Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 03, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | ARATANA THERAPEUTICS, INC. | |
Entity Central Index Key | 1,509,190 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | petx | |
Entity Common Stock, Shares Outstanding | 34,964,956 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 12,591 | $ 9,823 |
Short-term investments | 71,000 | 88,249 |
Accounts receivable | 148 | 352 |
Inventories | 882 | 427 |
Prepaid expenses and other current assets | 927 | 900 |
Deferred tax asset | 158 | 158 |
Total current assets | 85,706 | 99,909 |
Property and equipment, net | 1,616 | 620 |
Long-term marketable securities | 2,452 | |
Goodwill | 40,165 | 41,398 |
Intangible assets, net | 59,332 | 62,323 |
Other long-term assets | 68 | 1,201 |
Total assets | 186,887 | 207,903 |
Current liabilities: | ||
Accounts payable | 1,732 | 1,532 |
Accrued expenses | 3,743 | 3,229 |
Current portion-loan payable | 14,976 | |
Current portion-contingent consideration | 4,248 | |
Deferred tax liability | 380 | 413 |
Other current liabilities | 101 | 46 |
Total current liabilities | 20,932 | 9,468 |
Loan payable | 14,963 | |
Deferred tax liability | 855 | 1,610 |
Other long-term liabilities | 10 | 30 |
Total liabilities | $ 21,797 | $ 26,071 |
Commitments and contingencies (Notes 9 and 11) | ||
Stockholders' equity: | ||
Common stock, $0.001 par value; 100,000,000 shares authorized at June 30, 2015 and December 31, 2014, 34,345,197 and 34,147,861 issued and outstanding at June 30, 2015, and December 31, 2014, respectively | $ 34 | $ 34 |
Treasury stock | (1,081) | (1,081) |
Additional paid-in capital | 259,451 | 254,993 |
Accumulated deficit | (84,721) | (67,964) |
Accumulated other comprehensive loss | (8,593) | (4,150) |
Total stockholders' equity | 165,090 | 181,832 |
Total liabilities and stockholders' equity | $ 186,887 | $ 207,903 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
Consolidated Balance Sheets [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 34,345,197 | 34,147,861 |
Common stock, shares outstanding | 34,345,197 | 34,147,861 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenues: | ||||
Licensing and collaboration revenue | $ 300 | $ 476 | ||
Product sales | $ 230 | $ 386 | ||
Total revenues | 230 | 300 | 386 | 476 |
Costs and expenses: | ||||
Cost of product sales | 109 | 219 | ||
Royalty expense | 23 | 17 | 43 | 35 |
Research and development | 6,081 | 4,300 | 12,302 | 7,872 |
Selling, general and administrative | 4,879 | 4,404 | 9,064 | 9,016 |
In-process research and development | 500 | 1,157 | ||
Amortization of acquired intangible assets | 483 | 582 | 966 | 1,121 |
Total costs and expenses | 11,575 | 9,803 | 22,594 | 19,201 |
Loss from operations | (11,345) | (9,503) | (22,208) | (18,725) |
Other income (expense) | ||||
Interest income | 43 | 13 | 114 | 27 |
Interest expense | (217) | (218) | (435) | (546) |
Other income/(expense), net | 3,176 | 95 | 5,141 | (148) |
Total other income (expense) | 3,002 | (110) | 4,820 | (667) |
Loss before income taxes | (8,343) | (9,613) | (17,388) | (19,392) |
Income tax benefit | 360 | 335 | 631 | 962 |
Net loss | $ (7,983) | $ (9,278) | $ (16,757) | $ (18,430) |
Net loss per share, basic and diluted | $ (0.23) | $ (0.32) | $ (0.49) | $ (0.66) |
Weighted average shares outstanding, basic and diluted | 34,278,105 | 28,761,326 | 34,236,282 | 27,768,959 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Consolidated Statements Of Comprehensive Loss [Abstract] | ||||
Net loss | $ (7,983) | $ (9,278) | $ (16,757) | $ (18,430) |
Other comprehensive loss: | ||||
Foreign currency translation adjustment | (1,390) | (322) | (3,191) | (390) |
Unrealized gain (loss) on available-for-sale securities | 958 | 80 | 2,622 | (352) |
Net gain reclassified into income on sale of available-for-sale securities | (2,864) | (3,874) | ||
Other comprehensive loss | (3,296) | (242) | (4,443) | (742) |
Comprehensive loss | $ (11,279) | $ (9,520) | $ (21,200) | $ (19,172) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities | ||
Loss before income taxes | $ (16,757) | $ (18,430) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Acquired in-process research and development | 1,157 | |
Stock-based compensation expense | 4,389 | 3,700 |
Depreciation and amortization expense | 1,056 | 1,183 |
Gain on sale of marketable securities | (3,874) | |
Non-cash interest expense | 20 | 20 |
Change in fair value of contingent consideration | (1,248) | (150) |
Change in fair value of derivative instruments | (1,274) | 219 |
Deferred tax benefit | (631) | (962) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 194 | (116) |
Inventories | (455) | (69) |
Prepaid expenses | (57) | (466) |
Other assets | 15 | (40) |
Accounts payable | 213 | (1,676) |
Accrued expenses and other liabilities | 553 | (250) |
Deferred income | 50 | (64) |
Net cash used in operating activities | (17,806) | (15,944) |
Cash flows from investing activities | ||
Purchase of property and equipment, net | (1,098) | (246) |
Cash paid for acquisitions, net of cash received | (12,075) | |
Proceeds from sales of marketable securities | 7,456 | |
Purchase of investments | (905,000) | (1,200) |
Proceeds from maturities of investments | 922,249 | 2,217 |
Purchase of derivative instruments | (643) | |
Purchase of in-process research and development | (1,157) | |
Net cash provided by (used in) investing activities | 23,607 | (13,104) |
Cash flows from financing activities | ||
Repurchase of common stock | (1,074) | |
Proceeds from stock options exercised | 47 | 45 |
Proceeds from public offering, net of commission | 92,224 | |
Payments of public offering costs | (1,731) | |
Cash paid for promissory notes | (18,067) | |
Cash paid for contingent consideration | (3,000) | (15,166) |
Net cash (used in) provided by financing activities | (2,953) | 56,231 |
Effect of exchange rate changes on cash | (80) | 4 |
Net increase in cash and cash equivalents | 2,768 | 27,187 |
Cash and cash equivalents, beginning of period | 9,823 | 41,084 |
Cash and cash equivalents, end of period | 12,591 | 68,271 |
Supplemental disclosure of cash flow information | ||
Cash paid for interest | 415 | $ 413 |
Non-cash exercise of warrants | $ 750 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Business Overview Aratana Therapeutics, Inc. , including its subsidiaries (the “Company” or “Aratana”) , is a pet therapeutics company focused on licensing, developing and commercializing innovative biopharmaceutical products for companion animals. The Company has one operating segment : pet therapeutics . Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2014 and the notes thereto in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 16, 2015. 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 expects that its cash, cash equiv alents, and short-term investments will fund operations through December 31, 2016. Consolidation The Company’s consolidated financial statements include its financial statements and those of its wholly-owned subsidiaries. Intercompany balances and transactions are eliminated in consolidation. The Compan y does not have any interests in any variable interest entities. 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. Property and E quipment, net Property and equipment is recorded at historical cost, net of accumulated depreciation and amortization of $262 and $182 as of June 30 , 2015, and December 31, 2014 , respectively. Recently Issued and Adopted Accounting Pronouncements Intangibles—Goodwill and Other—Internal-Use Software: Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement In April 2015, the FASB issued guidance on how purchasers of hosted computing services should evaluate whether such arrangements contain a software license that should be accounted for separately. This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted and is to be applied prospectively to all arrangements entered into or materially modified after the effective date or retrospectively. The Company does not expect that this guidance will have a material impact on its consolidated financial statements. Interest—Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs In April 2015, the FASB issued guidance which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted and is to be applied on a retrospective basis. The Company does not expect that this guidance will have a material impact on its consolidated financial statements. Revenue from Contracts with Customers In July 2015, the FASB approved a one year delay in the effective date of the new revenue standard. These changes become effective for the Company on January 1, 2018, and early adoption is permitted but not before the original effective date of January 1, 2017. The Company is currently assessing the impact, if any, this new guidance will have on its financial condition, results of operations or cash flows. Inventory – Simplifying the Measurement of Inventory In July 2015, the FASB issued guidance which requires entities to measure most inventory “at lower of cost and net realizable value” thereby simplifying the current guidance under which an entity must measure inventory at the lower of cost or market. This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted and is to be applied on a prospective basis. The Company does not expect that this new guidance will have a material impact on its consolidated financial statements. |
Business Combinations
Business Combinations | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Business Combinations | 2. Business Combinations Acquisition of Okapi Sciences On January 6, 2014 , the Company acquired Okapi Sciences NV (“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 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. On February 4, 2014, the promissory note and accrued interest was paid in cash in the amount of $15,158 . On March 17, 2014, the contingent consideration was settled in cash in the amount of $15,235 . 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 $ Fair value of promissory note Fair value of contingent consideration Fair value of total consideration Less cash acquired Total consideration transferred, net of cash acquired $ 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 a 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 . The contingent consideration was settled March 17, 2014 , for $15,235 and the difference between the initial fair value amount and settlement amount was $69 which is reflected as a charge to selling, general and administrative expenses in the consolidated statements 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 were recorded within selling, general and administrative expenses in the Company’s consolidated statement of operations. The Company’s allocation of the purchase price to the assets acquired and liabilities assumed was as follows: Cash $ Accounts receivable Other receivables Prepaid expenses and other current assets Property and equipment Other long-term assets Identifiable intangible assets Accounts payable and accrued expenses Deferred revenue Deferred tax liabilities, net Long-term debt Total identifiable net assets Goodwill Total net assets acquired Less: Promissory note Contingent consideration Cash paid $ 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 AT-006 $ 13 years AT-007 15 years AT-008 13 years AT-011 14 years Total intangible assets $ 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 AT-006, AT-007, AT-008 and AT-011 programs, and the estimated net present value of future cash flows from commercial agreements related to the AT-006 program. All Okapi Sciences programs, which were considered in-process research and development (“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 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 $17,909 was recorded as 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 occurred on January 1, 2013. The unaudited pro forma financial information is as follows: SIX MONTHS ENDED JUNE 30, 2014 (Unaudited) Revenue $ Loss from operations Loss before income taxes Net loss per share before income taxes – basic and diluted $ Pro forma results include non-recurring pro forma adjustments that were directly attributable to the business combination. The following material non-recurring pro forma adjustments relating to charges recorded in 2014 have been assumed to have occurred in 2013 for pro forma purposes: Pre-tax increase in income of $440 in 2014, relating to acquisition-related transaction costs incurred by the Company and Okapi Sciences. 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 depreciation 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 for Okapi Sciences. 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 2014 fiscal year. |
Fair Value Of Financial Assets
Fair Value Of Financial Assets And Liabilities | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Of Financial Assets And Liabilities [Abstract] | |
Fair Value Of Financial Assets And Liabilities | 3. Fair Value of Financial Assets and Liabilities Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis As of June 30, 2015 and December 31, 2014 , 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). FAIR VALUE MEASUREMENTS AS OF CARRYING JUNE 30, 2015 USING: VALUE LEVEL 1 LEVEL 2 LEVEL 3 TOTAL Assets: Cash equivalents: Certificates of deposit $ $ — $ $ — $ Money market fund — — Short-term investments: Reverse repurchase agreements — — $ $ $ $ — $ FAIR VALUE MEASUREMENTS AS OF CARRYING DECEMBER 31, 2014 USING: VALUE LEVEL 1 LEVEL 2 LEVEL 3 TOTAL Assets: Cash equivalents: Certificates of deposit $ $ — $ $ — $ Money market fund — — Short-term investments: Short-term marketable securities - certificate of deposit — — Reverse repurchase agreements — — Long-term marketable securities: Common stock — — Derivative financial instruments — — $ $ $ $ — $ Liabilities: Contingent consideration $ $ — $ — $ $ $ $ — $ — $ $ Certain estimates and judgments are 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: · Cash equivalents – the fair value of the cash equivalents has been determined to be amortized cost or has been based on the quoted prices in active markets or exchanges for identical assets. · Reverse repurchase agreements – the fair value of the reverse repurchase agreements has been determined to be amortized cost. · Marketable securities (long-term) – the fair value of marketable securities has been based on quoted prices in active markets or exchanges for identical assets. · Marketable securities (short-term) – the fair value of marketable securities has been estimated based on quoted prices in active markets for identical assets or for similar 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. Inputs into the discounted cash flow method include the probability of and period in which the relevant milestone event is expected to be achieved and the discount rate to be applied in calculating the present values of the relevant milestone s . Financial 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 2015 As of January 1, $ Cash settlement of contingent consideration earned Derecognition of remaining contingent consideration recorded in the consolidated statement of operations (within selling, general and administrative) As of the end of the period, $ — On January 2, 2015 , the Company was granted a full product license for AT-004. The approval resulted in $3,000 of the contingent consideration being earned and due to the former Vet Therapeutics , Inc. (“Vet Therapeutics”) shareholders per the terms of Vet Therapeutics merger agreement. Further, on February 24, 2015 , in connection with the mutual termination of the Elanco Agreement for AT-004 (Note 11) , the Company obtained consent from the shareholder representative of the former Vet Therapeutics shareholders that the $3,000 payment shall cause the Company to have no further obligation or liability under the merger agreement. The Company paid the $3,000 contingent consideration in March 2015. During the six months ended June 30, 2015 , the Company record ed a credit of $1,248 to selling, general and administrative expense to reduce the fair value of the contingent consideration to zero as a result of the agreement with the Vet Therapeutics shareholders. Financial Assets and Liabilities that are not Measured at Fair Value on a Recurring Basis The carrying amounts and estimated fair value at June 30, 2015 and December 31, 2014 of the Company’s financial assets and liabilities which are not measured at fair value on a recurring basis are as follows: JUNE 30, 2015 CARRYING VALUE FAIR VALUE Financial liabilities: Loan payable (Level 2) $ $ DECEMBER 31, 2014 CARRYING VALUE FAIR VALUE Financial liabilities: Loan payable (Level 2) $ $ 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 es it indicate the Company’s intent or ability to dispose of the financial instrument. The fair value of loan payable was estimated using discounted cash flow analysis discounted at current rates. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2015 | |
Investments [Abstract] | |
Investments | 4. Investments Marketable Securities As of June 30, 2015, the Company did not hold any marketable securities. The fair value of available-for-sale marketable securities by type of security as of December 31, 2014 was as follows: DECEMBER 31, 2014 GROSS GROSS COST GAINS LOSSES VALUE Short-term marketable securities: Certificate of deposit $ $ — $ — $ Long-term marketable securities: Common stock — Total $ $ $ — $ At December 31, 2014 , short-term marketable securities consisted of investments that mature within one year. Short-term marketable securities are recorded as short-term investments in the consolidated balance sheets. At December 31, 2014 , unrealized gains in the amount of $1,252 were recorded as a component of other comprehensive loss. Reverse Repurchase Agreements The Company, as part of its cash management strategy, may invest excess cash in reverse repurchase agreements. All reverse repurchase agreements are tri-party and have maturities of three months or less at the time of investment. The underlying collateral is U.S. government securities including U.S. treasuries, agency debt and agency mortgage securities. The underlying collateral posted by each counterparty is required to cover 102% of the principal amount and accrued interest after the application of a discount to fair value. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Financial Instruments [Abstract] | |
Derivative Financial Instruments | 5. Derivative Financial Instruments The Company records all derivatives in the consolidated balance sheets at fair value in other long-term assets. In 2015, the Company’s derivative financial instrument, the Advaxis warrant, was not designated as a hedging instrument and was adjusted to fair value through earnings in other income (expense). During the three months ended June 30, 2015, the Company exercised the Advaxis warrant (see Note 11) and subsequently sold the shares of common stock received upon exercise . The following table shows the Company’s derivative instrument at gross fair value: FAIR VALUE OF DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENT JUNE 30, 2015 DECEMBER 31, 2014 Derivative assets: Warrant (Notes 3 and 11) $ — $ The following table shows the gain (loss) recognized in other income (expense) for the three and six months ended: GAIN RECOGNIZED IN GAIN (LOSS) RECOGNIZED IN OTHER INCOME (EXPENSE) OTHER INCOME (EXPENSE) THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, 2015 2014 2015 2014 Derivative assets: Warrant $ $ $ $ During the three months ended June 30, 2015, the Company exercised the warrant and recognized a gain of $316 in other income (expense) , and subsequently sold the shares of common stock received upon exercise and recognized a gain of $341 in other income (expense) . |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2015 | |
Inventories [Abstract] | |
Inventories | 6. Inventories Inventories are comprised of the following: JUNE 30, DECEMBER 31, 2015 2014 Raw materials $ Work-in-process $ Finished goods $ $ |
Goodwill
Goodwill | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill | 7. Goodwill 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 performs 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 June 30, 2015: GROSS IMPAIRMENT NET CARRYING AMOUNT LOSSES CARRYING VALUE Goodwill $ $ — $ The change in the net book value of goodwill for the six months ended June 30, 2015, is shown in the table below: 2015 As of January 1, $ Effect of foreign currency exchange As of the end of the period, $ |
Intangible Assets, Net
Intangible Assets, Net | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets, Net | 8. Intangible Assets, Net The following is a summary of unamortized intangible assets as of June 30, 2015: GROSS CARRYING Unamortized intangible assets: VALUE Intellectual property rights acquired for IPR&D $ Based on the completed pilot study results in Europe for AT-007 received late in the first quarter of 2015, the Company determined additional pilot studies were needed before advancing to a pivotal program. During the third quarter of 2015, the Company intends to meet with key opinion leaders to review the pilot study results and determine relevant treatment population and acceptable protocols for treatment for this potential indication (feline i mmunodeficiency virus) . Based on the information obtained from the key opinion leaders, the Company may determine that the initial market size and treatment regimen assumed by the Company at time of acquisition may need to be revised. Any negative change in the market size, regimen, development timeline, or budget could result in a change in discounted cash flows or abandonment resulting in an impairment charge to the carrying value of $10,945 . Based on these factors, the Company has determined AT-007 is at-risk for impairment in future periods. The Company has been conducting early pre-development studies, including lead selection and proof of concept on several of our programs. These programs have an inherent risk due to the stage of development. The Company is currently evaluating several molecules in the canine parvovirus program or AT-011. However, possible development delays due to inability to find a suitable candidate to advance into development or future reprioritization of resources may result in a negative change in the development timeline or budget that could impact the discounted cash flows or abandonment resulting in an impairment charge to the carrying value of $5,837 . The following is a summary of amortized intangible assets as of June 30, 2015: GROSS NET CARRYING ACCUMULATED CARRYING AVERAGE Amortized intangible assets: VALUE AMORTIZATION VALUE USEFUL LIFE Intellectual property rights for currently marketed products: AT-004 $ $ $ Years AT-005 $ $ $ Years The change in the net book value of intangible assets for the six months ended June 30, 2015, is shown in the table below: 2015 As of January 1, $ Amortization expense Effect of foreign currency exchange As of the end of the period, $ 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. The Company recognized amortization expense of $483 and $966 for the three and six months ended June 30, 2015, respectively, and $582 and $1,121 for the three and six months ended June 30, 2014, respectively. I ndefinite-lived IPR&D intangible assets are not amortized until a product reaches its first conditional license or approval, then they are amortized over their estimated useful lives. On February 24, 2015, the Company and Elanco mutually terminated the Elanco Agreement associated with AT-004 (Note 11). Due to the termination, the Company became responsible for all commercial and manufacturing activities associated with AT-004 beginning in 2015. The Company conducted an impairment assessment and concluded that the AT-004 intangible asset was not impaired. As part of the assessment, the Company considered that the product would be made available in the second half of 2015, as well as manufacturing expenses, technology royalties, post-approval studies, marketing, and selling expenses to commercialize the product. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2015 | |
Debt [Abstract] | |
Debt | 9. Debt Converted Loans As of June 30 , 2015, the Company had $15,000 in aggregate principal amount of 5.50% non-revol ving loans due June 13, 2016 . This loan has been reclassified from long-term loan payable to current portion-loan payable as it is now due within one year. The Company has an option to amortize the principal amount equally over 24 months if it remains compliant with all the conditions under the loan security agreement through June 13, 2016 and it mutually agrees with the bank to any further financial covenants. During the three and six months ended June 30, 2015 , the Company recognized interest expense related to the non-revolving loans of $219 and $435 , respectively. During the three and six months ended June 30, 201 4, the Company recognized interest expense related to the non-revolving loans of $216 and $433 , respectively. |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Jun. 30, 2015 | |
Accrued Expenses [Abstract] | |
Accrued Expenses | 10. Accrued Expenses Accrued expenses consisted of the following as of June 30, 2015, and December 31, 2014: JUNE 30, DECEMBER 31, 2015 2014 Accrued expenses: Accrued payroll and related expenses $ $ Accrued professional fees Accrued royalty expense Accrued interest expense Accrued research and development costs Accrued milestone — Accrued other Total accrued expenses $ $ |
Agreements
Agreements | 6 Months Ended |
Jun. 30, 2015 | |
Agreements [Abstract] | |
Agreements | 11. Agreements Elanco Animal Health, Inc. (“Elanco”) (formerly Novartis Animal Health, Inc. “NAH”) On January 2, 2015, the Company was granted a full product license from the USDA for AT-004. The approval resulted in a $3,000 milestone being earned and due to the Company per the terms of the Exclusive Commercial License Agreement (the “Elanco Agreement”). During the first quarter of 2015, the Company recognized $3,000 of licensing revenue related to the milestone payment. On February 24, 2015, the Company and Elanco agreed to terminate the Elanco Agreement. In consideration for the return of the commercial license granted to Elanco, the Company paid E lanco $2,500 in March 2015, and will be required to pay an additional $500 upon the first commercial sale by the Company. The Company has determined that it is probable that the $500 payment will be paid, and recorded the $500 as a current liability in the first quarter of 2015, as the Company believes the first commercial sale will occur in the second half of 2015. The Company recorded the $3,000 paid to Elanco as a reduction in revenues received from Elanco as the payment was to re-acquire rights that the Company had previously licensed to Elanco. 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 (“AT-014”) 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 in exchange 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 for the Advaxis 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 , and is 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 Company allocated the consideration of $1,843 to Advaxis common stock ($1,200) and the Advaxis warrant ($643) based on their respective fair values and recorded the purchase in marketable securities and other long-term assets, respectively. See Note 3 for subsequent fair value matters related to the Advaxis common stock and warrant. In January 2015, the Company sold 124,971 shares of Advaxis common stock for proceeds of $1,500 , and recognized a gain of $1,010 in other income (expense) . Further in April 2015, the Company sold the remaining 181,151 shares of Advaxis common stock for proceeds of $3,233 , recognizing a gain of $2,523 in other income (expense) during the secon d quarter of 2015 . In May 2015, the Company , through net share settlement, exercised the Advaxis warrant for a total exercise price equivalent to $750 and received 116,411 net shares of Advaxis common stock. Subsequently, the C ompany sold this Advaxis common stock for proceeds of $2,724 , a gain of $341 , recorded in other income (expense) during the second quarter of 2015 . |
Common Stock
Common Stock | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Common Stock | 12. Common Stock As of June 30, 2015, there were 34,345,197 shares of the Company’s common stock outstanding, net of 619,123 shares of unvested restricted common stock. |
Stock-Based Awards
Stock-Based Awards | 6 Months Ended |
Jun. 30, 2015 | |
Stock-Based Awards [Abstract] | |
Stock-Based Awards | 13. Stock-Based Awards The following table summarizes stock option activity under the 2010 Equity Incentive Plan (the “2010 Plan”) for the six months ended June 30, 2015: WEIGHTED SHARES WEIGHTED AVERAGE ISSUABLE AVERAGE REMAINING AGGREGATE UNDER EXERCISE CONTRACTUAL INTRINSIC OPTIONS PRICE TERM VALUE (IN YEARS) Outstanding as of December 31, 2014 $ $ Granted — — Exercised Forfeited Expired — — Outstanding as of June 30, 2015 $ $ For the six months ended June 30, 2015, the total intrinsic value of options exercised was $765 and the total received from stock option exercises was $24 . As of June 30, 2015, options for the purchase of 1,503,981 shares of the Company’s common stock (net of repurchased shares) have been exercised, of which 130,587 are unvested and subject to repurchase. The table below summarizes activity under the 2010 Plan related to restricted stock for the six months ended June 30, 2015: WEIGHTED AVERAGE GRANT SHARES DATE FAIR VALUE Unvested restricted common stock as of December 31, 2014 $ Restricted common stock issued — — Restricted common stock vested Restricted common stock forfeited — — Unvested restricted common stock as of June 30, 2015 $ The following table summarizes stock option activity under the 2013 Incentive Award Plan (the “2013 Plan”) for the six months ended June 30, 2015: WEIGHTED SHARES WEIGHTED AVERAGE ISSUABLE AVERAGE REMAINING AGGREGATE UNDER EXERCISE CONTRACTUAL INTRINSIC OPTIONS PRICE TERM VALUE Outstanding as of December 31, 2014 $ $ Granted Exercised Forfeited Expired — — Outstanding as of June 30, 2015 $ $ For the six months ended June 30, 2015, the weighted average grant date fair value of stock options granted was $10.32 . For the six months ended June 30, 2015, the total intrinsic value of options exercised was $32 . The Company received $23 during the three months ended June 30, 2015 , from stock option exercises. The table below summarizes activity under the 2013 Plan related to restricted stock for the six months ended June 30, 2015: WEIGHTED AVERAGE GRANT SHARES DATE FAIR VALUE Unvested restricted common stock as of December 31, 2014 $ Restricted common stock issued Restricted common stock vested Restricted common stock forfeited Unvested restricted common stock as of June 30, 2015 $ For the six months ended June 30, 2015, the total fair value of restricted common stock vested was $834 . The Company did not receive cash proceeds for any of the restricted common stock granted during the six months ended June 30, 2015. 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 and six months ended June 30, 2015 , and 2014 , as follows: THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, 2015 2014 2015 2014 Cost of product sales $ $ — $ $ — Research and development Selling, general and administrative $ $ $ $ The Company had an aggregate of $13,144 and $6,120 , of unrecognized stock-based compensation expense for options outstanding and restricted stock awards, respectively, as of June 30, 2015, which is expected to be recognized over a weighted average period of 2.49 years. |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2015 | |
Net Loss Per Share [Abstract] | |
Net Loss Per Share | 14. Net Loss Per Share Basic and diluted net loss per share was calculated as follows for the three and six months ended June 30, 2015, and 2014: THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, 2015 2014 2015 2014 Basic and diluted net loss per share : Numerator: Loss before income taxes $ $ $ $ Income tax benefit Net loss $ $ $ $ Denominator: Weighted average shares outstanding – basic and diluted Net loss per share – basic and diluted $ $ $ $ Stock options for the purchase of 1,671,270 shares of common stock were excluded from the computation of diluted net loss per share attributable to common stockholders for the three and six months ended June 30, 2015, because those options had an anti-dilutive impact due to the net loss attributable to common stockholders incurred for the period. Stock options for the purchase of 1,597,332 shares of common stock were excluded from the computation of diluted net loss per share attributable to common stockholders for both the three and six months ended June 30, 2014, 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 | 6 Months Ended |
Jun. 30, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | 15. Income Taxes The Company recorded income tax benefit of $360 and $631 during the three and six months ended June 30, 2015, respectively, compared to $335 and $962 during the three and six months ended June 30 , 201 4 . The Company’s income tax benefit consists of deferred tax benefit for losses incurred that would reduce the amount of deferred tax liability related to intangible assets. The Company’s effective tax rate of 4.12% and 3.60% for the three and six months ended June 30, 2015, reflects the expected deferred tax benefit for losses incurred by Aratana Therapeutics NV (formerly Okapi Sciences, “Aratana NV”) that would reduce the amount of deferred tax liability related to intangible assets. As of June 30, 2015, the Company had net deferred tax liability of $1,077 primarily related to the step-up of intangible assets for book purposes, net of foreign net operating loss carryforwards of Aratana NV. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | 16. Accumulated Other Comprehensive Loss The changes in accumulated other comprehensive loss, net of their related tax effects, for the six months ended June 30 , 2015 : UNREALIZED HOLDING FOREIGN GAIN/(LOSS) ON ACCUMULATED CURRENCY AVAILABLE FOR OTHER TRANSLATION SALE COMPREHENSIVE ADJUSTMENT SECURITIES LOSS Balance as of December 31, 2014 $ $ $ Foreign currency translation adjustments — Unrealized holding gain on available-for-sale securities — Net gain reclassified into income on sale of available-for-sale securities — As of June 30, 2015 $ $ — $ The following table summarizes the amounts reclassified from accumulated other comprehensive loss: AMOUNTS RECLASSIFIED FROM AMOUNTS RECLASSIFIED FROM ACCUMULATED OTHER ACCUMULATED OTHER COMPREHENSIVE LOSS COMPREHENSIVE LOSS THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, Income Statement Location 2015 2014 2015 2014 Gain on sale of securities available-for-sale Other income (expense) $ $ — $ $ — $ $ — $ $ — |
Summary of Significant Accoun23
Summary of Significant Accounting Policies (Policy) | 6 Months Ended |
Jun. 30, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |
Business Overview | Business Overview Aratana Therapeutics, Inc. , including its subsidiaries (the “Company” or “Aratana”) , is a pet therapeutics company focused on licensing, developing and commercializing innovative biopharmaceutical products for companion animals. The Company has one operating segment : pet therapeutics . |
Basis Of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2014 and the notes thereto in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 16, 2015. 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 expects that its cash, cash equiv alents, and short-term investments will fund operations through December 31, 2016. |
Consolidation | Consolidation The Company’s consolidated financial statements include its financial statements and those of its wholly-owned subsidiaries. Intercompany balances and transactions are eliminated in consolidation. The Compan y does not have any interests in any variable interest entities. |
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. |
Property And Equipment, Net | Property and E quipment, net Property and equipment is recorded at historical cost, net of accumulated depreciation and amortization of $262 and $182 as of June 30 , 2015, and December 31, 2014 , respectively. |
Recently Issued and Adopted Accounting Pronouncements | Recently Issued and Adopted Accounting Pronouncements Intangibles—Goodwill and Other—Internal-Use Software: Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement In April 2015, the FASB issued guidance on how purchasers of hosted computing services should evaluate whether such arrangements contain a software license that should be accounted for separately. This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted and is to be applied prospectively to all arrangements entered into or materially modified after the effective date or retrospectively. The Company does not expect that this guidance will have a material impact on its consolidated financial statements. Interest—Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs In April 2015, the FASB issued guidance which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted and is to be applied on a retrospective basis. The Company does not expect that this guidance will have a material impact on its consolidated financial statements. Revenue from Contracts with Customers In July 2015, the FASB approved a one year delay in the effective date of the new revenue standard. These changes become effective for the Company on January 1, 2018, and early adoption is permitted but not before the original effective date of January 1, 2017. The Company is currently assessing the impact, if any, this new guidance will have on its financial condition, results of operations or cash flows. Inventory – Simplifying the Measurement of Inventory In July 2015, the FASB issued guidance which requires entities to measure most inventory “at lower of cost and net realizable value” thereby simplifying the current guidance under which an entity must measure inventory at the lower of cost or market. This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted and is to be applied on a prospective basis. The Company does not expect that this new guidance will have a material impact on its consolidated financial statements. |
Business Combinations (Tables)
Business Combinations (Tables) - Okapi Sciences NV [Member] | 6 Months Ended |
Jun. 30, 2015 | |
Business Acquisition [Line Items] | |
Acquisition Date Fair Value Of Consideration Transferred | Cash consideration $ Fair value of promissory note Fair value of contingent consideration Fair value of total consideration Less cash acquired Total consideration transferred, net of cash acquired $ |
Allocation Of Purchase Price To Assets Acquired And Liabilities Assumed | Cash $ Accounts receivable Other receivables Prepaid expenses and other current assets Property and equipment Other long-term assets Identifiable intangible assets Accounts payable and accrued expenses Deferred revenue Deferred tax liabilities, net Long-term debt Total identifiable net assets Goodwill Total net assets acquired Less: Promissory note Contingent consideration Cash paid $ |
Components Of Intangible Assets Acquired | FAIR VALUE USEFUL LIFE AT-006 $ 13 years AT-007 15 years AT-008 13 years AT-011 14 years Total intangible assets $ |
Summary Of Proforma Financial Information | SIX MONTHS ENDED JUNE 30, 2014 (Unaudited) Revenue $ Loss from operations Loss before income taxes Net loss per share before income taxes – basic and diluted $ |
Fair Value Of Financial Asset25
Fair Value Of Financial Assets And Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Of Financial Assets And Liabilities [Abstract] | |
Summary Of Information About Company's Financial Assets And Liabilities Subject To Fair Value Measurement On Recurring Basis | FAIR VALUE MEASUREMENTS AS OF CARRYING JUNE 30, 2015 USING: VALUE LEVEL 1 LEVEL 2 LEVEL 3 TOTAL Assets: Cash equivalents: Certificates of deposit $ $ — $ $ — $ Money market fund — — Short-term investments: Reverse repurchase agreements — — $ $ $ $ — $ FAIR VALUE MEASUREMENTS AS OF CARRYING DECEMBER 31, 2014 USING: VALUE LEVEL 1 LEVEL 2 LEVEL 3 TOTAL Assets: Cash equivalents: Certificates of deposit $ $ — $ $ — $ Money market fund — — Short-term investments: Short-term marketable securities - certificate of deposit — — Reverse repurchase agreements — — Long-term marketable securities: Common stock — — Derivative financial instruments — — $ $ $ $ — $ Liabilities: Contingent consideration $ $ — $ — $ $ $ $ — $ — $ $ |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Text Block] | 2015 As of January 1, $ Cash settlement of contingent consideration earned Derecognition of remaining contingent consideration recorded in the consolidated statement of operations (within selling, general and administrative) As of the end of the period, $ — |
Carrying Amounts And Estimated Fair Value Of Company's Financial Assets And Liabilities Not Measured At Fair Value On Recurring Basis | JUNE 30, 2015 CARRYING VALUE FAIR VALUE Financial liabilities: Loan payable (Level 2) $ $ DECEMBER 31, 2014 CARRYING VALUE FAIR VALUE Financial liabilities: Loan payable (Level 2) $ $ |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Investments [Abstract] | |
Fair Value Of Available-For-Sale Marketable Securities | DECEMBER 31, 2014 GROSS GROSS COST GAINS LOSSES VALUE Short-term marketable securities: Certificate of deposit $ $ — $ — $ Long-term marketable securities: Common stock — Total $ $ $ — $ |
Derivative Financial Instrume27
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Financial Instruments [Abstract] | |
Derivative Instrument At Gross Fair Value As Reflected | FAIR VALUE OF DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENT JUNE 30, 2015 DECEMBER 31, 2014 Derivative assets: Warrant (Notes 3 and 11) $ — $ |
Gain (Loss) Recognized In Other Income (Expense) | GAIN RECOGNIZED IN GAIN (LOSS) RECOGNIZED IN OTHER INCOME (EXPENSE) OTHER INCOME (EXPENSE) THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, 2015 2014 2015 2014 Derivative assets: Warrant $ $ $ $ |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Inventories [Abstract] | |
Components Of Inventories | JUNE 30, DECEMBER 31, 2015 2014 Raw materials $ Work-in-process $ Finished goods $ $ |
Goodwill (Tables)
Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary Of Goodwill | GROSS IMPAIRMENT NET CARRYING AMOUNT LOSSES CARRYING VALUE Goodwill $ $ — $ |
Summary Of Change In The Net Book Value Of Goodwill | 2015 As of January 1, $ Effect of foreign currency exchange As of the end of the period, $ |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary Of Unamortized Intangible Assets | GROSS CARRYING Unamortized intangible assets: VALUE Intellectual property rights acquired for IPR&D $ |
Summary Of Amortized Intangible Assets | GROSS NET CARRYING ACCUMULATED CARRYING AVERAGE Amortized intangible assets: VALUE AMORTIZATION VALUE USEFUL LIFE Intellectual property rights for currently marketed products: AT-004 $ $ $ Years AT-005 $ $ $ Years |
Summary Of Change In The Net Book Value Of Other Intangible Assets | 2015 As of January 1, $ Amortization expense Effect of foreign currency exchange As of the end of the period, $ |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Accrued Expenses [Abstract] | |
Summary Of Accrued Expenses | JUNE 30, DECEMBER 31, 2015 2014 Accrued expenses: Accrued payroll and related expenses $ $ Accrued professional fees Accrued royalty expense Accrued interest expense Accrued research and development costs Accrued milestone — Accrued other Total accrued expenses $ $ |
Stock-Based Awards (Tables)
Stock-Based Awards (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Compensation Related Costs, Share-based Payments [Line Items] | |
Summary Of Stock-Based Compensation Expense Related To Stock Options And Restricted Stock | THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, 2015 2014 2015 2014 Cost of product sales $ $ — $ $ — Research and development Selling, general and administrative $ $ $ $ |
2010 Equity Incentive Plan [Member] | |
Compensation Related Costs, Share-based Payments [Line Items] | |
Summary Of Stock Option Activity | WEIGHTED SHARES WEIGHTED AVERAGE ISSUABLE AVERAGE REMAINING AGGREGATE UNDER EXERCISE CONTRACTUAL INTRINSIC OPTIONS PRICE TERM VALUE (IN YEARS) Outstanding as of December 31, 2014 $ $ Granted — — Exercised Forfeited Expired — — Outstanding as of June 30, 2015 $ $ |
Summary Of Restricted Stock Activity | WEIGHTED AVERAGE GRANT SHARES DATE FAIR VALUE Unvested restricted common stock as of December 31, 2014 $ Restricted common stock issued — — Restricted common stock vested Restricted common stock forfeited — — Unvested restricted common stock as of June 30, 2015 $ |
2013 Equity Incentive Plan [Member] | |
Compensation Related Costs, Share-based Payments [Line Items] | |
Summary Of Stock Option Activity | WEIGHTED SHARES WEIGHTED AVERAGE ISSUABLE AVERAGE REMAINING AGGREGATE UNDER EXERCISE CONTRACTUAL INTRINSIC OPTIONS PRICE TERM VALUE Outstanding as of December 31, 2014 $ $ Granted Exercised Forfeited Expired — — Outstanding as of June 30, 2015 $ $ |
Summary Of Restricted Stock Activity | WEIGHTED AVERAGE GRANT SHARES DATE FAIR VALUE Unvested restricted common stock as of December 31, 2014 $ Restricted common stock issued Restricted common stock vested Restricted common stock forfeited Unvested restricted common stock as of June 30, 2015 $ |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Net Loss Per Share [Abstract] | |
Schedule Of Basic And Diluted Net Loss Per Share Attributable To Common Stockholders | THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, 2015 2014 2015 2014 Basic and diluted net loss per share : Numerator: Loss before income taxes $ $ $ $ Income tax benefit Net loss $ $ $ $ Denominator: Weighted average shares outstanding – basic and diluted Net loss per share – basic and diluted $ $ $ $ |
Accumulated Other Comprehensi34
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Summary Of Changes In Accumulated Other Comprehensive Loss | UNREALIZED HOLDING FOREIGN GAIN/(LOSS) ON ACCUMULATED CURRENCY AVAILABLE FOR OTHER TRANSLATION SALE COMPREHENSIVE ADJUSTMENT SECURITIES LOSS Balance as of December 31, 2014 $ $ $ Foreign currency translation adjustments — Unrealized holding gain on available-for-sale securities — Net gain reclassified into income on sale of available-for-sale securities — As of June 30, 2015 $ $ — $ |
Summary Of Amounts Reclassified From Accumulated Other Comprehensive Loss | AMOUNTS RECLASSIFIED FROM AMOUNTS RECLASSIFIED FROM ACCUMULATED OTHER ACCUMULATED OTHER COMPREHENSIVE LOSS COMPREHENSIVE LOSS THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, Income Statement Location 2015 2014 2015 2014 Gain on sale of securities available-for-sale Other income (expense) $ $ — $ $ — $ $ — $ $ — |
Summary Of Significant Accoun35
Summary Of Significant Accounting Policies (Details) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015USD ($)segment | Dec. 31, 2014USD ($) | |
Summary Of Significant Accounting Policies [Abstract] | ||
Number of operating segments | segment | 1 | |
Depreciation | $ 262 | $ 182 |
Business Combinations (Narrativ
Business Combinations (Narrative) (Details) - USD ($) $ in Thousands | Apr. 06, 2014 | Apr. 04, 2014 | Mar. 17, 2014 | Feb. 04, 2014 | Jan. 06, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 |
Business Acquisition [Line Items] | |||||||||||
Contingent consideration, value, high | $ 16,308 | ||||||||||
Estimated Fair Value | $ 4,248 | ||||||||||
Settlement of contingent liability | $ 15,235 | $ 3,000 | |||||||||
Total consideration paid, net of cash acquired | $ 12,075 | ||||||||||
Goodwill | $ 40,165 | 40,165 | 41,398 | ||||||||
Pre-tax increase in income | $ (8,343) | $ (9,613) | $ (17,388) | $ (19,392) | |||||||
Selling, General and Administrative [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Contingent consideration difference in fair value and settlement amount | 69 | ||||||||||
Okapi Sciences NV [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Acquisition date | Jan. 6, 2014 | ||||||||||
Purchase price of acquisition | $ 44,439 | ||||||||||
Aggregate merger consideration, cash paid | 14,139 | ||||||||||
Aggregate merger consideration, principal amount of promissory note issued | 15,134 | ||||||||||
Contingent consideration, value, high | 16,308 | ||||||||||
Estimated Fair Value | 15,166 | ||||||||||
Repayments of Notes Payable | $ 15,158 | ||||||||||
Settlement of contingent liability | $ 15,235 | ||||||||||
Promissory note maturity date | Dec. 31, 2014 | ||||||||||
Total consideration paid, net of cash acquired | $ 43,376 | ||||||||||
Business acquisition expenses | $ 139 | ||||||||||
Debt Instrument interest rate percentage | 7.00% | ||||||||||
Goodwill | $ 17,909 | ||||||||||
Pre-tax increase in income | $ 440 | ||||||||||
Okapi Sciences NV [Member] | Maximum [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Aggregate merger consideration, shares issued/issuable | 1,060,740 | ||||||||||
Okapi Sciences NV [Member] | Minimum [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Aggregate merger consideration, shares issued/issuable | 707,160 |
Business Combinations (Acquisit
Business Combinations (Acquisition Date Fair Value Of Consideration Transferred - Okapi Sciences NV) (Details) - USD ($) $ in Thousands | Jan. 06, 2014 | Jun. 30, 2014 |
Business Acquisition [Line Items] | ||
Total consideration transferred, net of cash acquired | $ 12,075 | |
Okapi Sciences NV [Member] | ||
Business Acquisition [Line Items] | ||
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 |
Business Combinations (Allocati
Business Combinations (Allocation Of Purchase Price To Assets Acquired And Liabilities Assumed - Okapi Sciences NV) (Details) - USD ($) $ in Thousands | Jan. 06, 2014 | Jun. 30, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | |||
Goodwill | $ 40,165 | $ 41,398 | |
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 | (3,786) | ||
Long-term debt | (4) | ||
Total identifiable net assets | 26,530 | ||
Goodwill | 17,909 | ||
Total net assets acquired | 44,439 | ||
Less: | |||
Promissory note | 15,134 | ||
Contingent consideration | 15,166 | ||
Cash paid | $ 14,139 |
Business Combinations (Componen
Business Combinations (Components Of Intangible Assets Acquired - Okapi Sciences NV) (Details) - Okapi Sciences NV [Member] - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jan. 06, 2014 | |
Business Acquisition [Line Items] | ||
Total intangible assets, fair value | $ 29,400 | |
AT-006 [Member] | ||
Business Acquisition [Line Items] | ||
Total intangible assets, fair value | 3,400 | |
Total intangible assets, useful life | 13 years | |
AT-007 [Member] | ||
Business Acquisition [Line Items] | ||
Total intangible assets, fair value | 13,500 | |
Total intangible assets, useful life | 15 years | |
AT-008 [Member] | ||
Business Acquisition [Line Items] | ||
Total intangible assets, fair value | 5,300 | |
Total intangible assets, useful life | 13 years | |
AT-011 [Member] | ||
Business Acquisition [Line Items] | ||
Total intangible assets, fair value | $ 7,200 | |
Total intangible assets, useful life | 14 years |
Business Combinations (Summary
Business Combinations (Summary Of Proforma Financial Information - Okapi Sciences NV) (Details) - 6 months ended Jun. 30, 2015 - Okapi Sciences NV [Member] - USD ($) $ / shares in Units, $ in Thousands | Total |
Business Acquisition [Line Items] | |
Revenue | $ 476 |
Loss from operations | (18,431) |
Loss before income taxes | $ (19,101) |
Net loss per share before income taxes – basic and diluted | $ (0.69) |
Fair Value Of Financial Asset41
Fair Value Of Financial Assets And Liabilities (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | ||
Mar. 31, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Contingent consideration | $ 4,248 | |||
Cash paid for contingent consideration | $ 3,000 | $ 15,166 | ||
Change in fair value of contingent consideration | (1,248) | $ (150) | ||
Contingent consideration, fair value | $ 4,248 | |||
Vet Therapeutics Inc., [Member] | AT-004 [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Contingent consideration | 3,000 | |||
Cash paid for contingent consideration | $ 3,000 | |||
Change in fair value of contingent consideration | 1,248 | |||
Contingent consideration, fair value | $ 0 |
Fair Value Of Financial Asset42
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) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Assets: | ||
Short-term marketable securities - certificate of deposit | $ 249 | |
Long-term marketable securities - common stock | 2,452 | |
Derivative financial instruments | 1,108 | |
Assets, fair value | $ 77,651 | 98,826 |
Liabilities: | ||
Contingent consideration | 4,248 | |
Liabilities, fair value | 4,248 | |
Current portion-contingent consideration | 4,248 | |
Carrying Value [Member] | ||
Assets: | ||
Short-term marketable securities - certificate of deposit | 249 | |
Long-term marketable securities - common stock | 2,452 | |
Derivative financial instruments | 1,108 | |
Assets, fair value | 77,651 | 98,826 |
Liabilities: | ||
Contingent consideration | 4,248 | |
Liabilities, fair value | 4,248 | |
Certificate of Deposit [Member] | ||
Assets: | ||
Cash equivalents | 6,474 | 6,972 |
Certificate of Deposit [Member] | Carrying Value [Member] | ||
Assets: | ||
Cash equivalents | 6,474 | 6,972 |
Money Market Funds [Member] | ||
Assets: | ||
Cash equivalents | 177 | 45 |
Money Market Funds [Member] | Carrying Value [Member] | ||
Assets: | ||
Cash equivalents | 177 | 45 |
Reverse Repurchase Agreements [Member] | ||
Assets: | ||
Reverse repurchase agreements | 71,000 | 88,000 |
Reverse Repurchase Agreements [Member] | Carrying Value [Member] | ||
Assets: | ||
Reverse repurchase agreements | 71,000 | 88,000 |
Level 1 [Member] | ||
Assets: | ||
Long-term marketable securities - common stock | 2,452 | |
Assets, fair value | 177 | 2,452 |
Level 1 [Member] | Money Market Funds [Member] | ||
Assets: | ||
Cash equivalents | 177 | |
Level 2 [Member] | ||
Assets: | ||
Short-term marketable securities - certificate of deposit | 249 | |
Derivative financial instruments | 1,108 | |
Assets, fair value | 77,474 | 96,374 |
Level 2 [Member] | Certificate of Deposit [Member] | ||
Assets: | ||
Cash equivalents | 6,474 | 6,972 |
Level 2 [Member] | Money Market Funds [Member] | ||
Assets: | ||
Cash equivalents | 45 | |
Level 2 [Member] | Reverse Repurchase Agreements [Member] | ||
Assets: | ||
Reverse repurchase agreements | $ 71,000 | 88,000 |
Level 3 [Member] | ||
Liabilities: | ||
Contingent consideration | 4,248 | |
Liabilities, fair value | $ 4,248 |
Fair Value Of Financial Asset43
Fair Value Of Financial Assets And Liabilities (Change In Fair Value Of Company's Contingent Consideration Payable Measured At Fair Value On Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 17, 2014 | Jun. 30, 2015 |
Fair Value Of Financial Assets And Liabilities [Abstract] | ||
As of January 1 | $ 4,248 | |
Cash settlement of contingent consideration earned | $ (15,235) | (3,000) |
Derecognition of remaining contingent consideration recorded in the consolidated statement of operations (within selling, general and administrative) | $ (1,248) | |
As of the end of the period |
Fair Value Of Financial Asset44
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) (Details) - Level 2 [Member] - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loan payable, Carrying Amount | $ 14,976 | $ 14,963 |
Loan payable, Fair Value | $ 15,067 | $ 14,933 |
Investment (Narrative) (Details
Investment (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Investments [Abstract] | ||
Unrealized gains | $ 1,252 | |
Reverse repurchase agreements, collateral securities, percentage of principal and interest required | 102.00% |
Investments (Fair Value Of Avai
Investments (Fair Value Of Available-For-Sale Marketable Securities) (Details) $ in Thousands | Dec. 31, 2014USD ($) |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost | $ 1,449 |
Gross Unrealized Gains | 1,252 |
Fair Value | 2,701 |
Certificate of Deposit [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost | 249 |
Fair Value | 249 |
Common Stock [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost | 1,200 |
Gross Unrealized Gains | 1,252 |
Fair Value | $ 2,452 |
Derivative Financial Instrume47
Derivative Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Derivative Instruments Gain Loss [Line Items] | ||||
Gain on sale of common stock | $ 341 | |||
Warrant [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Gain/(loss) recognized in other income/(expense) | $ 316 | $ 27 | $ 1,274 | $ (219) |
Derivative Financial Instrume48
Derivative Financial Instruments (Derivative Instrument At Gross Fair Value As Reflected) (Details) $ in Thousands | Dec. 31, 2014USD ($) |
Warrant [Member] | |
Derivative assets: | |
Fair value of derivatives not designated as hedge instrument | $ 1,108 |
Derivative Financial Instrume49
Derivative Financial Instruments (Gain (Loss) Recognized In Other Income (Expense)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Warrant [Member] | ||||
Derivative assets: | ||||
Gain/(loss) recognized in other income/(expense) | $ 316 | $ 27 | $ 1,274 | $ (219) |
Inventories (Components Of Inve
Inventories (Components Of Inventories) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Inventories [Abstract] | ||
Raw materials | $ 115 | $ 115 |
Work-in-process | 514 | 206 |
Finished goods | 253 | 106 |
Total inventories | $ 882 | $ 427 |
Goodwill (Summary Of Goodwill)
Goodwill (Summary Of Goodwill) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Gross Carrying Amount | $ 40,165 | |
Net Carrying Value | $ 40,165 | $ 41,398 |
Goodwill (Summary Of Change In
Goodwill (Summary Of Change In The Net Book Value Of Goodwill) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
As of January 1 | $ 41,398 |
Effect of foreign currency exchange | (1,233) |
As of the end of the period | $ 40,165 |
Intangible Assets, Net (Narrati
Intangible Assets, Net (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Intangible Assets [Line Items] | |||||
Net carrying value | $ 59,332 | $ 59,332 | $ 62,323 | ||
Amortization of intangible assets | 483 | $ 582 | 966 | $ 1,121 | |
AT-007 [Member] | |||||
Intangible Assets [Line Items] | |||||
Net carrying value | 10,945 | 10,945 | |||
AT-011 [Member] | |||||
Intangible Assets [Line Items] | |||||
Net carrying value | $ 5,837 | $ 5,837 |
Intangible Assets, Net (Summary
Intangible Assets, Net (Summary Of Unamortized Intangible Assets) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Intellectual Property Rights Acquired For IPR&D [Member] | |
Acquired Indefinite-lived Intangible Assets [Line Items] | |
Gross Carrying Amount | $ 23,834 |
Intangible Assets, Net (Summa55
Intangible Assets, Net (Summary Of Amortized Intangible Assets) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, net | $ 59,332 | $ 62,323 |
AT-004 [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 28,572 | |
Accumulated amortization | 2,440 | |
Intangible assets, net | $ 26,132 | |
Weighted average useful life | 20 years | |
AT-005 [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | $ 10,080 | |
Accumulated amortization | 714 | |
Intangible assets, net | $ 9,366 | |
Weighted average useful life | 20 years |
Intangible Assets, Net (Summa56
Intangible Assets, Net (Summary Of Change In The Net Book Value Of Other Intangible Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||||
As of January 1, | $ 62,323 | |||
Amortization expense | $ (483) | $ (582) | (966) | $ (1,121) |
Effect of foreign currency exchange | (2,025) | |||
As of end of the period | $ 59,332 | $ 59,332 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - Non-Revolving Loan [Member] - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Debt Instrument [Line Items] | ||||
Principal amount of debt | $ 15,000,000 | $ 15,000,000 | ||
Credit facility maturity date | Jun. 13, 2016 | |||
Interest rate | 5.50% | 5.50% | ||
Interest expense | $ 219,000 | $ 216,000 | $ 435,000 | $ 433,000 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Accrued expenses: | ||
Accrued payroll and related expenses | $ 1,307 | $ 2,017 |
Accrued professional fees | 315 | 429 |
Accrued royalty | 44 | 72 |
Accrued interest | 39 | 41 |
Accrued research and development costs | 1,413 | 663 |
Accrued milestone | 500 | |
Accrued other | 125 | 7 |
Total accrued expenses | $ 3,743 | $ 3,229 |
Agreements (Elanco Animal Healt
Agreements (Elanco Animal Health Narrative) (Details) - Range [Domain] - USD ($) $ in Thousands | Jan. 02, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||||||
Licensing revenue | $ 300 | $ 476 | |||||
Current liability | $ 20,932 | $ 9,468 | |||||
Cash paid for contingent consideration | 3,000 | $ 15,166 | |||||
AT-004 [Member] | Elanco Agreement [Member] | |||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||||||
Consideration recognized related to milestones | $ 3,000 | ||||||
Licensing revenue | $ 3,000 | ||||||
Payment for termination of license agreement | $ 2,500 | ||||||
Milestones payable | 500 | ||||||
Current liability | 500 | ||||||
Cash paid for contingent consideration | $ 3,000 |
Agreements (Advaxis Inc. Narrat
Agreements (Advaxis Inc. Narrative) (Details) $ / shares in Units, $ in Thousands | Mar. 19, 2014USD ($)item$ / sharesshares | May. 31, 2015USD ($)shares | Apr. 30, 2015USD ($)shares | Jan. 31, 2015USD ($)shares | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015 | Jun. 30, 2014USD ($) |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||||||
In-process research and development | $ 500 | $ 1,157 | ||||||
Gain on sale of common stock | $ 341 | |||||||
Advaxis Agreement [Member] | ||||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||||||
Number of products | item | 3 | |||||||
Number of types of cancer | item | 3 | |||||||
License fee | $ 657 | |||||||
Cash payment related to license agreement | 2,500 | |||||||
In-process research and development | $ 657 | |||||||
Warrants exercisable date | Mar. 19, 2024 | |||||||
Exercise price per share of additional warrants | $ / shares | $ 4.90 | |||||||
Sale of common stock, shares | shares | 181,151 | 124,971 | ||||||
Proceeds from sale of common stock | $ 2,724 | $ 3,233 | $ 1,500 | |||||
Gain on sale of common stock | $ 2,523 | $ 1,010 | $ 341 | |||||
Shares received from exercise of warrant | shares | 116,411 | |||||||
Net share settlement exercise price | $ 750 | |||||||
Advaxis Agreement [Member] | Common Stock [Member] | ||||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||||||
Cash payment related to license agreement | $ 1,200 | |||||||
Common stock acquired | shares | 306,122 | |||||||
Common stock called by warrant acquired | shares | 153,061 | |||||||
Advaxis Agreement [Member] | Warrant [Member] | ||||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||||||
Cash payment related to license agreement | $ 643 | |||||||
Advaxis Agreement [Member] | Common Stock and Warrant [Member] | ||||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||||||
Cash payment related to license agreement | $ 1,843 | |||||||
Advaxis Agreement [Member] | Clinical Development And Regulatory Milestone [Member] | ||||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||||||
Number of products | item | 4 | |||||||
Advaxis Agreement [Member] | Maximum [Member] | Product Sales [Member] | Royalties [Member] | ||||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||||||
Concentration risk percentage | 10.00% | |||||||
Advaxis Agreement [Member] | Maximum [Member] | Clinical Development And Regulatory Milestone [Member] | ||||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||||||
Milestones payable | $ 6,000 | |||||||
Advaxis Agreement [Member] | Maximum [Member] | Commercial Milestone [Member] | ||||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||||||
Milestones payable | $ 28,500 |
Common Stock (Details)
Common Stock (Details) - shares | Jun. 30, 2015 | Dec. 31, 2014 |
Class of Stock [Line Items] | ||
Common stock outstanding, shares | 34,345,197 | 34,147,861 |
Unvested Restricted Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Common stock outstanding, shares | 619,123 |
Stock-Based Awards (Narrative)
Stock-Based Awards (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option exercises | 1,503,981 | |||
Cash proceeds | $ 47,000 | $ 45,000 | ||
Unvested, other than options | 130,587 | 130,587 | ||
Issuance of common stock related to stock option exercises, shares | 1,503,981 | |||
2010 Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate intrinsic value | $ 765,000 | |||
Stock option exercises | 56,149 | |||
Cash proceeds | $ 24,000 | |||
Unvested, other than options | 64,205 | 64,205 | 91,334 | |
Issuance of common stock related to stock option exercises, shares | 56,149 | |||
2013 Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option exercises | 3,879 | |||
Unvested, other than options | 424,331 | 424,331 | 277,844 | |
Issuance of common stock related to stock option exercises, shares | 3,879 | |||
Unrecognized stock-based compensation expense, other than options | $ 6,120,000 | $ 6,120,000 | ||
Weighted average grant date fair value, grants | $ 17.08 | |||
Cash proceeds for restricted common stock granted | $ 0 | |||
Unrecognized stock-based compensation expense for options outstanding | 13,144,000 | $ 13,144,000 | ||
Unrecognized stock-based compensation expense, recognition period | 2 years 5 months 27 days | |||
2013 Equity Incentive Plan [Member] | Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate intrinsic value | $ 32,000 | |||
Cash proceeds | $ 23,000 | |||
Weighted average grant date fair value of options granted | $ 10.32 | |||
2013 Equity Incentive Plan [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair value stock awards, vested, other than options | $ 834,000 |
Stock-Based Awards (Summary Of
Stock-Based Awards (Summary Of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issuable Under Options, Exercised | (1,503,981) | |
2010 Equity Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issuable Under Options, Outstanding as of December 31, 2014 | 170,466 | |
Shares Issuable Under Options, Exercised | (56,149) | |
Shares Issuable Under Options, Forfeited | (26,324) | |
Shares Issuable Under Options, Outstanding as of March 31, 2015 | 87,993 | 170,466 |
Weighted Average Exercise Price, Outstanding as of December 31, 2014 | $ 1.71 | |
Weighted Average Exercise Price, Exercised | 0.43 | |
Weighted Average Exercise Price, Forfeited | 0.45 | |
Weighted Average Exercise Price, Outstanding as of March 31, 2015 | $ 2.90 | $ 1.71 |
Weighted Average Remaining Contractual Term, Outstanding | 7 years 7 months 2 days | 8 years 18 days |
Aggregate Intrinsic Value, Outstanding | $ 1,075 | $ 2,746 |
2013 Equity Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issuable Under Options, Outstanding as of December 31, 2014 | 1,481,866 | |
Shares Issuable Under Options, Granted | 442,350 | |
Shares Issuable Under Options, Exercised | (3,879) | |
Shares Issuable Under Options, Forfeited | (139,202) | |
Shares Issuable Under Options, Outstanding as of March 31, 2015 | 1,781,135 | 1,481,866 |
Weighted Average Exercise Price, Outstanding as of December 31, 2014 | $ 17.13 | |
Weighted Average Exercise Price, Granted | 16.47 | |
Weighted Average Exercise Price, Exercised | 6 | |
Weighted Average Exercise Price, Forfeited | 20.98 | |
Weighted Average Exercise Price, Outstanding as of March 31, 2015 | $ 16.69 | $ 17.13 |
Weighted Average Remaining Contractual Term, Outstanding | 8 years 6 months 4 days | 8 years 11 months 16 days |
Aggregate Intrinsic Value, Outstanding | $ 2,598 | $ 3,835 |
Stock-Based Awards (Summary O64
Stock-Based Awards (Summary Of Restricted Stock Activity) (Details) - 6 months ended Jun. 30, 2015 - $ / shares | Total |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested restricted common stock as of March 31, 2015, Shares | 130,587 |
2010 Equity Incentive Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested restricted common stock as of December 31, 2014, Shares | 91,334 |
Restricted common stock vested, Shares | (27,129) |
Unvested restricted common stock as of March 31, 2015, Shares | 64,205 |
Unvested restricted common stock as of December 31, 2014, Weighted Average Grant Date Fair Value | $ 0.94 |
Restricted common stock vested, Weighted Average Grant Date Fair Value | 0.37 |
Unvested restricted common stock as of March 31, 2015, Weighted Average Grant Date Fair Value | $ 0.37 |
2013 Equity Incentive Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested restricted common stock as of December 31, 2014, Shares | 277,844 |
Restricted common stock issued, Shares | 218,150 |
Restricted common stock vested, Shares | (48,293) |
Restricted common stock forfeited, Shares | (23,370) |
Unvested restricted common stock as of March 31, 2015, Shares | 424,331 |
Unvested restricted common stock as of December 31, 2014, Weighted Average Grant Date Fair Value | $ 16.92 |
Restricted common stock issued, Weighted Average Grant Date Fair Value | 17.08 |
Restricted common stock vested, Weighted Average Grant Date Fair Value | 17.87 |
Restricted common stock forfeited, Weighted Average Grant Date Fair Value | 13.93 |
Unvested restricted common stock as of March 31, 2015, Weighted Average Grant Date Fair Value | $ 17.06 |
Stock-Based Awards (Summary O65
Stock-Based Awards (Summary Of Stock-Based Compensation Expense Related To Stock Options And Restricted Stock) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation expense | $ 4,389 | $ 3,700 | ||
Cost of Product Sales [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation expense | 67 | |||
Research and Development Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation expense | 999 | 782 | ||
Selling, General and Administrative [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation expense | $ 3,323 | $ 2,918 | ||
2013 Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation expense | $ 2,029 | $ 1,467 | ||
2013 Equity Incentive Plan [Member] | Cost of Product Sales [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation expense | 30 | |||
2013 Equity Incentive Plan [Member] | Research and Development Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation expense | 394 | 378 | ||
2013 Equity Incentive Plan [Member] | Selling, General and Administrative [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation expense | $ 1,605 | $ 1,089 |
Net Loss Per Share (Narrative)
Net Loss Per Share (Narrative) (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
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 | 1,671,270 | 1,597,332 | 1,671,270 | 1,597,332 |
Net Loss Per Share (Schedule Of
Net Loss Per Share (Schedule Of Basic And Diluted Net Loss Per Share Attributable To Common Stockholders) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Numerator: | ||||
Loss before income taxes | $ (8,343) | $ (9,613) | $ (17,388) | $ (19,392) |
Income tax benefit | 360 | 335 | 631 | 962 |
Net loss | $ (7,983) | $ (9,278) | $ (16,757) | $ (18,430) |
Denominator: | ||||
Weighted average shares outstanding, basic and diluted | 34,278,105 | 28,761,326 | 34,236,282 | 27,768,959 |
Net loss per share, basic and diluted | $ (0.23) | $ (0.32) | $ (0.49) | $ (0.66) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Taxes [Abstract] | ||||
Income tax benefit | $ 360 | $ 335 | $ 631 | $ 962 |
Effective income tax rate | 4.12% | 3.60% | ||
Deferred tax liability, net | $ 1,077 | $ 1,077 |
Accumulated Other Comprehensi69
Accumulated Other Comprehensive Loss (Summary Of Changes In Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
As of December 31, 2014 | $ (4,150) | |||
Foreign currency translation adjustment | $ (1,390) | $ (322) | (3,191) | $ (390) |
Unrealized gain (loss) on available-for-sale securities | 958 | $ 80 | 2,622 | $ (352) |
Net gain reclassified into income on sale of available-for-sale securities | (2,864) | (3,874) | ||
As of June 30, 2015 | (8,593) | (8,593) | ||
Foreign Currency Translation Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
As of December 31, 2014 | (5,402) | |||
Foreign currency translation adjustment | (3,191) | |||
As of June 30, 2015 | $ (8,593) | (8,593) | ||
Unrealized Holding Gain/(Loss) on Available for Sale Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
As of December 31, 2014 | 1,252 | |||
Unrealized gain (loss) on available-for-sale securities | 2,622 | |||
Net gain reclassified into income on sale of available-for-sale securities | $ (3,874) |
Accumulated Other Comprehensi70
Accumulated Other Comprehensive Loss (Summary Of Amounts Reclassified From Accumulated Other Comprehensive Loss) (Details) - Jun. 30, 2015 - USD ($) $ in Thousands | Total | Total |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Gain on sale of securities available-for-sale | $ 2,864 | $ 3,874 |
Amounts Reclassified From Accumulated Other Comprehensive Loss [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Gain on sale of securities available-for-sale | 2,864 | 3,874 |
Amounts Reclassified From Accumulated Other Comprehensive Loss [Member] | Other Income (Expense) [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Gain on sale of securities available-for-sale | $ 2,864 | $ 3,874 |