Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 01, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
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 | ' | 77,282,158 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $38,750 | $31,948 |
Accounts receivable | 715 | 520 |
Prepaid expenses and other | 310 | 387 |
Total current assets | 39,775 | 32,855 |
Equipment, net | 1,343 | 1,333 |
Total assets | 41,118 | 34,188 |
Current liabilities: | ' | ' |
Accounts payable | 2,817 | 2,243 |
Accrued compensation and related benefits | 731 | 1,067 |
Accrued clinical trial costs | 104 | 88 |
Accrued expenses | 641 | 884 |
Deferred revenue | 24 | 86 |
Note payable | 179 | ' |
Total current liabilities | 4,496 | 4,368 |
Note payable | ' | 176 |
Warrant liabilities | 5,744 | 9,823 |
Stockholders' equity: | ' | ' |
Preferred stock, at stated value; 10,000,000 shares authorized, and no shares issued and outstanding at June 30, 2014 and December 31, 2013 | 0 | 0 |
Common stock, $0.001 par value; 150,000,000 shares authorized, and 77,247,412 and 70,749,212 shares issued at June 30, 2014 and December 31, 2013, respectively, and 77,247,412 and 70,683,480 shares outstanding at June 30, 2014 and December 31, 2013, respectively | 77 | 71 |
Additional paid-in capital | 306,048 | 284,323 |
Treasury stock, at cost; 65,732 shares at December 31, 2013 | ' | -135 |
Accumulated deficit | -275,247 | -264,438 |
Total stockholders' equity | 30,878 | 19,821 |
Total liabilities and stockholders' equity | $41,118 | $34,188 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Statement Of Financial Position [Abstract] | ' | ' |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 77,247,412 | 70,749,212 |
Common stock, shares outstanding | 77,247,412 | 70,683,480 |
Treasury stock, shares outstanding | ' | 65,732 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues | ' | ' | ' | ' |
Contract revenue | $36 | $194 | $80 | $278 |
Grant revenue | 352 | 377 | 1,015 | 619 |
Total revenues | 388 | 571 | 1,095 | 897 |
Costs and expenses | ' | ' | ' | ' |
Research and development | 5,754 | 5,107 | 11,981 | 10,683 |
General and administrative | 1,827 | 1,555 | 3,607 | 3,062 |
Depreciation | 93 | 86 | 182 | 171 |
Total costs and expenses | 7,674 | 6,748 | 15,770 | 13,916 |
Loss from operations | -7,286 | -6,177 | -14,675 | -13,019 |
Other income, net | 42 | 15 | 71 | 32 |
Income (expense) from change in fair value of warrants, net | 7,919 | 216 | 3,795 | -2,347 |
Net income (loss) and comprehensive income (loss) | $675 | ($5,946) | ($10,809) | ($15,334) |
Net income (loss) per share - Basic | $0.01 | ($0.11) | ($0.14) | ($0.28) |
Weighted average shares outstanding, basic | 77,077,492 | 56,028,461 | 76,468,506 | 54,744,254 |
Net loss per share - Diluted | ($0.04) | ($0.11) | ($0.16) | ($0.28) |
Weighted average shares outstanding, diluted | 78,778,181 | 57,841,167 | 78,407,380 | 54,744,254 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Operating activities | ' | ' |
Net loss | ($10,809) | ($15,334) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation | 182 | 171 |
Stock-based compensation | 1,180 | 313 |
Change in fair value of warrant liabilities | -3,795 | 2,347 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -195 | -86 |
Prepaid expenses and other assets | 80 | -41 |
Accounts payable and accrued expenses | 11 | 30 |
Deferred revenue | -62 | 51 |
Net cash used in operating activities | -13,408 | -12,549 |
Investing activities | ' | ' |
Purchases of equipment | -192 | -273 |
Net cash used in investing activities | -192 | -273 |
Financing activities | ' | ' |
Proceeds from issuance of common stock and warrants, net | 19,756 | 5,834 |
Purchase of treasury stock | -292 | ' |
Proceeds from exercise of warrants | 938 | 352 |
Net cash provided by financing activities | 20,402 | 6,186 |
Increase (decrease) in cash and cash equivalents | 6,802 | -6,636 |
Cash and cash equivalents at beginning of the period | 31,948 | 25,533 |
Cash and cash equivalents at end of the period | $38,750 | $18,897 |
Background_and_Basis_of_Presen
Background and Basis of Presentation | 6 Months Ended |
Jun. 30, 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. |
Recently_Issued_Accounting_Sta
Recently Issued Accounting Standard | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Changes And Error Corrections [Abstract] | ' |
Recently Issued Accounting Standard | ' |
2. Recently Issued Accounting Standard | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 requires an entity to recognize revenue in a manner that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, the amendment provides five steps that an entity should apply when recognizing revenue. The amendment also specifies the accounting of some costs to obtain or fulfill a contract with a customer and expands the disclosure requirements around contracts with customers. An entity can either adopt this amendment retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the update recognized at the date of initial application. The amendment is effective for annual reporting periods beginning after December 15, 2016. Early adoption is not permitted. We have not yet evaluated the impact that the adoption of ASU 2014-09 will have on our consolidated financial statements. |
Net_Loss_per_Share
Net Loss per Share | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Net Loss per Share | ' | ||||||||||||||||
3. Net Loss per Share | |||||||||||||||||
Basic and diluted net income (loss) per share have been computed using the weighted-average number of shares of common stock outstanding during the period. The table below reconciles the net income (loss) and the number of shares used to calculate basic and diluted net income (loss) per share for the three and six month periods ended June 30, 2014 and 2013, in thousands. | |||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income (loss) attributable to common stockholders - Basic | $ | 675 | $ | (5,946 | ) | $ | (10,809 | ) | $ | (15,334 | ) | ||||||
Less: income from change in fair value of warrants | (4,042 | ) | (164 | ) | (1,344 | ) | — | ||||||||||
Net loss attributable to common stockholders used to calculate diluted net loss per share | $ | (3,367 | ) | $ | (6,110 | ) | $ | (12,153 | ) | $ | (15,334 | ) | |||||
Denominator: | |||||||||||||||||
Weighted-average shares outstanding - Basic | 77,077 | 56,028 | 76,469 | 54,744 | |||||||||||||
Potentially dilutive common shares outstanding: | |||||||||||||||||
Warrants | 1,472 | 1,813 | 1,938 | — | |||||||||||||
Stock-based awards | 229 | — | — | — | |||||||||||||
Weighted-average shares used to calculate diluted net loss per share | 78,778 | 57,841 | 78,407 | 54,744 | |||||||||||||
Basic earnings per share | $ | 0.01 | $ | (0.11 | ) | $ | (0.14 | ) | $ | (0.28 | ) | ||||||
Dilutive earnings per share | $ | (0.04 | ) | $ | (0.11 | ) | $ | (0.16 | ) | $ | (0.28 | ) | |||||
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 | Six months ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Stock options | 6,075,165 | 5,133,518 | 6,296,165 | 5,133,518 | |||||||||||||
Restricted stock units | 7,578 | 2,910,093 | 2,451,634 | 2,910,093 | |||||||||||||
Warrants | 6,310,000 | 1,459,026 | 6,310,000 | 5,459,027 | |||||||||||||
Total | 12,392,743 | 9,502,637 | 15,057,799 | 13,502,638 | |||||||||||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Investments All Other Investments [Abstract] | ' | ||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||
4. Fair Value of 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 | Adjusted 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 significant 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 fair values of our assets and liabilities measured at fair value on a recurring basis as of June 30, 2014 (in thousands): | |||||||||||||||||
Fair Value Measurements at June 30, 2014 Using | |||||||||||||||||
Description | Balance as of | Quoted Prices in Active | Significant Other | Significant Unobservable | |||||||||||||
June 30, 2014 | Markets for Identical | Observable Inputs | Inputs (Level 3) | ||||||||||||||
Assets (Level 1) | (Level 2) | ||||||||||||||||
Warrant liabilities | $ | 5,744 | $ | — | $ | — | $ | 5,744 | |||||||||
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 following inputs were used at June 30, 2014: | |||||||||||||||||
Expected Volatility | Risk-Free Interest Rate | Expected Life | |||||||||||||||
Warrants with one year or less remaining term | 108.00% | 0.11% | 0.75 year | ||||||||||||||
Warrants with greater than one year remaining term | 69.42% - 76.09% | 0.47% - 0.88% | 1.59 - 2.71 years | ||||||||||||||
A roll-forward of fair value measurements using significant unobservable inputs (Level 3) for the warrants is as follows (in thousands): | |||||||||||||||||
Three months | Six months | ||||||||||||||||
ended | ended | ||||||||||||||||
June 30, 2014 | June 30, 2014 | ||||||||||||||||
Balance April 1, 2014 | $ | 13,663 | Balance January 1, 2014 | $ | 9,823 | ||||||||||||
Issuance of warrants | — | Issuance of warrants January 2014 | 2,012 | ||||||||||||||
Exercise of warrants | — | Exercise of warrants | (2,296 | ) | |||||||||||||
Gain included in income from change in fair value of warrants for the period | (7,919 | ) | Gain included in income from change in fair value of warrants for the period | (3,795 | ) | ||||||||||||
Balance June 30, 2014 | $ | 5,744 | Balance June 30, 2014 | $ | 5,744 | ||||||||||||
Collaborative_Arrangements_and
Collaborative Arrangements and Revenue Recognition | 6 Months Ended |
Jun. 30, 2014 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' |
Collaborative Arrangements and Revenue Recognition | ' |
5. Collaborative Arrangements 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 | 6 Months Ended |
Jun. 30, 2014 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Stock-based Compensation | ' |
6. 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 June 30, 2014, an aggregate of 1,025,546 shares of common stock underlying stock-based awards have been issued or exercised under our equity incentive plans. In June 2014, we granted 1,178,800 stock options and 460,112 restricted stock units to our employees and directors pursuant to our annual incentive programs. In the three-month period ended June 30, 2014, we issued 232,574 shares of common stock related to restricted stock units that vested during the period. | |
As of June 30, 2014, a total of 1,726,655 shares were available for issuance under our equity compensation plans and stock-based awards to purchase 8,747,799 shares of common stock were outstanding. For the three-month periods ended June 30, 2014 and 2013, stock-based compensation expense was approximately $601,000 and $196,000, respectively. At June 30, 2014, total unrecognized estimated compensation cost related to unvested stock-based awards was approximately $6,882,000, which is expected to be recognized by the end of 2018 using the straight-line method. |
Issuance_of_Common_Stock_and_W
Issuance of Common Stock and Warrants | 6 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Equity [Abstract] | ' | ||||||||||
Issuance of Common Stock and Warrants | ' | ||||||||||
7. 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 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. | |||||||||||
As of June 30, 2014, we had the following outstanding warrants to purchase shares of common stock: | |||||||||||
Number of | Exercise Price | Expiration | |||||||||
Underlying Shares | |||||||||||
1,310,000 | $ | 3.55 | 2-Feb-16 | ||||||||
3,021,077 | $ | 1.01 | 14-Mar-17 | ||||||||
3,500,000 | $ | 2.5 | 31-Mar-15 | ||||||||
1,500,000 | $ | 4.5 | 15-Jul-16 | ||||||||
9,331,077 | |||||||||||
Warrant_Liabilities
Warrant Liabilities | 6 Months Ended |
Jun. 30, 2014 | |
Text Block [Abstract] | ' |
Warrant Liabilities | ' |
8. 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 | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
9. 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. |
Recently_Issued_Accounting_Sta1
Recently Issued Accounting Standard (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Changes And Error Corrections [Abstract] | ' |
Revenue from Contracts with Customers | ' |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 requires an entity to recognize revenue in a manner that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, the amendment provides five steps that an entity should apply when recognizing revenue. The amendment also specifies the accounting of some costs to obtain or fulfill a contract with a customer and expands the disclosure requirements around contracts with customers. An entity can either adopt this amendment retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the update recognized at the date of initial application. The amendment is effective for annual reporting periods beginning after December 15, 2016. Early adoption is not permitted. We have not yet evaluated the impact that the adoption of ASU 2014-09 will have on our consolidated financial statements. |
Net_Loss_per_Share_Tables
Net Loss per Share (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Net Loss and Number of Shares Used to Calculate Basic and Diluted Net Loss Per Share | ' | ||||||||||||||||
The table below reconciles the net income (loss) and the number of shares used to calculate basic and diluted net income (loss) per share for the three and six month periods ended June 30, 2014 and 2013, in thousands. | |||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income (loss) attributable to common stockholders - Basic | $ | 675 | $ | (5,946 | ) | $ | (10,809 | ) | $ | (15,334 | ) | ||||||
Less: income from change in fair value of warrants | (4,042 | ) | (164 | ) | (1,344 | ) | — | ||||||||||
Net loss attributable to common stockholders used to calculate diluted net loss per share | $ | (3,367 | ) | $ | (6,110 | ) | $ | (12,153 | ) | $ | (15,334 | ) | |||||
Denominator: | |||||||||||||||||
Weighted-average shares outstanding - Basic | 77,077 | 56,028 | 76,469 | 54,744 | |||||||||||||
Potentially dilutive common shares outstanding: | |||||||||||||||||
Warrants | 1,472 | 1,813 | 1,938 | — | |||||||||||||
Stock-based awards | 229 | — | — | — | |||||||||||||
Weighted-average shares used to calculate diluted net loss per share | 78,778 | 57,841 | 78,407 | 54,744 | |||||||||||||
Basic earnings per share | $ | 0.01 | $ | (0.11 | ) | $ | (0.14 | ) | $ | (0.28 | ) | ||||||
Dilutive earnings per share | $ | (0.04 | ) | $ | (0.11 | ) | $ | (0.16 | ) | $ | (0.28 | ) | |||||
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 | Six months ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Stock options | 6,075,165 | 5,133,518 | 6,296,165 | 5,133,518 | |||||||||||||
Restricted stock units | 7,578 | 2,910,093 | 2,451,634 | 2,910,093 | |||||||||||||
Warrants | 6,310,000 | 1,459,026 | 6,310,000 | 5,459,027 | |||||||||||||
Total | 12,392,743 | 9,502,637 | 15,057,799 | 13,502,638 | |||||||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Investments All Other Investments [Abstract] | ' | ||||||||||||||||
Summary of Fair Values of Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||
The following table provides a summary of the fair values of our assets and liabilities measured at fair value on a recurring basis as of June 30, 2014 (in thousands): | |||||||||||||||||
Fair Value Measurements at June 30, 2014 Using | |||||||||||||||||
Description | Balance as of | Quoted Prices in Active | Significant Other | Significant Unobservable | |||||||||||||
June 30, 2014 | Markets for Identical | Observable Inputs | Inputs (Level 3) | ||||||||||||||
Assets (Level 1) | (Level 2) | ||||||||||||||||
Warrant liabilities | $ | 5,744 | $ | — | $ | — | $ | 5,744 | |||||||||
Fair Value of Warrants Based on Historical Volatilities | ' | ||||||||||||||||
The following inputs were used at June 30, 2014: | |||||||||||||||||
Expected Volatility | Risk-Free Interest Rate | Expected Life | |||||||||||||||
Warrants with one year or less remaining term | 108.00% | 0.11% | 0.75 year | ||||||||||||||
Warrants with greater than one year remaining term | 69.42% - 76.09% | 0.47% - 0.88% | 1.59 - 2.71 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 | Six months | ||||||||||||||||
ended | ended | ||||||||||||||||
June 30, 2014 | June 30, 2014 | ||||||||||||||||
Balance April 1, 2014 | $ | 13,663 | Balance January 1, 2014 | $ | 9,823 | ||||||||||||
Issuance of warrants | — | Issuance of warrants January 2014 | 2,012 | ||||||||||||||
Exercise of warrants | — | Exercise of warrants | (2,296 | ) | |||||||||||||
Gain included in income from change in fair value of warrants for the period | (7,919 | ) | Gain included in income from change in fair value of warrants for the period | (3,795 | ) | ||||||||||||
Balance June 30, 2014 | $ | 5,744 | Balance June 30, 2014 | $ | 5,744 | ||||||||||||
Issuance_of_Common_Stock_and_W1
Issuance of Common Stock and Warrants (Tables) | 6 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Equity [Abstract] | ' | ||||||||||
Outstanding Warrants to Purchase Shares of Common Stock | ' | ||||||||||
As of June 30, 2014, we had the following outstanding warrants to purchase shares of common stock: | |||||||||||
Number of | Exercise Price | Expiration | |||||||||
Underlying Shares | |||||||||||
1,310,000 | $ | 3.55 | 2-Feb-16 | ||||||||
3,021,077 | $ | 1.01 | 14-Mar-17 | ||||||||
3,500,000 | $ | 2.5 | 31-Mar-15 | ||||||||
1,500,000 | $ | 4.5 | 15-Jul-16 | ||||||||
9,331,077 | |||||||||||
Background_and_Basis_of_Presen1
Background and Basis of Presentation - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2014 | |
Segment | |
Accounting Policies [Abstract] | ' |
Number of business segments | 1 |
Net_Loss_per_Share_Net_Loss_an
Net Loss per Share - Net Loss and Number of Shares Used to Calculate Basic and Diluted Net Loss Per Share (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Numerator: | ' | ' | ' | ' |
Net income (loss) attributable to common stockholders - Basic | $675 | ($5,946) | ($10,809) | ($15,334) |
Less: income from change in fair value of warrants | -4,042 | -164 | -1,344 | ' |
Net loss attributable to common stockholders used to calculate diluted net loss per share | ($3,367) | ($6,110) | ($12,153) | ($15,334) |
Denominator: | ' | ' | ' | ' |
Weighted-average shares outstanding - Basic | 77,077,492 | 56,028,461 | 76,468,506 | 54,744,254 |
Potentially dilutive common shares outstanding: | ' | ' | ' | ' |
Warrants | 1,472,000 | 1,813,000 | 1,938,000 | ' |
Stock-based awards | 229,000 | ' | ' | ' |
Weighted-average shares used to calculate diluted net loss per share | 78,778,181 | 57,841,167 | 78,407,380 | 54,744,254 |
Basic earnings per share | $0.01 | ($0.11) | ($0.14) | ($0.28) |
Dilutive earnings per share | ($0.04) | ($0.11) | ($0.16) | ($0.28) |
Net_Loss_per_Share_Instruments
Net Loss per Share - Instruments Excluded from the Calculation of Diluted Net Loss Per Share (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Total | 12,392,743 | 9,502,637 | 15,057,799 | 13,502,638 |
Stock options [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Total | 6,075,165 | 5,133,518 | 6,296,165 | 5,133,518 |
Restricted stock units [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Total | 7,578 | 2,910,093 | 2,451,634 | 2,910,093 |
Warrants [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Total | 6,310,000 | 1,459,026 | 6,310,000 | 5,459,027 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Summary of Fair Values of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Warrant liabilities | $5,744 | $9,823 |
Fair Value Measurements, Recurring Basis [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Warrant liabilities | 5,744 | ' |
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 | $5,744 | ' |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments - Additional Information (Detail) | 6 Months Ended | |
Jun. 30, 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 until specified date | 1,401,218 | ' |
Date warrants became exercisable | 3-Jun-14 | ' |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments - Fair Value of Warrants Based on Historical Volatilities (Detail) | 6 Months Ended |
Jun. 30, 2014 | |
Warrants With One Year or Less Remaining Term [Member] | ' |
Class of Warrant or Right [Line Items] | ' |
Expected Volatility | 108.00% |
Risk-free interest rate | 0.11% |
Expected Life | '9 months |
Warrants With Greater Than One Year Remaining Term [Member] | Minimum [Member] | ' |
Class of Warrant or Right [Line Items] | ' |
Expected Volatility | 69.42% |
Risk-free interest rate | 0.47% |
Expected Life | '1 year 7 months 2 days |
Warrants With Greater Than One Year Remaining Term [Member] | Maximum [Member] | ' |
Class of Warrant or Right [Line Items] | ' |
Expected Volatility | 76.09% |
Risk-free interest rate | 0.88% |
Expected Life | '2 years 8 months 16 days |
Fair_Value_of_Financial_Instru5
Fair Value of Financial Instruments - Roll-Forward of Fair Value Measurements Using Significant Unobservable Inputs (Level 3) for Warrants (Detail) (Outstanding Warrants [Member], USD $) | 3 Months Ended | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 |
Outstanding Warrants [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Beginning Balance | $13,663 | $9,823 |
Issuance of warrants | 0 | 2,012 |
Exercise of warrants | 0 | -2,296 |
Gain included in income from change in fair value of warrants for the period | -7,919 | -3,795 |
Ending Balance | $5,744 | $5,744 |
Collaborative_Arrangements_and1
Collaborative Arrangements and Revenue Recognition - Additional Information (Detail) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Pfizer [Member] | ' |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' |
Commercial milestone revenue | $0 |
RTI Surgical Inc [Member] | ' |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' |
Commercial milestone revenue | $0 |
Stockbased_Compensation_Additi
Stock-based Compensation - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 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 | 11,500,000 | ' | 11,500,000 | ' |
Common stock issued related to restricted stock units | ' | ' | ' | 1,025,546 | ' |
Stock options granted | 1,178,800 | ' | ' | ' | ' |
Shares of common stock outstanding | 8,747,799 | 8,747,799 | ' | 8,747,799 | ' |
Stock-based compensation expense | ' | $601,000 | $196,000 | $1,180,000 | $313,000 |
Total unrecognized estimated compensation cost | $6,882,000 | $6,882,000 | ' | $6,882,000 | ' |
Compensation cost related to unvested stock-based awards not yet recognized, expected year for recognition | ' | ' | ' | '2018 | ' |
Equity compensation plans & stock-based awards [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Shares available for issuance | 1,726,655 | 1,726,655 | ' | 1,726,655 | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Common stock issued related to restricted stock units | ' | 232,574 | ' | ' | ' |
Restricted stock units granted | 460,112 | ' | ' | ' | ' |
Issuance_of_Common_Stock_and_W2
Issuance of Common Stock and Warrants - Additional Information (Detail) (USD $) | 1 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Feb. 28, 2013 |
Equity [Abstract] | ' | ' | ' | ' |
Proceeds from issuance of common stock, net | $18,800 | $19,756 | $5,834 | ' |
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 | $4.50 | ' | ' | $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 | ' | ' | ' |
Issuance_of_Common_Stock_and_W3
Issuance of Common Stock and Warrants - Outstanding Warrants to Purchase Shares of Common Stock (Detail) (USD $) | Jun. 30, 2014 | Jan. 31, 2014 | Feb. 28, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
February 2, 2016 [Member] | March 14, 2017 [Member] | March 31, 2015 [Member] | July 15, 2016 [Member] | ||||
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Number of Underlying Shares | 9,331,077 | ' | ' | 1,310,000 | 3,021,077 | 3,500,000 | 1,500,000 |
Exercise Price | ' | $4.50 | $1.01 | $3.55 | $1.01 | $2.50 | $4.50 |
Expiration | ' | ' | ' | 2-Feb-16 | 14-Mar-17 | 31-Mar-15 | 15-Jul-16 |
Warrant_Liability_Additional_I
Warrant Liability - Additional Information (Detail) (USD $) | 6 Months Ended | ||
Jun. 30, 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 | ' | $4.50 | $1.01 |