Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 2-May-14 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Insys Therapeutics, Inc. | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 34,229,383 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0001516479 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $40,010 | $45,382 |
Restricted cash | 400 | 400 |
Short-term investments | 6,910 | ' |
Accounts receivable, net | 19,053 | 16,313 |
Inventories | 19,406 | 14,528 |
Prepaid expenses and other assets | 1,674 | 1,727 |
Deferred income tax assets | 3,856 | 3,800 |
Total current assets | 91,309 | 82,150 |
Property and equipment, net | 12,620 | 10,127 |
Long-term investments | 9,917 | ' |
Deferred income tax assets | 8,334 | 8,238 |
Other assets | 43 | 43 |
Total assets | 122,223 | 100,558 |
Current Liabilities: | ' | ' |
Accounts payable and accrued expenses | 16,714 | 12,173 |
Accrued compensation | 4,487 | 3,568 |
Accrued sales allowances | 3,724 | 5,340 |
Total current liabilities | 24,925 | 21,081 |
Total liabilities | 24,925 | 21,081 |
Stockholders' Equity: | ' | ' |
Common stock (par value $.0002145 per share, 50,000,000 shares authorized; 34,175,644 and 33,184,892 shares issued and outstanding as of March 31, 2014 and December 31, 2013, respectively | 7 | 5 |
Additional paid in capital | 178,705 | 168,526 |
Unrealized loss on available-for-sale securities | -18 | ' |
Notes receivable from stockholders | -21 | -21 |
Accumulated deficit | -81,375 | -89,033 |
Total stockholders' equity | 97,298 | 79,477 |
Total liabilities and stockholders' equity | $122,223 | $100,558 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Common stock par value per share (in Dollars per share) | $0.00 | $0.00 |
Common stock shares authorized | 50,000,000 | 50,000,000 |
Common stock shares issued | 34,175,644 | 33,184,892 |
Common stock shares outstanding | 34,175,644 | 33,184,892 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Comprehensive Income and Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net revenue | $41,636 | $11,059 |
Cost of revenue | 4,773 | 1,764 |
Gross profit | 36,863 | 9,295 |
Sales and marketing | 11,618 | 4,423 |
Research and development | 4,008 | 1,690 |
General and administrative | 8,568 | 2,362 |
Total operating expenses | 24,194 | 8,475 |
Operating income | 12,669 | 820 |
Interest expense | ' | -673 |
Interest income | 6 | ' |
Other income (expense), net | 13 | -4 |
Total other income (expense) | 19 | -677 |
Income before income taxes | 12,688 | 143 |
Income tax expense | 5,030 | 0 |
Net income | 7,658 | 143 |
Unrealized loss on available-for-sale securities | -18 | ' |
Total comprehensive income | $7,640 | $143 |
Basic (in Dollars per share) | $0.23 | $0.01 |
Diluted (in Dollars per share) | $0.21 | $0.01 |
Basic (in Shares) | 33,566,416 | 14,077,329 |
Diluted (in Shares) | 36,902,578 | 15,700,127 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Receivables from Stockholder [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
In Thousands, except Share data | ||||||
Balance at December 31, 2013 at Dec. 31, 2013 | $7 | $168,524 | ' | ($21) | ($89,033) | $79,477 |
Balance at December 31, 2013 (in Shares) at Dec. 31, 2013 | 33,184,892 | ' | ' | ' | ' | ' |
Exercise of stock options | ' | 2,543 | ' | ' | ' | 2,543 |
Exercise of stock options (in Shares) | 990,752 | ' | ' | ' | ' | 990,752 |
Excess tax benefits on stock options and awards | ' | 5,182 | ' | ' | ' | 5,182 |
Stock based compensation - stock options and awards | ' | 2,456 | ' | ' | ' | 2,456 |
Unrealized loss on available-for-sale securities | ' | ' | -18 | ' | ' | -18 |
Net income | ' | ' | ' | ' | 7,658 | 7,658 |
Balance at March 31, 2014 at Mar. 31, 2014 | $7 | $178,705 | ($18) | ($21) | ($81,375) | $97,298 |
Balance at March 31, 2014 (in Shares) at Mar. 31, 2014 | 34,175,644 | ' | ' | ' | ' | ' |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Cash flows from operating activities: | ' | ' |
Net income | $7,658,000 | $143,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 523,000 | 429,000 |
Stock-based compensation | 2,456,000 | 1,059,000 |
Deferred income tax benefit | -152,000 | ' |
Excess tax benefits on stock options and awards | -5,182,000 | ' |
Interest expense accrued on notes payable | ' | 638,000 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -2,740,000 | -2,727,000 |
Inventories | -4,878,000 | -1,083,000 |
Prepaid expenses and other current assets | 53,000 | 321,000 |
Accounts payable, accrued expenses, and other current liabilities | 9,026,000 | 2,150,000 |
Net cash provided by operating activities | 6,764,000 | 930,000 |
Cash flows from investing activities: | ' | ' |
Purchase of investments | -16,846,000 | ' |
Purchases of property and equipment | -3,015,000 | -105,000 |
Net cash used in investing activities | -19,861,000 | -105,000 |
Cash flows from financing activities: | ' | ' |
Net repayments on line of credit | ' | -500,000 |
Excess tax benefits on stock options and awards | 5,182,000 | ' |
Proceeds from exercise of stock options | 2,543,000 | 0 |
Net cash provided by (used in) financing activities | 7,725,000 | -500,000 |
Change in cash and cash equivalents | -5,372,000 | 325,000 |
Cash and cash equivalents, beginning of period | 45,382,000 | 361,000 |
Cash and cash equivalents, end of period | 40,010,000 | 686,000 |
Supplemental cash flow disclosures: | ' | ' |
Cash paid for interest expense | 0 | 0 |
Cash paid for income taxes | $0 | $0 |
Note_1_Nature_of_Business_and_
Note 1 - Nature of Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Disclosure Text Block [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' |
1. Nature of Business and Basis of Presentation | |
Insys Therapeutics, Inc., which was incorporated in Delaware in June 1990, and our subsidiaries (collectively, “we,” “us,” and “our”) maintain headquarters in Chandler, Arizona. | |
We are a specialty pharmaceutical company that develops and commercializes innovative supportive care products. We have two marketed products: Subsys, a proprietary sublingual fentanyl spray for breakthrough cancer pain in opioid-tolerant patients and Dronabinol SG Capsule, a generic equivalent to Marinol, an approved second-line treatment for chemotherapy-induced nausea and vomiting and anorexia associated with weight loss in patients with AIDS. | |
The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles, pursuant to rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the accompanying condensed consolidated financial statements include normal recurring adjustments that are necessary for a fair presentation of the results for the interim periods presented. These condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and notes thereto for the fiscal year ended December 31, 2013 included in our Annual Report on Form 10-K. The results of operations for the three months ended March 31, 2014 are not necessarily indicative of results to be expected for the full fiscal year or any other periods. | |
The preparation of the condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make a number of estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates, including those related to revenue recognition (which is affected by prescriptions dispensed, wholesaler discounts, patient discount programs, rebates and chargebacks), inventories, stock-based compensation expense, and deferred tax valuation allowances. We base our estimates on historical experience and on various other assumptions that are believed by management to be reasonable under the circumstances. Actual results may differ from these estimates. | |
All significant intercompany balances and transactions have been eliminated in the accompanying unaudited condensed consolidated financial statements. | |
On February 26, 2014, our board of directors approved a three - for - two stock split of our common stock to be effected through a stock dividend. The record date for the stock split was the close of business on March 17, 2014, with share distribution occurring on March 28, 2014. As a result of the dividend, shareholders received one additional share of Insys Therapeutics, Inc. common stock, par value $0.0002145, for each two shares they held as of the record date. All share and per share amounts have been retroactively restated for the effects of this stock split. | |
Recent Accounting Pronouncements | |
In July 2013, the FASB issued guidance that requires a reporting entity to present an unrecognized tax benefit as a liability in the financial statements separate from deferred tax assets if a net operating loss carry forward, a similar tax loss, or a tax credit carryforward is not available as of the reporting date to settle taxes that would result from the disallowance of the tax position or if a reporting entity does not intend to use the deferred tax asset for such purpose. This standard was effective for us beginning December 31, 2013. The adoption of this standard did not have a material impact on our financial condition or results of operations |
Note_2_Revenue_Recognition
Note 2 - Revenue Recognition | 3 Months Ended |
Mar. 31, 2014 | |
Revenue Recognition [Abstract] | ' |
Revenue Recognition [Text Block] | ' |
2. Revenue Recognition | |
We recognize revenue from the sale of Subsys and Dronabinol SG Capsule. Revenue is recognized when (i) persuasive evidence of an arrangement exists, (ii) delivery has occurred and title has passed, (iii) the price is fixed or determinable and (iv) collectability is reasonably assured. | |
Subsys | |
Subsys was commercially launched in March 2012, and is available through a U.S. Food and Drug Administration (“FDA”) mandated Risk Evaluation and Mitigation program known as the Transmucosal Immediate Release Fentanyl program (“TIRF REMS”). We sell Subsys in the United States to wholesale pharmaceutical distributors, and on a very limited basis directly to retail pharmacies, or collectively our customers, subject to rights of return within a period beginning six months prior to, and ending 12 months following, product expiration. Subsys currently has a shelf life of 36 months from the date of manufacture. Given the limited sales history of prescriptions of Subsys, we were not able to reliably estimate expected returns of the product at the time of shipment prior to the fourth quarter of 2013. Accordingly, we initially deferred the recognition of revenue and related product costs of Subsys product shipments until the product was dispensed through patient prescriptions. The quantity of prescription units dispensed was estimated using an analysis of third-party information, including TIRF REMS mandated data and third-party market research data. Beginning in the fourth quarter of 2013, we were able to reasonably estimate product returns of Subsys. Therefore, we began recognizing revenue for Subsys sales at the time of shipment. | |
We recognize estimated product sales allowances as a reduction of product sales in the same period the related revenue is recognized. Product sales allowances are based on amounts owed or to be claimed on the related sales. These estimates take into consideration the terms of our agreements with customers and third-party payors and the levels of inventory within the distribution channels that may result in future discounts taken. In certain cases, such as patient assistance programs, we recognize the cost of patient discounts as a reduction of revenue based on estimated utilization. If actual future results vary, we may need to adjust these estimates, which could have an effect on product revenue in the period of adjustment. Our product sales allowances include: | |
Product Returns. We allow customers to return product for credit within six months before and up to 12 months following its product expiration date. The shelf life of Subsys is currently 36 months from the date of manufacture. We monitored actual return history since product launch, which provides us with a basis to reasonably estimate future product returns, taking into consideration the shelf life of product at the time of shipment, shipment and prescription trends, estimated distribution channel inventory levels, and consideration of the introduction of competitive products. | |
Because of the shelf life of our products and our return policy of issuing credits on returned product that is within six months before and up to 12 months after its product expiration date, there may be a significant period of time between when the product is shipped and when we issue credits on returned product. Accordingly, we may have to adjust these estimates, which could have an effect on product sales and earnings in the period of adjustments. The allowance for product returns is included in accrued sales allowances. | |
Wholesaler Discounts. We offer discounts to certain wholesale distributors based on contractually determined rates. We accrue the discount as a reduction of receivables due from the wholesalers upon shipment to the respective wholesale distributors and retail pharmacies and recognizes the discount as a reduction of revenue in the same period the related revenue is recognized. | |
Prompt Pay Discounts. We offer cash discounts to our customers, generally 2.0% of the sales price, as an incentive for prompt payment. We account for cash discounts by reducing accounts receivable by the full amount and recognize the discount as a reduction of revenue in the same period the related revenue is recognized. | |
Patient Discount Programs. We offer discount card programs to patients for Subsys in which patients receive discounts on their prescriptions that are reimbursed to the retailer. We estimate the total amount that will be redeemed based on a percentage of actual redemption applied to inventory in the distribution and retail channel and recognize the discount as a reduction of revenue in the same period the related revenue is recognized. The allowance for patient discount programs is included in accrued sales allowances. | |
Rebates. We participate in certain rebate programs, which provide discounted prescriptions to qualified insured patients. Under these rebate programs, we pay a rebate to the third-party administrator of the program, generally two to three months after the quarter in which prescriptions subject to the rebate are filled. We estimate and accrue these rebates based on current contract prices, historical and estimated future percentages of products sold to qualified patients and estimated levels of inventory in the distribution channel. Rebates are recognized as a reduction of revenue in the period the related revenue is recognized. The allowance for rebates is included in accrued sales allowances. | |
Chargebacks. We provide discounts primarily to authorized users of the Federal Supply Schedule (“FSS”) of the General Services Administration under an FSS contract negotiated by the Department of Veterans Affairs and various organizations under Medicaid contracts and regulations. These entities purchase products from the wholesale distributors at a discounted price, and the wholesale distributors then charge back to us the difference between the current retail price and the price the entity paid for the product. We estimate and accrue chargebacks based on estimated wholesaler inventory levels, current contract prices and historical chargeback activity. Chargebacks are recognized as a reduction of revenue in the same period the related revenue is recognized. | |
Dronabinol SG Capsule | |
Dronabinol SG Capsule was commercially launched in December 2011, and we sell Dronabinol SG Capsule exclusively to Mylan Pharmaceuticals, Inc. (“Mylan”) in the United States under a supply and distribution agreement. Pursuant to the terms of the Mylan agreement, we manufacture Dronabinol SG Capsule under the Mylan label. Mylan distributes Dronabinol SG Capsule and on a monthly basis pays us an amount equal to the value of Dronabinol SG Capsule it sold to wholesale pharmaceutical distributors, less contractually defined deductions for chargebacks, rebates, sales discounts, distribution and storage fees, and royalties. Under the terms of the supply and distribution agreement with Mylan, we are obligated to pay Mylan a royalty of between 10% and 20% on Mylan’s net product sales, and a single digit percentage fee on such sales for distribution and storage services. We bear no risk of product return upon acceptance by Mylan. As Mylan has control over the amount it charges to wholesale pharmaceutical distributors for Dronabinol SG Capsule and the discounts offered to the distributors, the sales price is not fixed and determinable at the date we ship such products to Mylan. Accordingly, we recognize revenue upon Mylan’s sale of products to wholesale distributors, which is the point at which the sales price is fixed and determinable. The allowance for chargebacks is included in accrued expense. See Note 7 for a discussion on our ongoing dispute with Mylan. |
Note_3_ShortTerm_and_LongTerm_
Note 3 - Short-Term and Long-Term Investments | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||||
Investments Schedule [Abstract] | ' | ||||||||||||||||||||||||||||||||
Investment [Text Block] | ' | ||||||||||||||||||||||||||||||||
3. Short-Term and Long-Term Investments | |||||||||||||||||||||||||||||||||
Our policy for short-term and long-term investments is to establish a high-quality portfolio that preserves principal, meets liquidity needs, avoids inappropriate concentrations and delivers an appropriate yield in relationship to our investment guidelines and market conditions. Short-term and long-term investments consist of corporate and various government agency and municipal debt securities, as well as certificates of deposit that have maturity dates that are greater than 90 days. Certificates of deposit are carried at cost which approximates fair value. We classify our marketable securities as available-for-sale in accordance with FASB Accounting Standards Codification Topic 320, Investments — Debt and Equity Securities. Available-for-sale securities are carried at fair value with unrealized gains and losses reported in stockholders’ equity. A decline in the market value of any available-for-sale security below cost that is deemed to be other than temporary, results in impairment of the fair value of the investment. We did not have any realized gains or losses or decline in values judged to be other than temporary during the three months ended March 31, 2014. If we had realized gains and losses and declines in value judged to be other than temporary, we would have been required to include those changes in other expense in the condensed consolidated statements of income and comprehensive income. Premiums and discounts are amortized or accreted over the life of the related available-for-sale security. The cost of securities sold is calculated using the specific identification method. At March 31, 2014, our certificates of deposit as well as our marketable securities have been recorded at an estimated fair value of $6,910,000 and 9,917,000 in short-term and long-term investments, respectively. | |||||||||||||||||||||||||||||||||
Investments consisted of the following at March 31, 2014 (in thousands): | |||||||||||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Other- | Fair | Cash and Cash Equivalents | Short-term | Long-term | ||||||||||||||||||||||||||
Gains | Losses | Than- | Value | Investments | Investments | ||||||||||||||||||||||||||||
Temporary | |||||||||||||||||||||||||||||||||
Impairment | |||||||||||||||||||||||||||||||||
Losses | |||||||||||||||||||||||||||||||||
Cash | $ | 26,986 | $ | - | $ | - | $ | - | $ | 26,986 | $ | 26,986 | $ | - | $ | - | |||||||||||||||||
Money market funds | 12,824 | - | - | - | 12,824 | 12,824 | - | - | |||||||||||||||||||||||||
Certificates of deposit | 1,618 | - | - | - | 1,618 | 200 | 712 | 706 | |||||||||||||||||||||||||
Marketable securities: | |||||||||||||||||||||||||||||||||
Corporate securities | 7,364 | (11 | ) | - | 7,353 | - | 4,365 | 2,988 | |||||||||||||||||||||||||
Federal agency securities | 7,023 | (7 | ) | - | 7,016 | - | 1,000 | 6,016 | |||||||||||||||||||||||||
Municipal securities | 1,040 | - | - | - | 1,040 | - | 833 | 207 | |||||||||||||||||||||||||
Total marketable securities | 15,427 | - | (18 | ) | - | 15,409 | - | 6,198 | 9,211 | ||||||||||||||||||||||||
$ | 56,855 | $ | - | $ | (18 | ) | $ | - | $ | 56,837 | $ | 40,010 | $ | 6,910 | $ | 9,917 | |||||||||||||||||
We did not have marketable securities at December 31, 2013. | |||||||||||||||||||||||||||||||||
`The amortized cost and estimated fair value of the marketable securities at March 31, 2014, by maturity, are shown below (in thousands): | |||||||||||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||||||
Cost | Fair Value | ||||||||||||||||||||||||||||||||
Marketable securities: | |||||||||||||||||||||||||||||||||
Due in one year or less | $ | 6,910 | $ | 6,910 | |||||||||||||||||||||||||||||
Due after one year through 5 years | 9,935 | 9,917 | |||||||||||||||||||||||||||||||
Due after 5 years through 10 years | - | - | |||||||||||||||||||||||||||||||
Due after 10 years | - | - | |||||||||||||||||||||||||||||||
$ | 16,845 | $ | 16,827 | ||||||||||||||||||||||||||||||
The following table shows the gross unrealized losses and the fair value of our investments, with unrealized losses that are not deemed to be other-than-temporarily impaired aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2014 (in thousands): | |||||||||||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||||||
Less Than 12 Months | Greater Than 12 Months | ||||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||||||||||||
Value | Loss | Value | Loss | ||||||||||||||||||||||||||||||
Marketable securities: | |||||||||||||||||||||||||||||||||
Corporate securities | $ | 7,353 | $ | (11 | ) | $ | - | $ | - | ||||||||||||||||||||||||
Federal agency securities | 7,015 | (7 | ) | - | - | ||||||||||||||||||||||||||||
Municipal securities | - | - | - | - | |||||||||||||||||||||||||||||
$ | 14,368 | $ | (18 | ) | $ | - | $ | - | |||||||||||||||||||||||||
As of March 31, 2014, we have concluded that the unrealized losses on our marketable securities are temporary in nature. Marketable securities are reviewed quarterly for possible other-than-temporary impairment. This review includes an analysis of the facts and circumstances of each individual investment such as the severity of loss, the expectation for that security’s performance and the creditworthiness of the issuer. Additionally, we do not intend to sell and it is not probable that we will be required to sell any of the securities before the recovery of their amortized cost basis. |
Note_4_Fair_Value_Measurements
Note 4 - Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||||
4. Fair Value Measurements | |||||||||||||||||
FASB Accounting Standards Codification (“ASC”) No. 820, “Fair Value Measurement” defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. It also establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: | |||||||||||||||||
Level 1: | Observable inputs such as quoted prices in active markets; | ||||||||||||||||
Level 2: | Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and | ||||||||||||||||
Level 3: | Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. | ||||||||||||||||
At March 31, 2014, we held short-term and long-term investments, as discussed in Note 3, that are required to be measured at fair value on a recurring basis. All available-for-sale investments held by us at March 31, 2014 have been valued based on Level 2 inputs. Available-for-sale securities classified within Level 2 of the fair value hierarchy are valued utilizing reports from third-party asset managers that hold our investments, showing closing prices on the last business day of the period presented. These asset managers utilize an independent pricing source to obtain quotes for most fixed income securities, and utilize internal procedures to validate the prices obtained. In addition, we use an independent third-party to perform price testing, comparing a sample of quoted prices listed in the asset managers’ reports to quotes listed through a public quotation service. | |||||||||||||||||
Our investments measured at fair value on a recurring basis subject to the disclosure requirements of ASC 820, Fair Value Measurements and Disclosures, at March 31, 2014 were as follows (in thousands): | |||||||||||||||||
Fair Value Measurement at Reporting Date | |||||||||||||||||
March 31, | Quoted | Significant Other Observable Inputs | Significant Unobservable | ||||||||||||||
2014 | Prices in | (Level 2) | Inputs | ||||||||||||||
active | (Level 3) | ||||||||||||||||
Markets | |||||||||||||||||
(Level 1) | |||||||||||||||||
Marketable securities: | |||||||||||||||||
Corporate securities | $ | 7,353 | $ | - | $ | 7,353 | $ | - | |||||||||
Federal agency securities | 7,016 | - | 7,016 | - | |||||||||||||
Municipal securities | 1,040 | - | 1,040 | - | |||||||||||||
Total assets measured at fair value | $ | 15,409 | $ | - | $ | 15,409 | $ | - | |||||||||
We did not have marketable securities at December 31, 2013. |
Note_5_Inventories
Note 5 - Inventories | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
5. Inventories | |||||||||
Inventories are stated at lower of cost or market. Cost, which includes amounts related to materials and costs incurred by our contract manufacturers, is determined on a first-in, first-out basis. Inventories are reviewed periodically for potential excess, dated or obsolete status. Management evaluates the carrying value of inventories on a regular basis, taking into account such factors as historical and anticipated future sales compared to quantities on hand, the price we expect to obtain for products in their respective markets compared with historical cost and the remaining shelf life of goods on hand. | |||||||||
The components of inventories, net of allowances, are as follows (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Finished goods | $ | 11,887 | $ | 8,084 | |||||
Work-in-process | 4,484 | 3,886 | |||||||
Raw materials and supplies | 3,035 | 2,558 | |||||||
Total inventories | $ | 19,406 | $ | 14,528 | |||||
As of March 31, 2014 and December 31, 2013, raw materials inventories consisted of raw materials used in the manufacture of the active pharmaceutical ingredient (“API”) in our U.S.-based, state-of-the-art dronabinol manufacturing facility and component parts used in the manufacture of Subsys. Work-in-process consisted of actual production costs, including facility overhead and tolling costs of in-process Dronabinol SG Capsule and Subsys products. Finished goods inventories consisted of finished Dronabinol SG Capsule and Subsys products. |
Note_6_Line_of_Credit
Note 6 - Line of Credit | 3 Months Ended |
Mar. 31, 2014 | |
Debt Disclosure [Abstract] | ' |
Debt Disclosure [Text Block] | ' |
6. Line of Credit | |
In October 2013, we entered into a $15,000,000 revolving credit facility (the “Facility”) with JPMorgan Chase Bank, N.A., which includes a $500,000 letter of credit facility. Under the terms of the Facility, amounts outstanding bear interest at LIBOR plus 1.5% and the Facility is subject to a 0.35% non-usage fee. Advances are subject to a borrowing base such that the maximum advances that may be outstanding under the Facility is 80% of the book value of eligible accounts receivable. The Facility matures on September 30, 2014. As of March 31, 2014 and December 31, 2013, no amounts were outstanding and $15,000,000 and $12,200,000, respectively, was available to borrow, taking into account the applicable borrowing base limitations. The Facility is secured by all of our assets. | |
The Facility contains covenants that limit our ability to, among other things, incur additional indebtedness, create or permit to exist liens, pay dividends or make other distributions relating to our common stock (including the repurchase of outstanding common stock). In addition, we are required to meet certain financial covenants, including (i) minimum cash liquidity (as defined in the Facility) equal to or greater than funded indebtedness and (ii) net income of at least $1.00 for any period of four consecutive fiscal quarters commencing with the quarter ended December 31, 2013. |
Note_7_Contingencies
Note 7 - Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
7. Contingencies | |
Legal Matters | |
General Litigation and Disputes | |
From time to time, in the normal course of our operations, we are a party to litigation and other dispute matters and claims. Currently such litigation includes proceedings to which Insys Therapeutics, Inc. and our wholly owned subsidiary, Insys Pharma, Inc., is a party. Litigation can be expensive and disruptive to normal business operations. Moreover, the results of complex legal proceedings are difficult to predict and our view of these matters may change in the future as the litigation and events related thereto unfold. An unfavorable outcome to any legal matter, if material, could have a materially adverse effect on our operations or our financial position, liquidity or results of operations. Following is a brief description of such litigation and dispute proceedings. | |
Kottayil vs. Insys Pharma, Inc. On September 29, 2009, Insys Pharma, Inc., our wholly owned subsidiary, and certain of our officers and the five directors who comprised the Insys Pharma board of directors as of June 2009, as well as their spouses, were named as defendants in a lawsuit in the Superior Court of the State of Arizona, Maricopa County, or the Arizona Superior Court, brought by Santosh Kottayil, Ph.D., certain of his family members and a trust of which Dr. Kottayil is the trustee. | |
Dr. Kottayil formerly served as President, Chief Scientific Officer and a director of Insys Pharma, among other positions. The complaint brought a cause of action for statutory and common law appraisal of Dr. Kottayil’s Insys Pharma common stock. The cause of action for appraisal relates to a reverse stock split that Insys Pharma effected in June 2009, which resulted in Dr. Kottayil’s ownership position becoming a fractional share of Insys Pharma common stock. Following the reverse stock split, Insys Pharma cancelled all resulting fractional shares, including the fractional share held by Dr. Kottayil, and offered a cash payment in lieu of the fractional shares. The complaint also brought causes of action for breach of fiduciary duty, fraud and negligent misrepresentation in the defendants’ dealings with Dr. Kottayil on the subject of his compensation and stock ownership in Insys Pharma. In January 2010, the plaintiffs added claims seeking to rescind Dr. Kottayil’s assignment to Insys Pharma of his interest in all of the fentanyl and dronabinol patent applications previously assigned to Insys Pharma and to recover the benefits of those interests. Dr. Kottayil is seeking, among other relief, the fair value of his Insys Pharma common stock as of June 2, 2009, compensatory and punitive damages, and rescission of all assignments to Insys Pharma of his interest in the patent applications, as well as attorneys’ fees, costs and interest. | |
In February 2010, Insys Pharma and the other defendants answered and filed counter-claims to Dr. Kottayil’s amended complaint. The counter-claims include actions for breach of fiduciary duty, fraud and negligent misrepresentations and omissions with respect to the time during which Dr. Kottayil was employed at Insys Pharma. The counter-claims, among other relief, seek compensatory and punitive damages. | |
Discovery on all of the foregoing claims was completed and a trial was scheduled to commence on January 27, 2014; however, on January 22, 2014, the court vacated the trial and granted plaintiffs leave to file an amended complaint to add Insys Therapeutics, Inc. as a defendant. | |
On January 29, 2014, the plaintiffs filed a second amended complaint in the Arizona Superior Court in which Insys Therapeutics, Inc. was also named as defendant in this lawsuit. This amended complaint filed by plaintiffs re-alleges substantially the same claims set forth in the prior complaint, except that plaintiffs now allege that they are entitled to rescissory damages, plaintiffs have also added our majority stockholder, a private trust, as a defendant to the breach of fiduciary duty claim and plaintiffs have revised their fraud claim against the Insys Pharma director defendants. | |
The court has set the case for trial commencing on December 1, 2014. | |
Although there has been some discovery into the range of potential loss or any potential recovery from the counter-claims, that range is very broad and we are not able to provide a reasonable estimate of these figures at this time, nor are we able to predict the outcome of this litigation. If the patent assignments are successfully rescinded, we may not have exclusive patent rights covering our fentanyl and dronabinol product candidates, and such patent rights may not be available to us on acceptable terms, if at all, which would have a material adverse effect on our business. We intend to vigorously defend against the plaintiffs’ claims and pursue our counter-claims. | |
Insys Therapeutics, Inc. vs. Mylan Pharmaceuticals. On or around May 30, 2013, we filed a lawsuit against Mylan Pharmaceuticals, or Mylan, seeking a declaration that the parties’ Supply and Distribution Agreement dated May 20, 2011, or the Distribution Agreement, had been terminated because of Mylan’s material breach of the Distribution Agreement. Mylan removed the action to the United States District Court for the District of Arizona, or the District Court, as Case No. 2:13-cv-01112-DGC, and moved to compel arbitration and sought a preliminary injunction. The District Court compelled arbitration and issued a preliminary injunction requiring that the Distribution Agreement continue in full force and effect pending the outcome of arbitration. The District Court then dismissed the lawsuit. | |
On May 31, 2013, Mylan filed a demand with the American Arbitration Association, Case No. 55 122 00119 13. Mylan’s demand alleged that we were in breach of the Distribution Agreement. On July 10, 2013, we filed a response to Mylan’s demand, denying we were in breach of the Distribution Agreement, and asserting counterclaims based on Mylan’s material breach of the Distribution Agreement and the duty of good faith and fair dealing. On January 13, 2014, the three-member arbitration panel held a preliminary hearing, where it ordered Mylan to submit an amended and detailed demand by February 3, 2014, to which we responded and submitted amended counterclaims on February 4, 2014. The panel has set an arbitration hearing for August 5-8, 2014. We anticipate that the arbitration will resolve: (1) whether Mylan materially breached the Distribution Agreement by failing to accept delivery of a conforming shipment of product in October 2012; (2) whether Mylan has materially breached the parties Distribution Agreement by failing to use commercially reasonable efforts to market and sell the product; and (3) whether the Distribution Agreement has been terminated because of the parties dispute over floor pricing. We anticipate seeking damages and attorneys’ fees as part of the arbitration. | |
On January 21, 2014, Mylan filed a new lawsuit against us with the District Court, as Case No. 2:14-cv-00119-GMS, asserting a claim for declaratory judgment and seeking a temporary restraining order and preliminary injunction relating to our notice of termination of the Distribution Agreement with respect to the parties’ failure to agree on floor pricing. On January 24, 2014, Insys responded in opposition to the application for temporary restraining order and preliminary injunction, or Application. A hearing was initially set for April 3, 2014. After stipulation of the parties to postpone the hearing, the Court denied all pending motions as moot on April 2, 2014. The case will be dismissed with prejudice on June 2, 2014 if Mylan takes no further action. We do not believe that there is any basis in law or fact for Mylan’s complaint and/or the Application. We intend to seek attorneys’ fees incurred in responding to Mylan’s lawsuit. | |
Because of the remaining uncertainty as to the claims (if any) made by Mylan against us, as well as the uncertainty relating to the total damages incurred by us because of Mylan’s breaches, we are not able to predict the outcome of this dispute or make a reasonable estimate of possible losses. | |
Government Proceedings | |
Like other companies in the pharmaceutical industry, we are subject to extensive regulation by national, state and local government agencies in the United States. As a result, interaction with government agencies occurs in the normal course of our operations. Following is a brief description of a pending, potentially material, governmental investigation. It is possible that criminal charges and substantial fines and/or civil penalties or damages could result from any government investigation or proceeding. | |
Department of Health and Human Services Investigation. We received a subpoena, dated December 9, 2013, from the Office of Inspector General of the Department of Health and Human Services, or HHS, in connection with an investigation of potential violations involving HHS programs. The subpoena was issued in connection with an investigation by the U.S. Attorney’s Office for the Central District of California. The subpoena requests documents regarding our business, including the commercialization of Subsys. We are cooperating with this investigation and have produced documents in response to the subpoena and have provided other requested information. |
Note_8_StockBased_Compensation
Note 8 - Stock-Based Compensation | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||
8. Stock-based Compensation | |||||||||||||||||
Amounts recognized in the condensed consolidated statements of income and comprehensive income with respect to our stock-based compensation plans were as follows (in thousands): | |||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Research and development | $ | 327 | $ | 285 | |||||||||||||
General and administrative | 2,129 | 774 | |||||||||||||||
Total cost of stock-based compensation | $ | 2,456 | $ | 1,059 | |||||||||||||
As of March 31, 2014, we expected to recognize $23,474,000 of stock-based compensation for outstanding options over a weighted-average period of 3.1 years. | |||||||||||||||||
The following table summarizes stock option activity as of December 31, 2013 (which reflects the aforementioned stock split) and for the three months ended March 31, 2014: | |||||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||||
Shares | Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | (in millions) | |||||||||||||||
Term (in years) | |||||||||||||||||
Vested and exercisable as of December 31, 2013 | 1,810,653 | $ | 2.8 | ||||||||||||||
Outstanding as of December 31, 2013 | 4,496,667 | $ | 5.79 | ||||||||||||||
Granted | 304,950 | $ | 35.33 | ||||||||||||||
Cancelled | (53,748 | ) | $ | 23.77 | |||||||||||||
Exercised | (990,752 | ) | $ | 2.57 | |||||||||||||
Outstanding as of March 31, 2014 | 3,757,117 | $ | 8.78 | 8.58 | $ | 122.6 | |||||||||||
Vested and exercisable as of March 31, 2014 | 1,070,419 | $ | 4.12 | 7.36 | $ | 39.9 | |||||||||||
Cash received from option exercises under all share-based payment arrangements for the three months ended March 31, 2014 and 2013 was $2,543,000 and $0, respectively. For the three months ended March 31, 2014, we recorded net reductions of $5,182,000 of our federal and state income tax liability, with an offsetting credit to additional paid-in capital, resulting from the excess tax benefits of stock options. |
Note_9_Net_Income_per_Share
Note 9 - Net Income per Share | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Share [Text Block] | ' | ||||||||
9. Net Income per Share | |||||||||
Basic net income per common share is computed by dividing the net income allocable to the common stockholders by the weighted average number of common shares outstanding during the period. The diluted income per share further includes any common shares available to be issued upon exercise of outstanding stock options if such inclusion would be dilutive. | |||||||||
The net income per share for the three months ended March 31, 2013, including share and per share amounts, includes the effects of the conversion of convertible preferred stock into 12,793,290 shares of common stock (8,528,860 on a pre-split basis) as if the conversion had occurred at the beginning of the respective period. | |||||||||
The following table sets forth the computation of basic and diluted net income per common share (in thousands, except per share amounts): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Historical net income per share - Basic | |||||||||
Numerator: | |||||||||
Net income | $ | 7,658 | $ | 143 | |||||
Denominator: | |||||||||
Weighted average number of common shares outstanding | 33,566,416 | 14,077,329 | |||||||
Basic net income per common share | $ | 0.23 | $ | 0.01 | |||||
Historical net income per share - Diluted | |||||||||
Numerator: | |||||||||
Net income | $ | 7,658 | $ | 143 | |||||
Denominator: | |||||||||
Weighted average number of common shares outstanding | 33,566,416 | 14,077,329 | |||||||
Effect of dilutive stock options | 3,336,162 | 1,622,798 | |||||||
Weighted average number of common shares outstanding | 36,902,578 | 15,700,127 | |||||||
Diluted net income per common share | $ | 0.21 | $ | 0.01 | |||||
Anti-dilutive share equivalents included 292,275 and 21,180 outstanding stock options as of March 31, 2014 and 2013, respectively. |
Note_10_Product_Lines_Concentr
Note 10 - Product Lines, Concentration of Credit Risk and Significant Customers | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Risks and Uncertainties [Abstract] | ' | ||||||||
Concentration Risk Disclosure [Text Block] | ' | ||||||||
10. Product Lines, Concentration of Credit Risk and Significant Customers | |||||||||
We are engaged in the business of developing and selling pharmaceutical products. We have two product lines, consisting of Subsys and Dronabinol SG Capsule. Our chief operating decision-maker evaluates revenues based on product lines. | |||||||||
The following tables summarize our net revenue by product line, as well as the percentages of revenue by route to market (in thousands): | |||||||||
Net Revenue by Product Line | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Subsys | $ | 40,654 | $ | 9,695 | |||||
Dronabinol SG Capsule | 982 | 1,364 | |||||||
Total net revenue | $ | 41,636 | $ | 11,059 | |||||
Percent of Revenue by Route to Market | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Pharmaceutical wholesalers | 98 | % | 88 | % | |||||
Generic pharmaceutical distributors | 2 | % | 12 | % | |||||
100 | % | 100 | % | ||||||
All our products are sold in the United States of America. | |||||||||
Product shipments to four pharmaceutical wholesalers accounted for 39%, 18%, 16% and 14% of shipments for the three months ended March 31, 2014. Product shipments to three pharmaceutical wholesalers accounted for 27%, 25% and 22% of net revenue for the three months ended March 31, 2013. Four pharmaceutical wholesalers’ accounts receivable balances accounted for 39%, 16%, 14% and 12% of accounts receivable as of March 31, 2014. Three pharmaceutical wholesalers’ accounts receivable balances accounted for 25%, 23% and 21% of accounts receivable as of March 31, 2013. |
Note_11_Subsequent_Events
Note 11 - Subsequent Events | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
11. Subsequent Events | |
On May 6, 2014, our shareholders approved an amendment to our certificate of incorporation to increase the authorized shares of common stock from 50,000,000 to 100,000,000 and to increase the par value for our common stock to $0.01 per share. Our condensed consolidated unaudited financial statements and notes contained herein do not reflect the impacts of these amendments. |
Note_3_ShortTerm_and_LongTerm_1
Note 3 - Short-Term and Long-Term Investments (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||||
Investments Schedule [Abstract] | ' | ||||||||||||||||||||||||||||||||
Available-for-sale Securities [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Other- | Fair | Cash and Cash Equivalents | Short-term | Long-term | ||||||||||||||||||||||||||
Gains | Losses | Than- | Value | Investments | Investments | ||||||||||||||||||||||||||||
Temporary | |||||||||||||||||||||||||||||||||
Impairment | |||||||||||||||||||||||||||||||||
Losses | |||||||||||||||||||||||||||||||||
Cash | $ | 26,986 | $ | - | $ | - | $ | - | $ | 26,986 | $ | 26,986 | $ | - | $ | - | |||||||||||||||||
Money market funds | 12,824 | - | - | - | 12,824 | 12,824 | - | - | |||||||||||||||||||||||||
Certificates of deposit | 1,618 | - | - | - | 1,618 | 200 | 712 | 706 | |||||||||||||||||||||||||
Marketable securities: | |||||||||||||||||||||||||||||||||
Corporate securities | 7,364 | (11 | ) | - | 7,353 | - | 4,365 | 2,988 | |||||||||||||||||||||||||
Federal agency securities | 7,023 | (7 | ) | - | 7,016 | - | 1,000 | 6,016 | |||||||||||||||||||||||||
Municipal securities | 1,040 | - | - | - | 1,040 | - | 833 | 207 | |||||||||||||||||||||||||
Total marketable securities | 15,427 | - | (18 | ) | - | 15,409 | - | 6,198 | 9,211 | ||||||||||||||||||||||||
$ | 56,855 | $ | - | $ | (18 | ) | $ | - | $ | 56,837 | $ | 40,010 | $ | 6,910 | $ | 9,917 | |||||||||||||||||
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||||||
Cost | Fair Value | ||||||||||||||||||||||||||||||||
Marketable securities: | |||||||||||||||||||||||||||||||||
Due in one year or less | $ | 6,910 | $ | 6,910 | |||||||||||||||||||||||||||||
Due after one year through 5 years | 9,935 | 9,917 | |||||||||||||||||||||||||||||||
Due after 5 years through 10 years | - | - | |||||||||||||||||||||||||||||||
Due after 10 years | - | - | |||||||||||||||||||||||||||||||
$ | 16,845 | $ | 16,827 | ||||||||||||||||||||||||||||||
Schedule of Unrealized Loss on Investments [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||||||
Less Than 12 Months | Greater Than 12 Months | ||||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||||||||||||
Value | Loss | Value | Loss | ||||||||||||||||||||||||||||||
Marketable securities: | |||||||||||||||||||||||||||||||||
Corporate securities | $ | 7,353 | $ | (11 | ) | $ | - | $ | - | ||||||||||||||||||||||||
Federal agency securities | 7,015 | (7 | ) | - | - | ||||||||||||||||||||||||||||
Municipal securities | - | - | - | - | |||||||||||||||||||||||||||||
$ | 14,368 | $ | (18 | ) | $ | - | $ | - |
Note_4_Fair_Value_Measurements1
Note 4 - Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||
Fair Value Measurement at Reporting Date | |||||||||||||||||
March 31, | Quoted | Significant Other Observable Inputs | Significant Unobservable | ||||||||||||||
2014 | Prices in | (Level 2) | Inputs | ||||||||||||||
active | (Level 3) | ||||||||||||||||
Markets | |||||||||||||||||
(Level 1) | |||||||||||||||||
Marketable securities: | |||||||||||||||||
Corporate securities | $ | 7,353 | $ | - | $ | 7,353 | $ | - | |||||||||
Federal agency securities | 7,016 | - | 7,016 | - | |||||||||||||
Municipal securities | 1,040 | - | 1,040 | - | |||||||||||||
Total assets measured at fair value | $ | 15,409 | $ | - | $ | 15,409 | $ | - |
Note_5_Inventories_Tables
Note 5 - Inventories (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Finished goods | $ | 11,887 | $ | 8,084 | |||||
Work-in-process | 4,484 | 3,886 | |||||||
Raw materials and supplies | 3,035 | 2,558 | |||||||
Total inventories | $ | 19,406 | $ | 14,528 |
Note_8_StockBased_Compensation1
Note 8 - Stock-Based Compensation (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | ' | ||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Research and development | $ | 327 | $ | 285 | |||||||||||||
General and administrative | 2,129 | 774 | |||||||||||||||
Total cost of stock-based compensation | $ | 2,456 | $ | 1,059 | |||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||||
Shares | Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | (in millions) | |||||||||||||||
Term (in years) | |||||||||||||||||
Vested and exercisable as of December 31, 2013 | 1,810,653 | $ | 2.8 | ||||||||||||||
Outstanding as of December 31, 2013 | 4,496,667 | $ | 5.79 | ||||||||||||||
Granted | 304,950 | $ | 35.33 | ||||||||||||||
Cancelled | (53,748 | ) | $ | 23.77 | |||||||||||||
Exercised | (990,752 | ) | $ | 2.57 | |||||||||||||
Outstanding as of March 31, 2014 | 3,757,117 | $ | 8.78 | 8.58 | $ | 122.6 | |||||||||||
Vested and exercisable as of March 31, 2014 | 1,070,419 | $ | 4.12 | 7.36 | $ | 39.9 |
Note_9_Net_Income_per_Share_Ta
Note 9 - Net Income per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Historical net income per share - Basic | |||||||||
Numerator: | |||||||||
Net income | $ | 7,658 | $ | 143 | |||||
Denominator: | |||||||||
Weighted average number of common shares outstanding | 33,566,416 | 14,077,329 | |||||||
Basic net income per common share | $ | 0.23 | $ | 0.01 | |||||
Historical net income per share - Diluted | |||||||||
Numerator: | |||||||||
Net income | $ | 7,658 | $ | 143 | |||||
Denominator: | |||||||||
Weighted average number of common shares outstanding | 33,566,416 | 14,077,329 | |||||||
Effect of dilutive stock options | 3,336,162 | 1,622,798 | |||||||
Weighted average number of common shares outstanding | 36,902,578 | 15,700,127 | |||||||
Diluted net income per common share | $ | 0.21 | $ | 0.01 |
Note_10_Product_Lines_Concentr1
Note 10 - Product Lines, Concentration of Credit Risk and Significant Customers (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Risks and Uncertainties [Abstract] | ' | ||||||||
Revenue from External Customers by Products and Services [Table Text Block] | ' | ||||||||
Net Revenue by Product Line | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Subsys | $ | 40,654 | $ | 9,695 | |||||
Dronabinol SG Capsule | 982 | 1,364 | |||||||
Total net revenue | $ | 41,636 | $ | 11,059 | |||||
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | ' | ||||||||
Percent of Revenue by Route to Market | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Pharmaceutical wholesalers | 98 | % | 88 | % | |||||
Generic pharmaceutical distributors | 2 | % | 12 | % | |||||
100 | % | 100 | % |
Note_1_Nature_of_Business_and_1
Note 1 - Nature of Business and Basis of Presentation (Details) (USD $) | 1 Months Ended | ||
Feb. 26, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |
Note 1 - Nature of Business and Basis of Presentation (Details) [Line Items] | ' | ' | ' |
Stock Issued During Period, Per Share, Stock Split (in Shares) | 1 | ' | ' |
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $0.00 | $0.00 | $0.00 |
Conversion Ratio Numerator [Member] | ' | ' | ' |
Note 1 - Nature of Business and Basis of Presentation (Details) [Line Items] | ' | ' | ' |
Stockholders' Equity Note, Stock Split, Conversion Ratio | 3 | ' | ' |
Converstion Ratio Denominator [Member] | ' | ' | ' |
Note 1 - Nature of Business and Basis of Presentation (Details) [Line Items] | ' | ' | ' |
Stockholders' Equity Note, Stock Split, Conversion Ratio | 2 | ' | ' |
Note_2_Revenue_Recognition_Det
Note 2 - Revenue Recognition (Details) | 3 Months Ended |
Mar. 31, 2014 | |
Subsys [Member] | ' |
Note 2 - Revenue Recognition (Details) [Line Items] | ' |
Shelf Life Of Product From Date Of Manufacture | '36 months |
Mylan Pharmaceuticals Inc [Member] | ' |
Note 2 - Revenue Recognition (Details) [Line Items] | ' |
Cash Discount Percent | 2.00% |
Mylan Pharmaceuticals Inc [Member] | Minimum [Member] | ' |
Note 2 - Revenue Recognition (Details) [Line Items] | ' |
Royalty Obligation As Percentage Of Net Sales | 10.00% |
Mylan Pharmaceuticals Inc [Member] | Maximum [Member] | ' |
Note 2 - Revenue Recognition (Details) [Line Items] | ' |
Royalty Obligation As Percentage Of Net Sales | 20.00% |
Note_3_ShortTerm_and_LongTerm_2
Note 3 - Short-Term and Long-Term Investments (Details) (USD $) | Mar. 31, 2014 |
Note 3 - Short-Term and Long-Term Investments (Details) [Line Items] | ' |
Short-term Investments | $6,910,000 |
Long-term Investments | 9,917,000 |
Available-for-sale Securities [Member] | ' |
Note 3 - Short-Term and Long-Term Investments (Details) [Line Items] | ' |
Short-term Investments | 6,910,000 |
Long-term Investments | $9,917,000 |
Note_3_ShortTerm_and_LongTerm_3
Note 3 - Short-Term and Long-Term Investments (Details) - Summary of Investments (USD $) | 3 Months Ended | |||
Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Cost | $56,855,000 | ' | ' | ' |
Unrealized Losses | -18,000 | ' | ' | ' |
Fair Value | 56,837,000 | ' | ' | ' |
Cash and Cash Equivalents | 40,010,000 | 45,382,000 | 686,000 | 361,000 |
Short-term Investments | 6,910,000 | ' | ' | ' |
Long-term Investments | 9,917,000 | ' | ' | ' |
Cash [Member] | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Cost | 26,986,000 | ' | ' | ' |
Fair Value | 26,986,000 | ' | ' | ' |
Cash and Cash Equivalents | 26,986,000 | ' | ' | ' |
Money Market Funds [Member] | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Cost | 12,824,000 | ' | ' | ' |
Fair Value | 12,824,000 | ' | ' | ' |
Cash and Cash Equivalents | 12,824,000 | ' | ' | ' |
Certificates of Deposit [Member] | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Cost | 1,618,000 | ' | ' | ' |
Fair Value | 1,618,000 | ' | ' | ' |
Cash and Cash Equivalents | 200,000 | ' | ' | ' |
Short-term Investments | 712,000 | ' | ' | ' |
Long-term Investments | 706,000 | ' | ' | ' |
Corporate Debt Securities [Member] | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Cost | 7,364,000 | ' | ' | ' |
Unrealized Losses | -11,000 | ' | ' | ' |
Fair Value | 7,353,000 | ' | ' | ' |
Short-term Investments | 4,365,000 | ' | ' | ' |
Long-term Investments | 2,988,000 | ' | ' | ' |
US Government Agencies Debt Securities [Member] | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Cost | 7,023,000 | ' | ' | ' |
Unrealized Losses | -7,000 | ' | ' | ' |
Fair Value | 7,016,000 | ' | ' | ' |
Short-term Investments | 1,000,000 | ' | ' | ' |
Long-term Investments | 6,016,000 | ' | ' | ' |
Municipal Bonds [Member] | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Cost | 1,040,000 | ' | ' | ' |
Fair Value | 1,040,000 | ' | ' | ' |
Short-term Investments | 833,000 | ' | ' | ' |
Long-term Investments | 207,000 | ' | ' | ' |
Marketable Securities [Member] | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Cost | 15,427,000 | ' | ' | ' |
Unrealized Losses | -18,000 | ' | ' | ' |
Fair Value | 15,409,000 | ' | ' | ' |
Short-term Investments | 6,198,000 | ' | ' | ' |
Long-term Investments | $9,211,000 | ' | ' | ' |
Note_3_ShortTerm_and_LongTerm_4
Note 3 - Short-Term and Long-Term Investments (Details) - Amortized Cost and Estimated Fair Value of Securities (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Marketable securities: | ' |
Due in one year or less | $6,910 |
Due in one year or less | 6,910 |
Due after one year through 5 years | 9,935 |
Due after one year through 5 years | 9,917 |
16,845 | |
$16,827 |
Note_3_ShortTerm_and_LongTerm_5
Note 3 - Short-Term and Long-Term Investments (Details) - Gross Unrealized Losses (USD $) | 15 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Note 3 - Short-Term and Long-Term Investments (Details) - Gross Unrealized Losses [Line Items] | ' |
Fair Value | $14,368 |
Unrealized Loss | -18 |
Corporate Debt Securities [Member] | ' |
Note 3 - Short-Term and Long-Term Investments (Details) - Gross Unrealized Losses [Line Items] | ' |
Fair Value | 7,353 |
Unrealized Loss | -11 |
US Government Agencies Debt Securities [Member] | ' |
Note 3 - Short-Term and Long-Term Investments (Details) - Gross Unrealized Losses [Line Items] | ' |
Fair Value | 7,015 |
Unrealized Loss | ($7) |
Note_4_Fair_Value_Measurements2
Note 4 - Fair Value Measurements (Details) (USD $) | Dec. 31, 2013 |
Fair Value Disclosures [Abstract] | ' |
Marketable Securities | $0 |
Note_4_Fair_Value_Measurements3
Note 4 - Fair Value Measurements (Details) - Investments Measured at Fair Value on a Recurring Basis (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Note 4 - Fair Value Measurements (Details) - Investments Measured at Fair Value on a Recurring Basis [Line Items] | ' |
Available-for-sale securities | $15,409 |
Fair Value, Inputs, Level 2 [Member] | ' |
Note 4 - Fair Value Measurements (Details) - Investments Measured at Fair Value on a Recurring Basis [Line Items] | ' |
Available-for-sale securities | 15,409 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' |
Note 4 - Fair Value Measurements (Details) - Investments Measured at Fair Value on a Recurring Basis [Line Items] | ' |
Available-for-sale securities | 7,353 |
Corporate Debt Securities [Member] | ' |
Note 4 - Fair Value Measurements (Details) - Investments Measured at Fair Value on a Recurring Basis [Line Items] | ' |
Available-for-sale securities | 7,353 |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' |
Note 4 - Fair Value Measurements (Details) - Investments Measured at Fair Value on a Recurring Basis [Line Items] | ' |
Available-for-sale securities | 7,016 |
US Government Agencies Debt Securities [Member] | ' |
Note 4 - Fair Value Measurements (Details) - Investments Measured at Fair Value on a Recurring Basis [Line Items] | ' |
Available-for-sale securities | 7,016 |
Municipal Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ' |
Note 4 - Fair Value Measurements (Details) - Investments Measured at Fair Value on a Recurring Basis [Line Items] | ' |
Available-for-sale securities | 1,040 |
Municipal Bonds [Member] | ' |
Note 4 - Fair Value Measurements (Details) - Investments Measured at Fair Value on a Recurring Basis [Line Items] | ' |
Available-for-sale securities | $1,040 |
Note_5_Inventories_Details_Com
Note 5 - Inventories (Details) - Components of Inventories (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Components of Inventories [Abstract] | ' | ' |
Finished goods | $11,887 | $8,084 |
Work-in-process | 4,484 | 3,886 |
Raw materials and supplies | 3,035 | 2,558 |
Total inventories | $19,406 | $14,528 |
Note_6_Line_of_Credit_Details
Note 6 - Line of Credit (Details) (New Facility [Member], JPMorgan Chase Bank, N.A. [Member], Revolving Credit Facility [Member], USD $) | 1 Months Ended | 3 Months Ended | |
Oct. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | |
Note 6 - Line of Credit (Details) [Line Items] | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | $15,000,000 | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.35% | ' | ' |
Line of Credit Facility, Advances, Borrowing Base, Percent | 80.00% | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | 0 | 0 |
Line of Credit Facility, Remaining Borrowing Capacity | ' | 12,200,000 | 15,000,000 |
Line of Credit Facility, Covenant, Minimum Net Income | ' | 1 | ' |
Letter of Credit [Member] | ' | ' | ' |
Note 6 - Line of Credit (Details) [Line Items] | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | $500,000 | ' | ' |
London Interbank Offered Rate (LIBOR) [Member] | ' | ' | ' |
Note 6 - Line of Credit (Details) [Line Items] | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ' | ' |
Note_8_StockBased_Compensation2
Note 8 - Stock-Based Compensation (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $23,474,000 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '3 years 36 days | ' |
Proceeds from Stock Options Exercised | 2,543,000 | 0 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $5,182,000 | ' |
Note_8_StockBased_Compensation3
Note 8 - Stock-Based Compensation (Details) - Stock-Based Compensation Expense (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock-based compensation | $2,456 | $1,059 |
Research and Development Expense [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock-based compensation | 327 | 285 |
General and Administrative Expense [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock-based compensation | $2,129 | $774 |
Note_8_StockBased_Compensation4
Note 8 - Stock-Based Compensation (Details) - Stock Option Activity (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Stock Option Activity [Abstract] | ' | ' |
Vested and exercisable as of | 1,070,419 | 1,810,653 |
Vested and exercisable as of | $4.12 | $2.80 |
Vested and exercisable as of | '7 years 131 days | ' |
Vested and exercisable as of | $39.90 | ' |
Outstanding as of | 3,757,117 | 4,496,667 |
Outstanding as of | $8.78 | $5.79 |
Outstanding as of | '8 years 211 days | ' |
Outstanding as of | $122.60 | ' |
Granted | 304,950 | ' |
Granted | $35.33 | ' |
Cancelled | -53,748 | ' |
Cancelled | $23.77 | ' |
Exercised | -990,752 | ' |
Exercised | $2.57 | ' |
Note_9_Net_Income_per_Share_De
Note 9 - Net Income per Share (Details) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Note 9 - Net Income per Share (Details) [Line Items] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 292,275 | 21,180 |
Pre-Split Basis [Member] | Convertible Preferred Stock [Member] | ' | ' |
Note 9 - Net Income per Share (Details) [Line Items] | ' | ' |
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities | ' | 8,528,860 |
Convertible Preferred Stock [Member] | ' | ' |
Note 9 - Net Income per Share (Details) [Line Items] | ' | ' |
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities | ' | 12,793,290 |
Note_9_Net_Income_per_Share_De1
Note 9 - Net Income per Share (Details) - Computation of Basic and Diluted Net Income (Loss) per Common Share (USD $) | 3 Months Ended | 15 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 |
Historical net income per share - Basic | ' | ' | ' |
Net income (in Dollars) | $7,658 | $143 | $143 |
Weighted average number of common shares outstanding | 33,566,416 | 14,077,329 | 14,077,329 |
Basic net income per common share (in Dollars per share) | $0.23 | $0.01 | $0.01 |
Historical net income per share - Diluted | ' | ' | ' |
Net income (in Dollars) | $7,658 | $143 | $143 |
Weighted average number of common shares outstanding | 33,566,416 | 14,077,329 | 14,077,329 |
Effect of dilutive stock options | 3,336,162 | ' | 1,622,798 |
Weighted average number of common shares outstanding | 36,902,578 | 15,700,127 | 15,700,127 |
Diluted net income per common share (in Dollars per share) | $0.21 | $0.01 | $0.01 |
Note_10_Product_Lines_Concentr2
Note 10 - Product Lines, Concentration of Credit Risk and Significant Customers (Details) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Note 10 - Product Lines, Concentration of Credit Risk and Significant Customers (Details) [Line Items] | ' | ' |
Number Of Product Lines | 2 | ' |
Customer One [Member] | Pharmaceutical Wholesalers [Member] | Product Shipments [Member] | ' | ' |
Note 10 - Product Lines, Concentration of Credit Risk and Significant Customers (Details) [Line Items] | ' | ' |
Concentration Risk, Percentage | 39.00% | 27.00% |
Customer One [Member] | Pharmaceutical Wholesalers [Member] | Accounts Receivable [Member] | ' | ' |
Note 10 - Product Lines, Concentration of Credit Risk and Significant Customers (Details) [Line Items] | ' | ' |
Concentration Risk, Percentage | ' | 25.00% |
Customer One [Member] | Pharmaceutical Wholesalers [Member] | Accounts Receivable [Member] | ' | ' |
Note 10 - Product Lines, Concentration of Credit Risk and Significant Customers (Details) [Line Items] | ' | ' |
Concentration Risk, Percentage | 39.00% | ' |
Customer Two [Member] | Pharmaceutical Wholesalers [Member] | Product Shipments [Member] | ' | ' |
Note 10 - Product Lines, Concentration of Credit Risk and Significant Customers (Details) [Line Items] | ' | ' |
Concentration Risk, Percentage | 18.00% | 25.00% |
Customer Two [Member] | Pharmaceutical Wholesalers [Member] | Accounts Receivable [Member] | ' | ' |
Note 10 - Product Lines, Concentration of Credit Risk and Significant Customers (Details) [Line Items] | ' | ' |
Concentration Risk, Percentage | 16.00% | 23.00% |
Customer Three [Member] | Pharmaceutical Wholesalers [Member] | Product Shipments [Member] | ' | ' |
Note 10 - Product Lines, Concentration of Credit Risk and Significant Customers (Details) [Line Items] | ' | ' |
Concentration Risk, Percentage | 16.00% | 22.00% |
Customer Three [Member] | Pharmaceutical Wholesalers [Member] | Accounts Receivable [Member] | ' | ' |
Note 10 - Product Lines, Concentration of Credit Risk and Significant Customers (Details) [Line Items] | ' | ' |
Concentration Risk, Percentage | 14.00% | 21.00% |
Customer Four [Member] | Pharmaceutical Wholesalers [Member] | Product Shipments [Member] | ' | ' |
Note 10 - Product Lines, Concentration of Credit Risk and Significant Customers (Details) [Line Items] | ' | ' |
Concentration Risk, Percentage | 14.00% | ' |
Customer Four [Member] | Pharmaceutical Wholesalers [Member] | Accounts Receivable [Member] | ' | ' |
Note 10 - Product Lines, Concentration of Credit Risk and Significant Customers (Details) [Line Items] | ' | ' |
Concentration Risk, Percentage | 12.00% | ' |
Pharmaceutical Wholesalers [Member] | Product Shipments [Member] | ' | ' |
Note 10 - Product Lines, Concentration of Credit Risk and Significant Customers (Details) [Line Items] | ' | ' |
Concentration Risk, Customer | 'four | 'three |
Pharmaceutical Wholesalers [Member] | Accounts Receivable [Member] | ' | ' |
Note 10 - Product Lines, Concentration of Credit Risk and Significant Customers (Details) [Line Items] | ' | ' |
Concentration Risk, Customer | 'Four | 'Three |
Note_10_Product_Lines_Concentr3
Note 10 - Product Lines, Concentration of Credit Risk and Significant Customers (Details) - Summary of Net Revenue by Product Line and Percentages (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenue from External Customer [Line Items] | ' | ' |
Net revenue | $41,636 | $11,059 |
Subsys [Member] | ' | ' |
Revenue from External Customer [Line Items] | ' | ' |
Net revenue | 40,654 | 9,695 |
Dronabinol Sg Capsule [Member] | ' | ' |
Revenue from External Customer [Line Items] | ' | ' |
Net revenue | $982 | $1,364 |
Note_10_Product_Lines_Concentr4
Note 10 - Product Lines, Concentration of Credit Risk and Significant Customers (Details) - Percentage of Revenue by Route to Market (Product Concentration Risk [Member], Sales Revenue, Product Line [Member]) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Revenue, Major Customer [Line Items] | ' | ' |
Percent of Revenue | 100.00% | 100.00% |
Pharmaceutical Wholesalers [Member] | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' |
Percent of Revenue | 98.00% | 88.00% |
Generic Pharmaceutical Distributor [Member] | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' |
Percent of Revenue | 2.00% | 12.00% |
Note_11_Subsequent_Events_Deta
Note 11 - Subsequent Events (Details) (USD $) | Mar. 31, 2014 | Feb. 26, 2014 | Dec. 31, 2013 | 6-May-14 | 5-May-14 |
Subsequent Event [Member] | Subsequent Event [Member] | ||||
Note 11 - Subsequent Events (Details) [Line Items] | ' | ' | ' | ' | ' |
Common Stock, Shares Authorized | 50,000,000 | ' | 50,000,000 | 100,000,000 | 50,000,000 |
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $0.00 | $0.00 | $0.00 | $0.01 | ' |