Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 07, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | ATHX | ||
Entity Registrant Name | ATHERSYS, INC / NEW | ||
Entity Central Index Key | 1,368,148 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 109,803,921 | ||
Entity Public Float | $ 171.1 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 14,753 | $ 23,027 |
Accounts receivable | 598 | 361 |
Prepaid expenses and other | 929 | 429 |
Total current assets | 16,280 | 23,817 |
Equipment, net | 2,605 | 1,135 |
Deferred tax assets | 175 | 177 |
Total assets | 19,060 | 25,129 |
Current liabilities: | ||
Accounts payable | 4,761 | 2,702 |
Accrued compensation and related benefits | 1,190 | 1,024 |
Accrued clinical trial costs | 389 | 82 |
Accrued expenses | 535 | 513 |
Note payable | 190 | |
Deferred revenue | 245 | |
Total current liabilities | 6,875 | 4,756 |
Warrant liabilities | 1,004 | 649 |
Stockholders' equity: | ||
Preferred stock, at stated value; 10,000,000 shares authorized, and no shares issued and outstanding at December 31, 2016 and December 31, 2015 | ||
Common stock, $0.001 par value; 150,000,000 shares authorized, 86,629,302 and 83,720,154 shares issued and outstanding at December 31, 2016 and December 31, 2015, respectively | 87 | 84 |
Additional paid-in capital | 329,373 | 322,582 |
Accumulated deficit | (318,279) | (302,942) |
Total stockholders' equity | 11,181 | 19,724 |
Total liabilities and stockholders' equity | $ 19,060 | $ 25,129 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
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 | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 86,629,302 | 83,720,154 |
Common stock, shares outstanding | 86,629,302 | 83,720,154 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues | |||
Contract revenue | $ 16,238 | $ 10,298 | $ 286 |
Grant revenue | 1,109 | 1,650 | 1,337 |
Total revenues | 17,347 | 11,948 | 1,623 |
Costs and expenses | |||
Research and development (including stock compensation expense of $1,192, $1,277 and $1,158 in 2016, 2015 and 2014, respectively) | 24,838 | 21,316 | 23,366 |
General and administrative (including stock compensation expense of $1,676, $1,652 and $1,447 in 2016, 2015 and 2014, respectively) | 7,835 | 7,536 | 6,909 |
Depreciation | 382 | 267 | 360 |
Total costs and expenses | 33,055 | 29,119 | 30,635 |
Gain from insurance proceeds, net | 682 | ||
Loss from operations | (15,026) | (17,171) | (29,012) |
(Expense) income from change in fair value of warrants, net | (557) | 772 | 6,591 |
Other income (expense), net | 209 | (61) | 86 |
Loss before income taxes | (15,374) | (16,460) | (22,335) |
Income tax benefit | 37 | 38 | 253 |
Net loss and comprehensive loss | $ (15,337) | $ (16,422) | $ (22,082) |
Net loss per common share, basic | $ (0.18) | $ (0.20) | $ (0.29) |
Weighted average shares outstanding, basic | 84,715,471 | 82,143,610 | 76,954,503 |
Net loss per common share, diluted | $ (0.18) | $ (0.20) | $ (0.31) |
Weighted average shares outstanding, diluted | 84,715,471 | 82,851,091 | 78,541,447 |
Consolidated Statements of Ope5
Consolidated Statements of Operations and Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Research and Development [Member] | |||
Stock compensation expense | $ 1,192 | $ 1,277 | $ 1,158 |
General and Administrative [Member] | |||
Stock compensation expense | $ 1,676 | $ 1,652 | $ 1,447 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Accumulated Deficit [Member] |
Beginning balance at Dec. 31, 2013 | $ 19,821 | $ 71 | $ 284,323 | $ (135) | $ (264,438) | |
Preferred stock shares, beginning balance at Dec. 31, 2013 | 0 | 0 | 0 | 0 | 0 | 0 |
Common stock beginning balance, shares at Dec. 31, 2013 | 70,683,480 | |||||
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 | 844,412 | |||||
Net and comprehensive loss | (22,082) | $ (22,082) | ||||
Ending balance at Dec. 31, 2014 | $ 20,895 | $ 78 | $ 307,337 | $ (286,520) | ||
Preferred stock shares, ending balance at Dec. 31, 2014 | 0 | 0 | 0 | 0 | 0 | 0 |
Common stock ending balance, shares at Dec. 31, 2014 | 77,706,816 | |||||
Stock-based compensation | $ 2,929 | $ 2,929 | ||||
Issuance of common stock from warrant exercises, Cost | 976 | $ 1 | 975 | |||
Issuance of common stock from warrant exercises, Shares | 966,184 | |||||
Issuance of common stock and warrants, net of issuance costs | 11,835 | $ 4 | 11,831 | |||
Issuance of common stock and warrants, net of issuance costs, Shares | 4,273,719 | |||||
Issuance of common stock under equity compensation plans | (489) | $ 1 | (490) | |||
Issuance of common stock under equity compensation plans, Shares | 773,435 | |||||
Net and comprehensive loss | (16,422) | $ (16,422) | ||||
Ending balance at Dec. 31, 2015 | $ 19,724 | $ 84 | $ 322,582 | $ (302,942) | ||
Preferred stock shares, ending balance at Dec. 31, 2015 | 0 | 0 | 0 | 0 | 0 | 0 |
Common stock ending balance, shares at Dec. 31, 2015 | 83,720,154 | 83,720,154 | ||||
Stock-based compensation | $ 2,868 | $ 2,868 | ||||
Issuance of common stock from warrant exercises, Cost | 163 | 163 | ||||
Issuance of common stock from warrant exercises, Shares | 161,366 | |||||
Issuance of common stock and warrants, net of issuance costs | 4,230 | $ 2 | 4,228 | |||
Issuance of common stock and warrants, net of issuance costs, Shares | 2,191,418 | |||||
Issuance of common stock under equity compensation plans | $ (467) | $ 1 | (468) | |||
Issuance of common stock under equity compensation plans, Shares | 3,559,382 | 556,364 | ||||
Net and comprehensive loss | $ (15,337) | $ (15,337) | ||||
Ending balance at Dec. 31, 2016 | $ 11,181 | $ 87 | $ 329,373 | $ (318,279) | ||
Preferred stock shares, ending balance at Dec. 31, 2016 | 0 | 0 | 0 | 0 | 0 | 0 |
Common stock ending balance, shares at Dec. 31, 2016 | 86,629,302 | 86,629,302 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating activities | |||
Net loss | $ (15,337) | $ (16,422) | $ (22,082) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation | 382 | 267 | 360 |
Gain from forgiveness of note payable | (190) | ||
Stock-based compensation | 2,868 | 2,929 | 2,605 |
Deferred tax benefit | 2 | 23 | (200) |
Gain from insurance proceeds, net | (682) | ||
Change in fair value of warrant liabilities | 557 | (772) | (6,591) |
Changes in operating assets and liabilities: | |||
Accounts receivable | (237) | 333 | (174) |
Prepaid expenses and other | (462) | 4 | (33) |
Accounts payable and accrued expenses | 2,413 | (296) | 335 |
Deferred revenue | (245) | 170 | (11) |
Net cash used in operating activities | (10,931) | (13,764) | (25,791) |
Investing activities | |||
Purchase of available-for-sale securities | (16,343) | ||
Sales of available-for-sale securities | 16,305 | ||
Proceeds from insurance | 682 | ||
Purchases of equipment | (1,711) | (132) | (297) |
Net cash used in investing activities | (1,067) | (132) | (297) |
Financing activities | |||
Proceeds from issuance of common stock and warrants, net | 4,028 | 10,310 | 19,621 |
Proceeds from exercise of warrants | 163 | 976 | 938 |
Purchase of treasury stock | (467) | (490) | (292) |
Net cash provided by financing activities | 3,724 | 10,796 | 20,267 |
Decrease in cash and cash equivalents | (8,274) | (3,100) | (5,821) |
Cash and cash equivalents at beginning of year | 23,027 | 26,127 | 31,948 |
Cash and cash equivalents at end of year | $ 14,753 | $ 23,027 | $ 26,127 |
Background
Background | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [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 later-stage product development activities. We incurred losses since our inception in 1995 and had an accumulated deficit of $318 million at December 31, 2016. We will require substantial additional capital to continue our research and development programs, including progressing our clinical product candidates to commercialization and preparing for commercial-scale manufacturing. At December 31, 2016, we had available cash and cash equivalents of $14.8 million, and we believe that these funds, together with the $20.9 million of net proceeds from our February 2017 public offering of common stock, and our existing operating plans, are sufficient to meet our obligations as they come due at least for a period of twelve months from the date of the issuance of these consolidated financial statements. In the longer-term, we will make use of available cash, but will have to continue to generate additional capital to meet our needs through new and existing collaborations and related milestones, grant-funding opportunities, deferring certain discretionary costs and staging certain development costs, as needed, and the sale of equity securities from time to time, including through our equity purchase agreement with Aspire Capital Fund LLC (“Aspire Capital”) . |
Accounting Policies
Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
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. 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. Other than for our collaboration with Healios that has remaining deliverables, we have recognized the full amount of license fees under our collaboration agreements as contract revenue under ASC 605-25 as of December 31, 2016, since the performance periods for our multiple element arrangements have concluded. For agreements entered into prior to January 1, 2011 and not materially modified thereafter (such as RTI Surgical, Inc. (“RTI”) and Bristol-Myers Squibb Company (“Bristol-Myers Squibb”) contract revenue), in which the performance period has concluded, we applied our prior accounting policy with respect to such arrangements under ASC 605-S25, issued as Staff Accounting Bulletin (“SAB”) Topic 13. The events triggering any future contingent milestone payments from our Bristol-Myers Squibb arrangement were determined to be non-substantive and revenue is recognized in the period that the triggering event occurs, and the remaining potential commercial milestones from our RTI collaboration are recognized when earned. Contract revenue in 2016 included $0.6 million from these collaborations related to these development or commercial milestones. We recognize revenue, in full, in the period that the milestone is achieved from at-risk, performance milestones that are related to our past performance and determined to be substantive at the inception of the arrangement. Grant revenue consists of funding under cost reimbursement programs primarily from federal and non-profit foundation 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 and recorded as revenue as tasks are completed. We recognize contract 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 reports from the licensee 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. Cash used in investing activities excluded $0.1 million of accrued capital expenditures in 2016. Investments in Available-for-Sale Securities We determine the appropriate classification of investment securities, if any, 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, U.S. government-backed municipal bonds and bank certificates of deposit, which are classified as available-for-sale and are valued based on market prices for similar assets using third party certified pricing sources. 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 (loss). 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. At December 31, 2016, we had no available-for-sale securities. Realized gains and losses for the year on available-for-sale securities were insignificant and 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. Research and Development Research and development expenditures, which consist primarily of costs associated with external clinical and preclinical study fees, investigational product manufacturing costs and process development costs for manufacturing, personnel costs, legal expenses resulting from intellectual property application and maintenance 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, and that manufacture clinical product. We obtain initial estimates of total costs based on enrollment of subjects, project management estimates, manufacturing 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, 2016. We may also pay sublicense fees from time-to-time in connection with our collaborations. 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. Proceeds from Insurance In 2016, our facility sustained flood damage representing both an unusual and infrequent event. We recognized a net insurance recovery gain of $682,000 that was reported as a separate component of our loss from operations. The nature and financial effect of the event was disclosed in the notes to financial statements. Proceeds from insurance settlements, except for those directly related to investing or financing activities, were recognized as cash inflows from operating activities. The losses related to such an event are recognized as incurred. Since the majority of the damage from the flood was to fully depreciated leasehold improvements, the amount of losses were less than the amount of the insurance proceeds received. Insurance proceeds are recorded to the extent of the losses and then, only if recovery is realized or probable. Any gains in excess of losses are recognized only when the contingencies regarding the recovery are resolved, and the amount is fixed or determinable. 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 and have numerous United States and international patents and patent applications related to our technologies. 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 or expense from change in fair value of warrants. 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, 2016, the majority of our accounts receivable are due from a collaborator. 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. Options may be exercised for cash or by a cashless exercise that is permitted under certain conditions. In the event of a cashless exercise, we retain the number of shares equivalent to the exercise cost based on the market value at the time of exercise, and issue the net number of shares to the holder. 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, 2016 2015 2014 Volatility 70.3% 83.9% 104.0% Risk-free interest rate 1.5% 2.1% 2.1% Expected life of option 6.18 years 6.14 years 6.09 years Expected dividend yield 0.0% 0.0% 0.0% 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, 2016 and 2015. 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 years ended December 31, 2015 and 2014, we had such a dilutive effect 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, 2016, 2015 and 2014, in thousands. Year ended December 31, 2016 2015 2014 Numerator: Net loss and comprehensive loss $ (15,337 ) $ (16,422 ) $ (22,082 ) Less: income from change in fair value of warrants — (332 ) (2,141 ) Net loss attributable to common stockholders used to calculate diluted net loss per share $ (15,337 ) $ (16,754 ) $ (24,223 ) Denominator: Weighted-average shares outstanding - basic 84,715 82,144 76,955 Potentially dilutive common shares outstanding: Warrants — 707 1,586 Weighted-average shares used to calculate diluted net loss per share 84,715 82,851 78,541 Basic – net loss per share $ (0.18 ) $ (0.20 ) $ (0.29 ) Dilutive – net loss per share $ (0.18 ) $ (0.20 ) $ (0.31 ) 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, 2016 2015 2014 Stock options 9,236,228 7,052,642 6,383,457 Restricted stock units 1,201,159 1,069,100 1,889,267 Warrants 1,893,527 2,810,000 6,310,000 12,330,914 10,931,742 14,582,724 Recently Issued Accounting Standards In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation - Improvements to Employee Share-Based Payment Accounting In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In November 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-17, Balance Sheet Classification of Deferred Taxes 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 In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) |
Equipment
Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Equipment | C. Equipment December 31, Equipment consists of (in thousands): 2016 2015 Laboratory equipment $ 6,196 $ 6,232 Office equipment and leasehold improvements 3,040 2,691 Process development equipment not yet in service 965 — 10,201 8,923 Accumulated depreciation (7,596 ) (7,788 ) $ 2,605 $ 1,135 In 2016 and 2015, we disposed of approximately $0.6 million and $0.2 million, respectively, of obsolete laboratory equipment, office equipment and leasehold improvements, all of which were fully depreciated. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 Using Description Balance as of Quoted Prices in Active Significant Other Significant Warrant liabilities $ 1,004 $ — $ — $ 1,004 Fair Value Measurements at December 31, 2015 Using Description Balance as of Quoted Prices in Active Significant Other Significant Warrant liabilities $ 649 $ — $ — $ 649 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. Beginning in 2013, we estimated the fair value using the expected volatility based on our historical volatility for warrants. The warrants below, however, which expire in 2017, were issued prior to 2013, and used the historical volatilities of comparable companies from a representative peer group selected based on industry and market capitalization in estimating fair value. The fair value of these warrants was determined using probability weighted-average assumptions, and the following inputs were used at December 31, 2016: Expected Volatility Risk-Free Interest Rate Expected Life Warrants with one year or less remaining term 60.81 % 0.51 % 0.2 year 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, 2016 Balance January 1, 2016 $ 649 Settlements from exercise (202 ) Expense for the period 557 Balance December 31, 2016 $ 1,004 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 2018, 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 2017 and includes options to renew annually through July 2022, with annual rent of approximately $172,000, subject to adjustments based on an inflationary index. Aggregate rent expense was approximately $465,000, $467,000 and $517,000 in 2016, 2015 and 2014, respectively. The future annual minimum lease commitments at December 31, 2016 are approximately $371,000 for 2017, $86,000 for 2018 and $8,000 for 2019 . In 2012, we entered into an arrangement with the Global Cardiovascular Innovation Center (“GCIC”), and the Cleveland Clinic Foundation in which we were entitled to proceeds of up to $500,000 in the form of a forgivable loan to fund certain preclinical work. Interest on the loan accrued at a fixed rate of 4.25% per annum and was added to the outstanding principal, and the loan carried an expiration date of March 31, 2016. In February 2016, the loan, which had a balance of $190,000, was forgiven according to its terms based on our achievement of certain milestones. We paid no interest during the three years ended December 31, 2016. |
Collaborative Arrangements and
Collaborative Arrangements and Revenue Recognition | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Collaborative Arrangements and Revenue Recognition | E. Collaborative Arrangements and Revenue Recognition Healios On January 8, 2016, we entered into a license agreement (“Healios Agreement”) with HEALIOS K.K. (“Healios”) to develop and commercialize MultiStem cell therapy for ischemic stroke in Japan and to provide Healios with access to our proprietary MAPC technology for use in its “organ bud” program, initially for transplantation to treat liver disease or dysfunction. Under the agreement, Healios obtained a right to expand the scope of the collaboration to include the exclusive rights to develop and commercialize MultiStem for the treatment of two additional indications in Japan, which include acute respiratory distress syndrome, or ARDS and another indication in the orthopedic area, and to include all indications for the “organ bud” program. Healios is developing and intends to commercialize the MultiStem product in Japan, and we are using commercially reasonable efforts to supply manufactured product to Healios for its clinical trial. In the event that we determine that we are not able to supply product at a defined price or a price otherwise agreeable to Healios, we may notify Healios and grant it a license to make the product solely for use in the licensed field in Japan. In January 2017, we signed a clinical trial supply agreement, which is consistent with the Healios Agreement, in preparation for delivering these planned manufacturing services for Healios’ clinical trial in Japan. Under the terms of the Healios Agreement, we received a nonrefundable, up-front cash payment of $15 million and if Healios exercises its option to expand the collaboration, we will be entitled to receive a cash payment of $10 million. Healios may exercise its option to expand the collaboration prior to certain milestone dates that are expected to occur within the next two years. For the ischemic stroke indication, we may also receive additional success-based development, regulatory approval and sales milestones aggregating up to $225 million. Such amounts are non-refundable and non-creditable towards future royalties or any other payment due from Healios. We will also receive tiered royalties on net product sales, starting in the low double-digits and increasing incrementally into the high teens, depending on net sales levels. Additionally, we will receive payments for product supplied to Healios for ischemic stroke. If Healios exercises the option to expand the collaboration to include ARDS and another indication in the orthopedic area, we would be entitled to receive royalties from product sales and success-based development, regulatory approval and sales milestones, as well as payments for product supply related to the additional indications covered by the option. For the “organ bud” product, we are entitled to receive a fractional royalty percentage on net sales of the “organ bud” products and payments for manufactured product supplied to Healios. Additionally, we have a right of first negotiation for commercialization of an “organ bud” product in North America, with such right expiring on the later of (i) the date five years from the effective date of the Healios Agreement and (ii) 30 days after authorization to initiate clinical studies on an “organ bud” product under the first investigational new drug application or equivalent in Japan, North America or the European Union. The Healios Agreement will expire automatically when there are no remaining intellectual property rights subject to the license. In the event that Healios does not move the program forward, the development and commercialization rights would revert to us. To determine the appropriate accounting for the license agreement, we evaluated the Healios Agreement and related facts and circumstances, focusing in particular on the rights and obligations of the arrangement. We determined that our obligations under the Healios Agreement represent multiple deliverables. For deliverables with standalone value, we account for these as separate units of accounting. We allocate the overall consideration of the arrangement that is fixed or determinable, excluding consideration that is contingent upon future deliverables, to the separate units of accounting based on estimated selling prices (as defined in ASC 605-25) of each deliverable. Given Healios’ ability to sublicense under the Healios Agreement and its ability to conduct the ongoing development efforts, we concluded that the license had stand-alone value at the inception of the arrangement and would be treated as a separate unit of accounting, noting that there was no general right of return associated with the license. Further, the preclinical and clinical manufacturing services and certain near-term regulatory advisory services that will be provided to Healios under the Healios Agreement had been determined to have stand-alone value and considered separate units of accounting. We were unable to establish vendor-specific objective evidence of selling price or third-party evidence for either the license or the services, and thus, instead, allocated the arrangement consideration between the license and the services based on their relative selling prices using a best estimate of selling price (“BESP”). We developed the BESP of the license using a probability weighted, discounted cash flow analysis using the income approach, taking into consideration market assumptions including the estimated development and commercialization timeline, data regarding patient population, discount rate related to our industry, and probability of success using market data for both our industry and therapeutic field. We estimated the BESP of the manufacturing services and certain near-term regulatory advisory services using actual historical experience and best estimates of the cost of obtaining these services at arm’s length from a third-party provider, including an estimated mark-up. As a result of the analysis, we allocated $15 million to the license, which represents the amount of consideration that is allocable pursuant to the relative selling price and is not contingent upon delivery of additional items under the Healios Agreement. The license was delivered and recognized as revenue in January 2016. Other contingent deliverables that were not accounted for at the inception of the arrangement, and will not be accounted for until the contingency is resolved, included the potential expansion of the collaboration to include additional indications, and the milestones that are not substantive since they are dependent on the activities of Healios. Further, the Healios arrangement contemplates our providing manufacturing services for commercial product supply, the terms of which are not defined and are to be agreed upon in the future under a separate supply agreement. Upon the removal of the contingencies associated with each of the potential contingent deliverables, including the expansion fee, milestone payments and/or commercial product supply, we will reevaluate the overall arrangement, including the estimated selling prices and the allocation of the overall consideration of the arrangement, with any changes in estimates accounted for on a prospective basis. 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, and we are eligible to receive cash payments aggregating up to $35.5 million upon the successful achievement of certain commercial milestones. We evaluated the nature of the events triggering these contingent payments and concluded that these events were substantive and that revenue would be recognized in the period in which each underlying triggering event occurs. No significant milestone revenue has been recognized as of December 31, 2016. In addition, we began receiving in 2014 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. Chugai In October 2015, we and Chugai Pharmaceutical Co. Ltd. (“Chugai”) agreed to terminate the License Agreement (the “Chugai Agreement”), dated February 28, 2015, between the parties, as a result of an inability to reach an agreement on the modification of the financial terms of the Chugai Agreement and on the development strategy, as proposed by Chugai, of our MultiStem cell therapy for the treatment of ischemic stroke in Japan. Pursuant to the terms of the Chugai Agreement, upon termination, we regained all rights for developing our stem cell technologies and products for ischemic stroke in Japan, retained the $10 million non-refundable upfront cash payment from Chugai and Chugai no longer has any license rights or options with respect to our technologies and products. Neither we nor Chugai have any further obligations to each other. Grant Award In 2015, we and Cell Therapy Catapult, a not-for-profit center focused on the development of the United Kingdom regenerative medicine industry, were each awarded a grant from Innovate UK as partial support of a Phase 1/2 clinical study evaluating the administration of MultiStem cell therapy to ARDS patients, which is currently enrolling patients. The aggregate grant funding is expected to provide up to £2.0 million ($2.5 million based on the December 31, 2016 exchange rate) in support over the course of the study, and the funding is received after the costs are incurred. Of the £2.0 million total award, our portion of the grant of £750,000 ($0.9 million based on the December 31, 2016 exchange rate) is being used primarily to fund the clinical product and related costs. Cell Therapy Catapult is using their grant proceeds of £1.25 million primarily to fund the clinical site costs and their service costs as study coordinators. We recognized approximately $157,000 and $130,000 of grant revenue in 2016 and 2015, respectively, in connection with this grant. |
Capitalization and Warrant Liab
Capitalization and Warrant Liability | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Capitalization and Warrant Liability | F. Capitalization and Warrant Liability Capitalization At both December 31, 2016 and 2015, 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, 2016. The following shares of common stock were reserved for future issuance: December 31 2016 2015 Stock-based compensation plans 17,940,618 8,838,165 Warrants to purchase common stock — 2011 offering — 1,310,000 Warrants to purchase common stock — 2012 offering 1,893,527 2,054,893 Warrants to purchase common stock — 2014 offering — 1,500,000 19,834,145 13,703,058 As of December 31, 2016, the outstanding warrants to purchase shares of common stock had an exercise price of $1.01 per share and expire in March 2017. As of December 31, 2016, warrants to purchase an aggregate of 2,454,300 shares of common stock have been exercised, resulting in aggregate proceeds of approximately $2.5 million. In 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 expired in July 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. Aspire Capital We have had an equity purchase arrangement in place with Aspire Capital since 2011, through two-to-three year equity facility agreements, each with similar terms. The current agreement with Aspire Capital was entered into in December 2015 and includes Aspire’s commitment to purchase up to an aggregate of $30.0 million of shares of our common stock over a three-year period. The terms of the 2015 equity facility are similar to the previous arrangements, and we issued 250,000 shares of our common stock to Aspire Capital as a commitment fee in December 2015 and filed a registration statement for the resale of 16,600,000 shares of common stock in connection with the new equity facility. During the years ended December 31, 2016, 2015 and 2014, we sold 2,191,418, 4,023,719, and 250,000 shares, respectively, to Aspire Capital at average prices of $1.84, $2.58 and $3.78 per share, respectively. As of December 31, 2016, we have received proceeds of approximately $28.8 million in aggregate under the Aspire equity purchase agreements since its inception in 2011. Warrant Liabilities The warrants issued in the January 2014 registered direct offering that are now expired contained a provision for a cash payment in the event that the shares are not delivered to the holder within two trading days, which never occurred. The warrants issued in both the March 2012 private placement and the February 2011 registered direct offering, which are now expired, each contained a provision for net cash settlement in the event of 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. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
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 21,500,000 shares of common stock for awards to employees, directors and consultants. These equity incentive plans authorize the issuance of equity-based compensation in the form of stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares and units, and other stock-based awards to qualified employees, directors and consultants. As of December 31, 2016, a total of 3,559,382 shares of common stock have been issued under our equity incentive plans. As of December 31, 2016, a total of 7,503,231 shares were available for issuance under our equity compensation plans, and stock-based awards to purchase 10,437,387 shares of common stock were outstanding. We recognized $2,868,000, $2,929,000 and $2,605,000 of stock-based compensation expense in 2016, 2015 and 2014, respectively. Stock Options The weighted average fair value of options granted in 2016, 2015 and 2014 was $1.35, $0.94 and $1.29 per share, respectively. The total fair value of options vested during 2016, 2015 and 2014 was $1,662,000, $1,225,000 and $940,000, respectively. At December 31, 2016, total unrecognized estimated compensation cost related to unvested stock options was approximately $4,092,000, which is expected to be recognized by mid-2020 using the straight-line method. The weighted average contractual life of unvested options at December 31, 2016 was 8.96 years. The aggregate intrinsic value of fully vested option shares and option shares expected to vest as of December 31, 2016 was $153,000. A summary of our stock option activity and related information is as follows: Number of Options Weighted Outstanding January 1, 2014 5,129,579 $ 3.72 Granted 1,420,800 1.68 Exercised (103,481 ) 1.75 Forfeited / Terminated / Expired (63,441 ) 1.98 Outstanding December 31, 2014 6,383,457 3.31 Granted 1,215,296 1.31 Exercised (32,439 ) 1.60 Forfeited / Expired (513,672 ) 2.34 Outstanding December 31, 2015 7,052,642 3.05 Granted 2,840,000 2.13 Exercised (164,827 ) 1.56 Forfeited / Expired (491,587 ) 3.57 Outstanding December 31, 2016 9,236,228 $ 2.76 Vested during 2016 1,332,571 $ 1.72 Vested and exercisable at December 31, 2016 5,968,199 $ 3.22 December 31, 2016 Options Outstanding Options Vested and Exercisable Exercise Price Number Weighted Weighted Number Weighted Weighted $1.01 – 1.91 4,003,376 7.44 $ 1.58 2,686,969 7.06 $ 1.59 $2.09 – 3.84 2,499,852 8.92 $ 2.24 550,230 6.99 $ 2.42 $4.00 – 5.28 2,733,000 0.54 $ 4.98 2,731,000 0.54 $ 4.98 9,236,228 5,968,199 Restricted Stock Units A summary of our restricted stock unit activity and related information is as follows: Number Weighted Outstanding January 1, 2014 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 1.70 Granted 455,776 1.28 Vested-common stock issued (1,032,979 ) 1.69 Forfeited / Expired (242,964 ) 1.62 Outstanding December 31, 2015 1,069,100 1.55 Granted 933,552 2.19 Vested-common stock issued (732,720 ) 1.71 Forfeited / Expired (68,773 ) 1.90 Outstanding December 31, 2016 1,201,159 $ 1.92 Vested/Issued cumulative at December 31, 2016 3,257,323 $ 1.71 The total fair value of restricted stock units vested during 2016, 2015 and 2014 was $1,255,000, $1,773,000 and $1,734,000, respectively. At December 31, 2016, total unrecognized estimated compensation cost related to unvested restricted stock units was approximately $2,222,000, which is expected to be recognized by mid-2020 using the straight-line method. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | H. Income Taxes At December 31, 2016, we had U.S. federal net operating loss and research and development tax credit carryforwards of approximately $113,080,000 and $5,842,000, 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 2020 and 2036. We also had foreign net operating loss carryforwards and foreign tax credit carryforwards of approximately $14,863,000 and $175,000, respectively. Such foreign net operating loss carryforwards do not expire and foreign tax credit carryforwards will expire between 2017 and 2021. We also had state and city net operating loss carryforwards aggregating approximately $57,881,000. Such operating losses may be used to reduce future taxable income and tax liabilities and will expire at various dates between 2017 and 2036. The utilization of net operating loss and tax credit carryforwards generated prior to October 2012 (the “Section 382 Limited Attributes”) is substantially limited under Section 382 of the Internal Revenue Code of 1986, as amended, as a result of our equity offering that occurred in October 2012. We generated U.S. federal net operating loss carryforwards of $76,420,000, research and development tax credits of $5,842,000, and state and local net operating loss carryforwards of $56,919,000 since 2012. We will update our analysis under Section 382 prior to using these attributes. A reconciliation of the Federal statutory income tax rate to our effective tax rate is as follows: Percent of Income 2016 2015 Statutory Federal income tax rate 34.0 % 34.0 % State income taxes - net of Federal tax benefit 0.8 % 1.5 % Other permanent differences (8.1 %) (3.5 )% Valuation allowances (37.0 %) (40.2 %) Research and development - U.S. 10.3 % 8.2 % Research and development - Foreign 0.2 % 0.2 % Effective tax rate for the year 0.2 % 0.2 % Significant components of our deferred tax assets are as follows (in thousands): December 31, 2016 2015 Net operating loss carryforwards $ 44,929 $ 40,215 Research and development credit carryforwards 6,017 4,454 Compensation expense 2,735 3,300 Other 1,266 1,129 Total deferred tax assets 54,947 49,098 Valuation allowance for deferred tax assets (54,772 ) (48,921 ) Net deferred tax assets $ 175 $ 177 Because of our cumulative losses, substantially all of the deferred tax assets have been fully offset by a valuation allowance. We have not paid income taxes for the three-year period ended December 31, 2016. In 2016, 2015 and 2014, we recognized a refundable tax benefit related to research and development credits associated with a foreign subsidiary. |
Profit Sharing Plan and 401(k)
Profit Sharing Plan and 401(k) Plan | 12 Months Ended |
Dec. 31, 2016 | |
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 $339,000 in 2016, $314,000 in 2015, and $284,000 in 2014. |
Subsequent and Other Events
Subsequent and Other Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent and Other Events | J. Subsequent and Other Events Equity Offering In February 2017, we completed a public offering generating net proceeds of approximately $20.9 million through the issuance of 22,772,300 shares of common stock at an offering price of $1.01 per share. Evaluation & Option Agreement In January 2017, we received an option fee related to an agreement that was entered into in December 2016 with a global leader in the animal health business segment to evaluate our cell therapy technology for application in an animal health area. Under the terms of the agreement, we received the payment in exchange for an exclusive period to evaluate our cell therapy technology with an option to negotiate for a license for the development and commercialization of the technology for this animal health area. |
Quarterly Financial Data (unaud
Quarterly Financial Data (unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015, in thousands, except per share data: 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Full Year Revenues $ 15,458 $ 595 $ 311 $ 983 $ 17,347 Net income (loss) $ 4,750 $ (6,956 ) $ (6,004 ) $ (7,127 ) $ (15,337 ) Basic net income (loss) per common share $ 0.06 $ (0.08 ) $ (0.07 ) $ (0.08 ) $ (0.18 ) Diluted net income (loss) per common share $ 0.06 $ (0.08 ) $ (0.07 ) $ (0.10 ) $ (0.18 ) 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Full Year Revenues $ 731 $ 216 $ 396 $ 10,605 $ 11,948 Net income (loss) $ (12,482 ) $ (1,035 ) $ (6,497 ) $ 3,592 $ (16,422 ) Basic net income (loss) per common share $ (0.16 ) $ 0.01 $ (0.08 ) $ 0.04 $ (0.20 ) Diluted net income (loss) per common share $ (0.16 ) $ (0.05 ) $ (0.08 ) $ 0.04 $ (0.20 ) 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, 2016 | |
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. |
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. Other than for our collaboration with Healios that has remaining deliverables, we have recognized the full amount of license fees under our collaboration agreements as contract revenue under ASC 605-25 as of December 31, 2016, since the performance periods for our multiple element arrangements have concluded. For agreements entered into prior to January 1, 2011 and not materially modified thereafter (such as RTI Surgical, Inc. (“RTI”) and Bristol-Myers Squibb Company (“Bristol-Myers Squibb”) contract revenue), in which the performance period has concluded, we applied our prior accounting policy with respect to such arrangements under ASC 605-S25, issued as Staff Accounting Bulletin (“SAB”) Topic 13. The events triggering any future contingent milestone payments from our Bristol-Myers Squibb arrangement were determined to be non-substantive and revenue is recognized in the period that the triggering event occurs, and the remaining potential commercial milestones from our RTI collaboration are recognized when earned. Contract revenue in 2016 included $0.6 million from these collaborations related to these development or commercial milestones. We recognize revenue, in full, in the period that the milestone is achieved from at-risk, performance milestones that are related to our past performance and determined to be substantive at the inception of the arrangement. Grant revenue consists of funding under cost reimbursement programs primarily from federal and non-profit foundation 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 and recorded as revenue as tasks are completed. We recognize contract 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 reports from the licensee 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. Cash used in investing activities excluded $0.1 million of accrued capital expenditures in 2016. |
Investments in Available-for-Sale Securities | Investments in Available-for-Sale Securities We determine the appropriate classification of investment securities, if any, 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, U.S. government-backed municipal bonds and bank certificates of deposit, which are classified as available-for-sale and are valued based on market prices for similar assets using third party certified pricing sources. 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 (loss). 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. At December 31, 2016, we had no available-for-sale securities. Realized gains and losses for the year on available-for-sale securities were insignificant and 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. |
Research and Development | Research and Development Research and development expenditures, which consist primarily of costs associated with external clinical and preclinical study fees, investigational product manufacturing costs and process development costs for manufacturing, personnel costs, legal expenses resulting from intellectual property application and maintenance 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, and that manufacture clinical product. We obtain initial estimates of total costs based on enrollment of subjects, project management estimates, manufacturing 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, 2016. We may also pay sublicense fees from time-to-time in connection with our collaborations. |
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. |
Proceeds from Insurance | Proceeds from Insurance In 2016, our facility sustained flood damage representing both an unusual and infrequent event. We recognized a net insurance recovery gain of $682,000 that was reported as a separate component of our loss from operations. The nature and financial effect of the event was disclosed in the notes to financial statements. Proceeds from insurance settlements, except for those directly related to investing or financing activities, were recognized as cash inflows from operating activities. The losses related to such an event are recognized as incurred. Since the majority of the damage from the flood was to fully depreciated leasehold improvements, the amount of losses were less than the amount of the insurance proceeds received. Insurance proceeds are recorded to the extent of the losses and then, only if recovery is realized or probable. Any gains in excess of losses are recognized only when the contingencies regarding the recovery are resolved, and the amount is fixed or determinable. |
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 and have numerous United States and international patents and patent applications related to our technologies. |
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 or expense from change in fair value of warrants. |
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, 2016, the majority of our accounts receivable are due from a collaborator. 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. Options may be exercised for cash or by a cashless exercise that is permitted under certain conditions. In the event of a cashless exercise, we retain the number of shares equivalent to the exercise cost based on the market value at the time of exercise, and issue the net number of shares to the holder. 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, 2016 2015 2014 Volatility 70.3% 83.9% 104.0% Risk-free interest rate 1.5% 2.1% 2.1% Expected life of option 6.18 years 6.14 years 6.09 years Expected dividend yield 0.0% 0.0% 0.0% |
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, 2016 and 2015. 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 years ended December 31, 2015 and 2014, we had such a dilutive effect 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, 2016, 2015 and 2014, in thousands. Year ended December 31, 2016 2015 2014 Numerator: Net loss and comprehensive loss $ (15,337 ) $ (16,422 ) $ (22,082 ) Less: income from change in fair value of warrants — (332 ) (2,141 ) Net loss attributable to common stockholders used to calculate diluted net loss per share $ (15,337 ) $ (16,754 ) $ (24,223 ) Denominator: Weighted-average shares outstanding - basic 84,715 82,144 76,955 Potentially dilutive common shares outstanding: Warrants — 707 1,586 Weighted-average shares used to calculate diluted net loss per share 84,715 82,851 78,541 Basic – net loss per share $ (0.18 ) $ (0.20 ) $ (0.29 ) Dilutive – net loss per share $ (0.18 ) $ (0.20 ) $ (0.31 ) 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, 2016 2015 2014 Stock options 9,236,228 7,052,642 6,383,457 Restricted stock units 1,201,159 1,069,100 1,889,267 Warrants 1,893,527 2,810,000 6,310,000 12,330,914 10,931,742 14,582,724 |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation - Improvements to Employee Share-Based Payment Accounting In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In November 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-17, Balance Sheet Classification of Deferred Taxes 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 In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) |
Accounting Policies (Tables)
Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 2015 2014 Volatility 70.3% 83.9% 104.0% Risk-free interest rate 1.5% 2.1% 2.1% Expected life of option 6.18 years 6.14 years 6.09 years Expected dividend yield 0.0% 0.0% 0.0% |
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, 2016, 2015 and 2014, in thousands. Year ended December 31, 2016 2015 2014 Numerator: Net loss and comprehensive loss $ (15,337 ) $ (16,422 ) $ (22,082 ) Less: income from change in fair value of warrants — (332 ) (2,141 ) Net loss attributable to common stockholders used to calculate diluted net loss per share $ (15,337 ) $ (16,754 ) $ (24,223 ) Denominator: Weighted-average shares outstanding - basic 84,715 82,144 76,955 Potentially dilutive common shares outstanding: Warrants — 707 1,586 Weighted-average shares used to calculate diluted net loss per share 84,715 82,851 78,541 Basic – net loss per share $ (0.18 ) $ (0.20 ) $ (0.29 ) Dilutive – net loss per share $ (0.18 ) $ (0.20 ) $ (0.31 ) |
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, 2016 2015 2014 Stock options 9,236,228 7,052,642 6,383,457 Restricted stock units 1,201,159 1,069,100 1,889,267 Warrants 1,893,527 2,810,000 6,310,000 12,330,914 10,931,742 14,582,724 |
Equipment (Tables)
Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Equipment | December 31, Equipment consists of (in thousands): 2016 2015 Laboratory equipment $ 6,196 $ 6,232 Office equipment and leasehold improvements 3,040 2,691 Process development equipment not yet in service 965 — 10,201 8,923 Accumulated depreciation (7,596 ) (7,788 ) $ 2,605 $ 1,135 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 Using Description Balance as of Quoted Prices in Active Significant Other Significant Warrant liabilities $ 1,004 $ — $ — $ 1,004 Fair Value Measurements at December 31, 2015 Using Description Balance as of Quoted Prices in Active Significant Other Significant Warrant liabilities $ 649 $ — $ — $ 649 |
Fair Value of Warrants Based on Historical Volatilities | the following inputs were used at December 31, 2016: Expected Volatility Risk-Free Interest Rate Expected Life Warrants with one year or less remaining term 60.81 % 0.51 % 0.2 year |
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, 2016 Balance January 1, 2016 $ 649 Settlements from exercise (202 ) Expense for the period 557 Balance December 31, 2016 $ 1,004 |
Capitalization and Warrant Li23
Capitalization and Warrant Liability (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Common Stock Shares Reserved for Future Issuance | The following shares of common stock were reserved for future issuance: December 31 2016 2015 Stock-based compensation plans 17,940,618 8,838,165 Warrants to purchase common stock — 2011 offering — 1,310,000 Warrants to purchase common stock — 2012 offering 1,893,527 2,054,893 Warrants to purchase common stock — 2014 offering — 1,500,000 19,834,145 13,703,058 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 of Options Weighted Outstanding January 1, 2014 5,129,579 $ 3.72 Granted 1,420,800 1.68 Exercised (103,481 ) 1.75 Forfeited / Terminated / Expired (63,441 ) 1.98 Outstanding December 31, 2014 6,383,457 3.31 Granted 1,215,296 1.31 Exercised (32,439 ) 1.60 Forfeited / Expired (513,672 ) 2.34 Outstanding December 31, 2015 7,052,642 3.05 Granted 2,840,000 2.13 Exercised (164,827 ) 1.56 Forfeited / Expired (491,587 ) 3.57 Outstanding December 31, 2016 9,236,228 $ 2.76 Vested during 2016 1,332,571 $ 1.72 Vested and exercisable at December 31, 2016 5,968,199 $ 3.22 |
Summarizes Information Concerning Options Outstanding and Options Vested and Exercisable | December 31, 2016 Options Outstanding Options Vested and Exercisable Exercise Price Number Weighted Weighted Number Weighted Weighted $1.01 – 1.91 4,003,376 7.44 $ 1.58 2,686,969 7.06 $ 1.59 $2.09 – 3.84 2,499,852 8.92 $ 2.24 550,230 6.99 $ 2.42 $4.00 – 5.28 2,733,000 0.54 $ 4.98 2,731,000 0.54 $ 4.98 9,236,228 5,968,199 |
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 Outstanding January 1, 2014 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 1.70 Granted 455,776 1.28 Vested-common stock issued (1,032,979 ) 1.69 Forfeited / Expired (242,964 ) 1.62 Outstanding December 31, 2015 1,069,100 1.55 Granted 933,552 2.19 Vested-common stock issued (732,720 ) 1.71 Forfeited / Expired (68,773 ) 1.90 Outstanding December 31, 2016 1,201,159 $ 1.92 Vested/Issued cumulative at December 31, 2016 3,257,323 $ 1.71 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Reconciliation of Federal Statutory Income Tax Rate to Effective Tax Rate | A reconciliation of the Federal statutory income tax rate to our effective tax rate is as follows: Percent of Income 2016 2015 Statutory Federal income tax rate 34.0 % 34.0 % State income taxes - net of Federal tax benefit 0.8 % 1.5 % Other permanent differences (8.1 %) (3.5 )% Valuation allowances (37.0 %) (40.2 %) Research and development - U.S. 10.3 % 8.2 % Research and development - Foreign 0.2 % 0.2 % Effective tax rate for the year 0.2 % 0.2 % |
Components of Deferred Tax Assets | Significant components of our deferred tax assets are as follows (in thousands): December 31, 2016 2015 Net operating loss carryforwards $ 44,929 $ 40,215 Research and development credit carryforwards 6,017 4,454 Compensation expense 2,735 3,300 Other 1,266 1,129 Total deferred tax assets 54,947 49,098 Valuation allowance for deferred tax assets (54,772 ) (48,921 ) Net deferred tax assets $ 175 $ 177 |
Quarterly Financial Data (una26
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | The following table presents quarterly data for the years ended December 31, 2016 and 2015, in thousands, except per share data: 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Full Year Revenues $ 15,458 $ 595 $ 311 $ 983 $ 17,347 Net income (loss) $ 4,750 $ (6,956 ) $ (6,004 ) $ (7,127 ) $ (15,337 ) Basic net income (loss) per common share $ 0.06 $ (0.08 ) $ (0.07 ) $ (0.08 ) $ (0.18 ) Diluted net income (loss) per common share $ 0.06 $ (0.08 ) $ (0.07 ) $ (0.10 ) $ (0.18 ) 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Full Year Revenues $ 731 $ 216 $ 396 $ 10,605 $ 11,948 Net income (loss) $ (12,482 ) $ (1,035 ) $ (6,497 ) $ 3,592 $ (16,422 ) Basic net income (loss) per common share $ (0.16 ) $ 0.01 $ (0.08 ) $ 0.04 $ (0.20 ) Diluted net income (loss) per common share $ (0.16 ) $ (0.05 ) $ (0.08 ) $ 0.04 $ (0.20 ) |
Background - Additional Informa
Background - Additional Information (Detail) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Feb. 28, 2017USD ($) | Jan. 31, 2014USD ($) | Dec. 31, 2016USD ($)Segment | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Accounting Policies and General Information [Line Items] | ||||||
Number of business segments | Segment | 1 | |||||
Accumulated deficit | $ (318,279) | $ (302,942) | ||||
Cash and cash equivalents | $ 14,753 | $ 23,027 | $ 26,127 | $ 31,948 | ||
Proceeds from common stock issued in public offerings | $ 18,800 | |||||
Subsequent Event [Member] | ||||||
Accounting Policies and General Information [Line Items] | ||||||
Proceeds from common stock issued in public offerings | $ 20,900 |
Accounting Policies - Additiona
Accounting Policies - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | 36 Months Ended | ||||
Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Jan. 31, 2014 | Feb. 28, 2013 | |
Significant Accounting Policies [Line Items] | |||||||
Contract revenue | $ 16,238,000 | $ 10,298,000 | $ 286,000 | ||||
Liquid investments with a maturity | Three months or less | ||||||
Accrued capital expenditures | $ 100,000 | $ 100,000 | |||||
Available for sale securities | 0 | 0 | |||||
Payments for Royalties | 0 | ||||||
Gain from insurance proceeds, net | 682,000 | ||||||
Liability for uncertain income tax | $ 0 | $ 0 | $ 0 | ||||
Warrants exercise price | $ 1.01 | $ 1.01 | $ 1.01 | $ 1.01 | $ 4.50 | $ 1.01 | |
Subsequent Event [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Additional expense recognized due to adoption of new accounting policy | $ 200,000 | ||||||
Collaboration [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Contract revenue | $ 600,000 | ||||||
Minimum [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Estimated useful life of long-lived assets | 3 years | ||||||
Maximum [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Estimated useful life of long-lived assets | 10 years |
Accounting Policies - Fair Valu
Accounting Policies - Fair Value of Stock-Based Compensation Awards (Detail) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Volatility | 70.30% | 83.90% | 104.00% |
Risk-free interest rate | 1.50% | 2.10% | 2.10% |
Expected life of option | 6 years 2 months 5 days | 6 years 1 month 21 days | 6 years 1 month 2 days |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Accounting Policies - Net Loss
Accounting Policies - Net Loss and Number of Shares Used to Calculate Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Numerator: | |||||||||||
Net loss and comprehensive loss | $ (15,337) | $ (16,422) | $ (22,082) | ||||||||
Less: income from change in fair value of warrants | (332) | (2,141) | |||||||||
Net loss attributable to common stockholders used to calculate diluted net loss per share | $ (15,337) | $ (16,754) | $ (24,223) | ||||||||
Denominator: | |||||||||||
Weighted-average shares outstanding - basic | 84,715,471 | 82,143,610 | 76,954,503 | ||||||||
Potentially dilutive common shares outstanding: | |||||||||||
Warrants | 707,000 | 1,586,000 | |||||||||
Weighted-average shares used to calculate diluted net loss per share | 84,715,471 | 82,851,091 | 78,541,447 | ||||||||
Basic - net loss per share | $ (0.08) | $ (0.07) | $ (0.08) | $ 0.06 | $ 0.04 | $ (0.08) | $ 0.01 | $ (0.16) | $ (0.18) | $ (0.20) | $ (0.29) |
Dilutive - net loss per share | $ (0.10) | $ (0.07) | $ (0.08) | $ 0.06 | $ 0.04 | $ (0.08) | $ (0.05) | $ (0.16) | $ (0.18) | $ (0.20) | $ (0.31) |
Accounting Policies - Instrumen
Accounting Policies - Instruments Excluded from Calculation of Diluted Net Loss Per Share (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total | 12,330,914 | 10,931,742 | 14,582,724 |
Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total | 9,236,228 | 7,052,642 | 6,383,457 |
Restricted Stock Units [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total | 1,201,159 | 1,069,100 | 1,889,267 |
Warrants [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total | 1,893,527 | 2,810,000 | 6,310,000 |
Equipment - Equipment (Detail)
Equipment - Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Equipment, Gross | $ 10,201 | $ 8,923 |
Accumulated depreciation | (7,596) | (7,788) |
Equipment, net | 2,605 | 1,135 |
Laboratory Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Equipment, Gross | 6,196 | 6,232 |
Office Equipment and Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Equipment, Gross | 3,040 | $ 2,691 |
Process Development Equipment Not Yet in Service [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Equipment, Gross | $ 965 |
Equipment - Additional Informat
Equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | ||
Disposal of obsolete equipment | $ 0.6 | $ 0.2 |
Financial Instruments - Summary
Financial Instruments - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrant liabilities | $ 1,004 | $ 649 |
Fair Value Measurements, Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrant liabilities | 1,004 | 649 |
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 | $ 1,004 | $ 649 |
Financial Instruments - Fair Va
Financial Instruments - Fair Value of Warrants Based on Historical Volatilities (Detail) - Warrants With One Year or Less Remaining Term [Member] | 12 Months Ended |
Dec. 31, 2016 | |
Class of Warrant or Right [Line Items] | |
Expected Volatility | 60.81% |
Risk-Free Interest Rate | 0.51% |
Expected Life | 2 months 12 days |
Financial Instruments - Roll-Fo
Financial Instruments - Roll-Forward of Fair Value Measurements Using Significant Unobservable Inputs (Level 3) for Warrants (Detail) - Outstanding Warrants [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Beginning Balance | $ 649 |
Settlements from exercise | (202) |
Expense for the period | 557 |
Ending Balance | $ 1,004 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - USD ($) | 12 Months Ended | 36 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Feb. 29, 2016 | Dec. 31, 2012 | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Rent | $ 267,000 | |||||
Lease expiration period | 2018-03 | |||||
Aggregate rent expense | $ 465,000 | $ 467,000 | $ 517,000 | |||
Future annual minimum lease commitments for 2017 | 371,000 | $ 371,000 | ||||
Future annual minimum lease commitments for 2018 | 86,000 | 86,000 | ||||
Future annual minimum lease commitments for 2019 | 8,000 | 8,000 | ||||
Forgivable loan | $ 500,000 | |||||
Interest on forgivable loan | 4.25% | |||||
Non current note payable | $ 190,000 | 190,000 | $ 190,000 | |||
Forgivable loan, expiration date | Mar. 31, 2016 | |||||
Interest paid | $ 0 | |||||
Belgium [Member] | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Rent | $ 172,000 | |||||
Lease expiration period | 2017-07 |
Collaborative Arrangements an38
Collaborative Arrangements and Revenue Recognition - Additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2016GBP (£) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Expected grant revenue | $ 1,109,000 | $ 1,650,000 | $ 1,337,000 | |
RTI Surgical Inc [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Commercial milestone revenue | 0 | |||
RTI Surgical Inc [Member] | Maximum [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Cash payment eligible to receive on achievement of certain commercial milestone | 35,500,000 | |||
Healios License Agreement [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Up-front cash payment received | 15,000,000 | |||
Potential near-term payment received | $ 10,000,000 | |||
Collaborative expansion period | 2 years | 2 years | ||
License revenue | $ 15,000,000 | |||
Healios License Agreement [Member] | Regulatory and Sales Milestones [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Commercial milestone revenue | 225,000,000 | |||
Chugai Collaboration [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Up-front cash payment received | 10,000,000 | |||
UNITED KINGDOM | Innovate UK [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Expected grant revenue | 2,500,000 | £ 2,000,000 | ||
UNITED KINGDOM | Innovate UK [Member] | Clinical Product And Related Costs [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Expected grant revenue | 900,000 | 750,000 | ||
UNITED KINGDOM | Innovate UK [Member] | Clinical Site Costs and Service Costs [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Expected grant revenue | $ 157,000 | £ 1,250,000 | $ 130,000 |
Capitalization and Warrant Li39
Capitalization and Warrant Liability - Additional Information (Detail) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | 58 Months Ended | |||
Jan. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Feb. 28, 2013$ / shares | |
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 | |||
Warrants issued to purchase common stock | 1,500,000 | 2,454,300 | 2,454,300 | |||
Proceeds from warrants exercise | $ | $ 163 | $ 976 | $ 938 | $ 2,500 | ||
Common stock exercise price | $ / shares | $ 4.50 | $ 1.01 | $ 1.01 | $ 1.01 | $ 1.01 | $ 1.01 |
Expiration | Mar. 31, 2017 | |||||
Net proceeds through issuance of common stock | $ | $ 18,800 | |||||
Issuance of common stock, new issues | 5,000,000 | |||||
Warrants exercise expiration date | Jul. 31, 2016 | |||||
Common stock per warrant conversion ratio | 0.30 | |||||
Common stock and warrant combined offering price | $ / shares | $ 4.10 | |||||
Terms of issuance of warrant demanding cash payments | The warrants issued in the January 2014 registered direct offering that are now expired contained a provision for a cash payment in the event that the shares are not delivered to the holder within two trading days, which never occured. | |||||
Number of trading days to deliver shares under warrants provision | 2 days | |||||
Aspire [Member] | ||||||
Class of Warrant or Right [Line Items] | ||||||
Net proceeds through issuance of common stock | $ | $ 28,800 | |||||
Issuance of common stock, new issues | 2,191,418 | 4,023,719 | 250,000 | |||
Equity purchase agreement, value | $ | $ 30,000 | |||||
Equity purchase agreement, term | 3 years | |||||
Common stock issued as commitment fees | 250,000 | 250,000 | ||||
Common stock registered for resale | 16,600,000 | 16,600,000 | ||||
Sale of additional shares at an average price | $ / shares | $ 1.84 | $ 2.58 | $ 3.78 |
Capitalization and Warrant Li40
Capitalization and Warrant Liability - Common Stock Shares Reserved for Future Issuance (Detail) - shares | Dec. 31, 2016 | Dec. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common Stock Shares Reserved For Future Issuance | 19,834,145 | 13,703,058 |
Stock-Based Compensation Plans [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common Stock Shares Reserved For Future Issuance | 17,940,618 | 8,838,165 |
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 | |
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 | 1,893,527 | 2,054,893 |
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 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2016USD ($)Plans$ / sharesshares | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2014USD ($)$ / shares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Number of incentive plans | Plans | 2 | ||
Common stock authorized for equity incentive plans | shares | 21,500,000 | ||
Common stock shares issued | shares | 3,559,382 | ||
Shares available for issuance | shares | 7,503,231 | ||
Shares of common stock outstanding | shares | 10,437,387 | ||
Stock-based compensation expense | $ 2,868,000 | $ 2,929,000 | $ 2,605,000 |
Weighted average fair value of options granted | $ / shares | $ 1.35 | $ 0.94 | $ 1.29 |
Total fair value of options vested | $ 1,662,000 | $ 1,225,000 | $ 940,000 |
Total unrecognized estimated compensation cost | $ 4,092,000 | ||
Weighted average contractual life of unvested options | 8 years 11 months 16 days | ||
Compensation cost related to unvested stock-based awards not yet recognized, expected year for recognition | 2,020 | ||
Aggregate intrinsic value of fully vested option shares | $ 153,000 | ||
Restricted stock vested | 1,255,000 | $ 1,773,000 | $ 1,734,000 |
Estimated compensation cost of unvested restricted stock | $ 2,222,000 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity and Related Information (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Number of Options Outstanding, Beginning Balance | 7,052,642 | 6,383,457 | 5,129,579 |
Number of Options, Granted | 2,840,000 | 1,215,296 | 1,420,800 |
Number of Options, Exercised | (164,827) | (32,439) | (103,481) |
Number of Options, Forfeited/Terminated/ Expired | (491,587) | (513,672) | (63,441) |
Number of Options Outstanding, Ending Balance | 9,236,228 | 7,052,642 | 6,383,457 |
Weighted Average Exercise Price Outstanding, Beginning Balance | $ 3.05 | $ 3.31 | $ 3.72 |
Number of Options, Vested during 2016 | 1,332,571 | ||
Weighted Average Exercise Price, Granted | $ 2.13 | 1.31 | 1.68 |
Number of Options, Vested and exercisable at December 31, 2016 | 5,968,199 | ||
Weighted Average Exercise Price, Exercised | $ 1.56 | 1.60 | 1.75 |
Weighted Average Exercise Price, Forfeited/Terminated/ Expired | 3.57 | 2.34 | 1.98 |
Weighted Average Exercise Price Outstanding, Ending Balance | 2.76 | $ 3.05 | $ 3.31 |
Weighted Average Exercise Price, Vested during 2016 | 1.72 | ||
Weighted Average Exercise Price, Vested and exercisable at December 31, 2016 | $ 3.22 |
Stock-Based Compensation - Su43
Stock-Based Compensation - Summarizes Information Concerning Options Outstanding and Options Vested and Exercisable (Detail) | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options outstanding, Number of Options | shares | 9,236,228 |
Options Vested and Exercisable, Number of Options | shares | 5,968,199 |
1.01 - 1.91 Exercise Price [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price lower range | $ 1.01 |
Exercise price upper range | $ 1.91 |
Options outstanding, Number of Options | shares | 4,003,376 |
Option Outstanding, Weighted Average Remaining Contractual Life | 7 years 5 months 9 days |
Options Outstanding, Weighted Average Exercise Price | $ 1.58 |
Options Vested and Exercisable, Number of Options | shares | 2,686,969 |
Options Vested and Exercisable, Weighted Average Remaining Contractual Life | 7 years 22 days |
Options Vested and Exercisable, Weighted Average Exercise Price | $ 1.59 |
2.09 - 3.84 Exercise Price [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price lower range | 2.09 |
Exercise price upper range | $ 3.84 |
Options outstanding, Number of Options | shares | 2,499,852 |
Option Outstanding, Weighted Average Remaining Contractual Life | 8 years 11 months 1 day |
Options Outstanding, Weighted Average Exercise Price | $ 2.24 |
Options Vested and Exercisable, Number of Options | shares | 550,230 |
Options Vested and Exercisable, Weighted Average Remaining Contractual Life | 6 years 11 months 27 days |
Options Vested and Exercisable, Weighted Average Exercise Price | $ 2.42 |
4.00 - 5.28 Exercise Price [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price lower range | 4 |
Exercise price upper range | $ 5.28 |
Options outstanding, Number of Options | shares | 2,733,000 |
Option Outstanding, Weighted Average Remaining Contractual Life | 6 months 15 days |
Options Outstanding, Weighted Average Exercise Price | $ 4.98 |
Options Vested and Exercisable, Number of Options | shares | 2,731,000 |
Options Vested and Exercisable, Weighted Average Remaining Contractual Life | 6 months 15 days |
Options Vested and Exercisable, Weighted Average Exercise Price | $ 4.98 |
Stock-Based Compensation - Su44
Stock-Based Compensation - Summary of Restricted Stock Unit Activity and Related Information (Detail) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Restricted Stock Units, Outstanding, Beginning balance | 1,069,100 | 1,889,267 | 2,449,346 |
Number of Restricted Stock Units, Granted | 933,552 | 455,776 | 460,112 |
Number of Restricted Stock Units, Vested/issued | (732,720) | (1,032,979) | (1,013,446) |
Number of Restricted Stock Units, Forfeited / Expired | (68,773) | (242,964) | (6,745) |
Number of Restricted Stock Units, Outstanding, Ending balance | 1,201,159 | 1,069,100 | 1,889,267 |
Weighted Average Fair Value, Beginning Balance | $ 1.55 | $ 1.70 | $ 1.71 |
Number of Restricted Stock Units, Vested/Issued Cumulative | 3,257,323 | ||
Weighted Average Fair Value, Granted | $ 2.19 | 1.28 | 1.65 |
Weighted Average Fair Value, Vested/Issued | 1.71 | 1.69 | 1.71 |
Weighted Average Fair Value, Forfeited/Expired | 1.90 | 1.62 | 1.68 |
Weighted Average Fair Value, Ending Balance | 1.92 | $ 1.55 | $ 1.70 |
Weighted Average Fair Value Vested and Exercisable | $ 1.71 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Income Taxes [Line Items] | |
Income tax paid | $ 0 |
U.S. Federal [Member] | |
Income Taxes [Line Items] | |
Net operating loss carryforwards | 113,080,000 |
Research and development tax credit | 5,842,000 |
Foreign [Member] | |
Income Taxes [Line Items] | |
Net operating loss carryforwards | 14,863,000 |
Research and development tax credit | 175,000 |
State and City [Member] | |
Income Taxes [Line Items] | |
Net operating loss carryforwards | $ 57,881,000 |
Earliest Tax Year [Member] | U.S. Federal [Member] | |
Income Taxes [Line Items] | |
Operating loss carryforwards, expiration year | 2,020 |
Tax credit carryforwards, expiration year | 2,020 |
Earliest Tax Year [Member] | Foreign [Member] | |
Income Taxes [Line Items] | |
Operating loss carryforwards, expiration year | 2,017 |
Tax credit carryforwards, expiration year | 2,036 |
Earliest Tax Year [Member] | State and City [Member] | |
Income Taxes [Line Items] | |
Operating loss carryforwards, expiration year | 2,017 |
Latest Tax Year [Member] | U.S. Federal [Member] | |
Income Taxes [Line Items] | |
Operating loss carryforwards, expiration year | 2,036 |
Tax credit carryforwards, expiration year | 2,017 |
Latest Tax Year [Member] | Foreign [Member] | |
Income Taxes [Line Items] | |
Operating loss carryforwards, expiration year | 2,021 |
Tax credit carryforwards, expiration year | 2,021 |
Latest Tax Year [Member] | State and City [Member] | |
Income Taxes [Line Items] | |
Operating loss carryforwards, expiration year | 2,036 |
Not Subject To Annual Limitations [Member] | U.S. Federal [Member] | |
Income Taxes [Line Items] | |
Net operating loss carryforwards | $ 76,420,000 |
Research and development tax credit | 5,842,000 |
Not Subject To Annual Limitations [Member] | State and City [Member] | |
Income Taxes [Line Items] | |
Net operating loss carryforwards | $ 56,919,000 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Federal Statutory Income Tax Rate to Effective Tax Rate (Detail) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Effective Income Tax Rate Reconciliation [Line Items] | ||
Statutory Federal income tax rate | 34.00% | 34.00% |
State income taxes - net of Federal tax benefit | 0.80% | 1.50% |
Other permanent differences | (8.10%) | (3.50%) |
Valuation allowances | (37.00%) | (40.20%) |
Effective tax rate for the year | 0.20% | 0.20% |
U.S. Federal [Member] | ||
Effective Income Tax Rate Reconciliation [Line Items] | ||
Research and development | 10.30% | 8.20% |
Foreign [Member] | ||
Effective Income Tax Rate Reconciliation [Line Items] | ||
Research and development | 0.20% | 0.20% |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforwards | $ 44,929 | $ 40,215 |
Research and development credit carryforwards | 6,017 | 4,454 |
Compensation expense | 2,735 | 3,300 |
Other | 1,266 | 1,129 |
Total deferred tax assets | 54,947 | 49,098 |
Valuation allowance for deferred tax assets | (54,772) | (48,921) |
Net deferred tax assets | $ 175 | $ 177 |
Profit Sharing Plan and 401(k48
Profit Sharing Plan and 401(k) Plan - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Postemployment Benefits [Abstract] | |||
Employer contribution for profit sharing plan | $ 339,000 | $ 314,000 | $ 284,000 |
Subsequent and Other Events - A
Subsequent and Other Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | |
Feb. 28, 2017 | Jan. 31, 2014 | |
Subsequent Event [Line Items] | ||
Proceeds from common stock issued in public offerings | $ 18.8 | |
Common stock share issued in public offering | 5,000,000 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Proceeds from common stock issued in public offerings | $ 20.9 | |
Common stock share issued in public offering | 22,772,300 | |
Common stock offering price | $ 1.01 |
Quarterly Financial Data - Quar
Quarterly Financial Data - Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net Income (Loss) Available to Common Stockholders, Basic [Abstract] | |||||||||||
Revenues | $ 983 | $ 311 | $ 595 | $ 15,458 | $ 10,605 | $ 396 | $ 216 | $ 731 | $ 17,347 | $ 11,948 | $ 1,623 |
Net income (loss) | $ (7,127) | $ (6,004) | $ (6,956) | $ 4,750 | $ 3,592 | $ (6,497) | $ (1,035) | $ (12,482) | $ (15,337) | $ (16,422) | $ (22,082) |
Basic net income (loss) per common share | $ (0.08) | $ (0.07) | $ (0.08) | $ 0.06 | $ 0.04 | $ (0.08) | $ 0.01 | $ (0.16) | $ (0.18) | $ (0.20) | $ (0.29) |
Diluted net income (loss) per common share | $ (0.10) | $ (0.07) | $ (0.08) | $ 0.06 | $ 0.04 | $ (0.08) | $ (0.05) | $ (0.16) | $ (0.18) | $ (0.20) | $ (0.31) |