Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 08, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'Aratana Therapeutics, Inc. | ' |
Entity Central Index Key | '0001509190 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 23,803,757 |
Balance_Sheets
Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $46,169 | $13,973 |
Short-term marketable securities | 6,137 | 6,382 |
Receivable from stockholder | ' | 650 |
Prepaid expenses and other current assets | 305 | 25 |
Total current assets | 52,611 | 21,030 |
Property and equipment, net | 21 | 19 |
Restricted cash | ' | 141 |
Other long-term assets | 36 | 32 |
Total assets | 52,668 | 21,222 |
Current liabilities: | ' | ' |
Accounts payable | 816 | 761 |
Accrued expenses | 1,658 | 1,361 |
Current portion loan payable | 1,250 | ' |
Deferred income | 800 | 800 |
Other current liabilities | 530 | 562 |
Total current liabilities | 5,054 | 3,484 |
Loan payable | 3,691 | ' |
Other long-term liabilities | 87 | 96 |
Total liabilities | 8,832 | 3,580 |
Commitments and contingencies (Notes 6 and 8) | ' | ' |
Stockholders' equity: | ' | ' |
Common stock; $0.001 par value; 100,000,000 and 25,016,667 shares authorized at September 30, 2013 and December 31, 2012, respectively, 21,205,578 and 830,823 issued and outstanding at September 30, 2013 and December 31, 2012, respectively | 21 | 1 |
Additional paid-in capital | 77,429 | 654 |
Deficit accumulated during the development stage | -33,614 | -22,210 |
Total stockholders' equity (deficit) | 43,836 | -21,555 |
Total liabilities stockholders' equity | 52,668 | 21,222 |
Series A Convertible Preferred Stock [Member] | ' | ' |
Current liabilities: | ' | ' |
Convertible preferred stock | ' | 9,951 |
Stockholders' equity: | ' | ' |
Total stockholders' equity (deficit) | ' | 9,951 |
Series A-1 Convertible Preferred Stock [Member] | ' | ' |
Current liabilities: | ' | ' |
Convertible preferred stock | ' | 4,662 |
Stockholders' equity: | ' | ' |
Total stockholders' equity (deficit) | ' | 4,662 |
Series B Convertible Preferred Stock [Member] | ' | ' |
Current liabilities: | ' | ' |
Convertible preferred stock | ' | 15,241 |
Stockholders' equity: | ' | ' |
Total stockholders' equity (deficit) | ' | 15,241 |
Series C Convertible Preferred Stock [Member] | ' | ' |
Current liabilities: | ' | ' |
Convertible preferred stock | ' | 9,343 |
Stockholders' equity: | ' | ' |
Total stockholders' equity (deficit) | ' | $9,343 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Common stock, par value | $0.00 | $0.00 |
Common stock shares, authorized | 100,000,000 | 25,016,667 |
Common stock shares, issued | 21,205,578 | 830,823 |
Common stock shares, outstanding | 21,205,578 | 830,823 |
Series A Convertible Preferred Stock [Member] | ' | ' |
Preferred stock, par value | $0.00 | $0.00 |
Preferred shares authorized | 0 | 10,000,000 |
Preferred shares issued | 0 | 9,999,999 |
Preferred shares outstanding | 0 | 9,999,999 |
Series A-1 Convertible Preferred Stock [Member] | ' | ' |
Preferred stock, par value | $0.00 | $0.00 |
Preferred shares authorized | 0 | 2,750,000 |
Preferred shares issued | 0 | 2,750,000 |
Preferred shares outstanding | 0 | 2,750,000 |
Series B Convertible Preferred Stock [Member] | ' | ' |
Preferred stock, par value | $0.00 | $0.00 |
Preferred shares authorized | 0 | 5,166,667 |
Preferred shares issued | 0 | 5,141,667 |
Preferred shares outstanding | 0 | 5,141,667 |
Series C Convertible Preferred Stock [Member] | ' | ' |
Preferred stock, par value | $0.00 | $0.00 |
Preferred shares authorized | 0 | 3,000,000 |
Preferred shares issued | 0 | 2,349,541 |
Preferred shares outstanding | 0 | 2,349,541 |
Statements_of_Operations
Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | 34 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | ||||
Income Statement [Abstract] | ' | ' | ' | ' | ' | ||||
Revenue | ' | ' | ' | ' | ' | ||||
Operating expenses | ' | ' | ' | ' | ' | ||||
Research and development | 3,234 | 1,658 | 7,817 | 5,338 | 17,304 | ||||
General and administrative | 1,427 | 1,065 | 3,911 | 2,186 | 8,481 | ||||
In-process research and development | ' | ' | ' | ' | 8,025 | ||||
Total operating expenses | 4,661 | 2,723 | 11,728 | 7,524 | 33,810 | ||||
Loss from operations | -4,661 | -2,723 | -11,728 | -7,524 | -33,810 | ||||
Other income (expense) | ' | ' | ' | ' | ' | ||||
Interest income | 26 | 5 | 51 | 12 | 78 | ||||
Interest expense | -80 | ' | -182 | ' | -182 | ||||
Other income | 44 | 81 | 455 | 81 | 576 | ||||
Total other income (expense) | -10 | 86 | 324 | 93 | 472 | ||||
Net loss and comprehensive loss | -4,671 | -2,637 | -11,404 | -7,431 | -33,338 | ||||
Unaccreted dividends on convertible preferred stock | ' | -527 | ' | -1,493 | ' | ||||
Net loss attributable to common stockholders | ($4,671) | ($3,164) | ($11,404) | ($8,924) | ' | ||||
Net loss per share attributable to common stockholders basic and diluted | ($0.22) | ($9.64) | ($1.50) | ($28.79) | ' | ||||
Weighted average shares outstanding, basic and diluted | 20,806,352 | [1] | 328,101 | [1] | 7,601,388 | [1] | 309,994 | [1] | ' |
[1] | All per share amounts and Aratana shares outstanding for all periods reflect the 1-for-1.662 reverse stock split, which was effective May 22, 2013. |
Statements_of_Operations_Paren
Statements of Operations (Parenthetical) | 1 Months Ended |
22-May-13 | |
Income Statement [Abstract] | ' |
Reverse stock split ratio | '1-for-1.662 reverse stock split |
Reverse stock split ratio on shares | 1.662 |
Statement_of_Changes_in_Conver
Statement of Changes in Convertible Preferred Stock and Stockholders' Equity (Deficit) (USD $) | Total | IPO [Member] | Series A Convertible Preferred Stock [Member] | Series A-1 Convertible Preferred Stock [Member] | Series B Convertible Preferred Stock [Member] | Series C Convertible Preferred Stock [Member] | Common Stock [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member] | Deficit Accumulated During the Development Stage [Member] |
In Thousands, except Share data, unless otherwise specified | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | IPO [Member] | USD ($) | IPO [Member] | USD ($) | |
USD ($) | |||||||||||
Beginning Balance at Dec. 31, 2012 | ($21,555) | ' | $9,951 | $4,662 | $15,241 | $9,343 | ' | ' | $654 | ' | ($22,210) |
Beginning Balance, Shares at Dec. 31, 2012 | ' | ' | 9,999,999 | 2,750,000 | 5,141,667 | 2,349,541 | 1,380,834 | ' | ' | ' | ' |
Beginning Balance, Par Value at Dec. 31, 2012 | $0.00 | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' |
Issuance of Series C convertible preferred stock, net of issuance cost of $19 & Initial public offering of common stock, net of $5,394 of offering costs, Shares | ' | ' | ' | ' | ' | 693,571 | ' | 6,612,500 | ' | ' | ' |
Issuance of Series C convertible preferred stock, net of issuance cost of $19 & Initial public offering of common stock, net of $5,394 of offering costs | ' | 34,280 | ' | ' | ' | 2,756 | ' | ' | ' | 34,274 | ' |
Compensation expense related to stock options and restricted awards | 427 | ' | ' | ' | ' | ' | ' | ' | 427 | ' | ' |
Initial public offering of common stock, net of $5,394 of offering costs, Par Value | $0.00 | ' | ' | ' | ' | ' | 21 | 6 | ' | ' | ' |
Impact of initial public offering on stockholders' deficit: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of a 1 for 1.662 reverse split on stock | ' | ' | -3,983,156 | -1,095,368 | -2,048,034 | -1,212,141 | -550,020 | ' | ' | ' | ' |
Conversion of shares of preferred stock to common stock, Shares | ' | ' | -6,016,843 | -1,654,632 | -3,093,633 | -1,830,971 | 12,596,079 | ' | ' | ' | ' |
Conversion of shares of preferred stock to common stock | 41,953 | ' | -9,951 | -4,662 | -15,241 | -12,099 | ' | ' | 41,940 | ' | ' |
Conversion of shares of preferred stock to common stock, Par Value | ' | ' | ' | ' | ' | ' | 13 | ' | ' | ' | ' |
Dividends for preferred shares issued upon initial public offering, Shares | ' | ' | ' | ' | ' | ' | 755,823 | ' | ' | ' | ' |
Dividends for preferred shares issued upon initial public offering | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends for preferred shares issued upon initial public offering, Par Value | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' |
Vesting of restricted stock, Shares | ' | ' | ' | ' | ' | ' | 191,659 | ' | ' | ' | ' |
Vesting of stock awards early exercised, Shares | 1,135,974 | ' | ' | ' | ' | ' | 218,703 | ' | ' | ' | ' |
Vesting of stock awards early exercised | 134 | ' | ' | ' | ' | ' | ' | ' | 134 | ' | ' |
Net loss | -11,404 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -11,404 |
Ending Balance at Sep. 30, 2013 | $43,836 | ' | ' | ' | ' | ' | ' | ' | $77,429 | ' | ($33,614) |
Ending Balance, Shares at Sep. 30, 2013 | ' | ' | ' | ' | ' | ' | 21,205,578 | ' | ' | ' | ' |
Ending Balance, Par Value at Sep. 30, 2013 | $0.00 | ' | ' | ' | ' | ' | 21 | 6 | ' | ' | ' |
Statement_of_Changes_in_Conver1
Statement of Changes in Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Offering costs, net | $5,394 |
Series A Convertible Preferred Stock [Member] | ' |
Reverse stock split ratio | '1-for-1.662 reverse stock split |
Reverse stock split ratio on shares | 1.662 |
Series A-1 Convertible Preferred Stock [Member] | ' |
Reverse stock split ratio | '1-for-1.662 reverse stock split |
Reverse stock split ratio on shares | 1.662 |
Series B Convertible Preferred Stock [Member] | ' |
Reverse stock split ratio | '1-for-1.662 reverse stock split |
Reverse stock split ratio on shares | 1.662 |
Series C Convertible Preferred Stock [Member] | ' |
Net of issuance cost | 19 |
Reverse stock split ratio | '1-for-1.662 reverse stock split |
Reverse stock split ratio on shares | 1.662 |
Common Stock [Member] | ' |
Reverse stock split ratio | '1-for-1.662 reverse stock split |
Reverse stock split ratio on shares | 1.662 |
Offering costs, net | 5,394 |
Additional Paid-In Capital [Member] | ' |
Offering costs, net | $5,394 |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 9 Months Ended | 34 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 |
Cash flows from operating activities | ' | ' | ' |
Net loss | ($11,404) | ($7,431) | ($33,338) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' |
Acquired in-process research and development | ' | ' | 8,025 |
Stock-based compensation expense | 427 | 86 | 559 |
Depreciation expense | 9 | 7 | 26 |
Non-cash interest expense | 21 | ' | 21 |
Changes in operating assets and liabilities: | ' | ' | ' |
Prepaid expenses | -280 | -55 | -305 |
Other assets | -11 | -38 | -43 |
Accounts payable | 36 | 142 | 797 |
Accrued expenses | 316 | 1,583 | 1,677 |
Deferred income | ' | 800 | 800 |
Other liabilities | 2 | ' | 2 |
Net cash used in operating activities | -10,884 | -4,906 | -21,779 |
Cash flows from investing activities | ' | ' | ' |
Purchase of property and equipment | -14 | -7 | -51 |
Proceeds from the sale of property and equipment | 3 | ' | 3 |
Purchase of marketable securities | -2,955 | -2,952 | -15,964 |
Proceeds from maturities of marketable securities | 3,200 | 2,952 | 9,827 |
Purchase of in-process research and development | ' | ' | -7,525 |
Change in restricted cash | 141 | ' | 1 |
Net cash provided by/(used in) investing activities | 375 | -7 | -13,709 |
Cash flows from financing activities | ' | ' | ' |
Proceeds from issuance of debt, net of discount | 4,927 | ' | 4,927 |
Proceeds from issuance of restricted stock | ' | 139 | 139 |
Proceeds from stock option exercises | 97 | 38 | 363 |
Repurchase of early exercised stock | -5 | ' | -5 |
Proceeds from initial public offering of common stock, net of commissions | 36,897 | ' | 36,897 |
Payments of initial public offering costs | -2,617 | ' | -2,617 |
Net cash provided by financing activities | 42,705 | 7,876 | 81,657 |
Net increase (decrease) in cash and cash equivalents | 32,196 | 2,963 | 46,169 |
Cash and cash equivalents, beginning of period | 13,973 | 6,002 | ' |
Cash and cash equivalents, end of period | 46,169 | 8,965 | 46,169 |
Supplemental disclosure of cash-flow information: | ' | ' | ' |
Cash paid for interest | 161 | ' | 161 |
Supplemental disclosure of noncash investing and financing activities: | ' | ' | ' |
Accrued third-party milestone payment | 500 | ' | 500 |
Conversion of Preferred Stock into Common Stock | 41,953 | ' | 41,953 |
Series A Convertible Preferred Stock [Member] | ' | ' | ' |
Cash flows from financing activities | ' | ' | ' |
Proceeds from issuance of convertible preferred stock, net of issuance costs | ' | ' | 9,951 |
Series A-1 Convertible Preferred Stock [Member] | ' | ' | ' |
Cash flows from financing activities | ' | ' | ' |
Proceeds from issuance of convertible preferred stock, net of issuance costs | ' | 7,699 | 4,662 |
Series B Convertible Preferred Stock [Member] | ' | ' | ' |
Cash flows from financing activities | ' | ' | ' |
Proceeds from issuance of convertible preferred stock, net of issuance costs | ' | ' | 15,241 |
Series C Convertible Preferred Stock [Member] | ' | ' | ' |
Cash flows from financing activities | ' | ' | ' |
Proceeds from issuance of convertible preferred stock, net of issuance costs | $3,406 | ' | $12,099 |
Nature_of_Business_Basis_of_Pr
Nature of Business, Basis of Presentation and Summary of Accounting Policies | 9 Months Ended | |
Sep. 30, 2013 | ||
Accounting Policies [Abstract] | ' | |
Nature of Business, Basis of Presentation and Summary of Accounting Policies | ' | |
1 | Nature of Business, Basis of Presentation and Summary of Accounting Policies | |
Aratana Therapeutics, Inc. (the “Company,” or “Aratana”) (a development stage enterprise) was incorporated on December 1, 2010 under the laws of the State of Delaware. The Company is a biopharmaceutical company focused on the licensing, development and commercialization of innovative prescription medicines for pets (“pet therapeutics”). The Company has licensed and is developing three compounds: a selective prostaglandin E receptor 4, or EP4, antagonist (AT-001) for the treatment of pain and inflammation associated with arthritis in dogs and for pain management in cats; a ghrelin agonist (AT-002) for inappetence in cats and dogs; and a bupivacaine liposome injectable suspension (AT-003) for the treatment of post-operative pain in cats and dogs. With the acquisition of Vet Therapeutics Inc, (“Vet Therapeutics”) on October 15, 2013, the Company added two more development programs: a monoclonal antibody (MAB) as an aid for the treatment of canine B-cell lymphoma and a MAB as an aid for the treatment of canine T-cell lymphoma. Since its inception, the Company has devoted substantially all of its efforts to research and development, recruiting management and technical staff, acquiring operating assets and raising capital. Accordingly, the Company is considered to be in the development stage. | ||
On May 22, 2013, the Company effected a 1-for-1.662 reverse stock split of its issued and outstanding shares of common stock. No fractional shares were issued in connection with the reverse stock split. Accordingly, all share and per share amounts for all periods presented in these financial statements and notes thereto have been adjusted retroactively, where applicable, to reflect the reverse stock split. | ||
In July 2013, the Company completed its initial public offering in which the Company issued and sold 6,612,500 shares of common stock at a public offering price of $6.00 per share. The Company received net proceeds of approximately $34,274 after deducting underwriting discounts and commissions of approximately $2,777 and other offering expenses of approximately $2,617. Upon the closing of the initial public offering, all shares of the Company’s then-outstanding convertible preferred stock and accumulated dividends automatically converted into an aggregate of 13,351,902 shares of common stock. | ||
On October 15, 2013, the Company acquired Vet Therapeutics (Note 12), pursuant to the terms of an Agreement and Plan of Merger (the “Merger Agreement”), dated October 13, 2013, by and among Vet Therapeutics, Aratana, and Jayhawk Acquisition Corporation, a wholly-owned subsidiary of Aratana (“Merger Sub”). In connection with the consummation of the transactions contemplated by the Merger Agreement, Merger Sub merged with and into Vet Therapeutics, and Vet Therapeutics survived as a wholly-owned subsidiary of Aratana (the “Merger”). | ||
The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These unaudited financial statements should be read in conjunction with the audited financial statements of the Company for the year ended December 31, 2012 and the notes thereto as filed with the Securities and Exchange Commission in the Company’s final prospectus on June 27, 2013 relating to its Registration Statement on Form S-1. In the opinion of management, all adjustments, consisting of a normal and recurring nature, considered necessary for a fair presentation, have been included. | ||
Use of Estimates | ||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, the valuation of common stock and stock-based awards and the accrual of research and development expenses. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from those estimates. | ||
Recently Issued and Adopted Accounting Pronouncements | ||
Comprehensive Income – Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income: In February 2013, the FASB issued guidance requiring entities to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount is required to be reclassified under U.S. GAAP. For amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional details about those amounts. This guidance revised the previous guidance issued in June 2011 that was deferred and was applicable for the Company for interim and annual periods beginning on January 1, 2013. The adoption of this guidance did not have a material impact on its financial condition, results of operations or cash flows. | ||
Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s financial statements upon adoption. |
Fair_Value_of_Financial_Assets
Fair Value of Financial Assets and Liabilities | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value of Financial Assets and Liabilities | ' | ||||||||||||||||
2 | Fair Value of Financial Assets and Liabilities | ||||||||||||||||
The following tables present information about the Company’s financial assets that were subject to fair value measurement on a recurring basis as of September 30, 2013 and December 31, 2012 and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value: | |||||||||||||||||
Fair Value Measurements as of | |||||||||||||||||
September 30, 2013 Using: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | — | $ | 248 | $ | — | $ | 248 | |||||||||
Marketable securities | — | 6,137 | — | 6,137 | |||||||||||||
$ | — | $ | 6,385 | $ | — | $ | 6,385 | ||||||||||
Fair Value Measurements as of | |||||||||||||||||
December 31, 2012 Using: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Marketable securities | $ | — | $ | 6,382 | $ | — | $ | 6,382 | |||||||||
$ | — | $ | 6,382 | $ | — | $ | 6,382 | ||||||||||
The Company measures the fair value of cash equivalents and marketable securities using Level 2 inputs and primarily relies on quoted prices in active markets for similar securities. During the nine months ended September 30, 2013 and year ended December 31, 2012, there were no transfers between Level 1, Level 2 and Level 3. | |||||||||||||||||
The amount outstanding under the Company’s loan and security agreement (the “Credit Facility”) is measured at its carrying value in the accompanying balance sheet, though the Company discloses the fair value of this financial instrument. The Company determines the fair value of the amount outstanding under the Credit Facility using an income approach, utilizing a discounted cash flow analysis based on current market interest rates for debt issues with similar remaining years to maturity adjusted for credit risk. The amount outstanding under the Credit Facility was valued using Level 2 inputs as of September 30, 2013. The result of the calculation yielded a fair value that approximates carrying value. |
Marketable_Securities
Marketable Securities | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Marketable Securities | ' | ||||||||||||||||
3 | Marketable Securities | ||||||||||||||||
As of September 30, 2013 and December 31, 2012, the fair value of available-for-sale marketable securities by type of security was as follows: | |||||||||||||||||
September 30, 2013 | |||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||
Cost | Unrealized | unrealized | Value | ||||||||||||||
Gains | Losses | ||||||||||||||||
Certificates of deposit | $ | 6,137 | $ | — | $ | — | $ | 6,137 | |||||||||
$ | 6,137 | $ | — | $ | — | $ | 6,137 | ||||||||||
December 31, 2012 | |||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||
Gains | Losses | ||||||||||||||||
Certificates of deposit | $ | 6,382 | $ | — | $ | — | $ | 6,382 | |||||||||
$ | 6,382 | $ | — | $ | — | $ | 6,382 | ||||||||||
At September 30, 2013, marketable securities consisted of investments that mature within one year. At December 31, 2012, marketable securities consisted of investments that mature within one year, with the exception of one CD, which has a stated maturity within two years and an aggregate fair value of $245; this investment is classified in current assets as it is viewed as being available to support current operations. |
Property_and_Equipment_Net
Property and Equipment, Net | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Property and Equipment, Net | ' | ||||||||
4 | Property and Equipment, Net | ||||||||
Property and equipment consisted of the following as of September 30, 2013 and December 31, 2012: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Laboratory and office equipment | $ | 3 | $ | 2 | |||||
Computer equipment | 38 | 32 | |||||||
Furniture | 2 | 2 | |||||||
Total property and equipment | 43 | 36 | |||||||
Less: Accumulated depreciation | (22 | ) | (17 | ) | |||||
Property and equipment, net | $ | 21 | $ | 19 | |||||
Depreciation expense was $3 and $9 for the three months and nine months ended September 30, 2013, respectively, and was $3 and $7 for the three months and nine months ended September 30, 2012, respectively |
Restricted_Cash
Restricted Cash | 9 Months Ended | |
Sep. 30, 2013 | ||
Text Block [Abstract] | ' | |
Restricted Cash | ' | |
5 | Restricted Cash | |
During the three months ended September 30, 2013, the Company closed the collateralized letter of credit with UMB N.A. which was posted as collateral for future obligations. The restricted cash was invested by the bank in a CD which was redeemed and proceeds remitted to the Company. |
Debt
Debt | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Debt Disclosure [Abstract] | ' | ||||
Debt | ' | ||||
6 | Debt | ||||
On March 4, 2013, the Company entered into the Credit Facility with Square 1 Bank as lender. The Credit Facility provides for an initial term loan of $5,000 in principal (the “Initial Term Loan”) and additional term loans not to exceed $5,000 in principal, with total borrowings not to exceed $10,000. The additional term loans are available through March 4, 2014. The term loans are to be used to supplement the Company’s growth capital needs and for general corporate purposes, and all loans funded under the Credit Facility mature on March 4, 2016. The Credit Facility is secured by substantially all of the Company’s personal property other than intellectual property. The Company is not permitted to encumber, or grant a security interest in, its intellectual property. At September 30, 2013, total borrowings under the Credit Facility were $5,000. | |||||
The Company is obligated to make interest-only payments on any loans funded under the Credit Facility until March 31, 2014, and thereafter to pay 24 consecutive equal monthly installments of principal and interest through March 31, 2016. Prior to March 4, 2014, the loans under the Credit Facility bear interest at a variable annual rate equal to the greater of (i) the prime rate then in effect plus 2.25% or (ii) 5.50%. On or after March 4, 2014, the loans under the Credit Facility bear interest at a fixed annual rate equal to the greater of (i) prime rate in effect on March 4, 2014 plus 2.25% or (ii) 5.50%. | |||||
On the issuance date of March 4, 2013, the Initial Term Loan was recorded in the balance sheet net of discount of $73, related to fees assessed by the lender at the time of borrowing. The carrying value of this debt is being accreted to the principal amount of the debt by charges to interest expense using the effective-interest method over the three-year term of the Initial Term Loan to the maturity date. At September 30, 2013, the debt discount balance totaled $59. Accretion amounts recognized as interest expense for the three months and nine months ended September 30, 2013 totaled $9 and $21 respectively. | |||||
The Company is obligated to pay a fee of up to $250 to Square 1 Bank upon a sale of substantially all of the Company’s assets or capital stock or upon a reorganization where 100% of voting stockholders hold less than 50% of voting securities after such transaction. | |||||
The Credit Facility includes restrictions on, among other things, the Company’s ability to incur additional indebtedness, pay dividends in cash or make other distributions in cash, make certain investments, create liens, sell assets, make loans and make capital expenditures. The Credit Facility requires that, from March 4, 2013 through December 31, 2013, the cash maintained at Square 1 Bank plus the cash available under the Credit Facility equal an amount that is at least four times the amount of monthly cash burn, and the Company is required to maintain a liquidity ratio of at least one-to-one beginning January 1, 2014. The Credit Facility further requires that 50% of the Company’s cash balance must be held at Square 1 Bank, provided the Company has at least $10,000 in cash. If the Company has less than $10,000 in cash, all cash must be held at Square 1 Bank. | |||||
The Credit Facility also includes events of default, the occurrence and continuation of any of which provides Square 1 Bank the right to exercise remedies against the Company and the collateral securing the loans under the Credit Facility, including cash. These events of default include, among other things, failure to pay any amounts due under the Credit Facility, insolvency, the occurrence of a material adverse event, the occurrence of any default under certain other indebtedness and a final judgment against the Company in an amount greater than $350. At September 30, 2013, the Company is in compliance with all covenants related to the Credit Facility. | |||||
Estimated future principal payments under the Initial Term Loan are as follows: | |||||
Years Ending December 31, | |||||
2013 | $ | — | |||
2014 | 1,875 | ||||
2015 | 2,500 | ||||
2016 | 625 | ||||
2017 | — | ||||
Thereafter | — | ||||
Total | $ | 5,000 | |||
During the three months and nine months ended September 30, 2013, the Company recognized $80 and $182 of interest expense related to the Credit Facility, respectively. | |||||
The Company had no debt outstanding as of December 31, 2012. | |||||
Additional Term Loan | |||||
On October 11, 2013, the Company entered into an amendment of the Credit Facility (the “Credit Facility Amendment”), which, among other things, increased the amount that remains available for the Company to draw by an additional $5.0 million, to a total of $10.0 million. Simultaneously with the closing of the Credit Facility Amendment on October 11, 2013, the Company borrowed the total $10.0 million available under the Credit Facility. Pursuant to the terms of the Credit Facility Amendment, upon consummation of the merger with Vet Therapeutics, Vet Therapeutics then became a co-borrower under the credit facility and granted a security interest in substantially all of its assets to Square 1. At October 15, 2013, total borrowings under the Credit Facility were $15.0 million. | |||||
The Credit Facility Amendment also revised the terms of the Company’s financial covenant with respect to its liquidity ratio. The Company is required to maintain a liquidity ratio of at least 1.00-to-1.00 beginning January 1, 2014, provided that if the Company receives approval from the U.S. Food and Drug Administration or a biologic license from the U.S. Department of Agriculture for at least two of the Company’s products by January 1, 2014, the liquidity ratio that it is required to maintain will be reduced to 0.50-to-1.00. At October 15, 2013, the Company was in compliance with all financial covenants. |
Accrued_Expenses_Other_Current
Accrued Expenses, Other Current Liabilities and Other Long-Term Liabilities | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Accrued Expenses, Other Current Liabilities and Other Long-Term Liabilities | ' | ||||||||
7 | Accrued Expenses, Other Current Liabilities and Other Long-Term Liabilities | ||||||||
Accrued expenses (current), other current liabilities and other long-term liabilities consisted of the following as of September 30, 2013 and December 31, 2012: | |||||||||
September 30, 2013 | December 31, 2012 | ||||||||
Accrued expenses: | |||||||||
Accrued payroll and related expenses | $ | 663 | $ | 571 | |||||
Accrued professional fees | 211 | 88 | |||||||
Accrued interest | 23 | — | |||||||
Accrued research and development costs | 681 | 695 | |||||||
Accrued other | 80 | 7 | |||||||
$ | 1,658 | $ | 1,361 | ||||||
Other current liabilities: | |||||||||
Early exercise of stock-based awards | $ | 30 | $ | 62 | |||||
Accrued third-party license fee | 500 | 500 | |||||||
$ | 530 | $ | 562 | ||||||
Other long-term liabilities: | |||||||||
Early exercise of stock-based awards | $ | 87 | $ | 96 | |||||
$ | 87 | $ | 96 | ||||||
Agreements
Agreements | 9 Months Ended | |
Sep. 30, 2013 | ||
Text Block [Abstract] | ' | |
Agreements | ' | |
8 | Agreements | |
Kansas Bioscience Authority (“KBA”) Programs | ||
During the three months and nine months ended September 30, 2013, the Company recognized income from a research and development grant from the Kansas Bioscience Authority of $44 and $455, respectively. No grant income was recognized during the respective periods during 2012. | ||
Exclusive Option Programs | ||
The Company’s business model is to identify innovative proprietary compounds from human biopharmaceutical companies and to develop these product candidates into regulatory-approved therapeutics specifically for use in pets. To this end, the Company has developed a process in which, in exchange for a fee, it enters into a time-limited option agreement (the “Exclusive Option Program”) with a biopharmaceutical company (the “Potential Licensor”). During the option period the Company obtains from the Potential Licensor the data and information necessary to perform studies to evaluate the compound. Once the Company has evaluated the compound, it can choose to either terminate the Exclusive Option Program with no further obligation, or exercise the option to enter into an exclusive, worldwide license agreement (the “License Agreement”) to develop and commercialize products for non-human animal health applications. The fee associated with the Exclusive Option Program is generally non-refundable and non-creditable. | ||
The principal terms of the License Agreement, if entered into by the Company, will generally consist of an exclusive, world-wide license to all non-human animal health applications in exchange for an upfront license fee, milestone payments upon the achievement of certain regulatory milestones, as well as royalties on sales. | ||
During the three months ended September 30, 2013, the Company entered into two Exclusive Option Programs. The Exclusive Option Programs will expire in 2014, based upon the terms of the agreements. The Company recognized expenses of $600 with respect to these Exclusive Option Programs. During the nine months ended September 30, 2013, the Company entered into three Exclusive Option Programs and recognized expenses of $850 with respect to these Exclusive Option Programs. | ||
No Exclusive Option Programs were entered into during the year ended December 31, 2012. |
Common_Stock
Common Stock | 9 Months Ended | |
Sep. 30, 2013 | ||
Equity [Abstract] | ' | |
Common Stock | ' | |
9 | Common Stock | |
On May 22, 2013, the Company effected a 1-for-1.662 reverse stock split of its issued and outstanding shares of common stock. No fractional shares were issued in connection with the reverse stock split. Accordingly, all share and per share amounts for all periods presented in these financial statements and notes thereto have been adjusted retroactively, where applicable, to reflect the reverse stock split. | ||
At June 30, 2013, the Company’s Certificate of Incorporation, as amended, authorized the Company to issue 25,041,667 shares of common stock, par value $0.001 per share. | ||
In July 2013, the Company completed the initial public offering of its common stock in which the Company issued and sold 6,612,500 shares of common stock at a public offering price of $6.00 per share. The Company received net proceeds of approximately $34,274 after deducting underwriting discounts and commissions of approximately $2,777 and other offering expenses of approximately $2,617. | ||
On June 26, 2013, the holders of at least 75% of the then-outstanding shares of Series A Preferred Stock elected and consented to the automatic conversion of each outstanding share of Preferred Stock into shares of common stock immediately prior to the consummation of the public offering contemplated by the Company’s Registration Statement on Form S-1 (No. 333-187372). | ||
Immediately prior to the consummation of the initial public offering, all shares of the Company’s then-outstanding convertible preferred stock and accumulated dividends automatically converted into an aggregate of 13,351,902 shares of common stock. | ||
On July 2, 2013, the Company increased the number of authorized shares of its common stock from 25,041,667 to 100,000,000 and provided for 10,000,000 authorized shares of preferred stock, par value $0.001 per share. |
StockBased_Awards
Stock-Based Awards | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Stock-Based Awards | ' | ||||||||||||||||
10 | Stock-Based Awards | ||||||||||||||||
2010 Equity Incentive Plan | |||||||||||||||||
In 2010, the Company’s board of directors adopted the 2010 Equity Incentive Plan (the “2010 Plan”). The 2010 Plan provides for the Company to sell or issue common stock or restricted common stock and to grant incentive stock options or nonqualified stock options for the purchase of common stock with a maximum term of ten years to employees, members of the board of directors and consultants of the Company. No further awards will be granted from the 2010 Plan. | |||||||||||||||||
The following table summarizes the activities for our stock options for the nine months ended September 30, 2013: | |||||||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||||||
Issuable | Average | Average | Intrinsic | ||||||||||||||
Under | Exercise | Remaining | Value | ||||||||||||||
Options | Price | Contractual | |||||||||||||||
Term | |||||||||||||||||
Outstanding as of December 31, 2012 | 564,636 | $ | 0.32 | 9 | $ | 1,286 | |||||||||||
Granted | 231,445 | 1.39 | |||||||||||||||
Exercised | (232,715 | ) | 0.42 | ||||||||||||||
Forfeited/canceled | (15,040 | ) | 0.4 | ||||||||||||||
Expired | (9,229 | ) | 0.43 | ||||||||||||||
Outstanding as of September 30, 2013 | 539,097 | $ | 0.72 | 4.91 | $ | 8,422 | |||||||||||
Shares | Weighted | ||||||||||||||||
Average | |||||||||||||||||
Grant | |||||||||||||||||
Date Fair | |||||||||||||||||
Value | |||||||||||||||||
Unvested restricted common stock as of December 31, 2012 | 390,209 | $ | 0.4 | ||||||||||||||
Restricted common stock issued | 76,496 | 2.59 | |||||||||||||||
Restricted common stock vested | (190,720 | ) | 0.72 | ||||||||||||||
Restricted common stock forfeited/ canceled | — | — | |||||||||||||||
Unvested restricted common stock as of September 30, 2013 | 275,985 | $ | 0.78 | ||||||||||||||
During August 2013, the Company modified two stock option awards granted to the Company’s former President, for the purchase of 269,817 shares of common stock in the aggregate. The modifications included the forfeiture of options to purchase 9,228 shares of common stock, and extended the expiration date of options from August 9, 2013 to January 31, 2014. No additional stock based compensation expense was recognized as a result of this modification. | |||||||||||||||||
As of September 30, 2013, options for the purchase of 1,135,974 shares of the Company’s common stock (net of repurchased shares) have been exercised, of which 402,340 are unvested and are subject to repurchase. | |||||||||||||||||
2013 Equity Incentive Plan | |||||||||||||||||
In 2013, the Company’s board of directors adopted the 2013 Equity Incentive Plan (the “2013 Plan”). The 2013 Plan provides for the Company to sell or issue common stock or restricted common stock and to grant incentive stock options or nonqualified stock options for the purchase of common stock with a maximum term of ten years to employees, members of the board of directors and consultants of the Company. | |||||||||||||||||
The following table summarizes the activities for our stock options for the nine months ended September 30, 2013: | |||||||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||||||
Issuable | Average | Average | Intrinsic | ||||||||||||||
Under | Exercise | Remaining | Value | ||||||||||||||
Options | Price | Contractual | |||||||||||||||
Term | |||||||||||||||||
Outstanding as of December 31, 2012 | — | $ | — | — | $ | — | |||||||||||
Granted | 319,782 | 6.11 | |||||||||||||||
Exercised | — | — | |||||||||||||||
Forfeited/canceled | — | — | |||||||||||||||
Expired | — | — | |||||||||||||||
Outstanding as of September 30, 2013 | 319,782 | $ | 6.11 | 9.75 | $ | 3,272 | |||||||||||
Shares | Weighted | ||||||||||||||||
Average | |||||||||||||||||
Grant | |||||||||||||||||
Date Fair | |||||||||||||||||
Value | |||||||||||||||||
Unvested restricted common stock as of December 31, 2012 | — | $ | — | ||||||||||||||
Restricted common stock issued | 13,216 | 7.62 | |||||||||||||||
Restricted common stock vested | (939 | ) | 7.56 | ||||||||||||||
Restricted common stock forfeited/canceled | — | — | |||||||||||||||
Unvested restricted common stock as of September 30, 2013 | 12,277 | $ | 7.63 | ||||||||||||||
Stock-Based Compensation | |||||||||||||||||
The Company recognizes compensation expense for only the portion of awards that are expected to vest. In developing a forfeiture rate estimate, the Company has considered its historical experience to estimate pre-vesting forfeitures for service-based awards. The impact of a forfeiture rate adjustment will be recognized in full in the period of adjustment, and if the actual forfeiture rate is materially different from the Company’s estimate, the Company may be required to record adjustments to stock-based compensation expense in future periods. | |||||||||||||||||
The Company recorded stock-based compensation expense related to stock options and restricted stock for the three months and nine months ended September 30, 2013 and 2012 as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Research and development | $ | 68 | $ | 1 | $ | 130 | $ | 2 | |||||||||
General and administrative | 167 | 13 | 297 | 84 | |||||||||||||
Total | $ | 235 | $ | 14 | $ | 427 | $ | 86 | |||||||||
The Company had an aggregate of $1,575 and $185 of unrecognized stock-based compensation expense for options outstanding and restricted stock awards, respectively, as of September 30, 2013, which is expected to be recognized over a weighted average period of 1.7 years. |
Net_Loss_Per_Share
Net Loss Per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Net Loss Per Share | ' | ||||||||||||||||
11 | Net Loss Per Share | ||||||||||||||||
Basic and diluted net loss per share attributable to common stockholders was calculated as follows for the three months and nine months ended September 30, 2013 and 2012. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Basic and diluted net loss per share attributable to common stockholders: | |||||||||||||||||
Numerator: | |||||||||||||||||
Net Loss | $ | (4,671 | ) | $ | (2,637 | ) | $ | (11,404 | ) | $ | (7,431 | ) | |||||
Unaccreted dividends on convertible preferred stock | — | (527 | ) | — | (1,493 | ) | |||||||||||
Net loss attributable to common stockholders | $ | (4,671 | ) | $ | (3,164 | ) | $ | (11,404 | ) | $ | (8,924 | ) | |||||
Denominator: | |||||||||||||||||
Weighted average shares outstanding - basic and diluted | 20,806,352 | 328,101 | 7,601,388 | 309,994 | |||||||||||||
Net loss per share attributable to common stockholders - basic and diluted (1) | $ | (0.22 | ) | $ | (9.64 | ) | $ | (1.50 | ) | $ | (28.79 | ) | |||||
-1 | All per share amounts and shares outstanding for all periods reflect the 1-for-1.662 reverse stock split, which was effective May 22, 2013. | ||||||||||||||||
Stock options for the purchase of 1,020,652 shares of common stock were excluded from the computation of diluted net loss per share attributable to common stockholders for both the three months and nine months ended September 30, 2012, respectively, because those options had an anti-dilutive impact due to the net loss attributable to common stockholders incurred for the period. | |||||||||||||||||
Stock options for the purchase of 941,437 shares of common stock were excluded from the computation of diluted net loss per share attributable to common stockholders for both the three months and nine months ended September 30, 2013, respectively, because those options had an anti-dilutive impact due to the net loss attributable to common stockholders incurred for the period. |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended | |
Sep. 30, 2013 | ||
Related Party Transactions [Abstract] | ' | |
Related Party Transactions | ' | |
12 | Related Party Transactions | |
In September 2013, the Company terminated the services agreement with MPM Asset Management and John Vander Vort, one of our directors, pursuant to which Mr. Vander Vort served as a consultant to the Company with respect to the management of our legal processes and outside law firms. |
Subsequent_Events
Subsequent Events | 9 Months Ended | |
Sep. 30, 2013 | ||
Subsequent Events [Abstract] | ' | |
Subsequent Events | ' | |
13 | Subsequent Events | |
Merger Agreement | ||
On October 15, 2013, the Company acquired Vet Therapeutics, Inc. (“Vet Therapeutics”), pursuant to the terms of an Agreement and Plan of Merger (the “Merger Agreement”), dated October 13, 2013, by and among Vet Therapeutics, Aratana, Jayhawk Acquisition Corporation, a wholly-owned subsidiary of the Company (“Merger Sub”). In connection with the consummation of the transactions contemplated by the Merger Agreement, Merger Sub merged with and into Vet Therapeutics, and Vet Therapeutics survived as a wholly-owned subsidiary of AratanaTherapeutics (the “Merger”). | ||
Under the terms of the Merger Agreement, the Company paid to the former equity holders and former holders of stock options to acquire shares of Vet Therapeutics common stock, aggregate merger consideration, subject to post-closing working capital adjustments, of (i) $30.0 million in cash, (ii) 625,000 shares (the “Merger Shares”) of Aratana’s common stock, ($10.0 million) and (iii) a promissory note in the principal amount of $3.0 million with a maturity date of December 31, 2014. The promissory note bears interest at a rate of 7% per annum, payable quarterly in arrears, and is subject to prepayment in the event of specified future equity financings by the Company. The Company also agreed to pay up to $5.0 million in contingent cash consideration in connection with the achievement of certain regulatory and manufacturing milestones for Vet Therapeutics’ B-cell lymphoma product. | ||
Private Placement | ||
On October 13, 2013, the Company entered into a Share Purchase Agreement (the “Share Purchase Agreement”) with various accredited investors, pursuant to which the Company agreed to sell an aggregate of 1,234,375 shares (the “Private Placement Shares”) of its common stock for an aggregate purchase price of $19.75 million, or $16.00 per share (the “Private Placement”). | ||
Additional Term Loan | ||
In March 2013, the Company entered into a loan and security agreement (the “Credit Facility”), with Square 1 Bank (“Square 1”), as lender (Note 6). On October 11, 2013, the Company entered into an amendment of the Credit Facility (the “Credit Facility Amendment”), which, among other things, increased the amount that remained available for the Company to draw by an additional $5.0 million, to a total of $10.0 million. Simultaneously with the closing of the Credit Facility Amendment on October 11, 2013, the Company borrowed the total $10.0 million available under the Credit Facility. Pursuant to the terms of the Credit Facility Amendment, upon consummation of the Merger, Vet Therapeutics became a co-borrower under the credit facility and granted a security interest in substantially all of its assets to Square 1. At October 15, 2013, total borrowings under the Credit Facility were $15.0 million. | ||
The Credit Facility Amendment also revised the terms of Aratana’s financial covenant with respect to its liquidity ratio. The Company is required to maintain a liquidity ratio of at least 1.00-to-1.00 beginning January 1, 2014, provided that if the Company receives approval from the U.S. Food and Drug Administration or a biologic license from the U.S. Department of Agriculture for at least two of Aratana’s products by January 1, 2014, the liquidity ratio that it is required to maintain will be reduced to 0.50-to-1.00. At October 15, 2013, the Company was in compliance with all financial covenants. | ||
Lock-up Restriction Reduced | ||
Stifel, Nicolaus & Company, Incorporated and Lazard Capital Markets LLC, the lead book-running managing underwriters in the Company’s recent initial public offering, are releasing a lock-up restriction with respect to the shares of the Company’s common stock held by the Company’s officers and directors and each of the other stockholders of the Company who signed a lock-up agreement. The release will take effect at 4:00 p.m., Eastern Standard Time, on December 9, 2013, and the shares may be sold on or after such time. However, each of the Company’s officers and directors and several other stockholders (representing holders of a total of approximately 14 million shares) have agreed with the Company to a new lock-up restriction for a period of 90 days after the closing of the acquisition of Vet Therapeutics. As a result, the lock-up restriction from the Company’s initial public offering of approximately 4 million shares will be released at 4:00 p.m., Eastern Standard Time, on December 9, 2013. | ||
Executive Management Team | ||
On November 8, 2013, the Company appointed Craig Tooman to the position of Chief Financial Officer. Louise Mawhinney, former Chief Financial Officer, will remain with the company. |
Nature_of_Business_Basis_of_Pr1
Nature of Business, Basis of Presentation and Summary of Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, the valuation of common stock and stock-based awards and the accrual of research and development expenses. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from those estimates. | |
Recently Issued and Adopted Accounting Pronouncements | ' |
Recently Issued and Adopted Accounting Pronouncements | |
Comprehensive Income – Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income: In February 2013, the FASB issued guidance requiring entities to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount is required to be reclassified under U.S. GAAP. For amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional details about those amounts. This guidance revised the previous guidance issued in June 2011 that was deferred and was applicable for the Company for interim and annual periods beginning on January 1, 2013. The adoption of this guidance did not have a material impact on its financial condition, results of operations or cash flows. | |
Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s financial statements upon adoption. |
Fair_Value_of_Financial_Assets1
Fair Value of Financial Assets and Liabilities (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Summary of Information about Company's Financial Assets Subject to Fair Value Measurement on Recurring Basis | ' | ||||||||||||||||
The following tables present information about the Company’s financial assets that were subject to fair value measurement on a recurring basis as of September 30, 2013 and December 31, 2012 and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value: | |||||||||||||||||
Fair Value Measurements as of | |||||||||||||||||
September 30, 2013 Using: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | — | $ | 248 | $ | — | $ | 248 | |||||||||
Marketable securities | — | 6,137 | — | 6,137 | |||||||||||||
$ | — | $ | 6,385 | $ | — | $ | 6,385 | ||||||||||
Fair Value Measurements as of | |||||||||||||||||
December 31, 2012 Using: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Marketable securities | $ | — | $ | 6,382 | $ | — | $ | 6,382 | |||||||||
$ | — | $ | 6,382 | $ | — | $ | 6,382 | ||||||||||
Marketable_Securities_Tables
Marketable Securities (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Fair Value of Available-for-Sale Marketable Securities | ' | ||||||||||||||||
As of September 30, 2013 and December 31, 2012, the fair value of available-for-sale marketable securities by type of security was as follows: | |||||||||||||||||
September 30, 2013 | |||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||
Cost | Unrealized | unrealized | Value | ||||||||||||||
Gains | Losses | ||||||||||||||||
Certificates of deposit | $ | 6,137 | $ | — | $ | — | $ | 6,137 | |||||||||
$ | 6,137 | $ | — | $ | — | $ | 6,137 | ||||||||||
December 31, 2012 | |||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||
Gains | Losses | ||||||||||||||||
Certificates of deposit | $ | 6,382 | $ | — | $ | — | $ | 6,382 | |||||||||
$ | 6,382 | $ | — | $ | — | $ | 6,382 | ||||||||||
Property_and_Equipment_Net_Tab
Property and Equipment, Net (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Schedule of Property and Equipment | ' | ||||||||
Property and equipment consisted of the following as of September 30, 2013 and December 31, 2012: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Laboratory and office equipment | $ | 3 | $ | 2 | |||||
Computer equipment | 38 | 32 | |||||||
Furniture | 2 | 2 | |||||||
Total property and equipment | 43 | 36 | |||||||
Less: Accumulated depreciation | (22 | ) | (17 | ) | |||||
Property and equipment, net | $ | 21 | $ | 19 | |||||
Debt_Tables
Debt (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Debt Disclosure [Abstract] | ' | ||||
Estimated Future Principal Payments under Initial Term Loan | ' | ||||
Estimated future principal payments under the Initial Term Loan are as follows: | |||||
Years Ending December 31, | |||||
2013 | $ | — | |||
2014 | 1,875 | ||||
2015 | 2,500 | ||||
2016 | 625 | ||||
2017 | — | ||||
Thereafter | — | ||||
Total | $ | 5,000 | |||
Accrued_Expenses_Other_Current1
Accrued Expenses, Other Current Liabilities and Other Long-Term Liabilities (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Summary of Accrued Expenses (Current), Other Current Liabilities and Other Long-Term Liabilities | ' | ||||||||
Accrued expenses (current), other current liabilities and other long-term liabilities consisted of the following as of September 30, 2013 and December 31, 2012: | |||||||||
September 30, 2013 | December 31, 2012 | ||||||||
Accrued expenses: | |||||||||
Accrued payroll and related expenses | $ | 663 | $ | 571 | |||||
Accrued professional fees | 211 | 88 | |||||||
Accrued interest | 23 | — | |||||||
Accrued research and development costs | 681 | 695 | |||||||
Accrued other | 80 | 7 | |||||||
$ | 1,658 | $ | 1,361 | ||||||
Other current liabilities: | |||||||||
Early exercise of stock-based awards | $ | 30 | $ | 62 | |||||
Accrued third-party license fee | 500 | 500 | |||||||
$ | 530 | $ | 562 | ||||||
Other long-term liabilities: | |||||||||
Early exercise of stock-based awards | $ | 87 | $ | 96 | |||||
$ | 87 | $ | 96 | ||||||
StockBased_Awards_Tables
Stock-Based Awards (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Summary of Stock-Based Compensation Expense Related to Stock Options and Restricted Stock | ' | ||||||||||||||||
The Company recorded stock-based compensation expense related to stock options and restricted stock for the three months and nine months ended September 30, 2013 and 2012 as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Research and development | $ | 68 | $ | 1 | $ | 130 | $ | 2 | |||||||||
General and administrative | 167 | 13 | 297 | 84 | |||||||||||||
Total | $ | 235 | $ | 14 | $ | 427 | $ | 86 | |||||||||
2010 Equity Incentive Plan [Member] | ' | ||||||||||||||||
Summary of Stock Option Activity | ' | ||||||||||||||||
The following table summarizes the activities for our stock options for the nine months ended September 30, 2013: | |||||||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||||||
Issuable | Average | Average | Intrinsic | ||||||||||||||
Under | Exercise | Remaining | Value | ||||||||||||||
Options | Price | Contractual | |||||||||||||||
Term | |||||||||||||||||
Outstanding as of December 31, 2012 | 564,636 | $ | 0.32 | 9 | $ | 1,286 | |||||||||||
Granted | 231,445 | 1.39 | |||||||||||||||
Exercised | (232,715 | ) | 0.42 | ||||||||||||||
Forfeited/canceled | (15,040 | ) | 0.4 | ||||||||||||||
Expired | (9,229 | ) | 0.43 | ||||||||||||||
Outstanding as of September 30, 2013 | 539,097 | $ | 0.72 | 4.91 | $ | 8,422 | |||||||||||
Summary of Restricted Stock Activity | ' | ||||||||||||||||
Shares | Weighted | ||||||||||||||||
Average | |||||||||||||||||
Grant | |||||||||||||||||
Date Fair | |||||||||||||||||
Value | |||||||||||||||||
Unvested restricted common stock as of December 31, 2012 | 390,209 | $ | 0.4 | ||||||||||||||
Restricted common stock issued | 76,496 | 2.59 | |||||||||||||||
Restricted common stock vested | (190,720 | ) | 0.72 | ||||||||||||||
Restricted common stock forfeited/ canceled | — | — | |||||||||||||||
Unvested restricted common stock as of September 30, 2013 | 275,985 | $ | 0.78 | ||||||||||||||
2013 Equity Incentive Plan [Member] | ' | ||||||||||||||||
Summary of Stock Option Activity | ' | ||||||||||||||||
The following table summarizes the activities for our stock options for the nine months ended September 30, 2013: | |||||||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||||||
Issuable | Average | Average | Intrinsic | ||||||||||||||
Under | Exercise | Remaining | Value | ||||||||||||||
Options | Price | Contractual | |||||||||||||||
Term | |||||||||||||||||
Outstanding as of December 31, 2012 | — | $ | — | — | $ | — | |||||||||||
Granted | 319,782 | 6.11 | |||||||||||||||
Exercised | — | — | |||||||||||||||
Forfeited/canceled | — | — | |||||||||||||||
Expired | — | — | |||||||||||||||
Outstanding as of September 30, 2013 | 319,782 | $ | 6.11 | 9.75 | $ | 3,272 | |||||||||||
Summary of Restricted Stock Activity | ' | ||||||||||||||||
Shares | Weighted | ||||||||||||||||
Average | |||||||||||||||||
Grant | |||||||||||||||||
Date Fair | |||||||||||||||||
Value | |||||||||||||||||
Unvested restricted common stock as of December 31, 2012 | — | $ | — | ||||||||||||||
Restricted common stock issued | 13,216 | 7.62 | |||||||||||||||
Restricted common stock vested | (939 | ) | 7.56 | ||||||||||||||
Restricted common stock forfeited/canceled | — | — | |||||||||||||||
Unvested restricted common stock as of September 30, 2013 | 12,277 | $ | 7.63 | ||||||||||||||
Net_Loss_Per_Share_Tables
Net Loss Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders | ' | ||||||||||||||||
Basic and diluted net loss per share attributable to common stockholders was calculated as follows for the three months and nine months ended September 30, 2013 and 2012. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Basic and diluted net loss per share attributable to common stockholders: | |||||||||||||||||
Numerator: | |||||||||||||||||
Net Loss | $ | (4,671 | ) | $ | (2,637 | ) | $ | (11,404 | ) | $ | (7,431 | ) | |||||
Unaccreted dividends on convertible preferred stock | — | (527 | ) | — | (1,493 | ) | |||||||||||
Net loss attributable to common stockholders | $ | (4,671 | ) | $ | (3,164 | ) | $ | (11,404 | ) | $ | (8,924 | ) | |||||
Denominator: | |||||||||||||||||
Weighted average shares outstanding - basic and diluted | 20,806,352 | 328,101 | 7,601,388 | 309,994 | |||||||||||||
Net loss per share attributable to common stockholders - basic and diluted (1) | $ | (0.22 | ) | $ | (9.64 | ) | $ | (1.50 | ) | $ | (28.79 | ) | |||||
-1 | All per share amounts and shares outstanding for all periods reflect the 1-for-1.662 reverse stock split, which was effective May 22, 2013. |
Nature_of_Business_Basis_of_Pr2
Nature of Business, Basis of Presentation and Summary of Accounting Policies - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | 34 Months Ended | 9 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Jul. 31, 2013 | 22-May-13 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Oct. 15, 2013 |
Vet Therapeutics [Member] | Vet Therapeutics [Member] | ||||||
Subsequent Event [Member] | |||||||
Program | |||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Entity incorporation date | ' | ' | 1-Dec-10 | ' | ' | ' | ' |
Acquisition date of Vet Therapeutics | ' | ' | ' | ' | ' | 15-Oct-13 | ' |
Number of development programs added | ' | ' | ' | ' | ' | ' | 2 |
Reverse stock split ratio | ' | '1-for-1.662 reverse stock split | ' | ' | ' | ' | ' |
Reverse stock split ratio on shares | ' | 1.662 | ' | ' | ' | ' | ' |
Number of fractional shares issued for reverse stock split | ' | 0 | ' | ' | ' | ' | ' |
Sale of common stock resulted from IPO | 6,612,500 | ' | 21,205,578 | 21,205,578 | 830,823 | ' | ' |
Common stock per share, offering price | $6 | ' | ' | ' | ' | ' | ' |
Net proceeds from IPO | $34,274 | ' | $36,897 | $36,897 | ' | ' | ' |
Convertible preferred stock converted into common stock | 13,351,902 | ' | 13,351,902 | 13,351,902 | ' | ' | ' |
Underwriting commissions and discount | 2,777 | ' | ' | ' | ' | ' | ' |
Offering expenses | $2,617 | ' | ' | ' | ' | ' | ' |
Fair_Value_of_Financial_Assets2
Fair Value of Financial Assets and Liabilities - Summary of Information about Company's Financial Assets Subject to Fair Value Measurement on Recurring Basis (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Cash equivalents | $248 | ' |
Marketable securities | 6,137 | 6,382 |
Assets, fair value | 6,385 | 6,382 |
Level 1 [Member] | ' | ' |
Assets: | ' | ' |
Cash equivalents | ' | ' |
Marketable securities | ' | ' |
Assets, fair value | ' | ' |
Level 2 [Member] | ' | ' |
Assets: | ' | ' |
Cash equivalents | 248 | ' |
Marketable securities | 6,137 | 6,382 |
Assets, fair value | 6,385 | 6,382 |
Level 3 [Member] | ' | ' |
Assets: | ' | ' |
Cash equivalents | ' | ' |
Marketable securities | ' | ' |
Assets, fair value | ' | ' |
Fair_Value_of_Financial_Assets3
Fair Value of Financial Assets and Liabilities - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Fair Value Disclosures [Abstract] | ' | ' |
Transfers between levels | $0 | $0 |
Marketable_Securities_Fair_Val
Marketable Securities - Fair Value of Available-for-Sale Marketable Securities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | $6,137 | $6,382 |
Gross Unrealized Gains | ' | ' |
Gross unrealized Losses | ' | ' |
Fair Value | 6,137 | 6,382 |
Certificates of Deposit [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 6,137 | 6,382 |
Gross Unrealized Gains | ' | ' |
Gross unrealized Losses | ' | ' |
Fair Value | $6,137 | $6,382 |
Marketable_Securities_Addition
Marketable Securities - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Aggregate fair value of investments | ' | $245 |
Investment maturities | '1 year | '1 year |
Certificates of Deposit [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Investment maturities | ' | '2 years |
Number of short term investments | ' | 1 |
Property_and_Equipment_Net_Sch
Property and Equipment, Net - Schedule of Property and Equipment (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property Plant And Equipment [Abstract] | ' | ' |
Laboratory and office equipment | $3 | $2 |
Computer equipment | 38 | 32 |
Furniture | 2 | 2 |
Total property and equipment | 43 | 36 |
Less: Accumulated depreciation | -22 | -17 |
Property and equipment, net | $21 | $19 |
Property_and_Equipment_Net_Add
Property and Equipment, Net - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 34 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 |
Property Plant And Equipment [Abstract] | ' | ' | ' | ' | ' |
Depreciation expense | $3 | $3 | $9 | $7 | $26 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | |||||
Sep. 30, 2013 | Sep. 30, 2013 | Mar. 04, 2013 | Dec. 31, 2012 | Oct. 11, 2013 | Oct. 15, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Installment | Subsequent Event [Member] | Subsequent Event [Member] | Minimum [Member] | Prior to March 4, 2014 [Member] | On or After March 4, 2014 [Member] | ||||
Product | |||||||||
Proforma Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial term loan | $5,000,000 | $5,000,000 | $5,000,000 | ' | ' | ' | ' | ' | ' |
Additional term loans | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' |
Total borrowings | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' |
Credit facility maturity date | ' | 4-Mar-16 | ' | ' | ' | ' | ' | ' | ' |
Total borrowings under the credit facility | 5,000,000 | 5,000,000 | ' | ' | ' | 15,000,000 | ' | ' | ' |
Credit facility, number of installments | ' | 24 | ' | ' | ' | ' | ' | ' | ' |
Interest rate on credit facility | ' | ' | ' | ' | ' | ' | ' | 'The prime rate then in effect plus 2.25% or (ii) 5.50%. | 'Prime rate in effect on March 4, 2014 plus 2.25% or (ii) 5.50% |
Excess interest rate over prime rate | ' | ' | ' | ' | ' | ' | ' | 2.25% | 2.25% |
Interest rate on credit facility | ' | ' | ' | ' | ' | ' | ' | 5.50% | 5.50% |
Term loan discount | 59,000 | 59,000 | 73,000 | ' | ' | ' | ' | ' | ' |
Accretion expense | 9,000 | 21,000 | ' | ' | ' | ' | ' | ' | ' |
Payment term of debt accreted | ' | '3 years | ' | ' | ' | ' | ' | ' | ' |
Fee for sale of assets or capital stock | ' | 250,000 | ' | ' | ' | ' | ' | ' | ' |
Fee payment obligation | ' | '100% of voting stockholders hold less than 50% of voting securities after such transaction | ' | ' | ' | ' | ' | ' | ' |
Voting percentage of shareholders under obligation of success fee | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' |
Percentage of voting securities of shareholders after success fee payment | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' |
Minimum cash balance need to maintain by company | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' |
Percentage of company's cash balance to be held by Bank | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' |
Amount to be maintained under Credit Facility | ' | 'Four times | ' | ' | ' | ' | ' | ' | ' |
Liquidity ratio | ' | 1 | ' | ' | ' | ' | ' | ' | ' |
Credit facility default amount | 350,000 | 350,000 | ' | ' | ' | ' | ' | ' | ' |
Interest expense on credit facility | 80,000 | 182,000 | ' | ' | ' | ' | ' | ' | ' |
Debt outstanding | ' | ' | ' | 0 | ' | ' | ' | ' | ' |
Increased credit facility | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' |
Total credit facility | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' |
Available under the credit facility | ' | ' | ' | ' | $10,000,000 | ' | ' | ' | ' |
Reduction in liquidity ratio | ' | 0.5 | ' | ' | ' | ' | ' | ' | ' |
Number of products for agriculture | ' | 2 | ' | ' | ' | ' | ' | ' | ' |
Debt_Estimated_Future_Principa
Debt - Estimated Future Principal Payments under Initial Term Loan (Detail) (USD $) | Sep. 30, 2013 | Mar. 04, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
2013 | ' | ' |
2014 | 1,875 | ' |
2015 | 2,500 | ' |
2016 | 625 | ' |
2017 | ' | ' |
Thereafter | ' | ' |
Total | $5,000 | $5,000 |
Accrued_Expenses_Other_Current2
Accrued Expenses, Other Current Liabilities and Other Long-Term Liabilities - Summary of Accrued Expenses (Current), Other Current Liabilities and Other Long-Term Liabilities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accrued expenses: | ' | ' |
Accrued payroll and related expenses | $663 | $571 |
Accrued professional fees | 211 | 88 |
Accrued interest | 23 | ' |
Accrued research and development costs | 681 | 695 |
Accrued other | 80 | 7 |
Accrued expenses, Total | 1,658 | 1,361 |
Other current liabilities: | ' | ' |
Early exercise of stock-based awards | 30 | 62 |
Accrued third-party license fee | 500 | 500 |
Other current liabilities, Total | 530 | 562 |
Other long-term liabilities: | ' | ' |
Early exercise of stock-based awards | 87 | 96 |
Other long-term liabilities, Total | $87 | $96 |
Agreements_Additional_Informat
Agreements - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Agreement | Agreement | Agreement | |||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Recognized expense | $600 | ' | $850 | ' | ' |
Kansas Bioscience Authority ("KBA") Programs [Member] | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Income from research and development grants | $44 | $0 | $455 | $0 | ' |
Number of exclusive agreement | 2 | ' | 3 | ' | 0 |
Option agreement expires | ' | ' | '2014 | ' | ' |
Common_Stock_Additional_Inform
Common Stock - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | 34 Months Ended | 1 Months Ended | 9 Months Ended | |||||||
In Thousands, except Share data, unless otherwise specified | Jul. 31, 2013 | 22-May-13 | Sep. 30, 2013 | Sep. 30, 2013 | Jul. 02, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jul. 02, 2013 | Jul. 02, 2013 | Jun. 26, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
Minimum [Member] | Maximum [Member] | Series A Convertible Preferred Stock [Member] | Series A Convertible Preferred Stock [Member] | Series A Convertible Preferred Stock [Member] | ||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reverse stock split ratio | ' | '1-for-1.662 reverse stock split | ' | ' | ' | ' | ' | ' | ' | ' | '1-for-1.662 reverse stock split | ' |
Reverse stock split ratio on shares | ' | 1.662 | ' | ' | ' | ' | ' | ' | ' | ' | 1.662 | ' |
Number of fractional shares issued for reverse stock split | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock shares authorized | ' | ' | 100,000,000 | 100,000,000 | ' | 25,041,667 | 25,016,667 | 25,041,667 | 100,000,000 | ' | ' | ' |
Common stock, par value | ' | ' | $0.00 | $0.00 | ' | $0.00 | $0.00 | ' | ' | ' | ' | ' |
Sale of common stock resulted from IPO | 6,612,500 | ' | 21,205,578 | 21,205,578 | ' | ' | 830,823 | ' | ' | ' | ' | ' |
Common stock per share, offering price | $6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from IPO | $34,274 | ' | $36,897 | $36,897 | ' | ' | ' | ' | ' | ' | ' | ' |
Underwriting commission and discount | 2,777 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Offering expenses | $2,617 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of elected shareholder to convert common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | ' | ' |
Convertible preferred stock converted into common stock | 13,351,902 | ' | 13,351,902 | 13,351,902 | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred shares authorized | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | 0 | 10,000,000 |
Preferred stock, par value | ' | ' | ' | ' | $0.00 | ' | ' | ' | ' | ' | $0.00 | $0.00 |
StockBased_Awards_Additional_I
Stock-Based Awards - Additional Information (Detail) (USD $) | 9 Months Ended | 34 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 1 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2010 | Sep. 30, 2013 | Aug. 31, 2013 |
2010 Equity Incentive Plan [Member] | 2010 Equity Incentive Plan [Member] | 2013 Equity Incentive Plan [Member] | Former President [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Purchase of common stock with maximum term | ' | ' | ' | ' | '10 years | '10 years | ' |
Modified stock option awards grant | ' | ' | ' | ' | ' | ' | 2 |
Number of shares purchase by modification in stock option awards | ' | ' | ' | 231,445 | ' | 319,782 | 269,817 |
Forfeiture of option to purchase shares | ' | ' | ' | 15,040 | ' | ' | 9,228 |
Change in expiration date | ' | ' | ' | ' | ' | ' | 31-Jan-14 |
Stock based compensation expected | $427 | $86 | $559 | ' | ' | ' | $0 |
Options exercised | 1,135,974 | ' | ' | 232,715 | ' | ' | ' |
Unvested stock options exercised | 402,340 | ' | ' | ' | ' | ' | ' |
Aggregate unrecognized stock-based compensation expense for options outstanding | 1,575 | ' | 1,575 | ' | ' | ' | ' |
Aggregate unrecognized stock-based compensation expense for restricted stock awards | $185 | ' | $185 | ' | ' | ' | ' |
Weighted average period expected to be recognized | '1 year 8 months 12 days | ' | ' | ' | ' | ' | ' |
StockBased_Awards_Summary_of_S
Stock-Based Awards - Summary of Stock Option Activity (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Shares Issuable Under Options, Exercised | -1,135,974 | ' |
2010 Equity Incentive Plan [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Shares Issuable Under Options, Outstanding, Beginning balance | 564,636 | ' |
Shares Issuable Under Options, Granted | 231,445 | ' |
Shares Issuable Under Options, Exercised | -232,715 | ' |
Shares Issuable Under Options, Forfeited/Canceled | -15,040 | ' |
Shares Issuable Under Options, Expired | -9,229 | ' |
Shares Issuable Under Options, Outstanding, Ending balance | 539,097 | 564,636 |
Weighted Average Exercise Price, Outstanding, Beginning balance | $0.32 | ' |
Weighted Average Exercise Price, Granted | $1.39 | ' |
Weighted Average Exercise Price, Exercised | $0.42 | ' |
Weighted Average Exercise Price, Forfeited/Canceled | $0.40 | ' |
Weighted Average Exercise Price, Expired | $0.43 | ' |
Weighted Average Exercise Price, Outstanding, Ending balance | $0.72 | $0.32 |
Weighted Average Remaining Contractual Term, Outstanding | '4 years 10 months 28 days | '9 years |
Aggregate Intrinsic Value, Outstanding, Beginning balance | $1,286 | ' |
Aggregate Intrinsic Value, Outstanding, Ending balance | 8,422 | 1,286 |
2013 Equity Incentive Plan [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Shares Issuable Under Options, Outstanding, Beginning balance | ' | ' |
Shares Issuable Under Options, Granted | 319,782 | ' |
Shares Issuable Under Options, Exercised | ' | ' |
Shares Issuable Under Options, Forfeited/Canceled | ' | ' |
Shares Issuable Under Options, Expired | ' | ' |
Shares Issuable Under Options, Outstanding, Ending balance | 319,782 | ' |
Weighted Average Exercise Price, Outstanding, Beginning balance | ' | ' |
Weighted Average Exercise Price, Granted | $6.11 | ' |
Weighted Average Exercise Price, Exercised | ' | ' |
Weighted Average Exercise Price, Forfeited/Canceled | ' | ' |
Weighted Average Exercise Price, Expired | ' | ' |
Weighted Average Exercise Price, Outstanding, Ending balance | $6.11 | ' |
Weighted Average Remaining Contractual Term, Outstanding | '9 years 9 months | '0 years |
Aggregate Intrinsic Value, Outstanding, Beginning balance | ' | ' |
Aggregate Intrinsic Value, Outstanding, Ending balance | $3,272 | ' |
StockBased_Awards_Summary_of_R
Stock-Based Awards - Summary of Restricted Stock Activity (Detail) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
2010 Equity Incentive Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unvested restricted common stock, Shares, Beginning balance | 390,209 |
Restricted common stock issued, Shares | 76,496 |
Restricted common stock vested, Shares | -190,720 |
Restricted common stock forfeited/canceled, Shares | ' |
Unvested restricted common stock, Shares, Ending balance | 275,985 |
Unvested restricted common stock, Weighted Average Grant Date Fair Value, Beginning balance | $0.40 |
Restricted common stock issued, Weighted Average Grant Date Fair Value | $2.59 |
Restricted common stock vested, Weighted Average Grant Date Fair Value | $0.72 |
Restricted common stock forfeited/canceled, Weighted Average Grant Date Fair Value | ' |
Unvested restricted common stock, Weighted Average Grant Date Fair Value, Ending balance | $0.78 |
2013 Equity Incentive Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unvested restricted common stock, Shares, Beginning balance | ' |
Restricted common stock issued, Shares | 13,216 |
Restricted common stock vested, Shares | -939 |
Restricted common stock forfeited/canceled, Shares | ' |
Unvested restricted common stock, Shares, Ending balance | 12,277 |
Unvested restricted common stock, Weighted Average Grant Date Fair Value, Beginning balance | ' |
Restricted common stock issued, Weighted Average Grant Date Fair Value | $7.62 |
Restricted common stock vested, Weighted Average Grant Date Fair Value | $7.56 |
Restricted common stock forfeited/canceled, Weighted Average Grant Date Fair Value | ' |
Unvested restricted common stock, Weighted Average Grant Date Fair Value, Ending balance | $7.63 |
StockBased_Awards_Summary_of_S1
Stock-Based Awards - Summary of Stock-Based Compensation Expense Related to Stock Options and Restricted Stock (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | $235 | $14 | $427 | $86 |
Research and Development [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | 68 | 1 | 130 | 2 |
General and Administrative [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | $167 | $13 | $297 | $84 |
Net_Loss_Per_Share_Schedule_of
Net Loss Per Share - Schedule of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 34 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | ||||
Numerator: | ' | ' | ' | ' | ' | ||||
Net loss | ($4,671) | ($2,637) | ($11,404) | ($7,431) | ($33,338) | ||||
Unaccreted dividends on convertible preferred stock | ' | -527 | ' | -1,493 | ' | ||||
Net loss attributable to common stockholders | ($4,671) | ($3,164) | ($11,404) | ($8,924) | ' | ||||
Denominator: | ' | ' | ' | ' | ' | ||||
Weighted average shares outstanding - basic and diluted | 20,806,352 | [1] | 328,101 | [1] | 7,601,388 | [1] | 309,994 | [1] | ' |
Net loss per share attributable to common stockholders - basic and diluted | ($0.22) | ($9.64) | ($1.50) | ($28.79) | ' | ||||
[1] | All per share amounts and Aratana shares outstanding for all periods reflect the 1-for-1.662 reverse stock split, which was effective May 22, 2013. |
Net_Loss_Per_Share_Schedule_of1
Net Loss Per Share - Schedule of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Parenthetical) (Detail) | 1 Months Ended |
22-May-13 | |
Earnings Per Share [Abstract] | ' |
Reverse stock split ratio | '1-for-1.662 reverse stock split |
Reverse stock split ratio on shares | 1.662 |
Net_Loss_Per_Share_Additional_
Net Loss Per Share - Additional Information (Detail) (Stock Options [Member]) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Stock Options [Member] | ' | ' | ' | ' |
Schedule Of Earnings Per Share Basic And Diluted By Common Class [Line Items] | ' | ' | ' | ' |
Common stock excluded from diluted net loss per share | 941,437 | 1,020,652 | 941,437 | 1,020,652 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 9 Months Ended | 0 Months Ended | ||||
Sep. 30, 2013 | Jul. 31, 2013 | Oct. 11, 2013 | Oct. 15, 2013 | Oct. 13, 2013 | Oct. 15, 2013 | |
Product | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||
Private Placement [Member] | Vet Therapeutics [Member] | |||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' |
Cash consideration | ' | ' | ' | $30,000,000 | ' | ' |
Consideration in shares | ' | ' | ' | ' | ' | 625,000 |
Value of consideration in shares | ' | ' | ' | ' | ' | 10,000,000 |
Principal amount of promissory note | ' | ' | ' | ' | ' | 3,000,000 |
Maturity date of promissory note | ' | ' | ' | ' | ' | 31-Dec-14 |
Interest rate on promissory note | ' | ' | ' | ' | ' | 7.00% |
Contingent cash consideration | ' | ' | ' | ' | ' | 5,000,000 |
Acquisition date of Vet Therapeutics | ' | ' | ' | ' | ' | 15-Oct-13 |
Sale of common stock | ' | ' | ' | ' | 1,234,375 | ' |
Aggregate purchase price of shares | ' | ' | ' | ' | 19,750,000 | ' |
Per share price | ' | $6 | ' | ' | $16 | ' |
Increased credit facility | ' | ' | 5,000,000 | ' | ' | ' |
Total credit facility | ' | ' | 10,000,000 | ' | ' | ' |
Available under the credit facility | ' | ' | 10,000,000 | ' | ' | ' |
Total borrowings under the credit facility | $5,000,000 | ' | ' | $15,000,000 | ' | ' |
Liquidity ratio | 1 | ' | ' | ' | ' | ' |
Reduction in liquidity ratio | 0.5 | ' | ' | ' | ' | ' |
Number of products for agriculture | 2 | ' | ' | ' | ' | ' |
Release date of lock up agreement | 9-Dec-13 | ' | ' | ' | ' | ' |
Total shares of all stockholders | 14,000,000 | ' | ' | ' | ' | ' |
Period of new lock up restriction | '90 days | ' | ' | ' | ' | ' |
Number of shares released | 4,000,000 | ' | ' | ' | ' | ' |