Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Mar. 09, 2015 | Jun. 30, 2014 |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | ATHX | ||
Entity Registrant Name | ATHERSYS, INC / NEW | ||
Entity Central Index Key | 1368148 | ||
Current Fiscal Year End Date | -19 | ||
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 | 80,236,133 | ||
Entity Public Float | $132.10 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $26,127 | $31,948 |
Accounts receivable | 694 | 520 |
Prepaid expenses and other | 427 | 387 |
Total current assets | 27,248 | 32,855 |
Equipment, net | 1,270 | 1,333 |
Deferred tax assets | 200 | |
Total assets | 28,718 | 34,188 |
Current liabilities: | ||
Accounts payable | 2,767 | 2,243 |
Accrued compensation and related benefits | 1,060 | 1,067 |
Accrued clinical trial costs | 126 | 88 |
Accrued expenses | 664 | 884 |
Deferred revenue | 75 | 86 |
Total current liabilities | 4,692 | 4,368 |
Note payable | 183 | 176 |
Warrant liabilities | 2,948 | 9,823 |
Stockholders' equity: | ||
Preferred stock, at stated value; 10,000,000 shares authorized, and no shares issued and outstanding at December 31, 2014 and December 31, 2013 | ||
Common stock, $0.001 par value; 150,000,000 shares authorized, 77,706,816 and 70,749,212 shares issued at December 31, 2014 and December 31, 2013, respectively, and 77,706,816 and 70,683,480 shares outstanding at December 31, 2014 and December 31, 2013, respectively | 78 | 71 |
Additional paid-in capital | 307,337 | 284,323 |
Treasury stock, at cost; 65,732 shares at December 31, 2013 | -135 | |
Accumulated deficit | -286,520 | -264,438 |
Total stockholders' equity | 20,895 | 19,821 |
Total liabilities and stockholders' equity | $28,718 | $34,188 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 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 | 77,706,816 | 70,749,212 |
Common stock, shares outstanding | 77,706,816 | 70,683,480 |
Treasury stock, shares outstanding | 0 | 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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues | |||
Contract revenue | $286 | $755 | $7,380 |
Grant revenue | 1,337 | 1,683 | 1,328 |
Total revenues | 1,623 | 2,438 | 8,708 |
Costs and expenses | |||
Research and development (including stock compensation expense of $1,158, $639 and $150 in 2014, 2013 and 2012, respectively) | 23,366 | 20,484 | 19,636 |
General and administrative (including stock compensation expense of $1,447, $884 and $331 in 2014, 2013 and 2012, respectively) | 6,909 | 6,065 | 4,753 |
Depreciation | 360 | 346 | 320 |
Total costs and expenses | 30,635 | 26,895 | 24,709 |
Loss from operations | -29,012 | -24,457 | -16,001 |
Income (expense) from change in fair value of warrants, net | 6,591 | -6,324 | 2,404 |
Other income (expense), net | 86 | 38 | -1,138 |
Loss before income taxes | -22,335 | -30,743 | -14,735 |
Income tax benefit | 253 | ||
Net loss | -22,082 | -30,743 | -14,735 |
Net loss per common share, basic | ($0.29) | ($0.53) | ($0.45) |
Weighted average shares outstanding, basic | 76,954,503 | 57,674,833 | 32,556,781 |
Net loss per common share, diluted | ($0.31) | ($0.53) | ($0.45) |
Weighted average shares outstanding, diluted | 78,541,447 | 57,674,833 | 32,556,781 |
Items included in other comprehensive loss: | |||
Proportional share of comprehensive loss of equity method investment | -28 | ||
Comprehensive loss | ($22,082) | ($30,743) | ($14,763) |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations and Comprehensive Loss (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Research and Development [Member] | |||
Stock compensation expense | $1,158 | $639 | $150 |
General and Administrative [Member] | |||
Stock compensation expense | $1,447 | $884 | $331 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income [Member] | Accumulated Deficit [Member] |
In Thousands, except Share data | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |
Beginning balance at Dec. 31, 2011 | $7,298 | $24 | $226,206 | $28 | ($218,960) | ||
Common stock beginning balance, shares at Dec. 31, 2011 | 24,487,260 | ||||||
Preferred stock shares, beginning balance at Dec. 31, 2011 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
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, Shares | 9,819 | ||||||
Net loss | -14,735 | -14,735 | |||||
Other comprehensive income (loss) items | -28 | -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 | ||||||
Preferred stock shares, ending balance at Dec. 31, 2012 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
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 | 16,899,999 | ||||||
Issuance of common stock under equity compensation plans | -270 | 1 | 1 | -272 | |||
Issuance of common stock under equity compensation plans, Shares | 327,023 | ||||||
Net loss | -30,743 | -30,743 | |||||
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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Stock based compensation | 2,605 | 2,605 | |||||
Issuance of common stock from warrant exercises, Cost | 938 | 1 | 868 | 69 | |||
Issuance of common stock from warrant exercises, Shares | 928,924 | ||||||
Issuance of common stock and warrants, net of issuance costs | 20,061 | 5 | 19,698 | 358 | |||
Issuance of common stock and warrants, net of issuance costs, Shares | 5,250,000 | ||||||
Issuance of common stock under equity compensation plans | -448 | 1 | -157 | -292 | |||
Issuance of common stock under equity compensation plans, Shares | 1,596,417 | 844,412 | |||||
Net loss | -22,082 | -22,082 | |||||
Ending balance at Dec. 31, 2014 | $20,895 | $78 | $307,337 | ($286,520) | |||
Common stock ending balance, shares at Dec. 31, 2014 | 77,706,816 | 77,706,816 | |||||
Preferred stock shares, ending balance at Dec. 31, 2014 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating activities | |||
Net loss | ($22,082) | ($30,743) | ($14,735) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation | 360 | 346 | 320 |
Realized gain on investments and available-for-sale securities | -183 | ||
Stock-based compensation | 2,605 | 1,523 | 481 |
Issuance of common stock to former lenders | 1,005 | ||
Change in fair value of warrant liabilities | -6,591 | 6,324 | -2,404 |
Other | -193 | 7 | 14 |
Changes in operating assets and liabilities: | |||
Accounts receivable | -174 | -30 | 199 |
Prepaid expenses and other assets | -40 | -101 | 580 |
Accounts payable and accrued expenses | 335 | -196 | 198 |
Deferred revenue | -11 | 86 | -3,140 |
Net cash used in operating activities | -25,791 | -22,784 | -17,665 |
Investing activities | |||
Proceeds from maturities of available-for-sale securities | 4,237 | ||
Purchases of equipment | -297 | -385 | -347 |
Net cash (used in) provided by investing activities | -297 | -385 | 3,890 |
Financing activities | |||
Proceeds from issuance of common stock and warrants, net | 19,621 | 29,454 | 30,357 |
Proceeds from exercise of warrants | 938 | 402 | |
Purchase of treasury stock | -292 | -272 | |
Proceeds from note payable | 166 | ||
Net cash provided by financing activities | 20,267 | 29,584 | 30,523 |
(Decrease) increase in cash and cash equivalents | -5,821 | 6,415 | 16,748 |
Cash and cash equivalents at beginning of year | 31,948 | 25,533 | 8,785 |
Cash and cash equivalents at end of year | $26,127 | $31,948 | $25,533 |
Background
Background | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Background | A. Background |
We are an international biotechnology 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, 2014 | |||||||||||||
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 an investment in an inactive joint venture in 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. 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. | |||||||||||||
Revenues that we have earned through December 31, 2014 have been recognized under our accounting policy prior to the adoption of ASU 2009-13, Multiple-Deliverable Revenue Arrangements on January 1, 2011. The performance period for our multiple element arrangements have concluded.. | |||||||||||||
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. | |||||||||||||
We recognize revenue from royalties relating to the sale by a licensee of the licensed product. Royalty revenue is recognized on an accrual basis in accordance with the substance of the relevant agreement and based on the receipt from the licensee of the relevant information to enable calculation of the royalty due. | |||||||||||||
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. Currently, we have no collaborations accounted for on a net basis. | |||||||||||||
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, 2014. | |||||||||||||
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. 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. | |||||||||||||
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. 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 agreements. 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 non-current liabilities. 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 warrants are reflected in the consolidated statement of operations as income (expense) from change in fair value of warrants. | |||||||||||||
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, 2014, we had no shares of common stock held in treasury, and at December 31, 2013, we had 65,732 shares of common stock held in treasury and available for reissuance. | |||||||||||||
Comprehensive Loss | |||||||||||||
The proportional share of comprehensive income and loss of our equity method investment, which was liquidated in 2012, is the only component of accumulated other comprehensive loss. | |||||||||||||
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, 2014, the majority of our accounts receivable are due from collaborators. 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, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Volatility | 104.00% | 109.20% | 117.30% | ||||||||||
Risk-free interest rate | 2.10% | 1.50% | 0.80% | ||||||||||
Expected life of option | 6.09 years | 6.14 years | 5.72 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, 2014 and 2013. 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 have been computed using the weighted-average number of shares of common stock outstanding during the period. For each reporting period, we evaluate the income from our warrant liabilities and consider whether it results in a potentially dilutive effect to net loss per share. For the year ended December 31, 2014, we had such a dilutive reconciliation related to our warrants with an exercise price of $1.01, which are included in the table below. Any such warrants are then omitted from the subsequent following table of instruments that were excluded from the calculation of diluted net loss per share. The table below reconciles the net loss and the number of shares used to calculate basic and diluted net loss per share for the years ended December 31, 2014, 2013 and 2012, in thousands. | |||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator: | |||||||||||||
Net loss attributable to common stockholders - basic | $ | (22,082 | ) | $ | (30,743 | ) | $ | (14,735 | ) | ||||
Less: income from change in fair value of warrants | (2,141 | ) | — | — | |||||||||
Net loss attributable to common stockholders used to calculate diluted net loss per share | $ | (24,223 | ) | $ | (30,743 | ) | $ | (14,735 | ) | ||||
Denominator: | |||||||||||||
Weighted-average shares outstanding - basic | 76,955 | 57,675 | 32,557 | ||||||||||
Potentially dilutive common shares outstanding: | |||||||||||||
Warrants | 1,586 | — | — | ||||||||||
Weighted-average shares used to calculate diluted net loss per share | 78,541 | 57,675 | 32,557 | ||||||||||
Basic – net loss per share | $ | (0.29 | ) | $ | (0.53 | ) | $ | (0.45 | ) | ||||
Dilutive – net loss per share | $ | (0.31 | ) | $ | (0.53 | ) | $ | (0.45 | ) | ||||
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: | |||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Stock options | 6,383,457 | 5,129,579 | 4,058,184 | ||||||||||
Restricted stock units | 1,889,267 | 2,449,346 | 70,814 | ||||||||||
Warrants | 6,310,000 | 8,909,027 | 5,806,853 | ||||||||||
14,582,724 | 16,487,952 | 9,935,851 | |||||||||||
Recently Issued Accounting Standards | |||||||||||||
In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, Revenue from Contracts with Customers. 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 are in the process of evaluating, but have not determined, the impact that the adoption of ASU 2014-09 will have on our consolidated financial statements. | |||||||||||||
In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements - Going Concern, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which establishes management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and, if so, to provide related footnote disclosures. ASU 2014-15 provides a definition of the term ‘substantial doubt’ and requires an assessment for a period of one year after the date that the financial statements are issued or available to be issued. Management will also be required to evaluate and disclose whether its plans alleviate that doubt. The guidance is effective for the annual periods ending after December 15, 2016 and interim periods thereafter with early adoption permitted. We are in the process of evaluating the impact the new guidance will have on our disclosures. |
Equipment
Equipment | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Equipment | C. Equipment | ||||||||
December 31, | |||||||||
Equipment consists of (in thousands): | 2014 | 2013 | |||||||
Laboratory equipment | $ | 6,162 | $ | 6,703 | |||||
Office equipment and leasehold improvements | 2,849 | 2,814 | |||||||
9,011 | 9,517 | ||||||||
Accumulated depreciation | (7,741 | ) | (8,184 | ) | |||||
$ | 1,270 | $ | 1,333 | ||||||
In 2014 and 2013, we disposed of approximately $0.8 million and $1.5 million, respectively, of obsolete laboratory equipment, office equipment and leasehold improvements, all of which was fully depreciated. |
Financial_Instruments
Financial Instruments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
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, 2014 Using | |||||||||||||||||
Description | Balance as of | Quoted Prices in Active | Significant Other | Significant | |||||||||||||
December 31, | Markets for Identical | Observable Inputs | Unobservable | ||||||||||||||
2014 | Assets (Level 1) | (Level 2) | Inputs (Level 3) | ||||||||||||||
Warrant liabilities | $ | 2,948 | $ | — | $ | — | $ | 2,948 | |||||||||
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 | |||||||||
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 December 31, 2014: | |||||||||||||||||
Warrants Issued | Warrants Issued | Warrants Issued | Warrants Issued | ||||||||||||||
Jan-14 | Dec-13 | Mar-12 | Feb-11 | ||||||||||||||
Expected volatility | 81.2 | % | 57 | % | 67 | % | 63.2 | % | |||||||||
Risk-free interest rate | 0.67 | % | 0.04 | % | 0.67 | % | 0.25 | % | |||||||||
Expected life | 1.54 | years | 0.25 | years | 2.20 | years | 1.09 | years | |||||||||
Fair value at December 31, 2014 | $ | 293 | $ | 42 | $ | 2,507 | $ | 106 | |||||||||
(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, 2014 | |||||||||||||||||
Balance January 1, 2014 | $ | 9,823 | |||||||||||||||
Issuance of warrants January 2014 | 2,012 | ||||||||||||||||
Settlements from exercise | (2,296 | ) | |||||||||||||||
Income for the period | (6,591 | ) | |||||||||||||||
Balance December 31, 2014 | $ | 2,948 | |||||||||||||||
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 approximately $220,000, subject to adjustments based on an inflationary index. We also have an option for additional space in Belgium that expires in August 2015. | |||||||||||||||||
Aggregate rent expense was approximately $517,000, $491,000 and $415,000 in 2014, 2013 and 2012, respectively. The future annual minimum lease commitments at December 31, 2014 are approximately $370,000 for 2015 and $67,000 for 2016. | |||||||||||||||||
In 2012, we entered into an arrangement with the Global Cardiovascular Innovation Center (“GCIC”) 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. GCIC has agreed to the four-year term, with an expiration date of March 31, 2016. As of December 31, 2014 and 2013, we have drawn $166,000 of this financing ($183,000 including interest), which is reflected on the balance sheet as a non-current note. The fair value of our note payable at December 31, 2014 is not determinable due to lack of marketability of the note payable. | |||||||||||||||||
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. | |||||||||||||||||
We paid no interest during the three years ended December 31, 2014. |
Collaborations_and_Revenue_Rec
Collaborations and Revenue Recognition | 12 Months Ended |
Dec. 31, 2014 | |
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 on an exclusive basis. Under the terms of the agreement, we received a non-refundable up-front payment from Pfizer and research funding and support through June 2012. 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, which is recognized in the period that the manufacturing services are performed. Pfizer has responsibility for development and regulatory activities, including decision-making regarding the advancement or cessation of further development under the collaboration. If the product is successfully developed, Pfizer would also have sole responsibility for commercialization. We may elect to co-develop with Pfizer, in which case, the parties would share development and commercialization expenses and profits, if any, on an agreed-upon basis beginning at Phase 3 clinical development. Alternatively, we may elect to not co-develop with Pfizer, in which case Pfizer will pay us tiered single-digit royalties on worldwide commercial sales of MultiStem IBD products. Any royalties may be subject to certain reductions related to market exclusivity, patent claims and credits from sales milestone payments. In the event that Pfizer does not move the program forward, the development and commercialization rights would revert to us. | |
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 on an exclusive basis. Under the terms of the agreement, we received a non-refundable license fee in installments and performed certain services that were concluded in 2012. 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. No milestone revenue has been recognized to date. In addition, we are entitled to receive tiered royalties on worldwide commercial sales of implants using our technologies based on a royalty rate starting in the mid-single digits and increasing into the mid-teens. Any royalties may be subject to a reduction if third-party payments for intellectual property rights are necessary or commercially desirable to permit the manufacture or sale of the product. |
Capitalization_and_Warrant_Lia
Capitalization and Warrant Liability | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Equity [Abstract] | |||||||||
Capitalization and Warrant Liability | F. Capitalization and Warrant Liability | ||||||||
Capitalization | |||||||||
At both December 31, 2014 and 2013, we had 150.0 million shares of common stock and 10.0 million shares of undesignated preferred stock authorized. No shares of preferred stock have been issued as of December 31, 2014. | |||||||||
The following shares of common stock were reserved for future issuance: | |||||||||
December 31 | |||||||||
2014 | 2013 | ||||||||
Stock-based compensation plans | 9,903,583 | 11,020,510 | |||||||
Warrants to purchase common stock — former lenders | — | 149,026 | |||||||
Warrants to purchase common stock — 2011 offering | 1,310,000 | 1,310,000 | |||||||
Warrants to purchase common stock — 2012 offering | 3,021,077 | 3,950,001 | |||||||
Warrants to purchase common stock — 2013 offering | 3,500,000 | 3,500,000 | |||||||
Warrants to purchase common stock — 2014 offering | 1,500,000 | — | |||||||
19,234,660 | 19,929,537 | ||||||||
As of December 31, 2014, the terms of our outstanding warrants to purchase shares of common stock with a weighted average exercise price of $2.49 were as follows: | |||||||||
Number of | Exercise Price | Expiration | |||||||
Underlying Shares | |||||||||
1,310,000 | $3.55 | February 2, 2016 | |||||||
3,021,077 | $1.01 | March 14, 2017 | |||||||
3,500,000 | $2.50 | March 31, 2015 | |||||||
1,500,000 | $4.50 | July 15, 2016 | |||||||
9,331,077 | |||||||||
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 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 and an expiration date of March 31, 2015. When the 3,500,000 warrants were issued, 1,401,218 were 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 January 2015, we amended all of the December 2013 warrants to purchase 3,500,000 shares of common stock to increase the exercise price from $2.50 to $2.75 per share, and to extend the expiration date from March 31, 2015 to May 31, 2015. | |||||||||
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. Warrants to purchase 2,292,934 shares of common stock have been exercised to date, resulting in aggregate proceeds of $2.3 million. | |||||||||
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 with Aspire Capital Fund, LLC (“Aspire Capital”), which provided that Aspire Capital was 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 and received 266,667 additional shares as compensation for its commitment. As of September 2013, we had sold all the remaining shares that were available under the 8,000,000 shares of common stock registered for resale under the equity facility, which was due to expire early in 2014. In October 2013, we terminated the expiring 2011 equity purchase agreement with Aspire Capital and entered into a new 2013 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. | |||||||||
During the years ended December 31, 2014 and 2013, we sold 250,000 and 6,566,666 shares, respectively, to Aspire Capital at average prices of $3.78 and $1.70 per share, respectively. As of December 31, 2014, we received proceeds of approximately $14.4 million in aggregate under the Aspire equity purchase agreements since their inception in 2011, and we can elect to sell to Aspire Capital up to an additional $23.5 million of shares of common stock under the current agreement. Since January 1, 2015 through March 9, 2015, we sold shares for approximately $3.3 million, in aggregate, to Aspire Capital. | |||||||||
Warrant Liabilities | |||||||||
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 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, and the exercise price was 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. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based 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, 2014, a total of 1,596,417 shares of common stock have been issued under our equity incentive plans. | |||||||||||||||||||||||||
As of December 31, 2014, a total of 1,630,859 shares were available for issuance under our equity compensation plans and stock-based awards to purchase 8,272,724 shares of common stock were outstanding. We recognized $2,605,000, $1,523,000 and $481,000 of stock-based compensation expense in 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||
Stock Options | |||||||||||||||||||||||||
The weighted average fair value of options granted in 2014, 2013 and 2012 was $1.29, $1.42 and $1.21 per share, respectively. The total fair value of options vested during 2014, 2013 and 2012 was $940,000, $585,000 and $420,000, respectively. At December 31, 2014, total unrecognized estimated compensation cost related to unvested stock options was approximately $2,559,000, which is expected to be recognized by mid-2018 using the straight-line method. The weighted average contractual life of unvested options at December 31, 2014 was 9.07 years. The aggregate intrinsic value of fully vested option shares and option shares expected to vest as of December 31, 2014 was $30,000. | |||||||||||||||||||||||||
A summary of our stock option activity and related information is as follows: | |||||||||||||||||||||||||
Number | Weighted | ||||||||||||||||||||||||
of Options | Average | ||||||||||||||||||||||||
Exercise | |||||||||||||||||||||||||
Price | |||||||||||||||||||||||||
Outstanding January 1, 2012 | 4,499,601 | $ | 4.63 | ||||||||||||||||||||||
Granted | 290,150 | 1.44 | |||||||||||||||||||||||
Forfeited / Terminated / 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 | |||||||||||||||||||||||
Granted | 1,420,800 | 1.68 | |||||||||||||||||||||||
Exercised | (103,481 | ) | 1.75 | ||||||||||||||||||||||
Forfeited / Expired | (63,441 | ) | 1.98 | ||||||||||||||||||||||
Outstanding December 31, 2014 | 6,383,457 | $ | 3.31 | ||||||||||||||||||||||
Vested during 2014 | 661,971 | $ | 1.75 | ||||||||||||||||||||||
Vested and exercisable at December 31, 2014 | 4,437,285 | $ | 4.03 | ||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
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 | 3,221,457 | 8.34 | $ | 1.77 | 1,289,785 | 7.25 | $ | 1.93 | |||||||||||||||||
$3.10 – 5.00 | 3,054,500 | 2.42 | $ | 4.87 | 3,040,000 | 2.39 | $ | 4.88 | |||||||||||||||||
$5.28 – 7.80 | 107,500 | 4.98 | $ | 5.28 | 107,500 | 4.98 | $ | 5.28 | |||||||||||||||||
6,383,457 | 4,437,285 | ||||||||||||||||||||||||
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, 2012 | 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 | |||||||||||||||||||||||
Granted | 460,112 | 1.65 | |||||||||||||||||||||||
Vested-common stock issued | (1,013,446 | ) | 1.71 | ||||||||||||||||||||||
Forfeited/expired | (6,745 | ) | 1.68 | ||||||||||||||||||||||
Outstanding December 31, 2014 | 1,889,267 | $ | 1.7 | ||||||||||||||||||||||
Vested/Issued cumulative at December 31, 2014 | 1,491,624 | $ | 1.72 | ||||||||||||||||||||||
The total fair value of restricted stock units vested during 2014, 2013 and 2012 was $1,734,000, $805,000 and $26,000, respectively. At December 31, 2014, total unrecognized estimated compensation cost related to unvested restricted stock units was approximately $2,991,000, which is expected to be recognized by mid-2018 using the straight-line method. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Income Taxes | H. Income Taxes | ||||||||
At December 31, 2014, we had U.S. federal net operating loss and research and development tax credit carryforwards of approximately $88,283,000 and $2,934,000, respectively. Such operating losses and tax credits may be used to reduce future taxable income and tax liabilities and will expire at various dates between 2019 and 2035. We also had foreign net operating loss and foreign tax credit carryforwards of approximately $12,170,000 and $200,000, respectively. Such foreign operating losses do not expire and tax credits will expire between 2015 and 2019. We also had state and city net operating loss carryforwards aggregating approximately $35,994,000. Such operating losses may be used to reduce future taxable income and tax liabilities and will expire at various dates between 2015 and 2035. | |||||||||
The utilization of net operating loss and tax credit carryforwards generated prior to October 2012 (“Section 382 Limited Attributes”) is substantially limited under Section 382 of the Internal Revenue Code as a result of our equity offering in October 2012. U.S. federal net operating loss carryforwards of $48,213,000, research and development tax credits of $2,723,000, and state and local net operating loss carryforwards of $29,218,000 generated in 2014 and 2013, as well as foreign net operating loss carryforwards of $12,170,000 and foreign tax credits of $200,000, are not subject to annual limitations. The Section 382 Limited Attributes may be used to reduce future taxable income and tax liabilities and will expire at various dates between 2015 and 2031. | |||||||||
Significant components of our deferred tax assets are as follows (in thousands): | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Net operating loss carryforwards | $ | 34,657 | $ | 20,707 | |||||
Research and development credit carryforwards | 3,134 | 1,473 | |||||||
Compensation expense | 3,177 | 3,353 | |||||||
Other | 1,084 | 509 | |||||||
Total deferred tax assets | 42,052 | 26,042 | |||||||
Valuation allowance for deferred tax assets | (41,852 | ) | (26,042 | ) | |||||
Net deferred tax assets | $ | 200 | $ | — | |||||
Because of our cumulative losses, substantially all of the deferred tax assets have been offset by a valuation allowance. We have not paid income taxes for the three-year period ended December 31, 2014. In 2014, we recognized a refundable tax benefit related to research and development credits associated with our foreign subsidiary. |
Profit_Sharing_Plan_and_401k_P
Profit Sharing Plan and 401(k) Plan | 12 Months Ended |
Dec. 31, 2014 | |
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 $284,000 in 2014, $97,000 in 2013, and $98,000 in 2012. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | J. Subsequent Events |
Chugai Collaboration | |
In February 2015, we entered into a collaboration with Chugai Pharmaceutical Co., Ltd (“Chugai”) to develop and commercialize MultiStem cell therapy for ischemic stroke in Japan on an exclusive basis. Under the agreement, Chugai will be responsible for the development and commercialization of MultiStem for ischemic stroke in Japan, and we will have the primary responsibility for the manufacture of product for both clinical and commercial purposes. The parties will coordinate Japanese and global regulatory activities and clinical development plans for MultiStem treatment of ischemic stroke. | |
In accordance with the agreement, we received an up-front cash payment of $10 million and are entitled to receive a potential near-term payment of $7 million tied to the results of our ongoing Phase 2 clinical trial in ischemic stroke. We may also receive additional success-based development and regulatory milestones aggregating up to $38 million, as well as potential sales milestones of up to 17.5 billion yen (approximately $150 million based on the current exchange rate). We are also eligible for royalties on net sales, starting in the low double digits and increasing incrementally to the high teens depending on net sales levels. Additionally, we would receive payments for product supplied to Chugai. | |
Grant Award | |
In 2015, we were awarded a grant from Innovate UK in support of a Phase 2a clinical study evaluating the administration of MultiStem cell therapy to acute respiratory distress syndrome patients. The grant is expected to provide up to approximately £2.0 million (approximately $3.1 million based on the current exchange rate) in support over the course of the study, which will be conducted at leading clinical sites in the United Kingdom in conjunction with the Cell Therapy Catapult, a not-for-profit center focused on the development of the United Kingdom cell therapy industry. |
Quarterly_Financial_Data_unaud
Quarterly Financial Data (unaudited) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||
Quarterly Financial Data (unaudited) | K. Quarterly Financial Data (unaudited) | ||||||||||||||||||||
The following table presents quarterly data for the years ended December 31, 2014 and 2013, in thousands, except per share data: | |||||||||||||||||||||
2014 | |||||||||||||||||||||
First | Second | Third | Fourth | Full Year | |||||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||
Revenues | $ | 707 | $ | 388 | $ | 293 | $ | 235 | $ | 1,623 | |||||||||||
Net income (loss) | $ | (11,484 | ) | $ | 675 | $ | (4,719 | ) | $ | (6,554 | ) | $ | (22,082 | ) | |||||||
Basic net income (loss) per common share | $ | (0.15 | ) | $ | 0.01 | $ | (0.06 | ) | $ | (0.08 | ) | $ | (0.29 | ) | |||||||
Diluted net loss per common share | $ | (0.15 | ) | $ | (0.04 | ) | $ | (0.08 | ) | $ | (0.08 | ) | $ | (0.31 | ) | ||||||
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 | ) | ||||||
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. |
Accounting_Policies_Policies
Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
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 an investment in an inactive joint venture in 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. 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. | |||||||||||||
Revenues that we have earned through December 31, 2014 have been recognized under our accounting policy prior to the adoption of ASU 2009-13, Multiple-Deliverable Revenue Arrangements on January 1, 2011. The performance period for our multiple element arrangements have concluded.. | |||||||||||||
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. | |||||||||||||
We recognize revenue from royalties relating to the sale by a licensee of the licensed product. Royalty revenue is recognized on an accrual basis in accordance with the substance of the relevant agreement and based on the receipt from the licensee of the relevant information to enable calculation of the royalty due. | |||||||||||||
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. Currently, we have no collaborations accounted for on a net basis. | |||||||||||||
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, 2014. | |||||||||||||
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. 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. | |||||||||||||
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. 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 agreements. 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 non-current liabilities. 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 warrants are reflected in the consolidated statement of operations as income (expense) from change in fair value of warrants. | |||||||||||||
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, 2014, we had no shares of common stock held in treasury, and at December 31, 2013, we had 65,732 shares of common stock held in treasury and available for reissuance. | |||||||||||||
Comprehensive Loss | Comprehensive Loss | ||||||||||||
The proportional share of comprehensive income and loss of our equity method investment, which was liquidated in 2012, is the only component of accumulated other comprehensive loss. | |||||||||||||
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, 2014, the majority of our accounts receivable are due from collaborators. 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, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Volatility | 104.00% | 109.20% | 117.30% | ||||||||||
Risk-free interest rate | 2.10% | 1.50% | 0.80% | ||||||||||
Expected life of option | 6.09 years | 6.14 years | 5.72 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, 2014 and 2013. 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 have been computed using the weighted-average number of shares of common stock outstanding during the period. For each reporting period, we evaluate the income from our warrant liabilities and consider whether it results in a potentially dilutive effect to net loss per share. For the year ended December 31, 2014, we had such a dilutive reconciliation related to our warrants with an exercise price of $1.01, which are included in the table below. Any such warrants are then omitted from the subsequent following table of instruments that were excluded from the calculation of diluted net loss per share. The table below reconciles the net loss and the number of shares used to calculate basic and diluted net loss per share for the years ended December 31, 2014, 2013 and 2012, in thousands. | |||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator: | |||||||||||||
Net loss attributable to common stockholders - basic | $ | (22,082 | ) | $ | (30,743 | ) | $ | (14,735 | ) | ||||
Less: income from change in fair value of warrants | (2,141 | ) | — | — | |||||||||
Net loss attributable to common stockholders used to calculate diluted net loss per share | $ | (24,223 | ) | $ | (30,743 | ) | $ | (14,735 | ) | ||||
Denominator: | |||||||||||||
Weighted-average shares outstanding - basic | 76,955 | 57,675 | 32,557 | ||||||||||
Potentially dilutive common shares outstanding: | |||||||||||||
Warrants | 1,586 | — | — | ||||||||||
Weighted-average shares used to calculate diluted net loss per share | 78,541 | 57,675 | 32,557 | ||||||||||
Basic – net loss per share | $ | (0.29 | ) | $ | (0.53 | ) | $ | (0.45 | ) | ||||
Dilutive – net loss per share | $ | (0.31 | ) | $ | (0.53 | ) | $ | (0.45 | ) | ||||
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: | |||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Stock options | 6,383,457 | 5,129,579 | 4,058,184 | ||||||||||
Restricted stock units | 1,889,267 | 2,449,346 | 70,814 | ||||||||||
Warrants | 6,310,000 | 8,909,027 | 5,806,853 | ||||||||||
14,582,724 | 16,487,952 | 9,935,851 | |||||||||||
Recently Issued Accounting Standards | Recently Issued Accounting Standards | ||||||||||||
In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, Revenue from Contracts with Customers. 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 are in the process of evaluating, but have not determined, the impact that the adoption of ASU 2014-09 will have on our consolidated financial statements. | |||||||||||||
In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements - Going Concern, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which establishes management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and, if so, to provide related footnote disclosures. ASU 2014-15 provides a definition of the term ‘substantial doubt’ and requires an assessment for a period of one year after the date that the financial statements are issued or available to be issued. Management will also be required to evaluate and disclose whether its plans alleviate that doubt. The guidance is effective for the annual periods ending after December 15, 2016 and interim periods thereafter with early adoption permitted. We are in the process of evaluating the impact the new guidance will have on our disclosures. |
Accounting_Policies_Tables
Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
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, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Volatility | 104.00% | 109.20% | 117.30% | ||||||||||
Risk-free interest rate | 2.10% | 1.50% | 0.80% | ||||||||||
Expected life of option | 6.09 years | 6.14 years | 5.72 years | ||||||||||
Expected dividend yield | 0.00% | 0.00% | 0.00% | ||||||||||
Net Loss and Number of Shares Used to Calculate Basic and Diluted Net Loss Per Share | The table below reconciles the net loss and the number of shares used to calculate basic and diluted net loss per share for the years ended December 31, 2014, 2013 and 2012, in thousands. | ||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator: | |||||||||||||
Net loss attributable to common stockholders - basic | $ | (22,082 | ) | $ | (30,743 | ) | $ | (14,735 | ) | ||||
Less: income from change in fair value of warrants | (2,141 | ) | — | — | |||||||||
Net loss attributable to common stockholders used to calculate diluted net loss per share | $ | (24,223 | ) | $ | (30,743 | ) | $ | (14,735 | ) | ||||
Denominator: | |||||||||||||
Weighted-average shares outstanding - basic | 76,955 | 57,675 | 32,557 | ||||||||||
Potentially dilutive common shares outstanding: | |||||||||||||
Warrants | 1,586 | — | — | ||||||||||
Weighted-average shares used to calculate diluted net loss per share | 78,541 | 57,675 | 32,557 | ||||||||||
Basic – net loss per share | $ | (0.29 | ) | $ | (0.53 | ) | $ | (0.45 | ) | ||||
Dilutive – net loss per share | $ | (0.31 | ) | $ | (0.53 | ) | $ | (0.45 | ) | ||||
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: | ||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Stock options | 6,383,457 | 5,129,579 | 4,058,184 | ||||||||||
Restricted stock units | 1,889,267 | 2,449,346 | 70,814 | ||||||||||
Warrants | 6,310,000 | 8,909,027 | 5,806,853 | ||||||||||
14,582,724 | 16,487,952 | 9,935,851 | |||||||||||
Equipment_Tables
Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Equipment | |||||||||
December 31, | |||||||||
Equipment consists of (in thousands): | 2014 | 2013 | |||||||
Laboratory equipment | $ | 6,162 | $ | 6,703 | |||||
Office equipment and leasehold improvements | 2,849 | 2,814 | |||||||
9,011 | 9,517 | ||||||||
Accumulated depreciation | (7,741 | ) | (8,184 | ) | |||||
$ | 1,270 | $ | 1,333 | ||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 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 follows: (in thousands): | ||||||||||||||||
Fair Value Measurements at December 31, 2014 Using | |||||||||||||||||
Description | Balance as of | Quoted Prices in Active | Significant Other | Significant | |||||||||||||
December 31, | Markets for Identical | Observable Inputs | Unobservable | ||||||||||||||
2014 | Assets (Level 1) | (Level 2) | Inputs (Level 3) | ||||||||||||||
Warrant liabilities | $ | 2,948 | $ | — | $ | — | $ | 2,948 | |||||||||
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 of Warrants Based on Historical Volatilities | The fair value of the warrants is determined using probability weighted-average assumptions, when appropriate. The following inputs were used at December 31, 2014: | ||||||||||||||||
Warrants Issued | Warrants Issued | Warrants Issued | Warrants Issued | ||||||||||||||
Jan-14 | Dec-13 | Mar-12 | Feb-11 | ||||||||||||||
Expected volatility | 81.2 | % | 57 | % | 67 | % | 63.2 | % | |||||||||
Risk-free interest rate | 0.67 | % | 0.04 | % | 0.67 | % | 0.25 | % | |||||||||
Expected life | 1.54 | years | 0.25 | years | 2.20 | years | 1.09 | years | |||||||||
Fair value at December 31, 2014 | $ | 293 | $ | 42 | $ | 2,507 | $ | 106 | |||||||||
(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, 2014 | |||||||||||||||||
Balance January 1, 2014 | $ | 9,823 | |||||||||||||||
Issuance of warrants January 2014 | 2,012 | ||||||||||||||||
Settlements from exercise | (2,296 | ) | |||||||||||||||
Income for the period | (6,591 | ) | |||||||||||||||
Balance December 31, 2014 | $ | 2,948 | |||||||||||||||
Capitalization_and_Warrant_Lia1
Capitalization and Warrant Liability (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Equity [Abstract] | |||||||||
Common Stock Shares Reserved for Future Issuance | The following shares of common stock were reserved for future issuance: | ||||||||
December 31 | |||||||||
2014 | 2013 | ||||||||
Stock-based compensation plans | 9,903,583 | 11,020,510 | |||||||
Warrants to purchase common stock — former lenders | — | 149,026 | |||||||
Warrants to purchase common stock — 2011 offering | 1,310,000 | 1,310,000 | |||||||
Warrants to purchase common stock — 2012 offering | 3,021,077 | 3,950,001 | |||||||
Warrants to purchase common stock — 2013 offering | 3,500,000 | 3,500,000 | |||||||
Warrants to purchase common stock — 2014 offering | 1,500,000 | — | |||||||
19,234,660 | 19,929,537 | ||||||||
Outstanding Warrants to Purchase Shares of Common Stock | As of December 31, 2014, the terms of our outstanding warrants to purchase shares of common stock with a weighted average exercise price of $2.49 were as follows: | ||||||||
Number of | Exercise Price | Expiration | |||||||
Underlying Shares | |||||||||
1,310,000 | $3.55 | February 2, 2016 | |||||||
3,021,077 | $1.01 | March 14, 2017 | |||||||
3,500,000 | $2.50 | March 31, 2015 | |||||||
1,500,000 | $4.50 | July 15, 2016 | |||||||
9,331,077 |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based 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, 2012 | 4,499,601 | $ | 4.63 | ||||||||||||||||||||||
Granted | 290,150 | 1.44 | |||||||||||||||||||||||
Forfeited / Terminated / 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 | |||||||||||||||||||||||
Granted | 1,420,800 | 1.68 | |||||||||||||||||||||||
Exercised | (103,481 | ) | 1.75 | ||||||||||||||||||||||
Forfeited / Expired | (63,441 | ) | 1.98 | ||||||||||||||||||||||
Outstanding December 31, 2014 | 6,383,457 | $ | 3.31 | ||||||||||||||||||||||
Vested during 2014 | 661,971 | $ | 1.75 | ||||||||||||||||||||||
Vested and exercisable at December 31, 2014 | 4,437,285 | $ | 4.03 | ||||||||||||||||||||||
Summarizes Information Concerning Options Outstanding and Options Vested and Exercisable | |||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
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 | 3,221,457 | 8.34 | $ | 1.77 | 1,289,785 | 7.25 | $ | 1.93 | |||||||||||||||||
$3.10 – 5.00 | 3,054,500 | 2.42 | $ | 4.87 | 3,040,000 | 2.39 | $ | 4.88 | |||||||||||||||||
$5.28 – 7.80 | 107,500 | 4.98 | $ | 5.28 | 107,500 | 4.98 | $ | 5.28 | |||||||||||||||||
6,383,457 | 4,437,285 | ||||||||||||||||||||||||
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, 2012 | 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 | |||||||||||||||||||||||
Granted | 460,112 | 1.65 | |||||||||||||||||||||||
Vested-common stock issued | (1,013,446 | ) | 1.71 | ||||||||||||||||||||||
Forfeited/expired | (6,745 | ) | 1.68 | ||||||||||||||||||||||
Outstanding December 31, 2014 | 1,889,267 | $ | 1.7 | ||||||||||||||||||||||
Vested/Issued cumulative at December 31, 2014 | 1,491,624 | $ | 1.72 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Components of Deferred Tax Assets | Significant components of our deferred tax assets are as follows (in thousands): | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Net operating loss carryforwards | $ | 34,657 | $ | 20,707 | |||||
Research and development credit carryforwards | 3,134 | 1,473 | |||||||
Compensation expense | 3,177 | 3,353 | |||||||
Other | 1,084 | 509 | |||||||
Total deferred tax assets | 42,052 | 26,042 | |||||||
Valuation allowance for deferred tax assets | (41,852 | ) | (26,042 | ) | |||||
Net deferred tax assets | $ | 200 | $ | — | |||||
Quarterly_Financial_Data_unaud1
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||
Quarterly Financial Data | The following table presents quarterly data for the years ended December 31, 2014 and 2013, in thousands, except per share data: | ||||||||||||||||||||
2014 | |||||||||||||||||||||
First | Second | Third | Fourth | Full Year | |||||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||
Revenues | $ | 707 | $ | 388 | $ | 293 | $ | 235 | $ | 1,623 | |||||||||||
Net income (loss) | $ | (11,484 | ) | $ | 675 | $ | (4,719 | ) | $ | (6,554 | ) | $ | (22,082 | ) | |||||||
Basic net income (loss) per common share | $ | (0.15 | ) | $ | 0.01 | $ | (0.06 | ) | $ | (0.08 | ) | $ | (0.29 | ) | |||||||
Diluted net loss per common share | $ | (0.15 | ) | $ | (0.04 | ) | $ | (0.08 | ) | $ | (0.08 | ) | $ | (0.31 | ) | ||||||
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 | ) |
Background_Additional_Informat
Background - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
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, 2014 | Jan. 31, 2014 | Dec. 31, 2013 | Feb. 28, 2013 | Mar. 31, 2012 | Feb. 28, 2011 | |
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 | 0 | 65,732 | |||||
Liability for uncertain income tax | $0 | $0 | |||||
Warrants exercise price | $1.01 | $4.50 | $1.01 | $2.07 | $3.55 | ||
Minimum [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Estimated useful life of long-lived assets | 3 years | ||||||
Warrants exercise price | $2.50 | ||||||
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Volatility | 104.00% | 109.20% | 117.30% |
Risk-free interest rate | 2.10% | 1.50% | 0.80% |
Expected life of option | 6 years 1 month 2 days | 6 years 1 month 21 days | 5 years 8 months 19 days |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Accounting_Policies_Net_Loss_a
Accounting Policies - Net Loss and Number of Shares Used to Calculate Basic and Diluted Net Loss Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Numerator: | |||||||||||
Net loss attributable to common stockholders - basic | ($6,554) | ($4,719) | $675 | ($11,484) | ($9,795) | ($5,614) | ($5,946) | ($9,388) | ($22,082) | ($30,743) | ($14,735) |
Less: income from change in fair value of warrants | -2,141 | ||||||||||
Net loss attributable to common stockholders used to calculate diluted net loss per share | ($24,223) | ($30,743) | ($14,735) | ||||||||
Denominator: | |||||||||||
Weighted-average shares outstanding, basic | 76,954,503 | 57,674,833 | 32,556,781 | ||||||||
Potentially dilutive common shares outstanding: | |||||||||||
Warrants | 1,586,000 | ||||||||||
Weighted-average shares used to calculate diluted net loss per share | 78,541,447 | 57,674,833 | 32,556,781 | ||||||||
Basic - net loss per share | ($0.08) | ($0.06) | $0.01 | ($0.15) | ($0.29) | ($0.53) | ($0.45) | ||||
Dilutive - net loss per share | ($0.08) | ($0.08) | ($0.04) | ($0.15) | ($0.31) | ($0.53) | ($0.45) |
Accounting_Policies_Instrument
Accounting Policies - Instruments Excluded from Calculation of Diluted Net Loss Per Share (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total | 14,582,724 | 16,487,952 | 9,935,851 |
Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total | 6,383,457 | 5,129,579 | 4,058,184 |
Restricted Stock Units [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total | 1,889,267 | 2,449,346 | 70,814 |
Warrants [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total | 6,310,000 | 8,909,027 | 5,806,853 |
Equipment_Equipment_Detail
Equipment - Equipment (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Equipment, Gross | $9,011 | $9,517 |
Accumulated depreciation | -7,741 | -8,184 |
Equipment, net | 1,270 | 1,333 |
Laboratory Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Equipment, Gross | 6,162 | 6,703 |
Office Equipment and Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Equipment, Gross | $2,849 | $2,814 |
Equipment_Additional_Informati
Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Abstract] | ||
Disposal of obsolete equipment | $0.80 | $1.50 |
Financial_Instruments_Summary_
Financial Instruments - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Dec. 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 | $2,948 | $9,823 |
Fair Value Measurements, Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrant liabilities | 2,948 | 9,823 |
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 | $2,948 | $9,823 |
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, 2014 |
Warrants Issued January 2014 [Member] | |
Class of Warrant or Right [Line Items] | |
Expected volatility | 81.20% |
Risk-free interest rate | 0.67% |
Expected life | 1 year 6 months 15 days |
Fair value at December 31, 2014 | $293 |
Warrants Issued December 2013 [Member] | |
Class of Warrant or Right [Line Items] | |
Expected volatility | 57.00% |
Risk-free interest rate | 0.04% |
Expected life | 3 months |
Fair value at December 31, 2014 | 42 |
Warrants Issued March 2012 [Member] | |
Class of Warrant or Right [Line Items] | |
Expected volatility | 67.00% |
Risk-free interest rate | 0.67% |
Expected life | 2 years 2 months 12 days |
Fair value at December 31, 2014 | 2,507 |
Warrants Issued February 2011 [Member] | |
Class of Warrant or Right [Line Items] | |
Expected volatility | 63.20% |
Risk-free interest rate | 0.25% |
Expected life | 1 year 1 month 2 days |
Fair value at December 31, 2014 | $106 |
Financial_Instruments_RollForw
Financial Instruments - Roll-Forward of Fair Value Measurements Using Significant Unobservable Inputs (Level 3) for Warrants (Detail) (Outstanding Warrants [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Outstanding Warrants [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Beginning Balance | $9,823 |
Issuance of warrants January 2014 | 2,012 |
Settlements from exercise | -2,296 |
Income for the period | -6,591 |
Ending Balance | $2,948 |
Financial_Instruments_Addition
Financial Instruments - Additional Information (Detail) (USD $) | 12 Months Ended | 36 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2011 | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||
Rent | $267,000 | ||||
Lease expiration period | 2016-03 | ||||
Aggregate rent expense | 517,000 | 491,000 | 415,000 | ||
Future annual minimum lease commitments for 2015 | 370,000 | 370,000 | |||
Future annual minimum lease commitments for 2016 | 67,000 | 67,000 | |||
Forgivable loan | 500,000 | ||||
Interest on forgivable loan | 4.25% | ||||
Non current note payable | 166,000 | 166,000 | 166,000 | ||
Period for loan forgivable | Three to four years | ||||
Forgivable loan, expiration date | 31-Mar-16 | ||||
Note payable | 183,000 | 176,000 | 183,000 | ||
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 | ||||
Interest paid | 0 | ||||
Belgium [Member] | |||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||
Rent | $220,000 | ||||
Lease expiration period | 2015-07 | ||||
Lease expiration period, additional space in Belgium | 2015-08 |
Collaborations_and_Revenue_Rec1
Collaborations and Revenue Recognition - Additional Information (Detail) (USD $) | 12 Months Ended |
Dec. 31, 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 |
Capitalization_and_Warrant_Lia2
Capitalization and Warrant Liability - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 2 Months Ended | |||||||||
Jan. 31, 2014 | Dec. 31, 2013 | Feb. 28, 2013 | Nov. 30, 2012 | Oct. 31, 2012 | Mar. 31, 2012 | Feb. 28, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2015 | Sep. 30, 2013 | Oct. 31, 2013 | Nov. 30, 2011 | Mar. 09, 2015 | |
Class of Warrant or Right [Line Items] | |||||||||||||||
Common stock, shares authorized | 150,000,000 | 150,000,000 | 150,000,000 | ||||||||||||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 | ||||||||||||
Preferred stock, shares issued | 0 | 0 | 0 | ||||||||||||
Common stock exercise price | $4.50 | $1.01 | $2.07 | $3.55 | $1.01 | ||||||||||
Net proceeds through issuance of common stock | $18,800,000 | $18,400,000 | $2,800,000 | $18,300,000 | $8,100,000 | $11,800,000 | $19,621,000 | $29,454,000 | $30,357,000 | ||||||
Issuance of common stock, new issues | 5,000,000 | 10,000,000 | 19,802,000 | 4,347,827 | 4,366,667 | ||||||||||
Common stock purchased under warrants | 1,500,000 | 3,500,000 | 2,292,934 | 4,347,827 | 1,310,000 | 3,500,000 | |||||||||
Common stock at an offering price of fixed combination | $4.10 | $2 | $2.07 | $3 | |||||||||||
Multiples of fixed combination of common stock to warrant sold | 0.3 | 0.3 | |||||||||||||
Shares of common stock and warrants expiration date | 15-Jul-16 | 31-Mar-15 | |||||||||||||
Common stock per warrant conversion ratio | 0.35 | ||||||||||||||
Warrants issued | 3,500,000 | ||||||||||||||
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 | |||||||||||||
Proceeds from warrants exercise | 2,300,000 | 938,000 | 402,000 | ||||||||||||
Issuance of common stock and warrants, new issues value | 20,061,000 | 28,267,000 | 27,231,000 | ||||||||||||
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 | ||||||||||||||
Common Stock [Member] | |||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||
Common stock exercise price | $2.49 | ||||||||||||||
Issuance of common stock, new issues | 5,250,000 | 16,899,999 | 28,561,553 | ||||||||||||
Issuance of common stock and warrants, new issues value | 5,000 | 17,000 | 29,000 | ||||||||||||
Minimum [Member] | |||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||
Common stock exercise price | $2.50 | $2.50 | |||||||||||||
Subsequent Event [Member] | |||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||
Common stock purchased under warrants | 3,500,000 | ||||||||||||||
Shares of common stock and warrants expiration date | 31-May-15 | ||||||||||||||
Subsequent Event [Member] | Maximum [Member] | |||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||
Common stock exercise price | 2.75 | ||||||||||||||
Underwriters [Member] | |||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||
Issuance of common stock, new issues | 2,970,300 | ||||||||||||||
Aspire [Member] | |||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||
Net proceeds through issuance of common stock | 14,400,000 | ||||||||||||||
Issuance of common stock, new issues | 250,000 | 6,566,666 | 8,000,000 | ||||||||||||
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 issued as commitment fees | 333,333 | ||||||||||||||
Common stock registered for resale | 10,000,000 | ||||||||||||||
Sale of additional shares at an average price | $3.78 | $1.70 | |||||||||||||
Issuance of common stock, new issues | 23,500,000 | ||||||||||||||
Aspire [Member] | Subsequent Event [Member] | |||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||
Issuance of common stock and warrants, new issues value | $3,300,000 | ||||||||||||||
Aspire [Member] | Equity Purchase Agreement [Member] | |||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||
Common stock issuance (shares) under equity purchase agreement | 266,667 |
Capitalization_and_Warrant_Lia3
Capitalization and Warrant Liability - Common Stock Shares Reserved for Future Issuance (Detail) | Dec. 31, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common Stock Shares Reserved For Future Issuance | 19,234,660 | 19,929,537 |
Stock-Based Compensation Plans [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common Stock Shares Reserved For Future Issuance | 9,903,583 | 11,020,510 |
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 | |
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 | 3,021,077 | 3,950,001 |
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 | 3,500,000 |
Warrants to Purchase Common Stock 2014 Offering [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common Stock Shares Reserved For Future Issuance | 1,500,000 |
Capitalization_and_Warrant_Lia4
Capitalization and Warrant Liability - Outstanding Warrants to Purchase Shares of Common Stock (Detail) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Jan. 31, 2014 | Feb. 28, 2013 | Mar. 31, 2012 | Feb. 28, 2011 | |
Class of Warrant or Right [Line Items] | |||||
Number of Underlying Shares | 9,331,077 | ||||
Exercise Price | $1.01 | $4.50 | $1.01 | $2.07 | $3.55 |
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 | $2.50 | ||||
Expiration | 31-Mar-15 | ||||
July 15, 2016 [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Number of Underlying Shares | 1,500,000 | ||||
Exercise Price | $4.50 | ||||
Expiration | 15-Jul-16 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Plans | |||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Number of incentive plans | 2 | ||
Common stock authorized for equity incentive plans | 11,500,000 | ||
Increase in share authorized | 6,000,000 | ||
Common stock shares issued | 1,596,417 | ||
Shares available for issuance | 1,630,859 | ||
Shares of common stock outstanding | 8,272,724 | ||
Stock-based compensation expense | $2,605,000 | $1,523,000 | $481,000 |
Weighted average fair value of options granted | $1.29 | $1.42 | $1.21 |
Total fair value of options vested | 940,000 | 585,000 | 420,000 |
Total unrecognized estimated compensation cost | 2,559,000 | ||
Weighted average contractual life of unvested options | 9 years 26 days | ||
Intrinsic value of fully vested option shares | 30,000 | ||
Compensation cost related to unvested stock-based awards not yet recognized, expected year for recognition | 2018 | ||
Restricted stock vested | 1,734,000 | 805,000 | 26,000 |
Estimated compensation cost of unvested restricted stock | $2,991,000 |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Stock Option Activity and Related Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Number of Options Outstanding, Beginning Balance | 5,129,579 | 4,058,184 | 4,499,601 |
Number of Options, Granted | 1,420,800 | 1,336,928 | 290,150 |
Number of Options, Exercised | -103,481 | -1,312 | |
Number of Options, Forfeited/Terminated/ Expired | -63,441 | -264,221 | -731,567 |
Number of Options Outstanding, Ending Balance | 6,383,457 | 5,129,579 | 4,058,184 |
Weighted Average Exercise Price Outstanding, Beginning Balance | $3.72 | $4.36 | $4.63 |
Number of Options, Vested during 2014 | 661,971 | ||
Weighted Average Exercise Price, Granted | $1.68 | $1.71 | $1.44 |
Number of Options, Vested and exercisable at December 31, 2014 | 4,437,285 | ||
Weighted Average Exercise Price, Exercised | $1.75 | $1.26 | |
Weighted Average Exercise Price, Forfeited/Terminated/ Expired | $1.98 | $3.36 | $4.92 |
Weighted Average Exercise Price Outstanding, Ending Balance | $3.31 | $3.72 | $4.36 |
Weighted Average Exercise Price, Vested during 2014 | $1.75 | ||
Weighted Average Exercise Price, Vested and exercisable at December 31, 2014 | $4.03 |
StockBased_Compensation_Summar1
Stock-Based Compensation - Summarizes Information Concerning Options Outstanding and Options Vested and Exercisable (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options outstanding, Number of Options | 6,383,457 |
Options Vested and Exercisable, Number of Options | 4,437,285 |
1.13 - 2.94 Exercise Price [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price lower range | $1.13 |
Exercise price upper range | $2.94 |
Options outstanding, Number of Options | 3,221,457 |
Option Outstanding, Weighted Average Remaining Contractual Life | 8 years 4 months 2 days |
Options Outstanding, Weighted Average Exercise Price | $1.77 |
Options Vested and Exercisable, Number of Options | 1,289,785 |
Options Vested and Exercisable, Weighted Average Remaining Contractual Life | 7 years 3 months |
Options Vested and Exercisable, Weighted Average Exercise Price | $1.93 |
3.10 - 5.00 Exercise Price [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price lower range | $3.10 |
Exercise price upper range | $5 |
Options outstanding, Number of Options | 3,054,500 |
Option Outstanding, Weighted Average Remaining Contractual Life | 2 years 5 months 1 day |
Options Outstanding, Weighted Average Exercise Price | $4.87 |
Options Vested and Exercisable, Number of Options | 3,040,000 |
Options Vested and Exercisable, Weighted Average Remaining Contractual Life | 2 years 4 months 21 days |
Options Vested and Exercisable, Weighted Average Exercise Price | $4.88 |
5.28 -7.80 Exercise Price [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [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 | 4 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 | 4 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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Restricted Stock Units, Vested/issued | -1,734,000 | -805,000 | -26,000 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Restricted Stock Units, Outstanding, Beginning balance | 2,449,346 | 70,814 | 39,300 |
Number of Restricted Stock Units, Granted | 460,112 | 2,851,964 | 56,716 |
Number of Restricted Stock Units, Vested/issued | -1,013,446 | -468,359 | -9,819 |
Number of Restricted Stock Units, Forfeited / Expired | -6,745 | -5,073 | -15,383 |
Number of Restricted Stock Units, Outstanding, Ending balance | 1,889,267 | 2,449,346 | 70,814 |
Weighted Average Fair Value, Beginning Balance | 1.71 | 1.86 | 2.69 |
Number of Restricted Stock Units, Vested/Issued Cumulative | 1,491,624 | ||
Weighted Average Fair Value, Granted | 1.65 | 1.71 | 1.43 |
Weighted Average Fair Value, Vested/Issued | 1.71 | 1.72 | 2.69 |
Weighted Average Fair Value, Forfeited/Expired | 1.68 | 1.77 | 1.88 |
Weighted Average Fair Value, Ending Balance | 1.7 | 1.71 | 1.86 |
Weighted Average Fair Value Vested and Exercisable | 1.72 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Income Taxes [Line Items] | |
Income tax paid | $0 |
Income tax examination, description | No longer subject to U.S. federal, state, local or non-U.S. income tax examinations by tax authorities for years before 2010 |
U.S. Federal [Member] | |
Income Taxes [Line Items] | |
Net operating loss carryforwards | 88,283,000 |
Research and development tax credit | 2,934,000 |
Foreign [Member] | |
Income Taxes [Line Items] | |
Net operating loss carryforwards | 12,170,000 |
Research and development tax credit | 200,000 |
State and City [Member] | |
Income Taxes [Line Items] | |
Net operating loss carryforwards | 35,994,000 |
Earliest Tax Year [Member] | U.S. Federal [Member] | |
Income Taxes [Line Items] | |
Operating loss carryforwards, expiration year | 2019 |
Tax credit carryforwards, expiration year | 2019 |
Earliest Tax Year [Member] | Foreign [Member] | |
Income Taxes [Line Items] | |
Operating loss carryforwards, expiration year | 2019 |
Tax credit carryforwards, expiration year | 2015 |
Earliest Tax Year [Member] | State and City [Member] | |
Income Taxes [Line Items] | |
Operating loss carryforwards, expiration year | 2019 |
Latest Tax Year [Member] | U.S. Federal [Member] | |
Income Taxes [Line Items] | |
Operating loss carryforwards, expiration year | 2035 |
Tax credit carryforwards, expiration year | 2035 |
Latest Tax Year [Member] | Foreign [Member] | |
Income Taxes [Line Items] | |
Operating loss carryforwards, expiration year | 2035 |
Tax credit carryforwards, expiration year | 2035 |
Latest Tax Year [Member] | State and City [Member] | |
Income Taxes [Line Items] | |
Operating loss carryforwards, expiration year | 2035 |
Not Subject To Annual Limitations [Member] | U.S. Federal [Member] | |
Income Taxes [Line Items] | |
Net operating loss carryforwards | 48,213,000 |
Research and development tax credit | 2,723,000 |
Not Subject To Annual Limitations [Member] | Foreign [Member] | |
Income Taxes [Line Items] | |
Net operating loss carryforwards | 12,170,000 |
Research and development tax credit | 200,000 |
Not Subject To Annual Limitations [Member] | State and City [Member] | |
Income Taxes [Line Items] | |
Net operating loss carryforwards | $29,218,000 |
Not Subject To Annual Limitations [Member] | Earliest Tax Year [Member] | |
Income Taxes [Line Items] | |
Operating loss carryforwards, expiration year | 2015 |
Tax credit carryforwards, expiration year | 2015 |
Not Subject To Annual Limitations [Member] | Latest Tax Year [Member] | |
Income Taxes [Line Items] | |
Operating loss carryforwards, expiration year | 2031 |
Tax credit carryforwards, expiration year | 2031 |
Income_Taxes_Components_of_Def
Income Taxes - Components of Deferred Tax Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforwards | $34,657 | $20,707 |
Research and development credit carryforwards | 3,134 | 1,473 |
Compensation expense | 3,177 | 3,353 |
Other | 1,084 | 509 |
Total deferred tax assets | 42,052 | 26,042 |
Valuation allowance for deferred tax assets | -41,852 | -26,042 |
Net deferred tax assets | $200 |
Profit_Sharing_Plan_and_401_k_
Profit Sharing Plan and 401 (k) Plan - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Postemployment Benefits [Abstract] | |||
Employer contribution for profit sharing plan | $284,000 | $97,000 | $98,000 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) | 12 Months Ended | 1 Months Ended | |||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2015 | Dec. 31, 2015 | Feb. 28, 2015 | Feb. 28, 2015 | Feb. 28, 2015 | Feb. 28, 2015 | |
USD ($) | USD ($) | USD ($) | UNITED KINGDOM | UNITED KINGDOM | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |
Innovate UK [Member] | Innovate UK [Member] | Chugai Collaboration [Member] | Chugai Collaboration [Member] | Chugai Collaboration [Member] | Chugai Collaboration [Member] | ||||
Scenario, Forecast [Member] | Scenario, Forecast [Member] | USD ($) | Regulatory Milestones [Member] | Sales Milestones [Member] | Sales Milestones [Member] | ||||
USD ($) | GBP (£) | USD ($) | USD ($) | JPY (¥) | |||||
Subsequent Events [Line Items] | |||||||||
Up-front cash payment received | $10,000,000 | ||||||||
Potential near-term payment received | 7,000,000 | ||||||||
Commercial milestone revenue | 38,000,000 | 150,000,000 | 17,500,000,000 | ||||||
Expected grant revenue | $1,337,000 | $1,683,000 | $1,328,000 | $3,100,000 | £ 2,000,000 |
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, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net Income (Loss) Available to Common Stockholders, Basic [Abstract] | |||||||||||
Revenues | $235 | $293 | $388 | $707 | $920 | $621 | $571 | $326 | $1,623 | $2,438 | $8,708 |
Net income (loss) | ($6,554) | ($4,719) | $675 | ($11,484) | ($9,795) | ($5,614) | ($5,946) | ($9,388) | ($22,082) | ($30,743) | ($14,735) |
Basic net income (loss) per common share | ($0.08) | ($0.06) | $0.01 | ($0.15) | ($0.29) | ($0.53) | ($0.45) | ||||
Basic and diluted net loss per common share | ($0.15) | ($0.10) | ($0.11) | ($0.18) | ($0.53) | ||||||
Diluted net loss per common share | ($0.08) | ($0.08) | ($0.04) | ($0.15) | ($0.31) | ($0.53) | ($0.45) |