Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 28, 2014 | Jun. 28, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'HPTX | ' | ' |
Entity Registrant Name | 'HYPERION THERAPEUTICS INC | ' | ' |
Entity Central Index Key | '0001386858 | ' | ' |
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 | ' | 20,179,819 | ' |
Entity Public Float | ' | ' | $213,779,808 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $74,232 | $49,853 |
Short-term investments | 28,045 | ' |
Accounts receivable, net | 4,419 | ' |
Inventories | 3,513 | ' |
Prepaid expenses and other current assets | 1,403 | 1,155 |
Total current assets | 111,612 | 51,008 |
Long-term investments | 15,780 | ' |
Property and equipment, net | 936 | 49 |
Intangible asset, net | 13,442 | ' |
Other non-current assets | 749 | 147 |
Total assets | 142,519 | 51,204 |
Current liabilities | ' | ' |
Accounts payable | 2,292 | 2,177 |
Accrued liabilities | 12,187 | 2,540 |
Notes payable, current portion | 5,652 | 4,348 |
Total current liabilities | 20,131 | 9,065 |
Notes payable, net of current portion | 2,621 | 7,750 |
Deferred rent | 81 | ' |
Total liabilities | 22,833 | 16,815 |
Commitments and contingencies (Note 13) | ' | ' |
Stockholders' equity | ' | ' |
Preferred stock, par value $0.0001 - 10,000,000 shares authorized at December 31, 2013 and 2012; none issued and outstanding | ' | ' |
Common stock, par value $0.0001 - 100,000,000 shares authorized at December 31, 2013 and 2012; 20,137,145 and 16,646,269 shares issued and outstanding at December 31, 2013 and 2012, respectively | 2 | 2 |
Additional paid-in capital | 242,109 | 173,384 |
Accumulated other comprehensive loss | -55 | ' |
Accumulated deficit | -122,370 | -138,997 |
Total stockholders' equity | 119,686 | 34,389 |
Total liabilities and stockholders' equity | $142,519 | $51,204 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Statement Of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | ' | ' |
Preferred stock, shares outstanding | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 20,137,145 | 16,646,269 |
Common stock, shares outstanding | 20,137,145 | 16,646,269 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Net product revenue | $42,204 | ' | ' |
Costs and expenses: | ' | ' | ' |
Cost of sales | 6,740 | ' | ' |
Research and development | 9,984 | 17,046 | 17,236 |
Selling, general and administrative | 35,839 | 11,487 | 8,923 |
Amortization of intangible asset | 3,058 | ' | ' |
Total costs and expenses | 55,621 | 28,533 | 26,159 |
Loss from operations | -13,417 | -28,533 | -26,159 |
Interest income | 27 | 12 | 28 |
Interest expense | -1,539 | -3,703 | -2,554 |
Gain from settlement of retention option (Note 4) | 31,079 | ' | ' |
Other income (expense), net | 526 | -39 | -731 |
Income (loss) before income taxes | 16,676 | -32,263 | -29,416 |
Income tax expense | 49 | ' | ' |
Net income (loss) | $16,627 | ($32,263) | ($29,416) |
Net income (loss) per share: | ' | ' | ' |
Basic | $0.86 | ($4.45) | ($62.68) |
Diluted | $0.80 | ($4.45) | ($62.68) |
Weighted average number of shares used to compute net income (loss) per share of common stock: | ' | ' | ' |
Basic | 19,415,822 | 7,256,537 | 469,319 |
Diluted | 20,730,913 | 7,256,537 | 469,319 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' |
Net income (loss) | $16,627 | ($32,263) | ($29,416) |
Other comprehensive loss: | ' | ' | ' |
Unrealized loss on investments arising during the year | -55 | ' | ' |
Other comprehensive loss | -55 | ' | ' |
Comprehensive income (loss) | $16,572 | ($32,263) | ($29,416) |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (Deficit) (USD $) | Total | Convertible Notes Payable | Initial Public Offering | Convertible preferred stock | Common Stock | Common Stock | Common Stock | Additional Paid-in Capital | Additional Paid-in Capital | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit |
In Thousands, except Share data | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Convertible Notes Payable | Initial Public Offering | USD ($) | Convertible Notes Payable | Initial Public Offering | USD ($) | USD ($) |
USD ($) | USD ($) | USD ($) | ||||||||||
Balance at Dec. 31, 2010 | ($54,176) | ' | ' | $58,326 | ' | ' | ' | $23,142 | ' | ' | ' | ($77,318) |
Balance, shares at Dec. 31, 2010 | ' | ' | ' | 6,575,637 | 469,319 | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | 345 | ' | ' | ' | ' | ' | ' | 345 | ' | ' | ' | ' |
Gain on extinguishment of debt | 1,143 | ' | ' | ' | ' | ' | ' | 1,143 | ' | ' | ' | ' |
Net income (loss) | -29,416 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -29,416 |
Balance at Dec. 31, 2011 | -82,104 | ' | ' | 58,326 | ' | ' | ' | 24,630 | ' | ' | ' | -106,734 |
Balance, shares at Dec. 31, 2011 | ' | ' | ' | 6,575,637 | 469,319 | ' | ' | ' | ' | ' | ' | ' |
Issuance of stock | ' | ' | 51,312 | ' | ' | ' | 1 | ' | ' | 51,311 | ' | ' |
Issuance of common stock upon conversion of convertible securities | 58,326 | ' | ' | -58,326 | 1 | ' | ' | 58,325 | ' | ' | ' | ' |
Issuance of stock (in shares) | ' | ' | ' | ' | ' | ' | 5,750,000 | ' | ' | ' | ' | ' |
Issuance of common stock upon conversion of convertible securities (in shares) | ' | ' | ' | -6,575,637 | 6,575,637 | ' | ' | ' | ' | ' | ' | ' |
Conversion of convertible notes payable and accrued interest to common stock | 33,322 | 33,322 | ' | ' | ' | ' | ' | ' | 33,322 | ' | ' | ' |
Conversion of convertible notes payable and accrued interest to common stock, (in shares) | ' | ' | ' | ' | ' | 3,444,870 | ' | ' | ' | ' | ' | ' |
Issuance of common stock upon automatic net exercise of warrants | 3,901 | ' | ' | ' | ' | ' | ' | 3,901 | ' | ' | ' | ' |
Issuance of common stock upon automatic net exercise of warrants (in shares) | ' | ' | ' | ' | 340,361 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock warrant | 755 | ' | ' | ' | ' | ' | ' | 755 | ' | ' | ' | ' |
Issuance of common stock upon exercise of stock options | 147 | ' | ' | ' | ' | ' | ' | 147 | ' | ' | ' | ' |
Issuance of common stock upon exercise of stock options (in shares) | ' | ' | ' | ' | 66,082 | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | 993 | ' | ' | ' | ' | ' | ' | 993 | ' | ' | ' | ' |
Net income (loss) | -32,263 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -32,263 |
Balance at Dec. 31, 2012 | 34,389 | ' | ' | ' | 2 | ' | ' | 173,384 | ' | ' | ' | -138,997 |
Balance, shares at Dec. 31, 2012 | ' | ' | ' | ' | 16,646,269 | ' | ' | ' | ' | ' | ' | ' |
Issuance of stock | ' | ' | 63,712 | ' | ' | ' | ' | ' | ' | 63,712 | ' | ' |
Issuance of stock (in shares) | ' | ' | ' | ' | ' | ' | 3,306,250 | ' | ' | ' | ' | ' |
Exercise of common stock warrants (in shares) | ' | ' | ' | ' | ' | 67,503 | ' | ' | ' | ' | ' | ' |
Issuance of common stock upon exercise of stock options | 637 | ' | ' | ' | ' | ' | ' | 637 | ' | ' | ' | ' |
Issuance of common stock upon exercise of stock options (in shares) | ' | ' | ' | ' | 117,123 | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | 4,376 | ' | ' | ' | ' | ' | ' | 4,376 | ' | ' | ' | ' |
Other comprehensive loss | -55 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -55 | ' |
Net income (loss) | 16,627 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,627 |
Balance at Dec. 31, 2013 | $119,686 | ' | ' | ' | $2 | ' | ' | $242,109 | ' | ' | ($55) | ($122,370) |
Balance, shares at Dec. 31, 2013 | ' | ' | ' | ' | 20,137,145 | ' | ' | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Deficit) (Parenthetical) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Statement Of Stockholders Equity [Abstract] | ' | ' |
Underwriting discounts and commissions | $4,116 | $4,025 |
Offering costs | $776 | $2,163 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities | ' | ' | ' |
Net income (loss) | $16,627 | ($32,263) | ($29,416) |
Adjustments to reconcile net income (loss) to net cash used in operating activities | ' | ' | ' |
Depreciation and amortization | 198 | 15 | 69 |
Amortization of debt discount and debt issuance costs | 556 | 1,381 | 1,562 |
Re-measurement of warrants liability | ' | 780 | 1,072 |
Re-measurement of call option liability and preferred stock liability | ' | -737 | -351 |
Stock-based compensation expense | 4,294 | 993 | 345 |
Amortization of intangible asset | 3,058 | ' | ' |
Gain from settlement of retention option (Note 4) | -31,079 | ' | ' |
Unrealized loss on foreign currency translation adjustments | 14 | ' | ' |
Amortization of discount on available-for-sale investments | 51 | ' | ' |
Changes in assets and liabilities | ' | ' | ' |
Accounts receivable | -4,433 | ' | ' |
Inventories, net of acquisition | 468 | ' | ' |
Prepaid expenses and other assets | -809 | -249 | -387 |
Accounts payable | 115 | 290 | 1,203 |
Accrued liabilities | 9,647 | 1,259 | 1,372 |
Deferred rent | 81 | ' | ' |
Net cash used in operating activities | -1,212 | -28,531 | -24,531 |
Cash flows from investing activities | ' | ' | ' |
Acquisition of property and equipment | -1,085 | -45 | -8 |
Purchase of available-for-sale investments | -43,931 | ' | ' |
Option to purchase BUPHENYL and AMMONUL (Note 4) | ' | -283 | ' |
Acquisition of rights to BUPHENYL, net of AMMONUL option (Note 4) | 10,962 | ' | ' |
Change in restricted cash | ' | 330 | -4 |
Net cash provided by (used in) investing activities | -34,054 | 2 | -12 |
Cash flows from financing activities | ' | ' | ' |
Proceeds from issuance of common stock in initial public offering, net of underwriting discounts | ' | 53,475 | ' |
Proceeds from issuance of common stock in follow-on offering, net of underwriting discounts | 64,488 | ' | ' |
Proceeds from issuance of common stock from stock option exercises | 637 | 147 | ' |
Proceeds from issuance of convertible notes payable | ' | 7,504 | 24,982 |
Proceeds from issuance of notes payable, net of issuance costs | ' | 12,401 | ' |
Payments of offering costs | -1,132 | -2,163 | ' |
Principal payments under notes payable | -4,348 | ' | ' |
Net cash provided by financing activities | 59,645 | 71,364 | 24,982 |
Net increase in cash and cash equivalents | 24,379 | 42,835 | 439 |
Cash and cash equivalents, beginning of period | 49,853 | 7,018 | 6,579 |
Cash and cash equivalents, end of period | 74,232 | 49,853 | 7,018 |
Supplemental cash flow information | ' | ' | ' |
Cash paid for interest | 966 | 593 | ' |
Supplemental disclosure of noncash investing and financing activities | ' | ' | ' |
Warrants issued in connection with notes payable | ' | 1,302 | 1,502 |
Issuance of call option related to convertible notes payable | ' | ' | 1,707 |
Gain on extinguishment of debt | ' | ' | 1,143 |
Stock-based compensation capitalized into inventories | 82 | ' | ' |
Option to purchase rights to BUPHENYL and AMMONUL (Note 4) | 283 | ' | ' |
Issuance of common stock upon automatic net exercise of warrants | ' | 3,901 | ' |
Conversion of convertible notes payable and accrued interest to common stock | ' | 33,322 | ' |
Conversion of Series C-1 and C-2 preferred stock to common stock | ' | $58,326 | ' |
Formation_and_Business_of_the_
Formation and Business of the Company | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Formation and Business of the Company | ' | |
1 | Formation and Business of the Company | |
Hyperion Therapeutics, Inc. (the “Company”) was incorporated in the state of Delaware on November 1, 2006. The Company was in the development stage from inception through March 31, 2013. During this period, the Company’s activities consisted primarily of raising capital, negotiating a promotion and drug development collaboration agreement, establishing a management team and performing drug development activities. The Company launched RAVICTI® (glycerol phenylbutyrate) Oral Liquid during the quarter ended March 31, 2013 and acquired BUPHENYL® (sodium phenylbutyrate) Tablets and Powder in May 2013. During the quarter ended June 30, 2013, the Company had significant revenues from principal operations and therefore, ceased being a development stage company. | ||
The Company is a commercial biopharmaceutical company focused on the development and commercialization of novel therapeutics to treat disorders in the areas of orphan diseases and hepatology. The Company has developed RAVICTI to treat the most prevalent urea cycle disorders (“UCD”) and is developing glycerol phenylbutyrate (“GPB”) for the potential treatment of hepatic encephalopathy (“HE”). UCD and HE are generally characterized by elevated levels of ammonia in the bloodstream. Elevated levels of ammonia are potentially toxic and can lead to severe medical complications which may include death. The Company’s product, RAVICTI, is designed to lower ammonia in the blood. UCD are inherited rare genetic diseases caused by a deficiency of one or more enzymes or transporters that constitute the urea cycle, which in a healthy individual removes ammonia through conversion of ammonia to urea. HE is a serious but potentially reversible neurological disorder that can occur in patients with liver scarring, known as cirrhosis, or acute liver failure. On February 1, 2013, the U.S. Food and Drug Administration (“FDA”), granted approval of RAVICTI for the use as a nitrogen-binding agent for chronic management of adult and pediatric UCD patients greater than two years of age who cannot be managed by dietary protein restriction and/or amino acid supplementation alone. On May 31, 2013, the Company acquired BUPHENYL, an FDA-approved therapy for treatment of the most prevalent UCD, from Ucyclyd Pharma Inc. (“Ucyclyd”), a subsidiary of Valeant Pharmaceuticals International, Inc. (“Valeant”). Subsequent to the acquisition on May 31, 2013, the Company started selling BUPHENYL Tablets and Powder within and outside the United States. | ||
Hyperion Therapeutics Limited was formed in January 2008 as a private limited company under the Companies Act 1985 for England and Wales and is wholly owned by the Company. Since its incorporation, there has been no activity in Hyperion Therapeutics Limited. | ||
On July 31, 2012, the Company completed its initial public offering (“IPO”) and issued 5,000,000 shares of its common stock at an initial offering price of $10.00 per share. In addition, the Company sold an additional 750,000 shares of common stock directly to its underwriters when they exercised their over-allotment option in full at the initial offering price of $10.00 per share. The shares began trading on the NASDAQ Global Market on July 26, 2012. The Company received net proceeds from the IPO of $51.3 million, after deducting underwriting discounts and commissions of $4.0 million and expenses of $2.2 million. Upon the closing of the IPO, the Company’s Series C-1 and Series C-2 preferred stock converted into 1,912,598 and 4,663,039 shares of common stock, respectively. In addition, the principal and accrued interest under the Company’s April 2011 Notes and October 2011 Notes amounting to $18.9 million and $15.6 million, respectively, converted into 1,888,054 and 1,556,816 shares of common stock. As of July 31, 2012, the carrying value of the April 2011 Notes including the impact of the amendment to the April 2011 Notes as discussed in and accrued interest under the April 2011 Notes was $18.4 million. As of July 31, 2012, the carrying value (net of discount) and accrued interest under the October 2011 Notes was $14.9 million. Additionally, the April 2011 common stock warrants and October 2011 preferred stock warrants were converted into 322,599 and 17,762 shares of common stock, respectively, immediately prior to the closing of the IPO. | ||
On March 13, 2013, the Company completed its follow-on offering and issued 2,875,000 shares of its common stock at an offering price of $20.75 per share. In addition, the Company sold an additional 431,250 shares of common stock directly to its underwriters when they exercised their over-allotment option in full at the offering price of $20.75 per share. The Company received net proceeds from the offering of $63.7 million, after deducting underwriting discounts and commissions of $4.1 million and expenses of $0.8 million. | ||
On August 14, 2013, the Company filed a shelf registration statement on Form S-3, which was declared effective by the Securities and Exchange Commission (“SEC”) on September 13, 2013. The shelf registration statement permits: (a) the offering, issuance and sale by the Company of up to a maximum aggregate offering price of $150.0 million of its common stock, preferred stock, debt securities, warrants and/or units; (b) the sale of up to 8,727,000 shares of common stock by certain selling stockholders; and (c) the offering, issuance and sale by the Company of up to a maximum aggregate offering price of $50.0 million of its common stock that may be issued and sold under a sales agreement with Cantor Fitzgerald & Co. As of December 31, 2013, there were no sales of any securities registered pursuant to the shelf registration statement. | ||
Since inception, the Company has incurred recurring annual net operating losses and negative cash flows from operations. During the year ended December 31, 2013, the Company incurred a loss from operations of $13.4 million and used $1.2 million of cash in operations. At December 31, 2013, the Company had an accumulated deficit of $122.4 million. The Company expects to incur increased research and development expenses when the Company initiates a Phase III trial of GPB for the treatment of patients with episodic HE. In addition, the Company expects to incur increased sales and marketing expenses for RAVICTI and BUPHENYL in UCD. Management’s plans with respect to these matters include utilizing a substantial portion of the Company’s capital resources and efforts in completing the development and obtaining regulatory approval of GPB in HE, expanding the Company’s organization, and commercialization of RAVICTI and marketing of BUPHENYL. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Accounting Policies [Abstract] | ' | ||||
Summary of Significant Accounting Policies | ' | ||||
2 | Summary of Significant Accounting Policies | ||||
Basis of Presentation and the Use of Estimates | |||||
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of the accompanying consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates, including those related to the fair value of assets and liabilities, intangible asset valuation, stock-based compensation expense, income taxes, revenue recognition and product sales allowances. Management bases its estimates on historical experience or on various other assumptions, including information received from its service providers, which it believes to be reasonable under the circumstances. Actual results could differ from those estimates. | |||||
Basis of Consolidation | |||||
The consolidated financial statements include the accounts of the Company and Hyperion Therapeutics Limited. All intercompany balances and transactions, if any, have been eliminated for purposes of consolidation. | |||||
Reclassifications | |||||
Certain prior year amounts in the consolidated financial statements have been reclassified to conform to the current year’s presentation. In particular, sales and marketing expenses have been combined with general and administrative expenses in the consolidated statements of operations. The result of this reclassification had no impact on the previously reported net loss, the consolidated balance sheets or the consolidated statements of cash flows. | |||||
Segment Reporting | |||||
The Company operates as one operating segment and uses one measurement of profitability to manage its business. All long-lived assets are maintained in the United States. For the year ended December 31, 2013, net product revenue in the United States and rest of the world (primarily Canada and Europe) was $37.0 million and $5.2 million, respectively. For the year ended December 31, 2013, net product revenue consisted of net sales from RAVICTI of $31.2 million and net sales from BUPHENYL of $11.5 million partially offset by $0.5 million of co-payment assistance. | |||||
Cash and Cash Equivalents | |||||
The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents. Cash and cash equivalents include money market funds and various deposit accounts. | |||||
Investments | |||||
The Company determines the appropriate classification of its investments in debt and equity securities at the time of purchase. All of the Company’s securities are classified as available-for-sale and reported in short-term investments or long-term investments based on maturity dates and whether such assets are reasonably expected to be realized in cash or sold or consumed during the normal cycle of business. Available-for-sale investments are recorded at fair value, with unrealized gains or losses included in Accumulated Other Comprehensive Loss on the Company’s Consolidated Balance Sheets, exclusive of other-than-temporary impairment losses, if any. Short-term and long-term investments are comprised of corporate notes, commercial paper, U.S. federal government agency securities and certificates of deposit. | |||||
Accounts Receivable | |||||
Trade accounts receivable are recorded net of product sales allowances for prompt-payment discounts, chargebacks, and doubtful accounts. Estimates for chargebacks and prompt-payment discounts are based on contractual terms, historical trends and expectations regarding the utilization rates for these programs. At December 31, 2013, the Company had no allowances for doubtful accounts. | |||||
Inventories | |||||
Inventories are stated at the lower of cost or market value with cost determined under the first-in-first-out (FIFO) cost method and consist of raw materials and finished goods. Costs capitalized as inventories include third party manufacturing costs, associated compensation related costs of personnel indirectly involved in the manufacturing process and other overhead costs such as ancillary supplies. Subsequent to FDA approval of RAVICTI on February 1, 2013, the Company began capitalizing RAVICTI inventories as the related costs were expected to be recoverable through the commercialization of the product. Costs incurred prior to the FDA approval of RAVICTI have been recorded as research and development expense in the consolidated statements of operations. If information becomes available that suggest that inventories may not be realizable, the Company may be required to expense a portion or all of the previously capitalized inventories. | |||||
Products that have been approved by the FDA or other regulatory authorities, such as RAVICTI are also used in clinical programs, to assess the safety and efficacy of the products for usage in diseases that have not been approved by the FDA or other regulatory authorities. The form of RAVICTI utilized for both commercial and clinical programs is identical and, as a result, the inventory has an “alternative future use” as defined in authoritative guidance. Raw materials and purchased drug product associated with clinical development programs are included in inventory and charged to research and development expense when the product enters the research and development process and no longer can be used for commercial purposes and, therefore, does not have an “alternative future use”. | |||||
On May 31, 2013, the Company acquired BUPHENYL from Ucyclyd (see Note 4). The Company recorded the acquired BUPHENYL inventories at fair value in the amount of $3.9 million on the acquisition date. The Company is expensing the difference between the fair value and book value of inventory as that inventory is sold. | |||||
Business Combinations | |||||
The Company allocates the purchase price of an acquired business to the tangible and intangible assets acquired and liabilities assumed based upon their estimated fair values on the acquisition date. Any excess of the purchase price over the fair value of the net assets acquired is recorded as goodwill. The purchase price allocation process requires management to make significant estimates and assumptions, especially at the acquisition date with respect to intangible assets. Direct transaction costs associated with the business combination are expensed as incurred. | |||||
Intangible Assets | |||||
Intangible assets are recorded at acquisition cost less accumulated amortization and impairment. Intangible assets with finite lives are amortized over their estimated useful lives. The Company’s intangible asset pertains to BUPHENYL product rights (see Note 4). The intangible asset is amortized over the estimated useful life using the economic use method, which reflects the pattern that the economic benefits of the intangible asset are consumed as revenue is generated. The pattern of consumption of the economic benefits is estimated using the future projected cash flows of the intangible asset. | |||||
Impairment of Long-lived Assets | |||||
The Company reviews its property and equipment, intangible assets subject to amortization and other long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. Recoverability is measured by comparing the carrying amount to the future net undiscounted cash flows that the assets are expected to generate. If such assets are considered impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value determined using projected discounted future net cash flows arising from the assets. | |||||
Property and Equipment | |||||
Property and equipment are stated at cost, net of accumulated depreciation and amortization. All property and equipment is depreciated on a straight-line basis over the following estimated useful lives: | |||||
Computer and office equipment | 3 – 5 years | ||||
Software | 3 years | ||||
Furniture and fixtures | 3 years | ||||
Leasehold improvements are amortized over the lesser of their useful life or the term of the applicable lease. Upon sale or retirement of assets, the cost and related accumulated depreciation and amortization are removed from the consolidated balance sheet and the resulting gain or loss is reflected in operations. Maintenance and repairs are charged to operations as incurred. | |||||
2012 Reverse Stock Split | |||||
The Company effected a 1-for-6.09 reverse stock split of its common stock and preferred stock on July 12, 2012. Accordingly, all share and per share amounts for all periods presented in these consolidated financial statements and notes thereto, have been adjusted retroactively to reflect this reverse stock split. | |||||
Concentration of Credit Risk and Significant customers | |||||
The Company’s cash and cash equivalents and investments are maintained with financial institutions located in the United States. Deposits in these institutions may exceed the amount of insurance provided on such deposits. The Company has not recognized any losses from credit risks during the periods presented and management does not believe that the Company is exposed to significant credit risk from its cash and cash equivalents or investments. | |||||
The Company is also subject to credit risk from its accounts receivables related to its product sales. The Company monitors its exposure within accounts receivable and records a reserve against uncollectible accounts receivable as necessary. The Company extends credit to a specialty distributor in the United States and to international distributors, pharmacies and hospitals outside the United States. Customer creditworthiness is monitored and collateral is not required. In 2013 there were no credit losses on the Company’s accounts receivable. As at December 31, 2013, the specialty distributor in the United States accounted for 64% of the accounts receivable balance and one international distributor accounted for 17% of the accounts receivable balance. | |||||
Fair Value of Financial Instruments | |||||
The Company measures certain financial assets and liabilities at fair value based on the exchange price that would be received for an asset or paid for to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The carrying amounts of the Company’s financial instruments, including cash equivalents, short-term investments, the option to purchase BUPHENYL and AMMONUL, accounts payable, and accrued liabilities, approximate fair value due to their short maturities. The carrying amounts of long-term investments represent their estimated fair values. The Company’s debt obligations are carried at historical cost, which approximates fair value. | |||||
Preclinical and Clinical Trial Accruals | |||||
The Company’s clinical trial accruals are based on estimates of patient enrollment and related costs at clinical investigator sites as well as estimates for the services received and efforts expended pursuant to contracts with multiple research institutions and clinical research organizations that conduct and manage preclinical and clinical trials on the Company’s behalf. The Company accrues expenses related to clinical trials based on contracted amounts applied to the level of patient enrollment and activity according to the protocol. If timelines or contracts are modified based upon changes in the clinical trial protocol or scope of work to be performed, the Company modifies the estimates of accrued expenses accordingly. To date, the Company has had no significant adjustments to accrued preclinical and clinical trial expenses. | |||||
Warrants Liability | |||||
The Company accounts for its warrants and other derivative financial instruments as either equity or liabilities based upon the characteristics and provisions of each instrument. Warrants classified as equity are recorded as additional paid-in capital on the consolidated balance sheets and no further adjustments to their valuation are made. Warrants classified as derivative liabilities and other derivative financial instruments that require separate accounting as liabilities are recorded on the Company’s consolidated balance sheets at their fair value on the date of issuance and are revalued at each subsequent balance sheet date, with fair value changes recognized as increases or reductions to other income (expense), net in the consolidated statements of operations. | |||||
Revenue Recognition | |||||
The Company recognizes revenue in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 605, Revenue Recognition, when the following criteria have been met: persuasive evidence of an arrangement exists; delivery has occurred and risk of loss has passed; the seller’s price to the buyer is fixed or determinable and collectability is reasonably assured. The Company determines that persuasive evidence of an arrangement exists based on written contracts that defined the terms of the arrangements. In addition, the Company determines that services have been delivered in accordance with the arrangement. The Company assesses whether the fee is fixed or determinable based on the payment terms associated with the transaction and whether the sales price is subject to refund or adjustment. The Company assesses collectability based primarily on the customer’s payment history and on the creditworthiness of the customer. | |||||
Product Revenue, net: The Company’s product revenue represents sales of RAVICTI and BUPHENYL which are recognized once all four revenue recognition criteria described above are met. The Company recognizes revenue net of product sales allowances. Product shipping and handling costs are included in cost of sales. | |||||
• | During 2013, the Company began distributing RAVICTI to two specialty pharmacies through a specialty distributor. The specialty pharmacies then in turn dispensed RAVICTI to patients in fulfillment of prescriptions. As RAVICTI is a new product, and the Company’s first commercial product, the Company could not reasonably assess potential product sales allowances at the time of sale to the specialty distributor. As a result, the price of RAVICTI was not deemed fixed or determinable. The Company does not record revenue on shipments of RAVICTI to the specialty distributor, until the product was shipped to patients by the specialty pharmacies at which time the related product sales allowances could be reasonably estimated. | ||||
• | As discussed in Note 4, on May 31, 2013, the Company acquired BUPHENYL from Ucyclyd. The Company sells BUPHENYL in the United States to a specialty distributor who in turn sells this product to retail pharmacies, hospitals and other dispensing organizations. The Company records revenue on product shipments to the specialty distributor upon receipt by the specialty distributor. For product sales of BUPHENYL outside the United States, revenue is recognized once the product is accepted by the customer or their acceptance period has expired, whichever comes first. | ||||
Product Sales Allowances: The Company establishes reserves for prompt-payment discounts, government and commercial rebates, product returns and chargebacks. Allowances related to prompt-payment discounts are recorded at the time of revenue recognition, resulting in a reduction in product sales revenue and a decrease in trade accounts receivables. Accruals related to government rebates, product returns and other applicable allowances such as distributor fees are recognized at the time of revenue recognition, resulting in a reduction in product sales and an increase in accrued expenses or a reduction in the related accounts receivable. | |||||
• | Prompt-payment discounts: The specialty distributor and specialty pharmacies are offered prompt-payment discounts. The Company expects the specialty distributor and specialty pharmacies will earn prompt payment discounts and, therefore deduct the full amount of these discounts from total product sales when revenues are recognized. The Company records prompt-payment discounts as allowances against accounts receivable on the consolidated balance sheet. | ||||
• | Rebates: Allowances for rebates include mandated discounts under the Medicaid Drug Rebate Program. Rebate amounts are based upon contractual agreements or legal requirements with public sector (e.g. Medicaid) benefit providers. Rebates are amounts owed after the final dispensing of the product to a benefit plan participant and are based upon contractual agreements or legal requirements with public sector benefit providers. The allowance for rebates is based on statutory discount rates and expected utilization. The Company estimates for expected utilization of rebates based on historical data and data received from the specialty distributor, two specialty pharmacies and our dedicated call center. Rebates are generally invoiced and paid in arrears so that the accrual balance consists of an estimate of the amount expected to be incurred for the current quarter’s activity, plus an accrual balance for known prior quarter’s unpaid rebates. If actual future rebates vary from estimates, the Company may need to adjust prior period accruals, which would affect revenue in the period of adjustment. Allowance for rebates are recorded in accrued liabilities on the consolidated balance sheet. | ||||
• | Chargebacks: Chargebacks are discounts that occur when contracted customers purchase directly from a specialty distributor. Contracted customers, which primarily consist of Public Health Service institutions, non-profit clinics, and Federal government entities purchasing via the Federal Supply Schedule, generally purchase the product at a discounted price. The specialty distributor, in turn, charges back to the Company the difference between the price initially paid by the specialty distributor and the discounted price paid to the specialty distributor by the customer. For BUPHENYL, the allowance for chargebacks is based on historical sales data and known sales to contracted customers. For RAVICTI, the allowance for chargebacks is based on known sales to contracted customers. For qualified programs that can purchase the Company’s products through distributors at a lower contractual government price, the distributors charge back to the Company the difference between their acquisition cost and the lower contractual government price. | ||||
• | Medicare Part D Coverage Gap: Medicare Part D prescription drug benefit mandates manufacturers to fund 50% of the Medicare Part D insurance coverage gap for prescription drugs sold to eligible patients. The Company estimates for the expected Medicare Part D coverage gap are based on historical invoices received and in part from data received from the specialty pharmacies. Funding of the coverage gap is generally invoiced and paid in arrears so that the accrual balance consists of an estimate of the amount expected to be incurred for the current quarter’s activity, plus an accrual balance for known prior quarters. If actual future funding varies from estimates, the Company may need to adjust prior period accruals, which would affect revenue in the period of adjustment. Estimates of the Medicare Part D coverage gap are recorded in accrued liabilities on the consolidated balance sheet. | ||||
• | Distribution Service Fees: The Company has a written contract with the specialty distributor that includes terms for distribution-related fees. Distributor fees are calculated at percentage of gross sales based upon agreed contracted rate. The Company accrues distributor fees at the time of the revenue recognition, resulting in reduction of product sales revenue and the recording of accrued liabilities on the consolidated balance sheets. The Company records distribution and other fees paid to its customers as a reduction of revenue, unless it receives an identifiable and separate benefit for the consideration and it can reasonably estimate the fair value of the benefit received. If both conditions are met, the Company records the consideration paid to the customer as an operating expense. These costs are typically known at the time of sale. | ||||
• | Product Returns: Consistent with industry practice, the Company generally offers customers a limited right to return. The Company accepts returns of products from patients resulting from breakage as defined within the Company’s returns policy. Additionally, the Company considers several other factors in the estimation process including the expiration dates of product shipped, third party data in monitoring channel inventory levels, shelf life of the product, prescription trends and other relevant factors. Provisions for estimated product returns are recorded as accrued liabilities on the consolidated balance sheet. | ||||
Co-payment assistance: The Company provides a cash donation to a non-profit third party organization which supports UCD patients, who have commercial insurance and meet certain financial eligibility requirements, with co-payment assistance and travel costs. The amount of co-payment assistance is accounted for by the Company as a reduction of revenues. | |||||
Cost of sales | |||||
Cost of sales includes third-party manufacturing cost of products sold, royalty fees, and other indirect costs related to personnel compensation, shipping and supplies. Costs incurred prior to FDA approval of RAVICTI have been recorded as research and development expense in the Company’s consolidated statement of operations. Cost of BUPHENYL sales as a percentage of revenue was higher and not indicative of cost of sales in future periods due to the recording of the step-up value on BUPHENYL inventories acquired from Ucyclyd which is expensed to cost of sales as that inventory is sold. (See Note 4) | |||||
Foreign Currency Translations | |||||
The Company has cash and accounts receivable denominated in foreign currency are translated at the rate of exchange in effect on the balance sheet date. Revenue and expenses denominated in foreign currency are translated at the weighted average rate of exchange prevailing during the period. Any gains and losses resulting from foreign currency translations are included in other income (expense)-net in the consolidated statements of operations. | |||||
Research and Development Expenses | |||||
Costs related to research and development of products are charged to expense as incurred. Research and development costs include, but are not limited to, payroll and personnel expenses, clinical trial supplies, fees for clinical trial services, consulting costs and allocated overhead, including rent, equipment, depreciation and utilities. | |||||
Stock-Based Compensation | |||||
The Company accounts for stock-based employee compensation arrangements in accordance with provisions of ASC 718, Compensation — Stock Compensation. ASC 718 requires the recognition of compensation expense, using a fair-value based method, for costs related to all share-based payments including stock options. ASC 718 requires companies to estimate the fair value of share-based payment awards on the date of grant using an option-pricing model. The Company calculates the fair value of stock options using the Black-Scholes method and expenses using the straight-line attribution approach. | |||||
Income Taxes | |||||
The Company accounts for income taxes under the liability method. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts expected to be realized. | |||||
The Company accounts for uncertain tax positions in accordance with ASC 740-10, Accounting for Uncertainty in Income Taxes. The Company assesses all material positions taken in any income tax return, including all significant uncertain positions, in all tax years that are still subject to assessment or challenge by relevant taxing authorities. Assessing an uncertain tax position begins with the initial determination of the position’s sustainability and is measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. As of each balance sheet date, unresolved uncertain tax positions must be reassessed, and the Company will determine whether (i) the factors underlying the sustainability assertion have changed and (ii) the amount of the recognized tax benefit is still appropriate. The recognition and measurement of tax benefits requires significant judgment. Judgments concerning the recognition and measurement of a tax benefit might change as new information becomes available. | |||||
Comprehensive Income (Loss) | |||||
Comprehensive income (loss) is comprised of net income (loss) and other comprehensive loss. Other comprehensive loss includes changes in stockholders’ equity that are excluded from net income (loss), specifically changes in unrealized gains and losses on the Company’s available-for-sale securities. | |||||
Net Income (Loss) per Share of Common Stock | |||||
Basic earnings per share is computed by dividing the net income (loss) by the weighted average number of shares of common stock outstanding during the periods presented. The computation of diluted earnings per share is similar to the computation of basic earnings per share, except that the denominator is increased for the assumed exercise of dilutive options and other potentially dilutive securities using the treasury stock method, unless the effect is antidilutive. | |||||
Recent Accounting Pronouncements | |||||
In February 2013, FASB issued Accounting Standard Update (“ASU”) No. 2013-02, Comprehensive Income: Reporting of amounts reclassified out of other comprehensive income. Under the amendments of this update an entity is required to present either parenthetically on the face of the financial statements or in the notes, significant amounts reclassified from each component of accumulated other comprehensive income and the income statement line items affected by the reclassification. However, an entity would not need to show the income statement line item affected for certain components that are not required to be reclassified in their entirety to net income, such as amounts amortized into net periodic pension cost. The standard was effective prospectively for public entities for fiscal years, and interim periods with those years, beginning after December 15, 2012. Early adoption was permitted. The Company adopted this guidance on January 1, 2013. The implementation did not have an impact on the Company’s consolidated financial statements. | |||||
In July 2013, FASB issued ASU No. 2013-11, Income Taxes (Topic 740): Presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. Under the amendments of this update an entity is required to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date. For example, an entity should not evaluate whether the deferred tax asset expires before the statute of limitations on the tax position or whether the deferred tax asset may be used prior to the unrecognized tax benefits being settled. The provisions of this update will be effective prospectively for the Company in fiscal years beginning after December 15, 2013, and for the interim periods within fiscal years with early adoption and retrospective application permitted. The Company believes the adoption of this new guidance will not have a material impact on its consolidated financial statements. |
Collaboration_Agreement_with_U
Collaboration Agreement with Ucyclyd Pharma, Inc. | 12 Months Ended | |
Dec. 31, 2013 | ||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | |
Collaboration Agreement with Ucyclyd Pharma, Inc. | ' | |
3 | Collaboration Agreement with Ucyclyd Pharma, Inc. | |
In March 2012, the Company entered into the purchase agreement with Ucyclyd under which the Company purchased the worldwide rights to RAVICTI and the amended and restated collaboration agreement (the “restated collaboration agreement”) under which Ucyclyd granted the Company an option to purchase all of Ucyclyd’s worldwide rights to BUPHENYL and AMMONUL at a fixed price at a future defined date, plus subsequent milestone and royalty payments, subject to Ucyclyd’s right to retain AMMONUL for a predefined price. The restated collaboration agreement superseded the collaboration agreement with Ucyclyd, dated August 23, 2007, as amended. The entry into the purchase agreement and the restated collaboration agreement resolved a dispute that the two parties had with respect to their rights under the prior collaboration agreement. | ||
Under the purchase agreement, the Company made a payment of $6.0 million of which (i) $5.7 million was allocated to the worldwide rights to RAVICTI and (ii) $0.3 million was allocated to the option to purchase rights to BUPHENYL and AMMONUL, based on their relative fair values. The allocated amount to the rights to RAVICTI of $5.7 million was recorded to research and development expense in the consolidated statements of operations for the period ended March 31, 2012 due to the uncertainty of an alternative future use. The allocated amount for the option to purchase rights to BUPHENYL and AMMONUL in the amount of $0.3 million was included within other current assets and was subsequently offset against the gain recognized from the settlement of retention option (see Note 4). | ||
The Company will also pay tiered mid to high single digit royalties on global net sales of RAVICTI and may owe regulatory milestones of up to $15.8 million related to approval of GPB in HE, regulatory milestones of up to $7.3 million per indication for approval of GPB in indications other than UCD or HE, and net sales milestones of up to $38.8 million if GPB is approved for use in indications other than UCD (such as HE) and all annual sales targets are reached. | ||
In addition, the intellectual property license agreements executed between Ucyclyd and Dr. Marshall L. Summar, (“Summar”) and Ucyclyd and Brusilow Enterprises, LLC, (“Brusilow”) were assigned to the Company, and the Company has assumed the royalty and milestone obligations under the Brusilow agreement for sales of RAVICTI in any indication and the royalty obligations under the Summar agreement on sales of GPB to treat HE. The Brusilow and Summar agreements provide that royalty obligations will continue, without adjustment, even if generic versions of the licensed products are introduced and sold in the relevant country. | ||
Under the terms of the restated collaboration agreement, the Company had an option to purchase all of Ucyclyd’s worldwide rights in BUPHENYL and AMMONUL, subject to Ucyclyd’s option to retain rights to AMMONUL. The Company was permitted to exercise this option for 90 days beginning on the earlier of the date of the approval of RAVICTI for the treatment of UCD and June 30, 2013, but in no event earlier than January 1, 2013. The upfront purchase price for AMMONUL and BUPHENYL was $22.0 million. If the RAVICTI New Drug Application (“NDA”) for UCD was not approved by January 1, 2013, then Ucyclyd was obligated to make monthly payments of $0.5 million to the Company until the earliest of (1) FDA approval of the RAVICTI NDA for UCD, (2) June 30, 2013 and (3) the Company’s written notification of the decision not to purchase Ucyclyd’s worldwide rights to BUPHENYL and AMMONUL. | ||
On February 1, 2013, the FDA approved RAVICTI for the treatment of UCD in adult and pediatric patients two years of age and older. In accordance with the restated collaboration agreement, Ucyclyd made a payment of $0.5 million during the quarter ended March 31, 2013. | ||
On April 29, 2013, the Company exercised its option to purchase BUPHENYL and AMMONUL. Ucyclyd subsequently exercised it’s time-limited right to elect to retain all rights to AMMONUL for a contractual purchase price of $32.0 million (“retention amount”). Upon closing of the transaction, Ucyclyd paid the Company a net payment of $11.0 million, which reflects the Company’s contractual purchase price for Ucyclyd’s worldwide rights to BUPHENYL in the amount of $19.0 million being off-set against Ucyclyd’s retention amount for AMMONUL and a $2.0 million payment due to Ucyclyd for inventory that the Company purchased from Ucyclyd. The Company has retained a right of first negotiation should Ucyclyd later decide to sell, exclusively license, or otherwise transfer the AMMONUL assets to a third party. |
Acquisition_of_BUPHENYL_from_U
Acquisition of BUPHENYL from Ucyclyd Pharma, Inc. | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Acquisition of BUPHENYL from Ucyclyd Pharma, Inc. | ' | ||||||||
4 | Acquisition of BUPHENYL from Ucyclyd Pharma, Inc. | ||||||||
Description of the Transaction | |||||||||
As discussed in Note 3, under the terms of the restated collaboration agreement, on April 29, 2013, the Company exercised its option to purchase all of Ucyclyd’s worldwide rights in BUPHENYL and AMMONUL. On May 17, 2013 Ucyclyd exercised its time-limited right to elect to retain all rights to AMMONUL. On May 31, 2013 (the “Acquisition Date”), the Company completed the acquisition of BUPHENYL. Accordingly, BUPHENYL results are included in Hyperion’s consolidated financial statements from the date of the acquisition. For the period from June 1, 2013 to December 31, 2013, BUPHENYL net revenue was $11.5 million. | |||||||||
The Company acquired BUPHENYL to enhance its commercial product portfolio and to allow the Company an opportunity to serve the entire UCD patient population, including those less than two years of age or for those patients who may prefer BUPHENYL. | |||||||||
Purchase Consideration and Assets Acquired | |||||||||
The Company accounted for the acquisition of BUPHENYL as a business combination under the acquisition method of accounting. On the Acquisition Date, the Company received a net payment of $11.0 million, which reflected the $32.0 million retention amount for AMMONUL due to the Company less the $19.0 million contractual purchase price for BUPHENYL due to Ucyclyd and a $2.0 million payment due to Ucyclyd for inventory that the Company purchased from Ucyclyd. | |||||||||
The fair value of purchase consideration was estimated based upon the fair value of assets acquired. The estimated fair value attributed to the BUPHENYL product rights was determined on a discounted forecast of the estimated net future cash flows to be generated from the product rights and has an expected useful life of 10 years. The following table summarizes the allocation of purchase price to the fair values of the assets acquired as of the acquisition date: | |||||||||
(in thousands) | |||||||||
Inventories | $ | 3,900 | |||||||
Intangible Asset — BUPHENYL Product rights | 16,500 | ||||||||
Total | $ | 20,400 | |||||||
Gain from Settlement of Retention Option | |||||||||
In connection with the allocation between the BUPHENYL acquisition described above and Ucyclyd’s exercise of its retention option, the Company recorded a gain of $31.1 million. The amount of gain is comprised of (i) fair value of BUPHENYL of $20.4 million and (ii) net cash received from Ucyclyd of $11.0 million off-set by (iii) the $0.3 million carrying value of the option to purchase the rights to BUPHENYL and AMMONUL. The following table summarizes the results of the Company’s allocation: | |||||||||
(in thousands) | |||||||||
Ucyclyd’s retention option amount | $ | 32,000 | |||||||
Amount due to Ucyclyd for BUPHENYL product rights | (19,000 | ) | |||||||
Amount due to Ucyclyd for inventory | (2,038 | ) | |||||||
Net payment received from Ucyclyd | 10,962 | ||||||||
Option to purchase the rights to BUPHENYL and AMMONUL | (283 | ) | |||||||
Fair value of BUPHENYL | 20,400 | ||||||||
Gain from settlement of retention option | $ | 31,079 | |||||||
Pro forma Impact of Business Combination | |||||||||
The following consolidated pro forma information is based on the assumption that the acquisition occurred on January 1, 2012. The unaudited pro forma information is presented for comparative purposes only and is not necessarily indicative of the financial position or results of operations which would have been reported had the Company completed the acquisition during these periods or which might be reported in the future. The unaudited pro forma information reflects primarily the application of the following adjustments: | |||||||||
• | the elimination of the historical intangible asset amortization expense of this acquisition; | ||||||||
• | the amortization expense related to the fair value of intangible asset acquired; | ||||||||
• | the exclusion of acquisition-related costs, incurred for this acquisition; and | ||||||||
• | the exclusion of the step-up value related to inventory sold that was acquired as part of the acquisition. | ||||||||
The unaudited pro forma information is not necessarily indicative of what the Company’s consolidated results of operations actually would have been had the acquisition been completed on January 1, 2012. In addition, the unaudited pro forma information does not purport to project the future results of operations of the Company. | |||||||||
Year Ended | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
( in thousands) | |||||||||
Net revenues | $ | 52,900 | $ | 21,501 | |||||
Net income (loss) | 24,266 | (28,976 | ) | ||||||
Acquisition-related Costs | |||||||||
Acquisition-related expenses consist of transaction costs which represent external costs directly related to the acquisition of BUPHENYL and primarily include expenditures for professional fees such as legal, accounting and other directly related incremental costs incurred to close the acquisition. Acquisition-related expenses for the year ended December 31, 2013 were $0.6 million. |
Investments
Investments | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Investments | ' | ||||||||||||||||||||||||
5 | Investments | ||||||||||||||||||||||||
All investments were classified as available-for-sale at December 31, 2013. The principal amounts of investments by contractual maturity are summarized in the tables below: | |||||||||||||||||||||||||
Contractual Maturity Date for the | Total Book | Unrealized | Aggregate | ||||||||||||||||||||||
Years Ending December 31, | Value at | Loss | Fair Value at | ||||||||||||||||||||||
December 31, 2013 | December 31, 2013 | ||||||||||||||||||||||||
2014 | 2015 | ||||||||||||||||||||||||
Certificates of deposit | $ | 10,525 | $ | 2,845 | $ | 13,370 | $ | (27 | ) | $ | 13,343 | ||||||||||||||
Corporate notes | 6,047 | 12,960 | 19,007 | (24 | ) | 18,983 | |||||||||||||||||||
U.S. Government agency securities | 8,011 | — | 8,011 | (3 | ) | 8,008 | |||||||||||||||||||
Commercial paper | 3,492 | — | 3,492 | (1 | ) | 3,491 | |||||||||||||||||||
Total | $ | 28,075 | $ | 15,805 | $ | 43,880 | $ | (55 | ) | $ | 43,825 | ||||||||||||||
The Company did not hold any investments at December 31, 2012. | |||||||||||||||||||||||||
The Company evaluated its investments and determined that there were no other-than-temporary impairments as of December 31, 2013. | |||||||||||||||||||||||||
The aggregate amounts of unrealized losses and related fair value of investments with unrealized losses as of December 31, 2013 was as follows: | |||||||||||||||||||||||||
Less Than 12 Months to | 12 Months or More to | Total | |||||||||||||||||||||||
Maturity | Maturity | ||||||||||||||||||||||||
Aggregate | Unrealized | Aggregate | Unrealized | Aggregate | Unrealized | ||||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||||||||
Certificates of deposit | $ | 10,507 | $ | (18 | ) | $ | 2,836 | $ | (9 | ) | $ | 13,343 | $ | (27 | ) | ||||||||||
Corporate notes | 6,039 | (8 | ) | 12,944 | (16 | ) | 18,983 | (24 | ) | ||||||||||||||||
U.S. Government agency securities | 8,008 | (3 | ) | — | — | 8,008 | (3 | ) | |||||||||||||||||
Commercial paper | 3,491 | (1 | ) | — | — | 3,491 | (1 | ) | |||||||||||||||||
Total | $ | 28,045 | $ | (30 | ) | $ | 15,780 | $ | (25 | ) | $ | 43,825 | $ | (55 | ) | ||||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
6 | Fair Value Measurements | ||||||||||||||||
The Company follows ASC 820-10, “ Fair Value Measurements and Disclosures ,” which among other things, defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tier fair value hierarchy has been established, which prioritizes the inputs used in measuring fair value as follows: | |||||||||||||||||
• | Level 1 — Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. | ||||||||||||||||
• | Level 2 — Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. | ||||||||||||||||
• | Level 3 — Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. | ||||||||||||||||
The following table presents the Company’s fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 and 2012 (in thousands): | |||||||||||||||||
Fair Value Measurements at December 31, 2013 | |||||||||||||||||
Quoted Price in | Significant Other | Significant | Total | ||||||||||||||
Active Markets | Observable Inputs | Unobservable | |||||||||||||||
for Identical Assets | (Level 2) | Inputs | |||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | $ | 38,506 | $ | — | $ | — | $ | 38,506 | |||||||||
Certificates of deposit | — | 480 | — | 480 | |||||||||||||
Total cash equivalents | $ | 38,506 | $ | 480 | $ | — | $ | 38,986 | |||||||||
Available-for-sale securities: | |||||||||||||||||
Short-term: | |||||||||||||||||
Certificates of deposit | $ | — | $ | 10,507 | $ | — | $ | 10,507 | |||||||||
Commercial paper | — | 3,491 | — | 3,491 | |||||||||||||
Corporate notes | — | 6,039 | — | 6,039 | |||||||||||||
U.S. Government agency securities | — | 8,008 | — | 8,008 | |||||||||||||
Total short-term investments | — | 28,045 | — | 28,045 | |||||||||||||
Long-term: | |||||||||||||||||
Certificates of deposit | — | 2,836 | — | 2,836 | |||||||||||||
Corporate notes | — | 12,944 | — | 12,944 | |||||||||||||
Total long-term investments | — | 15,780 | — | 15,780 | |||||||||||||
Total available-for-sale securities | $ | — | $ | 43,825 | $ | — | $ | 43,825 | |||||||||
December 31, 2012 | |||||||||||||||||
Quoted prices in | Significant Other | Significant | |||||||||||||||
Active Markets | Observable | Unobservable | |||||||||||||||
for Identical | Inputs (Level 2) | Inputs | |||||||||||||||
Items (Level 1) | (Level 3) | ||||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||
Money market funds | $ | 45,003 | $ | — | $ | — | |||||||||||
$ | 45,003 | $ | — | $ | — | ||||||||||||
The following table presents the carrying value and estimated fair value of the Company’s notes payable as of December 31, 2013 (in thousands): | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Carrying | Estimated | ||||||||||||||||
Value | Fair Value | ||||||||||||||||
April and September 2012 Notes | $ | 8,273 | $ | 8,860 | |||||||||||||
Valuation Techniques | |||||||||||||||||
The Company classifies money market funds, which are valued based on quoted market prices in active markets with no valuation adjustment, as Level 1 assets within the fair value hierarchy. | |||||||||||||||||
Items classified as Level 2 within the valuation hierarchy consist of commercial paper, corporate notes, U.S. government agency securities and certificates of deposit. The Company estimates the fair values of these marketable securities by taking into consideration valuations obtained from third-party pricing sources. These pricing sources utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include market pricing based on real-time trade data for the same or similar securities, issuer credit spreads, benchmark yields, and other observable inputs. The Company validates the prices provided by our third-party pricing sources by understanding the models used, obtaining market values from other pricing sources and analyzing pricing data in certain instances. | |||||||||||||||||
Items classified as Level 3 within the valuation hierarchy consist of April and September 2012 Notes. The fair value of these notes is based on the present value of expected future cash flows and assumptions about current interest rates and the credit worthiness of the Company. |
Inventories
Inventories | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
7 | Inventories | ||||||||
The following table represents the components of inventories (in thousands): | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Raw Materials | $ | 697 | $ | — | |||||
Finished goods | 2,816 | — | |||||||
Total | $ | 3,513 | $ | — | |||||
As discussed in Note 4, on May 31, 2013, the Company acquired BUPHENYL from Ucyclyd. As part of the acquisition, the Company purchased inventories from Ucyclyd and the Company recorded these inventories at fair value in the amount of $3.9 million on the Acquisition Date. As of December 31, 2013, the Company has $0.4 million of inventory from the acquisition of BUPHENYL. |
Intangible_Asset
Intangible Asset | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||
Intangible Asset | ' | ||||||||||||||||||||
8 | Intangible Asset | ||||||||||||||||||||
As discussed in Notes 3 and 4, the Company acquired BUPHENYL and as part of this transaction, the Company recognized a $16.5 million intangible asset relating to BUPHENYL product rights. The estimated fair value attributed to the BUPHENYL product rights was determined on a discounted forecast of the estimated net future cash flows to be generated from the product rights. The intangible asset is amortized over the estimated useful life using the economic use method, which reflects the pattern that the economic benefits of the intangible asset are consumed as revenue is generated. The pattern of consumption of the economic benefits is estimated using the future projected cash flows of the intangible asset. The Company estimated the useful life of the BUPHENYL product rights to be 10 years. | |||||||||||||||||||||
Intangible asset amortization expense was $3.1 million for the year ended December 31, 2013. | |||||||||||||||||||||
Estimated aggregate amortization expense for each of the five succeeding years ending December 31 is as follows (in thousands): | |||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | |||||||||||||||||
Amortization expense | $ | 4,053 | $ | 3,294 | $ | 1,157 | $ | 1,048 | $ | 1,012 |
Property_and_Equipment
Property and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Property and Equipment | ' | ||||||||
9 | Property and Equipment | ||||||||
The following table represents the components of property and equipment (in thousands): | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Computers and Software | $ | 563 | $ | 95 | |||||
Furniture and Fixtures | 320 | — | |||||||
Office Equipment | 53 | 21 | |||||||
Leasehold Improvements | — | 247 | |||||||
Capital work in progress | 264 | — | |||||||
1,200 | 363 | ||||||||
Less: Accumulated depreciation | (264 | ) | (314 | ) | |||||
Total property and equipment, net | $ | 936 | $ | 49 | |||||
Capital work in progress includes implementation cost related to certain modules within the Company’s Enterprise Resource Planning system. Depreciation expense for the years ended December 31, 2013, 2012 and 2011 was $0.2 million, $15,000 and $0.1 million, respectively. |
Accrued_Liabilities
Accrued Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Accrued Liabilities | ' | ||||||||
10 | Accrued Liabilities | ||||||||
The following table represents the components of accrued liabilities (in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Preclinical and clinical trial expenses | $ | 246 | $ | 583 | |||||
Payroll and related expenses | 4,278 | 1,457 | |||||||
Gross to net sales accruals | 5,235 | — | |||||||
Royalty payable | 1,154 | — | |||||||
State taxes payable | 326 | — | |||||||
Interest payable | 61 | 93 | |||||||
Other | 887 | 407 | |||||||
$ | 12,187 | $ | 2,540 | ||||||
Notes_Payable
Notes Payable | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Debt Disclosure [Abstract] | ' | ||||
Notes Payable | ' | ||||
11 | Notes Payable | ||||
April 2011 Convertible Notes Payable | |||||
In April 2011, the Company entered into a convertible notes financing (the “April 2011 convertible notes financing”), in which it issued an aggregate principal amount of $17.5 million of convertible notes in an initial closing in April and an aggregate principal amount of $8,285 of convertible notes in subsequent closings in May 2011 (collectively, the “April 2011 Notes”) pursuant to the Convertible Note and Warrant Purchase Agreement dated April 1, 2011 (the “April 2011 Purchase Agreement”). The April 2011 Purchase Agreement permits the Company to issue up to an aggregate principal amount of $35.0 million. | |||||
The April 2011 Notes accrue interest at a rate of 6% per annum and have a maturity date of the earliest of (i) demand by the holders of 66% of the principal amount of the then-outstanding April 2011 Notes under certain circumstances, which demand may not be made earlier than December 31, 2012, as amended or (ii) an event of default. The April 2011 Notes cannot be prepaid, except on demand by the holders of the April 2011 Notes, as described above. The principal and the interest under the April 2011 Notes are automatically convertible (i) into securities that are sold in an issuance of preferred stock generating gross proceeds of at least $30.0 million, referred to herein as a qualified financing, at the lowest price at which such securities are sold to certain new investors in the qualified financing, (ii) into Series C-2 convertible preferred stock upon the occurrence of certain change of control events, unless the holders of 66% of the principal amount of the then-outstanding April 2011 Notes notify the Company of their election to accelerate the unpaid principal and interest of the April 2011 Notes in connection with the change of control event, or (iii) into common stock immediately prior to the consummation of an initial public offering, at a conversion price equal to the initial public offering price. In addition, holders of 66% of the principal amount of the then-outstanding April 2011 Notes have the option to convert the April 2011 Notes (i) in the event that the Company consummates an equity financing that is not a “qualified financing,” as described above, prior to the maturity of the April 2011 Notes, into the equity securities issued in the equity financing, or (ii) upon maturity of the April 2011 Notes, if the April 2011 Notes have not been previously converted, into shares of the Company’s Series C-2 convertible preferred stock. | |||||
On July 31, 2012, upon closing of the IPO, the principal and accrued interest under the Company’s April 2011 Notes amounting to $18.9 million converted into 1,888,054 shares of common stock. The carrying value, including the impact of the amendment to the April 2011 Notes as discussed below and accrued interest under the Company’s April 2011 Notes was $18.4 million as of July 31, 2012. | |||||
April 2011 Call Option Liability | |||||
The April 2011 Purchase Agreement also provides that so long as there has not been a qualified financing, change of control or initial public offering, on or before June 30, 2011, or in the event that the April 2011 Notes issued in an initial closing or subsequent initial closing have not been previously converted into common or preferred stock as set forth in the April 2011 Purchase Agreement, upon the election and approval of the holders of 66% of the principal amount of the then-outstanding April 2011 Notes, the Company will issue (i) notes with an aggregate principal amount of up to $7.5 million in the event that none of the subsequent closing notes have been issued or (ii) up to an aggregate principal amount of $10.5 million in the event all or a portion of the subsequent closing notes have been issued. The additional note amount was determined to be a call option (“April 2011 Call Option”) that was recorded at its fair value of $0.9 million as a debt discount that has been amortized to interest expense over the term of the April 2011 Notes. The fair value of the April 2011 Call Option was determined using the Black-Scholes option-pricing model on the date of the issuance using the following assumptions: expected life of 7 months, risk free interest rate of 0.27%, dividend yield of 0% and expected volatility of 50%. During the year ended December 31, 2011, the Company recorded $0.3 million in other income (expense), net to reflect the change in the fair value of the April 2011 Call Option, and $0.6 million in the gain on the extinguishment of debt to reflect the termination of the April 2011 Call Option in October 2011. | |||||
Amendment to the April 2011 Convertible Notes Payable | |||||
In October 2011, the Company substantially amended the April 2011 Purchase Agreement to extend the term of the April 2011 Notes from January 31, 2012 to December 31, 2012, and to terminate the April 2011 Call Option. As a result, the transaction was accounted for as an extinguishment of debt in the amount of $1.1 million, which includes $0.6 million on termination of the April 2011 Call Option, calculated as the excess of the carrying amount of the notes, including accrued interest, over the fair value of the amended notes. In accordance with ASC 470-50-40-2, the Company reflected the gain on extinguishment of debt resulting from this related party transaction as a capital contribution and credited this amount to additional paid-in capital within the consolidated statements of stockholders’ equity (deficit). | |||||
October 2011 Convertible Notes Payable | |||||
In October 2011, the Company entered into a convertible notes financing (the “October 2011 convertible notes financing”), in which it issued an aggregate principal amount of $7.5 million of convertible notes in an initial closing in October and an aggregate principal amount of $3,551 of convertible notes in a subsequent initial closing in November 2011 and aggregate amount of $7.5 million of convertible notes in the second closing in February 2012 (collectively, the “October 2011 Notes”) pursuant to the Convertible Note and Warrant Purchase Agreement dated October 26, 2011 (the “October 2011 Purchase Agreement”). The October 2011 Purchase Agreement permitted the Company to issue up to an aggregate principal amount of $15.0 million. | |||||
The October 2011 Notes accrue interest at a rate of 6% per annum and have a maturity date of the earliest of (i) demand by the holders of 66% of the principal amount of the then-outstanding October 2011 Notes under certain circumstances, which demand may not be made earlier than December 31, 2012, or (ii) an event of default. The October 2011 Notes cannot be prepaid, except on demand by the holders of the October 2011 Notes, as described above. The principal and the interest under the October 2011 Notes are automatically convertible (a) into securities that are sold in an issuance of preferred stock generating gross proceeds of at least $40.0 million, referred to herein as a qualified financing, equal to the quotient of (i) the outstanding principal amount plus unpaid accrued interest divided by (ii) the price per share paid by the investors purchasing new preferred stock in the qualified financing; (b) upon the occurrence of certain change in control events, into new series of preferred stock equal to the quotient of (i) the outstanding principal amount plus accrued interest divided by (ii) the Series C-2 original issue price, or (c) into common stock immediately prior to the consummation of an initial public offering, at a conversion price equal to the initial public offering price. In addition, holders of 66% of the principal amount of the then-outstanding October 2011 Notes have the option to convert the October 2011 Notes (i) in the event that the Company consummates an equity financing that is not a “qualified financing,” as described above, prior to the maturity of the October 2011 Notes, into the equity securities issued in the equity financing, or (ii) upon maturity of the October 2011 Notes, if the October 2011 Notes have not been previously converted, into shares of the Company’s Series C-2 convertible preferred stock. | |||||
On July 31, 2012, upon closing of the IPO, the principal and accrued interest under the Company’s October 2011 Notes amounting to $15.6 million converted into 1,556,816 shares of common stock. The carrying value, (net of discount) and accrued interest under the Company’s October 2011 Notes was $14.9 million as of July 31, 2012. | |||||
October 2011 Call Option Liability | |||||
The October 2011 Purchase Agreement also provides that so long as there has not been a qualified financing, change of control or initial public offering, on or before June 30, 2012, or in the event that the October 2011 Notes issued in the initial closing or subsequent initial closings have not been previously converted into common or preferred stock as set forth in the agreement, upon the election and approval of the holders of 66% of the principal amount of the then-outstanding October 2011 Notes, the Company will issue (i) notes with an aggregate principal amount of $7.5 million or (ii) up to $7.5 million of notes in the event all or a portion of the subsequent initial closing notes have been issued. The additional note amount was determined to be a call option (“October 2011 call option”) that was recorded at its fair value of $0.8 million as a debt discount that has been amortized to interest expense over the term of the October 2011 Notes. The fair value of the October 2011 call option was determined using the Black-Scholes option-pricing model on the date of issuance using the following assumptions: expected life of 8 months, risk free interest rate of 0.12%, dividend yield of 0% and expected volatility of 50%. During the year ended December 31, 2011, the Company recorded $0.1 million in other income (expense), net to reflect the change in the fair value of the October 2011 Call Option. The Company determined the fair value of the October 2011 Call Option at December 31, 2011 to be $0.7 million, using the Black-Scholes option-pricing model with the following assumptions: expected life of 6 months, risk-free interest rate of 0.12%, dividend yield of 0% and expected volatility of 50%. | |||||
The Company recorded $0.7 million to other income (expense), net in its consolidated statements of operations upon issuance of the second closing of the October 2011 Notes in February 2012 for $7.5 million. | |||||
As of December 31, 2012, the April 2011 Notes and October 2011 Notes were no longer outstanding as they had converted into shares of common stock upon the closing of the Company’s IPO on July 31, 2012. | |||||
During the year ended December 31, 2012, the Company recorded amortization for debt discount of $0.9 million related to the October 2011 Notes. During the year ended December 31, 2011, the Company recorded amortization for the debt discount of $1.6 million related to the April 2011 Notes and October 2011 Notes. | |||||
In addition, the Company determined that the April 2011 Notes and the October 2011 Notes have contingent beneficial conversion features related to the conversion options described above. Upon the occurrence of the contingent event underlying those conversion options, the Company may recognize a charge based on the difference, if any, between the adjusted conversion price and the fair market value of common stock at the original issuance date. This charge, if any, will impact net income (loss) attributable to common stockholders and basic and diluted net income (loss) per share attributable to common stockholders. | |||||
The Company determined that no beneficial conversion features exist at the dates of issuance of the April 2011 Notes and October 2011 Notes and upon closing of the IPO on July 31, 2012, at which time these notes were converted to common stock. | |||||
April 2012 and September 2012 Notes Payable | |||||
In April 2012, the Company borrowed $10.0 million (the “April 2012 Notes”) pursuant to a loan and security agreement (the “Loan Agreement”) with Silicon Valley Bank and Leader Lending, LLC—Series B (the “Lenders”). The loan carries an interest rate of 8.88%, with interest only payments for the period of 9 months from May 1, 2012. The loan is then payable in equal monthly principal payments plus interest over a period of 27 months from February 1, 2013. In connection with the Loan Agreement, the Company granted a security interest in all of its assets, except intellectual property. The Company’s obligations to the Lenders include restrictions on borrowing, asset transfers, placing liens or security interest on its assets including the Company’s intellectual property, mergers and acquisitions and distributions to stockholders. The Loan Agreement also requires the Company to provide the Lenders monthly financials and compliance certificate within 30 days of each month end, annual audited financials within 180 days of each fiscal year-end and annual approved financial projections. The Company issued warrants to the Lenders to purchase a total of 75,974 shares of common stock with an exercise price of $4.08 per share. The Loan Agreement requires immediate repayment of amounts outstanding upon an event of default, as defined in the Loan Agreement, which includes events such as a payment default, a covenant default or the occurrence of a material adverse change, as defined in the Loan Agreement. In addition, a final payment equal to 6.5% of the principal loan amount is due on the earlier of (i) maturity date, (ii) prepayment of the loan or (iii) an event of default. Pursuant to the terms of the Loan Agreement, once the Company raises at least $30.0 million from the sale of equity securities or subordinated debt, the Lenders also agreed to lend the Company a one-time single loan in the amount of $2.5 million (the “Bank Term Loan”). In September 2012, the Company borrowed an additional $2.5 million (the “September 2012 Note”) from Silicon Valley Bank pursuant to the terms of the Bank Term Loan. In addition, the Company issued warrants to Silicon Valley Bank to purchase a total of 8,408 shares of common stock with an exercise price of $5.05 per share. A final payment equal to 6.5% of the principal loan amount is due on the earlier of (i) maturity date, (ii) prepayment of the loan or (iii) an event of default. The principal amount outstanding under the Bank Term Loan accrues interest at a per annum rate equal to the greater of (i) 8.88% and (ii) the Treasury Rate, as defined in the Loan Agreement, on the date the loan is funded plus 8.50%, with interest only payments for the period of 9 months from the date the loan is funded. The loan is then payable in equal monthly principal payments plus interest over a period of 27 months from the date the loan is funded. | |||||
During the year ended December 31, 2013 and 2012, the Company recorded amortization for debt discount of $0.5 million and $0.4 million, respectively, related to the April 2012 Notes and September 2012 Note. | |||||
Future minimum payments under the April 2012 and September 2012 Notes as of December 31, 2013 are as follows (in thousands): | |||||
Years Ending December 31, | |||||
2014 | $ | 6,152 | |||
2015 | 3,376 | ||||
Total future minimum payments | $ | 9,528 | |||
Less: amount representing unamortized interest | (563 | ) | |||
Less: amount representing debt discount | (692 | ) | |||
Total minimum payments | $ | 8,273 | |||
Less: current portion | (5,652 | ) | |||
Non-current portion | $ | 2,621 | |||
Warrants
Warrants | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
Warrants | ' | ||||||||||||
12 | Warrants | ||||||||||||
October 2007 Common Stock Warrants | |||||||||||||
In connection with a Loan and Security Agreement entered into in October 2007, the Company issued warrants to purchase 274 shares of Series B convertible preferred stock. In June 2009, as part of the recapitalization, these warrants were converted into warrants to purchase shares of common stock. The warrants were exercisable at $1,913.05 per share and expire in October 2017 (the “October 2007 common stock warrants”). The October 2007 common stock warrants were outstanding as of December 31, 2013. | |||||||||||||
April 2008 Common Stock Warrants | |||||||||||||
In exchange for services received, the Company issued a warrant to purchase 22 shares of common stock at an exercise price of $327.95 per share in April 2008 (the “April 2008 common stock warrants”). The fair value of the warrant was $4,500 which was determined using the Black-Scholes option pricing model with the following assumptions: volatility of 71%; risk-free rate of 2.84%; and exercise price of $327.95 and an expected term of five years. The April 2008 common stock warrants expired as of December 31, 2012. | |||||||||||||
April 2011 Common Stock Warrants | |||||||||||||
In connection with the April 2011 convertible notes financing, the Company issued warrants to purchase shares of the Company’s common stock in an initial closing in April 2011 and in subsequent closings in May 2011 (collectively, the “April 2011 common stock warrants”) both at an exercise price of $4.08 per share and subject to adjustments upon the occurrence of certain events, including but not limited to a capital reorganization, reclassification or subdivision of common shares. The number of shares of common stock are calculated based on 30% of the principal amount of the April 2011 Notes divided by either (i) in the event that the holder’s notes have been converted into shares of new preferred stock, the price per share paid by a new investor in a qualified financing, (ii) in the event that the holder’s April 2011 Notes have been converted into shares of Series C-2 preferred stock, the Series C-2 original issue price of $9.62, (iii) in the event that the holder’s April 2011 Notes have been converted into equity securities in a non-qualified financing, the price paid per share by an investor in a non-qualified financing, or (iv) a price of $9.62 in the event of an initial public offering. The April 2011 common stock warrants are exercisable until April 2021. | |||||||||||||
On July 31, 2012, immediately prior to the closing of the IPO, the April 2011 common stock warrants automatically net exercised into 322,599 shares of common stock. | |||||||||||||
October 2011 Preferred Stock Warrants | |||||||||||||
In connection with the October 2011 convertible notes financing (Note 6), the Company issued warrants to purchase shares of the Company’s preferred stock, in an initial closing in October 2011, and in a subsequent initial closing in November 2011 and in the second closing in February 2012 (collectively, the “October 2011 preferred stock warrants”) both at exercise prices subject to adjustments upon the occurrence of certain events, including but not limited to a capital reorganization, reclassification or subdivision of common shares. The number of shares of preferred stock are calculated based on 30% of the principal amount of the October 2011 Notes divided by either: (i) the price per share paid by the investors for the new preferred stock in the qualified financing; (ii) Series C-2 preferred stock original price at $9.62; (iii) price per share paid by the investors for equity securities in the nonqualified financing, or (iv) a price of $9.62 in the event of an initial public offering. These October 2011 preferred stock warrants are exercisable until October 25, 2018. The additional preferred stock warrants issued in February 2012 are exercisable until February 7, 2019. | |||||||||||||
On July 31, 2012, immediately prior to the closing of the IPO, the October 2011 preferred stock warrants automatically net exercised into 17,762 shares of common stock. | |||||||||||||
April 2012 Common Stock Warrants | |||||||||||||
In connection with the Loan Agreement entered into in April 2012, the Company issued warrants to the Lenders to purchase a total of 75,974 shares of common stock. The warrants are exercisable at $4.08 per share and expire in April 2022 (the “April 2012 common stock warrants”). The April 2012 common stock warrants have been fully exercised. | |||||||||||||
September 2012 Common Stock Warrants | |||||||||||||
In connection with the September 2012 Note, the Company issued warrants to the Lender to purchase a total of 8,408 shares of common stock. The warrants are exercisable at $5.05 per share and expire in September 2022 (the “September 2012 common stock warrants”). The September 2012 common stock warrants have been fully exercised. | |||||||||||||
Common and Preferred Stock Warrants Fair Value Measurements | |||||||||||||
Under ASC 815 and ASC 480, the Company accounts for the April 2011 common stock warrants and the October 2011 preferred stock warrants, respectively, at fair value and recorded them as liabilities on the date of issuance. The Company accounts for the April 2012 and September 2012 common stock warrants at fair value and recorded them as equity on the date of issuance. Because the April 2012 and September 2012 common stock warrants meet the requirements for equity classification under ASC 815, the Company is not required to re-measure the fair value of the warrants subsequent to the date of issuance. | |||||||||||||
On the date of issuance and in subsequent re-measurements, the Company determined the fair value of the April 2011 and October 2011 warrants by allocating the Company equity value using the Black-Scholes option-pricing model at each reporting date. The Company’s equity value was allocated among the various convertible debt and equity classes expected to be outstanding at the liquidity events based on the rights and preferences of each class. | |||||||||||||
The fair value of the April 2011 common stock warrants as of the date of issuance was determined to be $1.1 million, which was recorded as a debt discount and amortized to interest expense over the term of the April 2011 Notes. The fair value was determined using the following assumptions: expected life of 2 years; risk free interest rate of 0.80%; and expected volatility of 70%. | |||||||||||||
The fair value of the October 2011 preferred stock warrants as of the date of issuance was determined to be $0.4 million, which was recorded as a debt discount and amortized to interest expense over the term of the October 2011 Notes. The fair value was determined using the following assumptions: expected life of 1.50 years; risk free interest rate of 0.12%; and the expected volatility of 70%. The fair value of the preferred stock warrants issued in February 2012 in connection with the second closing of the October 2011 Notes was determined to be $0.5 million, which was recorded as a debt discount and amortized to interest expense over the term of the October 2011 Notes. The fair value was determined using the following assumptions: expected life of 1 year; risk free interest rate of 0.20%; and expected volatility of 70%. | |||||||||||||
The fair value of the April 2012 common stock warrants as of the date of issuance was determined to be $0.7 million, which was recorded as a debt discount and amortized to interest expense over the term of the April 2012 Notes. Using the Black-Scholes option-pricing model, the fair value was determined using the following assumptions: expected life of 10 years; risk free interest rate of 1.98%; and expected volatility of 70%. | |||||||||||||
The fair value of the September 2012 common stock warrants as of the date of issuance was determined to be $75,000, which was recorded as a debt discount and amortized to interest expense over the term of the September 2012 Note. Using the Black-Scholes option-pricing model, the fair value was determined using the following assumptions: expected life of 10 years; risk free interest rate of 1.65%; and expected volatility of 65%. | |||||||||||||
For the year ended December 31, 2012, the Company recorded $1.5 million of expense in other income (expense), net, to reflect the change in fair value of the April 2011 common stock warrants. For the year ended December 31, 2012, the Company recorded $0.7 million of income in other income (expense), net, to reflect the change in fair value of the October 2011 preferred stock warrants. | |||||||||||||
As of December 31, 2012, the April 2011 common stock warrants and October 2011 preferred stock warrants were no longer outstanding as they had automatically net exercised into shares of common stock upon the closing of the Company’s IPO on July 31, 2012. As a result, the fair value of the April 2011 common stock warrants and October 2011 preferred stock warrants as of July 31, 2012, estimated to be $3.9 million using the Black-Scholes option-pricing model, was reclassified to additional paid-in capital. The Company recorded $0.8 million to other income (expense), net, arising from final measurement of 2011 common and preferred stock warrants at the closing date of IPO. | |||||||||||||
The following table summarizes the outstanding warrants and the corresponding exercise price as of December 31, 2013 and 2012: | |||||||||||||
Number of Shares | Per Share | ||||||||||||
Outstanding | Exercise Price | ||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
October 2007 common stock warrants | 274 | 274 | $ | 1,913.05 | |||||||||
April 2012 common stock warrants | — | 75,974 | 4.08 | ||||||||||
September 2012 common stock warrants | — | 8,408 | 5.05 | ||||||||||
Total | 274 | 84,656 | |||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
13 | Commitments and Contingencies | ||||
Operating Leases | |||||
On October 14, 2013, the Company entered into a lease agreement with 2000 Sierra Point Parkway LLC (“Landlord”) under which the Company will lease approximately 20,116 rentable square feet of office space in Brisbane, California. The initial term of the lease is six years and the lease commencement date is November 19, 2013. On December 12, 2013, the Company entered into the First Amendment to the Lease (“First Amendment”) under which the Company will lease approximately 352 rentable square feet of storage space. In addition to operating expenses and certain other additional expenses set forth in the Leases, the Company will pay total base rent of approximately $4.5 million during the initial term of the Leases. | |||||
The Company recognizes rent expense on a straight-line basis over the lease period with monthly base rent of approximately $0.1 million. In addition, the Company also leases certain office equipment under an operating lease, which expires in December 2016. | |||||
Aggregate total future minimum lease payments under operating facility and equipment leases as of December 31, 2013 were as follows (in thousands): | |||||
Years Ending December 31, | |||||
2014 | $ | 518 | |||
2015 | 797 | ||||
2016 | 820 | ||||
2017 | 821 | ||||
2018 | 845 | ||||
Thereafter | 766 | ||||
Total | $ | 4,567 | |||
Rent expense including maintenance fees was $0.4 million for the year ended December 31, 2013, $0.3 million for the year ended December 31, 2012 and $0.4 million for the year ended December 31, 2011. | |||||
Contingencies | |||||
In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnifications. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future, but have not yet been made. Further, the Company may be subject to certain contingent liabilities that arise in the ordinary course of its business activities. The Company accrues a liability for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. | |||||
In accordance with the Company’s amended and restated certificate of incorporation and amended and restated bylaws, the Company has indemnification obligations to its officers and directors for certain events or occurrences, subject to certain limits, while they are serving at the Company’s request in such capacity. There have been no claims to date and the Company has a director and officer insurance policy that may enable it to recover a portion of any amounts paid for future claims. | |||||
The Company is contingently committed for development milestone payments as well as sales-related milestone payments and royalties relating to potential future product sales under the restated collaboration agreement and purchase agreement with Ucyclyd (Note 3). The amount, timing and likelihood of these payments are unknown as they are dependent on the occurrence of future events that may or may not occur, including approval by the FDA of GPB for HE. |
Preferred_Stock
Preferred Stock | 12 Months Ended | |
Dec. 31, 2013 | ||
Equity [Abstract] | ' | |
Preferred Stock | ' | |
14 | Preferred Stock | |
On July 31, 2012, upon the closing of the IPO, the Company’s Series C-1 and Series C-2 preferred stock amounting to $58.3 million converted into 1,912,598 and 4,663,039 shares of common stock, respectively. On July 31, 2012, the Company amended its Certificate of Incorporation to decrease the number of authorized shares of preferred stock to 10,000,000 with a par value of $0.0001 per share. Pursuant to the Company’s amended and restated certificate of incorporation, the board of directors has the authority, without action by its stockholders, to designate and issue shares of preferred stock in one or more series and to fix the rights, preferences, privileges and restrictions thereof. | ||
As of December 31, 2013 and 2012, there was no preferred stock outstanding. | ||
2009 Preferred Stock Liability | ||
In June 2009, the Company entered into a tranched Series C-2 convertible preferred stock transaction. In connection with the initial closing in June 2009, the Company agreed to issue to the purchasers and the purchasers agreed to purchase from the Company an aggregate of 2,331,116 shares of Series C-2 convertible preferred stock at a purchase price of $9.62 per share in a subsequent sale of Series C-2 preferred stock. The Company determined that the liability to issue Series C-2 convertible preferred stock shares at a future date was a freestanding instrument and should be accounted as a liability under ASC 480. The fair value of this freestanding instrument was determined using the Black-Scholes option pricing model on the date of the issuance of the first tranche and was recorded as a liability in the amount of $1.4 million. The Company used the following assumptions: expected life of 1 year, risk-free interest rate of 0.56% and expected volatility of 45%. | ||
At December 31, 2009, the fair value of the freestanding instrument was re-measured at $0.7 million using the following assumptions: expected life of 0.5 years, risk-free interest rate of 0.20% and expected volatility of 45%. As a result, the Company recorded $0.6 million to other income (expense), net in the consolidated statement of operations. | ||
In April 2010, upon the issuance of the second tranche of the Series C-2 convertible preferred stock, the fair value of the freestanding instrument was re-measured using the following assumptions: expected life of 0.25 years, risk-free interest rate of 0.16% and expected volatility of 45%. Accordingly, in 2010, the Company recorded $1.1 million to other income (expense), net in its consolidated statement of operations. The fair value of preferred stock liability in the amount of $0.4 million was offset against the proceeds received from the issuance of preferred stock on the date of issuance of the second tranche of Series C-2 convertible preferred stock. | ||
On July 31, 2012, upon closing of the IPO, the Company’s outstanding Series C-2 preferred stock converted into shares of common stock. |
Common_Stock
Common Stock | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Text Block [Abstract] | ' | ||||
Common Stock | ' | ||||
15 | Common Stock | ||||
On July 31, 2012, the Company completed its IPO and issued 5,000,000 shares of its common stock at an initial offering price of $10.00 per share. In addition, the Company sold an additional 750,000 shares of common stock directly to its underwriters when they exercised their over-allotment option in full at the initial offering price of $10.00 per share. The shares began trading on the NASDAQ Global Market on July 26, 2012. The Company received net proceeds from the IPO of $51.3 million, after deducting underwriting discounts and commissions of $4.0 million and expenses of $2.2 million. | |||||
On July 31, 2012, upon the closing of the IPO, the Company’s Series C-1 and Series C-2 preferred stock amounting to $58.3 million converted into 1,912,598 and 4,663,039 shares of common stock, respectively. In addition, the principal and accrued interest under the Company’s April 2011 Notes and October 2011 Notes amounting to $18.9 million and $15.6 million, respectively, converted into 1,888,054 and 1,556,816 shares of common stock. As of July 31, 2012, the carrying values and accrued interest under the April 2011 Notes and October 2011 Notes amounted to $18.4 million and $14.9 million, respectively. Additionally, the April 2011 common stock warrants and October 2011 preferred stock warrants were converted into 322,599 and 17,762 shares of common stock, respectively, immediately prior to the closing of the IPO. The fair value of the April 2011 common stock warrants and October 2011 preferred stock warrants as of July 31, 2012 of $3.9 million was reclassified to additional paid-in capital. | |||||
In addition, on July 31, 2012, the Company amended its Certificate of Incorporation to increase the number of authorized shares of common stock to 100,000,000 with a par value of $0.0001 per share. | |||||
Common stockholders are entitled to dividends when and if declared by the Board of Directors subject to prior rights of the preferred stockholders. The holder of each share of common stock is entitled to one vote. | |||||
On March 13, 2013, the Company completed a follow-on offering and issued 2,875,000 shares of its common stock at an offering price of $20.75 per share. In addition, the Company sold an additional 431,250 shares of common stock directly to its underwriters when they exercised their over-allotment option in full at an offering price of $20.75 per share. The Company received net proceeds from the offering of $63.7 million, after deducting underwriting discounts and commissions of $4.1 million and expenses of $0.8 million. | |||||
On August 14, 2013, the Company filed a shelf registration statement on Form S-3, which was declared effective by the SEC on September 13, 2013. The shelf registration statement permits: (a) the offering, issuance and sale by the Company of up to a maximum aggregate offering price of $150.0 million of its common stock, preferred stock, debt securities, warrants and/or units; (b) the sale of up to 8,727,000 shares of common stock by certain selling stockholders; and (c) the offering, issuance and sale by the Company of up to a maximum aggregate offering price of $50.0 million of its common stock that may be issued and sold under a sales agreement with Cantor Fitzgerald & Co. As of December 31, 2013, there were no sales of any securities registered pursuant to the shelf registration statement. | |||||
At December 31, 2013, the Company had reserved common stock for future issuances as follows: | |||||
Issuance of options under 2012 stock plan | 576,760 | ||||
Issuance upon exercise of options under the 2006 and 2012 stock plan | 2,790,629 | ||||
Issuance upon vesting of restricted stock awards under the 2012 stock plan | 18,000 | ||||
Issuance upon exercise of common stock warrants | 274 | ||||
Total | 3,385,663 | ||||
Stock_Option_Plan
Stock Option Plan | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||||||
Stock Option Plan | ' | ||||||||||||||||||||||||
16 | Stock Option Plan | ||||||||||||||||||||||||
2006 Plan | |||||||||||||||||||||||||
In December 2006, the Company adopted the 2006 Equity Incentive Plan (the “2006 Plan”), under which 457 shares of the Company’s common stock had been originally reserved for issuance to employees, directors and consultants. The 2006 Plan provides for the grant of the following stock awards: incentive stock options, non-statutory stock options, restricted stock awards, restricted stock unit awards and stock appreciation rights. Incentive stock options may be granted only to Company employees, which include officers and directors of the Company. Non-statutory stock options and stock purchase rights may be granted to employees and consultants. Stock awards other than incentive stock options may be granted to employees, directors and consultants. | |||||||||||||||||||||||||
The Board of Directors has the authority to determine to whom options will be granted, the number of options, the term and the exercise price. The exercise price of the stock option shall not be less than 100% of the fair market value of the common stock subject to the option on the date the option is granted. For individuals holding more than 10% of the voting rights of all classes of stock, the exercise price of an option will not be less than 110% of fair market value and the option is not exercisable after the expiration of five years from the date of the grant. Options granted to an employee who is not an officer, director or consultant shall provide for vesting of the total number of shares of common stock at a rate of at least 20% per year over five years from the date the option was granted, subject to reasonable conditions such as continued employment, at any time or during any period established by the Company. The contractual term of each option is ten years. | |||||||||||||||||||||||||
On July 25, 2012, the effective date of the 2012 Plan, the 2006 Plan was frozen and no additional awards will be made under the 2006 Plan. Any shares remaining available for future grant were allocated to the 2012 Plan and any shares underlying outstanding options that terminate by expiration, forfeiture, cancellation, or otherwise without issuance of such shares, will be allocated to the 2012 Plan. | |||||||||||||||||||||||||
Activity under the 2006 Plan is as follows: | |||||||||||||||||||||||||
Outstanding Options | |||||||||||||||||||||||||
Number of Shares | Number of Shares | Weighted-Average | |||||||||||||||||||||||
Available for | Underlying | Exercise Price Per | |||||||||||||||||||||||
Grant | Outstanding | Share | |||||||||||||||||||||||
Options | |||||||||||||||||||||||||
Balances at December 31, 2012 | — | 1,661,522 | 3.73 | ||||||||||||||||||||||
Options exercised | — | (100,280 | ) | 4.62 | |||||||||||||||||||||
Options cancelled | 23,046 | (23,046 | ) | 5.68 | |||||||||||||||||||||
Options re-allocated to 2012 Plan | (23,046 | ) | — | — | |||||||||||||||||||||
Balances at December 31, 2013 | — | 1,538,196 | $ | 3.64 | |||||||||||||||||||||
The aggregate intrinsic value of options exercised for the year ended December 31, 2013 was $1.7 million. Intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value of the common stock for the options that had exercise prices that were lower than the fair value per share of the common stock on the date of exercise. | |||||||||||||||||||||||||
Aggregate options outstanding and vested and exercisable by exercise price at December 31, 2013 for the 2006 plan are as follows (dollars in thousands except per share values): | |||||||||||||||||||||||||
Options Outstanding | Options Vested and Exercisable | ||||||||||||||||||||||||
Exercise | Number | Aggregate | Weighted | Number | Aggregate | Exercise | |||||||||||||||||||
Price | Outstanding | Intrinsic | Average | Outstanding | Intrinsic | Price | |||||||||||||||||||
Value | Remaining | Value | |||||||||||||||||||||||
Life (in Years) | |||||||||||||||||||||||||
$ 1.28 | 821,322 | $ | 15,556 | 5.9 | 820,056 | $ | 15,532 | $ | 1.28 | ||||||||||||||||
$ 4.08 | 305,873 | 4,937 | 7.3 | 209,603 | 3,383 | $ | 4.08 | ||||||||||||||||||
$ 7.31 | 410,061 | 5,294 | 8.3 | 228,207 | 2,946 | $ | 7.31 | ||||||||||||||||||
$ 327.95 | 940 | — | 4 | 940 | — | $ | 327.95 | ||||||||||||||||||
1,538,196 | $ | 25,787 | 6.8 | 1,258,806 | $ | 21,861 | |||||||||||||||||||
The intrinsic values of outstanding, vested and exercisable options were determined by multiplying the number of shares by the difference in exercise price of the options and the fair value of the common stock as of December 31, 2013 of $20.22 per share. | |||||||||||||||||||||||||
Aggregate options outstanding and vested and exercisable by exercise price at December 31, 2012 are as follows (dollars in thousands except per share values): | |||||||||||||||||||||||||
Options Outstanding | Options Vested and Exercisable | ||||||||||||||||||||||||
Exercise | Number | Aggregate | Weighted | Number | Aggregate | Exercise | |||||||||||||||||||
Price | Outstanding | Intrinsic | Average | Outstanding | Intrinsic | Price | |||||||||||||||||||
Value | Remaining | Value | |||||||||||||||||||||||
Life (in Years) | |||||||||||||||||||||||||
$1.28 | 836,292 | $ | 8,363 | 6.9 | 814,675 | $ | 8,147 | $ | 1.28 | ||||||||||||||||
$4.08 | 373,037 | 2,686 | 8.3 | 153,564 | 1,106 | $ | 4.08 | ||||||||||||||||||
$7.31 | 451,253 | 1,791 | 9.3 | 75,201 | 299 | 7.31 | |||||||||||||||||||
$327.95 | 940 | — | 5 | 940 | — | $ | 327.95 | ||||||||||||||||||
1,661,522 | $ | 12,840 | 7.9 | 1,044,380 | $ | 9,552 | |||||||||||||||||||
The intrinsic values of outstanding, vested and exercisable options were determined by multiplying the number of shares by the difference in exercise price of the options and the fair value of the common stock as of December 31, 2012 of $11.28 per share. | |||||||||||||||||||||||||
For the year ended December 31, 2013, options vested and expected to vest for the 2006 plan aggregated to 1,528,777 options with an intrinsic value of $25.7 million, weighted average exercise price of $3.63 per share and the weighted average remaining life of 6.8 years. | |||||||||||||||||||||||||
For the year ended December 31, 2012, for the 2006 plan, options vested and expected to vest is the same as options vested. | |||||||||||||||||||||||||
2012 Plan | |||||||||||||||||||||||||
In April 2012, the board of directors of the Company adopted (approved by Company’s stockholders in July 2012) the 2012 Omnibus Incentive Plan (the “2012 Plan”). The 2012 Plan provides for the grant of stock options, stock appreciation rights, restricted stock, unrestricted stock, stock units, dividend equivalent rights, other equity-based awards and cash bonus awards. The 2012 Plan became effective on July 25, 2012. | |||||||||||||||||||||||||
As of December 31, 2013 and 2012, the Company had reserved 576,760 shares and 907,908 shares of common stock, respectively, for issuance under the 2012 Plan. | |||||||||||||||||||||||||
Activity under the 2012 Plan is as follows: | |||||||||||||||||||||||||
Outstanding Options | Restricted Stock Units | ||||||||||||||||||||||||
Outstanding | |||||||||||||||||||||||||
Number of Shares | Number of Shares | Weighted-Average | Number of Shares | Grant | |||||||||||||||||||||
Available for | Underlying | Exercise Price Per | Underlying | Date | |||||||||||||||||||||
Grant | Outstanding | Share | Outstanding | Fair Value | |||||||||||||||||||||
Options | RSU’s | ||||||||||||||||||||||||
Balances at December 31, 2012 | 907,908 | 267,232 | 10.6 | — | — | ||||||||||||||||||||
Additional shares authorized | 665,850 | — | — | — | — | ||||||||||||||||||||
Options and awards granted | (1,088,315 | ) | 1,067,315 | 22.9 | 21,000 | 19.39 | |||||||||||||||||||
Options exercised | — | (16,843 | ) | 10.33 | — | — | |||||||||||||||||||
Options re-allocated to 2012 Plan | 23,046 | — | — | — | — | ||||||||||||||||||||
Options and awards cancelled | 68,271 | (65,271 | ) | 17.01 | (3,000 | ) | — | ||||||||||||||||||
Balance at December 31, 2013 | 576,760 | 1,252,433 | $ | 20.75 | 18,000 | $ | 19.39 | ||||||||||||||||||
The aggregate intrinsic value of options exercised for the year ended December 31, 2013 was $0.2 million. | |||||||||||||||||||||||||
Aggregate options outstanding and vested and exercisable by exercise price at December 31, 2013 for the 2012 plan are as follows (dollars in thousands except per share values): | |||||||||||||||||||||||||
Options Outstanding | Options Vested and Exercisable | ||||||||||||||||||||||||
Exercise Price | Number | Aggregate | Weighted | Number | Aggregate | Exercise | |||||||||||||||||||
Outstanding | Intrinsic | Average | Outstanding | Intrinsic | Price | ||||||||||||||||||||
Value | Remaining | Value | |||||||||||||||||||||||
Life (in Years) | |||||||||||||||||||||||||
$10.32- 11.28 | 225,768 | $ | 2,183 | 8.8 | 86,531 | $ | 837 | $ | 10.32 - 11.28 | ||||||||||||||||
$18.24- 19.39 | 188,000 | 257 | 9.1 | — | — | 18.24 - 19.39 | |||||||||||||||||||
$20.07- 21.45 | 121,625 | 4 | 9.5 | — | — | 20.07 - 21.45 | |||||||||||||||||||
$22.00- 22.06 | 86,200 | — | 9.5 | — | — | 22.00 - 22.06 | |||||||||||||||||||
$24.38- 24.94 | 536,140 | — | 9.3 | — | — | 24.38 - 24.94 | |||||||||||||||||||
$25.05- 26.50 | 94,700 | — | 9.5 | — | — | 25.05 - 26.50 | |||||||||||||||||||
1,252,433 | $ | 2,444 | 9.2 | 86,531 | $ | 837 | |||||||||||||||||||
The intrinsic values of options vested and exercisable options as of December 31, 2013 were determined by multiplying the number of shares by the difference in exercise price of the options and the fair value of the common stock as of December 31, 2013 of $20.22 per share. | |||||||||||||||||||||||||
Aggregate options outstanding and vested and exercisable by exercise price at December 31, 2012 for the 2012 plan are as follows (dollars in thousands except per share values): | |||||||||||||||||||||||||
Options Outstanding | Options Vested and Exercisable | ||||||||||||||||||||||||
Exercise Price | Number | Aggregate | Weighted | Number | Aggregate | Exercise | |||||||||||||||||||
Outstanding | Intrinsic | Average | Outstanding | Intrinsic | Price | ||||||||||||||||||||
Value | Remaining | Value | |||||||||||||||||||||||
Life (in Years) | |||||||||||||||||||||||||
$10.32 | 20,000 | $ | 19 | 9.7 | 1,666 | $ | 2 | $ | 10.32 | ||||||||||||||||
$10.33 | 117,732 | 112 | 9.6 | — | — | — | |||||||||||||||||||
$10.61 | 69,500 | 47 | 10 | — | — | — | |||||||||||||||||||
$10.95 | 15,000 | 5 | 9.8 | 625 | 0.2 | $ | 10.95 | ||||||||||||||||||
$11.28 | 45,000 | — | 10 | — | — | — | |||||||||||||||||||
267,232 | $ | 183 | 9.8 | 2,291 | $ | 2.2 | |||||||||||||||||||
The intrinsic values of options vested and exercisable options as of December 31, 2012 were determined by multiplying the number of shares by the difference in exercise price of the options and the fair value of the common stock as of December 31, 2012 of $11.28 per share. | |||||||||||||||||||||||||
For the year ended December 31, 2013, options vested and expected to vest for the 2012 plan aggregated to 1,209,345 options with an aggregate intrinsic value of $2.4 million, weighted average exercise price of $20.72 per share and the weighted average remaining life of 8.7 years. | |||||||||||||||||||||||||
For the year ended December 31, 2012, for the 2012 plan, options vested and expected to vest is the same as options vested. | |||||||||||||||||||||||||
Stock-Based Compensation | |||||||||||||||||||||||||
During the years ended December 31, 2013, 2012 and 2011 , the Company granted stock options to employees to purchase 1,067,315, 720,580 and 407,946 shares of common stock, respectively, with a weighted-average grant date fair value of $22.90, $6.76 and $2.37 per share, respectively. During the year ended December 31, 2013, the Company granted 21,000 restricted stock units to employees. The Company did not grant any restricted stock units for the years ended December 31, 2012 and December 31, 2011. Stock-based compensation expense recognized during the years ended December 31, 2013, 2012 and 2011 includes compensation expense for stock-based awards granted to employees based on the grant date fair value estimated in accordance with the provisions of ASC 718 of $4.3 million, $0.9 million and $0.3 million, respectively. As of December 31, 2013, there was a total unrecognized compensation cost of $12.7 million related to unvested stock-based awards granted. These amounts are expected to be recognized over a period of approximately 2.68 years. | |||||||||||||||||||||||||
The Company determines the fair value of restricted stock units using the closing price of the Company’s common stock on the date of grant. The Company estimates the fair value of stock options using the Black-Scholes option valuation model. The fair value of employee stock options and restricted stock units are being amortized on a straight-line basis over the requisite service period of the awards. The fair value of the employee stock options was estimated using the following weighted-average assumptions: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Expected volatility | 58 | % | 65 | % | 62 | % | |||||||||||||||||||
Risk-free interest rate | 1.14 | % | 1.05 | % | 2.48 | % | |||||||||||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||||||||||
Expected term (in years) | 5.96 | 6 | 6.01 | ||||||||||||||||||||||
Determining Fair Value of Stock Options | |||||||||||||||||||||||||
The fair value of each grant of stock options was determined by the Company using the methods and assumptions discussed below. Each of these inputs is subjective and generally requires significant judgment to determine. | |||||||||||||||||||||||||
Expected Term — The expected term of stock options represents the weighted average period the stock options are expected to be outstanding. For option grants that are considered to be “plain vanilla”, the Company has opted to use the simplified method for estimating the expected term as provided by the Securities and Exchange Commission. The simplified method calculates the expected term as the average time-to-vesting and the contractual life of the options. For other option grants, the expected term is derived from the Company’s historical data on employee exercises and post-vesting employment termination behavior taking into account the contractual life of the award. | |||||||||||||||||||||||||
Expected Volatility — The expected stock price volatility assumption was determined by examining the historical volatilities of a group of industry peers and the Company’s own historical volatility since the Company began trading subsequent to its IPO in July 2012. | |||||||||||||||||||||||||
Risk-Free Interest Rate — The risk free rate assumption is based on U.S. Treasury instruments for which the terms were consistent with the expected term of the Company’s stock options. | |||||||||||||||||||||||||
Expected Dividend — The expected dividend assumption is based on the Company’s history and expectation of dividend payouts. | |||||||||||||||||||||||||
Forfeiture Rate — ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Forfeitures were estimated based on historical experience. | |||||||||||||||||||||||||
Fair Value of Common Stock — Prior to the IPO, the fair value of the shares of common stock underlying the stock options has historically been the responsibility of and determined by the Company’s board of directors. Because there was no public market for the Company’s common stock, the board of directors determined fair value of common stock at the time of grant of the option by considering a number of objective and subjective factors including independent third-party valuations of the Company’s common stock, sales of convertible preferred stock to unrelated third parties, operating and financial performance, the lack of liquidity of capital stock and general and industry specific economic outlook, amongst other factors. Subsequent to the IPO, the fair value of the shares of the common stock underlying the stock options is the closing price on the option grant date. | |||||||||||||||||||||||||
Total stock-based compensation expense related to options and awards granted was allocated as follows (in thousands): | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Cost of sales | $ | 27 | $ | — | $ | — | |||||||||||||||||||
Research and development | 585 | 374 | 137 | ||||||||||||||||||||||
Selling general and administrative | 3,709 | 619 | 208 | ||||||||||||||||||||||
Total | $ | 4,321 | $ | 993 | $ | 345 | |||||||||||||||||||
For the year ended December 31, 2013, stock-based compensation of $82,000 was capitalized into inventories. Capitalized stock-based compensation is recognized as cost of sales when the related product is sold. Allocations to research and development, general and administrative and selling and marketing expense are based upon the department to which the associated employee reported. No related tax benefits of the stock-based compensation expense have been recognized. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
17 | Income Taxes | ||||||||||||
For the year ended December 31, 2013, the Company generated a pretax income of $16.7 million in the U.S. For the years ended December 31, 2012 and 2011, the Company generated a pretax loss of $32.3 million and $29.4 million, respectively in the U.S. Since inception, the Company has not generated any pretax income or loss outside the U.S. | |||||||||||||
The components of the income tax expense are as follows (in thousands): | |||||||||||||
Years ended | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current income tax expense: | |||||||||||||
State | $ | 326 | $ | — | $ | — | |||||||
326 | — | — | |||||||||||
Deferred income tax benefit: | |||||||||||||
State | (277 | ) | — | — | |||||||||
(277 | ) | — | — | ||||||||||
Total income tax expense | $ | 49 | $ | — | $ | — | |||||||
The reconciliation of income tax expense computed at the statutory federal income tax rate of 35% to amounts included in the consolidated statements of operations is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Statutory rate | 35 | % | 34 | % | 34 | % | |||||||
State tax | 5.5 | % | 5.4 | % | 5.4 | % | |||||||
Tax credits | (5.0 | )% | 0.7 | % | 24.8 | % | |||||||
Stock options | 0.2 | % | (0.7 | )% | (0.3 | )% | |||||||
Valuation allowance | (29.6 | )% | (37.1 | )% | (60.1 | )% | |||||||
Change in federal tax rate | (6.0 | )% | — | — | |||||||||
Other | 0.2 | % | (2.3 | )% | (3.8 | )% | |||||||
0.3 | % | 0 | % | 0 | % | ||||||||
The federal statutory rate increased from 34% to 35% in 2013 as this is the rate expected to be in place when deferred taxes reverse. | |||||||||||||
Deferred income tax assets and liabilities reflect the net tax effects of net operating loss and tax credit carryovers and the temporary differences between the carrying amounts of assets and liabilities for financial reporting and the amounts used for income tax purposes. Significant components of the Company’s deferred income tax assets are as follows (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred income tax assets | |||||||||||||
Fixed assets, capitalized intangibles and other assets | $ | 5,294 | $ | 5,335 | |||||||||
Net operating loss | 31,842 | 39,616 | |||||||||||
Tax credits | 18,480 | 16,907 | |||||||||||
Stock-based compensation expense | 1,133 | 178 | |||||||||||
Other | 1,527 | 869 | |||||||||||
Total | 58,276 | 62,905 | |||||||||||
Valuation allowance | (58,000 | ) | (62,905 | ) | |||||||||
Net deferred income tax assets | $ | 276 | $ | — | |||||||||
At December 31, 2013, current deferred income tax asset of $0.1 million is included in “Prepaid expenses and other current assets” and the non-current deferred income tax asset of $0.2 million is included in “Other non-current assets” in the consolidated balance sheets. | |||||||||||||
The amounts recorded as deferred income tax assets as of December 31, 2013 represent the amount of tax benefits of existing deductible temporary differences and carryforwards that are more likely than not to be realized through the generation of sufficient future taxable income within the carryforward period. For the year ended December 31, 2012, the federal and California deferred income tax assets have been fully offset by a valuation allowance. For the year ended December 31, 2013, the valuation allowance on deferred income tax asset reduced by $4.9 million. In addition, the amount of the valuation allowance for deferred tax assets associated with excess tax deductions from stock-based compensation arrangements that is allocated to contributed capital if the future tax benefits are subsequently recognized is $1.3 million. For the year ended December 31, 2012 and 2011, the increase in the valuation allowance on the deferred income tax assets was $12.0 and $17.7 million, respectively. | |||||||||||||
At December 31, 2013, the Company had net operating loss carryforwards of approximately $72.5 million and $112.5 million available to reduce future taxable income, if any, for both federal and California state income tax purposes, respectively. The net operating loss carryforwards will begin to expire in 2026 for federal and 2016 for state purposes. If the Company experiences an “ownership change” for purposes of Section 382 of the Internal Revenue Code of 1986, as amended, it may be subject to annual limits on its ability to utilize net operating loss carryforwards and credits. An ownership change is, as a general matter, triggered by sales or acquisitions of its stock in excess of 50% on a cumulative basis during a three-year period by persons owning 5% or more of our total equity value. The Company is not currently subject to any annual limits on its ability to utilize net operating loss carryforwards and credits. The Company also had federal and state research and development credit carryforwards of approximately $18.0 million and $0.8 million respectively, at December 31, 2013. The federal credits will expire starting in 2027, if not utilized. The California credits have no expiration date. | |||||||||||||
The Company was granted orphan drug designation in 2009 by the FDA for its products currently under development. The orphan drug designation allows the Company to claim increased federal tax credits for its research and development activities. Included in the $18.0 million of federal credit carryforwards is $17.4 million of Orphan Drug Credit claims for 2009 through 2013. | |||||||||||||
A reconciliation of the beginning and ending balances of the unrecognized income tax benefits during the years ended December 31, 2013, 2012 and 2011 is as follows (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at the beginning of the year | $ | 5,723 | $ | 5,357 | $ | 625 | |||||||
Changes based on prior period tax positions | — | (228 | ) | 2,839 | |||||||||
Changes based on current period tax positions | 546 | 594 | 1,893 | ||||||||||
Balance at the end of the year | $ | 6,269 | $ | 5,723 | $ | 5,357 | |||||||
The entire amount of the unrecognized income tax benefits would not impact the Company’s effective tax rate if recognized. | |||||||||||||
There was no interest or penalties accrued through December 31, 2013. The Company’s policy is to recognize any related interest or penalties in income tax expense. The material jurisdiction in which the Company is subject to potential examination by tax authorities for tax years ended 2006 through the current period include the U.S. and California. The Company is not currently under income tax examinations by any tax authorities in federal, state or other jurisdictions. |
Defined_Contribution_Plan
Defined Contribution Plan | 12 Months Ended | |
Dec. 31, 2013 | ||
Postemployment Benefits [Abstract] | ' | |
Defined Contribution Plan | ' | |
18 | Defined Contribution Plan | |
The Company sponsors a defined contribution plan under Section 401(k) of the Internal Revenue Code (“Plan”) covering substantially all full-time U.S. employees. Employee contributions are voluntary and are determined on an individual basis subject to the maximum allowable under federal tax regulations. Participants are always fully vested in their contributions. For the year ended December 31, 2013, the Company made a contribution of $0.2 million to the Plan. For the year ended December 31, 2012, the Company did not make any contributions to the Plan. |
Net_Income_Loss_per_Share_of_C
Net Income (Loss) per Share of Common Stock | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Net Income (Loss) per Share of Common Stock | ' | ||||||||||||
19 | Net Income (Loss) per Share of Common Stock | ||||||||||||
The following table sets forth the computation of basic and diluted net income (loss) per share of common stock for the periods indicated (in thousands, except share and per share amounts): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net income (loss) per share | |||||||||||||
Numerator: | |||||||||||||
Net income (loss) attributable to common stockholders | $ | 16,627 | $ | (32,263 | ) | $ | (29,416 | ) | |||||
Denominator: | |||||||||||||
Weighted-average number of common shares outstanding — basic | 19,415,822 | 7,256,537 | 469,319 | ||||||||||
Dilutive effect of stock-options and awards | 1,315,091 | — | — | ||||||||||
Weighted average common shares outstanding — dilutive | 20,730,913 | 7,256,537 | 469,319 | ||||||||||
Net income (loss) per share: | |||||||||||||
Basic | $ | 0.86 | $ | (4.45 | ) | $ | (62.68 | ) | |||||
Diluted | $ | 0.8 | $ | (4.45 | ) | $ | (62.68 | ) | |||||
The following outstanding potentially dilutive securities were excluded from the computation of diluted net income (loss) per share, as the effect of including them would have been antidilutive: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Convertible preferred stock | — | — | 6,575,637 | ||||||||||
Stock options | 1,027,605 | 1,928,754 | 1,279,240 | ||||||||||
Common and preferred stock warrants | 274 | 84,656 | 331,776 | ||||||||||
Total | 1,027,879 | 2,013,410 | 8,186,653 | ||||||||||
Related_Party_Transaction
Related Party Transaction | 12 Months Ended | |
Dec. 31, 2013 | ||
Related Party Transactions [Abstract] | ' | |
Related Party Transaction | ' | |
20 | Related Party Transaction | |
As part of the Company’s acquisition of BUPHENYL (see Note 4), the Company assumed the existing BUPHENYL distributors agreements, including the distribution agreement with Swedish Orphan Biovitrum AB (“SOBI”). Additionally, in the third quarter of 2013, SOBI was granted exclusive rights by the Company to distribute RAVICTI on a named patient basis for the chronic treatment of UCD in the Middle East. SOBI’s chairman, Bo Jesper Hansen, is a member of the Company’s Board of Directors. During 2013, the Company recognized $2.2 million from sales to SOBI. As of December 31, 2013, the accounts receivable from SOBI amounted to $0.7 million. |
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Selected Quarterly Financial Data | ' | ||||||||||||||||
21 | Selected Quarterly Financial Data (Unaudited) | ||||||||||||||||
The following table presents selected unaudited quarterly financial information for the years ended December 31, 2013 and 2012. The results for any quarter are not necessarily indicative of future quarterly results and, accordingly, period to period comparisons should not be relied upon as an indication of future performance. | |||||||||||||||||
For The Quarters Ended | |||||||||||||||||
(in thousands, except share and per share amounts) | December 31, | September 30, | June 30, | March 31, | |||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||
Product revenue, net | $ | 18,627 | $ | 15,489 | $ | 7,305 | $ | 783 | |||||||||
Costs and expenses | $ | 17,747 | $ | 15,037 | $ | 12,986 | $ | 9,851 | |||||||||
Net income (loss) attributable to common stockholders | $ | 468 | $ | 112 | $ | 25,022 | $ | (8,975 | ) | ||||||||
Net income (loss) per share attributable to common stockholders — basic | $ | 0.02 | $ | 0.01 | $ | 1.25 | $ | (0.52 | ) | ||||||||
Net income (loss) per share attributable to common stockholders — diluted | $ | 0.02 | $ | 0.01 | $ | 1.17 | $ | (0.52 | ) | ||||||||
December 31, | September 30, | June 30, | March 31, | ||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||
Costs and expenses | $ | 7,795 | $ | 4,758 | $ | 4,755 | $ | 11,225 | |||||||||
Net loss attributable to common stockholders | $ | (8,285 | ) | $ | (4,930 | ) | $ | (7,162 | ) | $ | (11,886 | ) | |||||
Net loss per share attributable to common stockholders — basic and diluted | $ | (0.50 | ) | $ | (0.44 | ) | $ | (15.26 | ) | $ | (25.33 | ) |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Accounting Policies [Abstract] | ' | ||||
Basis of Presentation and the Use of Estimates | ' | ||||
Basis of Presentation and the Use of Estimates | |||||
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of the accompanying consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates, including those related to the fair value of assets and liabilities, intangible asset valuation, stock-based compensation expense, income taxes, revenue recognition and product sales allowances. Management bases its estimates on historical experience or on various other assumptions, including information received from its service providers, which it believes to be reasonable under the circumstances. Actual results could differ from those estimates. | |||||
Basis of Consolidation | ' | ||||
Basis of Consolidation | |||||
The consolidated financial statements include the accounts of the Company and Hyperion Therapeutics Limited. All intercompany balances and transactions, if any, have been eliminated for purposes of consolidation. | |||||
Reclassifications | ' | ||||
Reclassifications | |||||
Certain prior year amounts in the consolidated financial statements have been reclassified to conform to the current year’s presentation. In particular, sales and marketing expenses have been combined with general and administrative expenses in the consolidated statements of operations. The result of this reclassification had no impact on the previously reported net loss, the consolidated balance sheets or the consolidated statements of cash flows. | |||||
Segment Reporting | ' | ||||
Segment Reporting | |||||
The Company operates as one operating segment and uses one measurement of profitability to manage its business. All long-lived assets are maintained in the United States. For the year ended December 31, 2013, net product revenue in the United States and rest of the world (primarily Canada and Europe) was $37.0 million and $5.2 million, respectively. For the year ended December 31, 2013, net product revenue consisted of net sales from RAVICTI of $31.2 million and net sales from BUPHENYL of $11.5 million partially offset by $0.5 million of co-payment assistance. | |||||
Cash and Cash Equivalents | ' | ||||
Cash and Cash Equivalents | |||||
The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents. Cash and cash equivalents include money market funds and various deposit accounts. | |||||
Investments | ' | ||||
Investments | |||||
The Company determines the appropriate classification of its investments in debt and equity securities at the time of purchase. All of the Company’s securities are classified as available-for-sale and reported in short-term investments or long-term investments based on maturity dates and whether such assets are reasonably expected to be realized in cash or sold or consumed during the normal cycle of business. Available-for-sale investments are recorded at fair value, with unrealized gains or losses included in Accumulated Other Comprehensive Loss on the Company’s Consolidated Balance Sheets, exclusive of other-than-temporary impairment losses, if any. Short-term and long-term investments are comprised of corporate notes, commercial paper, U.S. federal government agency securities and certificates of deposit. | |||||
Accounts Receivable | ' | ||||
Accounts Receivable | |||||
Trade accounts receivable are recorded net of product sales allowances for prompt-payment discounts, chargebacks, and doubtful accounts. Estimates for chargebacks and prompt-payment discounts are based on contractual terms, historical trends and expectations regarding the utilization rates for these programs. At December 31, 2013, the Company had no allowances for doubtful accounts. | |||||
Inventories | ' | ||||
Inventories | |||||
Inventories are stated at the lower of cost or market value with cost determined under the first-in-first-out (FIFO) cost method and consist of raw materials and finished goods. Costs capitalized as inventories include third party manufacturing costs, associated compensation related costs of personnel indirectly involved in the manufacturing process and other overhead costs such as ancillary supplies. Subsequent to FDA approval of RAVICTI on February 1, 2013, the Company began capitalizing RAVICTI inventories as the related costs were expected to be recoverable through the commercialization of the product. Costs incurred prior to the FDA approval of RAVICTI have been recorded as research and development expense in the consolidated statements of operations. If information becomes available that suggest that inventories may not be realizable, the Company may be required to expense a portion or all of the previously capitalized inventories. | |||||
Products that have been approved by the FDA or other regulatory authorities, such as RAVICTI are also used in clinical programs, to assess the safety and efficacy of the products for usage in diseases that have not been approved by the FDA or other regulatory authorities. The form of RAVICTI utilized for both commercial and clinical programs is identical and, as a result, the inventory has an “alternative future use” as defined in authoritative guidance. Raw materials and purchased drug product associated with clinical development programs are included in inventory and charged to research and development expense when the product enters the research and development process and no longer can be used for commercial purposes and, therefore, does not have an “alternative future use”. | |||||
On May 31, 2013, the Company acquired BUPHENYL from Ucyclyd (see Note 4). The Company recorded the acquired BUPHENYL inventories at fair value in the amount of $3.9 million on the acquisition date. The Company is expensing the difference between the fair value and book value of inventory as that inventory is sold. | |||||
Business Combinations | ' | ||||
Business Combinations | |||||
The Company allocates the purchase price of an acquired business to the tangible and intangible assets acquired and liabilities assumed based upon their estimated fair values on the acquisition date. Any excess of the purchase price over the fair value of the net assets acquired is recorded as goodwill. The purchase price allocation process requires management to make significant estimates and assumptions, especially at the acquisition date with respect to intangible assets. Direct transaction costs associated with the business combination are expensed as incurred. | |||||
Intangible Assets | ' | ||||
Intangible Assets | |||||
Intangible assets are recorded at acquisition cost less accumulated amortization and impairment. Intangible assets with finite lives are amortized over their estimated useful lives. The Company’s intangible asset pertains to BUPHENYL product rights (see Note 4). The intangible asset is amortized over the estimated useful life using the economic use method, which reflects the pattern that the economic benefits of the intangible asset are consumed as revenue is generated. The pattern of consumption of the economic benefits is estimated using the future projected cash flows of the intangible asset. | |||||
Impairment of Long-lived Assets | ' | ||||
Impairment of Long-lived Assets | |||||
The Company reviews its property and equipment, intangible assets subject to amortization and other long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. Recoverability is measured by comparing the carrying amount to the future net undiscounted cash flows that the assets are expected to generate. If such assets are considered impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value determined using projected discounted future net cash flows arising from the assets. | |||||
Property and Equipment | ' | ||||
Property and Equipment | |||||
Property and equipment are stated at cost, net of accumulated depreciation and amortization. All property and equipment is depreciated on a straight-line basis over the following estimated useful lives: | |||||
Computer and office equipment | 3 – 5 years | ||||
Software | 3 years | ||||
Furniture and fixtures | 3 years | ||||
Leasehold improvements are amortized over the lesser of their useful life or the term of the applicable lease. Upon sale or retirement of assets, the cost and related accumulated depreciation and amortization are removed from the consolidated balance sheet and the resulting gain or loss is reflected in operations. Maintenance and repairs are charged to operations as incurred. | |||||
2012 Reverse Stock Split | ' | ||||
2012 Reverse Stock Split | |||||
The Company effected a 1-for-6.09 reverse stock split of its common stock and preferred stock on July 12, 2012. Accordingly, all share and per share amounts for all periods presented in these consolidated financial statements and notes thereto, have been adjusted retroactively to reflect this reverse stock split. | |||||
Concentration of Credit Risk and Significant Customers | ' | ||||
Concentration of Credit Risk and Significant customers | |||||
The Company’s cash and cash equivalents and investments are maintained with financial institutions located in the United States. Deposits in these institutions may exceed the amount of insurance provided on such deposits. The Company has not recognized any losses from credit risks during the periods presented and management does not believe that the Company is exposed to significant credit risk from its cash and cash equivalents or investments. | |||||
The Company is also subject to credit risk from its accounts receivables related to its product sales. The Company monitors its exposure within accounts receivable and records a reserve against uncollectible accounts receivable as necessary. The Company extends credit to a specialty distributor in the United States and to international distributors, pharmacies and hospitals outside the United States. Customer creditworthiness is monitored and collateral is not required. In 2013 there were no credit losses on the Company’s accounts receivable. As at December 31, 2013, the specialty distributor in the United States accounted for 64% of the accounts receivable balance and one international distributor accounted for 17% of the accounts receivable balance. | |||||
Fair Value of Financial Instruments | ' | ||||
Fair Value of Financial Instruments | |||||
The Company measures certain financial assets and liabilities at fair value based on the exchange price that would be received for an asset or paid for to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The carrying amounts of the Company’s financial instruments, including cash equivalents, short-term investments, the option to purchase BUPHENYL and AMMONUL, accounts payable, and accrued liabilities, approximate fair value due to their short maturities. The carrying amounts of long-term investments represent their estimated fair values. The Company’s debt obligations are carried at historical cost, which approximates fair value. | |||||
Preclinical and Clinical Trial Accruals | ' | ||||
Preclinical and Clinical Trial Accruals | |||||
The Company’s clinical trial accruals are based on estimates of patient enrollment and related costs at clinical investigator sites as well as estimates for the services received and efforts expended pursuant to contracts with multiple research institutions and clinical research organizations that conduct and manage preclinical and clinical trials on the Company’s behalf. The Company accrues expenses related to clinical trials based on contracted amounts applied to the level of patient enrollment and activity according to the protocol. If timelines or contracts are modified based upon changes in the clinical trial protocol or scope of work to be performed, the Company modifies the estimates of accrued expenses accordingly. To date, the Company has had no significant adjustments to accrued preclinical and clinical trial expenses. | |||||
Warrants Liability | ' | ||||
Warrants Liability | |||||
The Company accounts for its warrants and other derivative financial instruments as either equity or liabilities based upon the characteristics and provisions of each instrument. Warrants classified as equity are recorded as additional paid-in capital on the consolidated balance sheets and no further adjustments to their valuation are made. Warrants classified as derivative liabilities and other derivative financial instruments that require separate accounting as liabilities are recorded on the Company’s consolidated balance sheets at their fair value on the date of issuance and are revalued at each subsequent balance sheet date, with fair value changes recognized as increases or reductions to other income (expense), net in the consolidated statements of operations. | |||||
Revenue Recognition | ' | ||||
Revenue Recognition | |||||
The Company recognizes revenue in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 605, Revenue Recognition, when the following criteria have been met: persuasive evidence of an arrangement exists; delivery has occurred and risk of loss has passed; the seller’s price to the buyer is fixed or determinable and collectability is reasonably assured. The Company determines that persuasive evidence of an arrangement exists based on written contracts that defined the terms of the arrangements. In addition, the Company determines that services have been delivered in accordance with the arrangement. The Company assesses whether the fee is fixed or determinable based on the payment terms associated with the transaction and whether the sales price is subject to refund or adjustment. The Company assesses collectability based primarily on the customer’s payment history and on the creditworthiness of the customer. | |||||
Product Revenue, net: The Company’s product revenue represents sales of RAVICTI and BUPHENYL which are recognized once all four revenue recognition criteria described above are met. The Company recognizes revenue net of product sales allowances. Product shipping and handling costs are included in cost of sales. | |||||
• | During 2013, the Company began distributing RAVICTI to two specialty pharmacies through a specialty distributor. The specialty pharmacies then in turn dispensed RAVICTI to patients in fulfillment of prescriptions. As RAVICTI is a new product, and the Company’s first commercial product, the Company could not reasonably assess potential product sales allowances at the time of sale to the specialty distributor. As a result, the price of RAVICTI was not deemed fixed or determinable. The Company does not record revenue on shipments of RAVICTI to the specialty distributor, until the product was shipped to patients by the specialty pharmacies at which time the related product sales allowances could be reasonably estimated. | ||||
• | As discussed in Note 4, on May 31, 2013, the Company acquired BUPHENYL from Ucyclyd. The Company sells BUPHENYL in the United States to a specialty distributor who in turn sells this product to retail pharmacies, hospitals and other dispensing organizations. The Company records revenue on product shipments to the specialty distributor upon receipt by the specialty distributor. For product sales of BUPHENYL outside the United States, revenue is recognized once the product is accepted by the customer or their acceptance period has expired, whichever comes first. | ||||
Product Sales Allowances: The Company establishes reserves for prompt-payment discounts, government and commercial rebates, product returns and chargebacks. Allowances related to prompt-payment discounts are recorded at the time of revenue recognition, resulting in a reduction in product sales revenue and a decrease in trade accounts receivables. Accruals related to government rebates, product returns and other applicable allowances such as distributor fees are recognized at the time of revenue recognition, resulting in a reduction in product sales and an increase in accrued expenses or a reduction in the related accounts receivable. | |||||
• | Prompt-payment discounts: The specialty distributor and specialty pharmacies are offered prompt-payment discounts. The Company expects the specialty distributor and specialty pharmacies will earn prompt payment discounts and, therefore deduct the full amount of these discounts from total product sales when revenues are recognized. The Company records prompt-payment discounts as allowances against accounts receivable on the consolidated balance sheet. | ||||
• | Rebates: Allowances for rebates include mandated discounts under the Medicaid Drug Rebate Program. Rebate amounts are based upon contractual agreements or legal requirements with public sector (e.g. Medicaid) benefit providers. Rebates are amounts owed after the final dispensing of the product to a benefit plan participant and are based upon contractual agreements or legal requirements with public sector benefit providers. The allowance for rebates is based on statutory discount rates and expected utilization. The Company estimates for expected utilization of rebates based on historical data and data received from the specialty distributor, two specialty pharmacies and our dedicated call center. Rebates are generally invoiced and paid in arrears so that the accrual balance consists of an estimate of the amount expected to be incurred for the current quarter’s activity, plus an accrual balance for known prior quarter’s unpaid rebates. If actual future rebates vary from estimates, the Company may need to adjust prior period accruals, which would affect revenue in the period of adjustment. Allowance for rebates are recorded in accrued liabilities on the consolidated balance sheet. | ||||
• | Chargebacks: Chargebacks are discounts that occur when contracted customers purchase directly from a specialty distributor. Contracted customers, which primarily consist of Public Health Service institutions, non-profit clinics, and Federal government entities purchasing via the Federal Supply Schedule, generally purchase the product at a discounted price. The specialty distributor, in turn, charges back to the Company the difference between the price initially paid by the specialty distributor and the discounted price paid to the specialty distributor by the customer. For BUPHENYL, the allowance for chargebacks is based on historical sales data and known sales to contracted customers. For RAVICTI, the allowance for chargebacks is based on known sales to contracted customers. For qualified programs that can purchase the Company’s products through distributors at a lower contractual government price, the distributors charge back to the Company the difference between their acquisition cost and the lower contractual government price. | ||||
• | Medicare Part D Coverage Gap: Medicare Part D prescription drug benefit mandates manufacturers to fund 50% of the Medicare Part D insurance coverage gap for prescription drugs sold to eligible patients. The Company estimates for the expected Medicare Part D coverage gap are based on historical invoices received and in part from data received from the specialty pharmacies. Funding of the coverage gap is generally invoiced and paid in arrears so that the accrual balance consists of an estimate of the amount expected to be incurred for the current quarter’s activity, plus an accrual balance for known prior quarters. If actual future funding varies from estimates, the Company may need to adjust prior period accruals, which would affect revenue in the period of adjustment. Estimates of the Medicare Part D coverage gap are recorded in accrued liabilities on the consolidated balance sheet. | ||||
• | Distribution Service Fees: The Company has a written contract with the specialty distributor that includes terms for distribution-related fees. Distributor fees are calculated at percentage of gross sales based upon agreed contracted rate. The Company accrues distributor fees at the time of the revenue recognition, resulting in reduction of product sales revenue and the recording of accrued liabilities on the consolidated balance sheets. The Company records distribution and other fees paid to its customers as a reduction of revenue, unless it receives an identifiable and separate benefit for the consideration and it can reasonably estimate the fair value of the benefit received. If both conditions are met, the Company records the consideration paid to the customer as an operating expense. These costs are typically known at the time of sale. | ||||
• | Product Returns: Consistent with industry practice, the Company generally offers customers a limited right to return. The Company accepts returns of products from patients resulting from breakage as defined within the Company’s returns policy. Additionally, the Company considers several other factors in the estimation process including the expiration dates of product shipped, third party data in monitoring channel inventory levels, shelf life of the product, prescription trends and other relevant factors. Provisions for estimated product returns are recorded as accrued liabilities on the consolidated balance sheet. | ||||
Co-payment assistance: The Company provides a cash donation to a non-profit third party organization which supports UCD patients, who have commercial insurance and meet certain financial eligibility requirements, with co-payment assistance and travel costs. The amount of co-payment assistance is accounted for by the Company as a reduction of revenues. | |||||
Cost of sales | ' | ||||
Cost of sales | |||||
Cost of sales includes third-party manufacturing cost of products sold, royalty fees, and other indirect costs related to personnel compensation, shipping and supplies. Costs incurred prior to FDA approval of RAVICTI have been recorded as research and development expense in the Company’s consolidated statement of operations. Cost of BUPHENYL sales as a percentage of revenue was higher and not indicative of cost of sales in future periods due to the recording of the step-up value on BUPHENYL inventories acquired from Ucyclyd which is expensed to cost of sales as that inventory is sold. (See Note 4) | |||||
Foreign Currency Translations | ' | ||||
Foreign Currency Translations | |||||
The Company has cash and accounts receivable denominated in foreign currency are translated at the rate of exchange in effect on the balance sheet date. Revenue and expenses denominated in foreign currency are translated at the weighted average rate of exchange prevailing during the period. Any gains and losses resulting from foreign currency translations are included in other income (expense)-net in the consolidated statements of operations. | |||||
Research and Development Expenses | ' | ||||
Research and Development Expenses | |||||
Costs related to research and development of products are charged to expense as incurred. Research and development costs include, but are not limited to, payroll and personnel expenses, clinical trial supplies, fees for clinical trial services, consulting costs and allocated overhead, including rent, equipment, depreciation and utilities. | |||||
Stock-Based Compensation | ' | ||||
Stock-Based Compensation | |||||
The Company accounts for stock-based employee compensation arrangements in accordance with provisions of ASC 718, Compensation — Stock Compensation. ASC 718 requires the recognition of compensation expense, using a fair-value based method, for costs related to all share-based payments including stock options. ASC 718 requires companies to estimate the fair value of share-based payment awards on the date of grant using an option-pricing model. The Company calculates the fair value of stock options using the Black-Scholes method and expenses using the straight-line attribution approach. | |||||
Income Taxes | ' | ||||
Income Taxes | |||||
The Company accounts for income taxes under the liability method. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts expected to be realized. | |||||
The Company accounts for uncertain tax positions in accordance with ASC 740-10, Accounting for Uncertainty in Income Taxes. The Company assesses all material positions taken in any income tax return, including all significant uncertain positions, in all tax years that are still subject to assessment or challenge by relevant taxing authorities. Assessing an uncertain tax position begins with the initial determination of the position’s sustainability and is measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. As of each balance sheet date, unresolved uncertain tax positions must be reassessed, and the Company will determine whether (i) the factors underlying the sustainability assertion have changed and (ii) the amount of the recognized tax benefit is still appropriate. The recognition and measurement of tax benefits requires significant judgment. Judgments concerning the recognition and measurement of a tax benefit might change as new information becomes available. | |||||
Comprehensive Income (Loss) | ' | ||||
Comprehensive Income (Loss) | |||||
Comprehensive income (loss) is comprised of net income (loss) and other comprehensive loss. Other comprehensive loss includes changes in stockholders’ equity that are excluded from net income (loss), specifically changes in unrealized gains and losses on the Company’s available-for-sale securities. | |||||
Net Income (Loss) per Share of Common Stock | ' | ||||
Net Income (Loss) per Share of Common Stock | |||||
Basic earnings per share is computed by dividing the net income (loss) by the weighted average number of shares of common stock outstanding during the periods presented. The computation of diluted earnings per share is similar to the computation of basic earnings per share, except that the denominator is increased for the assumed exercise of dilutive options and other potentially dilutive securities using the treasury stock method, unless the effect is antidilutive. | |||||
Recent Accounting Pronouncements | ' | ||||
Recent Accounting Pronouncements | |||||
In February 2013, FASB issued Accounting Standard Update (“ASU”) No. 2013-02, Comprehensive Income: Reporting of amounts reclassified out of other comprehensive income. Under the amendments of this update an entity is required to present either parenthetically on the face of the financial statements or in the notes, significant amounts reclassified from each component of accumulated other comprehensive income and the income statement line items affected by the reclassification. However, an entity would not need to show the income statement line item affected for certain components that are not required to be reclassified in their entirety to net income, such as amounts amortized into net periodic pension cost. The standard was effective prospectively for public entities for fiscal years, and interim periods with those years, beginning after December 15, 2012. Early adoption was permitted. The Company adopted this guidance on January 1, 2013. The implementation did not have an impact on the Company’s consolidated financial statements. | |||||
In July 2013, FASB issued ASU No. 2013-11, Income Taxes (Topic 740): Presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. Under the amendments of this update an entity is required to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date. For example, an entity should not evaluate whether the deferred tax asset expires before the statute of limitations on the tax position or whether the deferred tax asset may be used prior to the unrecognized tax benefits being settled. The provisions of this update will be effective prospectively for the Company in fiscal years beginning after December 15, 2013, and for the interim periods within fiscal years with early adoption and retrospective application permitted. The Company believes the adoption of this new guidance will not have a material impact on its consolidated financial statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Accounting Policies [Abstract] | ' | ||||
Schedule of Property and Equipment Estimated Useful Lives | ' | ||||
All property and equipment is depreciated on a straight-line basis over the following estimated useful lives: | |||||
Computer and office equipment | 3 – 5 years | ||||
Software | 3 years | ||||
Furniture and fixtures | 3 years |
Acquisition_of_BUPHENYL_from_U1
Acquisition of BUPHENYL from Ucyclyd Pharma, Inc. (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Schedule of Purchase Price Allocation | ' | ||||||||
The following table summarizes the allocation of purchase price to the fair values of the assets acquired as of the acquisition date: | |||||||||
(in thousands) | |||||||||
Inventories | $ | 3,900 | |||||||
Intangible Asset — BUPHENYL Product rights | 16,500 | ||||||||
Total | $ | 20,400 | |||||||
Total Gain from Buphenyl Acquisition | ' | ||||||||
The following table summarizes the results of the Company’s allocation: | |||||||||
(in thousands) | |||||||||
Ucyclyd’s retention option amount | $ | 32,000 | |||||||
Amount due to Ucyclyd for BUPHENYL product rights | (19,000 | ) | |||||||
Amount due to Ucyclyd for inventory | (2,038 | ) | |||||||
Net payment received from Ucyclyd | 10,962 | ||||||||
Option to purchase the rights to BUPHENYL and AMMONUL | (283 | ) | |||||||
Fair value of BUPHENYL | 20,400 | ||||||||
Gain from settlement of retention option | $ | 31,079 | |||||||
Consolidated Pro Forma Information | ' | ||||||||
The following consolidated pro forma information is based on the assumption that the acquisition occurred on January 1, 2012. The unaudited pro forma information is presented for comparative purposes only and is not necessarily indicative of the financial position or results of operations which would have been reported had the Company completed the acquisition during these periods or which might be reported in the future. The unaudited pro forma information reflects primarily the application of the following adjustments: | |||||||||
• | the elimination of the historical intangible asset amortization expense of this acquisition; | ||||||||
• | the amortization expense related to the fair value of intangible asset acquired; | ||||||||
• | the exclusion of acquisition-related costs, incurred for this acquisition; and | ||||||||
• | the exclusion of the step-up value related to inventory sold that was acquired as part of the acquisition. | ||||||||
The unaudited pro forma information is not necessarily indicative of what the Company’s consolidated results of operations actually would have been had the acquisition been completed on January 1, 2012. In addition, the unaudited pro forma information does not purport to project the future results of operations of the Company. | |||||||||
Year Ended | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
( in thousands) | |||||||||
Net revenues | $ | 52,900 | $ | 21,501 | |||||
Net income (loss) | 24,266 | (28,976 | ) |
Investments_Tables
Investments (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Investments by Contractual Maturity | ' | ||||||||||||||||||||||||
The principal amounts of investments by contractual maturity are summarized in the tables below: | |||||||||||||||||||||||||
Contractual Maturity Date for the | Total Book | Unrealized | Aggregate | ||||||||||||||||||||||
Years Ending December 31, | Value at | Loss | Fair Value at | ||||||||||||||||||||||
December 31, 2013 | December 31, 2013 | ||||||||||||||||||||||||
2014 | 2015 | ||||||||||||||||||||||||
Certificates of deposit | $ | 10,525 | $ | 2,845 | $ | 13,370 | $ | (27 | ) | $ | 13,343 | ||||||||||||||
Corporate notes | 6,047 | 12,960 | 19,007 | (24 | ) | 18,983 | |||||||||||||||||||
U.S. Government agency securities | 8,011 | — | 8,011 | (3 | ) | 8,008 | |||||||||||||||||||
Commercial paper | 3,492 | — | 3,492 | (1 | ) | 3,491 | |||||||||||||||||||
Total | $ | 28,075 | $ | 15,805 | $ | 43,880 | $ | (55 | ) | $ | 43,825 | ||||||||||||||
Schedule of Unrealized Losses and Related Fair Value of Investments with Unrealized Losses | ' | ||||||||||||||||||||||||
The aggregate amounts of unrealized losses and related fair value of investments with unrealized losses as of December 31, 2013 was as follows: | |||||||||||||||||||||||||
Less Than 12 Months to | 12 Months or More to | Total | |||||||||||||||||||||||
Maturity | Maturity | ||||||||||||||||||||||||
Aggregate | Unrealized | Aggregate | Unrealized | Aggregate | Unrealized | ||||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||||||||
Certificates of deposit | $ | 10,507 | $ | (18 | ) | $ | 2,836 | $ | (9 | ) | $ | 13,343 | $ | (27 | ) | ||||||||||
Corporate notes | 6,039 | (8 | ) | 12,944 | (16 | ) | 18,983 | (24 | ) | ||||||||||||||||
U.S. Government agency securities | 8,008 | (3 | ) | — | — | 8,008 | (3 | ) | |||||||||||||||||
Commercial paper | 3,491 | (1 | ) | — | — | 3,491 | (1 | ) | |||||||||||||||||
Total | $ | 28,045 | $ | (30 | ) | $ | 15,780 | $ | (25 | ) | $ | 43,825 | $ | (55 | ) | ||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Hierarchy for Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||
The following table presents the Company’s fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 and 2012 (in thousands): | |||||||||||||||||
Fair Value Measurements at December 31, 2013 | |||||||||||||||||
Quoted Price in | Significant Other | Significant | Total | ||||||||||||||
Active Markets | Observable Inputs | Unobservable | |||||||||||||||
for Identical Assets | (Level 2) | Inputs | |||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | $ | 38,506 | $ | — | $ | — | $ | 38,506 | |||||||||
Certificates of deposit | — | 480 | — | 480 | |||||||||||||
Total cash equivalents | $ | 38,506 | $ | 480 | $ | — | $ | 38,986 | |||||||||
Available-for-sale securities: | |||||||||||||||||
Short-term: | |||||||||||||||||
Certificates of deposit | $ | — | $ | 10,507 | $ | — | $ | 10,507 | |||||||||
Commercial paper | — | 3,491 | — | 3,491 | |||||||||||||
Corporate notes | — | 6,039 | — | 6,039 | |||||||||||||
U.S. Government agency securities | — | 8,008 | — | 8,008 | |||||||||||||
Total short-term investments | — | 28,045 | — | 28,045 | |||||||||||||
Long-term: | |||||||||||||||||
Certificates of deposit | — | 2,836 | — | 2,836 | |||||||||||||
Corporate notes | — | 12,944 | — | 12,944 | |||||||||||||
Total long-term investments | — | 15,780 | — | 15,780 | |||||||||||||
Total available-for-sale securities | $ | — | $ | 43,825 | $ | — | $ | 43,825 | |||||||||
December 31, 2012 | |||||||||||||||||
Quoted prices in | Significant Other | Significant | |||||||||||||||
Active Markets | Observable | Unobservable | |||||||||||||||
for Identical | Inputs (Level 2) | Inputs | |||||||||||||||
Items (Level 1) | (Level 3) | ||||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||
Money market funds | $ | 45,003 | $ | — | $ | — | |||||||||||
$ | 45,003 | $ | — | $ | — | ||||||||||||
Carrying Value and Estimated Fair Value of Company's Notes Payable | ' | ||||||||||||||||
The following table presents the carrying value and estimated fair value of the Company’s notes payable as of December 31, 2013 (in thousands): | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Carrying | Estimated | ||||||||||||||||
Value | Fair Value | ||||||||||||||||
April and September 2012 Notes | $ | 8,273 | $ | 8,860 |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Components of Inventories | ' | ||||||||
The following table represents the components of inventories (in thousands): | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Raw Materials | $ | 697 | $ | — | |||||
Finished goods | 2,816 | — | |||||||
Total | $ | 3,513 | $ | — | |||||
Intangible_Asset_Tables
Intangible Asset (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of Expected Amortization Expense | ' | ||||||||||||||||||||
Estimated aggregate amortization expense for each of the five succeeding years ending December 31 is as follows (in thousands): | |||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | |||||||||||||||||
Amortization expense | $ | 4,053 | $ | 3,294 | $ | 1,157 | $ | 1,048 | $ | 1,012 |
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Components of Property and Equipment | ' | ||||||||
The following table represents the components of property and equipment (in thousands): | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Computers and Software | $ | 563 | $ | 95 | |||||
Furniture and Fixtures | 320 | — | |||||||
Office Equipment | 53 | 21 | |||||||
Leasehold Improvements | — | 247 | |||||||
Capital work in progress | 264 | — | |||||||
1,200 | 363 | ||||||||
Less: Accumulated depreciation | (264 | ) | (314 | ) | |||||
Total property and equipment, net | $ | 936 | $ | 49 | |||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Components of Accrued Liabilities | ' | ||||||||
The following table represents the components of accrued liabilities (in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Preclinical and clinical trial expenses | $ | 246 | $ | 583 | |||||
Payroll and related expenses | 4,278 | 1,457 | |||||||
Gross to net sales accruals | 5,235 | — | |||||||
Royalty payable | 1,154 | — | |||||||
State taxes payable | 326 | — | |||||||
Interest payable | 61 | 93 | |||||||
Other | 887 | 407 | |||||||
$ | 12,187 | $ | 2,540 | ||||||
Notes_Payable_Tables
Notes Payable (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Debt Disclosure [Abstract] | ' | ||||
Future Minimum Payments Under April Twenty Twelve and September Twenty Twelve Notes | ' | ||||
Future minimum payments under the April 2012 and September 2012 Notes as of December 31, 2013 are as follows (in thousands): | |||||
Years Ending December 31, | |||||
2014 | $ | 6,152 | |||
2015 | 3,376 | ||||
Total future minimum payments | $ | 9,528 | |||
Less: amount representing unamortized interest | (563 | ) | |||
Less: amount representing debt discount | (692 | ) | |||
Total minimum payments | $ | 8,273 | |||
Less: current portion | (5,652 | ) | |||
Non-current portion | $ | 2,621 | |||
Warrants_Tables
Warrants (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
Summary of Outstanding Warrants and Corresponding Exercise Price | ' | ||||||||||||
The following table summarizes the outstanding warrants and the corresponding exercise price as of December 31, 2013 and 2012: | |||||||||||||
Number of Shares | Per Share | ||||||||||||
Outstanding | Exercise Price | ||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
October 2007 common stock warrants | 274 | 274 | $ | 1,913.05 | |||||||||
April 2012 common stock warrants | — | 75,974 | 4.08 | ||||||||||
September 2012 common stock warrants | — | 8,408 | 5.05 | ||||||||||
Total | 274 | 84,656 | |||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Future Minimum Lease Payments | ' | ||||
Aggregate total future minimum lease payments under operating facility and equipment leases as of December 31, 2013 were as follows (in thousands): | |||||
Years Ending December 31, | |||||
2014 | $ | 518 | |||
2015 | 797 | ||||
2016 | 820 | ||||
2017 | 821 | ||||
2018 | 845 | ||||
Thereafter | 766 | ||||
Total | $ | 4,567 | |||
Common_Stock_Tables
Common Stock (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Text Block [Abstract] | ' | ||||
Common Stock Reserved for Future Issuances | ' | ||||
At December 31, 2013, the Company had reserved common stock for future issuances as follows: | |||||
Issuance of options under 2012 stock plan | 576,760 | ||||
Issuance upon exercise of options under the 2006 and 2012 stock plan | 2,790,629 | ||||
Issuance upon vesting of restricted stock awards under the 2012 stock plan | 18,000 | ||||
Issuance upon exercise of common stock warrants | 274 | ||||
Total | 3,385,663 | ||||
Stock_Option_Plan_Tables
Stock Option Plan (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Aggregate Options Outstanding and Vested and Exercisable by Exercise Price | ' | ||||||||||||||||||||||||
Aggregate options outstanding and vested and exercisable by exercise price at December 31, 2013 for the 2006 plan are as follows (dollars in thousands except per share values): | |||||||||||||||||||||||||
Options Outstanding | Options Vested and Exercisable | ||||||||||||||||||||||||
Exercise | Number | Aggregate | Weighted | Number | Aggregate | Exercise | |||||||||||||||||||
Price | Outstanding | Intrinsic | Average | Outstanding | Intrinsic | Price | |||||||||||||||||||
Value | Remaining | Value | |||||||||||||||||||||||
Life (in Years) | |||||||||||||||||||||||||
$ 1.28 | 821,322 | $ | 15,556 | 5.9 | 820,056 | $ | 15,532 | $ | 1.28 | ||||||||||||||||
$ 4.08 | 305,873 | 4,937 | 7.3 | 209,603 | 3,383 | $ | 4.08 | ||||||||||||||||||
$ 7.31 | 410,061 | 5,294 | 8.3 | 228,207 | 2,946 | $ | 7.31 | ||||||||||||||||||
$ 327.95 | 940 | — | 4 | 940 | — | $ | 327.95 | ||||||||||||||||||
1,538,196 | $ | 25,787 | 6.8 | 1,258,806 | $ | 21,861 | |||||||||||||||||||
Aggregate options outstanding and vested and exercisable by exercise price at December 31, 2012 are as follows (dollars in thousands except per share values): | |||||||||||||||||||||||||
Options Outstanding | Options Vested and Exercisable | ||||||||||||||||||||||||
Exercise | Number | Aggregate | Weighted | Number | Aggregate | Exercise | |||||||||||||||||||
Price | Outstanding | Intrinsic | Average | Outstanding | Intrinsic | Price | |||||||||||||||||||
Value | Remaining | Value | |||||||||||||||||||||||
Life (in Years) | |||||||||||||||||||||||||
$1.28 | 836,292 | $ | 8,363 | 6.9 | 814,675 | $ | 8,147 | $ | 1.28 | ||||||||||||||||
$4.08 | 373,037 | 2,686 | 8.3 | 153,564 | 1,106 | $ | 4.08 | ||||||||||||||||||
$7.31 | 451,253 | 1,791 | 9.3 | 75,201 | 299 | 7.31 | |||||||||||||||||||
$327.95 | 940 | — | 5 | 940 | — | $ | 327.95 | ||||||||||||||||||
1,661,522 | $ | 12,840 | 7.9 | 1,044,380 | $ | 9,552 | |||||||||||||||||||
Aggregate options outstanding and vested and exercisable by exercise price at December 31, 2013 for the 2012 plan are as follows (dollars in thousands except per share values): | |||||||||||||||||||||||||
Options Outstanding | Options Vested and Exercisable | ||||||||||||||||||||||||
Exercise Price | Number | Aggregate | Weighted | Number | Aggregate | Exercise | |||||||||||||||||||
Outstanding | Intrinsic | Average | Outstanding | Intrinsic | Price | ||||||||||||||||||||
Value | Remaining | Value | |||||||||||||||||||||||
Life (in Years) | |||||||||||||||||||||||||
$10.32- 11.28 | 225,768 | $ | 2,183 | 8.8 | 86,531 | $ | 837 | $ | 10.32 - 11.28 | ||||||||||||||||
$18.24- 19.39 | 188,000 | 257 | 9.1 | — | — | 18.24 - 19.39 | |||||||||||||||||||
$20.07- 21.45 | 121,625 | 4 | 9.5 | — | — | 20.07 - 21.45 | |||||||||||||||||||
$22.00- 22.06 | 86,200 | — | 9.5 | — | — | 22.00 - 22.06 | |||||||||||||||||||
$24.38- 24.94 | 536,140 | — | 9.3 | — | — | 24.38 - 24.94 | |||||||||||||||||||
$25.05- 26.50 | 94,700 | — | 9.5 | — | — | 25.05 - 26.50 | |||||||||||||||||||
1,252,433 | $ | 2,444 | 9.2 | 86,531 | $ | 837 | |||||||||||||||||||
Aggregate options outstanding and vested and exercisable by exercise price at December 31, 2012 for the 2012 plan are as follows (dollars in thousands except per share values): | |||||||||||||||||||||||||
Options Outstanding | Options Vested and Exercisable | ||||||||||||||||||||||||
Exercise Price | Number | Aggregate | Weighted | Number | Aggregate | Exercise | |||||||||||||||||||
Outstanding | Intrinsic | Average | Outstanding | Intrinsic | Price | ||||||||||||||||||||
Value | Remaining | Value | |||||||||||||||||||||||
Life (in Years) | |||||||||||||||||||||||||
$10.32 | 20,000 | $ | 19 | 9.7 | 1,666 | $ | 2 | $ | 10.32 | ||||||||||||||||
$10.33 | 117,732 | 112 | 9.6 | — | — | — | |||||||||||||||||||
$10.61 | 69,500 | 47 | 10 | — | — | — | |||||||||||||||||||
$10.95 | 15,000 | 5 | 9.8 | 625 | 0.2 | $ | 10.95 | ||||||||||||||||||
$11.28 | 45,000 | — | 10 | — | — | — | |||||||||||||||||||
267,232 | $ | 183 | 9.8 | 2,291 | $ | 2.2 | |||||||||||||||||||
Weighted-Average Assumptions for Fair Value of Stock Options | ' | ||||||||||||||||||||||||
The fair value of the employee stock options was estimated using the following weighted-average assumptions: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Expected volatility | 58 | % | 65 | % | 62 | % | |||||||||||||||||||
Risk-free interest rate | 1.14 | % | 1.05 | % | 2.48 | % | |||||||||||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||||||||||
Expected term (in years) | 5.96 | 6 | 6.01 | ||||||||||||||||||||||
Allocation of Stock-Based Compensation Expense | ' | ||||||||||||||||||||||||
Total stock-based compensation expense related to options and awards granted was allocated as follows (in thousands): | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Cost of sales | $ | 27 | $ | — | $ | — | |||||||||||||||||||
Research and development | 585 | 374 | 137 | ||||||||||||||||||||||
Selling general and administrative | 3,709 | 619 | 208 | ||||||||||||||||||||||
Total | $ | 4,321 | $ | 993 | $ | 345 | |||||||||||||||||||
2006 Plan | ' | ||||||||||||||||||||||||
Schedule of Option Activity | ' | ||||||||||||||||||||||||
Activity under the 2006 Plan is as follows: | |||||||||||||||||||||||||
Outstanding Options | |||||||||||||||||||||||||
Number of Shares | Number of Shares | Weighted-Average | |||||||||||||||||||||||
Available for | Underlying | Exercise Price Per | |||||||||||||||||||||||
Grant | Outstanding | Share | |||||||||||||||||||||||
Options | |||||||||||||||||||||||||
Balances at December 31, 2012 | — | 1,661,522 | 3.73 | ||||||||||||||||||||||
Options exercised | — | (100,280 | ) | 4.62 | |||||||||||||||||||||
Options cancelled | 23,046 | (23,046 | ) | 5.68 | |||||||||||||||||||||
Options re-allocated to 2012 Plan | (23,046 | ) | — | — | |||||||||||||||||||||
Balances at December 31, 2013 | — | 1,538,196 | $ | 3.64 | |||||||||||||||||||||
2012 Plan | ' | ||||||||||||||||||||||||
Schedule of Option Activity | ' | ||||||||||||||||||||||||
Activity under the 2012 Plan is as follows: | |||||||||||||||||||||||||
Outstanding Options | Restricted Stock Units | ||||||||||||||||||||||||
Outstanding | |||||||||||||||||||||||||
Number of Shares | Number of Shares | Weighted-Average | Number of Shares | Grant | |||||||||||||||||||||
Available for | Underlying | Exercise Price Per | Underlying | Date | |||||||||||||||||||||
Grant | Outstanding | Share | Outstanding | Fair Value | |||||||||||||||||||||
Options | RSU’s | ||||||||||||||||||||||||
Balances at December 31, 2012 | 907,908 | 267,232 | 10.6 | — | — | ||||||||||||||||||||
Additional shares authorized | 665,850 | — | — | — | — | ||||||||||||||||||||
Options and awards granted | (1,088,315 | ) | 1,067,315 | 22.9 | 21,000 | 19.39 | |||||||||||||||||||
Options exercised | — | (16,843 | ) | 10.33 | — | — | |||||||||||||||||||
Options re-allocated to 2012 Plan | 23,046 | — | — | — | — | ||||||||||||||||||||
Options and awards cancelled | 68,271 | (65,271 | ) | 17.01 | (3,000 | ) | — | ||||||||||||||||||
Balance at December 31, 2013 | 576,760 | 1,252,433 | $ | 20.75 | 18,000 | $ | 19.39 | ||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Components of Income Tax Expense | ' | ||||||||||||
The components of the income tax expense are as follows (in thousands): | |||||||||||||
Years ended | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current income tax expense: | |||||||||||||
State | $ | 326 | $ | — | $ | — | |||||||
326 | — | — | |||||||||||
Deferred income tax benefit: | |||||||||||||
State | (277 | ) | — | — | |||||||||
(277 | ) | — | — | ||||||||||
Total income tax expense | $ | 49 | $ | — | $ | — | |||||||
Reconciliation of Income Tax Expense | ' | ||||||||||||
The reconciliation of income tax expense computed at the statutory federal income tax rate of 35% to amounts included in the consolidated statements of operations is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Statutory rate | 35 | % | 34 | % | 34 | % | |||||||
State tax | 5.5 | % | 5.4 | % | 5.4 | % | |||||||
Tax credits | (5.0 | )% | 0.7 | % | 24.8 | % | |||||||
Stock options | 0.2 | % | (0.7 | )% | (0.3 | )% | |||||||
Valuation allowance | (29.6 | )% | (37.1 | )% | (60.1 | )% | |||||||
Change in federal tax rate | (6.0 | )% | — | — | |||||||||
Other | 0.2 | % | (2.3 | )% | (3.8 | )% | |||||||
0.3 | % | 0 | % | 0 | % | ||||||||
Components of Deferred Income Tax Assets | ' | ||||||||||||
Significant components of the Company’s deferred income tax assets are as follows (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred income tax assets | |||||||||||||
Fixed assets, capitalized intangibles and other assets | $ | 5,294 | $ | 5,335 | |||||||||
Net operating loss | 31,842 | 39,616 | |||||||||||
Tax credits | 18,480 | 16,907 | |||||||||||
Stock-based compensation expense | 1,133 | 178 | |||||||||||
Other | 1,527 | 869 | |||||||||||
Total | 58,276 | 62,905 | |||||||||||
Valuation allowance | (58,000 | ) | (62,905 | ) | |||||||||
Net deferred income tax assets | $ | 276 | $ | — | |||||||||
Reconciliation of Beginning and Ending Balances of Unrecognized Income Tax Benefits | ' | ||||||||||||
A reconciliation of the beginning and ending balances of the unrecognized income tax benefits during the years ended December 31, 2013, 2012 and 2011 is as follows (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at the beginning of the year | $ | 5,723 | $ | 5,357 | $ | 625 | |||||||
Changes based on prior period tax positions | — | (228 | ) | 2,839 | |||||||||
Changes based on current period tax positions | 546 | 594 | 1,893 | ||||||||||
Balance at the end of the year | $ | 6,269 | $ | 5,723 | $ | 5,357 | |||||||
Net_Income_Loss_per_Share_of_C1
Net Income (Loss) per Share of Common Stock (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Net Income (Loss) Per Share of Common Stock | ' | ||||||||||||
The following table sets forth the computation of basic and diluted net income (loss) per share of common stock for the periods indicated (in thousands, except share and per share amounts): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net income (loss) per share | |||||||||||||
Numerator: | |||||||||||||
Net income (loss) attributable to common stockholders | $ | 16,627 | $ | (32,263 | ) | $ | (29,416 | ) | |||||
Denominator: | |||||||||||||
Weighted-average number of common shares outstanding — basic | 19,415,822 | 7,256,537 | 469,319 | ||||||||||
Dilutive effect of stock-options and awards | 1,315,091 | — | — | ||||||||||
Weighted average common shares outstanding — dilutive | 20,730,913 | 7,256,537 | 469,319 | ||||||||||
Net income (loss) per share: | |||||||||||||
Basic | $ | 0.86 | $ | (4.45 | ) | $ | (62.68 | ) | |||||
Diluted | $ | 0.8 | $ | (4.45 | ) | $ | (62.68 | ) | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ' | ||||||||||||
The following outstanding potentially dilutive securities were excluded from the computation of diluted net income (loss) per share, as the effect of including them would have been antidilutive: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Convertible preferred stock | — | — | 6,575,637 | ||||||||||
Stock options | 1,027,605 | 1,928,754 | 1,279,240 | ||||||||||
Common and preferred stock warrants | 274 | 84,656 | 331,776 | ||||||||||
Total | 1,027,879 | 2,013,410 | 8,186,653 | ||||||||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Selected Unaudited Quarterly Financial Information | ' | ||||||||||||||||
The following table presents selected unaudited quarterly financial information for the years ended December 31, 2013 and 2012. The results for any quarter are not necessarily indicative of future quarterly results and, accordingly, period to period comparisons should not be relied upon as an indication of future performance. | |||||||||||||||||
For The Quarters Ended | |||||||||||||||||
(in thousands, except share and per share amounts) | December 31, | September 30, | June 30, | March 31, | |||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||
Product revenue, net | $ | 18,627 | $ | 15,489 | $ | 7,305 | $ | 783 | |||||||||
Costs and expenses | $ | 17,747 | $ | 15,037 | $ | 12,986 | $ | 9,851 | |||||||||
Net income (loss) attributable to common stockholders | $ | 468 | $ | 112 | $ | 25,022 | $ | (8,975 | ) | ||||||||
Net income (loss) per share attributable to common stockholders — basic | $ | 0.02 | $ | 0.01 | $ | 1.25 | $ | (0.52 | ) | ||||||||
Net income (loss) per share attributable to common stockholders — diluted | $ | 0.02 | $ | 0.01 | $ | 1.17 | $ | (0.52 | ) | ||||||||
December 31, | September 30, | June 30, | March 31, | ||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||
Costs and expenses | $ | 7,795 | $ | 4,758 | $ | 4,755 | $ | 11,225 | |||||||||
Net loss attributable to common stockholders | $ | (8,285 | ) | $ | (4,930 | ) | $ | (7,162 | ) | $ | (11,886 | ) | |||||
Net loss per share attributable to common stockholders — basic and diluted | $ | (0.50 | ) | $ | (0.44 | ) | $ | (15.26 | ) | $ | (25.33 | ) |
Formation_and_Business_of_Comp
Formation and Business of Company - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | ||||||||||
Jul. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 14, 2013 | Jul. 31, 2012 | Jul. 31, 2012 | Jul. 31, 2011 | Jul. 31, 2012 | Jun. 30, 2009 | Jul. 31, 2012 | Jul. 31, 2012 | Jul. 31, 2012 | Jul. 31, 2012 | Mar. 13, 2013 | |
April 2011 Convertible Notes Payable | October 2011 Convertible Notes Payable | October 2011 Convertible Notes Payable | Series C-1 Convertible Preferred Stock | Series C-2 Convertible Preferred Stock | Series C-2 Convertible Preferred Stock | April 2011 Common Stock Warrants Liability | October 2011 Preferred Stock Warrants Liability | Initial Public Offering | Follow-on offering | ||||||
Nature Of Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares issued | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 2,331,116 | ' | ' | ' | ' | 2,875,000 |
Offering price per share | $10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $20.75 |
Additional shares issued for over-allotment | 750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 431,250 |
Net proceeds from initial public offering | ' | ' | $53,475,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $51,300,000 | ' |
Underwriting discounts and commissions | ' | 4,116,000 | 4,025,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,025,000 | 4,116,000 |
Other offering expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,200,000 | 800,000 |
Preferred stock converted into common stock | ' | ' | ' | ' | ' | ' | ' | ' | 1,912,598 | ' | 4,663,039 | ' | ' | ' | ' |
Principal and accrued interest converted upon closing of IPO | ' | ' | ' | ' | ' | 18,900,000 | 15,600,000 | 15,600,000 | ' | ' | ' | ' | ' | ' | ' |
Number of shares issued upon conversion of notes | ' | ' | ' | ' | ' | 1,888,054 | 1,556,816 | 1,556,816 | ' | ' | ' | ' | ' | ' | ' |
Carrying value and accrued interest | ' | ' | ' | ' | ' | 18,400,000 | 14,900,000 | 14,900,000 | ' | ' | ' | ' | ' | ' | ' |
Shares issued for conversion of warrants upon closing of IPO | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 322,599 | 17,762 | ' | ' |
Net proceeds from public offering | ' | 64,488,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 63,700,000 |
Aggregate offering price | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock shares sold by selling stockholders | ' | ' | ' | ' | 8,727,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate offering price under sales agreement | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from operations | ' | -13,417,000 | -28,533,000 | -26,159,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash used in operations | ' | -1,212,000 | -28,531,000 | -24,531,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated deficit | ' | ($122,370,000) | ($138,997,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 7 Months Ended | 12 Months Ended | 12 Months Ended | ||||||
Jul. 12, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | 31-May-13 | Dec. 31, 2013 | |
Store | Segment | United States | Canada and Europe | BUPHENYL | BUPHENYL | BUPHENYL | RAVICTI | |||||
Store | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impact of reclassification of expenses on net loss | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' |
Number of operating segments | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' |
Net product revenue | ' | 18,627,000 | 15,489,000 | 7,305,000 | 783,000 | 42,204,000 | 37,000,000 | 5,200,000 | 11,500,000 | 11,500,000 | ' | 31,200,000 |
Net sales offset by co-payment assistance | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' |
Allowances for doubtful accounts | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' |
Acquisition of inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,900,000 | ' |
Reverse stock split | '1-for-6.09 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reverse stock split ratio | 6.09 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit losses on accounts receivable | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' |
Percentage of domestic accounts receivable | ' | 64.00% | ' | ' | ' | 64.00% | ' | ' | ' | ' | ' | ' |
Percentage of accounts receivable by international distributor | ' | 17.00% | ' | ' | ' | 17.00% | ' | ' | ' | ' | ' | ' |
Adjustments to accrued preclinical trail expenses | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' |
Number of specialty pharmacies distributions made | ' | 2 | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' |
Percentage of Medicare Part D insurance coverage gap to eligible patients | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' |
Schedule_of_Property_and_Equip
Schedule of Property and Equipment Estimated Useful Lives (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Software | ' |
Property Plant And Equipment Estimated Useful Lifes [Line Items] | ' |
Estimated useful lives | '3 years |
Furniture and Fixtures | ' |
Property Plant And Equipment Estimated Useful Lifes [Line Items] | ' |
Estimated useful lives | '3 years |
Minimum | Computer and Office Equipment | ' |
Property Plant And Equipment Estimated Useful Lifes [Line Items] | ' |
Estimated useful lives | '3 years |
Maximum | Computer and Office Equipment | ' |
Property Plant And Equipment Estimated Useful Lifes [Line Items] | ' |
Estimated useful lives | '5 years |
Collaboration_Agreement_with_U1
Collaboration Agreement with Ucyclyd Pharma, Inc. - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2012 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' | ' | ' |
Option to purchase rights to BUPHENYL and AMMONUL | ' | ' | ' | $283,000 |
Purchase option exercise period | '90 days | ' | ' | ' |
Purchase price for AMMONUL and BUPHENYL | 22,000,000 | ' | ' | ' |
Monthly payments | ' | 500,000 | ' | ' |
Purchase price to retain product rights | ' | ' | 32,000,000 | ' |
Net payment to be received for purchase transaction | ' | ' | 11,000,000 | ' |
Cash paid to Ucyclyd for BUPHENYL product rights | ' | ' | 19,000,000 | ' |
Cash due to Ucyclyd for inventory | ' | ' | 2,038,000 | ' |
Purchase agreement with Ucyclyd | ' | ' | ' | ' |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' | ' | ' |
Payment under purchase agreement | 6,000,000 | ' | ' | ' |
Purchase agreement with Ucyclyd | RAVICTI | ' | ' | ' | ' |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' | ' | ' |
Payment under purchase agreement | 5,700,000 | ' | ' | ' |
Purchase agreement with Ucyclyd | RAVICTI | Scenario One | ' | ' | ' | ' |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' | ' | ' |
Maximum amount of regulatory milestones, product approval | 15,800,000 | ' | ' | ' |
Regulatory milestones, product approval, description | ' | ' | 'Regulatory milestones related to approval of GPB in HE | ' |
Purchase agreement with Ucyclyd | RAVICTI | Scenario Two | ' | ' | ' | ' |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' | ' | ' |
Regulatory milestones, product approval, description | ' | ' | 'Regulatory milestones approval of GPB in indications other than UCD or HE | ' |
Maximum amount of regulatory milestones, approval in other indications | 7,300,000 | ' | ' | ' |
Purchase agreement with Ucyclyd | RAVICTI | Scenario Three | ' | ' | ' | ' |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' | ' | ' |
Regulatory milestones, product approval, description | ' | ' | 'Net sales milestones if GPB is approved for use in indications other than UCD (such as HE) and all annual sales targets are reached | ' |
Maximum amount of regulatory milestones, approval in other indications | 38,800,000 | ' | ' | ' |
Purchase agreement with Ucyclyd | BUPHENYL and AMMONUL | ' | ' | ' | ' |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' | ' | ' |
Option to purchase rights to BUPHENYL and AMMONUL | ' | ' | ' | $283,000 |
Acquisition_of_BUPHENYL_from_U2
Acquisition of BUPHENYL from Ucyclyd Pharma, Inc. - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 7 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | 31-May-13 | Dec. 31, 2013 | Dec. 31, 2013 | |
BUPHENYL | BUPHENYL | BUPHENYL | ||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition period results included in combined entity | $18,627,000 | $15,489,000 | $7,305,000 | $783,000 | $42,204,000 | ' | $11,500,000 | $11,500,000 |
Acquisition date | ' | ' | ' | ' | 31-May-13 | ' | ' | ' |
Net cash received from Ucyclyd | ' | ' | ' | ' | ' | 11,000,000 | ' | ' |
Cash paid to Ucyclyd for BUPHENYL product rights | ' | ' | ' | ' | 19,000,000 | 19,000,000 | ' | ' |
Cash due to Ucyclyd for inventory | ' | ' | ' | ' | 2,038,000 | 2,038,000 | ' | ' |
Ucyclyd's retention option amount | ' | ' | ' | ' | ' | 32,000,000 | ' | ' |
Expected useful life of acquired product rights | ' | ' | ' | ' | ' | '10 years | ' | ' |
Gain from settlement of retention option | ' | ' | ' | ' | 31,079,000 | 31,079,000 | ' | ' |
Fair value of BUPHENYL | ' | ' | ' | ' | ' | 20,400,000 | ' | ' |
Net payment received from Ucyclyd | ' | ' | ' | ' | 10,962,000 | 10,962,000 | ' | ' |
Option to purchase rights to BUPHENYL and AMMONUL | ' | ' | ' | ' | 283,000 | 283,000 | ' | ' |
Business combination acquisition related costs | ' | ' | ' | ' | ' | ' | ' | $600,000 |
Schedule_of_Purchase_Price_All
Schedule of Purchase Price Allocation (Detail) (BUPHENYL, USD $) | 31-May-13 |
In Thousands, unless otherwise specified | |
BUPHENYL | ' |
Business Acquisition [Line Items] | ' |
Inventories | $3,900 |
Intangible Asset - BUPHENYL Product rights | 16,500 |
Purchase Price and Fair Values of Assets Acquired, Total | $20,400 |
Total_Gain_from_BUPHENYL_Acqui
Total Gain from BUPHENYL Acquisition (Detail) (USD $) | 12 Months Ended | 0 Months Ended |
Dec. 31, 2013 | 31-May-13 | |
BUPHENYL | ||
Business Acquisition [Line Items] | ' | ' |
Ucyclyd's retention option amount | ' | $32,000,000 |
Amount due to Ucyclyd for BUPHENYL product rights | -19,000,000 | -19,000,000 |
Amount due to Ucyclyd for inventory | -2,038,000 | -2,038,000 |
Net payment received from Ucyclyd | 10,962,000 | 10,962,000 |
Option to purchase rights to BUPHENYL and AMMONUL | -283,000 | -283,000 |
Fair value of BUPHENYL | ' | 20,400,000 |
Gain from settlement of retention option | $31,079,000 | $31,079,000 |
Consolidated_Pro_Forma_Informa
Consolidated Pro Forma Information (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Business Combinations [Abstract] | ' | ' |
Net revenues | $52,900 | $21,501 |
Net income (loss) | $24,266 | ($28,976) |
Schedule_of_Investments_by_Con
Schedule of Investments by Contractual Maturity (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Contractual Maturity for the Year, 2014 | $28,075,000 | ' |
Contractual Maturity for the Year, 2015 | 15,805,000 | ' |
Contractual Maturity, Total Book Value | 43,880,000 | ' |
Unrealized Gain (Loss) | -55,000 | ' |
Aggregate Fair Value | 43,825,000 | 0 |
Certificates of deposit | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Contractual Maturity for the Year, 2014 | 10,525,000 | ' |
Contractual Maturity for the Year, 2015 | 2,845,000 | ' |
Contractual Maturity, Total Book Value | 13,370,000 | ' |
Unrealized Gain (Loss) | -27,000 | ' |
Aggregate Fair Value | 13,343,000 | ' |
Corporate notes | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Contractual Maturity for the Year, 2014 | 6,047,000 | ' |
Contractual Maturity for the Year, 2015 | 12,960,000 | ' |
Contractual Maturity, Total Book Value | 19,007,000 | ' |
Unrealized Gain (Loss) | -24,000 | ' |
Aggregate Fair Value | 18,983,000 | ' |
U.S. Government agency securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Contractual Maturity for the Year, 2014 | 8,011,000 | ' |
Contractual Maturity for the Year, 2015 | ' | ' |
Contractual Maturity, Total Book Value | 8,011,000 | ' |
Unrealized Gain (Loss) | -3,000 | ' |
Aggregate Fair Value | 8,008,000 | ' |
Commercial paper | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Contractual Maturity for the Year, 2014 | 3,492,000 | ' |
Contractual Maturity for the Year, 2015 | ' | ' |
Contractual Maturity, Total Book Value | 3,492,000 | ' |
Unrealized Gain (Loss) | -1,000 | ' |
Aggregate Fair Value | $3,491,000 | ' |
Investments_Additional_Informa
Investments - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Investments Debt And Equity Securities [Abstract] | ' | ' |
Aggregate fair value of investments | $43,825,000 | $0 |
Other-than-temporary impairments | $0 | ' |
Schedule_of_Unrealized_Losses_
Schedule of Unrealized Losses and Related Fair Value of Investments with Unrealized Losses (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | ' |
Less Than 12 Months to Maturity, Aggregate Fair Value | $28,045 |
Less Than 12 Months to Maturity, Unrealized Losses | -30 |
12 Months or More to Maturity, Aggregate Fair Value | 15,780 |
12 Months or More to Maturity, Unrealized Losses | -25 |
Aggregate Fair Value, Total | 43,825 |
Unrealized Losses, Total | -55 |
Certificates of deposit | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Less Than 12 Months to Maturity, Aggregate Fair Value | 10,507 |
Less Than 12 Months to Maturity, Unrealized Losses | -18 |
12 Months or More to Maturity, Aggregate Fair Value | 2,836 |
12 Months or More to Maturity, Unrealized Losses | -9 |
Aggregate Fair Value, Total | 13,343 |
Unrealized Losses, Total | -27 |
Corporate notes | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Less Than 12 Months to Maturity, Aggregate Fair Value | 6,039 |
Less Than 12 Months to Maturity, Unrealized Losses | -8 |
12 Months or More to Maturity, Aggregate Fair Value | 12,944 |
12 Months or More to Maturity, Unrealized Losses | -16 |
Aggregate Fair Value, Total | 18,983 |
Unrealized Losses, Total | -24 |
U.S. Government agency securities | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Less Than 12 Months to Maturity, Aggregate Fair Value | 8,008 |
Less Than 12 Months to Maturity, Unrealized Losses | -3 |
12 Months or More to Maturity, Aggregate Fair Value | ' |
12 Months or More to Maturity, Unrealized Losses | ' |
Aggregate Fair Value, Total | 8,008 |
Unrealized Losses, Total | -3 |
Commercial paper | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Less Than 12 Months to Maturity, Aggregate Fair Value | 3,491 |
Less Than 12 Months to Maturity, Unrealized Losses | -1 |
12 Months or More to Maturity, Aggregate Fair Value | ' |
12 Months or More to Maturity, Unrealized Losses | ' |
Aggregate Fair Value, Total | 3,491 |
Unrealized Losses, Total | ($1) |
Hierarchy_for_Assets_and_Liabi
Hierarchy for Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total cash and cash equivalents | $38,986,000 | ' |
Fair value of available-for-sale securities | 43,825,000 | 0 |
Certificates of deposit | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total cash and cash equivalents | 480,000 | ' |
Fair value of available-for-sale securities | 13,343,000 | ' |
Commercial paper | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of available-for-sale securities | 3,491,000 | ' |
Corporate notes | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of available-for-sale securities | 18,983,000 | ' |
U.S. Government agency securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of available-for-sale securities | 8,008,000 | ' |
Available-for-sale securities, Short-term | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of available-for-sale securities | 28,045,000 | ' |
Available-for-sale securities, Short-term | Certificates of deposit | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of available-for-sale securities | 10,507,000 | ' |
Available-for-sale securities, Short-term | Commercial paper | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of available-for-sale securities | 3,491,000 | ' |
Available-for-sale securities, Short-term | Corporate notes | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of available-for-sale securities | 6,039,000 | ' |
Available-for-sale securities, Short-term | U.S. Government agency securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of available-for-sale securities | 8,008,000 | ' |
Available-for-sale securities, Long-term | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of available-for-sale securities | 15,780,000 | ' |
Available-for-sale securities, Long-term | Certificates of deposit | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of available-for-sale securities | 2,836,000 | ' |
Available-for-sale securities, Long-term | Corporate notes | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of available-for-sale securities | 12,944,000 | ' |
Money market funds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total cash and cash equivalents | 38,506,000 | ' |
Quoted Prices in Active Markets for Identical Items (Level 1) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total cash and cash equivalents | 38,506,000 | 45,003,000 |
Fair value of available-for-sale securities | ' | ' |
Quoted Prices in Active Markets for Identical Items (Level 1) | Certificates of deposit | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total cash and cash equivalents | ' | ' |
Quoted Prices in Active Markets for Identical Items (Level 1) | Available-for-sale securities, Short-term | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of available-for-sale securities | ' | ' |
Quoted Prices in Active Markets for Identical Items (Level 1) | Available-for-sale securities, Short-term | Certificates of deposit | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of available-for-sale securities | ' | ' |
Quoted Prices in Active Markets for Identical Items (Level 1) | Available-for-sale securities, Short-term | Commercial paper | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of available-for-sale securities | ' | ' |
Quoted Prices in Active Markets for Identical Items (Level 1) | Available-for-sale securities, Short-term | Corporate notes | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of available-for-sale securities | ' | ' |
Quoted Prices in Active Markets for Identical Items (Level 1) | Available-for-sale securities, Short-term | U.S. Government agency securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of available-for-sale securities | ' | ' |
Quoted Prices in Active Markets for Identical Items (Level 1) | Available-for-sale securities, Long-term | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of available-for-sale securities | ' | ' |
Quoted Prices in Active Markets for Identical Items (Level 1) | Available-for-sale securities, Long-term | Certificates of deposit | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of available-for-sale securities | ' | ' |
Quoted Prices in Active Markets for Identical Items (Level 1) | Available-for-sale securities, Long-term | Corporate notes | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of available-for-sale securities | ' | ' |
Quoted Prices in Active Markets for Identical Items (Level 1) | Money market funds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total cash and cash equivalents | 38,506,000 | 45,003,000 |
Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total cash and cash equivalents | 480,000 | ' |
Fair value of available-for-sale securities | 43,825,000 | ' |
Significant Other Observable Inputs (Level 2) | Certificates of deposit | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total cash and cash equivalents | 480,000 | ' |
Significant Other Observable Inputs (Level 2) | Available-for-sale securities, Short-term | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of available-for-sale securities | 28,045,000 | ' |
Significant Other Observable Inputs (Level 2) | Available-for-sale securities, Short-term | Certificates of deposit | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of available-for-sale securities | 10,507,000 | ' |
Significant Other Observable Inputs (Level 2) | Available-for-sale securities, Short-term | Commercial paper | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of available-for-sale securities | 3,491,000 | ' |
Significant Other Observable Inputs (Level 2) | Available-for-sale securities, Short-term | Corporate notes | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of available-for-sale securities | 6,039,000 | ' |
Significant Other Observable Inputs (Level 2) | Available-for-sale securities, Short-term | U.S. Government agency securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of available-for-sale securities | 8,008,000 | ' |
Significant Other Observable Inputs (Level 2) | Available-for-sale securities, Long-term | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of available-for-sale securities | 15,780,000 | ' |
Significant Other Observable Inputs (Level 2) | Available-for-sale securities, Long-term | Certificates of deposit | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of available-for-sale securities | 2,836,000 | ' |
Significant Other Observable Inputs (Level 2) | Available-for-sale securities, Long-term | Corporate notes | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of available-for-sale securities | 12,944,000 | ' |
Significant Other Observable Inputs (Level 2) | Money market funds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total cash and cash equivalents | ' | ' |
Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total cash and cash equivalents | ' | ' |
Fair value of available-for-sale securities | ' | ' |
Significant Unobservable Inputs (Level 3) | Certificates of deposit | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total cash and cash equivalents | ' | ' |
Significant Unobservable Inputs (Level 3) | Available-for-sale securities, Short-term | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of available-for-sale securities | ' | ' |
Significant Unobservable Inputs (Level 3) | Available-for-sale securities, Short-term | Certificates of deposit | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of available-for-sale securities | ' | ' |
Significant Unobservable Inputs (Level 3) | Available-for-sale securities, Short-term | Commercial paper | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of available-for-sale securities | ' | ' |
Significant Unobservable Inputs (Level 3) | Available-for-sale securities, Short-term | Corporate notes | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of available-for-sale securities | ' | ' |
Significant Unobservable Inputs (Level 3) | Available-for-sale securities, Short-term | U.S. Government agency securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of available-for-sale securities | ' | ' |
Significant Unobservable Inputs (Level 3) | Available-for-sale securities, Long-term | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of available-for-sale securities | ' | ' |
Significant Unobservable Inputs (Level 3) | Available-for-sale securities, Long-term | Certificates of deposit | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of available-for-sale securities | ' | ' |
Significant Unobservable Inputs (Level 3) | Available-for-sale securities, Long-term | Corporate notes | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of available-for-sale securities | ' | ' |
Significant Unobservable Inputs (Level 3) | Money market funds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total cash and cash equivalents | ' | ' |
Carrying_Value_and_Estimated_F
Carrying Value and Estimated Fair Value of Company's Notes Payable (Detail) (April and September 2012 Notes, USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Carrying Value | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' |
Total | $8,273 |
Estimated Fair Value | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' |
Total | $8,860 |
Components_of_Inventories_Deta
Components of Inventories (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw Materials | $697 | ' |
Finished goods | 2,816 | ' |
Total | $3,513 | ' |
Inventories_Additional_Informa
Inventories - Additional Information (Detail) (BUPHENYL, USD $) | Dec. 31, 2013 | 31-May-13 |
BUPHENYL | ' | ' |
Inventory [Line Items] | ' | ' |
Remaining inventory at balance sheet date | ' | $3,900,000 |
Acquisition of inventory | $400,000 | ' |
Intangible_Asset_Additional_In
Intangible Asset - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | 31-May-13 |
BUPHENYL | BUPHENYL | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Intangible asset-BUPHENYL product rights | ' | ' | $16,500 |
Estimated useful life of intangible assets | ' | '10 years | ' |
Amortization of intangible asset | $3,058 | ' | ' |
Schedule_of_Expected_Amortizat
Schedule of Expected Amortization Expense (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Goodwill And Intangible Assets Disclosure [Abstract] | ' |
2014 | $4,053 |
2015 | 3,294 |
2016 | 1,157 |
2017 | 1,048 |
2018 | $1,012 |
Components_of_Property_and_Equ
Components of Property and Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $1,200 | $363 |
Less: Accumulated depreciation | -264 | -314 |
Total property and equipment, net | 936 | 49 |
Computers and Software | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 563 | 95 |
Furniture and Fixtures | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 320 | ' |
Office Equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 53 | 21 |
Leasehold Improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | ' | 247 |
Capital work in progress | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $264 | ' |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property Plant And Equipment [Abstract] | ' | ' | ' |
Depreciation expense | $200,000 | $15,000 | $100,000 |
Components_of_Accrued_Liabilit
Components of Accrued Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Payables And Accruals [Abstract] | ' | ' |
Preclinical and clinical trial expenses | $246 | $583 |
Payroll and related expenses | 4,278 | 1,457 |
Gross to net sales accruals | 5,235 | ' |
Royalty payable | 1,154 | ' |
State taxes payable | 326 | ' |
Interest payable | 61 | 93 |
Other | 887 | 407 |
Accrued liabilities | $12,187 | $2,540 |
Notes_Payable_Additional_Infor
Notes Payable - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2011 | Jul. 31, 2012 | Oct. 31, 2011 | Dec. 31, 2012 | 31-May-11 | Apr. 30, 2011 | Oct. 31, 2011 | Apr. 30, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | |
April 2011 Convertible Notes Payable | April 2011 Convertible Notes Payable | April 2011 Convertible Notes Payable | April 2011 Convertible Notes Payable | April 2011 Convertible Notes Payable | April 2011 Call Option Liability | April 2011 Call Option Liability | April 2011 Call Option Liability | April 2011 Call Option Liability | ||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount of notes issued | ' | ' | ' | ' | $8,285 | $17,500,000 | ' | ' | ' | ' |
Aggregate principal amount that may be issued, maximum | ' | ' | ' | 35,000,000 | ' | ' | ' | ' | ' | ' |
Stated interest rate on notes | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' |
Portion of principal amount outstanding for holders having early maturity date | ' | ' | ' | 66.00% | ' | ' | ' | ' | ' | ' |
Minimum amount of proceeds from preferred stock | ' | ' | ' | 30,000,000 | ' | ' | ' | ' | ' | ' |
Principal and accrued interest converted upon closing of IPO | ' | 18,900,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares issued upon conversion of notes | ' | 1,888,054 | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value and accrued interest | ' | 18,400,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount in event that none of subsequent closing notes issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,500,000 |
Aggregate principal amount in event that all or portion of subsequent closing notes issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,500,000 |
Fair value of call option | ' | ' | ' | ' | ' | ' | ' | 900,000 | ' | ' |
Fair value of call option, Expected term | ' | ' | ' | ' | ' | ' | ' | '7 months | ' | ' |
Fair value of call option, Risk free interest rate | ' | ' | ' | ' | ' | ' | ' | 0.27% | ' | ' |
Fair value of call option, Dividend yield | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' |
Fair value of call option, Expected volatility | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' |
Other Income (Expense) | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' |
Gain on extinguishment of debt | $1,143,000 | ' | $1,100,000 | ' | ' | ' | $600,000 | ' | ' | ' |
Notes_Payable_Additional_Infor1
Notes Payable - Additional Information 1 (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||
Jul. 31, 2012 | Jul. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 29, 2012 | Nov. 30, 2011 | Oct. 31, 2011 | Feb. 29, 2012 | Oct. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Jul. 31, 2012 | Dec. 31, 2012 | 31-May-11 | Apr. 30, 2011 | Dec. 31, 2011 | |
October 2011 Convertible Notes Payable | October 2011 Convertible Notes Payable | October 2011 Convertible Notes Payable | October 2011 Convertible Notes Payable | October 2011 Convertible Notes Payable | October 2011 Convertible Notes Payable | October 2011 Convertible Notes Payable | October 2011 Call Option Liability | October 2011 Call Option Liability | October 2011 Call Option Liability | October 2011 Call Option Liability | April 2011 Convertible Notes Payable | April 2011 Convertible Notes Payable | April 2011 Convertible Notes Payable | April 2011 Convertible Notes Payable | April 2011 And October 2011 Notes Payable | |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount of notes issued | ' | ' | ' | ' | $7,500,000 | $3,551 | $7,500,000 | ' | ' | ' | ' | ' | ' | $8,285 | $17,500,000 | ' |
Aggregate principal amount that may be issued, maximum | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,000,000 | ' | ' | ' |
Stated interest rate on notes | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | ' | ' |
Portion of principal amount outstanding for holders having early maturity date | ' | ' | 66.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66.00% | ' | ' | ' |
Minimum amount of proceeds from preferred stock | ' | ' | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | ' | ' | ' |
Principal and accrued interest converted upon closing of IPO | 15,600,000 | 15,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,900,000 | ' | ' | ' | ' |
Number of shares issued upon conversion of notes | 1,556,816 | 1,556,816 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,888,054 | ' | ' | ' | ' |
Carrying value and accrued interest | 14,900,000 | 14,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,400,000 | ' | ' | ' | ' |
Aggregate principal amount in event that none of subsequent closing notes issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,500,000 | ' | ' | ' | ' | ' |
Aggregate principal amount in event that all or portion of subsequent closing notes issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,500,000 | ' | ' | ' | ' | ' |
Fair value of call option | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | 700,000 | ' | ' | ' | ' | ' | ' |
Fair value of call option, Expected term | ' | ' | ' | ' | ' | ' | ' | ' | '8 months | '6 months | ' | ' | ' | ' | ' | ' |
Fair value of call option, Risk free interest rate | ' | ' | ' | ' | ' | ' | ' | ' | 0.12% | 0.12% | ' | ' | ' | ' | ' | ' |
Fair value of call option, Dividend yield | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | ' | ' | ' | ' | ' | ' |
Fair value of call option, Expected volatility | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' |
Other Income (Expense) | ' | ' | ' | ' | ' | ' | ' | 700,000 | ' | 100,000 | ' | ' | ' | ' | ' | ' |
Carrying value of notes | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Amortization of debt discount | ' | ' | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,600,000 |
Beneficial conversion features | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes_Payable_Additional_Infor2
Notes Payable - Additional Information 2 (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Apr. 30, 2012 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
April 2012 Notes Payable | April 2012 Notes Payable | September 2012 Notes Payable | September 2012 Notes Payable | September 2012 Notes Payable | April 2012 and September 2012 Notes Payable | April 2012 and September 2012 Notes Payable | |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount of notes issued | ' | $10,000,000 | ' | ' | ' | ' | ' |
Stated interest rate on notes | 8.88% | ' | ' | 8.88% | ' | ' | ' |
Interest only payment period | '9 months | ' | ' | '9 months | ' | ' | ' |
Payment of loan principal and interest | '27 months | ' | ' | '27 months | ' | ' | ' |
Period for monthly financials and compliance certificate | '30 days | ' | ' | ' | ' | ' | ' |
Period for annual audited financial report | '180 days | ' | ' | ' | ' | ' | ' |
Number of warrants issued | ' | 75,974 | ' | ' | 8,408 | ' | ' |
Exercise price of warrants | ' | 4.08 | ' | ' | 5.05 | ' | ' |
Final payment due as a percentage of principal loan amount | 6.50% | ' | ' | 6.50% | ' | ' | ' |
Sale of equity securities or debt, minimum amount for term loan | 30,000,000 | ' | ' | ' | ' | ' | ' |
Bank Term Loan | 2,500,000 | ' | ' | ' | ' | ' | ' |
Additional borrowing | ' | ' | 2,500,000 | ' | ' | ' | ' |
Percentage in addition to Treasury rate, term loan | ' | ' | ' | 8.50% | ' | ' | ' |
Amortization of debt discount | ' | ' | ' | ' | ' | $500,000 | $400,000 |
Future_Minimum_Payments_Under_
Future Minimum Payments Under April Twenty Twelve and September Twenty Twelve Notes (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | April 2012 and September 2012 Notes Payable | ||
Debt Instrument [Line Items] | ' | ' | ' |
2014 | ' | ' | $6,152 |
2015 | ' | ' | 3,376 |
Total future minimum payments | ' | ' | 9,528 |
Less: amount representing unamortized interest | ' | ' | -563 |
Less: amount representing debt discount | ' | ' | -692 |
Total minimum payments | ' | ' | 8,273 |
Less: current portion | -5,652 | -4,348 | -5,652 |
Non-current portion | $2,621 | $7,750 | $2,621 |
Warrants_Additional_Informatio
Warrants - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 31, 2007 | Apr. 30, 2008 | Dec. 31, 2013 | Apr. 30, 2011 | Dec. 31, 2013 | Jul. 31, 2012 | 31-May-11 | Feb. 29, 2012 | Oct. 31, 2011 | Dec. 31, 2013 | Jul. 31, 2012 | Apr. 30, 2012 | Dec. 31, 2013 | |
September 2012 Common Stock Warrants | September 2012 Common Stock Warrants | October 2007 Common Stock Warrants | October 2007 Common Stock Warrants | April 2008 Common Stock Warrants | April 2008 Common Stock Warrants | April 2011 Common Stock Warrants Liability | April 2011 Common Stock Warrants Liability | April 2011 Common Stock Warrants Liability | April 2011 Common Stock Warrants Liability | October 2011 Preferred Stock Warrants | October 2011 Preferred Stock Warrants | October 2011 Preferred Stock Warrants | October 2011 Preferred Stock Warrants | April 2012 Common Stock Warrants | April 2012 Common Stock Warrants | |
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of warrants issued | 8,408 | ' | ' | 274 | 22 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,974 | ' |
Exercise price of warrants | 5.05 | 5.05 | 1,913.05 | ' | 327.95 | ' | 4.08 | ' | ' | 4.08 | ' | ' | 9.62 | ' | 4.08 | 4.08 |
Expiration date of warrants | ' | 'September 2022 | 'October 2017 | ' | ' | 'December 31, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'April 2022 |
Fair value of warrants | $75,000 | ' | ' | ' | $4,500 | ' | $1,100,000 | ' | ' | ' | $500,000 | $400,000 | ' | ' | $700,000 | ' |
Fair value of warrants, Expected volatility | 65.00% | ' | ' | ' | 71.00% | ' | 70.00% | ' | ' | ' | 70.00% | 70.00% | ' | ' | 70.00% | ' |
Fair value of warrants, Risk free interest rate | 1.65% | ' | ' | ' | 2.84% | ' | 0.80% | ' | ' | ' | 0.20% | 0.12% | ' | ' | 1.98% | ' |
Fair value of warrants, Exercise price | ' | ' | ' | ' | $327.95 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of warrants, Expected term | '10 years | ' | ' | ' | '5 years | ' | '2 years | ' | ' | ' | '1 year | '1 year 6 months | ' | ' | '10 years | ' |
Percentage of principal amount to determine shares under warrants | ' | ' | ' | ' | ' | ' | ' | 30.00% | ' | ' | ' | ' | 30.00% | ' | ' | ' |
Price used to determine shares under warrants | ' | ' | ' | ' | ' | ' | ' | $9.62 | ' | ' | ' | ' | $9.62 | ' | ' | ' |
Shares issued for conversion of warrants upon closing of IPO | ' | ' | ' | ' | ' | ' | ' | ' | 322,599 | ' | ' | ' | ' | 17,762 | ' | ' |
Warrants_Additional_Informatio1
Warrants - Additional Information 1 (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||
Apr. 30, 2011 | Dec. 31, 2012 | Feb. 29, 2012 | Oct. 31, 2011 | Dec. 31, 2012 | Feb. 29, 2012 | Apr. 30, 2012 | Sep. 30, 2012 | Dec. 31, 2013 | Jul. 31, 2012 | |
April 2011 Common Stock Warrants Liability | April 2011 Common Stock Warrants Liability | October 2011 Preferred Stock Warrants | October 2011 Preferred Stock Warrants | October 2011 Preferred Stock Warrants | Second closing - October 2011 preferred stock warrants | April 2012 Common Stock Warrants | September 2012 Common Stock Warrants | April 2011 common stock warrants and October 2011 preferred stock warrants | April 2011 common stock warrants and October 2011 preferred stock warrants | |
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of warrants, Expected term | '2 years | ' | '1 year | '1 year 6 months | ' | '1 year | '10 years | '10 years | ' | ' |
Fair value of warrants, Expected volatility | 70.00% | ' | 70.00% | 70.00% | ' | 70.00% | 70.00% | 65.00% | ' | ' |
Fair value of warrants, Risk free interest rate | 0.80% | ' | 0.20% | 0.12% | ' | 0.20% | 1.98% | 1.65% | ' | ' |
Fair value of warrants | $1,100,000 | ' | $500,000 | $400,000 | ' | $500,000 | $700,000 | $75,000 | ' | $3,900,000 |
Other income (expense), net | ' | ($1,500,000) | ' | ' | $700,000 | ' | ' | ' | ($800,000) | ' |
Summary_of_Outstanding_Warrant
Summary of Outstanding Warrants and Corresponding Exercise Price (Detail) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
October 2007 Common Stock Warrants | October 2007 Common Stock Warrants | April 2012 Common Stock Warrants | April 2012 Common Stock Warrants | April 2012 Common Stock Warrants | September 2012 Common Stock Warrants | September 2012 Common Stock Warrants | September 2012 Common Stock Warrants | |||
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Shares Outstanding | 274 | 84,656 | 274 | 274 | ' | 75,974 | ' | ' | 8,408 | ' |
Per Share Exercise Price | ' | ' | 1,913.05 | ' | 4.08 | ' | 4.08 | 5.05 | ' | 5.05 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Oct. 14, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 12, 2013 |
sqft | sqft | ||||
Commitments And Contingencies Disclosure [Abstract] | ' | ' | ' | ' | ' |
Leased space | 20,116 | ' | ' | ' | 352 |
Initial lease term | ' | '6 years | ' | ' | ' |
Total base rent | $4.50 | ' | ' | ' | ' |
Lease commencement date | ' | 19-Nov-13 | ' | ' | ' |
Total monthly base rent | ' | 0.1 | ' | ' | ' |
Lease expiration date | ' | '2016-12 | ' | ' | ' |
Rent expense including maintenance fees | ' | $0.40 | $0.30 | $0.40 | ' |
Future_Minimum_Lease_Payments_
Future Minimum Lease Payments (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | ' |
2014 | $518 |
2015 | 797 |
2016 | 820 |
2017 | 821 |
2018 | 845 |
Thereafter | 766 |
Total | $4,567 |
Preferred_Stock_Additional_Inf
Preferred Stock - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | ||||||
In Millions, except Share data, unless otherwise specified | Jul. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 30, 2010 | Dec. 31, 2009 | Jun. 30, 2009 | Jul. 31, 2012 | Jul. 31, 2012 |
Series C-2 Convertible Preferred Stock | Series C-2 Convertible Preferred Stock | Series C-2 Convertible Preferred Stock | Series C-2 Convertible Preferred Stock | Series C-1 Convertible Preferred Stock | ||||
Temporary Equity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Total value of preferred stock converted | $58.30 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock for converted preferred stock | ' | ' | ' | ' | ' | ' | 4,663,039 | 1,912,598 |
Preferred stock, authorized | 10,000,000 | 10,000,000 | 10,000,000 | ' | ' | ' | ' | ' |
Preferred stock, par value | $0.00 | $0.00 | $0.00 | ' | ' | ' | ' | ' |
Preferred stock, outstanding | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of stock | 5,000,000 | ' | ' | ' | ' | 2,331,116 | ' | ' |
Issuance of stock, per share | ' | ' | ' | ' | ' | $9.62 | ' | ' |
Freestanding instrument liability | ' | ' | ' | ' | ' | 1.4 | ' | ' |
Fair value of preferred stock, Expected term | ' | ' | ' | '3 months | '6 months | '1 year | ' | ' |
Fair value of preferred stock, Risk free interest rate | ' | ' | ' | 0.16% | 0.20% | 0.56% | ' | ' |
Fair value of preferred stock, Expected volatility | ' | ' | ' | 45.00% | 45.00% | 45.00% | ' | ' |
Freestanding instrument liability fair value | ' | ' | ' | 0.4 | 0.7 | ' | ' | ' |
Change in fair value recorded in other expense (income), net | ' | ' | ' | $1.10 | $0.60 | ' | ' | ' |
Common_Stock_Additional_Inform
Common Stock - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | ||||||||||
Jul. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 14, 2013 | Jul. 31, 2012 | Jul. 31, 2012 | Jul. 31, 2011 | Jul. 31, 2012 | Jun. 30, 2009 | Jul. 31, 2012 | Jul. 31, 2012 | Jul. 31, 2012 | Jul. 31, 2012 | Jul. 31, 2012 | Mar. 13, 2013 | |
Vote | April 2011 Convertible Notes Payable | October 2011 Convertible Notes Payable | October 2011 Convertible Notes Payable | Series C-1 Convertible Preferred Stock | Series C-2 Convertible Preferred Stock | Series C-2 Convertible Preferred Stock | April 2011 Common Stock Warrants Liability | October 2011 Preferred Stock Warrants Liability | April 2011 common stock warrants and October 2011 preferred stock warrants | Initial Public Offering | Follow-on offering | ||||
Common Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares issued | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | 2,331,116 | ' | ' | ' | ' | ' | 2,875,000 |
Offering price per share | $10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $20.75 |
Additional shares issued for over-allotment | 750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 431,250 |
Net proceeds from initial public offering | ' | ' | $53,475,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $51,300,000 | ' |
Underwriting discounts and commissions | ' | 4,116,000 | 4,025,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,025,000 | 4,116,000 |
Other offering expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,200,000 | 800,000 |
Total value of preferred stock converted | 58,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock for converted preferred stock | ' | ' | ' | ' | ' | ' | ' | 1,912,598 | ' | 4,663,039 | ' | ' | ' | ' | ' |
Principal and accrued interest converted upon closing of IPO | ' | ' | ' | ' | 18,900,000 | 15,600,000 | 15,600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares issued upon conversion of notes | ' | ' | ' | ' | 1,888,054 | 1,556,816 | 1,556,816 | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value and accrued interest | ' | ' | ' | ' | 18,400,000 | 14,900,000 | 14,900,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued for conversion of warrants upon closing of IPO | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 322,599 | 17,762 | ' | ' | ' |
Fair value of warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,900,000 | ' | ' |
Common stock, authorized | 100,000,000 | 100,000,000 | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, par value | $0.00 | $0.00 | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Votes per common stock | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from public offering | ' | 64,488,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 63,700,000 |
Aggregate offering price | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock shares sold by selling stockholders | ' | ' | ' | 8,727,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate offering price under sales agreement | ' | ' | ' | $50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common_Stock_Reserved_for_Futu
Common Stock Reserved for Future Issuances (Detail) | Dec. 31, 2013 |
Common Stock [Line Items] | ' |
Common stock reserved for future issuance | 3,385,663 |
Stock options | 2012 Plan | ' |
Common Stock [Line Items] | ' |
Common stock reserved for future issuance | 576,760 |
Stock Option Exercises | 2006 and 2012 Plan | ' |
Common Stock [Line Items] | ' |
Common stock reserved for future issuance | 2,790,629 |
Restricted Stock Awards Vesting | 2012 Plan | ' |
Common Stock [Line Items] | ' |
Common stock reserved for future issuance | 18,000 |
Conversion of Common Stock Warrants | ' |
Common Stock [Line Items] | ' |
Common stock reserved for future issuance | 274 |
Stock_Option_Plan_Additional_I
Stock Option Plan - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2006 | Dec. 31, 2006 | Dec. 31, 2006 | Dec. 31, 2006 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Inventory | 2006 Plan | 2006 Plan | 2006 Plan | 2006 Plan | 2006 Plan | 2012 Plan | 2012 Plan | 2012 Plan | 2012 Plan | 2012 Plan | 2012 Plan | ||||||
Minimum | Persons Possessing 10% or More of Combined Voting Power | Persons Possessing 10% or More of Combined Voting Power | Restricted Stock | Restricted Stock | Restricted Stock | ||||||||||||
Minimum | |||||||||||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares reserved for issuance | ' | ' | ' | ' | ' | ' | ' | 457 | ' | ' | ' | 576,760 | 907,908 | ' | ' | ' | ' |
Minimum exercise price as a percentage of fair market value | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | 110.00% | ' | ' | ' | ' | ' | ' |
Percentage of voting rights held by individual causing change in exercise price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' |
Term of option | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | '5 years | ' | ' | ' | ' | ' | ' | ' |
Minimum vesting percentage per year | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting term | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value of options exercised | ' | ' | ' | ' | ' | ' | $1,700,000 | ' | ' | ' | ' | $200,000 | ' | ' | ' | ' | ' |
Closing price of common stock | $20.22 | $11.28 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of options vested and expected to vest | ' | ' | ' | ' | ' | ' | 1,528,777 | ' | ' | ' | ' | 1,209,345 | ' | ' | ' | ' | ' |
Options vested and expected to vest, intrinsic value | ' | ' | ' | ' | ' | ' | 25,700,000 | ' | ' | ' | ' | 2,400,000 | ' | ' | ' | ' | ' |
Options vested and expected to vest, weighted average exercise price | ' | ' | ' | ' | ' | ' | $3.63 | ' | ' | ' | ' | $20.72 | ' | ' | ' | ' | ' |
Options vested and expected to vest, weighted average remaining life | ' | ' | ' | ' | ' | ' | '6 years 9 months 18 days | ' | ' | ' | ' | '8 years 8 months 12 days | ' | ' | ' | ' | ' |
Stock options granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,067,315 | 720,580 | 407,946 | ' | ' | ' |
Weighted-average grant date fair value of options granted | ' | ' | $22.90 | $6.76 | $2.37 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation | ' | ' | 4,321,000 | 993,000 | 345,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost | 12,700,000 | ' | 12,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of recognition for unrecognized compensation cost | ' | ' | '2 years 8 months 5 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock units, Granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,000 | 0 | 0 |
Stock-based compensation capitalized to inventory | ' | ' | ' | ' | ' | $82,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule_of_Option_Activity_De
Schedule of Option Activity (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
2006 Plan | ' | ' | ' |
Number of Shares Available for Grant | ' | ' | ' |
Beginning Balance | ' | ' | ' |
Options re-allocated | 23,046 | ' | ' |
Options and awards cancelled | 23,046 | ' | ' |
Ending Balance | ' | ' | ' |
Number of Shares Underlying Outstanding Options | ' | ' | ' |
Beginning Balance | 1,661,522 | ' | ' |
Options exercised | -100,280 | ' | ' |
Options and awards cancelled | -23,046 | ' | ' |
Ending Balance | 1,538,196 | ' | ' |
Weighted-Average Exercise Price Per Share | ' | ' | ' |
Beginning Balance | $3.73 | ' | ' |
Options exercised | $4.62 | ' | ' |
Options and awards cancelled | $5.68 | ' | ' |
Ending Balance | $3.64 | ' | ' |
2012 Plan | ' | ' | ' |
Number of Shares Available for Grant | ' | ' | ' |
Beginning Balance | 907,908 | ' | ' |
Additional shares authorized | 665,850 | ' | ' |
Options and awards granted | -1,088,315 | ' | ' |
Options re-allocated | 23,046 | ' | ' |
Options and awards cancelled | 68,271 | ' | ' |
Ending Balance | 576,760 | 907,908 | ' |
Number of Shares Underlying Outstanding Options | ' | ' | ' |
Beginning Balance | 267,232 | ' | ' |
Options and awards granted | 1,067,315 | 720,580 | 407,946 |
Options exercised | -16,843 | ' | ' |
Options and awards cancelled | -65,271 | ' | ' |
Ending Balance | 1,252,433 | 267,232 | ' |
Weighted-Average Exercise Price Per Share | ' | ' | ' |
Beginning Balance | $10.60 | ' | ' |
Options and awards granted | $22.90 | ' | ' |
Options exercised | $10.33 | ' | ' |
Options and awards cancelled | $17.01 | ' | ' |
Ending Balance | $20.75 | $10.60 | ' |
2012 Plan | Restricted Stock | ' | ' | ' |
Number of Shares Available for Grant | ' | ' | ' |
Beginning Balance | ' | ' | ' |
Options and awards granted | 21,000 | 0 | 0 |
Options and awards cancelled | -3,000 | ' | ' |
Ending Balance | 18,000 | ' | ' |
Options Vested and Exercisable | ' | ' | ' |
Options and awards granted | $19.39 | ' | ' |
Ending Balance | $19.39 | ' | ' |
Aggregate_Options_Outstanding_
Aggregate Options Outstanding and Vested and Exercisable by Exercise Price (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
2006 Plan | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Options Outstanding, Number Outstanding | 1,538,196 | 1,661,522 |
Options Outstanding, Aggregate Intrinsic Value | $25,787,000 | $12,840,000 |
Options Outstanding, Weighted Average Remaining Life (in Years) | '6 years 9 months 18 days | '7 years 10 months 24 days |
Options Vested and Exercisable, Options Number Outstanding | 1,258,806 | 1,044,380 |
Options Vested and Exercisable, Aggregate Intrinsic Value | 21,861,000 | 9,552,000 |
2012 Plan | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Options Outstanding, Number Outstanding | 1,252,433 | 267,232 |
Options Outstanding, Aggregate Intrinsic Value | 2,444,000 | 183,000 |
Options Outstanding, Weighted Average Remaining Life (in Years) | '9 years 2 months 12 days | '9 years 9 months 18 days |
Options Vested and Exercisable, Options Number Outstanding | 86,531 | 2,291 |
Options Vested and Exercisable, Aggregate Intrinsic Value | 837,000 | 2,200 |
Exercise Price 1 | 2006 Plan | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Options Outstanding, Exercise Price | $1.28 | $1.28 |
Options Outstanding, Number Outstanding | 821,322 | 836,292 |
Options Outstanding, Aggregate Intrinsic Value | 15,556,000 | 8,363,000 |
Options Outstanding, Weighted Average Remaining Life (in Years) | '5 years 10 months 24 days | '6 years 10 months 24 days |
Options Vested and Exercisable, Options Number Outstanding | 820,056 | 814,675 |
Options Vested and Exercisable, Aggregate Intrinsic Value | 15,532,000 | 8,147,000 |
Options Vested and Exercisable, Exercise Price | $1.28 | $1.28 |
Exercise Price 1 | 2012 Plan | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Options Outstanding, Exercise Price | ' | $10.32 |
Options Outstanding, Number Outstanding | 225,768 | 20,000 |
Options Outstanding, Aggregate Intrinsic Value | 2,183,000 | 19,000 |
Options Outstanding, Weighted Average Remaining Life (in Years) | '8 years 9 months 18 days | '9 years 8 months 12 days |
Options Vested and Exercisable, Options Number Outstanding | 86,531 | 1,666 |
Options Vested and Exercisable, Aggregate Intrinsic Value | 837,000 | 2,000 |
Options Vested and Exercisable, Exercise Price | ' | $10.32 |
Exercise Price 1 | 2012 Plan | Minimum | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Options Outstanding, Exercise Price | $10.32 | ' |
Options Vested and Exercisable, Exercise Price | $10.32 | ' |
Exercise Price 1 | 2012 Plan | Maximum | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Options Outstanding, Exercise Price | $11.28 | ' |
Options Vested and Exercisable, Exercise Price | $11.28 | ' |
Exercise Price 2 | 2006 Plan | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Options Outstanding, Exercise Price | $4.08 | $4.08 |
Options Outstanding, Number Outstanding | 305,873 | 373,037 |
Options Outstanding, Aggregate Intrinsic Value | 4,937,000 | 2,686,000 |
Options Outstanding, Weighted Average Remaining Life (in Years) | '7 years 3 months 18 days | '8 years 3 months 18 days |
Options Vested and Exercisable, Options Number Outstanding | 209,603 | 153,564 |
Options Vested and Exercisable, Aggregate Intrinsic Value | 3,383,000 | 1,106,000 |
Options Vested and Exercisable, Exercise Price | $4.08 | $4.08 |
Exercise Price 2 | 2012 Plan | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Options Outstanding, Exercise Price | ' | $10.33 |
Options Outstanding, Number Outstanding | 188,000 | 117,732 |
Options Outstanding, Aggregate Intrinsic Value | 257,000 | 112,000 |
Options Outstanding, Weighted Average Remaining Life (in Years) | '9 years 1 month 6 days | '9 years 7 months 6 days |
Exercise Price 2 | 2012 Plan | Minimum | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Options Outstanding, Exercise Price | $18.24 | ' |
Options Vested and Exercisable, Exercise Price | $18.24 | ' |
Exercise Price 2 | 2012 Plan | Maximum | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Options Outstanding, Exercise Price | $19.39 | ' |
Options Vested and Exercisable, Exercise Price | $19.39 | ' |
Exercise Price 3 | 2006 Plan | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Options Outstanding, Exercise Price | $7.31 | $7.31 |
Options Outstanding, Number Outstanding | 410,061 | 451,253 |
Options Outstanding, Aggregate Intrinsic Value | 5,294,000 | 1,791,000 |
Options Outstanding, Weighted Average Remaining Life (in Years) | '8 years 3 months 18 days | '9 years 3 months 18 days |
Options Vested and Exercisable, Options Number Outstanding | 228,207 | 75,201 |
Options Vested and Exercisable, Aggregate Intrinsic Value | 2,946,000 | 299,000 |
Options Vested and Exercisable, Exercise Price | $7.31 | $7.31 |
Exercise Price 3 | 2012 Plan | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Options Outstanding, Exercise Price | ' | $10.61 |
Options Outstanding, Number Outstanding | 121,625 | 69,500 |
Options Outstanding, Aggregate Intrinsic Value | 4,000 | 47,000 |
Options Outstanding, Weighted Average Remaining Life (in Years) | '9 years 6 months | '10 years |
Exercise Price 3 | 2012 Plan | Minimum | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Options Outstanding, Exercise Price | $20.07 | ' |
Options Vested and Exercisable, Exercise Price | $20.07 | ' |
Exercise Price 3 | 2012 Plan | Maximum | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Options Outstanding, Exercise Price | $21.45 | ' |
Options Vested and Exercisable, Exercise Price | $21.45 | ' |
Exercise Price 4 | 2006 Plan | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Options Outstanding, Exercise Price | $327.95 | $327.95 |
Options Outstanding, Number Outstanding | 940 | 940 |
Options Outstanding, Weighted Average Remaining Life (in Years) | '4 years | '5 years |
Options Vested and Exercisable, Options Number Outstanding | 940 | 940 |
Options Vested and Exercisable, Exercise Price | $327.95 | $327.95 |
Exercise Price 4 | 2012 Plan | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Options Outstanding, Exercise Price | ' | $10.95 |
Options Outstanding, Number Outstanding | 86,200 | 15,000 |
Options Outstanding, Aggregate Intrinsic Value | ' | 5,000 |
Options Outstanding, Weighted Average Remaining Life (in Years) | '9 years 6 months | '9 years 9 months 18 days |
Options Vested and Exercisable, Options Number Outstanding | ' | 625 |
Options Vested and Exercisable, Aggregate Intrinsic Value | ' | $200 |
Options Vested and Exercisable, Exercise Price | ' | $10.95 |
Exercise Price 4 | 2012 Plan | Minimum | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Options Outstanding, Exercise Price | $22 | ' |
Options Vested and Exercisable, Exercise Price | $22 | ' |
Exercise Price 4 | 2012 Plan | Maximum | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Options Outstanding, Exercise Price | $22.06 | ' |
Options Vested and Exercisable, Exercise Price | $22.06 | ' |
Exercise Price 5 | 2012 Plan | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Options Outstanding, Exercise Price | ' | $11.28 |
Options Outstanding, Number Outstanding | 536,140 | 45,000 |
Options Outstanding, Weighted Average Remaining Life (in Years) | '9 years 3 months 18 days | '10 years |
Exercise Price 5 | 2012 Plan | Minimum | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Options Outstanding, Exercise Price | $24.38 | ' |
Options Vested and Exercisable, Exercise Price | $24.38 | ' |
Exercise Price 5 | 2012 Plan | Maximum | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Options Outstanding, Exercise Price | $24.94 | ' |
Options Vested and Exercisable, Exercise Price | $24.94 | ' |
Exercise Price 6 | 2012 Plan | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Options Outstanding, Number Outstanding | 94,700 | ' |
Options Outstanding, Weighted Average Remaining Life (in Years) | '9 years 6 months | ' |
Exercise Price 6 | 2012 Plan | Minimum | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Options Outstanding, Exercise Price | $25.05 | ' |
Options Vested and Exercisable, Exercise Price | $25.05 | ' |
Exercise Price 6 | 2012 Plan | Maximum | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Options Outstanding, Exercise Price | $26.50 | ' |
Options Vested and Exercisable, Exercise Price | $26.50 | ' |
WeightedAverage_Assumptions_fo
Weighted-Average Assumptions for Fair Value of Stock Options (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Expected volatility | 58.00% | 65.00% | 62.00% |
Risk-free interest rate | 1.14% | 1.05% | 2.48% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected term (in years) | '5 years 11 months 16 days | '6 years | '6 years 4 days |
Allocation_of_StockBased_Compe
Allocation of Stock-Based Compensation Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Stock-based compensation expenses related to employees | $4,321 | $993 | $345 |
Cost of sales | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Stock-based compensation expenses related to employees | 27 | ' | ' |
Research and development | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Stock-based compensation expenses related to employees | 585 | 374 | 137 |
Selling general and administrative | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Stock-based compensation expenses related to employees | $3,709 | $619 | $208 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Tax Credit Carryforward [Line Items] | ' | ' | ' |
Income (loss) before income taxes | $16,676,000 | ($32,263,000) | ($29,416,000) |
Statutory federal income tax rate | 35.00% | 34.00% | 34.00% |
Increase (decrease) in deferred tax asset valuation allowance | -4,900,000 | 12,000,000 | 17,700,000 |
Deferred tax asset valuation allowance, excess tax deductions from stock-based compensation expense | 1,133,000 | 178,000 | ' |
Minimum percentage of stock for change of ownership | 50.00% | ' | ' |
Term of acquisition/sales for change of ownership | '3 years | ' | ' |
Percentage of total equity value of acquiree or seller for change in ownership | 5.00% | ' | ' |
Prepaid expenses and other current assets | ' | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' | ' |
Current deferred income tax asset | 100,000 | ' | ' |
Other non-current assets | ' | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' | ' |
Non-current deferred income tax asset | 200,000 | ' | ' |
United States | ' | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' | ' |
Net operating loss carryforwards | 72,500,000 | ' | ' |
Operating loss expirations | 'Begin to expire in 2026 | ' | ' |
United States | Research And Development Tax Credit Carryforward | ' | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' | ' |
Tax credit carryforward | 18,000,000 | ' | ' |
California | ' | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' | ' |
Net operating loss carryforwards | 112,500,000 | ' | ' |
Operating loss expirations | 'Begin to expire in 2016 | ' | ' |
California | Research And Development Tax Credit Carryforward | ' | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' | ' |
Tax credit carryforward | 800,000 | ' | ' |
Minimum | ' | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' | ' |
Statutory federal income tax rate | 34.00% | ' | ' |
Minimum | United States | Research And Development Tax Credit Carryforward | ' | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' | ' |
Tax credit carryforward expiration | '2027 | ' | ' |
Maximum | ' | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' | ' |
Statutory federal income tax rate | 35.00% | ' | ' |
Federal Orphan Drug Credit | United States | Research And Development Tax Credit Carryforward | ' | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' | ' |
Tax credit carryforward | $17,400,000 | ' | ' |
Components_of_Income_Tax_Expen
Components of Income Tax Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current income tax expense: | ' | ' | ' |
State | $326 | ' | ' |
Total current income tax expense | 326 | ' | ' |
Deferred income tax benefit: | ' | ' | ' |
State | -277 | ' | ' |
Total deferred income tax benefit | -277 | ' | ' |
Total income tax expense | $49 | ' | ' |
Reconciliation_of_Income_Tax_E
Reconciliation of Income Tax Expense (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Statutory rate | 35.00% | 34.00% | 34.00% |
State tax | 5.50% | 5.40% | 5.40% |
Tax credits | -5.00% | 0.70% | 24.80% |
Stock options | 0.20% | -0.70% | -0.30% |
Valuation allowance | -29.60% | -37.10% | -60.10% |
Change in federal tax rate | -6.00% | ' | ' |
Other | 0.20% | -2.30% | -3.80% |
Effective Income Tax Rate, Continuing Operations, Total | 0.30% | 0.00% | 0.00% |
Components_of_Deferred_Income_
Components of Deferred Income Tax Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred income tax assets | ' | ' |
Fixed assets, capitalized intangibles and other assets | $5,294 | $5,335 |
Net operating loss | 31,842 | 39,616 |
Tax credits | 18,480 | 16,907 |
Stock-based compensation expense | 1,133 | 178 |
Other | 1,527 | 869 |
Total | 58,276 | 62,905 |
Valuation allowance | -58,000 | -62,905 |
Net deferred income tax assets | $276 | ' |
Reconciliation_of_Beginning_an
Reconciliation of Beginning and Ending Balances of Unrecognized Income Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Balance at the beginning of the year | $5,723 | $5,357 | $625 |
Changes based on prior period tax positions | ' | -228 | 2,839 |
Changes based on current period tax positions | 546 | 594 | 1,893 |
Balance at the end of the year | $6,269 | $5,723 | $5,357 |
Defined_Contribution_Plan_Addi
Defined Contribution Plan - Additional Information (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Defined Contribution Pension And Other Postretirement Plans Disclosure [Abstract] | ' |
Amount of contribution to Plan | $0.20 |
Recovered_Sheet1
Net Income (Loss) Per Share of Common Stock (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income (loss) per share Numerator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) attributable to common stockholders | $468 | $112 | $25,022 | ($8,975) | ($8,285) | ($4,930) | ($7,162) | ($11,886) | $16,627 | ($32,263) | ($29,416) |
Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | ' | ' | ' | ' | ' | ' | ' | ' | 19,415,822 | 7,256,537 | 469,319 |
Dilutive effect of stock-options and awards | ' | ' | ' | ' | ' | ' | ' | ' | 1,315,091 | ' | ' |
Diluted | ' | ' | ' | ' | ' | ' | ' | ' | 20,730,913 | 7,256,537 | 469,319 |
Net income (loss) per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | $0.02 | $0.01 | $1.25 | ($0.52) | ' | ' | ' | ' | $0.86 | ($4.45) | ($62.68) |
Diluted | $0.02 | $0.01 | $1.17 | ($0.52) | ' | ' | ' | ' | $0.80 | ($4.45) | ($62.68) |
Antidilutive_Securities_Exclud
Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Potentially dilutive securities excluded from the computation of diluted net loss per share | 1,027,879 | 2,013,410 | 8,186,653 |
Convertible preferred stock | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Potentially dilutive securities excluded from the computation of diluted net loss per share | ' | ' | 6,575,637 |
Stock options | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Potentially dilutive securities excluded from the computation of diluted net loss per share | 1,027,605 | 1,928,754 | 1,279,240 |
Common and preferred stock warrants | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Potentially dilutive securities excluded from the computation of diluted net loss per share | 274 | 84,656 | 331,776 |
Related_Party_Transaction_Addi
Related Party Transaction - Additional Information (Detail) (Swedish Orphan Biovitrum AB, USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Swedish Orphan Biovitrum AB | ' |
Related Party Transaction [Line Items] | ' |
Sales recognized | $2.20 |
Accounts receivable from SOBI | $0.70 |
Selected_Unaudited_Quarterly_F
Selected Unaudited Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product revenue, net | $18,627 | $15,489 | $7,305 | $783 | ' | ' | ' | ' | $42,204 | ' | ' |
Costs and expenses | 17,747 | 15,037 | 12,986 | 9,851 | 7,795 | 4,758 | 4,755 | 11,225 | 55,621 | 28,533 | 26,159 |
Net income (loss) attributable to common stockholders | $468 | $112 | $25,022 | ($8,975) | ($8,285) | ($4,930) | ($7,162) | ($11,886) | $16,627 | ($32,263) | ($29,416) |
Net income (loss) per share attributable to common stockholders - basic | $0.02 | $0.01 | $1.25 | ($0.52) | ' | ' | ' | ' | $0.86 | ($4.45) | ($62.68) |
Net loss per share attributable to common stockholders - basic and diluted | ' | ' | ' | ' | ($0.50) | ($0.44) | ($15.26) | ($25.33) | ' | ' | ' |
Net income (loss) per share attributable to common stockholders - diluted | $0.02 | $0.01 | $1.17 | ($0.52) | ' | ' | ' | ' | $0.80 | ($4.45) | ($62.68) |