Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 7-May-14 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
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 | ' | 29,447,714 |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $76,743 | $41,084 |
Short-term marketable securities | 3,194 | 4,670 |
Accounts receivable | 147 | ' |
Receivable from stockholder | ' | 1,001 |
Inventory | 125 | 55 |
Prepaid expenses and other current assets | 679 | 274 |
Deferred tax asset-current | 1,381 | 1,381 |
Total current assets | 82,269 | 48,465 |
Property and equipment, net | 366 | 98 |
Long-term marketable securities | 768 | ' |
Goodwill | 38,531 | 20,796 |
Intangible assets, net | 75,041 | 46,140 |
Other long-term assets | 471 | 37 |
Total assets | 197,446 | 115,536 |
Current liabilities: | ' | ' |
Accounts payable | 1,382 | 2,307 |
Accrued expenses | 2,230 | 2,495 |
Current portion-loan payable | 7,500 | 5,625 |
Current portion-note payable | ' | 3,000 |
Current portion-deferred licensing revenue | 34 | 45 |
Current portion-contingent consideration | 2,567 | 2,572 |
Deferred income | 800 | 800 |
Other current liabilities | 119 | 57 |
Total current liabilities | 14,632 | 16,901 |
Loan payable | 7,442 | 9,310 |
Contingent consideration | 1,564 | 1,543 |
Deferred tax liability | 4,632 | 1,666 |
Other long-term liabilities | 66 | 75 |
Total liabilities | 28,336 | 29,495 |
Commitments and contingencies | ' | ' |
Stockholders' equity : | ' | ' |
Common stock; $0.001 par value; 100,000,000 shares authorized at March 31, 2014 and December 31, 2013, respectively; 28,757,418 and 23,425,487 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively | 29 | 23 |
Treasury stock; 4,009 shares outstanding at March 31, 2014 | -76 | ' |
Additional paid-in capital | 205,306 | 112,515 |
Deficit accumulated during the development stage | -35,649 | -26,497 |
Accumulated other comprehensive loss | -500 | ' |
Total stockholders' equity | 169,110 | 86,041 |
Total liabilities and stockholders' equity | $197,446 | $115,536 |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Mar. 31, 2014 | Feb. 03, 2014 | Dec. 31, 2013 | Jul. 02, 2013 | Mar. 31, 2013 | Feb. 28, 2013 |
Statement Of Financial Position [Abstract] | ' | ' | ' | ' | ' | ' |
Common stock, par value | $0.00 | ' | $0.00 | $0.00 | ' | ' |
Common stock, shares authorized | 100,000,000 | ' | 100,000,000 | 100,000,000 | ' | 25,041,667 |
Common stock, shares issued | 28,757,418 | 5,150,000 | 23,425,487 | ' | ' | ' |
Common stock, shares outstanding | 28,757,418 | ' | 23,425,487 | ' | ' | ' |
Treasury stock, shares outstanding | 4,009 | ' | ' | ' | 0 | ' |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 40 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | ||
Revenues: | ' | ' | ' | ||
Licensing and collaboration revenue | $176 | ' | $191 | ||
Product sales | ' | ' | 108 | ||
Total revenues | 176 | ' | 299 | ||
Costs and expenses: | ' | ' | ' | ||
Cost of product sales | ' | ' | 109 | ||
Royalty expense | 18 | ' | 18 | ||
Research and development | 3,572 | 2,114 | 23,984 | ||
General and administrative | 4,612 | 1,226 | 17,755 | ||
In-process research and development | 657 | ' | 8,682 | ||
Amortization of acquired intangible assets | 539 | 0 | 919 | ||
Total costs and expenses | 9,398 | 3,340 | 51,467 | ||
Loss from operations | -9,222 | -3,340 | -51,167 | ||
Other income (expense) | ' | ' | ' | ||
Interest income | 14 | 3 | 117 | ||
Interest expense | -328 | -24 | -760 | ||
Other income (expense) | -243 | 68 | 356 | ||
Total other income (expense) | -557 | 47 | -287 | ||
Loss before income taxes | -9,779 | -3,293 | -51,454 | ||
Income tax benefit | 627 | 0 | 16,082 | ||
Net loss | -9,152 | -3,293 | -35,372 | ||
Unaccreted dividends on convertible preferred stock | ' | -773 | ' | ||
Net loss attributable to common stockholders | ($9,152) | ($4,066) | ' | ||
Net loss per share attributable to common stockholders, basic and diluted | ($0.34) | [1] | ($4.73) | [1] | ' |
Weighted average shares outstanding, basic and diluted | 26,765,565 | [2] | 860,350 | [2] | ' |
[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. | ||||
[2] | 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. |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations (Unaudited) (Parenthetical) | 0 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 | 0.601685 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Loss (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' |
Net loss | ($9,152) | ($4,066) |
Other comprehensive income (loss): | ' | ' |
Foreign currency translation adjustments | -68 | ' |
Unrealized holding loss on available-for-sale securities | -432 | ' |
Other comprehensive income loss | -500 | ' |
Comprehensive loss | ($9,652) | ($4,066) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | 40 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 |
Cash flows from operating activities | ' | ' | ' |
Net loss | ($9,152) | ($3,293) | ($35,372) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' |
Acquired in-process research and development | 657 | ' | 8,682 |
Stock-based compensation expense | 2,233 | 103 | 3,390 |
Depreciation and amortization expense | 566 | 3 | 978 |
Non-cash interest expense | 10 | 3 | 33 |
Change in fair value of contingent consideration | 16 | ' | 321 |
Change in fair value of derivative instruments | 247 | ' | 247 |
Deferred income taxes | -627 | ' | -16,082 |
Changes in operating assets and liabilities: | ' | ' | ' |
Accounts receivable | 125 | ' | 125 |
Inventories | -70 | ' | -70 |
Prepaid expenses | -378 | -24 | -652 |
Other assets | -41 | 29 | -88 |
Accounts payable | -1,285 | 713 | 1,003 |
Accrued expenses and other liabilities | -494 | -654 | 1,446 |
Deferred income | -8 | ' | 792 |
Other | -10 | ' | -10 |
Net cash used in operating activities | -8,211 | -3,120 | -35,257 |
Cash flows from investing activities | ' | ' | ' |
Purchases of property and equipment, net | -67 | -8 | -198 |
Cash paid for acquisitions, net of cash received | -12,294 | ' | -43,288 |
Purchases of marketable securities | -1,200 | -735 | -12,751 |
Proceeds from maturities of marketable securities | 1,476 | 735 | 8,357 |
Purchases of derivative instruments | -643 | ' | -643 |
Purchase of in-process research and development | -657 | ' | -8,182 |
Change in restricted cash | ' | ' | 1 |
Net cash used in investing activities | -13,385 | -8 | -56,704 |
Cash flows from financing activities | ' | ' | ' |
Proceeds from the issuance of debt, net of discount | ' | 4,927 | 14,914 |
Proceeds from issuance of restricted stock | ' | ' | 139 |
Repurchase of common stock | -76 | ' | -76 |
Proceeds from stock option exercises | 45 | 97 | 464 |
Repurchase, early exercised stock options | ' | -5 | -6 |
Proceeds from initial public offering, net of commission | 92,224 | ' | 129,121 |
Payments of public offering costs | -1,727 | ' | -4,344 |
Cash paid for promissory notes | -18,173 | ' | -18,173 |
Cash paid for contingent consideration | -15,010 | ' | -15,010 |
Issuance of common stock private investment in public entity | ' | ' | 19,750 |
Net cash provided by financing activities | 57,283 | 8,425 | 168,732 |
Effect of exchange rate changes on cash | -28 | ' | -28 |
Net increase in cash and cash equivalents | 35,659 | 5,297 | 76,743 |
Cash and cash equivalents, beginning of year | 41,084 | 13,973 | ' |
Cash and cash equivalents, end of year | 76,743 | 19,270 | 76,743 |
Supplemental disclosure of cash flow information | ' | ' | ' |
Cash paid for interest | 386 | 21 | ' |
Supplemental disclosure of noncash investing and financing activities: | ' | ' | ' |
Accrued third-party milestone payment | ' | 500 | ' |
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 | ' | ' | 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_the_Business_and_Bas
Nature of the Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Nature of the Business and Basis of Presentation | ' |
1. Nature of the Business and Basis of Presentation | |
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 biopharmaceutical products for cats, dogs and other companion animals and has over 15 products in development. In January, the Company received conditional license from the U.S. Department of Agriculture (“USDA”) for AT-005, an aid to the treatment of canine T-cell lymphoma. The Company’s acquisition of Okapi Sciences NV (“Okapi Sciences”) in January 2014 (Note 4) provided the Company with a proprietary pet therapeutics antiviral platform. | |
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. | |
The Company is subject to risks common to companies in the biotechnology and pharmaceutical industries. There can be no assurance that the Company’s licensing efforts will identify viable product candidates, that the Company’s research and development will be successfully completed, that adequate protection for the Company’s technology will be obtained, that any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. The Company operates in an environment of substantial competition from other animal health companies. In addition, the Company is dependent upon the services of its employees and consultants, as well as third-party contract research organizations and manufacturers. | |
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. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. The Company only has one operating segment. All intercompany balances and transactions have been eliminated in consolidation. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2013 and the notes thereto in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 26, 2014. In the opinion of management, all adjustments, consisting of a normal and recurring nature, considered necessary for a fair presentation, have been included. | |
The Company is in the development stage and has incurred recurring losses and negative cash flows from operations and has cumulative net losses of $35,372 from inception (December 1, 2010) to March 31, 2014. The Company expects that its cash and cash equivalents and short-term marketable securities, which includes the remaining net proceeds received in its public offering of common stock that closed on February 3, 2014, and existing credit facility will fund operations through at least December 31, 2015. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
2. Summary of Significant Accounting Policies | |
Use of Estimates | |
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from those estimates. | |
Revenue Recognition | |
During 2013, the Company’s principal revenue streams were product sales, royalty revenue and licensing revenue. Beginning in 2014, as a result of the Okapi Sciences acquisition (Note 4), the Company will generate revenue from research and development services. Revenues from the performance of research and development services are recorded as Licensing and collaboration revenue in the consolidated statements of operations and are recognized on a proportional basis as costs are incurred. | |
Accounting for Stock Based Compensation | |
In 2013, the Company used expected volatility based on the historic volatility of publicly-traded peer companies. Beginning in the first quarter of 2014, expected volatility became based on historical volatility of the Company’s stock as adequate historical data regarding the volatility of the Company’s common stock price became available. | |
Derivative Financial Instruments | |
In 2013, the Company held no derivative financial instruments. The Company accounts for its derivative instruments as either assets or liabilities and carries them at fair value. The Company’s sole derivative (Note 6) has not been designated as a hedging instrument and is adjusted to fair value through current income. | |
Foreign Currency | |
During 2013, the Company had limited foreign currency exposure. With the acquisition of Okapi Sciences in 2014, the Company now is exposed to effects of foreign currency from translation. Monetary assets and liabilities in foreign currencies are translated into the functional currency of the relevant subsidiary in which they arise at the rate of exchange at the balance sheet date. Transactions in foreign currencies are translated into the relevant functional currency at the rate of exchange at the date of the transaction. Transaction gains and losses are recognized in arriving at loss from operations. The results of operations for subsidiaries, whose functional currency is not the US Dollar, are translated into the US Dollar at the average rates of exchange during the period, with the subsidiaries’ balance sheets translated at the rates accumulated at the balance sheet date. The cumulative effect of exchange rate movements is included in a separate component of other comprehensive income in the consolidated balance sheet. Gains and losses arising from intercompany foreign currency transactions are included in loss from operations unless the gains and losses arise from permanent differences in intercompany accounts. Gains and losses from permanent differences in intercompany accounts is included in a separate component of other comprehensive income. | |
Comprehensive Loss | |
For the year ended December 31, 2013, and the cumulative period from inception (December 1, 2010) through December 31, 2013, there was no difference between net loss and comprehensive loss. During the first quarter of 2014, there was a difference between net loss and comprehensive loss. The Company includes in comprehensive loss, foreign currency translation adjustments related to the translation of foreign subsidiaries’ balance sheets and permanent differences in intercompany accounts and unrealized holding gains and losses on available-for-sale securities. |
Fair_Value_of_Financial_Assets
Fair Value of Financial Assets and Liabilities | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value of Financial Assets and Liabilities | ' | ||||||||||||||||||||
3. Fair Value of Financial Assets and Liabilities | |||||||||||||||||||||
As of March 31, 2014 and December 31, 2013 the following financial assets and liabilities are measured at fair value on a recurring basis using quoted prices in active markets for identical assets (Level 1); significant other observable inputs (Level 2); and significant unobservable inputs (Level 3). | |||||||||||||||||||||
CARRYING | FAIR VALUE MEASUREMENTS AS OF | ||||||||||||||||||||
VALUE | MARCH 31, 2014 USING: | ||||||||||||||||||||
LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL | ||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash equivalents | $ | 747 | $ | — | $ | 747 | $ | — | $ | 747 | |||||||||||
Short-term marketable securities | 3,194 | — | 3,194 | — | 3,194 | ||||||||||||||||
Long-term marketable securities | 768 | — | 768 | — | 768 | ||||||||||||||||
Derivative financial instruments | 396 | — | 396 | — | 396 | ||||||||||||||||
$ | 5,105 | $ | — | $ | 5,105 | $ | — | $ | 5,105 | ||||||||||||
Liabilities: | |||||||||||||||||||||
Contingent consideration(1) | $ | 4,131 | $ | — | $ | — | $ | 4,131 | $ | 4,131 | |||||||||||
$ | 4,131 | $ | — | $ | — | $ | 4,131 | $ | 4,131 | ||||||||||||
(1) | Contingent consideration consists of current portion: $2,567 and long term contingent consideration: $1,564 on the consolidated balance sheet. | ||||||||||||||||||||
CARRYING | FAIR VALUE MEASUREMENTS AS OF | ||||||||||||||||||||
VALUE | DECEMBER 31, 2013 USING: | ||||||||||||||||||||
LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL | ||||||||||||||||||
Assets: | |||||||||||||||||||||
Marketable securities | $ | 4,670 | $ | — | $ | 4,670 | $ | — | $ | 4,670 | |||||||||||
$ | 4,670 | $ | — | $ | 4,670 | $ | — | $ | 4,670 | ||||||||||||
Liabilities: | |||||||||||||||||||||
Contingent consideration(1) | $ | 4,115 | $ | — | $ | — | $ | 4,115 | $ | 4,115 | |||||||||||
$ | 4,115 | $ | — | $ | — | $ | 4,115 | $ | 4,115 | ||||||||||||
(1) | Contingent consideration consists of current portion: $2,572 and long term contingent consideration: $1,543 on the consolidated balance sheet. | ||||||||||||||||||||
Certain estimates and judgments were required to develop the fair value amounts shown above. The fair value amounts shown above are not necessarily indicative of the amounts that the Company would realize upon disposition, nor do they indicate the Company’s intent or ability to dispose of the financial instrument. | |||||||||||||||||||||
The following methods and assumptions were used to estimate the fair value of each material class of financial instrument: | |||||||||||||||||||||
• | Marketable securities (short-term and long-term)—the fair value of marketable securities has been estimated based on quoted prices in active markets for similar securities or identical assets in markets that are not active. | ||||||||||||||||||||
• | Derivative financial instruments—the fair value of the derivative instruments has been estimated using a modified Black-Scholes model. Inputs into the Black-Scholes model include interest rates, stock volatilities and dividends data. | ||||||||||||||||||||
• | Contingent consideration—the fair value of the contingent consideration payable has been estimated using the income approach (using a probability weighted discounted cash flow method). | ||||||||||||||||||||
During the three months ended March 31, 2014 and year ended December 31, 2013, there were no transfers between Level 1, Level 2 and Level 3. | |||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||
The change in the fair value of the Company’s contingent consideration payable, which is measured at fair value on a recurring basis using significant unobservable inputs (Level 3), is as follows: | |||||||||||||||||||||
Contingent consideration | |||||||||||||||||||||
2014 | |||||||||||||||||||||
As of January 1 | $ | 4,115 | |||||||||||||||||||
Initial recognition of contingent consideration payable | 15,166 | ||||||||||||||||||||
Settlement of contingent consideration payable | (15,235 | ) | |||||||||||||||||||
Expense recognized in the consolidated statement of operations (within general and administrative) due to change in fair value | 85 | ||||||||||||||||||||
As of the end of the period | $ | 4,131 | |||||||||||||||||||
Quantitative Information about Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||
Quantitative information about the Company’s recurring Level 3 fair value measurements is included below: | |||||||||||||||||||||
Financial liabilities: | FAIR VALUE AT MEASUREMENT DATE | ||||||||||||||||||||
At March 31, 2014 | Fair value | Valuation | Significant | Range | (Weighted | ||||||||||||||||
technique | unobservable | Average) | |||||||||||||||||||
inputs | |||||||||||||||||||||
Contingent consideration | $ | 4,131 | Income | Probability of | 3.80% to 95.00% | (71.44 | %) | ||||||||||||||
approach | milestones being | ||||||||||||||||||||
(probability | achieved | ||||||||||||||||||||
weighted | |||||||||||||||||||||
discounted | |||||||||||||||||||||
cash flow) | |||||||||||||||||||||
Assumed market | 5.50% | ||||||||||||||||||||
participant | |||||||||||||||||||||
discount rate | |||||||||||||||||||||
Periods in which | 2014 to 2015 | ||||||||||||||||||||
milestones are | |||||||||||||||||||||
expected to be | |||||||||||||||||||||
achieved | |||||||||||||||||||||
Contingent consideration payable represents the future amount the Company may be required to pay in conjunction with the Vet Therapeutics acquisition. The amount of contingent consideration which may ultimately be payable by the Company in relation to Vet Therapeutics acquisition is dependent upon the achievement of specified future milestones, such as certain regulatory and manufacturing milestones for AT-004. The Company assesses the probability, and estimated timing, of these milestones being achieved and re-measures the related amount contingent consideration at each consolidated balance sheet date. | |||||||||||||||||||||
The fair value of the Company’s contingent consideration payable could significantly increase or decrease due to changes in certain assumptions which underpin the fair value measurements. Each set of assumptions and milestones are specific to the contingent consideration payable. The assumptions include, among other things, the probability and expected timing of certain milestones being achieved. The Company regularly reviews these assumptions, and makes adjustments to the fair value measurements as required by facts and circumstances. | |||||||||||||||||||||
Financial assets and liabilities that are not measured at fair value on a recurring basis | |||||||||||||||||||||
The carrying amounts and estimated fair value as at March 31, 2014 and December 31, 2013 of the Company’s financial assets and liabilities which are not measured at fair value on a recurring basis are as follows: | |||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||
Year to | Carrying Amount | Fair Value | |||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Loan payable (Level 2)(1) | $ | 14,942 | $ | 15,000 | |||||||||||||||||
DECEMBER 31, 2013 | |||||||||||||||||||||
Year to | Carrying Amount | Fair Value | |||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Loan payable (Level 2)(1) | $ | 14,935 | $ | 15,040 | |||||||||||||||||
(1) | Loan payable consists of Current portion—loan payable: $7,500 in Current liabilities and Loan payable: $7,442 on the consolidated balance sheet. | ||||||||||||||||||||
Certain estimates and judgments were required to develop the fair value amounts. The fair value amount shown above is not necessarily indicative of the amounts that the Company would realize upon disposition, nor do they indicate the Company’s intent or ability to dispose of the financial instrument. | |||||||||||||||||||||
The following methods and assumptions were used to estimate the fair value of each material class of financial instrument: | |||||||||||||||||||||
• | Loan payable—discounted cash flow analysis discounted at current rates |
Business_Combinations
Business Combinations | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Business Combinations | ' | ||||||||
4. Business Combinations | |||||||||
Acquisition of Okapi Sciences | |||||||||
Okapi Sciences | |||||||||
On January 6, 2014, the Company acquired Okapi Sciences, a Leuven, Belgium based company with a proprietary antiviral platform and three clinical/development stage product candidates. This acquisition further expanded the existing Company pipeline. The aggregate purchase price was approximately $44,439, which consisted of $14,139 in cash, a promissory note in the principal amount of $15,134 with a maturity date of December 31, 2014, and a contingent consideration of up to $16,308 with an acquisition fair value of $15,166. The promissory note bore interest at a rate of 7% per annum, payable quarterly in arrears, and was subject to mandatory prepayment in the event of a specified equity financing by the Company. During the three months ended March 31, 2014 the promissory note and accrued interest was paid in cash in the amount of $15,158. Also, the contingent consideration was settled in cash in the amount of $15,235. | |||||||||
Included in the Company’s consolidated statements of operations for the three months ended March 31, 2014 is revenue totaling approximately $164 related to Okapi Sciences. | |||||||||
The acquisition-date fair value of the consideration transferred to the sellers of Okapi Sciences, less cash acquired, was $43,376, which consisted of the following: | |||||||||
Cash consideration | $ | 14,139 | |||||||
Fair value of promissory note | 15,134 | ||||||||
Fair value of contingent consideration | 15,166 | ||||||||
Fair value of total consideration | 44,439 | ||||||||
Less cash acquired | (1,063 | ) | |||||||
Total consideration transferred, net of cash acquired | $ | 43,376 | |||||||
Fair Value of Contingent Consideration: The Company agreed to pay up to $16,308 on or prior to April 7, 2014, subject to mandatory prepayment in cash in the event of a specified future equity financing, provided that if not paid in cash by April 7, 2014, payment was to be made in the form of shares of the Company’s common stock-based on the average closing price of the Company’s common stock during the 10-trading day period ending April 4, 2014, subject to a maximum of 1,060,740 shares and a minimum of 707,160 shares. This contingent consideration was recorded as a liability and measured at fair value using probability-weighted model utilizing significant observable and unobservable inputs, including the volatility in the market price of the Company’s common stock, the expected probability of settling the contingent consideration in either cash or shares and an estimated discount rate commensurate with the risks of these outcomes. The analysis resulted in an estimated fair value of contingent consideration of $15,166. Increases or decreases in any of the probabilities of the settlement method and stock price volatility would result in a significantly higher or lower fair value, respectively, and commensurate changes to this liability. The contingent consideration was settled during the three months ended March 31, 2014 for $15,235 and the difference between the initial fair value amount and settlement amount was $69 which is reflected as a credit to or charge to general and administrative in the consolidated statement of operations. | |||||||||
The acquisition of Okapi Sciences was accounted for as a business combination under the acquisition method of accounting. Accordingly, the assets acquired and liabilities assumed were recorded at fair value with the remaining purchase price recorded as goodwill. The assets acquired and the liabilities assumed from Okapi Sciences have been recorded at their fair values at the date of acquisition, being January 6, 2014. The Company’s consolidated financial statements and results of operations include the results of Okapi Sciences from January 6, 2014. | |||||||||
In the three months ended March 31, 2014 the Company incurred expenses totaling $139 relating to the Okapi Sciences acquisition, which was recorded within general and administrative expenses in the Company’s consolidated statement of operations. | |||||||||
The Company has preliminarily valued the acquired assets and assumed liabilities based on their estimated fair values. These estimates are subject to change as additional information becomes available, including finalization of certain tax matters and finalization of the working capital adjustment. The preliminary fair values included in the balance sheet as of March 31, 2014 are based on the best estimates of management. The completion of the valuation may result in adjustments to the carrying value of Okapi Sciences’ assets and liabilities, revision of useful lives of intangibles assets, the determination of any residual amount that will be allocated to goodwill and the related tax effects. The related amortization of acquired assets is also subject to revision based on the final valuation. Any adjustments to the preliminary fair values will be made as soon as practicable but no later than one year from the January 6, 2014 acquisition date. | |||||||||
The Company’s allocation of the purchase price to the assets acquired and liabilities assumes was as follows: | |||||||||
Cash | $ | 1,063 | |||||||
Accounts receivable | 149 | ||||||||
Other receivables | 60 | ||||||||
Prepaid expenses and other current assets | 82 | ||||||||
Property and equipment | 217 | ||||||||
Other long-term assets | 18 | ||||||||
Identifiable intangible assets | 29,400 | ||||||||
Accounts payable and accrued expenses | (586 | ) | |||||||
Deferred revenue | (83 | ) | |||||||
Deferred tax liabilities, net | (3,588 | ) | |||||||
Long-term debt | (4 | ) | |||||||
Total identifiable net assets | 26,728 | ||||||||
Goodwill | 17,711 | ||||||||
Total net assets acquired | 44,439 | ||||||||
Less: | |||||||||
Promissory note | 15,134 | ||||||||
Contingent consideration | 15,166 | ||||||||
Cash paid | $ | 14,139 | |||||||
The following are the intangible assets acquired by drug program and their estimated useful lives as of the date of the acquisition: | |||||||||
FAIR VALUE | USEFUL LIFE | ||||||||
Ciprovir (now referred to as AT-006) | $ | 3,400 | 13 years | ||||||
Felivir (now referred to as AT-007) | 13,500 | 15 years | |||||||
Canilox (now referred to as AT-008) | 5,300 | 13 years | |||||||
Parvo (now referred to as AT-011) | 7,200 | 14 years | |||||||
Total intangible assets subject to amortization | $ | 29,400 | |||||||
The identifiable intangible assets recognized by the Company as a result of the Okapi Sciences acquisition relate to Okapi Sciences technology, and consist primarily of its intellectual property related to Okapi Sciences Ciprovir, Felivir, Canilox and Parvo programs, and the estimated net present value of future cash flows from commercial agreements related to the Ciprovir program. | |||||||||
All Okapi Sciences programs, which were considered IPR&D at the acquisition date, were valued using a multi-period excess earnings method, a form of the income approach, which incorporates the estimated future cash flows to be generated from this technology. Excess earnings are the earnings remaining after deducting the market rates of return on the estimated values of contributory assets, including debt-free net working capital, tangible, and intangible assets. The excess earnings are thereby calculated for each year of a multi-year projection period and discounted to present value. Accordingly, the primary components of this method consist of the determination of excess earnings and an appropriate rate of return. | |||||||||
The Company will not amortize the assets related to the Okapi Sciences programs until commercialization has been achieved. | |||||||||
The preliminary valuation analysis conducted by the Company determined that the aggregate fair value of identifiable assets acquired less the aggregate fair value of identifiable liabilities assumed by the Company is less than the purchase price. As the purchase price exceeds the fair value of assets and liabilities acquired or assumed, goodwill will be recognized. Goodwill is calculated as the difference between the Okapi Sciences acquisition date fair value of the consideration transferred and the fair values of the assets acquired and liabilities assumed. The goodwill is not expected to be deductible for income tax purposes. Goodwill is recorded as an indefinite-lived asset and is not amortized but tested for impairment on an annual basis or when indications of impairment exist. | |||||||||
The difference between the total consideration and the fair value of the net assets acquired of $17,711 was recorded to Goodwill in the consolidated balance sheet. This goodwill represents the excess of the purchase price over the fair value of the tangible and identifiable intangible assets acquired and liabilities assumed, principally representing the tax attributes of the acquisition and certain operational and strategic synergies such as advancement toward becoming a commercial company and acquiring a proprietary antiviral platform. | |||||||||
Pro forma financial information | |||||||||
The following pro forma financial information summarizes the combined results of operations for the Company as though the acquisition of Okapi Sciences, NV occurred on January 1, 2013. The unaudited pro forma financial information is as follows: | |||||||||
UNAUDITED | |||||||||
YEAR ENDED DECEMBER 31, | |||||||||
2013 | |||||||||
Revenue | $ | 1,730 | |||||||
Net loss | $ | (5,939 | ) | ||||||
The pro forma financial information for all periods presented has been calculated after adjusting the results of the Company and Okapi Sciences to reflect the business combination accounting effects resulting from these acquisitions including the amortization expenses from acquired intangible assets, the deprecation expenses from acquired tangible assets, the stock-based compensation expense for unvested stock options and restricted stock units assumed and the related tax effects as though the acquisition occurred as of January 1, 2013. The pro forma financial information is for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place at the beginning of the Company’s 2013 fiscal year. |
Marketable_Securities
Marketable Securities | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Marketable Securities | ' | ||||||||||||||||
5. Marketable Securities | |||||||||||||||||
As of March 31, 2014 and December 31, 2013, the fair value of available-for-sale marketable securities by type of security was as follows: | |||||||||||||||||
31-Mar-14 | |||||||||||||||||
AMORTIZED | GROSS | GROSS | FAIR | ||||||||||||||
COST | UNREALIZED | UNREALIZED | VALUE | ||||||||||||||
GAINS | LOSSES | ||||||||||||||||
Certificates of deposit | $ | 3,194 | $ | — | $ | — | $ | 3,194 | |||||||||
Common stock | 1,200 | — | (432 | ) | 768 | ||||||||||||
$ | 4,394 | $ | — | $ | (432 | ) | $ | 3,962 | |||||||||
31-Dec-13 | |||||||||||||||||
AMORTIZED | GROSS | GROSS | FAIR | ||||||||||||||
COST | UNREALIZED | UNREALIZED | VALUE | ||||||||||||||
GAINS | LOSSES | ||||||||||||||||
Certificates of deposit | $ | 4,670 | $ | — | $ | — | $ | 4,670 | |||||||||
$ | 4,670 | $ | — | $ | — | $ | 4,670 | ||||||||||
At March 31, 2014, and at December 31, 2013, certificate of deposits consisted of investments that mature within one year. | |||||||||||||||||
At March 31, 2014, unrealized losses in the amount of $432 were recorded as a component of other comprehensive income. As of March 31, 2014, no gross unrealized losses related to individual securities had been in a continuous loss position for 12 months or longer. | |||||||||||||||||
As of March 31, 2014, the Company considers the declines in market value of its marketable securities investment portfolio to be temporary in nature and does not consider any of its investments other-than-temporarily impaired. Fair values were determined for each individual security in the investment portfolio. When evaluating an investment for other-than-temporary impairment the Company reviews factors such as the length of time and extent to which fair value has been below its cost basis, the financial condition of the issuer and any changes thereto, and the Company’s intent to sell, or whether it is more likely than not it will be required to sell the investment before recovery of the investment’s cost basis. During the three months ended March 31, 2014, the Company did not recognize any impairment charges. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||
Derivative Financial Instruments | ' | ||||||||
6. Derivative Financial Instruments | |||||||||
The Company records all derivatives in the consolidated balance sheets at fair value in the other long-term assets financial statement line item. The Company’s derivative financial instrument is not designated as a hedging instrument and is adjusted to fair value through earnings in the other income (expense) financial statement line item. | |||||||||
The following table shows the Company’s derivative instrument at gross fair value as reflected in the consolidated balance sheet as of March 31, 2014: | |||||||||
MARCH 31, 2014 | DECEMBER 31, 2013 | ||||||||
FAIR VALUE OF | FAIR VALUE OF | ||||||||
DERIVATIVES | DERIVATIVES | ||||||||
NOT DESIGNATED | NOT DESIGNATED | ||||||||
AS HEDGE | AS HEDGE | ||||||||
INSTRUMENT | INSTRUMENT | ||||||||
Derivative assets: | |||||||||
Warrant (Notes 3 and 13) | $ | 396 | $ | — | |||||
The following table shows the gain (loss) recognized in other income (expense) for the three months ended: | |||||||||
MARCH 31, 2014 | MARCH 31, 2013 | ||||||||
GAIN/(LOSS) | GAIN/(LOSS) | ||||||||
RECOGNIZED | RECOGNIZED | ||||||||
IN OTHER | IN OTHER | ||||||||
INCOME/(EXPENSE) | INCOME/(EXPENSE) | ||||||||
Derivative assets: | |||||||||
Warrant | $ | (246 | ) | $ | — | ||||
The following table shows the notional principal amounts of the Company’s outstanding derivative instruments and credit risk amounts associated with outstanding or unsettled derivative instruments as of March 31, 2014 | |||||||||
31-Mar-14 | |||||||||
NOTIONAL/ | CREDIT | ||||||||
PRINCIPAL/SHARES | RISK | ||||||||
Instruments not designated as accounting hedges: | |||||||||
Warrant | 153,061 | $ | — | ||||||
The notional principal shares amounts for outstanding derivative instruments provide one measure of the transaction volume outstanding and do not represent the amount of the Company’s exposure to credit or market loss. The credit risk amount represents the Company’s gross exposure to potential accounting loss on derivative instruments that are outstanding or unsettled if all counterparties failed to perform according to the terms of the contract, based on then-current market prices at each respective date. |
Inventories
Inventories | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
7. Inventories | |||||||||
Inventories are stated at the lower of cost or market and are comprised of the following (in thousands): | |||||||||
MARCH 31, 2014 | DECEMBER 31, 2013 | ||||||||
Work-in-process | $ | 125 | $ | 55 | |||||
$ | 125 | $ | 55 | ||||||
Property_and_Equipment_Net
Property and Equipment, Net | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Property and Equipment, Net | ' | ||||||||
8. Property and Equipment, Net | |||||||||
Property and equipment consisted of the following as of March 31, 2014, and December 31, 2013: | |||||||||
MARCH 31, 2014 | DECEMBER 31, 2013 | ||||||||
Laboratory and office equipment | $ | 155 | $ | 90 | |||||
Computer equipment and software | 60 | 40 | |||||||
Furniture | 7 | 2 | |||||||
Vehicles | 100 | — | |||||||
Leasehold improvements | 102 | — | |||||||
Construction in process | 6 | 7 | |||||||
Total property and equipment | 430 | 139 | |||||||
Less: Accumulated depreciation | (64 | ) | (41 | ) | |||||
Property and equipment, net | $ | 366 | $ | 98 | |||||
Depreciation expense was $26, and $3 for the three months ended March 31, 2014 and 2013, respectively. |
Goodwill
Goodwill | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Goodwill | ' | ||||||||||||
9. Goodwill | |||||||||||||
In 2013, the Company completed its acquisition of Vet Therapeutics. The fair value of consideration paid totaled $51,503, net of cash, which resulted in goodwill of $20,796. In January of 2014, the Company completed its acquisition of Okapi Sciences. The fair value of consideration paid totaled $43,376, net of cash received which resulted in goodwill of $17,711. | |||||||||||||
Goodwill is recorded as an indefinite-lived asset and is not amortized for financial reporting purposes but is tested for impairment on an annual basis or when indications of impairment exist. No goodwill impairment losses have been recognized. Goodwill is not expected to be deductible for income tax purposes. The Company will perform its annual impairment test of the carrying value of the Company’s goodwill during the third quarter of each year. | |||||||||||||
The following is a summary of goodwill as of March 31, 2014: | |||||||||||||
Gross Carrying | Impairment | Net Carrying | |||||||||||
Amount | Losses | Value | |||||||||||
Goodwill | $ | 38,531 | $ | — | $ | 38,531 | |||||||
The change in the net book value of goodwill for the three months ended March 31, 2014 is shown in the table below: | |||||||||||||
2014 | |||||||||||||
As of January 1 | $ | 20,796 | |||||||||||
Acquisitions | 17,711 | ||||||||||||
Effect of foreign currency exchange | 24 | ||||||||||||
As of the end of the period | $ | 38,531 | |||||||||||
Intangible_assets_net
Intangible assets, net | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||
Intangible assets, net | ' | ||||
10. Intangible assets, net | |||||
In January 2014, the Company completed its acquisition of Okapi Sciences (Note 4). The Company acquired certain identifiable intangible assets related to Okapi Sciences’ technology. | |||||
The following is a summary of intangible assets acquired during the three months ended March 31, 2014: | |||||
Gross Carrying | |||||
Amount | |||||
Unamortized intangible assets: | |||||
Intellectual property rights acquired for IPR&D | $ | 29,440 | |||
The change in the net book value of other intangible assets for the three months ended March 31, 2014 is shown in the table below: | |||||
2014 | |||||
As of January 1 | $ | 46,140 | |||
Acquisitions | 29,400 | ||||
Amortization charged | (539 | ) | |||
Effect of foreign currency exchange | 40 | ||||
As of the end of the period | $ | 75,041 | |||
The estimated useful lives of the individual categories of intangible assets were based on the nature of the applicable intangible asset and the expected future cash flows to be derived from the intangible asset. Amortization of intangible assets with finite lives is recognized over the shorter of the respective lives of the agreement or the period of time the intangible assets are expected to contribute to future cash flows. The Company amortizes finite-lived intangible assets using the straight-line method. Amortization of intangible assets for the three months ended March 31, 2014 and 2013 amounted to $539, and $0, respectively. | |||||
Debt
Debt | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Debt Disclosure [Abstract] | ' | ||||
Debt | ' | ||||
11. Debt | |||||
On March 4, 2013, the Company entered into the Credit Facility with Square 1 Bank as lender. The Credit Facility provided 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 were 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. | |||||
The Company was 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 bore 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%. | |||||
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 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 March 31, 2014, the Company was in compliance with all covenants related to the Credit Facility. | |||||
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 remained available for the Company to draw by an additional $5,000, to a total of $10,000. Simultaneously with the closing of the Credit Facility Amendment on October 11, 2013, the Company borrowed the total $10,000 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 March 31, 2014, total borrowings under the Credit Facility were $15,000. | |||||
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 of unrestricted cash and 50% of account receivables to all indebtedness at the bank beginning January 1, 2014. At March 31, 2014, the Company was in compliance with all financial covenants. | |||||
On the issuance date of March 4, 2013, the Initial Term Loan was recorded in the consolidated balance sheet net of discount of $73, related to fees assessed by the lender at the time of borrowing. On the issuance date of October 11, 2013, the Additional Term Loan was recorded in the consolidated balance sheet net of discount of $13, 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, and over the remainder of the three-year term for the Additional Term loan. At March 31, 2014, the debt discount balance totaled $58. Accretion amounts recognized as interest expense for the three months ended March 31, 2014 and 2013 were $9 and $3, respectively. | |||||
Principal payments totaling $7,500 are due over the next 12 months. Estimated future principal payments under the Additional Term Loan are as follows: | |||||
YEARS ENDING DECEMBER 31, | |||||
2014 | $ | 5,625 | |||
2015 | 7,500 | ||||
2016 | 1,875 | ||||
2017 | — | ||||
Thereafter | — | ||||
Total | $ | 15,000 | |||
During the three months ended March 31, 2014 and 2013, the Company recognized $215 and $24 of interest expense related to the Credit Facility, respectively. | |||||
In connection with the acquisition of Vet Therapeutics, the Company executed a promissory note in the principal amount of $3,000 with a maturity date of December 31, 2014. The promissory note bore interest at a rate of 7% per annum, payable quarterly in arrears, and was subject to prepayment in the event of specified future equity financings by the Company. During February 2014, the promissory note and accrued interest of $20 was paid by the Company. |
Accrued_Expenses_Other_Current
Accrued Expenses, Other Current Liabilities and Other Long-Term Liabilities | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Accrued Expenses, Other Current Liabilities and Other Long-Term Liabilities | ' | ||||||||
12. 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 March 31, 2014 and December 31, 2013: | |||||||||
MARCH 31, 2014 | DECEMBER 31, 2013 | ||||||||
Accrued expenses: | |||||||||
Accrued payroll and related expenses | $ | 741 | $ | 1,017 | |||||
Accrued professional fees | 553 | 600 | |||||||
Accrued minimum royalties | 18 | 70 | |||||||
Accrued interest | 71 | 71 | |||||||
Accrued research and development costs | 642 | 662 | |||||||
Accrued other | 205 | 75 | |||||||
$ | 2,230 | $ | 2,495 | ||||||
Other current liabilities: | |||||||||
Deferred reimburseable expenses | 74 | — | |||||||
Early exercise of stock-based awards | $ | 45 | $ | 57 | |||||
$ | 119 | $ | 57 | ||||||
Other long-term liabilities: | |||||||||
Early exercise of stock-based awards | $ | 66 | $ | 75 | |||||
$ | 66 | $ | 75 | ||||||
Agreements
Agreements | 3 Months Ended |
Mar. 31, 2014 | |
Text Block [Abstract] | ' |
Agreements | ' |
13. Agreements | |
Kansas Bioscience Authority (“KBA”) Programs | |
During the three months ended March 31, 2014 and 2013, the Company recognized income from a research and development grant from the Kansas Bioscience Authority of $0 and $69, respectively. | |
Option Programs | |
As part of the Company’s product selection and development effort, we enter into option agreements with human biopharmaceutical companies to access certain product candidates. These agreements are for a determined period of time and enable us to perform additional due diligence and further evaluate the product candidate prior to entering into a license. We negotiate the terms of the license at the time of the option agreement and those terms become effective only if we exercise the option. Using this strategy, we have the ability to perform due diligence on multiple molecules in the same therapeutic class. We have entered three such option agreements for molecules in human pharmaceutical development; two of these molecules were in the same therapeutic class, and after performing an analysis of both compounds, we have decided to continue option period diligence on one of these molecules. We expect to make a decision on the remaining two options during the first half of 2014. For each of the two remaining molecules in the option programs, we have dog safety data and early dog efficacy data. | |
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 March 31, 2014 and 2013, the Company recognized expenses of $85 and $0, respectively, due to these Option Programs as research and development expense. | |
Novartis Animal Health (“NAH”) | |
On August 21, 2013, Okapi Sciences entered into an Exclusive License, Development, and Commercialization Agreement with NAH (the “NAH AT-006 Agreement”) that granted NAH global rights for development and commercialization of licensed animal health products for an anti-viral for the treatment of feline herpes virus induced ophthalmic conditions. As a result of our acquisition of Okapi Sciences, the Company has assumed the rights and obligations under this agreement. The Company is responsible for the development and obtaining regulatory approval of AT-006 and NAH is responsible for the commercialization. The Company will be entitled to receive from NAH milestone payments of up to €7,500 upon Okapi Sciences’ achievement of certain regulatory milestones and NAH achievement of certain commercial milestones, as well as tiered royalties on NAH’s product sales, if any. The Company is entitled to receive from NAH up to $2,500 in reimbursement for development expenses, unless additional monies are approved by the joint steering committee. As of the acquisition date, Okapi Sciences had incurred $930 of development expenses. The remaining funding of up to $1,570 will be recognized as revenue as development expenses are incurred by the Company. | |
During the three months ended March 31, 2014, the Company recognized $164 of research and development services revenue related to the NAH AT-006 Agreement. As of March 31, 2014, the Company had not accrued or received any milestone or royalty payments since execution of the NAH AT-006 Agreement. | |
Advaxis Inc. (“Advaxis”) | |
On March 19, 2014, the Company entered into an Exclusive License Agreement with Advaxis (the “Advaxis Agreement”) that granted the Company global rights for development and commercialization of licensed animal health products for Advaxis’ ADXS-cHER2 for the treatment of osteosarcoma in dogs and three additional cancer immunotherapy products for the treatment of three other types of cancer. Under the terms of the Advaxis Agreement, the Company paid $2,500 for the license 306,122 shares of common stock and a warrant to purchase 153,061 shares of common stock. The consideration was allocated to the common stock and warrant based on their fair values on the date of issuance of $1,200 and $643, respectively. The remaining consideration of $657 was allocated to the licensed technology. On the date of acquisition, the licensed technology had not reached technological feasibility in animal health indications and had no alternative future use in the field of animal health. Accordingly, in-process research and development of $657 was expensed upon acquisition. The Company will be required to pay Advaxis milestone payments of up to an additional $6,000 in clinical and regulatory milestones for each of the four products, assuming approvals in both cats and dogs, in both the United States and the European Union. In addition, the Company agreed to pay up to $28,500 in commercial milestones, as well as tiered royalties ranging from mid-single digit to 10% on the Company’s product sales, if any. | |
The Company does not expect to achieve additional milestones related to the Advaxis Agreement within the next twelve months. | |
Under the terms of the subscription agreement, the Company acquired 306,122 shares of common stock and a warrant to purchase another 153,061 shares of common stock for $1,843. The warrant is exercisable through March 19, 2024, at an exercise price of $4.90 per share of common stock and to be settled through physical share issuance or net share settlement where the total number of issued shares is based on the amount the market price of common stock exceeds the exercise price of $4.90 on date of exercise. Neither the common stock nor warrant have registration rights. The remaining consideration of $1,843 was allocated to the common stock, $1,200, and the warrant $643 based on fair value and recorded in marketable securities and other long-term assets respectively. | |
Common_Stock
Common Stock | 3 Months Ended |
Mar. 31, 2014 | |
Equity [Abstract] | ' |
Common Stock | ' |
14. Common Stock | |
Public Offering | |
On February 3, 2014, the Company completed a public offering of its common stock in which the Company issued and sold 5,150,000 shares of common stock at a public offering price of $19.00 per share. The Company received net proceeds of approximately $90,507 after deducting underwriting discounts and commissions of approximately $5,871 and other offering expenses of approximately $1,483. | |
As of March 31, 2014, there were 28,757,418 shares of the Company’s common stock outstanding, net of 762,002 shares of unvested restricted common stock. | |
Authorized Common Stock | |
In February 2013, the board of directors of the Company approved an amendment of the Company’s Certificate of Incorporation and increased the number of authorized shares of common stock to 25,041,667. On July 2, 2013, the Company increased the number of authorized shares of its common stock from 25,041,667 to 100,000,000, par value $0.001 per share. | |
Treasury Stock | |
As part of the Company’s stock plans, the Company offers employees the opportunity to make required tax payments with cash or through a net share settlement. For employees choosing net share settlement, the Company makes required tax payments on behalf of employees as their stock awards vest and then withholds a number of vested shares having a value on the date of vesting equal to the tax obligation. The shares withheld are recorded as treasury shares. During the three months ended March 31, 2014, the Company repurchased 4,009 shares in settlement of employees’ tax obligations for a total of $76 or an average of $19.00 per share. During the three months ended March 31, 2013, the Company repurchased no shares in settlement of employees’ tax obligations. The Company accounts for treasury stock using the cost method. | |
On April 15, 2014, the Company purchased 71,918 shares from a former stockholder of a subsidiary in a non-recurring private transaction for $986 or $13.71 per share. | |
Reverse Stock Split | |
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 consolidated financial statements and notes thereto have been adjusted retroactively, where applicable, to reflect the reverse stock split. | |
Stock-Based Awards | |
The Company issued common stock pursuant to the 2010 Equity Incentive Plan during the three months ended March 31, 2014 and the years ended December 31, 2013 and 2012 and the 2013 Incentive Award Plan for the three months ended March 31 2014, and year ended December 31, 2013 (Note 14). |
StockBased_Awards
Stock-Based Awards | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Stock-Based Awards | ' | ||||||||||||||||
15. Stock-Based Awards | |||||||||||||||||
The following table summarizes stock option activity under the 2010 Equity Incentive Plan (the “2010 Plan”) for the three months ended March 31, 2014: | |||||||||||||||||
SHARES | WEIGHTED | WEIGHTED | AGGREGATE | ||||||||||||||
ISSUABLE | AVERAGE | AVERAGE | INTRINSIC | ||||||||||||||
UNDER | EXERCISE | REMAINING | VALUE | ||||||||||||||
OPTIONS | PRICE | CONTRACTUAL | |||||||||||||||
TERM | |||||||||||||||||
(IN YEARS) | |||||||||||||||||
Outstanding as of December 31, 2013 | 263,467 | $ | 1.25 | 8.94 | $ | 4,704 | |||||||||||
Granted | — | — | |||||||||||||||
Exercised | (46,305 | ) | 0.4 | ||||||||||||||
Forfeited | (45,446 | ) | 0.4 | ||||||||||||||
Expired | — | — | |||||||||||||||
Outstanding as of March 31, 2014 | 171,716 | $ | 1.7 | 8.8 | $ | 2,895 | |||||||||||
For the three months ended March 31, 2014, the total intrinsic value of options exercised was $855. The Company received $18 during the three months ended March 31, 2014 from stock option exercises. | |||||||||||||||||
The table below summarizes activity under the 2010 Plan related to restricted stock for the three months ended March 31, 2014: | |||||||||||||||||
SHARES | WEIGHTED | ||||||||||||||||
AVERAGE GRANT | |||||||||||||||||
DATE FAIR VALUE | |||||||||||||||||
Unvested restricted common stock as of December 31, 2013 | 237,740 | $ | 0.82 | ||||||||||||||
Restricted common stock issued | — | — | |||||||||||||||
Restricted common stock vested | (76,779 | ) | 0.82 | ||||||||||||||
Restricted common stock forfeited | — | — | |||||||||||||||
Unvested restricted common stock as of March 31, 2014 | 160,961 | $ | 0.82 | ||||||||||||||
As of March 31, 2014, options for the purchase of 1,436,514 shares of the Company’s common stock (net of repurchased shares) have been exercised, of which 289,092 were unvested and subject to repurchase. | |||||||||||||||||
The following table summarizes stock option activity under the 2013 Incentive Award Plan (the “2013 Plan”) for the three months ended March 31, 2014: | |||||||||||||||||
SHARES | WEIGHTED | WEIGHTED | AGGREGATE | ||||||||||||||
ISSUABLE | AVERAGE | AVERAGE | INTRINSIC | ||||||||||||||
UNDER | EXERCISE | REMAINING | VALUE | ||||||||||||||
OPTIONS | PRICE | CONTRACTUAL | |||||||||||||||
TERM | |||||||||||||||||
Outstanding as of December 31, 2013 | 685,934 | $ | 15.32 | 9.68 | $ | 4,151 | |||||||||||
Granted | 675,211 | 19.01 | |||||||||||||||
Exercised | (4,386 | ) | 6 | ||||||||||||||
Forfeited | (23,893 | ) | 6 | ||||||||||||||
Expired | — | — | |||||||||||||||
Outstanding as of March 31, 2014 | 1,332,866 | $ | 17.38 | 9.63 | $ | 3,675 | |||||||||||
For the three months ended March 31, 2014, the weighted average grant date fair value of stock options granted was $13.87. For the three months ended March 31, 2014, the total intrinsic value of options exercised was $55. The Company received $26 during the three months ended March 31, 2014 from stock option exercises. | |||||||||||||||||
The table below summarizes activity under the 2013 Plan related to restricted stock for the three months ended March 31, 2014: | |||||||||||||||||
SHARES | WEIGHTED | ||||||||||||||||
AVERAGE | |||||||||||||||||
GRANT | |||||||||||||||||
DATE FAIR | |||||||||||||||||
VALUE | |||||||||||||||||
Unvested restricted common stock as of December 31, 2013 | 89,766 | $ | 19.07 | ||||||||||||||
Restricted common stock issued | 225,000 | 18.42 | |||||||||||||||
Restricted common stock vested | (2,817 | ) | 7.56 | ||||||||||||||
Restricted common stock forfeited | — | — | |||||||||||||||
Unvested restricted common stock as of March 31, 2014 | 311,949 | $ | 18.7 | ||||||||||||||
For the three months ended March 31, 2014, the weighted average grant date fair value of restricted common stock granted was $18.42. For the three months ended March 31, 2014, the total fair value of restricted common stock vested was $50. The Company did not receive cash proceeds for any of the restricted common stock granted during the three months ended March 31, 2014. | |||||||||||||||||
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 ended March 31, 2014 and 2013 as follows: | |||||||||||||||||
THREE MONTHS MARCH 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Research and development | $ | 404 | $ | 31 | |||||||||||||
General and administrative | 1,829 | 72 | |||||||||||||||
$ | 2,233 | $ | 103 | ||||||||||||||
The Company had an aggregate of $14,916 and $5,383 of unrecognized stock-based compensation expense for options outstanding and restricted stock awards, respectively, as of March 31, 2014, which is expected to be recognized over a weighted average period of 3.46 years. |
Net_Loss_Per_Share
Net Loss Per Share | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Net Loss Per Share | ' | ||||||||
16. Net Loss Per Share | |||||||||
Basic and diluted net loss per share attributable to common stockholders was calculated as follows for the three months ended March 31, 2014 and 2013. | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Basic and diluted net loss per share attributable to common stockholders: | |||||||||
Numerator: | |||||||||
Net Loss | $ | (9,152 | ) | $ | (3,293 | ) | |||
Unaccreted dividends on convertible preferred stock | — | (773 | ) | ||||||
Net loss attributable to common stockholders | $ | (9,152 | ) | $ | (4,066 | ) | |||
Denominator: | |||||||||
Weighted average shares outstanding—basic and diluted | 26,765,565 | 860,350 | |||||||
Net loss per share attributable to common stockholders—basic and diluted(1) | $ | (0.34 | ) | $ | (4.73 | ) | |||
-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 1,504,582 and 1,065,233 shares of common stock were excluded from the computation of diluted net loss per share attributable to common stockholders for both the three months ended March 31, 2014 and 2013, respectively, because those options had an anti-dilutive impact due to the net loss attributable to common stockholders incurred for the period. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
17. Income Taxes | |
We recorded income tax benefit of $627 during the three months ended March 31, 2014, compared to $0 during the three months ended March 31, 2013. Our effective tax rate of 6.4% for the three months ended March 31, 2014, was based on our projected annual estimated effective tax rate for 2014. Our income tax benefit consists of deferred tax benefit for losses incurred that would reduce the amount of deferred tax liability related to intangible assets. | |
As of March 31, 2014, the Company had net deferred tax liability of approximately $3.2 million. On January 6, 2014, we completed the acquisition of Okapi Sciences. As a result of the acquisition, the company recognized approximately $3.6 million of net deferred tax liability primarily related to the step-up of intangible assets for book purposes, net of foreign net operating loss carryforwards. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||||||
18. Accumulated Other Comprehensive Loss | |||||||||||||
The changes in accumulated other comprehensive loss, net of their related tax effects, for the three months ended March 31, 2014 were: | |||||||||||||
Foreign | Unrealized | Accumulated | |||||||||||
currency | holding gain/ | other | |||||||||||
translation | (loss) on | comprehensive | |||||||||||
adjustment | available for | loss | |||||||||||
sale securities | |||||||||||||
As of January 1, 2014 | $ | — | $ | — | $ | — | |||||||
Current period change | (68 | ) | (432 | ) | (500 | ) | |||||||
As of March 31, 2014 | $ | (68 | ) | $ | (432 | ) | $ | (500 | ) |
Subsequent_event
Subsequent event | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent event | ' |
19. Subsequent event | |
On May 7, 2014 the Company amended its corporate office lease in Kansas City, Kansas with MPM Heartland House, LLC, a company in which the current Chief Executive Officer and President of the Company, also a director of the Company, is the principal owner. The amendment was made effective May 1, 2014. Under the terms of the amendment, the Company expanded leased office space, shared access areas and parking spaces for a total rent of $115 per year. All other lease terms remain unaltered. The Company believes the terms of the lease agreement, as amended, are no less favorable than those that the Company could have obtained from an unaffiliated third party. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Use of Estimates | ' |
Use of Estimates | |
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from those estimates. | |
Revenue Recognition | ' |
Revenue Recognition | |
During 2013, the Company’s principal revenue streams were product sales, royalty revenue and licensing revenue. Beginning in 2014, as a result of the Okapi Sciences acquisition (Note 4), the Company will generate revenue from research and development services. Revenues from the performance of research and development services are recorded as Licensing and collaboration revenue in the consolidated statements of operations and are recognized on a proportional basis as costs are incurred. | |
Accounting for Stock Based Compensation | ' |
Accounting for Stock Based Compensation | |
In 2013, the Company used expected volatility based on the historic volatility of publicly-traded peer companies. Beginning in the first quarter of 2014, expected volatility became based on historical volatility of the Company’s stock as adequate historical data regarding the volatility of the Company’s common stock price became available. | |
Derivative Financial Instruments | ' |
Derivative Financial Instruments | |
In 2013, the Company held no derivative financial instruments. The Company accounts for its derivative instruments as either assets or liabilities and carries them at fair value. The Company’s sole derivative (Note 6) has not been designated as a hedging instrument and is adjusted to fair value through current income. | |
Foreign Currency | ' |
Foreign Currency | |
During 2013, the Company had limited foreign currency exposure. With the acquisition of Okapi Sciences in 2014, the Company now is exposed to effects of foreign currency from translation. Monetary assets and liabilities in foreign currencies are translated into the functional currency of the relevant subsidiary in which they arise at the rate of exchange at the balance sheet date. Transactions in foreign currencies are translated into the relevant functional currency at the rate of exchange at the date of the transaction. Transaction gains and losses are recognized in arriving at loss from operations. The results of operations for subsidiaries, whose functional currency is not the US Dollar, are translated into the US Dollar at the average rates of exchange during the period, with the subsidiaries’ balance sheets translated at the rates accumulated at the balance sheet date. The cumulative effect of exchange rate movements is included in a separate component of other comprehensive income in the consolidated balance sheet. Gains and losses arising from intercompany foreign currency transactions are included in loss from operations unless the gains and losses arise from permanent differences in intercompany accounts. Gains and losses from permanent differences in intercompany accounts is included in a separate component of other comprehensive income. | |
Comprehensive Loss | ' |
Comprehensive Loss | |
For the year ended December 31, 2013, and the cumulative period from inception (December 1, 2010) through December 31, 2013, there was no difference between net loss and comprehensive loss. During the first quarter of 2014, there was a difference between net loss and comprehensive loss. The Company includes in comprehensive loss, foreign currency translation adjustments related to the translation of foreign subsidiaries’ balance sheets and permanent differences in intercompany accounts and unrealized holding gains and losses on available-for-sale securities. |
Fair_Value_of_Financial_Assets1
Fair Value of Financial Assets and Liabilities (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Summary of Information about Company's Financial Assets and Liabilities Subject to Fair Value Measurement on Recurring Basis | ' | ||||||||||||||||||||
As of March 31, 2014 and December 31, 2013 the following financial assets and liabilities are measured at fair value on a recurring basis using quoted prices in active markets for identical assets (Level 1); significant other observable inputs (Level 2); and significant unobservable inputs (Level 3). | |||||||||||||||||||||
CARRYING | FAIR VALUE MEASUREMENTS AS OF | ||||||||||||||||||||
VALUE | MARCH 31, 2014 USING: | ||||||||||||||||||||
LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL | ||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash equivalents | $ | 747 | $ | — | $ | 747 | $ | — | $ | 747 | |||||||||||
Short-term marketable securities | 3,194 | — | 3,194 | — | 3,194 | ||||||||||||||||
Long-term marketable securities | 768 | — | 768 | — | 768 | ||||||||||||||||
Derivative financial instruments | 396 | — | 396 | — | 396 | ||||||||||||||||
$ | 5,105 | $ | — | $ | 5,105 | $ | — | $ | 5,105 | ||||||||||||
Liabilities: | |||||||||||||||||||||
Contingent consideration(1) | $ | 4,131 | $ | — | $ | — | $ | 4,131 | $ | 4,131 | |||||||||||
$ | 4,131 | $ | — | $ | — | $ | 4,131 | $ | 4,131 | ||||||||||||
(1) | Contingent consideration consists of current portion: $2,567 and long term contingent consideration: $1,564 on the consolidated balance sheet. | ||||||||||||||||||||
CARRYING | FAIR VALUE MEASUREMENTS AS OF | ||||||||||||||||||||
VALUE | DECEMBER 31, 2013 USING: | ||||||||||||||||||||
LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL | ||||||||||||||||||
Assets: | |||||||||||||||||||||
Marketable securities | $ | 4,670 | $ | — | $ | 4,670 | $ | — | $ | 4,670 | |||||||||||
$ | 4,670 | $ | — | $ | 4,670 | $ | — | $ | 4,670 | ||||||||||||
Liabilities: | |||||||||||||||||||||
Contingent consideration(1) | $ | 4,115 | $ | — | $ | — | $ | 4,115 | $ | 4,115 | |||||||||||
$ | 4,115 | $ | — | $ | — | $ | 4,115 | $ | 4,115 | ||||||||||||
(1) | Contingent consideration consists of current portion: $2,572 and long term contingent consideration: $1,543 on the consolidated balance sheet. | ||||||||||||||||||||
Change in Fair Value of Company's Contingent Consideration Payable Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||||||
The change in the fair value of the Company’s contingent consideration payable, which is measured at fair value on a recurring basis using significant unobservable inputs (Level 3), is as follows: | |||||||||||||||||||||
Contingent consideration | |||||||||||||||||||||
2014 | |||||||||||||||||||||
As of January 1 | $ | 4,115 | |||||||||||||||||||
Initial recognition of contingent consideration payable | 15,166 | ||||||||||||||||||||
Settlement of contingent consideration payable | (15,235 | ) | |||||||||||||||||||
Expense recognized in the consolidated statement of operations (within general and administrative) due to change in fair value | 85 | ||||||||||||||||||||
As of the end of the period | $ | 4,131 | |||||||||||||||||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ' | ||||||||||||||||||||
Quantitative Information about Company's Recurring Level 3 Fair Value Measurements | ' | ||||||||||||||||||||
Quantitative information about the Company’s recurring Level 3 fair value measurements is included below: | |||||||||||||||||||||
Financial liabilities: | FAIR VALUE AT MEASUREMENT DATE | ||||||||||||||||||||
At March 31, 2014 | Fair value | Valuation | Significant | Range | (Weighted | ||||||||||||||||
technique | unobservable | Average) | |||||||||||||||||||
inputs | |||||||||||||||||||||
Contingent consideration | $ | 4,131 | Income | Probability of | 3.80% to 95.00% | (71.44 | %) | ||||||||||||||
approach | milestones being | ||||||||||||||||||||
(probability | achieved | ||||||||||||||||||||
weighted | |||||||||||||||||||||
discounted | |||||||||||||||||||||
cash flow) | |||||||||||||||||||||
Assumed market | 5.50% | ||||||||||||||||||||
participant | |||||||||||||||||||||
discount rate | |||||||||||||||||||||
Periods in which | 2014 to 2015 | ||||||||||||||||||||
milestones are | |||||||||||||||||||||
expected to be | |||||||||||||||||||||
achieved | |||||||||||||||||||||
Fair Value, Measurements, Nonrecurring [Member] | ' | ||||||||||||||||||||
Carrying Amounts and Estimated Fair Value of Company's Financial Assets and Liabilities Not Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||||||
The carrying amounts and estimated fair value as at March 31, 2014 and December 31, 2013 of the Company’s financial assets and liabilities which are not measured at fair value on a recurring basis are as follows: | |||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||
Year to | Carrying Amount | Fair Value | |||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Loan payable (Level 2)(1) | $ | 14,942 | $ | 15,000 | |||||||||||||||||
DECEMBER 31, 2013 | |||||||||||||||||||||
Year to | Carrying Amount | Fair Value | |||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Loan payable (Level 2)(1) | $ | 14,935 | $ | 15,040 | |||||||||||||||||
(1) | Loan payable consists of Current portion—loan payable: $7,500 in Current liabilities and Loan payable: $7,442 on the consolidated balance sheet. |
Business_Combinations_Tables
Business Combinations (Tables) (Okapi Sciences NV [Member]) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Okapi Sciences NV [Member] | ' | ||||||||
Acquisition Date Fair Value of Consideration Transferred | ' | ||||||||
The acquisition-date fair value of the consideration transferred to the sellers of Okapi Sciences, less cash acquired, was $43,376, which consisted of the following: | |||||||||
Cash consideration | $ | 14,139 | |||||||
Fair value of promissory note | 15,134 | ||||||||
Fair value of contingent consideration | 15,166 | ||||||||
Fair value of total consideration | 44,439 | ||||||||
Less cash acquired | (1,063 | ) | |||||||
Total consideration transferred, net of cash acquired | $ | 43,376 | |||||||
Allocation of Purchase Price to Assets Acquired and Liabilities Assumed | ' | ||||||||
The Company’s allocation of the purchase price to the assets acquired and liabilities assumes was as follows: | |||||||||
Cash | $ | 1,063 | |||||||
Accounts receivable | 149 | ||||||||
Other receivables | 60 | ||||||||
Prepaid expenses and other current assets | 82 | ||||||||
Property and equipment | 217 | ||||||||
Other long-term assets | 18 | ||||||||
Identifiable intangible assets | 29,400 | ||||||||
Accounts payable and accrued expenses | (586 | ) | |||||||
Deferred revenue | (83 | ) | |||||||
Deferred tax liabilities, net | (3,588 | ) | |||||||
Long-term debt | (4 | ) | |||||||
Total identifiable net assets | 26,728 | ||||||||
Goodwill | 17,711 | ||||||||
Total net assets acquired | 44,439 | ||||||||
Less: | |||||||||
Promissory note | 15,134 | ||||||||
Contingent consideration | 15,166 | ||||||||
Cash paid | $ | 14,139 | |||||||
Components of Intangible Assets Acquired | ' | ||||||||
The following are the intangible assets acquired by drug program and their estimated useful lives as of the date of the acquisition: | |||||||||
FAIR VALUE | USEFUL LIFE | ||||||||
Ciprovir (now referred to as AT-006) | $ | 3,400 | 13 years | ||||||
Felivir (now referred to as AT-007) | 13,500 | 15 years | |||||||
Canilox (now referred to as AT-008) | 5,300 | 13 years | |||||||
Parvo (now referred to as AT-011) | 7,200 | 14 years | |||||||
Total intangible assets subject to amortization | $ | 29,400 | |||||||
Summary of Proforma Financial Information | ' | ||||||||
The following pro forma financial information summarizes the combined results of operations for the Company as though the acquisition of Okapi Sciences, NV occurred on January 1, 2013. The unaudited pro forma financial information is as follows: | |||||||||
UNAUDITED | |||||||||
YEAR ENDED DECEMBER 31, | |||||||||
2013 | |||||||||
Revenue | $ | 1,730 | |||||||
Net loss | $ | (5,939 | ) |
Marketable_Securities_Tables
Marketable Securities (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Fair Value of Available-for-Sale Marketable Securities | ' | ||||||||||||||||
As of March 31, 2014 and December 31, 2013, the fair value of available-for-sale marketable securities by type of security was as follows: | |||||||||||||||||
31-Mar-14 | |||||||||||||||||
AMORTIZED | GROSS | GROSS | FAIR | ||||||||||||||
COST | UNREALIZED | UNREALIZED | VALUE | ||||||||||||||
GAINS | LOSSES | ||||||||||||||||
Certificates of deposit | $ | 3,194 | $ | — | $ | — | $ | 3,194 | |||||||||
Common stock | 1,200 | — | (432 | ) | 768 | ||||||||||||
$ | 4,394 | $ | — | $ | (432 | ) | $ | 3,962 | |||||||||
31-Dec-13 | |||||||||||||||||
AMORTIZED | GROSS | GROSS | FAIR | ||||||||||||||
COST | UNREALIZED | UNREALIZED | VALUE | ||||||||||||||
GAINS | LOSSES | ||||||||||||||||
Certificates of deposit | $ | 4,670 | $ | — | $ | — | $ | 4,670 | |||||||||
$ | 4,670 | $ | — | $ | — | $ | 4,670 | ||||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||
Derivative Instrument at Gross Fair Value as Reflected | ' | ||||||||
The following table shows the Company’s derivative instrument at gross fair value as reflected in the consolidated balance sheet as of March 31, 2014: | |||||||||
MARCH 31, 2014 | DECEMBER 31, 2013 | ||||||||
FAIR VALUE OF | FAIR VALUE OF | ||||||||
DERIVATIVES | DERIVATIVES | ||||||||
NOT DESIGNATED | NOT DESIGNATED | ||||||||
AS HEDGE | AS HEDGE | ||||||||
INSTRUMENT | INSTRUMENT | ||||||||
Derivative assets: | |||||||||
Warrant (Notes 3 and 13) | $ | 396 | $ | — | |||||
Gain (Loss) Recognized in Other Income (Expense) | ' | ||||||||
The following table shows the gain (loss) recognized in other income (expense) for the three months ended: | |||||||||
MARCH 31, 2014 | MARCH 31, 2013 | ||||||||
GAIN/(LOSS) | GAIN/(LOSS) | ||||||||
RECOGNIZED | RECOGNIZED | ||||||||
IN OTHER | IN OTHER | ||||||||
INCOME/(EXPENSE) | INCOME/(EXPENSE) | ||||||||
Derivative assets: | |||||||||
Warrant | $ | (246 | ) | $ | — | ||||
Notional Principal Amounts of Outstanding Derivative Instruments and Credit Risk Amounts Associated with Outstanding or Unsettled Derivative Instruments | ' | ||||||||
The following table shows the notional principal amounts of the Company’s outstanding derivative instruments and credit risk amounts associated with outstanding or unsettled derivative instruments as of March 31, 2014 | |||||||||
31-Mar-14 | |||||||||
NOTIONAL/ | CREDIT | ||||||||
PRINCIPAL/SHARES | RISK | ||||||||
Instruments not designated as accounting hedges: | |||||||||
Warrant | 153,061 | $ | — |
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Components of Inventories | ' | ||||||||
Inventories are stated at the lower of cost or market and are comprised of the following (in thousands): | |||||||||
MARCH 31, 2014 | DECEMBER 31, 2013 | ||||||||
Work-in-process | $ | 125 | $ | 55 | |||||
$ | 125 | $ | 55 | ||||||
Property_and_Equipment_Net_Tab
Property and Equipment, Net (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Schedule of Property and Equipment | ' | ||||||||
Property and equipment consisted of the following as of March 31, 2014, and December 31, 2013: | |||||||||
MARCH 31, 2014 | DECEMBER 31, 2013 | ||||||||
Laboratory and office equipment | $ | 155 | $ | 90 | |||||
Computer equipment and software | 60 | 40 | |||||||
Furniture | 7 | 2 | |||||||
Vehicles | 100 | — | |||||||
Leasehold improvements | 102 | — | |||||||
Construction in process | 6 | 7 | |||||||
Total property and equipment | 430 | 139 | |||||||
Less: Accumulated depreciation | (64 | ) | (41 | ) | |||||
Property and equipment, net | $ | 366 | $ | 98 | |||||
Goodwill_Tables
Goodwill (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Summary of Goodwill | ' | ||||||||||||
The following is a summary of goodwill as of March 31, 2014: | |||||||||||||
Gross Carrying | Impairment | Net Carrying | |||||||||||
Amount | Losses | Value | |||||||||||
Goodwill | $ | 38,531 | $ | — | $ | 38,531 | |||||||
Summary of Change in the Net Book Value of Goodwill | ' | ||||||||||||
The change in the net book value of goodwill for the three months ended March 31, 2014 is shown in the table below: | |||||||||||||
2014 | |||||||||||||
As of January 1 | $ | 20,796 | |||||||||||
Acquisitions | 17,711 | ||||||||||||
Effect of foreign currency exchange | 24 | ||||||||||||
As of the end of the period | $ | 38,531 | |||||||||||
Intangible_assets_net_Tables
Intangible assets, net (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||
Summary of Intangible Assets Acquired | ' | ||||
The following is a summary of intangible assets acquired during the three months ended March 31, 2014: | |||||
Gross Carrying | |||||
Amount | |||||
Unamortized intangible assets: | |||||
Intellectual property rights acquired for IPR&D | $ | 29,440 | |||
Summary of Change in the Net Book Value of Other Intangible Assets | ' | ||||
The change in the net book value of other intangible assets for the three months ended March 31, 2014 is shown in the table below: | |||||
2014 | |||||
As of January 1 | $ | 46,140 | |||
Acquisitions | 29,400 | ||||
Amortization charged | (539 | ) | |||
Effect of foreign currency exchange | 40 | ||||
As of the end of the period | $ | 75,041 |
Debt_Tables
Debt (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Debt Disclosure [Abstract] | ' | ||||
Estimated Future Principal Payments under Additional Term Loan | ' | ||||
Estimated future principal payments under the Additional Term Loan are as follows: | |||||
YEARS ENDING DECEMBER 31, | |||||
2014 | $ | 5,625 | |||
2015 | 7,500 | ||||
2016 | 1,875 | ||||
2017 | — | ||||
Thereafter | — | ||||
Total | $ | 15,000 |
Accrued_Expenses_Other_Current1
Accrued Expenses, Other Current Liabilities and Other Long-Term Liabilities (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
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 March 31, 2014 and December 31, 2013: | |||||||||
MARCH 31, 2014 | DECEMBER 31, 2013 | ||||||||
Accrued expenses: | |||||||||
Accrued payroll and related expenses | $ | 741 | $ | 1,017 | |||||
Accrued professional fees | 553 | 600 | |||||||
Accrued minimum royalties | 18 | 70 | |||||||
Accrued interest | 71 | 71 | |||||||
Accrued research and development costs | 642 | 662 | |||||||
Accrued other | 205 | 75 | |||||||
$ | 2,230 | $ | 2,495 | ||||||
Other current liabilities: | |||||||||
Deferred reimburseable expenses | 74 | — | |||||||
Early exercise of stock-based awards | $ | 45 | $ | 57 | |||||
$ | 119 | $ | 57 | ||||||
Other long-term liabilities: | |||||||||
Early exercise of stock-based awards | $ | 66 | $ | 75 | |||||
$ | 66 | $ | 75 | ||||||
StockBased_Awards_Tables
Stock-Based Awards (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
2013 Equity Incentive Plan [Member] | ' | ||||||||||||||||
Summary of Stock Option Activity | ' | ||||||||||||||||
The following table summarizes stock option activity under the 2013 Incentive Award Plan (the “2013 Plan”) for the three months ended March 31, 2014: | |||||||||||||||||
SHARES | WEIGHTED | WEIGHTED | AGGREGATE | ||||||||||||||
ISSUABLE | AVERAGE | AVERAGE | INTRINSIC | ||||||||||||||
UNDER | EXERCISE | REMAINING | VALUE | ||||||||||||||
OPTIONS | PRICE | CONTRACTUAL | |||||||||||||||
TERM | |||||||||||||||||
Outstanding as of December 31, 2013 | 685,934 | $ | 15.32 | 9.68 | $ | 4,151 | |||||||||||
Granted | 675,211 | 19.01 | |||||||||||||||
Exercised | (4,386 | ) | 6 | ||||||||||||||
Forfeited | (23,893 | ) | 6 | ||||||||||||||
Expired | — | — | |||||||||||||||
Outstanding as of March 31, 2014 | 1,332,866 | $ | 17.38 | 9.63 | $ | 3,675 | |||||||||||
Summary of Restricted Stock Activity | ' | ||||||||||||||||
The table below summarizes activity under the 2013 Plan related to restricted stock for the three months ended March 31, 2014: | |||||||||||||||||
SHARES | WEIGHTED | ||||||||||||||||
AVERAGE | |||||||||||||||||
GRANT | |||||||||||||||||
DATE FAIR | |||||||||||||||||
VALUE | |||||||||||||||||
Unvested restricted common stock as of December 31, 2013 | 89,766 | $ | 19.07 | ||||||||||||||
Restricted common stock issued | 225,000 | 18.42 | |||||||||||||||
Restricted common stock vested | (2,817 | ) | 7.56 | ||||||||||||||
Restricted common stock forfeited | — | — | |||||||||||||||
Unvested restricted common stock as of March 31, 2014 | 311,949 | $ | 18.7 | ||||||||||||||
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 ended March 31, 2014 and 2013 as follows: | |||||||||||||||||
THREE MONTHS MARCH 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Research and development | $ | 404 | $ | 31 | |||||||||||||
General and administrative | 1,829 | 72 | |||||||||||||||
$ | 2,233 | $ | 103 | ||||||||||||||
2010 Equity Incentive Plan [Member] | ' | ||||||||||||||||
Summary of Stock Option Activity | ' | ||||||||||||||||
The following table summarizes stock option activity under the 2010 Equity Incentive Plan (the “2010 Plan”) for the three months ended March 31, 2014: | |||||||||||||||||
SHARES | WEIGHTED | WEIGHTED | AGGREGATE | ||||||||||||||
ISSUABLE | AVERAGE | AVERAGE | INTRINSIC | ||||||||||||||
UNDER | EXERCISE | REMAINING | VALUE | ||||||||||||||
OPTIONS | PRICE | CONTRACTUAL | |||||||||||||||
TERM | |||||||||||||||||
(IN YEARS) | |||||||||||||||||
Outstanding as of December 31, 2013 | 263,467 | $ | 1.25 | 8.94 | $ | 4,704 | |||||||||||
Granted | — | — | |||||||||||||||
Exercised | (46,305 | ) | 0.4 | ||||||||||||||
Forfeited | (45,446 | ) | 0.4 | ||||||||||||||
Expired | — | — | |||||||||||||||
Outstanding as of March 31, 2014 | 171,716 | $ | 1.7 | 8.8 | $ | 2,895 | |||||||||||
Summary of Restricted Stock Activity | ' | ||||||||||||||||
The table below summarizes activity under the 2010 Plan related to restricted stock for the three months ended March 31, 2014: | |||||||||||||||||
SHARES | WEIGHTED | ||||||||||||||||
AVERAGE GRANT | |||||||||||||||||
DATE FAIR VALUE | |||||||||||||||||
Unvested restricted common stock as of December 31, 2013 | 237,740 | $ | 0.82 | ||||||||||||||
Restricted common stock issued | — | — | |||||||||||||||
Restricted common stock vested | (76,779 | ) | 0.82 | ||||||||||||||
Restricted common stock forfeited | — | — | |||||||||||||||
Unvested restricted common stock as of March 31, 2014 | 160,961 | $ | 0.82 | ||||||||||||||
Net_Loss_Per_Share_Tables
Net Loss Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
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 ended March 31, 2014 and 2013. | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Basic and diluted net loss per share attributable to common stockholders: | |||||||||
Numerator: | |||||||||
Net Loss | $ | (9,152 | ) | $ | (3,293 | ) | |||
Unaccreted dividends on convertible preferred stock | — | (773 | ) | ||||||
Net loss attributable to common stockholders | $ | (9,152 | ) | $ | (4,066 | ) | |||
Denominator: | |||||||||
Weighted average shares outstanding—basic and diluted | 26,765,565 | 860,350 | |||||||
Net loss per share attributable to common stockholders—basic and diluted(1) | $ | (0.34 | ) | $ | (4.73 | ) | |||
-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. |
Summary_of_Changes_in_Accumula
Summary of Changes in Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Summary of Changes in Accumulated Other Comprehensive Loss | ' | ||||||||||||
The changes in accumulated other comprehensive loss, net of their related tax effects, for the three months ended March 31, 2014 were: | |||||||||||||
Foreign | Unrealized | Accumulated | |||||||||||
currency | holding gain/ | other | |||||||||||
translation | (loss) on | comprehensive | |||||||||||
adjustment | available for | loss | |||||||||||
sale securities | |||||||||||||
As of January 1, 2014 | $ | — | $ | — | $ | — | |||||||
Current period change | (68 | ) | (432 | ) | (500 | ) | |||||||
As of March 31, 2014 | $ | (68 | ) | $ | (432 | ) | $ | (500 | ) |
Nature_of_the_Business_and_Bas1
Nature of the Business and Basis of Presentation - Additional Information (Detail) (USD $) | 3 Months Ended | 40 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 |
Segment | |||
Product | |||
Business And Basis Of Presentation Textual [Abstract] | ' | ' | ' |
Entity incorporation date | 1-Dec-10 | ' | ' |
Number of products in development | 15 | ' | ' |
Operating segment | 1 | ' | ' |
Cumulative net losses | ($9,152) | ($3,293) | ($35,372) |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Regulatory Assets [Abstract] | ' |
Derivative financial instruments | $0 |
Fair_Value_of_Financial_Assets2
Fair Value of Financial Assets and Liabilities - Summary of Information about Company's Financial Assets and Liabilities Subject to Fair Value Measurement on Recurring Basis (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Cash equivalents | $747 | ' |
Short-term marketable securities | 3,194 | ' |
Long-term marketable securities | 768 | ' |
Derivative financial instruments | 396 | ' |
Assets, fair value | 5,105 | 4,670 |
Marketable securities | ' | 4,670 |
Liabilities: | ' | ' |
Contingent consideration | 4,131 | 4,115 |
Liabilities, fair value | 4,131 | 4,115 |
Carrying Value [Member] | ' | ' |
Assets: | ' | ' |
Cash equivalents | 747 | ' |
Short-term marketable securities | 3,194 | ' |
Long-term marketable securities | 768 | ' |
Derivative financial instruments | 396 | ' |
Assets, fair value | 5,105 | 4,670 |
Marketable securities | ' | 4,670 |
Liabilities: | ' | ' |
Contingent consideration | 4,131 | 4,115 |
Liabilities, fair value | 4,131 | 4,115 |
Level 1 [Member] | ' | ' |
Assets: | ' | ' |
Cash equivalents | ' | ' |
Short-term marketable securities | ' | ' |
Long-term marketable securities | ' | ' |
Derivative financial instruments | ' | ' |
Assets, fair value | ' | ' |
Marketable securities | ' | ' |
Liabilities: | ' | ' |
Contingent consideration | ' | ' |
Liabilities, fair value | ' | ' |
Level 2 [Member] | ' | ' |
Assets: | ' | ' |
Cash equivalents | 747 | ' |
Short-term marketable securities | 3,194 | ' |
Long-term marketable securities | 768 | ' |
Derivative financial instruments | 396 | ' |
Assets, fair value | 5,105 | 4,670 |
Marketable securities | ' | 4,670 |
Liabilities: | ' | ' |
Contingent consideration | ' | ' |
Liabilities, fair value | ' | ' |
Level 3 [Member] | ' | ' |
Assets: | ' | ' |
Cash equivalents | ' | ' |
Short-term marketable securities | ' | ' |
Long-term marketable securities | ' | ' |
Derivative financial instruments | ' | ' |
Assets, fair value | ' | ' |
Marketable securities | ' | ' |
Liabilities: | ' | ' |
Contingent consideration | 4,131 | 4,115 |
Liabilities, fair value | $4,131 | $4,115 |
Fair_Value_of_Financial_Assets3
Fair Value of Financial Assets and Liabilities - Summary of Information about Company's Financial Assets and Liabilities Subject to Fair Value Measurement on Recurring Basis (Parenthetical) (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | ' |
Current portion-contingent consideration | $2,567 | $2,572 |
Contingent consideration | $1,564 | $1,543 |
Fair_Value_of_Financial_Assets4
Fair Value of Financial Assets and Liabilities - Additional Information (Detail) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Fair Value Disclosures [Abstract] | ' | ' |
Transfers between Level 1, Level 2 and Level 3 | 'No transfers between Level 1, Level 2 and Level 3 | 'No transfers between Level 1, Level 2 and Level 3 |
Fair_Value_of_Financial_Assets5
Fair Value of Financial Assets and Liabilities - Change in Fair Value of Company's Contingent Consideration Payable Measured at Fair Value on Recurring Basis (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Fair Value Disclosures [Abstract] | ' |
As of January 1 | $4,115 |
Initial recognition of contingent consideration payable | 15,166 |
Settlement of contingent consideration payable | -15,235 |
Expense recognized in the consolidated statement of operations (within general and administrative) due to change in fair value during the period | 85 |
As of the end of the period | $4,131 |
Fair_Value_of_Financial_Assets6
Fair Value of Financial Assets and Liabilities - Quantitative Information about Company's Recurring Level 3 Fair Value Measurements (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | Level 3 [Member] | Level 3 [Member] | Income Approach Valuation Technique [Member] | Income Approach Valuation Technique [Member] | Income Approach Valuation Technique [Member] | Income Approach Valuation Technique [Member] | ||
Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | |||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Minimum [Member] | Maximum [Member] | |||||
Contingent Consideration [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | ||||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent consideration, Fair value | $4,131 | $4,115 | $4,131 | $4,115 | ' | $4,131 | ' | ' |
Contingent consideration, Valuation technique | ' | ' | ' | ' | 'Income approach (probability weighted discounted cash flow) | ' | ' | ' |
Probability of milestones being achieved | ' | ' | ' | ' | ' | ' | 3.80% | 95.00% |
Assumed market participant discount rate | ' | ' | ' | ' | 5.50% | ' | ' | ' |
Periods in which milestones are expected to be achieved | ' | ' | ' | ' | ' | ' | '2014 | '2015 |
Weighted Average | ' | ' | ' | ' | 71.44% | ' | ' | ' |
Fair_Value_of_Financial_Assets7
Fair Value of Financial Assets and Liabilities - Carrying Amounts and Estimated Fair Value of Company's Financial Assets and Liabilities Not Measured at Fair Value on Recurring Basis (Detail) (Fair Value, Measurements, Nonrecurring [Member], USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Loan payable, Carrying Amount | $14,942 | $14,935 |
Loan payable, Fair Value | $15,000 | $15,040 |
Fair_Value_of_Financial_Assets8
Fair Value of Financial Assets and Liabilities - Carrying Amounts and Estimated Fair Value of Company's Financial Assets and Liabilities Not Measured at Fair Value on Recurring Basis (Parenthetical) (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument Fair Value Carrying Value [Abstract] | ' | ' |
Current portion-loan payable | $7,500 | $5,625 |
Loan payable | $7,442 | $9,310 |
Business_Combinations_Addition
Business Combinations - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 40 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Jan. 06, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Jan. 06, 2014 | Jan. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Jan. 06, 2014 | Jan. 06, 2014 |
Okapi Sciences NV [Member] | Okapi Sciences NV [Member] | Okapi Sciences NV [Member] | Okapi Sciences NV [Member] | Okapi Sciences NV [Member] | Okapi Sciences NV [Member] | ||||||
Candidate | General and Administrative [Member] | Maximum [Member] | Minimum [Member] | ||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition date | ' | ' | ' | ' | ' | 6-Jan-14 | ' | ' | ' | ' | ' |
Number of clinical/development state product candidates | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' |
Purchase price of acquisition | $44,439 | ' | ' | ' | ' | $44,439 | $43,376 | ' | ' | ' | ' |
Aggregate merger consideration, cash paid | 14,139 | 15,010 | ' | 15,010 | ' | 14,139 | ' | ' | ' | ' | ' |
Aggregate merger consideration, principal amount of promissory note issued | 15,134 | 15,158 | ' | ' | ' | 15,134 | ' | ' | ' | ' | ' |
Promissory note maturity date | 31-Dec-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent consideration payable related to the merger | 16,308 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of contingent consideration | 15,166 | ' | ' | ' | ' | 15,166 | ' | ' | ' | ' | ' |
Debt Instrument interest rate percentage | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Settlement of contingent consideration | ' | 15,235 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenue | ' | 176 | ' | 299 | ' | ' | ' | 164 | ' | ' | ' |
Total consideration transferred, net of cash acquired | ' | 12,294 | ' | 43,288 | ' | 43,376 | ' | ' | ' | ' | ' |
Aggregate merger consideration, shares issued/issuable | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,060,740 | 707,160 |
Contingent consideration difference in fair value and settlement amount | ' | ' | ' | ' | ' | ' | ' | ' | 69 | ' | ' |
Business acquisition expenses | ' | ' | ' | ' | ' | ' | ' | ' | 139 | ' | ' |
Goodwill | ' | $38,531 | ' | $38,531 | $20,796 | $17,711 | $17,711 | $17,711 | ' | ' | ' |
Business_Combinations_Acquisit
Business Combinations - Acquisition Date Fair Value of Consideration Transferred (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 40 Months Ended | 0 Months Ended | 1 Months Ended |
In Thousands, unless otherwise specified | Jan. 06, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Jan. 06, 2014 | Jan. 31, 2014 |
Okapi Sciences NV [Member] | Okapi Sciences NV [Member] | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Cash consideration | $14,139 | $15,010 | $15,010 | $14,139 | ' |
Fair value of promissory note | 15,134 | 15,158 | ' | 15,134 | ' |
Fair value of contingent consideration | 15,166 | ' | ' | 15,166 | ' |
Fair value of total consideration | 44,439 | ' | ' | 44,439 | 43,376 |
Less cash acquired | ' | ' | ' | -1,063 | ' |
Total consideration transferred, net of cash acquired | ' | $12,294 | $43,288 | $43,376 | ' |
Business_Combinations_Allocati
Business Combinations - Allocation of Purchase Price to Assets Acquired and Liabilities Assumed (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 40 Months Ended | 0 Months Ended | |||
In Thousands, unless otherwise specified | Jan. 06, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jan. 06, 2014 | Mar. 31, 2014 | Jan. 31, 2014 |
Okapi Sciences NV [Member] | Okapi Sciences NV [Member] | Okapi Sciences NV [Member] | |||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Cash | ' | ' | ' | ' | $1,063 | ' | ' |
Accounts receivable | ' | ' | ' | ' | 149 | ' | ' |
Other receivables | ' | ' | ' | ' | 60 | ' | ' |
Prepaid expenses and other current assets | ' | ' | ' | ' | 82 | ' | ' |
Property and equipment | ' | ' | ' | ' | 217 | ' | ' |
Other long-term assets | ' | ' | ' | ' | 18 | ' | ' |
Identifiable intangible assets | ' | ' | ' | ' | 29,400 | ' | ' |
Accounts payable and accrued expenses | ' | ' | ' | ' | -586 | ' | ' |
Deferred revenue | ' | ' | ' | ' | -83 | ' | ' |
Deferred tax liabilities, net | ' | ' | ' | ' | -3,588 | ' | ' |
Long-term debt | ' | ' | ' | ' | -4 | ' | ' |
Total identifiable net assets | ' | ' | ' | ' | 26,728 | ' | ' |
Goodwill | ' | 38,531 | 38,531 | 20,796 | 17,711 | 17,711 | 17,711 |
Total net assets acquired | ' | ' | ' | ' | 44,439 | ' | ' |
Less: | ' | ' | ' | ' | ' | ' | ' |
Promissory note | 15,134 | 15,158 | ' | ' | 15,134 | ' | ' |
Contingent consideration | 15,166 | ' | ' | ' | 15,166 | ' | ' |
Cash paid | $14,139 | $15,010 | $15,010 | ' | $14,139 | ' | ' |
Business_Combinations_Componen
Business Combinations - Components of Intangible Assets Acquired (Detail) (Okapi Sciences NV [Member], USD $) | 0 Months Ended |
In Thousands, unless otherwise specified | Jan. 06, 2014 |
Business Acquisition [Line Items] | ' |
Total intangible assets subject to amortization, fair value | $29,400 |
Ciprovir (now referred to as AT-006) [Member] | ' |
Business Acquisition [Line Items] | ' |
Total intangible assets subject to amortization, fair value | 3,400 |
Total intangible assets subject to amortization, useful life | '13 years |
Felivir (now referred to as AT-007) [Member] | ' |
Business Acquisition [Line Items] | ' |
Total intangible assets subject to amortization, fair value | 13,500 |
Total intangible assets subject to amortization, useful life | '15 years |
Canilox (now referred to as AT-008) [Member] | ' |
Business Acquisition [Line Items] | ' |
Total intangible assets subject to amortization, fair value | 5,300 |
Total intangible assets subject to amortization, useful life | '13 years |
Parvo (now referred to as AT-011) [Member] | ' |
Business Acquisition [Line Items] | ' |
Total intangible assets subject to amortization, fair value | $7,200 |
Total intangible assets subject to amortization, useful life | '14 years |
Business_Combinations_Summary_
Business Combinations - Summary of Proforma Financial Information (Detail) (Okapi Sciences NV [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Okapi Sciences NV [Member] | ' |
Loans At Acquisition Date [Line Items] | ' |
Revenue | $1,730 |
Net loss | ($5,939) |
Marketable_Securities_Fair_Val
Marketable Securities - Fair Value of Available-for-Sale Marketable Securities (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | $4,394 | $4,670 |
Gross Unrealized Gains | ' | ' |
Gross Unrealized Losses | -432 | ' |
Fair Value | 3,962 | 4,670 |
Certificates of Deposit [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 3,194 | 4,670 |
Gross Unrealized Gains | ' | ' |
Gross Unrealized Losses | ' | ' |
Fair Value | 3,194 | 4,670 |
Common Stock [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 1,200 | ' |
Gross Unrealized Gains | ' | ' |
Gross Unrealized Losses | -432 | ' |
Fair Value | $768 | ' |
Marketable_Securities_Addition
Marketable Securities - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Marketable Securities [Abstract] | ' | ' |
Investment maturities | '1 year | '1 year |
Unrealized losses | ($432) | ' |
Gross unrealized losses | 0 | ' |
Impairment charges | $0 | ' |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Derivative Instrument at Gross Fair Value as Reflected (Detail) (Warrant [Member], USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Warrant [Member] | ' | ' |
Derivative assets: | ' | ' |
Fair value of derivatives not designated as hedge instrument | $396 | ' |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Gain (Loss) Recognized in Other Income (Expense) (Detail) (Warrant [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Warrant [Member] | ' | ' |
Derivative assets: | ' | ' |
Gain/(loss) recognized in other income/(expense) | ($246) | ' |
Derivative_Financial_Instrumen4
Derivative Financial Instruments - Notional Principal Amounts of Outstanding Derivative Instruments and Credit Risk Amounts Associated with Outstanding or Unsettled Derivative Instruments (Detail) (USD $) | Dec. 31, 2013 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | Warrant [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' |
Notional principal/Shares | $0 | $153,061 |
Credit risk | ' | ' |
Inventories_Components_of_Inve
Inventories - Components of Inventories (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Work-in-process | $125 | $55 |
Total Inventories | $125 | $55 |
Property_and_Equipment_Net_Sch
Property and Equipment, Net - Schedule of Property and Equipment (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property Plant And Equipment [Abstract] | ' | ' |
Laboratory and office equipment | $155 | $90 |
Computer equipment and software | 60 | 40 |
Furniture | 7 | 2 |
Vehicles | 100 | ' |
Leasehold improvements | 102 | ' |
Construction in process | 6 | 7 |
Total property and equipment | 430 | 139 |
Less: Accumulated depreciation | -64 | -41 |
Property and equipment, net | $366 | $98 |
Property_and_Equipment_Net_Add
Property and Equipment, Net - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Property Plant And Equipment [Abstract] | ' | ' |
Depreciation expense | $26 | $3 |
Goodwill_Additional_Informatio
Goodwill - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 06, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 06, 2014 | Jan. 31, 2014 | Mar. 31, 2014 |
Vet Therapeutics Inc., [Member] | Okapi Sciences NV [Member] | Okapi Sciences NV [Member] | Okapi Sciences NV [Member] | ||||
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Total consideration transferred, net of cash received | $44,439 | ' | ' | $51,503 | $44,439 | $43,376 | ' |
Goodwill | ' | 38,531 | 20,796 | 20,796 | 17,711 | 17,711 | 17,711 |
Goodwill impairment losses | ' | $0 | ' | ' | ' | ' | ' |
Goodwill_Summary_of_Goodwill_D
Goodwill - Summary of Goodwill (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Intangible Liability Disclosure [Abstract] | ' | ' |
Gross Carrying Amount | $38,531 | ' |
Impairment Losses | ' | ' |
Net Carrying Value | $38,531 | $20,796 |
Goodwill_Summary_of_Change_in_
Goodwill - Summary of Change in the Net Book Value of Goodwill (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Intangible Liability Disclosure [Abstract] | ' |
As of January 1 | $20,796 |
Acquisitions | 17,711 |
Effect of foreign currency exchange | 24 |
As of the end of the period | $38,531 |
Intangible_Assets_Net_Summary_
Intangible Assets, Net - Summary of Intangible Assets Acquired (Detail) (Intellectual Property Rights Acquired For IPR&D [Member], USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Intellectual Property Rights Acquired For IPR&D [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Gross Carrying Amount | $29,440 |
Intangible_Assets_Net_Summary_1
Intangible Assets, Net - Summary of Change in the Net Book Value of Other Intangible Assets (Detail) (USD $) | 3 Months Ended | 40 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 |
Intangible Liability Disclosure [Abstract] | ' | ' | ' |
As of January 1 | $46,140 | ' | ' |
Acquisitions | 29,400 | ' | ' |
Amortization charged | -539 | 0 | -919 |
Effect of foreign currency exchange | 40 | ' | ' |
As of the end of the period | $75,041 | ' | $75,041 |
Intangible_Assets_Net_Addition
Intangible Assets, Net - Additional Information (Detail) (USD $) | 3 Months Ended | 40 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 |
Intangible Liability Disclosure [Abstract] | ' | ' | ' |
Amortization of intangible assets | $539 | $0 | $919 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 3 Months Ended | |||||
In Thousands, unless otherwise specified | Jan. 06, 2014 | Oct. 11, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 04, 2013 | Feb. 28, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
Installment | Promissory Note [Member] | Promissory Note [Member] | Minimum [Member] | Prior to March 4, 2014 [Member] | On or After March 4, 2014 [Member] | |||||
Vet Therapeutics Inc., [Member] | Vet Therapeutics Inc., [Member] | |||||||||
Proforma Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial term loan | ' | ' | $15,000 | ' | $5,000 | ' | ' | ' | ' | ' |
Additional term loans | ' | ' | ' | ' | 5,000 | ' | ' | ' | ' | ' |
Total borrowings | ' | ' | ' | ' | 10,000 | ' | ' | ' | ' | ' |
Credit facility maturity date | ' | ' | 4-Mar-16 | ' | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | 7.00% | ' | 5.50% | 5.50% |
Fee for sale of assets or capital stock | ' | ' | 250 | ' | ' | ' | ' | ' | ' | ' |
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% | ' | ' |
Credit facility default amount | ' | ' | 350 | ' | ' | ' | ' | ' | ' | ' |
Increased credit facility | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Total credit facility | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Available under the credit facility | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Total borrowings under the credit facility | ' | ' | 15,000 | ' | ' | ' | ' | ' | ' | ' |
Liquidity ratio of unrestricted cash | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' |
Percentage of accounts receivable to maintain liquidity | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' |
Term loan discount | ' | 13 | 58 | ' | 73 | ' | ' | ' | ' | ' |
Accretion expense | ' | ' | 9 | 3 | ' | ' | ' | ' | ' | ' |
Payment term of debt accreted | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' |
Additional term loan period | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' |
Principal payments due | ' | ' | 7,500 | ' | ' | ' | ' | ' | ' | ' |
Interest expense on credit facility | ' | ' | 215 | 24 | ' | ' | ' | ' | ' | ' |
Principal amount of promissory note | ' | ' | ' | ' | ' | ' | 3,000 | ' | ' | ' |
Date of maturity | 31-Dec-14 | ' | ' | ' | ' | ' | 31-Dec-14 | ' | ' | ' |
Accrued interest and promissory note paid by the company | ' | ' | ' | ' | ' | $20 | ' | ' | ' | ' |
Debt_Estimated_Future_Principa
Debt - Estimated Future Principal Payments under Additional Term Loan (Detail) (USD $) | Mar. 31, 2014 | Mar. 04, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
2014 | $5,625 | ' |
2015 | 7,500 | ' |
2016 | 1,875 | ' |
2017 | ' | ' |
Thereafter | ' | ' |
Total | $15,000 | $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 $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued expenses: | ' | ' |
Accrued payroll and related expenses | $741 | $1,017 |
Accrued professional fees | 553 | 600 |
Accrued minimum royalties | 18 | 70 |
Accrued interest | 71 | 71 |
Accrued research and development costs | 642 | 662 |
Accrued other | 205 | 75 |
Accrued expenses, Total | 2,230 | 2,495 |
Other current liabilities: | ' | ' |
Deferred reimburseable expenses | 74 | ' |
Early exercise of stock-based awards | 45 | 57 |
Other current liabilities, Total | 119 | 57 |
Other long-term liabilities: | ' | ' |
Early exercise of stock-based awards | 66 | 75 |
Other long-term liabilities, Total | $66 | $75 |
Agreements_Additional_Informat
Agreements - Additional Information (Detail) | 3 Months Ended | 40 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | |||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Aug. 21, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Aug. 21, 2013 | Aug. 21, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 19, 2014 | Mar. 31, 2014 | Mar. 19, 2014 | Mar. 19, 2014 | Mar. 19, 2014 | Mar. 19, 2014 | |
USD ($) | USD ($) | USD ($) | Research and Development [Member] | Kansas Bioscience Authority ("KBA") Programs [Member] | Kansas Bioscience Authority ("KBA") Programs [Member] | NAH Agreement [Member] | NAH Agreement [Member] | NAH Agreement [Member] | NAH Agreement [Member] | Advaxis [Member] | Advaxis [Member] | Advaxis [Member] | Advaxis [Member] | Advaxis [Member] | Advaxis [Member] | |
Okapi Sciences NV [Member] | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | Research and Development [Member] | USD ($) | Common Stock [Member] | Warrant [Member] | Maximum [Member] | Clinical Development And Regulatory Milestone [Member] | |||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recognized income | ' | ' | ' | ' | $0 | $69,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Development expenses | 3,572,000 | 2,114,000 | 23,984,000 | 930,000 | 85,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Milestone Payment | ' | ' | ' | ' | ' | ' | 2,500,000 | 7,500,000 | ' | ' | 28,500 | ' | ' | ' | ' | ' |
Revenue recognized related to milestone payments | ' | ' | ' | 1,570,000 | ' | ' | ' | ' | ' | 164,000 | ' | ' | ' | ' | ' | ' |
Accrued milestone | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' |
Licensed technology fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 657,000 | ' | ' | ' | ' | ' |
In-process research and development | 657,000 | ' | 8,682,000 | ' | ' | ' | ' | ' | ' | ' | 657,000 | ' | ' | ' | ' | ' |
Cash payment related to license agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | ' | ' | ' | ' | ' |
Royalty as percentage of product sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' |
Clinical and regulatory milestones | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000,000 |
Payment for common share acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,843,000 | ' | ' | ' | ' | ' |
Common shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 306,122 | ' | ' | ' | ' | ' |
Warrant purchase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 153,061 | ' | ' | ' | ' | ' |
Warrants exercisable date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19-Mar-24 | ' | ' | ' | ' |
Exercise price per share of additional warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.9 | ' | ' | ' | ' | ' |
Remaining consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,843,000 | ' | $1,200,000 | $643,000 | ' | ' |
Common_Stock_Additional_Inform
Common Stock - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 40 Months Ended | 0 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Feb. 03, 2014 | 22-May-13 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jul. 02, 2013 | Mar. 31, 2013 | Feb. 28, 2013 | Apr. 15, 2014 | Mar. 31, 2014 |
Subsequent Event [Member] | Unvested Restricted Common Stock [Member] | |||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of common stock resulted from public offering | 5,150,000 | ' | 28,757,418 | 28,757,418 | 23,425,487 | ' | ' | ' | ' | ' |
Common stock per share, offering price | $19 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from public offering | $90,507 | ' | $92,224 | $129,121 | ' | ' | ' | ' | ' | ' |
Underwriting discount and commission | 5,871 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Offering expenses | 1,483 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock outstanding, shares | ' | ' | 28,757,418 | 28,757,418 | 23,425,487 | ' | ' | ' | ' | 762,002 |
Common stock, authorized | ' | ' | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | ' | 25,041,667 | ' | ' |
Common stock, par value | ' | ' | $0.00 | $0.00 | $0.00 | $0.00 | ' | ' | ' | ' |
Treasury Stock | ' | ' | 4,009 | 4,009 | ' | ' | 0 | ' | 71,918 | ' |
Treasury stock, value | ' | ' | $76 | $76 | ' | ' | ' | ' | $986 | ' |
Treasury stock, price per share | ' | ' | $19 | ' | ' | ' | ' | ' | $13.71 | ' |
Reverse stock split ratio | ' | '1-for-1.662 reverse stock split | ' | ' | ' | ' | ' | ' | ' | ' |
Number of fractional shares issued for reverse stock split | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Reverse stock split ratio on shares | ' | 0.601685 | ' | ' | ' | ' | ' | ' | ' | ' |
StockBased_Awards_Summary_of_S
Stock-Based Awards - Summary of Stock Option Activity (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Shares Issuable Under Options, Exercised | -1,436,514 | ' |
2010 Equity Incentive Plan [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Shares Issuable Under Options, Outstanding, Beginning balance | 263,467 | ' |
Shares Issuable Under Options, Granted | ' | ' |
Shares Issuable Under Options, Exercised | -46,305 | ' |
Shares Issuable Under Options, Forfeited | -45,446 | ' |
Shares Issuable Under Options, Expired | ' | ' |
Shares Issuable Under Options, Outstanding, Ending balance | 171,716 | 263,467 |
Weighted Average Exercise Price, Outstanding, Beginning balance | $1.25 | ' |
Weighted Average Exercise Price, Granted | ' | ' |
Weighted Average Exercise Price, Exercised | $0.40 | ' |
Weighted Average Exercise Price, Forfeited | $0.40 | ' |
Weighted Average Exercise Price, Outstanding, Ending balance | $1.70 | $1.25 |
Weighted Average Remaining Contractual Term, Outstanding | '8 years 9 months 18 days | '8 years 11 months 9 days |
Aggregate Intrinsic Value, Outstanding, Beginning balance | $2,895 | $4,704 |
2013 Equity Incentive Plan [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Shares Issuable Under Options, Outstanding, Beginning balance | 685,934 | ' |
Shares Issuable Under Options, Granted | 675,211 | ' |
Shares Issuable Under Options, Exercised | -4,386 | ' |
Shares Issuable Under Options, Forfeited | -23,893 | ' |
Shares Issuable Under Options, Expired | ' | ' |
Shares Issuable Under Options, Outstanding, Ending balance | 1,332,866 | 685,934 |
Weighted Average Exercise Price, Outstanding, Beginning balance | $15.32 | ' |
Weighted Average Exercise Price, Granted | $19.01 | ' |
Weighted Average Exercise Price, Exercised | $6 | ' |
Weighted Average Exercise Price, Forfeited | $6 | ' |
Weighted Average Exercise Price, Expired | ' | ' |
Weighted Average Exercise Price, Outstanding, Ending balance | $17.38 | $15.32 |
Weighted Average Remaining Contractual Term, Outstanding | '9 years 7 months 17 days | '9 years 8 months 5 days |
Aggregate Intrinsic Value, Outstanding, Beginning balance | $3,675 | $4,151 |
StockBased_Awards_Additional_I
Stock-Based Awards - Additional Information (Detail) (USD $) | 3 Months Ended | 40 Months Ended | 3 Months Ended | 3 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 |
2010 Equity Incentive Plan [Member] | 2010 Equity Incentive Plan [Member] | Two Thousand Thirteen Incentive Award Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value | ' | ' | ' | $855 | ' | $55 |
Proceed from stock options exercised | 45 | 97 | 464 | 18 | ' | 26 |
Options exercised | 1,436,514 | ' | ' | 46,305 | ' | ' |
Restricted stock unvested | 289,092 | ' | 289,092 | 160,961 | 237,740 | ' |
Weighted average grant date fair value of options granted | ' | ' | ' | ' | ' | $13.87 |
Weighted average grant date fair value of restricted stock granted | $18.42 | ' | ' | ' | ' | ' |
Fair value of restricted stock awards that vested | 50 | ' | ' | ' | ' | ' |
Cash proceeds for restricted common stock granted | 0 | ' | ' | ' | ' | ' |
Unrecognized stock-based compensation expense for options outstanding | 14,916 | ' | 14,916 | ' | ' | ' |
Unrecognized stock-based compensation expense for restricted stock awards | $5,383 | ' | $5,383 | ' | ' | ' |
Unrecognized stock-based compensation expense, recognition period | '3 years 5 months 16 days | ' | ' | ' | ' | ' |
StockBased_Awards_Summary_of_R
Stock-Based Awards - Summary of Restricted Stock Activity (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unvested restricted common stock, Shares, Ending balance | 289,092 |
Restricted common stock issued, Weighted Average Grant Date Fair Value | $18.42 |
2010 Equity Incentive Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unvested restricted common stock, Shares, Beginning balance | 237,740 |
Restricted common stock issued, Shares | ' |
Restricted common stock vested, Shares | -76,779 |
Restricted common stock forfeited, Shares | ' |
Unvested restricted common stock, Shares, Ending balance | 160,961 |
Unvested restricted common stock, Weighted Average Grant Date Fair Value, Beginning balance | $0.82 |
Restricted common stock issued, Weighted Average Grant Date Fair Value | ' |
Restricted common stock vested, Weighted Average Grant Date Fair Value | $0.82 |
Restricted common stock forfeited, Weighted Average Grant Date Fair Value | ' |
Unvested restricted common stock, Weighted Average Grant Date Fair Value, Ending balance | $0.82 |
2013 Equity Incentive Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unvested restricted common stock, Shares, Beginning balance | 89,766 |
Restricted common stock issued, Shares | 225,000 |
Restricted common stock vested, Shares | -2,817 |
Restricted common stock forfeited, Shares | ' |
Unvested restricted common stock, Shares, Ending balance | 311,949 |
Unvested restricted common stock, Weighted Average Grant Date Fair Value, Beginning balance | $19.07 |
Restricted common stock issued, Weighted Average Grant Date Fair Value | $18.42 |
Restricted common stock vested, Weighted Average Grant Date Fair Value | $7.56 |
Restricted common stock forfeited, Weighted Average Grant Date Fair Value | ' |
Unvested restricted common stock, Weighted Average Grant Date Fair Value, Ending balance | $18.70 |
StockBased_Awards_Summary_of_S1
Stock-Based Awards - Summary of Stock-Based Compensation Expense Related to Stock Options and Restricted Stock (Detail) (2013 Equity Incentive Plan [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock-based compensation expense | $2,233 | $103 |
Research and Development [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock-based compensation expense | 404 | 31 |
General and Administrative [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock-based compensation expense | $1,829 | $72 |
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 | 40 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | ||
Numerator: | ' | ' | ' | ||
Net loss | ($9,152) | ($3,293) | ($35,372) | ||
Unaccreted dividends on convertible preferred stock | ' | -773 | ' | ||
Net loss attributable to common stockholders | ($9,152) | ($4,066) | ' | ||
Denominator: | ' | ' | ' | ||
Weighted average shares outstanding-basic and diluted | 26,765,565 | [1] | 860,350 | [1] | ' |
Net loss per share attributable to common stockholders-basic and diluted | ($0.34) | [2] | ($4.73) | [2] | ' |
[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. | ||||
[2] | 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. |
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) | 0 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 | 0.601685 |
Net_Loss_Per_Share_Additional_
Net Loss Per Share - Additional Information (Detail) (Stock Options [Member]) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Stock Options [Member] | ' | ' |
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Common stock excluded from diluted net loss per share | 1,504,582 | 1,065,233 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 40 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
Income Taxes [Line Items] | ' | ' | ' |
Income tax benefit recognized | ($627,000) | $0 | ($16,082,000) |
Effective income tax rate | 6.40% | ' | ' |
Deferred tax liability, net | 3,200,000 | ' | 3,200,000 |
Okapi Sciences NV [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Deferred tax liability, net | $3,600,000 | ' | $3,600,000 |
Acquisition date | 6-Jan-14 | ' | ' |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income - Summary of Changes in Accumulated Other Comprehensive Loss (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Beginning balance | ' |
Current period change | -500 |
Ending balance | -500 |
Foreign Currency Translation Adjustment [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Beginning balance | ' |
Current period change | -68 |
Ending balance | -68 |
Unrealized Holding Gain/(Loss) on Available for Sale Securities [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Beginning balance | ' |
Current period change | -432 |
Ending balance | ($432) |
Subsequent_event_Additional_In
Subsequent event - Additional Information (Detail) (MPM Heartland House LLC [Member], Subsequent Event [Member], USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
MPM Heartland House LLC [Member] | Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Effective amendment date | 1-May-14 |
Total rent for expanded leased | $115 |