Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 03, 2014 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'NOVABAY PHARMACEUTICALS, INC. | ' | ' |
Document Type | '10-K | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 45,407,461 | ' |
Entity Public Float | ' | ' | $45,475,972 |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0001389545 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Consolidated_Balance_Sheets_a_
Consolidated Balance Sheets (a development stage company) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $10,500 | $12,735 |
Short-term investments | 2,553 | 4,135 |
Accounts receivable | 784 | 943 |
Inventory | 231 | 23 |
Prepaid expenses and other current assets | 723 | 445 |
Total current assets | 14,791 | 18,281 |
Property and equipment, net | 718 | 891 |
Other assets | 141 | 63 |
TOTAL ASSETS | 15,650 | 19,235 |
Current liabilities: | ' | ' |
Accounts payable | 1,674 | 455 |
Accrued liabilities | 1,616 | 1,497 |
Deferred revenue | 337 | 1,221 |
Total current liabilities | 3,627 | 3,173 |
Deferred revenue - non-current | 1,534 | 671 |
Deferred rent | 136 | 60 |
Warrant liability | 1,837 | 1,282 |
Total liabilities | 7,134 | 5,186 |
Stockholders' Equity: | ' | ' |
Preferred stock, $0.01 par value; 5,000 shares authorized; none outstanding at December 31, 2013 and 2012 | 0 | 0 |
Common stock, $0.01 par value; 65,000 shares authorized;44,624 and 36,915 shares issued and outstanding at December 31, 2013 and 2012, respectively | 446 | 369 |
Additional paid-in capital | 64,438 | 54,004 |
Accumulated other comprehensive loss | -15 | -13 |
Accumulated deficit during development stage | -56,353 | -40,311 |
Total stockholders' equity | 8,516 | 14,049 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $15,650 | $19,235 |
Consolidated_Balance_Sheets_a_1
Consolidated Balance Sheets (a development stage company) (Parentheticals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Preferred stock, par value (in Dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 65,000,000 | 65,000,000 |
Common stock, issued | 44,624,000 | 36,915,000 |
Common stock, outstanding | 44,624,000 | 36,915,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Loss (a development stage company) (USD $) | 12 Months Ended | 138 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
Sales: | ' | ' | ' | ' |
Sales revenue | $223,000 | $14,000 | ' | $237,000 |
Cost of goods sold | 162,000 | 8,000 | ' | 170,000 |
Gross profit | 61,000 | 6,000 | ' | 67,000 |
Other revenue: | ' | ' | ' | ' |
License, collaboration and distribution revenue | 3,045,000 | 6,855,000 | 10,993,000 | 60,499,000 |
Other revenues | 209,000 | 78,000 | 26,000 | 313,000 |
Total other revenue | 3,254,000 | 6,933,000 | 11,019,000 | 60,812,000 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 12,461,000 | 9,275,000 | 9,911,000 | 72,607,000 |
Selling, general and administrative | 6,340,000 | 5,973,000 | 5,429,000 | 45,967,000 |
Total operating expenses | 18,801,000 | 15,248,000 | 15,340,000 | 118,574,000 |
Operating loss | -15,486,000 | -8,309,000 | -4,321,000 | -57,695,000 |
Non-cash gain (loss) on change in fair value of warrants | -555,000 | 1,439,000 | -732,000 | 152,000 |
Other income (expense), net | 1,000 | -155,000 | -30,000 | 1,267,000 |
Loss before provision for income taxes | -16,040,000 | -7,025,000 | -5,083,000 | -56,276,000 |
Provision for income taxes | -2,000 | -2,000 | -2,000 | -77,000 |
Net loss | -16,042,000 | -7,027,000 | -5,085,000 | -56,353,000 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Change in unrealized gains (losses) on available-for-sale securities | -2,000 | 31,000 | -30,000 | -15,000 |
Total comprehensive loss | ($16,044,000) | ($6,996,000) | ($5,115,000) | ($56,368,000) |
Net loss per share: | ' | ' | ' | ' |
Basic and diluted (in Dollars per share) | ($0.42) | ($0.24) | ($0.20) | ' |
Shares used in per share calculations: | ' | ' | ' | ' |
Basic and diluted (in Shares) | 38,183 | 29,448 | 25,773 | ' |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (a development stage company) (USD $) | Net of Offering Costs [Member] | Net of Offering Costs [Member] | Net of Offering Costs [Member] | Warrant Exercises [Member] | Warrant Exercises [Member] | Warrant Exercises [Member] | Preferred Stock [Member] | Common Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Deficit during Development Stage [Member] | Employees and Directors [Member] | Total |
In Thousands, except Share data | Common Stock [Member] | Additional Paid-in Capital [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Employees and Directors [Member] | Employees and Directors [Member] | |||||||||
Balance at Jun. 30, 2002 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 |
Balance (in Shares) at Jun. 30, 2002 | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of preferred stock and common stock | ' | ' | ' | ' | ' | ' | 192 | ' | 39 | ' | 12,489 | ' | ' | ' | 12,720 |
Issuance of preferred stock and common stock (in Shares) | ' | ' | ' | ' | ' | ' | 19,227,000 | ' | 3,927,000 | ' | ' | ' | ' | ' | ' |
Conversion of preferred stock to common stock in connection with IPO | ' | ' | ' | ' | ' | ' | -192 | ' | 96 | ' | 96 | ' | ' | ' | ' |
Conversion of preferred stock to common stock in connection with IPO (in Shares) | 6,225,000 | ' | ' | ' | ' | ' | -19,227,000 | ' | 9,614,000 | ' | ' | ' | ' | ' | ' |
Issuance of stock and warrants in connection with IPO, net of offering costs | 62 | 18,959 | 19,021 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of stock and warrants in connection with IPO, net of offering costs (in Shares) | 6,225,000 | ' | ' | ' | ' | ' | -19,227,000 | ' | 9,614,000 | ' | ' | ' | ' | ' | ' |
Issuance of stock for preferred stock offering costs | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | 271 | ' | ' | ' | 277 |
Issuance of stock for preferred stock offering costs (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | 563,000 | ' | ' | ' | ' | ' | ' |
Issuance of stock for director compensation | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | 152 | ' | ' | ' | 153 |
Issuance of stock for director compensation (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | 57,000 | ' | ' | ' | ' | ' | ' |
Issuance of stock for option exercises | ' | ' | ' | ' | ' | ' | ' | ' | 7 | ' | 374 | ' | ' | ' | 381 |
Issuance of stock for option exercises (in Shares) | ' | ' | ' | ' | ' | ' | ' | 130,000 | 715,000 | ' | ' | ' | ' | ' | ' |
Issuance of stock for services | ' | ' | ' | 16 | 1,434 | 1,450 | ' | ' | 1 | ' | 202 | ' | ' | ' | 203 |
Issuance of stock for services (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | 106,000 | ' | ' | ' | ' | ' | ' |
Issuance of stock for warrant exercises | ' | ' | ' | 16 | 1,434 | 1,450 | ' | ' | 1 | ' | 202 | ' | ' | ' | 203 |
Issuance of stock for warrant exercises (in Shares) | ' | ' | ' | 1,608,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of stock warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' | ' | 10 |
Compensation expense for warrants issued for services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 155 | ' | ' | ' | 155 |
Stock-based compensation expense related to employee and director stock options | ' | ' | ' | ' | ' | ' | ' | 1 | ' | 2,352 | ' | ' | ' | 2,353 | ' |
Stock-based compensation expense related to employee and director stock options (in Shares) | ' | ' | ' | ' | ' | ' | ' | 130,000 | 715,000 | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense related to non-employee stock options | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | 504 | ' | ' | ' | 508 |
Stock-based compensation expense related to non-employee stock options (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | 309,000 | ' | ' | ' | ' | ' | ' |
Tax benefit from stock plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | 5 |
Balance at Dec. 31, 2009 | ' | ' | ' | ' | ' | ' | ' | ' | 233 | ' | 37,003 | ' | -23,891 | ' | 13,345 |
Balance (in Shares) at Dec. 31, 2009 | ' | ' | ' | ' | ' | ' | ' | ' | 23,254,000 | ' | ' | ' | ' | ' | ' |
Cumulative net loss for the period from July 1, 2002 through December 31, 2008 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,308 | ' | -4,308 |
Issuance of stock and warrants in connection with IPO, net of offering costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2 | ' | ' | ' | -2 |
Issuance of stock for option exercises | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | 80 | ' | ' | ' | 81 |
Issuance of stock for option exercises (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | 105,000 | ' | ' | ' | ' | ' | ' |
Compensation expense for warrants issued for services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 | ' | ' | ' | 7 |
Stock-based compensation expense related to employee and director stock options (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | 105,000 | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2010 | ' | ' | ' | ' | ' | ' | ' | ' | 234 | ' | 38,469 | -14 | -28,199 | ' | 10,490 |
Balance (in Shares) at Dec. 31, 2010 | ' | ' | ' | ' | ' | ' | ' | ' | 23,392,000 | ' | ' | ' | ' | ' | ' |
Cumulative net loss for the period from July 1, 2002 through December 31, 2008 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,085 | ' | -5,085 |
Issuance of stock and warrants in connection with IPO, net of offering costs | ' | ' | ' | ' | ' | ' | ' | ' | 47 | ' | 4,586 | ' | ' | ' | 4,633 |
Issuance of stock for option exercises | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | 100 | ' | ' | ' | 103 |
Issuance of stock for option exercises (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | 319,000 | ' | ' | ' | ' | ' | -319,000 |
Issuance of stock for warrant exercises (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | 4,651,000 | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense related to employee and director stock options (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | 319,000 | ' | ' | ' | ' | ' | -319,000 |
Stock-based compensation expense related to non-employee stock options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -111 |
Balance at Dec. 31, 2011 | ' | ' | ' | ' | ' | ' | ' | ' | 286 | ' | 42,386 | -44 | -33,284 | ' | 9,344 |
Balance (in Shares) at Dec. 31, 2011 | ' | ' | ' | ' | ' | ' | ' | ' | 28,587,000 | ' | ' | ' | ' | ' | ' |
Cumulative net loss for the period from July 1, 2002 through December 31, 2008 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7,027 | ' | -7,027 |
Issuance of stock and warrants in connection with IPO, net of offering costs | ' | ' | ' | ' | ' | ' | ' | ' | 59 | ' | 6,597 | ' | ' | ' | 6,656 |
Issuance of stock for option exercises | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | 55 | ' | ' | ' | 57 |
Issuance of stock for option exercises (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | 234,000 | ' | ' | ' | ' | ' | -234,000 |
Issuance of stock for services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38 |
Issuance of stock for warrant exercises | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38 |
Issuance of stock for warrant exercises (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | 5,900,000 | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense related to employee and director stock options (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | 234,000 | ' | ' | ' | ' | ' | -234,000 |
Stock-based compensation expense related to non-employee stock options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -243 |
Balance at Dec. 31, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | 369 | ' | 54,004 | -13 | -40,311 | ' | 14,049 |
Balance (in Shares) at Dec. 31, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | 36,915,000 | ' | ' | ' | ' | ' | ' |
Cumulative net loss for the period from July 1, 2002 through December 31, 2008 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -16,042 | ' | -16,042 |
Issuance of stock for option exercises | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | 123 | ' | ' | ' | 126 |
Issuance of stock for option exercises (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | 266,000 | ' | ' | ' | ' | ' | -262,000 |
Issuance of stock for services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 166 |
Issuance of stock for warrant exercises | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 166 |
Stock-based compensation expense related to employee and director stock options (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | 266,000 | ' | ' | ' | ' | ' | -262,000 |
Stock-based compensation expense related to non-employee stock options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -97 |
Balance at Dec. 31, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | $446 | ' | $64,438 | ($15) | ($56,353) | ' | $8,516 |
Balance (in Shares) at Dec. 31, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | 44,624,000 | ' | ' | ' | ' | ' | ' |
Consolidated_Statement_of_Stoc
Consolidated Statement of Stockholders' Equity Continued (a development stage company) (USD $) | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Deficit during Development Stage [Member] | Stock and Warrant Expense [Member] | Pioneer [Member] | Feichter [Member] | Employee and Director [Member] | Nonemployee [Member] | Employee Bonus [Member] | Total |
In Thousands, except Share data | Stock and Warrant Expense [Member] | Pioneer [Member] | Feichter [Member] | Nonemployee [Member] | Stock and Warrant Expense [Member] | Pioneer [Member] | Feichter [Member] | Employee and Director [Member] | Nonemployee [Member] | Employee Bonus [Member] | |||||||||||
Balance at Jun. 30, 2002 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 |
' | ' | ' | ' | 39 | ' | ' | ' | ' | ' | ' | 12,489 | ' | ' | ' | ' | ' | ' | ' | ' | 12,720 | |
(in Shares) | ' | ' | ' | ' | 3,927,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation expensefor warrants issued for services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 155 | ' | ' | ' | ' | ' | ' | ' | ' | 155 |
Issuance of stock for option exercises | ' | ' | ' | ' | 7 | ' | ' | ' | ' | ' | ' | 374 | ' | ' | ' | ' | ' | ' | ' | ' | 381 |
Issuance of stock for option exercises (in Shares) | ' | ' | ' | ' | 715,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense related to non-employee | ' | ' | ' | ' | -4 | ' | ' | ' | ' | ' | ' | -504 | ' | ' | ' | ' | ' | ' | ' | ' | -508 |
Stock-based compensation expense related to non-employee (in Shares) | ' | ' | ' | ' | 309,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2009 | ' | ' | ' | ' | 233 | ' | ' | ' | ' | ' | ' | 37,003 | ' | -23,891 | ' | ' | ' | ' | ' | ' | 13,345 |
Balance (in Shares) at Dec. 31, 2009 | ' | ' | ' | ' | 23,254,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income/loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,308 | ' | ' | ' | ' | ' | ' | -4,308 |
Change in unrealized gains (losses) on investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -14 | ' | ' | ' | ' | ' | ' | ' | -14 |
Costs related to shelf offering | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2 | ' | ' | ' | ' | ' | ' | ' | ' | -2 |
Compensation expensefor warrants issued for services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 | ' | ' | ' | ' | ' | ' | ' | ' | 7 |
Issuance of stock for option exercises | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | 80 | ' | ' | ' | ' | ' | ' | ' | ' | 81 |
Issuance of stock for option exercises (in Shares) | ' | ' | ' | ' | 105,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense related to employee and director | ' | ' | ' | ' | ' | ' | ' | ' | 1,129 | ' | ' | ' | ' | ' | ' | ' | ' | 1,129 | ' | ' | ' |
Stock-based compensation expense related to non-employee | ' | ' | ' | ' | ' | ' | ' | ' | ' | 263 | ' | ' | ' | ' | ' | ' | ' | ' | 263 | ' | ' |
Stock-based compensation expense related to non-employee (in Shares) | ' | ' | ' | 33,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -11 | ' | ' | ' | ' | ' | ' | ' | ' | -11 |
Balance at Dec. 31, 2010 | ' | ' | ' | ' | 234 | ' | ' | ' | ' | ' | ' | 38,469 | -14 | -28,199 | ' | ' | ' | ' | ' | ' | 10,490 |
Balance (in Shares) at Dec. 31, 2010 | ' | ' | ' | ' | 23,392,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income/loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,085 | ' | ' | ' | ' | ' | ' | -5,085 |
Change in unrealized gains (losses) on investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -30 | ' | ' | ' | ' | ' | ' | ' | -30 |
Costs related to shelf offering | ' | ' | ' | ' | 47 | ' | ' | ' | ' | ' | ' | 4,586 | ' | ' | ' | ' | ' | ' | ' | ' | 4,633 |
Costs related to shelf offering (in Shares) | ' | ' | ' | ' | 4,651,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of warrants in connection with shelf offering recorded as a warrant liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,988 | ' | ' | ' | ' | ' | ' | ' | ' | -1,988 |
Issuance of stock for option exercises | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | 100 | ' | ' | ' | ' | ' | ' | ' | ' | 103 |
Issuance of stock for option exercises (in Shares) | ' | ' | ' | ' | 319,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -319,000 |
Issuance of stock for services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 74 | ' | ' | ' | ' | ' | ' | ' | ' | 74 |
Issuance of stock for services (in Shares) | ' | ' | ' | ' | 43,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee bonus paid in common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,110 |
Issuance of restricted stock awards for employee services | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | -2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of restricted stock awards for employee services (in Shares) | ' | ' | ' | ' | 182,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense related to employee and director | ' | ' | ' | ' | ' | ' | ' | ' | 1,110 | ' | ' | ' | ' | ' | ' | ' | ' | 1,110 | ' | ' | ' |
Stock-based compensation expense related to non-employee | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37 | ' | ' | ' | ' | ' | ' | ' | ' | 37 | ' | 111 |
Balance at Dec. 31, 2011 | ' | ' | ' | ' | 286 | ' | ' | ' | ' | ' | ' | 42,386 | -44 | -33,284 | ' | ' | ' | ' | ' | ' | 9,344 |
Balance (in Shares) at Dec. 31, 2011 | ' | ' | ' | ' | 28,587,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income/loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7,027 | ' | ' | ' | ' | ' | ' | -7,027 |
Change in unrealized gains (losses) on investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31 | ' | ' | ' | ' | ' | ' | ' | 31 |
Costs related to shelf offering | ' | ' | ' | ' | 59 | ' | ' | ' | ' | ' | ' | 6,597 | ' | ' | ' | ' | ' | ' | ' | ' | 6,656 |
Costs related to shelf offering (in Shares) | ' | ' | ' | ' | 5,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of stock for option exercises | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | 55 | ' | ' | ' | ' | ' | ' | ' | ' | 57 |
Issuance of stock for option exercises (in Shares) | ' | ' | ' | ' | 234,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -234,000 |
Issuance of stock for warrant exercises | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30 | ' | ' | ' | ' | ' | ' | ' | ' | 30 |
Issuance of stock for warrant exercises (in Shares) | ' | ' | ' | ' | 22,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of stock for services | 20 | ' | ' | ' | ' | 3,080 | ' | ' | ' | ' | ' | ' | ' | ' | 3,100 | ' | ' | ' | ' | ' | ' |
Issuance of stock for services (in Shares) | 2,000,000 | ' | ' | ' | 28,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee bonus paid in common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 230 | ' | ' | ' | ' | ' | ' | ' | ' | 230 | 1,297 |
Conversion of liablity to equity | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | 49 | ' | ' | ' | ' | ' | ' | ' | ' | 50 |
Conversion of liablity to equity (in Shares) | ' | ' | ' | ' | 43,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of restricted stock awards for employee services (in Shares) | ' | ' | ' | ' | 17,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense related to warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38 | ' | ' | ' | ' | ' | ' | ' | ' | 38 |
Stock-based compensation expense related to employee and director | ' | ' | ' | ' | ' | ' | ' | ' | 1,297 | ' | ' | ' | ' | ' | ' | ' | ' | 1,297 | ' | ' | ' |
Stock-based compensation expense related to non-employee | ' | ' | ' | 1 | ' | ' | ' | ' | ' | 242 | ' | ' | ' | ' | ' | ' | ' | ' | 243 | ' | 243 |
Stock-based compensation expense related to non-employee (in Shares) | ' | ' | ' | 84,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2012 | ' | ' | ' | ' | 369 | ' | ' | ' | ' | ' | ' | 54,004 | -13 | -40,311 | ' | ' | ' | ' | ' | ' | 14,049 |
Balance (in Shares) at Dec. 31, 2012 | ' | ' | ' | ' | 36,915,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income/loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -16,042 | ' | ' | ' | ' | ' | ' | -16,042 |
Change in unrealized gains (losses) on investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2 | ' | ' | ' | ' | ' | ' | ' | -2 |
Costs related to shelf offering | 3 | ' | ' | ' | ' | 349 | ' | ' | ' | ' | ' | ' | ' | ' | 352 | ' | ' | ' | ' | ' | ' |
Costs related to shelf offering (in Shares) | 289,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
' | 50 | 3 | ' | ' | ' | 5,650 | 372 | ' | ' | ' | ' | ' | ' | ' | 5,700 | 375 | ' | ' | ' | ' | |
(in Shares) | ' | 5,000,000 | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credits on sales of NeutroPhase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 | ' | ' | ' | ' | ' | ' | ' | ' | 7 |
Credits on sales of NeutroPhase (in Shares) | ' | ' | ' | ' | 6,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of stock for option exercises | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | 123 | ' | ' | ' | ' | ' | ' | ' | ' | 126 |
Issuance of stock for option exercises (in Shares) | ' | ' | ' | ' | 266,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -262,000 |
Issuance of stock for warrant exercises | ' | ' | ' | ' | 18 | ' | ' | ' | ' | ' | ' | 2,700 | ' | ' | ' | ' | ' | ' | ' | ' | 2,718 |
Issuance of stock for warrant exercises (in Shares) | ' | ' | ' | ' | 1,812,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of stock for services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49 | ' | ' | ' | ' | ' | ' | ' | ' | 49 |
Issuance of stock for services (in Shares) | ' | ' | ' | ' | 36,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee bonus paid in common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 921 |
Stock-based compensation expense related to warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 166 | ' | ' | ' | ' | ' | ' | ' | ' | 166 |
Stock-based compensation expense related to employee and director | ' | ' | ' | ' | ' | ' | ' | ' | 921 | ' | ' | ' | ' | ' | ' | ' | ' | 921 | ' | ' | ' |
Stock-based compensation expense related to non-employee | ' | ' | ' | ' | ' | ' | ' | ' | ' | 97 | ' | ' | ' | ' | ' | ' | ' | ' | 97 | ' | 97 |
Balance at Dec. 31, 2013 | ' | ' | ' | ' | $446 | ' | ' | ' | ' | ' | ' | $64,438 | ($15) | ($56,353) | ' | ' | ' | ' | ' | ' | $8,516 |
Balance (in Shares) at Dec. 31, 2013 | ' | ' | ' | ' | 44,624,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (a development stage company) (USD $) | 12 Months Ended | 138 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
Cash flows from operating activities: | ' | ' | ' | ' |
Net loss | ($16,042) | ($7,027) | ($5,085) | ($56,353) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' | ' |
Depreciation and amortization | 314 | 341 | 425 | 2,584 |
Accretion and amortization of short-term investments | ' | ' | ' | -252 |
Net realized loss on sales of short-term investments | 21 | 91 | 25 | 137 |
Loss on disposal of property and equipment | ' | 180 | 12 | 313 |
Stock-based compensation expense for options and stock issued to employees and directors | 921 | 1,297 | 1,110 | 6,962 |
Compensation expense for warrants issued for services | 166 | 38 | ' | 366 |
Stock-based compensation expense for options, warrants and stock issued to non-employees | 97 | 243 | 111 | 1,339 |
Non-cash (gain) loss on change in fair value of warrants | 555 | -1,439 | 732 | -152 |
Taxes paid by LLC | ' | ' | ' | 1 |
Changes in operating assets and liabilities: | ' | ' | ' | ' |
(Increase) decrease in accounts receivable | 159 | -940 | 497 | -784 |
Purchase of inventory | -208 | -23 | ' | -231 |
(Increase) decrease in prepaid expenses and other assets | -345 | 54 | 125 | -666 |
Increase in accounts payable and accrued liabilities | 1,414 | 665 | 345 | 3,632 |
Increase (decrease) in deferred revenue | -21 | -8 | -1,439 | 2,220 |
Net cash used in operating activities | -12,969 | -6,528 | -3,142 | -40,884 |
Cash flows from investing activities: | ' | ' | ' | ' |
Purchases of property and equipment | -141 | -148 | -119 | -3,502 |
Proceeds from disposal of property and equipment | ' | 6 | ' | 52 |
Purchases of short-term investments | -4,330 | -4,872 | -7,581 | -117,748 |
Proceeds from maturities and sales of short-term investments | 5,878 | 6,377 | 3,035 | 115,227 |
Cash acquired in purchase of LLC | ' | ' | ' | 516 |
Net cash provided by (used in) investing activities | 1,407 | 1,363 | -4,665 | -5,455 |
Cash flows from financing activities: | ' | ' | ' | ' |
Proceeds from preferred stock issuances, net | ' | ' | ' | 11,160 |
Proceeds from common stock issuances, net | 6,075 | 2,800 | ' | 8,892 |
Proceeds from exercise of options and warrants | 2,900 | 87 | 103 | 5,006 |
Initial public offering costs, net | ' | ' | ' | 17,077 |
Proceeds from shelf offering, net | 352 | 6,656 | 4,633 | 13,583 |
Proceeds from stock subscription receivable | ' | ' | ' | 873 |
Proceeds from issuance of notes | ' | ' | ' | 405 |
Principal payments on capital lease | ' | ' | ' | -157 |
Proceeds from short-term borrowing | ' | ' | 88 | 88 |
Principal payments on short-term borrowing | ' | -71 | -17 | -88 |
Proceeds from borrowings under equipment loan | ' | ' | ' | 1,216 |
Principal payments on equipment loan | ' | ' | -106 | -1,216 |
Net cash provided by financing activities | 9,327 | 9,472 | 4,701 | 56,839 |
Net increase (decrease) in cash and cash equivalents | -2,235 | 4,307 | -3,106 | 10,500 |
Cash and cash equivalents, beginning of period | 12,735 | 8,428 | 11,534 | ' |
Cash and cash equivalents, end of period | 10,500 | 12,735 | 8,428 | 10,500 |
Supplemental disclosure of non cash information | ' | ' | ' | ' |
Interest paid | 3 | 18 | 18 | 294 |
Income taxes paid | 2 | 2 | 23 | 98 |
Non-cash financing and investing activities | ' | ' | ' | ' |
Property and equipment acquired under capital lease obligations | ' | ' | ' | 219 |
Issuance of stock options and warrants for stock option costs | ' | ' | ' | $1,887 |
Note_1_Organization
Note 1 - Organization | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Text Block [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' |
NOTE 1. ORGANIZATION | |
NovaBay Pharmaceuticals, Inc. is a clinical-stage biotechnology company focused on addressing the large unmet therapeutic needs of the global anti-infective market. | |
The Company was incorporated under the laws of the State of California on January 19, 2000, as NovaCal Pharmaceuticals, Inc. We had no operations until July 1, 2002, on which date we acquired all of the operating assets of NovaCal Pharmaceuticals, LLC, a California limited liability company. In February 2007, we changed our name from NovaCal Pharmaceuticals, Inc. to NovaBay Pharmaceuticals, Inc. In August 2007, we formed two subsidiaries––NovaBay Pharmaceuticals Canada, Inc., a wholly-owned subsidiary incorporated under the laws of British Columbia (Canada), which may conduct research and development in Canada, and DermaBay, Inc., a wholly-owned U.S. subsidiary, which may explore and pursue dermatological opportunities. In June 2010, we changed the state in which we are incorporated (the Reincorporation), and are now incorporated under the laws of the State of Delaware. All references to “we,” “us,” “our,” or “the Company” herein refer to the California corporation prior to the date of the Reincorporation, and to the Delaware corporation on and after the date of the Reincorporation. We currently operate in four business segments; see Note 13 for further details. |
Note_2_Summary_of_Significant_
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Significant Accounting Policies [Text Block] | ' | ||||||||||||
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||
Basis of Presentation | |||||||||||||
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) and are expressed in U.S. dollars. The financial statements have been prepared under the guidelines for Development Stage Entities. A development stage enterprise is one in which planned principal operations have not commenced, or if its operations have commenced, there have been no significant revenues therefrom. As of December 31, 2013, we continued to conduct clinical trials and had not commenced our planned principal operations. | |||||||||||||
Certain prior year amounts have been reclassified to conform with the current year presentation. | |||||||||||||
Principles of Consolidation | |||||||||||||
The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, DermaBay, Inc. All inter-company accounts and transactions have been eliminated in consolidation. | |||||||||||||
Use of Estimates | |||||||||||||
The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These estimates include useful lives for property and equipment and related depreciation calculations, estimated amortization period for payments received from product development and license agreements as they relate to revenue recognition, assumptions for valuing options and warrants, and income taxes. Actual results could differ from those estimates. | |||||||||||||
Cash and Cash Equivalents and Short-Term Investments | |||||||||||||
The Company considers all highly liquid instruments with a stated maturity of three months or less to be cash and cash equivalents. As of December 31, 2013, cash and cash equivalents were held in financial institutions in the U.S. and include deposits in money market funds, which were unrestricted as to withdrawal or use. | |||||||||||||
The Company classifies all highly liquid investments with a stated maturity of greater than three months as short-term investments. Short-term investments generally consist of certificates of deposit and corporate debt securities. The Company has classified their short-term investments as available-for-sale. The Company does not intend to hold securities with stated maturities greater than twelve months until maturity. In response to changes in the availability of and the yield on alternative investments as well as liquidity requirements, they occasionally sell these securities prior to their stated maturities. These securities are carried at fair value, with the unrealized gains and losses reported as a component of other comprehensive income (loss) until realized. Realized gains and losses from the sale of available-for-sale securities, if any, are determined on a specific identification basis. A decline in the market value below cost of any available-for-sale security that is determined to be other than temporary results in a revaluation of its carrying amount to fair value and an impairment charge to earnings, resulting in a new cost basis for the security. No such impairment charges were recorded for the periods presented. The interest income and realized gains and losses are included in other income (expense), net within the consolidated statements of operations. Interest income is recognized when earned. | |||||||||||||
Concentrations of Credit Risk and Major Partners | |||||||||||||
Financial instruments which potentially subject us to significant concentrations of credit risk consist primarily of cash and cash equivalents, short-term investments and accounts receivable. The Company maintains deposits of cash, cash equivalents and short-term investments with three highly-rated, major financial institutions in the United States. | |||||||||||||
Deposits in these banks may exceed the amount of federal insurance provided on such deposits. The Company does not believe they are exposed to significant credit risk due to the financial position of the financial institutions in which these deposits are held. Additionally, they have established guidelines regarding diversification and investment maturities, which are designed to maintain safety and liquidity. | |||||||||||||
During the year ended December 31, 2013, revenues were derived from two collaboration partners, two distribution partners, sales of NeutroPhase products and service revenues. During the year ended December 31, 2012, revenues were derived from two collaboration partners, two distribution partners and service revenues. During the year ended December 31, 2011 revenues were derived from two collaboration partners and service revenues. | |||||||||||||
As of December 31, 2013, 98% of accounts receivable was derived from one collaboration and one distribution partner. As of December 31, 2012, 96% of accounts receivable was derived from one collaboration and two distribution partners. | |||||||||||||
Fair Value of Financial Assets and Liabilities | |||||||||||||
Financial instruments, including accounts receivable, accounts payable and accrued liabilities are carried at cost, which management believes approximates fair value due to the short-term nature of these instruments. The fair value of capital lease obligations and equipment loans approximates their carrying amounts because the obligations bear market rates of interest. | |||||||||||||
The Company measures the fair value of financial assets and liabilities based on U.S. GAAP guidance which defines fair value, establishes a framework for measuring fair value, and requires disclosures about fair value measurements. | |||||||||||||
Under U.S. GAAP, fair value is defined as the exchange price that would be received for an asset or paid 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 on the measurement date. A fair value hierarchy is also established, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value: | |||||||||||||
Level 1 – quoted prices in active markets for identical assets or liabilities; | |||||||||||||
Level 2 – quoted prices for similar assets and liabilities in active markets or inputs that are observable; | |||||||||||||
Level 3 – inputs that are unobservable (for example cash flow modeling inputs based on assumptions). | |||||||||||||
Property and Equipment | |||||||||||||
Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation is calculated using the straight-line method over the estimated useful lives of the related assets of five to seven years for office and laboratory equipment, three years for software and seven years for furniture and fixtures. Leasehold improvements are depreciated over the shorter of seven years or the lease term. Depreciation of assets recorded under capital leases is included in depreciation expense. | |||||||||||||
The costs of normal maintenance, repairs, and minor replacements are charged to operations when incurred. | |||||||||||||
Impairment of Long-Lived Assets | |||||||||||||
The Company accounts for long-lived assets in accordance with U.S. GAAP, which requires that companies consider whether events or changes in facts and circumstances, both internally and externally, may indicate that an impairment of long-lived assets held for use are present. Management periodically evaluates the carrying value of long-lived assets and has determined that there was no impairment as of all periods presented. Determination of recoverability is based on the estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. In the event that such cash flows are not expected to be sufficient to recover the carrying amount of the asset, the assets are written down to their estimated fair values and the loss is recognized in the statements of operations. | |||||||||||||
Comprehensive Income (Loss) | |||||||||||||
ASC 220, Comprehensive Income requires that an entity’s change in equity or net assets during a period from transactions and other events from non-owner sources be reported. The Company reports unrealized gains and losses on its available-for-sale securities as other comprehensive income (loss). | |||||||||||||
Revenue Recognition | |||||||||||||
License and collaboration revenue is primarily generated through agreements with strategic partners for the development and commercialization of the Company’s product candidates. The terms of the agreements typically include non-refundable upfront fees, funding of research and development activities, payments based upon achievement of certain milestones and royalties on net product sales. In accordance with revenue recognition criteria under U.S. GAAP, the Company analyzes its multiple element arrangements to determine whether the elements can be separated. The Company performs its analysis at the inception of the arrangement and as each product or service is delivered. If a product or service is not separable, the combined deliverables are | |||||||||||||
accounted for as a single unit of accounting and revenue is recognized over the performance obligation period. Revenue is recognized 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. | |||||||||||||
Assuming the elements meet the revenue recognition guidelines the revenue recognition methodology prescribed for each unit of accounting is summarized below: | |||||||||||||
Upfront Fees—The Company defers recognition of non-refundable upfront fees if they have continuing performance obligations without which the technology licensed has no utility to the licensee. If they have performance obligations through research and development services that are required because their know-how and expertise related to the technology is proprietary to us, or can only be performed by them, then such up-front fees are deferred and recognized over the period of the performance obligations. The Company bases the estimate of the period of performance on factors in the contract. Actual time frames could vary and could result in material changes to their results of operations. | |||||||||||||
Funded Research and Development— Revenue from research and development services is recognized during the period in which the services are performed and is based upon the number of full-time-equivalent personnel working on the specific project at the agreed-upon rate. This revenue approximates the cost incurred. Reimbursements from collaborative partners for agreed-upon direct costs including direct materials and outsourced, or subcontracted, pre-clinical studies are classified as revenue and recognized in the period the reimbursable expenses are incurred. Payments received in advance are recorded as deferred revenue until the research and development services are performed or costs are incurred. | |||||||||||||
Milestones—Substantive milestone payments are considered to be performance bonuses that are recognized upon achievement of the milestone only if all of the following conditions are met: the milestone payments are non-refundable; achievement of the milestone involves a degree of risk and was not reasonably assured at the inception of the arrangement; substantive effort is involved in achieving the milestone; the amount of the milestone is reasonable in relation to the effort expended or the risk associated with achievement of the milestone; and a reasonable amount of time passes between the up-front license payment and the first milestone payment as well as between each subsequent milestone payment. If any of these conditions are not met, the milestone payments are deferred and recognized as revenue over the term of the arrangement as we complete our performance obligations. | |||||||||||||
Royalties—The Company recognizes royalty revenues from licensed products upon the sale of the related products. | |||||||||||||
Product Sales—The Company sells NeutroPhase, CelleRx and i-Lid Cleanser through a limited number of distributors. We generally record product sales upon shipment to distributors at which time title and risk of loss pass to the distributors. | |||||||||||||
Cost of Goods Sold | |||||||||||||
Cost of goods sold includes third party manufacturing costs, shipping costs, cost of samples and other costs of goods sold. Cost of goods sold also includes any necessary allowances for excess inventory that may expire and become unsalable. We did not record an allowance for excess inventory as of December 31, 2013. | |||||||||||||
Research and Development Costs | |||||||||||||
The Company charges research and development costs to expense as incurred. These costs include salaries and benefits for research and development personnel, costs associated with clinical trials managed by contract research organizations, and other costs associated with research, development and regulatory activities. They use external service providers to conduct clinical trials, to manufacture supplies of product candidates and to provide various other research and development-related products and services. Research and development expenses under the collaborative agreements approximate the revenue recognized, excluding milestone and upfront payments received under such arrangements. | |||||||||||||
Patent Costs | |||||||||||||
Patent costs, including legal expenses, are expensed in the period in which they are incurred. Patent expenses are included in general and administrative expenses in the statements of operations. | |||||||||||||
Stock-Based Compensation | |||||||||||||
The Company accounts for stock-based compensation under the provisions of ASC 718, Compensation-Stock Compensation. Under the fair value recognition provisions, stock-based compensation expense is measured at the grant date for all stock-based awards to employees and directors and is recognized as expense over the requisite service period, which is generally the vesting period. Non-employee stock-based compensation charges are amortized over the vesting period on a straight-line basis. For stock options granted, the fair value of the stock options is estimated using a Black-Scholes-Merton option pricing model. See Note 10 for further information regarding stock-based compensation expense and the assumptions used in estimating that expense. | |||||||||||||
Income Taxes | |||||||||||||
The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized if it is more likely than not that some portion or the entire deferred tax asset will not be recognized. | |||||||||||||
Common Stock Warrant Liabilities | |||||||||||||
For warrants where there is a deemed possibility that the Company may have to settle the warrants in cash, the Company records the fair value of the issued warrants as a liability at each balance sheet date and records changes in the estimated fair value as a non-cash gain or loss in the consolidated statements of operations and comprehensive loss. The fair values of these warrants have been determined using the Binomial Lattice (“Lattice”) valuation model, and the changes in the fair value are recorded in the consolidated statements of operations and comprehensive loss. The Lattice model provides for assumptions regarding volatility, call and put features and risk-free interest rates within the total period to maturity. These values are subject to a significant degree of judgment on the part of the Company. | |||||||||||||
Net Income (Loss) per Share | |||||||||||||
The Company computes net income (loss) per share by presenting both basic and diluted earnings (loss) per share (EPS). | |||||||||||||
Basic EPS is computed by dividing net income (loss) available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period including stock options and warrants, using the treasury stock method, using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Potentially dilutive common share equivalents are excluded from the diluted EPS computation in net loss periods since their effect would be anti-dilutive. During 2013, 2012 and 2011, there is no difference between basic and diluted net loss per share due to the Company’s net losses. The following table sets forth the reconciliation between basic EPS and diluted EPS: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands, except per share data) | 2013 | 2012 | 2011 | ||||||||||
Net loss | $ | (16,042 | ) | $ | (7,027 | ) | $ | (5,085 | ) | ||||
Basic shares | 38,183 | 29,448 | 25,773 | ||||||||||
Add: shares issued upon assumed exercise of stock options and warrants | — | — | — | ||||||||||
Diluted shares | 38,183 | 29,448 | 25,773 | ||||||||||
Basic EPS | $ | (0.42 | ) | $ | (0.24 | ) | $ | (0.20 | ) | ||||
Diluted EPS | $ | (0.42 | ) | $ | (0.24 | ) | $ | (0.20 | ) | ||||
The following outstanding stock options and stock warrants were excluded from the diluted EPS computation as their effect would have been anti-dilutive: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Stock options | 7,164 | 6,222 | 5,299 | ||||||||||
Stock warrants | 4,765 | 11,190 | 4,863 | ||||||||||
Recent Accounting Pronouncements | |||||||||||||
We do not believe there are any new or pending pronouncements that will materially impact our financial position or results of operations. |
Note_3_Investments
Note 3 - Investments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Investment Holdings [Abstract] | ' | ||||||||||||||||
Investment Holdings [Text Block] | ' | ||||||||||||||||
NOTE 3. SHORT-TERM INVESTMENTS | |||||||||||||||||
Short-term investments as of December 31, 2013 and 2012, consisted of the following: | |||||||||||||||||
31-Dec-13 | |||||||||||||||||
(in thousands) | Amortized | Gross | Gross | Market | |||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||
Gains | Losses | ||||||||||||||||
Corporate bonds | $ | 518 | $ | — | $ | (14 | ) | $ | 504 | ||||||||
Certificates of deposit | 2,050 | — | (1 | ) | 2,049 | ||||||||||||
$ | 2,569 | $ | — | $ | (16 | ) | $ | 2,553 | |||||||||
31-Dec-12 | |||||||||||||||||
(in thousands) | Amortized | Gross | Gross | Market | |||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||
Gains | Losses | ||||||||||||||||
Corporate bonds | $ | 514 | $ | — | $ | (9 | ) | $ | 505 | ||||||||
Municipal Bonds | 305 | — | (2 | ) | 303 | ||||||||||||
Certificates of deposit | 3,329 | — | (2 | ) | 3,327 | ||||||||||||
$ | 4,148 | $ | — | $ | (13 | ) | $ | 4,135 | |||||||||
All short-term investments at December 31, 2013 and 2012, mature in less than one year. During the years ended December 31, 2013, 2012 and 2011, we recognized a net realized losses of $ 21,000, $91,000, and $25,000, respectively, included in other income (expense) on the statements of operations and comprehensive loss. |
Note_4_Fair_Value_Measurements
Note 4 - Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||||
NOTE 4. FAIR VALUE MEASUREMENTS | |||||||||||||||||
The Company measures the fair value of financial assets and liabilities based on authoritative guidance which defines fair value, establishes a framework consisting of three levels for measuring fair value, and requires disclosures about fair value measurements. Fair value is defined as the exchange price that would be received for an asset or paid 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 on the measurement date. | |||||||||||||||||
The Company’s cash equivalents and investments are classified within Level 1 or Level 2 of the fair value hierarchy because they are valued using quoted market prices in active markets, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency. The types of investments that are generally classified within Level 1 of the fair value hierarchy include money market securities. The types of investments that are generally classified within Level 2 of the fair value hierarchy include corporate securities, certificates of deposits and U.S. government securities. | |||||||||||||||||
The Company’s warrant liability is classified within level 3 of the fair value hierarchy because the value is calculated using significant judgment based on our own assumptions in the valuation of this liability. | |||||||||||||||||
The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2013: | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
(in thousands) | Balance at December 31, | Quoted Prices in Active Markets | Significant | Significant Unobservable | |||||||||||||
2013 | for Identical | Other | Inputs | ||||||||||||||
Items | Observable | (Level 3) | |||||||||||||||
(Level 1) | Inputs | ||||||||||||||||
(Level 2) | |||||||||||||||||
Assets | |||||||||||||||||
Cash equivalents | $ | 10,500 | $ | 10,500 | $ | — | $ | — | |||||||||
Short-term investments: | |||||||||||||||||
Corporate bonds | 504 | — | 504 | — | |||||||||||||
Certificates of deposit | 2,049 | — | 2,049 | — | |||||||||||||
Total short-term investments | 2,553 | — | 2,553 | — | |||||||||||||
Total assets | $ | 13,053 | $ | 10,500 | $ | 2,553 | $ | — | |||||||||
Liabilities | |||||||||||||||||
Warrant liability | $ | 1,837 | $ | — | $ | — | $ | 1,837 | |||||||||
Total liabilities | $ | 1,837 | $ | — | $ | — | $ | 1,837 | |||||||||
For the year ended December 31, 2013, as a result of the fair value adjustment of the warrant liability, the Company recorded a non-cash loss on a change in the fair value of $555,000 in its consolidated statements of operations and comprehensive loss. See Note 8 for further discussion on the calculation of the fair value of the warrant liability. | |||||||||||||||||
(in thousands) | Warrant liability | ||||||||||||||||
Fair value of warrants at December 31, 2011 | 2,721 | ||||||||||||||||
Decrease in fair value at December 31, 2012 | (1,439 | ) | |||||||||||||||
Total warrant liability at December 31, 2012 | 1,282 | ||||||||||||||||
Incerase in fair value at December 31, 2013 | 555 | ||||||||||||||||
Total warrant liability at December 31, 2013 | $ | 1,837 | |||||||||||||||
Note_5_Property_and_Equipment
Note 5 - Property and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||
NOTE 5. PROPERTY AND EQUIPMENT | |||||||||
Property and equipment consisted of the following: | |||||||||
(in thousands) | 31-Dec-13 | 31-Dec-12 | |||||||
Office and laboratory equipment | $ | 2,101 | $ | 1,988 | |||||
Furniture and fixtures | 83 | 63 | |||||||
Software | 11 | 11 | |||||||
Leasehold improvement | 171 | 164 | |||||||
Total property and equipment, at cost | 2,366 | 2,226 | |||||||
Less: accumulated depreciation | (1,648 | ) | (1,335 | ) | |||||
Total property and equipment, net | $ | 718 | $ | 891 | |||||
Depreciation expense was $314,000, $341,000 and $425,000 for the years ended December 31, 2013, 2012 and 2011, respectively, and $2.6 million for the cumulative period from July 1, 2002 (inception) to December 31, 2013. |
Note_6_Accrued_Liabilities
Note 6 - Accrued Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ' | ||||||||
NOTE 6. ACCRUED LIABILITIES | |||||||||
Accrued liabilities consisted of the following: | |||||||||
(in thousands) | 31-Dec-13 | 31-Dec-12 | |||||||
Research and development | $ | 550 | $ | 441 | |||||
Employee payroll and benefits | 780 | 807 | |||||||
Professional fees | 69 | 95 | |||||||
Other | 217 | 154 | |||||||
Total accrued liabilities | $ | 1,616 | $ | 1,497 | |||||
Note_7_Commitments_and_Conting
Note 7 - Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||
NOTE 7. COMMITMENTS AND CONTINGENCIES | |||||
Operating Leases | |||||
We lease laboratory facilities and office space under an operating lease, which expires on October 31, 2020. Rent expense was $966,000, $804,000, and $1.0 million for the years ended December 31, 2013, 2012 and 2011, respectively. The future minimum lease payments under this non-cancellable operating lease were as follows as of December 31, 2013: | |||||
(in thousands) | Lease | ||||
Commitment | |||||
Year ending December 31: | |||||
2014 | $ | 606 | |||
2015 | 624 | ||||
2016 | 643 | ||||
2017 | 662 | ||||
2018 | 682 | ||||
thereafter | 1,303 | ||||
Total lease commitment | $ | 4,520 | |||
The Company’s monthly rent payments fluctuate under the master lease agreement. In accordance with U.S. GAAP, the Company recognizes rent expense on a straight-line basis, and records deferred rent for the difference between the amounts paid and recorded as expense. At December 31, 2013 and 2012, the Company had $136,000 and $60,000 of deferred rent, respectively. | |||||
Directors and Officers Indemnity | |||||
As permitted under Delaware law and in accordance with our bylaws, we indemnify our officers and directors for certain events or occurrences while the officer or director is or was serving at our request in such capacity. The term of the indemnification period is for the officer’s or director’s lifetime. The maximum amount of potential future indemnification is unlimited; however, we have a director or officer insurance policy that limits our exposure and may enable us to recover a portion of any future payments. We believe the fair value of these indemnification agreements is minimal. Accordingly, we have not recorded any liabilities for these agreements as of December 31, 2013. | |||||
In the normal course of business, we provide indemnifications of varying scope under our agreements with other companies, typically our clinical research organizations, investigators, clinical sites, suppliers and others. Pursuant to these agreements, we generally indemnify, hold harmless, and agree to reimburse the indemnified parties for losses suffered or incurred by the indemnified parties in connection with use or testing of our products or product candidates or with any U.S. patent or any copyright or other intellectual property infringement claims by any third party with respect to our products. The term of these indemnification agreements is generally perpetual. The potential future payments we could be required to make under these indemnification agreements is unlimited. Historically, costs related to these indemnification provisions have been immaterial. We also maintain various liability insurance policies that limit our exposure. As a result, we believe the fair value of these indemnification agreements is minimal. Accordingly, we have not recorded any liabilities for these agreements as of December 31, 2013. | |||||
Legal Matters | |||||
From time to time, the Company may be involved in various legal proceedings arising in the ordinary course of business. There are no matters at December 31, 2013, that, in the opinion of management, would have a material adverse effect on our financial position, results of operations or cash flows. |
Note_8_Warrant_Liability
Note 8 - Warrant Liability | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract] | ' | ||||||||
Other Liabilities Disclosure [Text Block] | ' | ||||||||
NOTE 8. WARRANT LIABILITY | |||||||||
In July 2011, the Company sold common stock and warrants in a registered direct financing. As part of this transaction, 3,488,005 warrants were issued with an exercise price of $1.33 and are exercisable on January 1, 2012, and expire on July 5, 2016. The terms of the warrants require registered shares to be delivered upon each warrant’s exercise and also require possible cash payments to the warrant holders (in lieu of the warrant’s exercise) upon specified fundamental transactions involving the Company’s common stock, such as in an acquisition of the Company. Under ASC 480, “Distinguishing Liabilities from Equity” (“ASC 480”), the Company’s ability to deliver registered shares upon an exercise of the warrants and the Company’s potential obligation to cash-settle the warrants if specified fundamental transactions occur are deemed to be beyond the Company’s control. The warrants contain a provision where the warrant holder would have the option to receive cash, equal to the Black Scholes fair value of the remaining unexercised portion of the warrant, as cash settlement in the event that there is a fundamental transaction (contractually defined to include various merger, acquisition or stock transfer activities). Due to this provision, ASC 480 requires that these warrants be classified as liabilities. The fair values of these warrants have been determined using the Binomial Lattice (“Lattice”) valuation model, and the changes in the fair value are recorded in the consolidated statement of operations. The Lattice model provides for assumptions regarding volatility and risk-free interest rates within the total period to maturity. In addition, after January 5, 2012, and if the closing bid price per share of the common stock in the principal market equals or exceeds $2.66 for any ten trading days (which do not have to be consecutive) in a period of fifteen consecutive trading days, the Company has the right to require the exercise of one-third of the warrants then held by the warrant holders, which would result in gross proceeds to the Company of approximately $1.5 million. | |||||||||
The key assumptions used to value the warrants were as follows: | |||||||||
December 31, | |||||||||
Assumption | 2013 | 2012 | |||||||
Expected price volatility | 80 | % | 55 | % | |||||
Expected term (in years) | 2.51 | 3.51 | |||||||
Risk-free interest rate | 0.59 | % | 0.45 | % | |||||
Dividend yield | 0 | % | 0 | % | |||||
Weighted-average fair value of warrants | $ | 0.53 | $ | 0.37 | |||||
Note_9_Stockholders_Equity
Note 9 - Stockholders' Equity | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | ||||||||
NOTE 9. STOCKHOLDERS’ EQUITY | |||||||||
Preferred Stock | |||||||||
Under the Company’s amended articles of incorporation, the Company is authorized to issue of up to 5,000,000 shares of preferred stock in such series and with such rights and preferences as may be approved by the board of directors. As of December 31, 2013, there were no shares of preferred stock outstanding. | |||||||||
Common Stock | |||||||||
Under the Company’s amended articles of incorporation, the Company is authorized to issue 65,000,000 shares of $0.01 par value common stock. Each holder of common stock has the right to one vote but does not have cumulative voting rights. Shares of common stock are not subject to any redemption or sinking fund provisions, nor do they have any preemptive, subscription or conversion rights. Holders of common stock are entitled to receive dividends whenever funds are legally available and when declared by the board of directors, subject to the prior rights of holders of all classes of stock outstanding having priority rights as to dividends. No dividends have been declared or paid as of December 31, 2013. | |||||||||
On July 5, 2011, the Company closed a registered direct offering for the sale of 4,650,675 units (The “July 2011 Registered Direct Financing”), each unit consisting of (i) one share of common stock and (ii) one warrant to purchase 0.75 of a share of common stock (or a total of 3,488,005 shares), at a purchase price of $1.11 per unit. The warrants will be exercisable 180 days after issuance for $1.33 per share and will expire five years from the date of issuance. All of the shares of common stock and warrants issued in the offering (and the shares of common stock issuable upon exercise of the warrants) were offered pursuant to a shelf registration statement filed with, and declared effective by, the Securities and Exchange Commission. The shares of common stock and the warrants were immediately separable and were issued separately, but were purchased together in the July 2011 Registered Direct Financing. The Company raised a total of $5.2 million from the July 2011 Registered Direct Financing, or approximately $4.6 million in net proceeds after deducting underwriting commissions of $288,000 and other offering costs of $244,000. | |||||||||
On December 6, 2012, the Company closed a public offering for the sale of 5,900,000 units, each unit consisting of (i) one share of common stock and (ii) one warrant to purchase 0.75 of a share of common stock (or a total of 4,425,000 shares), at a purchase price of $1.25 per unit. The warrants were immediately exercisable for $1.50 per share and will expire one year from the date of issuance. All of the shares of common stock and warrants issued in the offering (and the shares of common stock issuable upon exercise of the warrants) were offered pursuant to a shelf registration statement filed with, and declared effective by, the Securities and Exchange Commission. The shares of common stock and the warrants were immediately separable and were issued separately, but were purchased together. The Company raised a total of $7.4 million from this offering, or approximately $6.6 million in net proceeds after deducting underwriting commissions of $479,000 and other offering costs of $240,000. | |||||||||
On November 14, 2013, the Company entered into an At-The-Market Offering Agreement (“ATM Agreement”), with Ascendiant Capital Markets (“Ascendiant”), as its agent, and filed a prospectus supplement to its shelf registration statement, pursuant to which the Company may offer and sell shares of our common stock having an aggregate offering price of up to $5.0 million from time to time. For the year ended December 31, 2013, the Company sold 289,492 shares for gross proceeds of $378,000, or approximately $352,000 in net proceeds after deducting offering costs and commissions of $26,000. Under the terms of the ATM Agreement, the Company pays to Ascendiant 3% of the gross proceeds of any sales made under the prospectus supplement. | |||||||||
On December 2, 2013 the Company entered into a stock purchase agreement with Pioneer to purchased five million shares of NovaBay stock at $1.14 per share, resulting in a cash payment to NovaBay of $5.7 million. | |||||||||
Stock Warrants | |||||||||
At December 31, 2013, there were outstanding warrants to purchase 1,225,000 shares of common stock with an exercise price of $2.75 per share expiring on August 21, 2014. These outstanding warrants were exercisable at December 31, 2012. | |||||||||
In July 2011, 3,488,005 warrants were issued in connection with our July 2011 Registered Direct Financing. These warrants were issued with an exercise price of $1.33 and expire on July 5, 2016. These outstanding warrants were exercisable at December 31, 2013. During 2012, 22,500 of these warrants were exercised and the company received $30,000 in cash for the warrants. See Note 8 for further details on these warrants. | |||||||||
In January 2012, warrants to purchase 60,000 shares were issued to a vendor. These warrants were issued with an exercise price of $2.50 per share for 30,000 of the shares and $3.75 per share for the remaining 30,000 shares and became exercisable monthly through June 30, 2012, and expire on January 2, 2016. The warrants were valued at approximately $34,000 using the Black-Scholes-Merton option-pricing model based upon the following assumptions: (1) expected price volatility of 75% and 89%, respectively, (2) a risk-free interest rate of 0.30% and 0.36% respectively and (3) an expected life of 2.36 and 2.98 years, respectively. The Company accounts for the fair value of these warrants as an expense amortized over the vesting period of the warrants. The Company recognized the full $34,000 in expense during the year ended December 31, 2012, related to these warrants. | |||||||||
In September 2012 and October 2012, warrants to purchase 800,000 and 1,200,000 shares, respectively, were issued to Pioneer Pharma Co., Ltd as part of a unit purchase agreement that was accounted for along with an expanded distribution agreement. These warrants were issued with an exercise price of $1.50 per share, are immediately exercisable, and expire on August 31, 2013. The warrants were valued at approximately $360,000 and $330,000, respectively, using the Black-Scholes-Merton option-pricing model based upon the following assumptions: (1) expected price volatility of 79% and 71%, respectively, (2) a risk-free interest rate of 0.17% and 0.17%, respectively and (3) an expected life of 0.96 and 0.83 years, respectively. Due to the combined accounting of this agreement along with the expanded distribution agreement, the Company accounted for the fair value of the common stock and warrants as equity. In May 2013 the terms of these warrants were modified to extend the expiration date to November 29, 2013 and in exchange for this extension Pioneer agreed to exercise the warrant. As a result of this change NovaBay booked an additional expense related to these warrants of $163,000 during the year ended December 31, 2013. In November, 2013 these warrants were cancelled and replaced with a stock purchase agreement. | |||||||||
In October 2012, warrants to purchase 15,000 shares were issued to a vendor. These warrants were issued with an exercise price of $2.50 per share and 5,000 shares became exercisable on each of October 30, 2012, November 30, 2012 and December 30, 2012, and they all expired on September 30, 2014. The warrants were valued at approximately $4,000 using the Black-Scholes-Merton option-pricing model based upon the following assumptions: (1) expected price volatility of 72%, (2) a risk-free interest rate of 0.27% and (3) an expected life of 2.00 years. The Company accounts for the fair value of these warrants as an expense amortized over the vesting period of the warrants. The Company recognized the full $4,000 in expense during the year ended December 31, 2012, related to these warrants. | |||||||||
On December 6, 2012, 4,425,000 warrants were issued in connection with our July public offering. These warrants were issued with an exercise price of $1.50 and expire on December 6, 2013. During the year ended December 31, 2013, 1,811,800 of these warrants were exercised and the Company received $2.7 million in cash upon exercise of the warrants. The remainder of these warrants expired prior to December 31, 2013. | |||||||||
The following table summarizes information about the Company’s warrants outstanding at December 31, 2013, 2012 and 2011, and activity during the three years then ended. | |||||||||
(in thousands, except per share data) | Warrants | Weighted-Average Exercise Price | |||||||
Outstanding at December 31, 2011 | 4,863 | $ | 1.77 | ||||||
Warrants granted | 6,500 | $ | 1.52 | ||||||
Warrants expired | (150 | ) | $ | 4 | |||||
Warrants exercised | (23 | ) | $ | 1.33 | |||||
Outstanding at December 31, 2012 | 11,190 | $ | 1.59 | ||||||
Warrants granted | 20 | $ | 1.63 | ||||||
Warrants expired | (4,633 | ) | $ | 1.5 | |||||
Warrants exercised | (1,812 | ) | $ | 1.5 | |||||
Outstanding at December 31, 2013 | $ | 4,765 | $ | 1.72 | |||||
Note_10_EquityBased_Compensati
Note 10 - Equity-Based Compensation | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||
NOTE 10. EQUITY-BASED COMPENSATION | |||||||||||||||||
Equity Compensation Plans | |||||||||||||||||
Prior to October 2007, the Company had two equity incentive plans in place: the 2002 Stock Option Plan and the 2005 Stock Option Plan. In October 2007, the Company adopted the 2007 Omnibus Incentive Plan (the 2007 Plan) to provide for the granting of stock awards, such as stock options, unrestricted and restricted common stock, stock units, dividend equivalent rights, and stock appreciation rights to employees, directors and outside consultants as determined by the board of directors. In conjunction with the adoption of the 2007 Plan, no further option awards may be granted from the 2002 or 2005 Stock Option Plans and any option cancellations or expirations from the 2002 or 2005 Stock Option Plans may not be reissued. At the inception of the 2007 Plan, 2,000,000 shares were reserved for issuance under the Plan. | |||||||||||||||||
For the years from 2009 to 2012, the number of shares of common stock authorized for issuance under the 2007 Plan increases annually in an amount equal to the lesser of (a) 1,000,000 shares or (b) 4% of the number of shares of the Company’s common stock outstanding on the last day of the preceding year or (c) such lesser number as determined by the board of directors. Accordingly, an additional 1,000,000, 935,665, and 930,177 shares of common stock were authorized for issuance under the 2007 Plan in January 2012, 2011 and 2010, respectively. Beginning in 2013, the shareholders voted to remove the 1,000,000 share cap and the 2007 Plan increases annually by 4% of the number of shares of the Company’s common stock outstanding on the last day of the preceding year. Accordingly, an additional 1,478,924 shares of common stock were authorized for issuance under the 2007 Plan in January 2013. As of December 31, 2013, there were 39,163 shares available for future grant under the 2007 Plan. | |||||||||||||||||
Under the terms of the 2007 Plan, the exercise price of incentive stock options may not be less than 100% of the fair market value of the common stock on the date of grant and, if granted to an owner of more than 10% of the Company’s stock, then not less than 110%. Stock options granted under the 2007 Plan expire no later than ten years from the date of grant. Stock options granted to employees generally vest over four years while options granted to directors and consultants typically vest over a shorter period, subject to continued service. All of the options granted prior to October 2007 include early exercise provisions that allow for full exercise of the option prior to the option vesting, subject to certain repurchase provisions. The Company issues new shares to satisfy option exercises under the plans. | |||||||||||||||||
Stock Options Summary | |||||||||||||||||
The following table summarizes information about the Company’s stock options outstanding at December 31, 2013, 2012 and 2011, and activity during the three years then ended: | |||||||||||||||||
(in thousands, except per share data) | Options | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Life (years) | Aggregate Intrinsic Value | |||||||||||||
Outstanding at December 31, 2010 | 4,968 | $ | 1.78 | ||||||||||||||
Options granted | 1,357 | $ | 0.91 | ||||||||||||||
Options exercised | (319 | ) | $ | 0.32 | |||||||||||||
Options forfeited/cancelled | (707 | ) | $ | 2.04 | |||||||||||||
Outstanding at December 31, 2011 | 5,299 | $ | 1.62 | ||||||||||||||
Options granted | 1,232 | $ | 1.22 | ||||||||||||||
Options exercised | (234 | ) | $ | 0.25 | |||||||||||||
Restricted stock units vested | (28 | ) | $ | — | |||||||||||||
Options forfeited/cancelled | (47 | ) | $ | 1.64 | |||||||||||||
Outstanding at December 31, 2012 | 6,222 | $ | 1.62 | ||||||||||||||
Options granted | 1,777 | $ | 1.39 | ||||||||||||||
Options exercised | (262 | ) | $ | 0.44 | |||||||||||||
Restricted stock units vested | (249 | ) | $ | — | |||||||||||||
Options forfeited/cancelled | (324 | ) | $ | 1.7 | |||||||||||||
Outstanding at December 31, 2013 | 7,164 | $ | 1.66 | 6.6 | $ | 422 | |||||||||||
Vested and expected to vest at December 31, 2013 | 6,910 | $ | 1.67 | 6.5 | $ | 385 | |||||||||||
Vested at December 31, 2013 | 5,028 | $ | 1.78 | 5.6 | $ | 237 | |||||||||||
Exercisable at December 31, 2013 | 5,028 | $ | 1.78 | 5.6 | $ | 237 | |||||||||||
The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock option awards and the closing market price of the Company’s common stock as quoted on the NYSE Mkt as of December 31, 2013, for options that have a quoted market price in excess of the exercise price (“in-the-money options”). The Company received cash payments for the exercise of stock options in the amount of $ 114,000, $57,000 and $103,000 during the years ended December 31, 2013, 2012 and 2011, respectively. The aggregate intrinsic value of stock option awards exercised was $ 261,000, $271,000, and $317,000 for the years ended December 31, 2013, 2012 and 2011, respectively, as determined at the date of option exercise. | |||||||||||||||||
Stock Option Awards to Employees and Directors | |||||||||||||||||
The Company grants options to purchase common stock to some of its employees and directors at prices equal to or greater than the market value of the stock on the dates the options are granted. The Company has estimated the value of certain stock option awards as of the date of the grant by using the Black-Scholes-Merton option pricing model. The application of this valuation model involves assumptions that are judgmental and subjective in nature. | |||||||||||||||||
The weighted average assumptions used in determining the value of options granted and a summary of the methodology applied to develop each assumption are as follows: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
Assumption | 2013 | 2012 | 2011 | ||||||||||||||
Expected price volatility | 80.15 | % | 93.9 | % | 90.6 | % | |||||||||||
Expected term (in years) | 5.1 | 4.6 | 5.6 | ||||||||||||||
Risk-free interest rate | 1.13 | % | 0.7 | % | 1.28 | % | |||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||
Weighted-average fair value of options granted during the period | $ | 0.92 | $ | 0.91 | $ | 0.85 | |||||||||||
Expected Price Volatility—This is a measure of the amount by which the stock price has fluctuated or is expected to fluctuate. The computation of expected volatility was based on the historical volatility of our own stock and comparable companies from a representative peer group selected based on industry and market capitalization data. | |||||||||||||||||
Expected Term—This is the period of time over which the options granted are expected to remain outstanding. The expected life assumption is based on the Company’s historical data. | |||||||||||||||||
Risk-Free Interest Rate—This is the U.S. Treasury rate for the week of the grant having a term approximating the expected life of the option. | |||||||||||||||||
Dividend Yield—We have not made any dividend payments nor do we have plans to pay dividends in the foreseeable future. | |||||||||||||||||
Forfeitures are estimated at the time of grant and reduce compensation expense ratably over the vesting period. This estimate is adjusted periodically based on the extent to which actual forfeitures differ, or are expected to differ, from the previous estimate. | |||||||||||||||||
For the years ended December 31, 2013, 2012 and 2011, we recognized stock-based compensation expense of $921,000, $1.3 million and $1.1 million, respectively, for option awards to employees and directors. As of December 31, 2013, total unrecognized compensation cost related to unvested stock options to employees and directors was $1.5 million. This amount is expected to be recognized as stock-based compensation expense in our statements of operations over the remaining weighted average vesting period of 2.9 years. | |||||||||||||||||
Stock-Based Awards to Non-Employees | |||||||||||||||||
During the years ended December 31, 2013, 2012 and 2011, the Company granted options to purchase an aggregate of 184,000, 98,000, and 55,000 shares of common stock, respectively, to non-employees in exchange for advisory and consulting services. The stock options are recorded at their fair value on the measurement date and recognized over the respective service or vesting period. The fair value of the stock options granted was calculated using the Black-Scholes-Merton option pricing model based upon the following assumptions: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
Assumption | 2013 | 2012 | 2011 | ||||||||||||||
Expected price volatility | 78.89 | % | 88.52 | % | 90.39 | % | |||||||||||
Expected term (in years) | 8.5 | 9.1 | 7.1 | ||||||||||||||
Risk-free interest rate | 2.75 | % | 1.53 | % | 1.83 | % | |||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||
Weighted-average fair value of options granted during the period | $ | 0.95 | $ | 1.06 | $ | 1.37 | |||||||||||
In addition the Company granted restricted stock to non-employees totaling 43,000, 154,000 and 43,000 shares of common stock in the years ended December 31, 2013, 2012 and 2011, respectively, in exchange for advisory and consulting services. | |||||||||||||||||
For the years ended December 31, 2013, 2012 and 2011, the Company recognized stock-based compensation expense of $97,000, $243,000 and $111,000, respectively, related to non-employee options and restricted stock grants. As of December 31, 2013, total unrecognized compensation cost related to unvested stock options to non employees was $35,000. This amount is expected to be recognized as stock-based compensation expense in our statements of operations over the remaining weighted average vesting period of 1.3 years. | |||||||||||||||||
Stock-Based Compensation Expense | |||||||||||||||||
A summary of the stock-based compensation expense included in results of operations for the option and stock awards discussed above is as follows: | |||||||||||||||||
Year ended December 31, | |||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||||||
Research and development | $ | 381 | $ | 450 | $ | 352 | |||||||||||
General and administrative | 637 | 1,090 | 869 | ||||||||||||||
Total stock-based compensation expense | $ | 1,018 | $ | 1,540 | $ | 1,221 | |||||||||||
Since the Company has operating losses and net operating loss carryforwards, there are no tax benefits associated with stock-based compensation expense. |
Note_11_Collaboration_and_Lice
Note 11 - Collaboration and License Agreements | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||
Collaborative Arrangement Disclosure [Text Block] | ' | ||||||||||||
NOTE 11. LICENSE, COLLABORATION AND DISTRIBUTION AGREEMENTS | |||||||||||||
Galderma | |||||||||||||
On March 25, 2009, the Company entered into a collaboration and license agreement with Galderma S.A. to develop and commercialize the Company’s Aganocide compounds, which covers acne and impetigo and potentially other major dermatological conditions, excluding onychomycosis (nail fungus), orphan drug indications and most post surgical use and use in wound care. The Company amended this agreement in December 2009 and again in December 2010. Based on the Impetigo Phase 2a clinical trial results, in December 2010, NovaBay and Galderma S.A., agreed to expand their partnership to focus on the development of NovaBay’s Aganocide compound auriclosene (NVC-422) for the topical treatment of impetigo. This expansion was intended to provide NovaBay with the additional funding and resources required for the clinical development of its auriclosene (NVC-422) topical gel formulation for impetigo and other topical infections. In November 2013, the Company announced that the auriclosene Phase 2b clinical study of impetigo had been completed. While the study showed that auriclosene is safe and well tolerated, it did not meet its primary clinical endpoint. Knowledge gained from two previous impetigo studies is expected to lead to the use of an optimized formulation of auriclosene for an upcoming pilot study. The Company will be responsible the planning, execution and the cost of the upcoming study, which is expect to be approximately $1 to $2 million. Based on the results of this study NovaBay and Galderma will determine the next steps in the development of auriclosene for this indication. | |||||||||||||
With the exception of the pilot study expected to be initiated in 2014 for impetigo, for which NovaBay will be responsible for all costs, Galderma is responsible for the development costs of product candidate compounds, except for costs incurred in Japan. In Japan, Galderma has the option to request that the Company share such development costs. NovaBay retains the right to co-market products resulting from the agreement in Japan. In addition, NovaBay has retained all rights to co-promote the products developed under the agreement in hospitals and other healthcare institutions in North America. | |||||||||||||
Galderma will pay to NovaBay certain upfront fees, ongoing fees, reimbursements, and milestone payments related to achieving development and commercialization of its Aganocide compounds. If products are commercialized under the agreement, NovaBay’s royalties will escalate as sales increase. The Company received a $1.0 million upfront technology access fee payment in the first quarter of 2009 and a $3.25 million continuation fee and a $500,000 fee to expand the license to include the Asia-Pacific Territory in December 2010. These fees were recorded as deferred revenues and recognized as earned on a straight-line basis over the Company’s expected performance period. The initial upfront technology access fee was recognized over the initial 20 month funding term of the agreement through October 2010, and the continuation and license fees were recognized over the additional three year funding term of the agreement through November 2013. | |||||||||||||
Revenue has been recognized under the Galderma agreement as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Amortization of upfront technology access fee, continuation fee and license fee | $ | 945 | $ | 1,259 | $ | 1,259 | |||||||
On-going Research and Development | 1,228 | 1,604 | 1,551 | ||||||||||
Materials, Equipment, and Contract Study Costs | 393 | 3,485 | 2,609 | ||||||||||
Milestone payments | — | — | 500 | ||||||||||
$ | 2,566 | $ | 6,348 | $ | 5,919 | ||||||||
The Company had deferred revenue balances of $1,000, $957,000 and $2.2 million and respectively, at December 31, 2013, 2012 and 2011, related to the Galderma agreement, which consisted of the unamortized balances on the upfront technology and access fee and the continuation and license fee and support for ongoing research and development. As of December 31, 2013, the Company has earned $4.25 million in milestone payments. As of December 31, 2013, the Company has not earned or received any royalty payments under the Galderma agreement. | |||||||||||||
Virbac | |||||||||||||
In April 2012, the Company entered into a feasibility and option agreement with Virbac, a global animal health company for the development and potential commercialization of Aganocides for a number of veterinary uses. Under the terms of the agreement, NovaBay received an upfront payment and is entitled to additional support for research and development. The company will conduct veterinary studies using NovaBay’s Aganocide compounds to assess feasibility for treating several veterinary indications. | |||||||||||||
In April 2013, the option was exercised and the Company entered into a collaboration and license agreement with Virbac. Under this new agreement Virbac acquired exclusive worldwide rights to develop the Company’s proprietary compound, auriclosene (NVC-422), for global veterinary markets. The Company received an option exercise fee and may receive future development and pre-commercial milestone payments as a result of the collaboration. The Company also expects to receive royalties on the sale of any commercial products in the companion animal field. Virbac’s option exercise follows its extensive testing of auriclosene (NVC-422) for veterinary uses during the 12-month option period. The Company is recognizing the option exercise fee over its expected performance period of 10 years. | |||||||||||||
Revenue has been recognized under the agreement as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Amortization of upfront technology access fee, continuation fee and license fee | $ | 42 | $ | 113 | $ | — | |||||||
On-going Research and Development | 87 | 262 | — | ||||||||||
Materials, Equipment, and Contract Study Costs | 8 | 42 | — | ||||||||||
$ | 137 | $ | 417 | $ | — | ||||||||
The Company had deferred revenue balances of $246,000, $125,000 and $0, respectively, at December 31, 2013, 2012 and 2011, related to this agreement, which consisted of the unamortized balances on the upfront technology and access fee and the support for ongoing research and development. | |||||||||||||
NeutroPhase Distribution Agreements | |||||||||||||
In January 2012, the Company entered into a distribution agreement with Pioneer Pharma Co., Ltd., a Shanghai-based company that markets high-end pharmaceutical products into China, for the commercialization of NeutroPhase in this territory. Under the terms of the agreement, NovaBay received an upfront payment of $312,500. NovaBay also received $312,500 in January 2013, related to the submission of the first marketing approval for the product to the CFDA (formerly the SFDA, State Food and Drug Administration), which was submitted in December 2012. The distribution agreement provides that Pioneer Pharma Co., Ltd is entitled to receive cumulative purchase discounts of up to $500,000 upon the purchase of NeutroPhase product. The deferred revenue will be recognized as the purchase discounts are earned, with the remaining deferred revenue recognized ratable over the product distribution period. In addition, NovaBay is entitled to receive $625,000 upon receipt of an MAA approval of the product from the CFDA. | |||||||||||||
In September 2012, the Company entered into two agreements with Pioneer Pharma Co., Ltd. (“Pioneer”): (1) an international distribution agreement (“Distribution Agreement”) and (2) a unit purchase agreement (“Purchase Agreement”). These agreements were combined and accounted for as one arrangement with one unit of accounting for revenue recognition purposes. | |||||||||||||
Pursuant to the terms of the Distribution Agreement, Pioneer has the right to distribute NeutroPhase, upon MAA Approval from a Regulatory Authority, in certain territories in Asia (other than China). Upon execution of the Distribution Agreement, we received an upfront payment, which was recorded as deferred revenue. Pioneer is also obligated to make certain additional payments to us upon receipt of the MAA Approval. The Distribution Agreement further provides that Pioneer is entitled to a cumulative purchase discount not to exceed $500,000 upon the purchase of NeutroPhase product; payable in NovaBay unregistered restricted common stock. | |||||||||||||
Pursuant to the Purchase Agreement, we also received $2.5 million from Pioneer for the purchase of restricted units (comprising 1 share of common stock and a warrant for the purchase of 1 share of common stock). The unit purchase was completed in two tranches: (1) 800,000 units in September 2012; and (2) 1,200,000 units in October 2012, with both tranches at a purchase price of $1.25 per share. The fair value of the total units sold was $3.5 million, based upon the trading price of our common stock on the dates the units were purchased and fair value of the warrants based on the Black-Scholes Merton option pricing model. Because the aggregate fair value of the units on the dates of purchase exceeded the $2.5 million in proceeds received from the unit purchase by approximately $1 million, we reallocated $600,000 from deferred revenue to stockholders’ equity as consideration for the purchase of the units. | |||||||||||||
In December 2013, the Company announced it had expanded its NeutroPhase commercial partnership agreement with Pioneer. The expanded agreement includes licensing rights to two new products, CelleRx™ and i-Lid™ Cleanser, developed internally by NovaBay. The expanded partnership agreement covers the commercialization and distribution of these products in China and 11 countries in Southeast Asia. | |||||||||||||
In addition to the Pioneer Pharma agreements, the Company has entered into three other smaller agreements and continues to seek additional distribution agreements. | |||||||||||||
Revenue has been recognized under these agreements as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Amortization of upfront technology access fee | $ | 62 | $ | 46 | $ | — | |||||||
On-going Research and Development | 148 | 44 | — | ||||||||||
$ | 210 | $ | 90 | $ | — | ||||||||
The Company had deferred revenue balances of $1.6 million, $810,000, and $0, respectively, at December 31, 2013, 2012 and 2011, related to these agreements, which consisted of the unamortized balances on the upfront technology and access fee and the support for ongoing research and development. | |||||||||||||
Alcon Manufacturing, Ltd. | |||||||||||||
In August 2006, the Company entered into a collaboration and license agreement with Alcon Manufacturing, Ltd. (Alcon) to license to Alcon the exclusive rights to develop, manufacture and commercialize products incorporating the Aganocide compounds for application in connection with the eye, ear and sinus and for use in contact lens solution. This agreement was terminated in 2011. Under the terms of the agreement, we receive semi-annual payments to support on-going research and development activities over the term of the agreement. The research and development support payments include amounts to fund a specified number of personnel engaged in collaboration activities and to reimburse for qualified equipment, materials and contract study costs. | |||||||||||||
Revenue has been recognized as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
On-going Research and Development | — | — | 2,828 | ||||||||||
Materials, Equipment, and Contract Study Costs | — | — | 246 | ||||||||||
Termination payment | — | — | 2,000 | ||||||||||
$ | — | $ | — | $ | 5,074 | ||||||||
At December 31, 2013, 2012 and 2011, we had no deferred revenue balances related to the Alcon agreement. |
Note_12_Employee_Benefit_Plan
Note 12 - Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' |
NOTE 12. EMPLOYEE BENEFIT PLAN | |
We have a 401(k) plan covering all eligible employees. We are not required to contribute to the plan and have made no contributions through December 31, 2013. |
Note_13_Segment_Information
Note 13 - Segment Information | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||
NOTE 13. SEGMENT INFORMATION | |||||||||
Beginning in 2012, the Company began reporting financial data for four reportable segments, coinciding with our four business units: dermatology, ophthalmology, urology and wound care. The dermatology segment includes all aspects of our business around the dermatology arena including the collaboration with Galderma and our impetigo clinical trial. The ophthalmology segment includes our clinical trial on ophthalmology which we are conducting on our own at the time. This segment also includes our i-case product which is currently in development phases. The urology segment covers our UCBE trials. The wound care segment encompasses the business around our NeutroPhase product, which went on the market in December 2012. Our remaining activities are immaterial and are shown as an aggregate. | |||||||||
The Company discloses information about its reportable segments based on the measures it uses in assessing the performance of each segment. The Company uses “segment net income (loss)” to measure the performance of its business units. Segment net income (loss) includes the allocation of certain corporate expense. These expenses have been allocated based on the FTE allocations to each individual segment or business unit. | |||||||||
The Company does not segregate specific assets to each business unit as we do not have a reasonable way to allocate the corporate assets to each unit and the Company does not use this as a measure of segment performance. In addition, we reorganized our business in 2012 to provide the business unit approach and the segment reporting. Prior to this time we did not segregate any costs to our different segments and we do not have practical way to do this for periods before 2012. Based on this we do not show segment information for periods prior to 2012. | |||||||||
Year Ended December 31, | |||||||||
(in thousands) | 2013 | 2012 | |||||||
Revenues: | |||||||||
Dermatology | $ | 2,697 | $ | 6,348 | |||||
Ophthalmology | — | — | |||||||
Urology | — | — | |||||||
Wound Care | 433 | 104 | |||||||
Other | 347 | 495 | |||||||
$ | 3,477 | $ | 6,947 | ||||||
Segment net income (loss): | |||||||||
Dermatology | $ | (264 | ) | $ | 3,908 | ||||
Ophthalmology | (6,199 | ) | (3,426 | ) | |||||
Urology | (2,933 | ) | (3,498 | ) | |||||
Wound Care | (4,853 | ) | (3,162 | ) | |||||
Other | (1,237 | ) | (2,131 | ) | |||||
$ | (15,486 | ) | $ | (8,309 | ) | ||||
A reconciliation of total segment net loss to consolidated net loss is as follows: | |||||||||
Year Ended December 31, | |||||||||
(in thousands) | 2013 | 2012 | |||||||
Segment net income (loss) | $ | (15,486 | ) | $ | (8,309 | ) | |||
Non-cash gain on change in fair value of warrants | (555 | ) | 1,439 | ||||||
of warrants | |||||||||
Other income (expense), net | 1 | (155 | ) | ||||||
Provision for income taxes | (2 | ) | (2 | ) | |||||
Net loss | $ | (16,042 | ) | $ | (7,027 | ) | |||
Note_14_Income_Taxes
Note 14 - Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||||||
NOTE 14. INCOME TAXES | |||||||||||||
The federal and state income tax provision is summarized as follows (in thousands): | |||||||||||||
Year Ending December 31 | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Current | |||||||||||||
Federal | $ | — | $ | — | $ | — | |||||||
State | 2 | 2 | 2 | ||||||||||
Other | — | — | — | ||||||||||
Total current tax expense | 2 | 2 | 2 | ||||||||||
Deferred | |||||||||||||
Federal | — | — | — | ||||||||||
State | — | — | — | ||||||||||
Other | — | — | — | ||||||||||
Total deferred tax expense | — | — | — | ||||||||||
Income tax provision | $ | 2 | $ | 2 | $ | 2 | |||||||
Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, and (b) operating losses and tax credit carryforwards. | |||||||||||||
The tax effects of significant items comprising the Company's deferred taxes as of December 31 are as follows: | |||||||||||||
31-Dec | |||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||
Deferred tax assets: | |||||||||||||
Net operating losses | $ | 19,053 | $ | 13,099 | |||||||||
Accruals | 96 | 85 | |||||||||||
Deferred revenue | 117 | 381 | |||||||||||
Stock options | 1,097 | 1,009 | |||||||||||
Other deferred tax assets | 412 | 197 | |||||||||||
Total deferred tax assets | 20,775 | 14,771 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Property and equipment | (159 | ) | (251 | ) | |||||||||
Total deferred tax liabilities | (159 | ) | (251 | ) | |||||||||
Valuation allowance | (20,616 | ) | (14,520 | ) | |||||||||
Net deferred taxes | $ | — | $ | — | |||||||||
The Company records the tax benefit of net operating loss carryfowards and temporary differences as an asset to the extent that management assesses that realization is "more likely than not." Realization of the future tax benefits is dependent on the Company's ability to generate sufficient taxable income within the carryforward period. Because of the Company's recent history of operating losses, management believes that recognition of the deferred tax assets is currently not likely to be realized and, accordingly, has provided a valuation allowance. | |||||||||||||
The valuation allowance increased by the following amounts (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
$ | 6,096 | $ | 3,018 | $ | 1,445 | ||||||||
In accordance with ASC 718 Compensation – Stock Compensation, the Company has excluded from deferred tax assets benefits attributable to employee stock option exercises. Therefore, these amounts are not included in gross or net deferred tax assets. The benefit of these net operating loss carryforwards, totaling $1.1 million at December 31, 2013, will only be recorded to equity when they reduce cash taxes payable. | |||||||||||||
Net operating loss and tax credit carryforwards as of December 31, 2013, are as follows (in thousands): | |||||||||||||
Amount | Expiration | ||||||||||||
Years | |||||||||||||
Net operating losses, federal | $ | 48,690 | 2024 | - | 2033 | ||||||||
Net operating losses, state | $ | 50,465 | 2019 | - | 2033 | ||||||||
Tax credits, federal | $ | 343 | 2033 | ||||||||||
Under U.S. federal tax law, the amount and availability of tax benefits are subject to a variety of interpretations and restrictive tests. Utilization of the net operating loss (NOL) carryforwards may be subject to a substantial annual limitation due to ownership changes that have occurred previously or that could occur in the future, as provided by Section 382 of the Internal Revenue Code of 1986, and similar state provisions. Ownership changes may limit the amount of NOL carryforwards that can be utilized annually to offset future taxable income and tax, respectively. In general, an ownership change, as defined by Section 382, results from transactions increasing the ownership of certain shareholders or public groups in the stock of a corporation by more than 50 percentage points over a three-year period. Since the Company’s formation, the Company has raised capital through the issuance of capital stock on two occasions which, combined with the purchasing shareholders’ subsequent disposition of those shares, may have resulted in one or more changes of control, as defined by Section 382. The Company has not currently completed a study to assess whether any change of control has occurred, or whether there have been multiple changes of control since the Company’s formation, due to the significant complexity and cost associated with the study. If the Company has experienced a change of control at any time since its formation, its NOL carryforwards and tax credits may not be available, or their utilization could be subject to an annual limitation under Section 382. A full valuation allowance has been provided against the Company’s NOL carryforwards, and if an adjustment is required, this adjustment would be offset by an adjustment to the valuation allowance. Accordingly, there would be no impact on the consolidated balance sheet or statement of operations if an adjustment is required. | |||||||||||||
The effective tax rate of the Company's provision (benefit) for income taxes differs from the federal statutory rate as follows: | |||||||||||||
Year Ending December 31 | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Income tax provision (benefit) at federal statutory rate | $ | (5,425 | ) | $ | (2,389 | ) | $ | (1,728 | ) | ||||
State tax | (836 | ) | (443 | ) | (232 | ) | |||||||
ISO-related expense for GAAP | 178 | 194 | 230 | ||||||||||
Change in valuation allowance | 6,095 | 3,020 | 1,445 | ||||||||||
Revaluation of warrant liability | 189 | (489 | ) | 249 | |||||||||
Tax credits | (285 | ) | (58 | ) | — | ||||||||
Other | 86 | 167 | 38 | ||||||||||
Total | $ | 2 | $ | 2 | $ | 2 | |||||||
Uncertain Income Tax Positions | |||||||||||||
The Company adopted the provisions of ASC 740-10, Accounting for Uncertainty in Income Taxes, on January 1, 2007. There was no impact on our consolidated financial position, results of operations and cash flows as a result of adoption. A reconciliation of the beginning and ending balances of the unrecognized tax benefits during the years ended December 31, 2013 and 2012 is as follows: | |||||||||||||
Year ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||
Unrecognized benefit - beginning of period | $ | 770 | $ | 475 | |||||||||
Gross increases - current period tax positions | 96 | — | |||||||||||
Gross decreases - prior period tax positions | — | (273 | ) | ||||||||||
Gross increases - prior period tax positions | — | 568 | |||||||||||
Unrecognized benefit - end of period | $ | 866 | $ | 770 | |||||||||
Our policy will be to recognize interest and penalties related to income taxes as a component of income tax expense. We are subject to income tax examinations for U.S. incomes taxes and state income taxes from 2004 forward. We do not anticipate that total unrecognized tax benefits will significantly change prior to December 31, 2014. |
Note_15_Subsequent_Events
Note 15 - Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
NOTE 15. SUBSEQUENT EVENTS | |
We evaluated subsequent events through the issuance date of the financial statements. We are not aware of any significant events that occurred subsequent to the balance sheet date but prior to the filing of this Annual Report on Form 10-K that would have a material impact on our consolidated financial statements |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Basis of Accounting, Policy [Policy Text Block] | ' | ||||||||||||
Basis of Presentation | |||||||||||||
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) and are expressed in U.S. dollars. The financial statements have been prepared under the guidelines for Development Stage Entities. A development stage enterprise is one in which planned principal operations have not commenced, or if its operations have commenced, there have been no significant revenues therefrom. As of December 31, 2013, we continued to conduct clinical trials and had not commenced our planned principal operations. | |||||||||||||
Certain prior year amounts have been reclassified to conform with the current year presentation. | |||||||||||||
Consolidation, Policy [Policy Text Block] | ' | ||||||||||||
Principles of Consolidation | |||||||||||||
The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, DermaBay, Inc. All inter-company accounts and transactions have been eliminated in consolidation. | |||||||||||||
Use of Estimates, Policy [Policy Text Block] | ' | ||||||||||||
Use of Estimates | |||||||||||||
The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These estimates include useful lives for property and equipment and related depreciation calculations, estimated amortization period for payments received from product development and license agreements as they relate to revenue recognition, assumptions for valuing options and warrants, and income taxes. Actual results could differ from those estimates. | |||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ||||||||||||
Cash and Cash Equivalents and Short-Term Investments | |||||||||||||
The Company considers all highly liquid instruments with a stated maturity of three months or less to be cash and cash equivalents. As of December 31, 2013, cash and cash equivalents were held in financial institutions in the U.S. and include deposits in money market funds, which were unrestricted as to withdrawal or use. | |||||||||||||
The Company classifies all highly liquid investments with a stated maturity of greater than three months as short-term investments. Short-term investments generally consist of certificates of deposit and corporate debt securities. The Company has classified their short-term investments as available-for-sale. The Company does not intend to hold securities with stated maturities greater than twelve months until maturity. In response to changes in the availability of and the yield on alternative investments as well as liquidity requirements, they occasionally sell these securities prior to their stated maturities. These securities are carried at fair value, with the unrealized gains and losses reported as a component of other comprehensive income (loss) until realized. Realized gains and losses from the sale of available-for-sale securities, if any, are determined on a specific identification basis. A decline in the market value below cost of any available-for-sale security that is determined to be other than temporary results in a revaluation of its carrying amount to fair value and an impairment charge to earnings, resulting in a new cost basis for the security. No such impairment charges were recorded for the periods presented. The interest income and realized gains and losses are included in other income (expense), net within the consolidated statements of operations. Interest income is recognized when earned. | |||||||||||||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | ' | ||||||||||||
Concentrations of Credit Risk and Major Partners | |||||||||||||
Financial instruments which potentially subject us to significant concentrations of credit risk consist primarily of cash and cash equivalents, short-term investments and accounts receivable. The Company maintains deposits of cash, cash equivalents and short-term investments with three highly-rated, major financial institutions in the United States. | |||||||||||||
Deposits in these banks may exceed the amount of federal insurance provided on such deposits. The Company does not believe they are exposed to significant credit risk due to the financial position of the financial institutions in which these deposits are held. Additionally, they have established guidelines regarding diversification and investment maturities, which are designed to maintain safety and liquidity. | |||||||||||||
During the year ended December 31, 2013, revenues were derived from two collaboration partners, two distribution partners, sales of NeutroPhase products and service revenues. During the year ended December 31, 2012, revenues were derived from two collaboration partners, two distribution partners and service revenues. During the year ended December 31, 2011 revenues were derived from two collaboration partners and service revenues. | |||||||||||||
As of December 31, 2013, 98% of accounts receivable was derived from one collaboration and one distribution partner. As of December 31, 2012, 96% of accounts receivable was derived from one collaboration and two distribution partners. | |||||||||||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' | ||||||||||||
Fair Value of Financial Assets and Liabilities | |||||||||||||
Financial instruments, including accounts receivable, accounts payable and accrued liabilities are carried at cost, which management believes approximates fair value due to the short-term nature of these instruments. The fair value of capital lease obligations and equipment loans approximates their carrying amounts because the obligations bear market rates of interest. | |||||||||||||
The Company measures the fair value of financial assets and liabilities based on U.S. GAAP guidance which defines fair value, establishes a framework for measuring fair value, and requires disclosures about fair value measurements. | |||||||||||||
Under U.S. GAAP, fair value is defined as the exchange price that would be received for an asset or paid 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 on the measurement date. A fair value hierarchy is also established, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value: | |||||||||||||
Level 1 – quoted prices in active markets for identical assets or liabilities; | |||||||||||||
Level 2 – quoted prices for similar assets and liabilities in active markets or inputs that are observable; | |||||||||||||
Level 3 – inputs that are unobservable (for example cash flow modeling inputs based on assumptions). | |||||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | ||||||||||||
Property and Equipment | |||||||||||||
Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation is calculated using the straight-line method over the estimated useful lives of the related assets of five to seven years for office and laboratory equipment, three years for software and seven years for furniture and fixtures. Leasehold improvements are depreciated over the shorter of seven years or the lease term. Depreciation of assets recorded under capital leases is included in depreciation expense. | |||||||||||||
The costs of normal maintenance, repairs, and minor replacements are charged to operations when incurred. | |||||||||||||
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | ' | ||||||||||||
Impairment of Long-Lived Assets | |||||||||||||
The Company accounts for long-lived assets in accordance with U.S. GAAP, which requires that companies consider whether events or changes in facts and circumstances, both internally and externally, may indicate that an impairment of long-lived assets held for use are present. Management periodically evaluates the carrying value of long-lived assets and has determined that there was no impairment as of all periods presented. Determination of recoverability is based on the estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. In the event that such cash flows are not expected to be sufficient to recover the carrying amount of the asset, the assets are written down to their estimated fair values and the loss is recognized in the statements of operations. | |||||||||||||
Comprehensive Income, Policy [Policy Text Block] | ' | ||||||||||||
Comprehensive Income (Loss) | |||||||||||||
ASC 220, Comprehensive Income requires that an entity’s change in equity or net assets during a period from transactions and other events from non-owner sources be reported. The Company reports unrealized gains and losses on its available-for-sale securities as other comprehensive income (loss). | |||||||||||||
Revenue Recognition, Policy [Policy Text Block] | ' | ||||||||||||
Revenue Recognition | |||||||||||||
License and collaboration revenue is primarily generated through agreements with strategic partners for the development and commercialization of the Company’s product candidates. The terms of the agreements typically include non-refundable upfront fees, funding of research and development activities, payments based upon achievement of certain milestones and royalties on net product sales. In accordance with revenue recognition criteria under U.S. GAAP, the Company analyzes its multiple element arrangements to determine whether the elements can be separated. The Company performs its analysis at the inception of the arrangement and as each product or service is delivered. If a product or service is not separable, the combined deliverables are | |||||||||||||
accounted for as a single unit of accounting and revenue is recognized over the performance obligation period. Revenue is recognized 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. | |||||||||||||
Assuming the elements meet the revenue recognition guidelines the revenue recognition methodology prescribed for each unit of accounting is summarized below: | |||||||||||||
Upfront Fees—The Company defers recognition of non-refundable upfront fees if they have continuing performance obligations without which the technology licensed has no utility to the licensee. If they have performance obligations through research and development services that are required because their know-how and expertise related to the technology is proprietary to us, or can only be performed by them, then such up-front fees are deferred and recognized over the period of the performance obligations. The Company bases the estimate of the period of performance on factors in the contract. Actual time frames could vary and could result in material changes to their results of operations. | |||||||||||||
Funded Research and Development— Revenue from research and development services is recognized during the period in which the services are performed and is based upon the number of full-time-equivalent personnel working on the specific project at the agreed-upon rate. This revenue approximates the cost incurred. Reimbursements from collaborative partners for agreed-upon direct costs including direct materials and outsourced, or subcontracted, pre-clinical studies are classified as revenue and recognized in the period the reimbursable expenses are incurred. Payments received in advance are recorded as deferred revenue until the research and development services are performed or costs are incurred. | |||||||||||||
Milestones—Substantive milestone payments are considered to be performance bonuses that are recognized upon achievement of the milestone only if all of the following conditions are met: the milestone payments are non-refundable; achievement of the milestone involves a degree of risk and was not reasonably assured at the inception of the arrangement; substantive effort is involved in achieving the milestone; the amount of the milestone is reasonable in relation to the effort expended or the risk associated with achievement of the milestone; and a reasonable amount of time passes between the up-front license payment and the first milestone payment as well as between each subsequent milestone payment. If any of these conditions are not met, the milestone payments are deferred and recognized as revenue over the term of the arrangement as we complete our performance obligations. | |||||||||||||
Royalties—The Company recognizes royalty revenues from licensed products upon the sale of the related products. | |||||||||||||
Product Sales—The Company sells NeutroPhase, CelleRx and i-Lid Cleanser through a limited number of distributors. We generally record product sales upon shipment to distributors at which time title and risk of loss pass to the distributors. | |||||||||||||
Cost of Goods Sold [Policy Text Block] | ' | ||||||||||||
Cost of Goods Sold | |||||||||||||
Cost of goods sold includes third party manufacturing costs, shipping costs, cost of samples and other costs of goods sold. Cost of goods sold also includes any necessary allowances for excess inventory that may expire and become unsalable. We did not record an allowance for excess inventory as of December 31, 2013. | |||||||||||||
Research and Development Expense, Policy [Policy Text Block] | ' | ||||||||||||
Research and Development Costs | |||||||||||||
The Company charges research and development costs to expense as incurred. These costs include salaries and benefits for research and development personnel, costs associated with clinical trials managed by contract research organizations, and other costs associated with research, development and regulatory activities. They use external service providers to conduct clinical trials, to manufacture supplies of product candidates and to provide various other research and development-related products and services. Research and development expenses under the collaborative agreements approximate the revenue recognized, excluding milestone and upfront payments received under such arrangements. | |||||||||||||
Legal Costs, Policy [Policy Text Block] | ' | ||||||||||||
Patent Costs | |||||||||||||
Patent costs, including legal expenses, are expensed in the period in which they are incurred. Patent expenses are included in general and administrative expenses in the statements of operations. | |||||||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | ||||||||||||
Stock-Based Compensation | |||||||||||||
The Company accounts for stock-based compensation under the provisions of ASC 718, Compensation-Stock Compensation. Under the fair value recognition provisions, stock-based compensation expense is measured at the grant date for all stock-based awards to employees and directors and is recognized as expense over the requisite service period, which is generally the vesting period. Non-employee stock-based compensation charges are amortized over the vesting period on a straight-line basis. For stock options granted, the fair value of the stock options is estimated using a Black-Scholes-Merton option pricing model. See Note 10 for further information regarding stock-based compensation expense and the assumptions used in estimating that expense. | |||||||||||||
Income Tax, Policy [Policy Text Block] | ' | ||||||||||||
Income Taxes | |||||||||||||
The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized if it is more likely than not that some portion or the entire deferred tax asset will not be recognized. | |||||||||||||
Assets or Liabilities that Relate to Transferor's Continuing Involvement in Securitized or Asset-backed Financing Assets, Policy [Policy Text Block] | ' | ||||||||||||
Common Stock Warrant Liabilities | |||||||||||||
For warrants where there is a deemed possibility that the Company may have to settle the warrants in cash, the Company records the fair value of the issued warrants as a liability at each balance sheet date and records changes in the estimated fair value as a non-cash gain or loss in the consolidated statements of operations and comprehensive loss. The fair values of these warrants have been determined using the Binomial Lattice (“Lattice”) valuation model, and the changes in the fair value are recorded in the consolidated statements of operations and comprehensive loss. The Lattice model provides for assumptions regarding volatility, call and put features and risk-free interest rates within the total period to maturity. These values are subject to a significant degree of judgment on the part of the Company. | |||||||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | ||||||||||||
Net Income (Loss) per Share | |||||||||||||
The Company computes net income (loss) per share by presenting both basic and diluted earnings (loss) per share (EPS). | |||||||||||||
Basic EPS is computed by dividing net income (loss) available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period including stock options and warrants, using the treasury stock method, using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Potentially dilutive common share equivalents are excluded from the diluted EPS computation in net loss periods since their effect would be anti-dilutive. During 2013, 2012 and 2011, there is no difference between basic and diluted net loss per share due to the Company’s net losses. The following table sets forth the reconciliation between basic EPS and diluted EPS: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands, except per share data) | 2013 | 2012 | 2011 | ||||||||||
Net loss | $ | (16,042 | ) | $ | (7,027 | ) | $ | (5,085 | ) | ||||
Basic shares | 38,183 | 29,448 | 25,773 | ||||||||||
Add: shares issued upon assumed exercise of stock options and warrants | — | — | — | ||||||||||
Diluted shares | 38,183 | 29,448 | 25,773 | ||||||||||
Basic EPS | $ | (0.42 | ) | $ | (0.24 | ) | $ | (0.20 | ) | ||||
Diluted EPS | $ | (0.42 | ) | $ | (0.24 | ) | $ | (0.20 | ) | ||||
The following outstanding stock options and stock warrants were excluded from the diluted EPS computation as their effect would have been anti-dilutive: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Stock options | 7,164 | 6,222 | 5,299 | ||||||||||
Stock warrants | 4,765 | 11,190 | 4,863 | ||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||||||||||||
Recent Accounting Pronouncements | |||||||||||||
We do not believe there are any new or pending pronouncements that will materially impact our financial position or results of operations. |
Note_2_Summary_of_Significant_1
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands, except per share data) | 2013 | 2012 | 2011 | ||||||||||
Net loss | $ | (16,042 | ) | $ | (7,027 | ) | $ | (5,085 | ) | ||||
Basic shares | 38,183 | 29,448 | 25,773 | ||||||||||
Add: shares issued upon assumed exercise of stock options and warrants | — | — | — | ||||||||||
Diluted shares | 38,183 | 29,448 | 25,773 | ||||||||||
Basic EPS | $ | (0.42 | ) | $ | (0.24 | ) | $ | (0.20 | ) | ||||
Diluted EPS | $ | (0.42 | ) | $ | (0.24 | ) | $ | (0.20 | ) | ||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Stock options | 7,164 | 6,222 | 5,299 | ||||||||||
Stock warrants | 4,765 | 11,190 | 4,863 |
Note_3_Investments_Tables
Note 3 - Investments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Investment Holdings [Abstract] | ' | ||||||||||||||||
Unrealized Gain (Loss) on Investments [Table Text Block] | ' | ||||||||||||||||
31-Dec-13 | |||||||||||||||||
(in thousands) | Amortized | Gross | Gross | Market | |||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||
Gains | Losses | ||||||||||||||||
Corporate bonds | $ | 518 | $ | — | $ | (14 | ) | $ | 504 | ||||||||
Certificates of deposit | 2,050 | — | (1 | ) | 2,049 | ||||||||||||
$ | 2,569 | $ | — | $ | (16 | ) | $ | 2,553 | |||||||||
31-Dec-12 | |||||||||||||||||
(in thousands) | Amortized | Gross | Gross | Market | |||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||
Gains | Losses | ||||||||||||||||
Corporate bonds | $ | 514 | $ | — | $ | (9 | ) | $ | 505 | ||||||||
Municipal Bonds | 305 | — | (2 | ) | 303 | ||||||||||||
Certificates of deposit | 3,329 | — | (2 | ) | 3,327 | ||||||||||||
$ | 4,148 | $ | — | $ | (13 | ) | $ | 4,135 |
Note_4_Fair_Value_Measurements1
Note 4 - Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
(in thousands) | Balance at December 31, | Quoted Prices in Active Markets | Significant | Significant Unobservable | |||||||||||||
2013 | for Identical | Other | Inputs | ||||||||||||||
Items | Observable | (Level 3) | |||||||||||||||
(Level 1) | Inputs | ||||||||||||||||
(Level 2) | |||||||||||||||||
Assets | |||||||||||||||||
Cash equivalents | $ | 10,500 | $ | 10,500 | $ | — | $ | — | |||||||||
Short-term investments: | |||||||||||||||||
Corporate bonds | 504 | — | 504 | — | |||||||||||||
Certificates of deposit | 2,049 | — | 2,049 | — | |||||||||||||
Total short-term investments | 2,553 | — | 2,553 | — | |||||||||||||
Total assets | $ | 13,053 | $ | 10,500 | $ | 2,553 | $ | — | |||||||||
Liabilities | |||||||||||||||||
Warrant liability | $ | 1,837 | $ | — | $ | — | $ | 1,837 | |||||||||
Total liabilities | $ | 1,837 | $ | — | $ | — | $ | 1,837 | |||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | ||||||||||||||||
(in thousands) | Warrant liability | ||||||||||||||||
Fair value of warrants at December 31, 2011 | 2,721 | ||||||||||||||||
Decrease in fair value at December 31, 2012 | (1,439 | ) | |||||||||||||||
Total warrant liability at December 31, 2012 | 1,282 | ||||||||||||||||
Incerase in fair value at December 31, 2013 | 555 | ||||||||||||||||
Total warrant liability at December 31, 2013 | $ | 1,837 |
Note_5_Property_and_Equipment_
Note 5 - Property and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||
(in thousands) | 31-Dec-13 | 31-Dec-12 | |||||||
Office and laboratory equipment | $ | 2,101 | $ | 1,988 | |||||
Furniture and fixtures | 83 | 63 | |||||||
Software | 11 | 11 | |||||||
Leasehold improvement | 171 | 164 | |||||||
Total property and equipment, at cost | 2,366 | 2,226 | |||||||
Less: accumulated depreciation | (1,648 | ) | (1,335 | ) | |||||
Total property and equipment, net | $ | 718 | $ | 891 |
Note_6_Accrued_Liabilities_Tab
Note 6 - Accrued Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | ||||||||
(in thousands) | 31-Dec-13 | 31-Dec-12 | |||||||
Research and development | $ | 550 | $ | 441 | |||||
Employee payroll and benefits | 780 | 807 | |||||||
Professional fees | 69 | 95 | |||||||
Other | 217 | 154 | |||||||
Total accrued liabilities | $ | 1,616 | $ | 1,497 |
Note_7_Commitments_and_Conting1
Note 7 - Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||
(in thousands) | Lease | ||||
Commitment | |||||
Year ending December 31: | |||||
2014 | $ | 606 | |||
2015 | 624 | ||||
2016 | 643 | ||||
2017 | 662 | ||||
2018 | 682 | ||||
thereafter | 1,303 | ||||
Total lease commitment | $ | 4,520 |
Note_8_Warrant_Liability_Table
Note 8 - Warrant Liability (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract] | ' | ||||||||
Schedule of Derivative Instruments [Table Text Block] | ' | ||||||||
December 31, | |||||||||
Assumption | 2013 | 2012 | |||||||
Expected price volatility | 80 | % | 55 | % | |||||
Expected term (in years) | 2.51 | 3.51 | |||||||
Risk-free interest rate | 0.59 | % | 0.45 | % | |||||
Dividend yield | 0 | % | 0 | % | |||||
Weighted-average fair value of warrants | $ | 0.53 | $ | 0.37 |
Note_9_Stockholders_Equity_Tab
Note 9 - Stockholders' Equity (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | ' | ||||||||
(in thousands, except per share data) | Warrants | Weighted-Average Exercise Price | |||||||
Outstanding at December 31, 2011 | 4,863 | $ | 1.77 | ||||||
Warrants granted | 6,500 | $ | 1.52 | ||||||
Warrants expired | (150 | ) | $ | 4 | |||||
Warrants exercised | (23 | ) | $ | 1.33 | |||||
Outstanding at December 31, 2012 | 11,190 | $ | 1.59 | ||||||
Warrants granted | 20 | $ | 1.63 | ||||||
Warrants expired | (4,633 | ) | $ | 1.5 | |||||
Warrants exercised | (1,812 | ) | $ | 1.5 | |||||
Outstanding at December 31, 2013 | $ | 4,765 | $ | 1.72 |
Note_10_EquityBased_Compensati1
Note 10 - Equity-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||
(in thousands, except per share data) | Options | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Life (years) | Aggregate Intrinsic Value | |||||||||||||
Outstanding at December 31, 2010 | 4,968 | $ | 1.78 | ||||||||||||||
Options granted | 1,357 | $ | 0.91 | ||||||||||||||
Options exercised | (319 | ) | $ | 0.32 | |||||||||||||
Options forfeited/cancelled | (707 | ) | $ | 2.04 | |||||||||||||
Outstanding at December 31, 2011 | 5,299 | $ | 1.62 | ||||||||||||||
Options granted | 1,232 | $ | 1.22 | ||||||||||||||
Options exercised | (234 | ) | $ | 0.25 | |||||||||||||
Restricted stock units vested | (28 | ) | $ | — | |||||||||||||
Options forfeited/cancelled | (47 | ) | $ | 1.64 | |||||||||||||
Outstanding at December 31, 2012 | 6,222 | $ | 1.62 | ||||||||||||||
Options granted | 1,777 | $ | 1.39 | ||||||||||||||
Options exercised | (262 | ) | $ | 0.44 | |||||||||||||
Restricted stock units vested | (249 | ) | $ | — | |||||||||||||
Options forfeited/cancelled | (324 | ) | $ | 1.7 | |||||||||||||
Outstanding at December 31, 2013 | 7,164 | $ | 1.66 | 6.6 | $ | 422 | |||||||||||
Vested and expected to vest at December 31, 2013 | 6,910 | $ | 1.67 | 6.5 | $ | 385 | |||||||||||
Vested at December 31, 2013 | 5,028 | $ | 1.78 | 5.6 | $ | 237 | |||||||||||
Exercisable at December 31, 2013 | 5,028 | $ | 1.78 | 5.6 | $ | 237 | |||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | ' | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||
Assumption | 2013 | 2012 | 2011 | ||||||||||||||
Expected price volatility | 80.15 | % | 93.9 | % | 90.6 | % | |||||||||||
Expected term (in years) | 5.1 | 4.6 | 5.6 | ||||||||||||||
Risk-free interest rate | 1.13 | % | 0.7 | % | 1.28 | % | |||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||
Weighted-average fair value of options granted during the period | $ | 0.92 | $ | 0.91 | $ | 0.85 | |||||||||||
Schedule of Share-based Compensation, Nonemployee Director Stock Award Plan, Activity [Table Text Block] | ' | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||
Assumption | 2013 | 2012 | 2011 | ||||||||||||||
Expected price volatility | 78.89 | % | 88.52 | % | 90.39 | % | |||||||||||
Expected term (in years) | 8.5 | 9.1 | 7.1 | ||||||||||||||
Risk-free interest rate | 2.75 | % | 1.53 | % | 1.83 | % | |||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||
Weighted-average fair value of options granted during the period | $ | 0.95 | $ | 1.06 | $ | 1.37 | |||||||||||
Schedule of Share-based Compensation, Activity [Table Text Block] | ' | ||||||||||||||||
Year ended December 31, | |||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||||||
Research and development | $ | 381 | $ | 450 | $ | 352 | |||||||||||
General and administrative | 637 | 1,090 | 869 | ||||||||||||||
Total stock-based compensation expense | $ | 1,018 | $ | 1,540 | $ | 1,221 |
Note_11_Collaboration_and_Lice1
Note 11 - Collaboration and License Agreements (Tables) (Galderma [Member]) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Galderma [Member] | ' | ||||||||||||
Note 11 - Collaboration and License Agreements (Tables) [Line Items] | ' | ||||||||||||
Deferred Revenue, by Arrangement, Disclosure [Table Text Block] | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Amortization of upfront technology access fee, continuation fee and license fee | $ | 945 | $ | 1,259 | $ | 1,259 | |||||||
On-going Research and Development | 1,228 | 1,604 | 1,551 | ||||||||||
Materials, Equipment, and Contract Study Costs | 393 | 3,485 | 2,609 | ||||||||||
Milestone payments | — | — | 500 | ||||||||||
$ | 2,566 | $ | 6,348 | $ | 5,919 | ||||||||
Year Ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Amortization of upfront technology access fee, continuation fee and license fee | $ | 42 | $ | 113 | $ | — | |||||||
On-going Research and Development | 87 | 262 | — | ||||||||||
Materials, Equipment, and Contract Study Costs | 8 | 42 | — | ||||||||||
$ | 137 | $ | 417 | $ | — | ||||||||
Year Ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Amortization of upfront technology access fee | $ | 62 | $ | 46 | $ | — | |||||||
On-going Research and Development | 148 | 44 | — | ||||||||||
$ | 210 | $ | 90 | $ | — | ||||||||
Year Ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
On-going Research and Development | — | — | 2,828 | ||||||||||
Materials, Equipment, and Contract Study Costs | — | — | 246 | ||||||||||
Termination payment | — | — | 2,000 | ||||||||||
$ | — | $ | — | $ | 5,074 |
Note_13_Segment_Information_Ta
Note 13 - Segment Information (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||
Year Ended December 31, | |||||||||
(in thousands) | 2013 | 2012 | |||||||
Revenues: | |||||||||
Dermatology | $ | 2,697 | $ | 6,348 | |||||
Ophthalmology | — | — | |||||||
Urology | — | — | |||||||
Wound Care | 433 | 104 | |||||||
Other | 347 | 495 | |||||||
$ | 3,477 | $ | 6,947 | ||||||
Segment net income (loss): | |||||||||
Dermatology | $ | (264 | ) | $ | 3,908 | ||||
Ophthalmology | (6,199 | ) | (3,426 | ) | |||||
Urology | (2,933 | ) | (3,498 | ) | |||||
Wound Care | (4,853 | ) | (3,162 | ) | |||||
Other | (1,237 | ) | (2,131 | ) | |||||
$ | (15,486 | ) | $ | (8,309 | ) | ||||
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | ' | ||||||||
Year Ended December 31, | |||||||||
(in thousands) | 2013 | 2012 | |||||||
Segment net income (loss) | $ | (15,486 | ) | $ | (8,309 | ) | |||
Non-cash gain on change in fair value of warrants | (555 | ) | 1,439 | ||||||
of warrants | |||||||||
Other income (expense), net | 1 | (155 | ) | ||||||
Provision for income taxes | (2 | ) | (2 | ) | |||||
Net loss | $ | (16,042 | ) | $ | (7,027 | ) |
Note_14_Income_Taxes_Tables
Note 14 - Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Note 14 - Income Taxes (Tables) [Line Items] | ' | ||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||||
Year Ending December 31 | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Current | |||||||||||||
Federal | $ | — | $ | — | $ | — | |||||||
State | 2 | 2 | 2 | ||||||||||
Other | — | — | — | ||||||||||
Total current tax expense | 2 | 2 | 2 | ||||||||||
Deferred | |||||||||||||
Federal | — | — | — | ||||||||||
State | — | — | — | ||||||||||
Other | — | — | — | ||||||||||
Total deferred tax expense | — | — | — | ||||||||||
Income tax provision | $ | 2 | $ | 2 | $ | 2 | |||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||||
31-Dec | |||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||
Deferred tax assets: | |||||||||||||
Net operating losses | $ | 19,053 | $ | 13,099 | |||||||||
Accruals | 96 | 85 | |||||||||||
Deferred revenue | 117 | 381 | |||||||||||
Stock options | 1,097 | 1,009 | |||||||||||
Other deferred tax assets | 412 | 197 | |||||||||||
Total deferred tax assets | 20,775 | 14,771 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Property and equipment | (159 | ) | (251 | ) | |||||||||
Total deferred tax liabilities | (159 | ) | (251 | ) | |||||||||
Valuation allowance | (20,616 | ) | (14,520 | ) | |||||||||
Net deferred taxes | $ | — | $ | — | |||||||||
Summary of Tax Credit Carryforwards [Table Text Block] | ' | ||||||||||||
Amount | Expiration | ||||||||||||
Years | |||||||||||||
Net operating losses, federal | $ | 48,690 | 2024 | - | 2033 | ||||||||
Net operating losses, state | $ | 50,465 | 2019 | - | 2033 | ||||||||
Tax credits, federal | $ | 343 | 2033 | ||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||||
Year Ending December 31 | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Income tax provision (benefit) at federal statutory rate | $ | (5,425 | ) | $ | (2,389 | ) | $ | (1,728 | ) | ||||
State tax | (836 | ) | (443 | ) | (232 | ) | |||||||
ISO-related expense for GAAP | 178 | 194 | 230 | ||||||||||
Change in valuation allowance | 6,095 | 3,020 | 1,445 | ||||||||||
Revaluation of warrant liability | 189 | (489 | ) | 249 | |||||||||
Tax credits | (285 | ) | (58 | ) | — | ||||||||
Other | 86 | 167 | 38 | ||||||||||
Total | $ | 2 | $ | 2 | $ | 2 | |||||||
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | ' | ||||||||||||
Year ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||
Unrecognized benefit - beginning of period | $ | 770 | $ | 475 | |||||||||
Gross increases - current period tax positions | 96 | — | |||||||||||
Gross decreases - prior period tax positions | — | (273 | ) | ||||||||||
Gross increases - prior period tax positions | — | 568 | |||||||||||
Unrecognized benefit - end of period | $ | 866 | $ | 770 | |||||||||
Tax [Member] | ' | ||||||||||||
Note 14 - Income Taxes (Tables) [Line Items] | ' | ||||||||||||
Summary of Valuation Allowance [Table Text Block] | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
$ | 6,096 | $ | 3,018 | $ | 1,445 |
Note_2_Summary_of_Significant_2
Note 2 - Summary of Significant Accounting Policies (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' |
Concentration Risk, Percentage | 98.00% | 96.00% |
Minimum Life [Member] | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | 'five | ' |
Maximum Life [Member] | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | 'seven | ' |
Software Development [Member] | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | 'three | ' |
Furniture and Fixtures [Member] | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | 'seven | ' |
Leasehold Improvements [Member] | ' | ' |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | 'seven | ' |
Note_2_Summary_of_Significant_3
Note 2 - Summary of Significant Accounting Policies (Details) - Reconciliation Between Basic Net Income (Loss) Per Share and Diluted Net Income (Loss) Per Share: (USD $) | 12 Months Ended | 78 Months Ended | 138 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2008 | Dec. 31, 2013 |
Reconciliation Between Basic Net Income (Loss) Per Share and Diluted Net Income (Loss) Per Share: [Abstract] | ' | ' | ' | ' | ' | ' |
Net loss (in Dollars) | ($16,042) | ($7,027) | ($5,085) | ($4,308) | ($23,891) | ($56,353) |
Basic shares | 38,183 | 29,448 | 25,773 | ' | ' | ' |
Diluted shares | 38,183 | 29,448 | 25,773 | ' | ' | ' |
Basic EPS (in Dollars per share) | ($0.42) | ($0.24) | ($0.20) | ' | ' | ' |
Diluted EPS (in Dollars per share) | ($0.42) | ($0.24) | ($0.20) | ' | ' | ' |
Note_2_Summary_of_Significant_4
Note 2 - Summary of Significant Accounting Policies (Details) - Outstanding Stock Options and Stock Warrants Were Excluded From The Diluted Net Loss Per Share Computation As Their Effect Would Have Been Anti-Dilutive: | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Stock options | 7,164 | 6,222 | 5,299 | 4,968 |
Stock warrants | 4,765 | 11,190 | 4,863 | ' |
Employee Stock Option [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Stock options | 7,164 | 6,222 | 5,299 | ' |
Warrant [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Stock warrants | 4,765 | 11,190 | 4,863 | ' |
Note_3_Investments_Details
Note 3 - Investments (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Investment Holdings [Abstract] | ' | ' | ' |
Available-for-sale Securities, Gross Realized Gain (Loss) | ($21,000) | ($91,000) | ($25,000) |
Note_3_Investments_Details_Sho
Note 3 - Investments (Details) - Short-term investments: (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Note 3 - Investments (Details) - Short-term investments: [Line Items] | ' | ' |
Amortized Cost | $2,569,000 | $4,148,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | -16,000 | -13,000 |
Market Value | 2,553,000 | 4,135,000 |
Corporate Bond Securities [Member] | ' | ' |
Note 3 - Investments (Details) - Short-term investments: [Line Items] | ' | ' |
Amortized Cost | 518,000 | 514,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | -14,000 | -9,000 |
Market Value | 504,000 | 505,000 |
Certificates of Deposit [Member] | ' | ' |
Note 3 - Investments (Details) - Short-term investments: [Line Items] | ' | ' |
Amortized Cost | 2,050,000 | 3,329,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | -1,000 | -2,000 |
Market Value | 2,049,000 | 3,327,000 |
Municipal Bonds [Member] | ' | ' |
Note 3 - Investments (Details) - Short-term investments: [Line Items] | ' | ' |
Amortized Cost | ' | 305,000 |
Gross Unrealized Gains | ' | 0 |
Gross Unrealized Losses | ' | -2,000 |
Market Value | ' | $303,000 |
Note_4_Fair_Value_Measurements2
Note 4 - Fair Value Measurements (Details) (Warrant Fair Value [Member], USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Warrant Fair Value [Member] | ' |
Note 4 - Fair Value Measurements (Details) [Line Items] | ' |
Equity, Fair Value Adjustment | ($555,000) |
Note_4_Fair_Value_Measurements3
Note 4 - Fair Value Measurements (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash equivalents | $10,500 | ' |
Short-term investments: | ' | ' |
Other Assets | 2,553 | 4,135 |
Total assets | 13,053 | ' |
Liabilities | ' | ' |
Other Liabilities | 1,837 | ' |
Derivative Financial Instruments, Liabilities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Liabilities | ' | ' |
Other Liabilities | 0 | ' |
Derivative Financial Instruments, Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Liabilities | ' | ' |
Other Liabilities | 0 | ' |
Derivative Financial Instruments, Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Liabilities | ' | ' |
Other Liabilities | 1,837 | ' |
Derivative Financial Instruments, Liabilities [Member] | ' | ' |
Liabilities | ' | ' |
Other Liabilities | 1,837 | ' |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets | ' | ' |
Cash equivalents | 10,500 | ' |
Short-term investments: | ' | ' |
Other Assets | 0 | ' |
Total assets | 10,500 | ' |
Liabilities | ' | ' |
Other Liabilities | 0 | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Short-term investments: | ' | ' |
Other Assets | 2,553 | ' |
Total assets | 2,553 | ' |
Liabilities | ' | ' |
Other Liabilities | 0 | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Liabilities | ' | ' |
Other Liabilities | 1,837 | ' |
Municipal Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Short-term investments: | ' | ' |
Other Assets | 0 | ' |
Municipal Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Short-term investments: | ' | ' |
Other Assets | 504 | ' |
Municipal Bonds [Member] | ' | ' |
Short-term investments: | ' | ' |
Other Assets | 504 | ' |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Short-term investments: | ' | ' |
Other Assets | 0 | ' |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Short-term investments: | ' | ' |
Other Assets | 2,049 | ' |
Certificates of Deposit [Member] | ' | ' |
Short-term investments: | ' | ' |
Other Assets | $2,049 | ' |
Note_4_Fair_Value_Measurements4
Note 4 - Fair Value Measurements (Details) - Fair Value of Warrant Liability (USD $) | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Warrant Fair Value [Member] | Warrant Fair Value [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' |
Fair value of warrants | $34,000 | $1,282,000 | $2,721,000 |
Adjustment to fair value | ' | 555,000 | -1,439,000 |
Fair value of warrants | $34,000 | $1,837,000 | $1,282,000 |
Note_5_Property_and_Equipment_1
Note 5 - Property and Equipment (Details) (USD $) | 12 Months Ended | 138 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | |
Property, Plant and Equipment [Abstract] | ' | ' | ' | ' |
Depreciation | $314,000 | $341,000 | $425,000 | $2,600,000 |
Note_5_Property_and_Equipment_2
Note 5 - Property and Equipment (Details) - Property and equipment consisted of the following: (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property and equipment consisted of the following: [Abstract] | ' | ' |
Office and laboratory equipment | $2,101 | $1,988 |
Furniture and fixtures | 83 | 63 |
Software | 11 | 11 |
Leasehold improvement | 171 | 164 |
Total property and equipment, at cost | 2,366 | 2,226 |
Less: accumulated depreciation | -1,648 | -1,335 |
Total property and equipment, net | $718 | $891 |
Note_6_Accrued_Liabilities_Det
Note 6 - Accrued Liabilities (Details) - Accrued Liabilities (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities [Abstract] | ' | ' |
Research and development | $550 | $441 |
Employee payroll and benefits | 780 | 807 |
Professional fees | 69 | 95 |
Other | 217 | 154 |
Total accrued liabilities | $1,616 | $1,497 |
Note_7_Commitments_and_Conting2
Note 7 - Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Operating Leases, Rent Expense | $966,000 | $804,000 | $1,000,000 |
Deferred Rent Credit | $136,000 | $60,000 | ' |
Note_7_Commitments_and_Conting3
Note 7 - Commitments and Contingencies (Details) - Future Minimum Lease Payments (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Future Minimum Lease Payments [Abstract] | ' |
2014 | $606 |
2015 | 624 |
2016 | 643 |
2017 | 662 |
2018 | 682 |
thereafter | 1,303 |
Total lease commitment | $4,520 |
Note_8_Warrant_Liability_Detai
Note 8 - Warrant Liability (Details) (USD $) | 0 Months Ended | 7 Months Ended | 12 Months Ended | |||
Jan. 05, 2012 | Jul. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 06, 2011 | |
Note 8 - Warrant Liability (Details) [Line Items] | ' | ' | ' | ' | ' | ' |
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Warrants Issued (in Shares) | ' | 3,488,005 | ' | 3,488,005 | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights | ' | ' | 1.59 | 1.77 | 1.72 | 1.5 |
Proceeds from Warrant Exercises (in Dollars) | $1,500,000 | ' | $30,000 | ' | ' | ' |
Exchange Traded Options [Member] | ' | ' | ' | ' | ' | ' |
Note 8 - Warrant Liability (Details) [Line Items] | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights | 2.66 | ' | ' | 1.33 | ' | ' |
Note_8_Warrant_Liability_Detai1
Note 8 - Warrant Liability (Details) - The Key Assumptions Used To Value The Warrants: (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Derivative [Line Items] | ' | ' |
Dividend yield | 0.00% | 0.00% |
Weighted-average fair value of warrants (in Dollars per share) | $0.53 | $0.37 |
Warrant Value [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Expected price volatility | 80.00% | 55.00% |
Expected term (in years) | '2 years 186 days | '3 years 186 days |
Risk-free interest rate | 0.59% | 0.45% |
Note_9_Stockholders_Equity_Det
Note 9 - Stockholders' Equity (Details) (USD $) | 0 Months Ended | 6 Months Ended | 7 Months Ended | 10 Months Ended | 11 Months Ended | 12 Months Ended | 138 Months Ended | 0 Months Ended | 1 Months Ended | 6 Months Ended | 12 Months Ended | 11 Months Ended | 6 Months Ended | 0 Months Ended | 11 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 10 Months Ended | 12 Months Ended | 8 Months Ended | 0 Months Ended | 6 Months Ended | ||||||||||||||||||
Nov. 14, 2013 | Jan. 05, 2012 | Jul. 05, 2011 | Jul. 05, 2011 | Jul. 31, 2011 | Oct. 31, 2012 | Dec. 06, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jun. 30, 2012 | Nov. 14, 2013 | Jan. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2012 | Oct. 31, 2012 | Dec. 06, 2011 | Jul. 05, 2011 | Jul. 05, 2011 | Dec. 06, 2011 | Dec. 06, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 05, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 06, 2012 | Jan. 31, 2012 | Oct. 31, 2012 | Dec. 31, 2013 | Aug. 31, 2013 | Oct. 31, 2012 | Sep. 30, 2012 | Aug. 31, 2013 | Aug. 31, 2013 | Nov. 14, 2013 | Dec. 02, 2013 | Dec. 31, 2013 | Jun. 30, 2012 | Jun. 30, 2012 | |
Net of Offering Costs and Commissions [Member] | Plan One [Member] | Plan Two [Member] | Warrant Value [Member] | Excercisable [Member] | Net [Member] | Net [Member] | Total [Member] | Batch One [Member] | Batch Two [Member] | Warrant [Member] | Warrant [Member] | Warrant [Member] | July 2011 Registered Direct Financing [Member] | Registered Direct Offering [Member] | July Public Offering [Member] | July Public Offering [Member] | Vendor [Member] | Vendor [Member] | Pioneer Pharma Co [Member] | Pioneer Pharma Co [Member] | Pioneer Pharma Co [Member] | Pioneer Pharma Co [Member] | Pioneer Pharma Co [Member] | Pioneer Pharma Co [Member] | Ascendiant [Member] | Pioneer Pharma Co [Member] | Outstanding [Member] | Minimum [Member] | Maximum [Member] | |||||||||||||
Ascendiant [Member] | Vendor [Member] | Vendor [Member] | Vendor [Member] | July 2011 Registered Direct Financing [Member] | July Public Offering [Member] | Minimum [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||
Note 9 - Stockholders' Equity (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Shares Authorized | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | 5,000,000 | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares Authorized | ' | ' | ' | ' | ' | ' | ' | 65,000,000 | 65,000,000 | ' | 65,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Par or Stated Value Per Share (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | $0.01 | $0.01 | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Votes Holder of Common Stock has Rights To | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,650,675 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 289,492 | ' | ' | ' | ' |
Common Stock Shares Per Unit | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Shares of Common Stock to be Purchased with Warrant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,488,005 | ' | ' | ' | ' | ' | 0.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of Stock, Price Per Share (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per Item) | ' | ' | ' | ' | ' | ' | 1.5 | 1.72 | 1.59 | 1.77 | 1.72 | ' | ' | 3.75 | ' | ' | ' | ' | ' | ' | 0.75 | 1.25 | ' | ' | ' | 1.33 | ' | ' | 1.5 | 2.5 | 2.5 | ' | 1.5 | ' | ' | ' | ' | ' | ' | 2.75 | ' | ' |
Proceeds from Contributed Capital (in Dollars) | ' | ' | ' | $5,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expense Related to Distribution or Servicing and Underwriting Fees (in Dollars) | ' | ' | ' | 288,000 | ' | ' | 479,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of Stock Issuance Costs (in Dollars) | ' | ' | ' | 244,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Conversion, Converted Instrument, Warrants or Options Issued | ' | ' | ' | ' | ' | ' | ' | 1,225,000 | ' | ' | ' | ' | ' | 30,000 | 30,000 | ' | ' | ' | ' | ' | 5,900,000 | 4,425,000 | ' | ' | ' | ' | 22,500 | ' | ' | 60,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant Date of Issuance of Term | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Common Stock (in Dollars) | ' | ' | ' | ' | ' | ' | 7,400,000 | 6,075,000 | 2,800,000 | ' | 8,892,000 | ' | 352,000 | ' | ' | ' | ' | 6,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 378,000 | ' | ' | ' | ' |
Noninterest Expense Offering Cost (in Dollars) | ' | ' | ' | ' | ' | ' | 240,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Aggregate Offering Price (in Dollars) | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales Commissions and Fees (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,000 | ' | ' | ' | ' |
Percent of Gross Proceeds Paid of Sales Under Prospectus Supplement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' |
Stock Purchase Agreement, Number of Shares to Purchase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' |
Stock Purchase Agreement, Price Per Share (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.14 | ' | ' | ' |
Payment for Shares in Stock Purchase Agreement (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,700,000 | ' | ' | ' |
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Warrants Issued | ' | ' | ' | ' | 3,488,005 | ' | ' | ' | ' | 3,488,005 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment Warrants, Exercise Price (in Dollars per share) | ' | ' | ' | ' | $1.33 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Warrant Exercises (in Dollars) | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | 30,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants and Rights Outstanding (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34,000 | ' | ' | ' | ' | 4,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 330,000 | 360,000 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | ' | ' | ' | ' | ' | ' | ' | 80.15% | 93.90% | 90.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 72.00% | ' | ' | ' | ' | 79.00% | 71.00% | ' | ' | ' | 75.00% | 89.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | ' | ' | ' | ' | ' | ' | ' | 1.13% | 0.70% | 1.28% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.27% | ' | ' | ' | ' | 0.17% | 0.17% | ' | ' | ' | 0.30% | 0.36% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | ' | ' | ' | ' | ' | ' | ' | '5 years 36 days | '4 years 219 days | '5 years 219 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | '350 days | '302 days | ' | ' | ' | '2 years 131 days | '2 years 357 days |
Allocated Share-based Compensation Expense (in Dollars) | ' | ' | ' | ' | ' | $4,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $34,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $163,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,425,000 | ' | 15,000 | ' | ' | 1,200,000 | 800,000 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,811,800 | 1,812,000 | 23,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_9_Stockholders_Equity_Det1
Note 9 - Stockholders' Equity (Details) - Outstanding Warrants (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 06, 2011 | Dec. 31, 2013 | Dec. 31, 2012 |
Warrant [Member] | Warrant [Member] | |||||
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' | ' |
Warrants Outstanding | 4,765,000 | 11,190,000 | 4,863,000 | ' | 11,190,000 | 4,863,000 |
Warrants Outstanding Weighted-Average Exercise Price (in Dollars per Item) | 1.72 | 1.59 | 1.77 | 1.5 | ' | ' |
Warrants granted | ' | ' | ' | ' | 20,000 | 6,500,000 |
Warrants granted Weighted-Average Exercise Price (in Dollars per share) | ' | ' | ' | ' | $1.63 | $1.52 |
Warrants expired | ' | ' | ' | ' | -4,633,000 | -150,000 |
Warrants expired Weighted-Average Exercise Price (in Dollars per share) | ' | ' | ' | ' | $1.50 | $4 |
Warrants exercised | ' | ' | ' | ' | -1,812,000 | -23,000 |
Warrants exercised Weighted-Average Exercise Price (in Dollars per share) | ' | ' | ' | ' | $1.50 | $1.33 |
Warrants Outstanding | 4,765,000 | 11,190,000 | 4,863,000 | ' | 4,765,000 | 11,190,000 |
Warrants Outstanding Weighted-Average Exercise Price (in Dollars per Item) | 1.72 | 1.59 | 1.77 | 1.5 | ' | ' |
Note_10_EquityBased_Compensati2
Note 10 - Equity-Based Compensation (Details) (USD $) | 1 Months Ended | 10 Months Ended | 12 Months Ended | 138 Months Ended | |||||
Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2011 | Jan. 31, 2010 | Oct. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | |
Note 10 - Equity-Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Capital Shares Reserved for Future Issuance (in Shares) | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' |
Increase (Decrease) in Number of Shares Available for Grant (in Shares) | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' |
Percentage of Number of Common Shares Outstanding | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in Shares) | 1,478,924 | 1,000,000 | 935,665 | 930,177 | ' | ' | ' | ' | ' |
Annual Increase Number of Shares | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | ' | ' | ' | ' | ' | ' | 39,163 | ' | ' |
Proceeds from Stock Options Exercised | ' | ' | ' | ' | ' | $2,900,000 | $87,000 | $103,000 | $5,006,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | ' | ' | ' | ' | ' | 261,000 | 271,000 | 317,000 | ' |
Share-based Compensation | ' | ' | ' | ' | ' | 921,000 | 1,297,000 | 1,110,000 | 6,962,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | 1,500,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | ' | '2 years 328 days | ' | ' | ' |
Allocated Share-based Compensation Expense | ' | ' | ' | ' | 4,000 | ' | ' | ' | ' |
Employee Stock Option [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 10 - Equity-Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation | ' | ' | ' | ' | ' | 921,000,000,000 | 1,300,000 | 1,100,000 | ' |
Share-based Goods and Nonemployee Services Transaction, Quantity of Securities Issued (in Shares) | ' | ' | ' | ' | ' | 184,000 | 98,000 | 55,000 | ' |
Restricted Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 10 - Equity-Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Goods and Nonemployee Services Transaction, Quantity of Securities Issued (in Shares) | ' | ' | ' | ' | ' | 43,000 | 154,000 | 43,000 | ' |
Nonemployee [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 10 - Equity-Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | ' | ' | ' | ' | ' | 97,000 | 243,000 | 111,000 | ' |
Non-Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options | ' | ' | ' | ' | ' | 35,000 | ' | ' | 35,000 |
Non-Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition | ' | ' | ' | ' | ' | '1 year 109 days | ' | ' | ' |
Exercised [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 10 - Equity-Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Stock Options Exercised | ' | ' | ' | ' | ' | $114,000 | $57,000 | $103,000 | ' |
Note_10_EquityBased_Compensati3
Note 10 - Equity-Based Compensation (Details) - Stock Options Outstanding: (USD $) | 12 Months Ended | |||
Share data in Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Note 10 - Equity-Based Compensation (Details) - Stock Options Outstanding: [Line Items] | ' | ' | ' | ' |
Outstanding Options | 7,164 | 6,222 | 5,299 | 4,968 |
Outstanding Weighted-Average Exercise Price (in Dollars per share) | $1.66 | $1.62 | $1.62 | $1.78 |
Outstanding at December 31, 2013 | 7,164 | 6,222 | 5,299 | 4,968 |
Outstanding at December 31, 2013 (in Dollars per share) | $1.66 | $1.62 | $1.62 | $1.78 |
Outstanding at December 31, 2013 | '6 years 219 days | ' | ' | ' |
Outstanding at December 31, 2013 (in Dollars) | $422 | ' | ' | ' |
Vested and expected to vest at December 31, 2013 (in Dollars per share) | $1.78 | ' | ' | ' |
Vested and expected to vest at December 31, 2013 | '5 years 219 days | ' | ' | ' |
Vested and expected to vest at December 31, 2013 (in Dollars) | 237,000 | ' | ' | ' |
Vested at December 31, 2013 | 5,028 | ' | ' | ' |
Vested at December 31, 2013 (in Dollars per share) | $1.78 | ' | ' | ' |
Vested at December 31, 2013 | '5 years 219 days | ' | ' | ' |
Vested at December 31, 2013 (in Dollars) | 237,000 | ' | ' | ' |
Exercisable at December 31, 2013 | 5,028 | ' | ' | ' |
Exercisable at December 31, 2013 (in Dollars per share) | $1.78 | ' | ' | ' |
Exercisable at December 31, 2013 | '5 years 219 days | ' | ' | ' |
Exercisable at December 31, 2013 (in Dollars) | 237,000 | ' | ' | ' |
Options Granted | 1,777 | 1,232 | 1,357 | ' |
Options Granted Weighted-Average Exercise Price (in Dollars per share) | $1.39 | $1.22 | $0.91 | ' |
Options Exercised | -262 | -234 | -319 | ' |
Options Exercised Weighted-Average Exercise Price (in Dollars per share) | $0.44 | $0.25 | $0.32 | ' |
Restricted stock units vested | 5,028 | ' | ' | ' |
Options forfeited/cancelled | -324 | -47 | -707 | ' |
Options forfeited/cancelled Weighted-Average Exercise Price (in Dollars per share) | $1.70 | $1.64 | $2.04 | ' |
RSU [Member] | ' | ' | ' | ' |
Note 10 - Equity-Based Compensation (Details) - Stock Options Outstanding: [Line Items] | ' | ' | ' | ' |
Vested at December 31, 2013 | -249 | -28 | ' | ' |
Restricted stock units vested | -249 | -28 | ' | ' |
Vested and Expected to Vest [Member] | ' | ' | ' | ' |
Note 10 - Equity-Based Compensation (Details) - Stock Options Outstanding: [Line Items] | ' | ' | ' | ' |
Vested and expected to vest at December 31, 2013 | 6,910 | ' | ' | ' |
Vested and expected to vest at December 31, 2013 (in Dollars per share) | $1.67 | ' | ' | ' |
Vested and expected to vest at December 31, 2013 | '6 years 6 months | ' | ' | ' |
Vested and expected to vest at December 31, 2013 (in Dollars) | 385,000 | ' | ' | ' |
Vested at December 31, 2013 (in Dollars per share) | $1.67 | ' | ' | ' |
Vested at December 31, 2013 | '6 years 6 months | ' | ' | ' |
Vested at December 31, 2013 (in Dollars) | $385,000 | ' | ' | ' |
Note_10_EquityBased_Compensati4
Note 10 - Equity-Based Compensation (Details) - The Weighted-Average Assumptions Used in Determining the Value of Options Granted Employee: (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
The Weighted-Average Assumptions Used in Determining the Value of Options Granted Employee: [Abstract] | ' | ' | ' |
Expected price volatility | 80.15% | 93.90% | 90.60% |
Expected term (in years) | '5 years 36 days | '4 years 219 days | '5 years 219 days |
Risk-free interest rate | 1.13% | 0.70% | 1.28% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Weighted-average fair value of options granted during the period (in Dollars per share) | $0.92 | $0.91 | $0.85 |
Note_10_EquityBased_Compensati5
Note 10 - Equity-Based Compensation (Details) - The Weighted-Average Assumptions Used in Determining the Value of Options Granted Non-Employee: (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 10 - Equity-Based Compensation (Details) - The Weighted-Average Assumptions Used in Determining the Value of Options Granted Non-Employee: [Line Items] | ' | ' | ' |
Expected price volatility | 78.89% | 88.52% | 90.39% |
Expected term (in years) | '8 years 6 months | '9 years 36 days | '7 years 36 days |
Risk-free interest rate | 2.75% | 1.53% | 1.83% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Weighted-average fair value of options granted during the period (in Dollars per share) | $0.92 | $0.91 | $0.85 |
Nonemployee [Member] | ' | ' | ' |
Note 10 - Equity-Based Compensation (Details) - The Weighted-Average Assumptions Used in Determining the Value of Options Granted Non-Employee: [Line Items] | ' | ' | ' |
Weighted-average fair value of options granted during the period (in Dollars per share) | $0.95 | $1.06 | $1.37 |
Note_10_EquityBased_Compensati6
Note 10 - Equity-Based Compensation (Details) - Summary of the Stock-Based Compensation Expense Included In Results Of Operations: (USD $) | 10 Months Ended | 12 Months Ended | ||||||||
Oct. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock-Based Compensation [Member] | Stock-Based Compensation [Member] | Stock-Based Compensation [Member] | Research and Development Expense [Member] | Research and Development Expense [Member] | Research and Development Expense [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | ||
Note 10 - Equity-Based Compensation (Details) - Summary of the Stock-Based Compensation Expense Included In Results Of Operations: [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-Based Compensation | $4,000 | $1,018,000 | $1,540,000 | $1,221,000 | $381,000 | $450,000 | $352,000 | $637,000 | $1,090,000 | $869,000 |
Note_11_Collaboration_and_Lice2
Note 11 - Collaboration and License Agreements (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 138 Months Ended | ||||||
Jan. 31, 2013 | Oct. 31, 2012 | Sep. 30, 2012 | Jan. 31, 2012 | Dec. 31, 2010 | Mar. 31, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | |
Note 11 - Collaboration and License Agreements (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Technology Services Revenue | ' | ' | ' | ' | ' | $1,000,000 | ' | ' | ' | ' |
Contracts Revenue | 312,500 | ' | ' | ' | 3,250,000 | ' | ' | ' | ' | ' |
License and Services Revenue | ' | ' | ' | ' | 500,000 | ' | 3,045,000 | 6,855,000 | 10,993,000 | 60,499,000 |
Fees and Commissions, Other | ' | ' | ' | 312,500 | ' | ' | ' | ' | ' | ' |
Common Stock, Shares, Issued (in Shares) | ' | ' | ' | ' | ' | ' | 44,624,000 | 36,915,000 | ' | 44,624,000 |
Tranche (in Shares) | ' | 1,200,000 | 800,000 | ' | ' | ' | ' | ' | ' | ' |
Tranche Per Share (in Dollars per share) | ' | $1.25 | ' | ' | ' | ' | ' | ' | ' | ' |
Excess Fair Value Over Proceeds Received From Purchase | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | 1,000,000 |
Milestone Payments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 11 - Collaboration and License Agreements (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contracts Revenue | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' |
Pioneer Distributions [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 11 - Collaboration and License Agreements (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contracts Revenue | ' | ' | ' | ' | ' | ' | 3,500,000 | ' | ' | ' |
Contract Revenue [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 11 - Collaboration and License Agreements (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Revenue | ' | ' | ' | ' | ' | ' | 600,000 | ' | ' | 600,000 |
Restricted Stock [Member] | Pioneer Pharma Co [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 11 - Collaboration and License Agreements (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares, Issued (in Shares) | ' | ' | ' | ' | ' | ' | 1 | ' | ' | 1 |
Galderma [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 11 - Collaboration and License Agreements (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Valuation Allowances and Reserves, Balance | ' | ' | ' | ' | ' | ' | 1,000 | 957,000 | 2,200,000 | 1,000 |
Revenue Recognition, Milestone Method, Revenue Recognized | ' | ' | ' | ' | ' | ' | 4,250,000 | ' | ' | ' |
Virbac [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 11 - Collaboration and License Agreements (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Revenue | ' | ' | ' | ' | ' | ' | 246,000 | 125,000 | 0 | 246,000 |
Neutrophase [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 11 - Collaboration and License Agreements (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Revenue | ' | ' | ' | ' | ' | ' | 1,600,000 | 810,000 | 0 | 1,600,000 |
MAA Approval [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 11 - Collaboration and License Agreements (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contracts Revenue | 625,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted Stock Purchase [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 11 - Collaboration and License Agreements (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contracts Revenue | ' | ' | ' | ' | ' | ' | 2,500,000 | ' | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 11 - Collaboration and License Agreements (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected Cost of Study | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 11 - Collaboration and License Agreements (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected Cost of Study | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' |
Sales Discounts, Goods | ' | ' | ' | ' | ' | ' | $500,000 | ' | ' | ' |
Note_11_Collaboration_and_Lice3
Note 11 - Collaboration and License Agreements (Details) - Revenue Has Been Recognized Under the Galderma Agreement: (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Amortization Revenue [Member] | Galderma [Member] | ' | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' | ' |
Recognized Revenue | $945 | $1,259 | $1,259 |
Amortization Revenue [Member] | Virbac [Member] | ' | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' | ' |
Recognized Revenue | 42 | 113 | ' |
Amortization Revenue [Member] | Neutrophase [Member] | ' | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' | ' |
Recognized Revenue | 62 | 46 | ' |
Research And Development [Member] | Galderma [Member] | ' | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' | ' |
Recognized Revenue | 1,228 | 1,604 | 1,551 |
Research And Development [Member] | Virbac [Member] | ' | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' | ' |
Recognized Revenue | 87 | 262 | ' |
Research And Development [Member] | Neutrophase [Member] | ' | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' | ' |
Recognized Revenue | 148 | 44 | ' |
Research And Development [Member] | Alcon [Member] | ' | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' | ' |
Recognized Revenue | ' | ' | 2,828 |
Materials, Equipment, And Contract Study Costs [Member] | Galderma [Member] | ' | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' | ' |
Recognized Revenue | 393 | 3,485 | 2,609 |
Materials, Equipment, And Contract Study Costs [Member] | Virbac [Member] | ' | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' | ' |
Recognized Revenue | 8 | 42 | ' |
Materials, Equipment, And Contract Study Costs [Member] | Alcon [Member] | ' | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' | ' |
Recognized Revenue | ' | ' | 246 |
Milestone Payments [Member] | Galderma [Member] | ' | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' | ' |
Recognized Revenue | ' | ' | 500 |
Termination Income [Member] | Alcon [Member] | ' | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' | ' |
Recognized Revenue | ' | ' | 2,000 |
Galderma [Member] | ' | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' | ' |
Recognized Revenue | 2,566 | 6,348 | 5,919 |
Virbac [Member] | ' | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' | ' |
Recognized Revenue | 137 | 417 | ' |
Neutrophase [Member] | ' | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' | ' |
Recognized Revenue | 210 | 90 | ' |
Alcon [Member] | ' | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' | ' |
Recognized Revenue | ' | ' | $5,074 |
Note_13_Segment_Information_De
Note 13 - Segment Information (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Segment Reporting [Abstract] | ' |
Number of Reportable Segments | 4 |
Number of Operating Segments | 4 |
Note_13_Segment_Information_De1
Note 13 - Segment Information (Details) - Segment Income (USD $) | 12 Months Ended | 138 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
Revenues: | ' | ' | ' | ' |
Revenues | $3,254 | $6,933 | $11,019 | $60,812 |
Segment net income (loss): | ' | ' | ' | ' |
Segment Net Income (Loss) | -15,486 | -8,309 | -4,321 | -57,695 |
Dermatology [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Revenues | 2,697 | 6,348 | ' | ' |
Segment net income (loss): | ' | ' | ' | ' |
Segment Net Income (Loss) | -264 | 3,908 | ' | ' |
Ophthalmology [Member] | ' | ' | ' | ' |
Segment net income (loss): | ' | ' | ' | ' |
Segment Net Income (Loss) | -6,199 | -3,426 | ' | ' |
Urology [Member] | ' | ' | ' | ' |
Segment net income (loss): | ' | ' | ' | ' |
Segment Net Income (Loss) | -2,933 | -3,498 | ' | ' |
Wound Care [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Revenues | 433 | 104 | ' | ' |
Segment net income (loss): | ' | ' | ' | ' |
Segment Net Income (Loss) | -4,853 | -3,162 | ' | ' |
Other R & D [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Revenues | 347 | 495 | ' | ' |
Segment net income (loss): | ' | ' | ' | ' |
Segment Net Income (Loss) | -1,237 | -2,131 | ' | ' |
Segment Revenue [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Revenues | $3,477 | $6,947 | ' | ' |
Note_13_Segment_Information_De2
Note 13 - Segment Information (Details) - A Reconciliation of Total Segment Net Income (Loss) to Consolidated Net Income (loss) (USD $) | 12 Months Ended | 78 Months Ended | 138 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2008 | Dec. 31, 2013 |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' |
Provision for income taxes | ($2) | ($2) | ($2) | ' | ' | ($77) |
Net loss | -16,042 | -7,027 | -5,085 | -4,308 | -23,891 | -56,353 |
Operating Segments [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' |
Segment net income (loss) | -15,486 | -8,309 | ' | ' | ' | ' |
Non-cash gain on change in fair value of warrants of warrants | -555 | 1,439 | ' | ' | ' | ' |
Other income (expense), net | 1 | -155 | ' | ' | ' | ' |
Provision for income taxes | -2 | -2 | ' | ' | ' | ' |
Net loss | ($16,042) | ($7,027) | ' | ' | ' | ' |
Note_14_Income_Taxes_Details
Note 14 - Income Taxes (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Income Tax Disclosure [Abstract] | ' |
Unrecognized Tax Benefits Resulting in Net Operating Loss Carryforward | $1.10 |
Note_14_Income_Taxes_Details_F
Note 14 - Income Taxes (Details) - Federal and State Income Tax Provision (USD $) | 12 Months Ended | 138 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
Federal and State Income Tax Provision [Abstract] | ' | ' | ' | ' |
State | $2 | $2 | $2 | ' |
Total current tax expense | 2 | 2 | 2 | ' |
Income tax provision | $2 | $2 | $2 | $77 |
Note_14_Income_Taxes_Details_D
Note 14 - Income Taxes (Details) - Deferred Taxes (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Net operating losses | $19,053 | $13,099 |
Accruals | 96 | 85 |
Deferred revenue | 117 | 381 |
Stock options | 1,097 | 1,009 |
Other deferred tax assets | 412 | 197 |
Total deferred tax assets | 20,775 | 14,771 |
Deferred tax liabilities: | ' | ' |
Property and equipment | -159 | -251 |
Total deferred tax liabilities | -159 | -251 |
Valuation allowance | ($20,616) | ($14,520) |
Note_14_Income_Taxes_Details_V
Note 14 - Income Taxes (Details) - Valuation Allowance Increase (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Valuation Allowance Increase [Abstract] | ' | ' | ' |
$6,096 | $3,018 | $1,445 |
Note_14_Income_Taxes_Details_N
Note 14 - Income Taxes (Details) - Net Operating Loss and Tax Credit Carryforwards (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Net Operating Losses Federal [Member] | ' |
Tax Credit Carryforward [Line Items] | ' |
Net operating losses, federal (in Dollars) | 48,690 |
Net Operating Losses State [Member] | ' |
Tax Credit Carryforward [Line Items] | ' |
Net operating losses, state (in Dollars) | 50,465 |
Tax Credits Federal [Member] | ' |
Tax Credit Carryforward [Line Items] | ' |
Tax credits, federal (in Dollars) | 343 |
Start Date [Member] | Net Operating Losses Federal [Member] | ' |
Tax Credit Carryforward [Line Items] | ' |
Net operating losses, federal | 31-Dec-24 |
Net operating losses, state | 31-Dec-24 |
Tax credits, federal | 31-Dec-24 |
Start Date [Member] | Net Operating Losses State [Member] | ' |
Tax Credit Carryforward [Line Items] | ' |
Net operating losses, federal | 31-Dec-19 |
Net operating losses, state | 31-Dec-19 |
Tax credits, federal | 31-Dec-19 |
Start Date [Member] | Tax Credits Federal [Member] | ' |
Tax Credit Carryforward [Line Items] | ' |
Net operating losses, federal | 31-Dec-33 |
Net operating losses, state | 31-Dec-33 |
Tax credits, federal | 31-Dec-33 |
End Date [Member] | Net Operating Losses Federal [Member] | ' |
Tax Credit Carryforward [Line Items] | ' |
Net operating losses, federal | 31-Dec-33 |
Net operating losses, state | 31-Dec-33 |
Tax credits, federal | 31-Dec-33 |
End Date [Member] | Net Operating Losses State [Member] | ' |
Tax Credit Carryforward [Line Items] | ' |
Net operating losses, federal | 31-Dec-33 |
Net operating losses, state | 31-Dec-33 |
Tax credits, federal | 31-Dec-33 |
Note_14_Income_Taxes_Details_E
Note 14 - Income Taxes (Details) - Effective Tax Rate Reconciliation (USD $) | 12 Months Ended | 138 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
Effective Tax Rate Reconciliation [Abstract] | ' | ' | ' | ' |
Income tax provision (benefit) at federal statutory rate | ($5,425) | ($2,389) | ($1,728) | ' |
State tax | -836 | -443 | -232 | ' |
ISO-related expense for GAAP | 178 | 194 | 230 | ' |
Change in valuation allowance | 6,095 | 3,020 | 1,445 | ' |
Revaluation of warrant liability | 189 | -489 | 249 | ' |
Tax credits | -285 | -58 | ' | ' |
Other | 86 | 167 | 38 | ' |
Total | $2 | $2 | $2 | $77 |
Note_14_Income_Taxes_Details_U
Note 14 - Income Taxes (Details) - Unrecognized Tax Benefits (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Unrecognized Tax Benefits [Abstract] | ' | ' |
Unrecognized benefit | $770 | $475 |
Gross increases - current period tax positions | 96 | ' |
Gross decreases - prior period tax positions | ' | -273 |
Gross increases - prior period tax positions | ' | 568 |
Unrecognized benefit | $866 | $770 |