268
Outstanding options [Member]	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'
Total	5,088,973	4,005,601
Restricted stock units [Member]	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'
Total	2,224,096	70,814
Outstanding Warrants [Member]	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'
Total	9,480,103	5,806,853

Financial_Instruments_Summary_

Financial Instruments - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Warrant liabilities	$13,663	$9,823
Fair Value Measurements, Recurring Basis [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Warrant liabilities	13,663	'
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	$13,663	'

Financial_Instruments_Addition

Financial Instruments - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2014	Jan. 31, 2014
Fair Value Disclosures [Abstract]	'	'
Number of warrants issued in two series to purchase common stock	3,500,000	1,500,000
Number of warrants not exercisable	1,401,218	'

Financial_Instruments_Fair_Val

Financial Instruments - Fair Value of Warrants Based on Historical Volatilities (Detail)	3 Months Ended
	Mar. 31, 2014
Warrants With One Year or Less Remaining Term [Member]	'
Class of Warrant or Right [Line Items]	'
Risk-free interest rate	0.13%
Minimum [Member] | Warrants With One Year or Less Remaining Term [Member]	'
Class of Warrant or Right [Line Items]	'
Expected volatility	58.28%
Expected life	'9 months 26 days
Minimum [Member] | Warrants With Greater Than One Year Remaining Term [Member]	'
Class of Warrant or Right [Line Items]	'
Expected volatility	55.35%
Risk-free interest rate	0.44%
Expected life	'1 year 10 months 2 days
Maximum [Member] | Warrants With One Year or Less Remaining Term [Member]	'
Class of Warrant or Right [Line Items]	'
Expected volatility	58.71%
Expected life	'1 year
Maximum [Member] | Warrants With Greater Than One Year Remaining Term [Member]	'
Class of Warrant or Right [Line Items]	'
Expected volatility	72.00%
Risk-free interest rate	0.90%
Expected life	'2 years 11 months 16 days

Financial_Instruments_RollForw

Financial Instruments - Roll-Forward of Fair Value Measurements Using Significant Unobservable Inputs (Level 3) for Warrants (Detail) (Outstanding Warrants [Member], USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014
Outstanding Warrants [Member]	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'
Beginning Balance	$9,823
Issuance of warrants	2,012
Settlements	-2,296
Loss included in expense from change in fair value of warrants	4,124
Ending Balance	$13,663

Collaborations_and_Revenue_Rec1

Collaborations and Revenue Recognition - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014
Pfizer [Member]	'
Collaborative Arrangements And Revenue Recognition [Line Items]	'
Commercial milestone revenue	$0
RTI Surgical Inc [Member]	'
Collaborative Arrangements And Revenue Recognition [Line Items]	'
Commercial milestone revenue	$0

Stockbased_Compensation_Additi

Stock-based Compensation - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
	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	'
Number of shares issued under equity incentive plan	762,972	'
Shares of common stock outstanding	7,313,069	'
Stock-based compensation expense	$579,000	$116,000
Total unrecognized estimated compensation cost	$5,124,000	'
Compensation cost related to unvested stock-based awards not yet recognized, expected year for recognition	'2017	'
Equity compensation plans & stock-based awards [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Shares available for issuance	3,423,959	'

Issuance_of_Common_Stock_and_W2

Issuance of Common Stock and Warrants - Additional Information (Detail) (USD $)	1 Months Ended	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Jan. 31, 2014	Mar. 31, 2014	Mar. 31, 2013	Feb. 28, 2013
Class of Warrant or Right [Line Items]	'	'	'	'
Proceeds from issuance of common stock, net	$18,800	$19,814	$2,026	'
Issuance of common stock, new issues	5,000,000	'	'	'
Warrants issued to purchase common stock	1,500,000	3,500,000	'	'
Warrant exercise price per share	4.5	'	'	1.01
Warrants exercise expiration date	15-Jul-16	'	'	'
Common stock per warrant conversion ratio	0.3	'	'	'
Common stock and warrant combined offering price	$4.10	'	'	'
Proceeds from warrants exercise	'	$938	'	'
Issuance of common stock from warrant exercises	'	928,924	'	'
Aspire [Member]	'	'	'	'
Class of Warrant or Right [Line Items]	'	'	'	'
Issuance of common stock, new issues	'	250,000	'	'
Sale of shares at an average price	'	$3.78	'	'

Issuance_of_Common_Stock_and_W3

Issuance of Common Stock and Warrants - Outstanding Warrants to Purchase Shares of Common Stock (Detail)	Mar. 31, 2014	Jan. 31, 2014	Feb. 28, 2013
Class of Warrant or Right [Line Items]	'	'	'
Number of Underlying Shares	9,480,103	'	'
Exercise Price	'	4.5	1.01
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	3,021,077	'	'
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	'	'
July 15, 2016 [Member]	'	'	'
Class of Warrant or Right [Line Items]	'	'	'
Number of Underlying Shares	1,500,000	'	'
Exercise Price	4.5	'	'
Expiration	15-Jul-16	'	'

Warrant_Liability_Additional_I

Warrant Liability - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014	Jan. 31, 2014	Feb. 28, 2013
Equity [Abstract]	'	'	'
Terms of issuance of warrant demanding cash payments	'The warrants we issued in the January 2014 and December 2013 registered direct offerings 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.	'	'
Number of trading days to deliver shares under warrants provision	'2 days	'	'
Value of warrants considered for cash payment for late delivery of shares	$2,000	'	'
Cash payment per day for warrants shares not delivered as per provision	$10	'	'
Exercise Price	'	4.5	1.01