Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Dec. 11, 2014 | Apr. 03, 2014 |
Document and Entity Information | |||
Entity Registrant Name | Corium International, Inc. | ||
Entity Central Index Key | 1594337 | ||
Document Type | 10-K | ||
Document Period End Date | 30-Sep-14 | ||
Amendment Flag | FALSE | ||
Current Fiscal Year End Date | -21 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Public Float | $69.30 | ||
Entity Common Stock, Shares Outstanding | 18,070,838 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY |
BALANCE_SHEETS
BALANCE SHEETS (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $36,395 | $13,581 |
Accounts receivable | 4,168 | 3,129 |
Unbilled accounts receivable | 1,385 | 1,495 |
Inventories, net | 2,592 | 4,508 |
Prepaid expenses and other current assets | 1,292 | 1,038 |
Total current assets | 45,832 | 23,751 |
Property and equipment, net | 12,658 | 12,622 |
Debt financing costs, net | 571 | 902 |
Intangible assets, net | 6,683 | 6,647 |
Notes receivable - related parties | 100 | |
TOTAL ASSETS | 65,744 | 44,022 |
Current liabilities: | ||
Accounts payable | 2,512 | 2,748 |
Accrued expenses and other current liabilities | 4,008 | 3,374 |
Bank line of credit | 3,873 | |
Long-term debt, current portion | 107 | 457 |
Capital lease obligations, current portion | 760 | 1,029 |
Preferred stock warrant liability | 560 | |
Recall liability, current portion | 774 | 1,004 |
Deferred contract revenues, current portion | 301 | 2,112 |
Total current liabilities | 8,462 | 15,157 |
Long-term interest payable | 11,590 | |
Long-term debt, net of current portion | 38,155 | 36,956 |
Convertible notes | 9,399 | |
Subordinated note | 13,000 | |
Subordinated note embedded derivative liability | 7,367 | |
Capital lease obligations, net of current portion | 891 | 1,652 |
Recall liability, net of current portion | 2,936 | 3,828 |
Deferred contract revenues, net of current portion | 3,500 | 3,688 |
Total liabilities | 53,944 | 102,637 |
Stockholders' equity (deficit): | ||
Common stock, par value of $0.001 per share, 150,000,000 and 115,000,000 shares authorized; 18,003,883 and 1,881,177 shares issued and outstanding as of September 30, 2014 and 2013 respectively | 18 | 2 |
Additional paid-in capital | 114,117 | -26,679 |
Accumulated deficit | -102,335 | -92,423 |
Total stockholders' equity (deficit) | 11,800 | -119,100 |
TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK, REDEEMABLE COMMON STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) | 65,744 | 44,022 |
Convertible Preferred Stock | ||
Current liabilities: | ||
Convertible or Redeemable stock | 57,261 | |
Redeemable Common Stock | ||
Current liabilities: | ||
Convertible or Redeemable stock | $3,224 |
BALANCE_SHEETS_Parenthetical
BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
Convertible or Redeemable stock, shares authorized | 65,716,300 | |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 150,000,000 | 115,000,000 |
Common stock, shares issued | 18,003,883 | 1,881,177 |
Common stock, shares outstanding | 18,003,883 | 1,881,177 |
Convertible Preferred Stock | ||
Convertible or Redeemable stock, par value (in dollars per share) | $0.00 | $0.00 |
Convertible or Redeemable stock, shares authorized | 5,000,000 | 65,716,300 |
Convertible or Redeemable stock, shares issued | 0 | 36,034,900 |
Convertible or Redeemable stock, shares outstanding | 0 | 36,034,900 |
Redeemable Common Stock | ||
Convertible or Redeemable stock, par value (in dollars per share) | $0.00 | $0.00 |
Convertible or Redeemable stock, shares issued | 0 | 347,945 |
Convertible or Redeemable stock, shares outstanding | 0 | 347,945 |
STATEMENTS_OF_OPERATIONS_AND_C
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues: | |||
Product revenues | $32,202 | $38,704 | $35,716 |
Contract research and development revenues | 9,026 | 10,750 | 6,838 |
Other revenues | 1,212 | 816 | 306 |
Total revenues | 42,440 | 50,270 | 42,860 |
Costs and operating expenses: | |||
Cost of product revenues | 20,204 | 24,828 | 24,360 |
Cost of contract research and development revenues | 15,391 | 11,856 | 10,244 |
Research and development expenses | 7,365 | 5,496 | 3,966 |
General and administrative expenses | 9,095 | 6,525 | 4,645 |
Amortization of intangible assets | 547 | 541 | 512 |
Gain on disposal and sale and leaseback of equipment | -112 | -177 | -57 |
Total costs and operating expenses | 52,490 | 49,069 | 43,670 |
Income (Loss) from operations | -10,050 | 1,201 | -810 |
Interest income | 7 | 9 | 4 |
Interest expense | -6,961 | -7,705 | -5,247 |
Change in fair value of preferred stock warrant liability | -274 | -14 | 21 |
Change in fair value of subordinated note embedded derivative liability | 7,367 | -7,367 | |
Other income | 582 | ||
Loss before income taxes | -9,911 | -13,876 | -5,450 |
Income tax benefit (expense) | -1 | -1 | 7 |
Net loss and comprehensive loss | -9,912 | -13,877 | -5,443 |
Net loss attributable to common stockholders, basic and diluted | ($9,912) | ($13,877) | ($5,443) |
Net loss per share attributable to common stockholders, basic and diluted (in dollars per share) | ($0.99) | ($6.24) | ($2.47) |
Weighted average shares used in computing net loss per share attributable to common stockholders, basic and diluted (in shares) | 10,043,640 | 2,222,981 | 2,200,727 |
STATEMENTS_OF_CONVERTIBLE_PREF
STATEMENTS OF CONVERTIBLE PREFERRED STOCK, REDEEMABLE COMMON STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (USD $) | Convertible Preferred Stock | Redeemable Common Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total |
Balance at Sep. 30, 2011 | $2,000 | ($27,990,000) | ($73,103,000) | ($101,091,000) | ||
Balance at Sep. 30, 2011 | 57,261,000 | 3,367,000 | ||||
Balance (in shares) at Sep. 30, 2011 | 1,793,189 | |||||
Balance (in shares) at Sep. 30, 2011 | 36,034,900 | 363,383 | ||||
Increase (Decrease) in Stockholders' Equity | ||||||
Issuance of common stock warrants in connection with debt and capital lease financing | 110,000 | 110,000 | ||||
Repurchase of redeemable common stock and common stock from founders | -143,000 | |||||
Repurchase of redeemable common stock and common stock from founders (in shares) | -15,438 | |||||
Issuance of common stock upon exercise of stock options | 12,000 | 12,000 | ||||
Issuance of common stock upon exercise of stock options (in shares) | 61,799 | |||||
Stock-based compensation expense | 66,000 | 66,000 | ||||
Net loss and comprehensive loss | -5,443,000 | -5,443,000 | ||||
Balance at Sep. 30, 2012 | 2,000 | -27,802,000 | -78,546,000 | -106,346,000 | ||
Balance at Sep. 30, 2012 | 57,261,000 | 3,224,000 | ||||
Balance (in shares) at Sep. 30, 2012 | 1,854,988 | |||||
Balance (in shares) at Sep. 30, 2012 | 36,034,900 | 347,945 | ||||
Increase (Decrease) in Stockholders' Equity | ||||||
Issuance of common stock warrants in connection with debt and capital lease financing | 38,000 | 38,000 | ||||
Issuance of common stock upon exercise of stock options | 13,000 | 13,000 | ||||
Issuance of common stock upon exercise of stock options (in shares) | 26,189 | |||||
Stock-based compensation expense | 330,000 | 330,000 | ||||
Modification of warrants issued in connection with debt | 742,000 | 742,000 | ||||
Net loss and comprehensive loss | -13,877,000 | -13,877,000 | ||||
Balance at Sep. 30, 2013 | 2,000 | -26,679,000 | -92,423,000 | -119,100,000 | ||
Balance (in shares) at Sep. 30, 2013 | 1,881,177 | |||||
Balance at Sep. 30, 2013 | 57,261,000 | 3,224,000 | ||||
Balance (in shares) at Sep. 30, 2013 | 36,034,900 | 347,945 | ||||
Increase (Decrease) in Stockholders' Equity | ||||||
Decrease in equity associated with modification of subordinated debt | -3,485,000 | -3,485,000 | ||||
Issuance of common stock in connection with initial public offering, net of issuance costs of $2.70 million | 7,000 | 48,452,000 | 48,459,000 | |||
Issuance of common stock in connection with initial public offering, net of issuance costs of $2.70 million (in shares) | 6,874,997 | |||||
Conversion of convertible preferred stock to common stock in connection with initial public offering | -57,261,000 | 4,000 | 57,257,000 | 57,261,000 | ||
Conversion of convertible preferred stock to common stock in connection with initial public offering (in shares) | -36,034,900 | 3,567,807 | ||||
Issuance of common stock in connection with conversion of convertible debt | 2,000 | 19,367,000 | 19,369,000 | |||
Issuance of common stock in connection with conversion of convertible debt (in shares) | 2,036,555 | |||||
Issuance of common stock upon conversion of subordinated debt in connection with the recapitalization transaction | 3,000 | 19,234,000 | 19,237,000 | |||
Issuance of common stock upon conversion of subordinated debt in connection with the recapitalization transaction (in shares) | 3,387,146 | |||||
Issuance of common stock upon net exercise of preferred stock warrants and related extinguishment of preferred stock warrant liability | 310,000 | 310,000 | ||||
Issuance of common stock upon net exercise of preferred stock warrants and related extinguishment of preferred stock warrant liability (in shares) | 1,191 | |||||
Issuance of common stock upon net exercise of common stock warrants | 1,000 | -1,000 | 0 | |||
Issuance of common stock upon net exercise of common stock warrants (in shares) | 970,249 | |||||
Repurchase of redeemable common stock and common stock from founders | -3,224,000 | -1,000 | -2,001,000 | -2,002,000 | ||
Repurchase of redeemable common stock and common stock from founders (in shares) | -347,945 | -729,864 | ||||
Issuance of common stock upon exercise of stock options | 34,000 | 34,000 | ||||
Issuance of common stock upon exercise of stock options (in shares) | 14,650 | |||||
Stock-based compensation expense | 1,629,000 | 1,629,000 | ||||
Aggregate fractional shares cancelled in connection with reverse stock split | -25 | |||||
Net loss and comprehensive loss | -9,912,000 | -9,912,000 | ||||
Balance at Sep. 30, 2014 | $18,000 | $114,117,000 | ($102,335,000) | $11,800,000 | ||
Balance (in shares) at Sep. 30, 2014 | 18,003,883 | |||||
Balance (in shares) at Sep. 30, 2014 | 0 | 0 |
STATEMENTS_OF_CONVERTIBLE_PREF1
STATEMENTS OF CONVERTIBLE PREFERRED STOCK, REDEEMABLE COMMON STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (Parenthetical) (USD $) | 0 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Apr. 08, 2014 | Sep. 30, 2014 |
STATEMENTS OF CONVERTIBLE PREFERRED STOCK, REDEEMABLE COMMON STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) | ||
Issuance of common stock in connection with initial public offering, issuance costs | $2.70 | $2.70 |
STATEMENTS_OF_CASH_FLOWS
STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net loss and comprehensive loss | ($9,912) | ($13,877) | ($5,443) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization of property and equipment | 2,230 | 1,892 | 1,973 |
Gain on disposal and sale and leaseback of equipment | -112 | -177 | -57 |
Gain on settlement of recall liability | -582 | ||
Change in fair value of preferred stock warrant liability | 274 | 14 | -21 |
Change in fair value of subordinated debt embedded derivative liability | -7,367 | 7,367 | |
Amortization of premium on modification of subordinated note | -292 | ||
Amortization of intangible assets | 547 | 541 | 512 |
Noncash amortized issue costs on long-term debt and capital leases | 331 | 329 | 706 |
Noncash amortized discount on long-term debt and capital leases | 128 | 196 | 246 |
Write off of patent costs | 82 | 101 | |
Stock compensation expense | 1,629 | 330 | 66 |
Non-cash reductions in recall liability prior to settlement | -3,041 | ||
Interest expense on convertible and subordinated notes converted to common stock | 823 | ||
Changes in operating assets and liabilities: | |||
Accounts receivable | -1,039 | -329 | 889 |
Unbilled accounts receivable | 110 | 672 | -18 |
Inventories, net | 1,916 | -139 | 82 |
Prepaid expenses and other current assets | -255 | -137 | -563 |
Accounts payable | 700 | -878 | -1,289 |
Accrued expenses and other liabilities | 2,058 | 1,329 | -176 |
Deferred contract revenues | -1,998 | 321 | 3,465 |
Recall liability | -1,122 | -168 | |
Long-term interest payable | 1,650 | 3,190 | |
Net cash provided (used) by operating activities | -11,351 | -982 | 40 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of property and equipment | -3,221 | -7,163 | -1,859 |
Proceeds from sale of equipment | 12 | 17 | 15 |
Issuance of notes receivable - related parties | -100 | -49 | |
Proceeds from repayment of notes receivable - related parties | 100 | ||
Payments for patents and licensing rights | -584 | -693 | -467 |
Net cash used by investing activities | -3,693 | -7,939 | -2,360 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from issuance of common stock, net of issuance costs | 48,459 | ||
Repurchase of redeemable common stock from founders, in connection with initial public | -5,225 | ||
Proceeds from issuance of long-term debt | 7,230 | 36,477 | |
Proceeds from issuance of capital leases | 2,266 | 84 | |
Payments on convertible notes | -10,000 | ||
Payment of transaction costs associated with issuance of long-term debt | -112 | -1,671 | |
Principal payments on long-term debt | -484 | -812 | -8,792 |
Principal payments on capital lease obligations | -1,054 | -629 | -548 |
Borrowings on bank line of credit | 1,298 | 5,827 | 24,706 |
Payments on bank line of credit | -5,170 | -3,526 | -26,276 |
Proceeds from exercise of stock options | 34 | 13 | 12 |
Net cash provided by financing activities | 37,858 | 10,257 | 13,992 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 22,814 | 1,336 | 11,672 |
CASH AND CASH EQUIVALENTS - Beginning of period | 13,581 | 12,245 | 573 |
CASH AND CASH EQUIVALENTS - End of period | 36,395 | 13,581 | 12,245 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||
Cash paid for interest | 4,669 | 4,856 | 766 |
Cash paid for income taxes | 2 | ||
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||
Issuance of common stock warrants in connection with debt financing and equipment lease financing | 38 | 110 | |
Property and equipment purchases included in accounts payable and accrued liabilities | 198 | 1,134 | 806 |
Issuance of payment-in-kind notes in lieu of cash interest payments associated with long-term debt | 1,305 | 1,235 | 161 |
Reduction in notes receivable through redemption of common stock | 143 | ||
Unpaid deferred offering costs | 20 | ||
Decrease in equity due to premium associated with modification of subordinated debt | 3,485 | ||
Conversion of convertible preferred stock to common stock | 57,261 | ||
Issuance of common stock upon conversion of subordinated debt | 19,237 | ||
Issuance of common stock upon conversion of convertible debt | 19,369 | ||
Issuance of common stock upon net exercise of preferred stock warrants | $834 |
Organization_Description_of_Bu
Organization, Description of Business, and Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2014 | |
Organization, Description of Business, and Summary of Significant Accounting Policies | |
Organization, Description of Business, and Summary of Significant Accounting Policies | 1. Organization, Description of Business, and Summary of Significant Accounting Policies |
Organization | |
        Corium International, Inc., a Delaware corporation (the "Company"), is a commercial stage biopharmaceutical company focused on the development, manufacture and commercialization of specialty pharmaceutical products that leverage its broad experience in transdermal and transmucosal delivery systems. | |
        In the normal course of business, the Company enters into collaboration agreements with partners to develop and manufacture products based on the Company's drug delivery technologies. Revenues consist of net sales of products manufactured, royalties and profit-sharing payments based on sales of such products by partners, and fees for research and development activities under collaboration agreements with our partners. The Company is also engaged in the research and development of its own proprietary transdermal drug delivery products. | |
        The Company's fiscal year ends on September 30. References to "fiscal" refer to the years ended September 30. | |
Basis of Presentation | |
        The Company's financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America. | |
Reverse Stock Split | |
        On March 20, 2014, the Company effected a 1-for-10.1 reverse stock split of the Company's outstanding common stock resulting in a reduction of the Company's total common stock issued and outstanding from 19,032,056 shares to 1,884,362 shares. The reverse stock split affected all stockholders of the Company's common stock uniformly, and did not materially affect any stockholder's percentage of ownership interest. The par value of the Company's common stock remained unchanged at $0.001 per share and the number of authorized shares of common stock remained the same after the reverse stock split. | |
        In connection with this reverse stock split, the number of shares of common stock reserved for issuance under the Company's equity incentive, stock option and employee stock purchase plans, as well as the shares of common stock underlying outstanding stock options, restricted stock units and warrants, were also proportionately reduced while the exercise prices of such stock options and warrants were proportionately increased. All references to shares of common stock and per share data for all periods presented in the accompanying financial statements and notes thereto have been adjusted to reflect the reverse stock split on a retroactive basis. | |
Initial Public Offering | |
        On April 2, 2014, the Company's registration statements on Form S-1 (File No. 333-194279 and File No. 333-195002) relating to the Initial Public Offering (the "IPO") of its common stock were declared effective by the SEC. The IPO closed on April 8, 2014 at which time the Company sold 6,500,000 shares of its common stock at a price of $8.00 per share. The Company also granted the underwriters a 30-day option to purchase up to 975,000 additional shares of common stock at the IPO price. The underwriters exercised this option to purchase 374,997 shares on May 2, 2014. The Company received cash proceeds of $48.5 million from the IPO, including proceeds from the partial exercise of the underwriters' option, net of underwriting discounts, commissions and issuance costs paid by the Company, which totaled $2.7 million. | |
        On April 8, 2014, immediately prior to the closing of the IPO, all outstanding shares of convertible preferred stock converted into 3,567,807 shares of common stock, and the related carrying value of $57.3 million was reclassified to common stock and additional paid-in capital. In addition, certain warrants to purchase convertible preferred stock and common stock were also converted and net exercised into 971,440 shares of common stock. Upon the closing of the IPO, Corium also repurchased 1,077,809 shares of common stock from its founders, for an aggregate purchase price of $5.2 million. | |
        Following the filing of the Restated Certificate of Incorporation of the Company on April 8, 2014, the number of shares of capital stock the Company is authorized to issue is 155,000,000 shares, of which 150,000,000 shares may be common stock and 5,000,000 shares may be preferred stock. Both the common stock and preferred stock have a par value of $0.001 per share. | |
Use of Estimates | |
        Estimates and assumptions are required to be used by management in the preparation of financial statements in conformity with accounting principles generally accepted in the United States of America that affect the reported amounts of assets, liabilities, and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of operating revenues and operating expenses during the reporting period. Those estimates and assumptions affect revenue recognition and deferred revenues, impairment of long-lived assets, determination of fair value of stock-based awards and other debt and equity related instruments, and accounting for income taxes. As future events and their effects cannot be determined with precision, actual results could differ from those estimates. | |
Concentration of Credit Risk | |
        Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents with a single domestic financial institution that is well capitalized. The Company provides credit, in the normal course of business, to its partners and performs credit evaluations of such partners. | |
        Four partners accounted for 95%, 99% and 94% of the Company's revenues for fiscal 2014, 2013 and 2012. These same partners accounted for 95% and 100% of accounts receivable as of September 30, 2014 and 2013. | |
Revenue Recognition | |
        The Company generates revenues from agreements for the development and commercialization of its products. The terms of the agreements may include nonrefundable upfront payments, partial or complete reimbursement of research and development costs, milestone payments, product sales, and profit sharing and royalties on product sales made by the partners. The Company recognizes revenues when the following criteria are met: persuasive evidence of a sales or service arrangement exists; delivery has occurred; the price is fixed or determinable; and collectability is reasonably assured. | |
        Revenue related to multiple element arrangements are analyzed to determine whether the deliverables can be separated or whether they must be accounted for as a single unit of accounting. This determination is generally based on whether any deliverable has stand-alone value to the partner. This analysis also establishes a selling price hierarchy for determining how to allocate arrangement consideration to identified units of accounting. The selling price used for each unit of accounting is based on vendor-specific objective evidence, if available, third-party evidence if vendor-specific objective evidence is not available, or estimated selling price if neither vendor-specific nor third-party evidence is available. Typically, the Company has not granted licenses to partners at the beginning of its arrangements and, thus, there are no delivered items separate from the research and development services provided. As such, upfront payments are recorded as deferred revenues in the balance sheet and are recognized as contract research and development revenues over the estimated period of performance that is consistent with the terms of the research and development obligations contained in the agreement. The Company periodically reviews the estimated period of performance based on the progress made under each arrangement. | |
        Amounts related to research and development funding are generally recognized as the related services or activities are performed in accordance with the contract terms. To the extent that agreements specify services are to be performed on a cost-plus basis, revenues are recognized as services are rendered. Such work is generally billed on a monthly basis for time incurred at specified rates in the agreements. To the extent that agreements specify services to be performed on a fixed-price basis, revenues are recognized consistent with the pattern of the work performed. Generally, all of the agreements provide for reimbursement of third-party expenses, and such reimbursable expenses are billed as revenues as incurred. | |
        The arrangements may include contractual milestones, which relate to the achievement of pre-specified research, development, regulatory and commercialization events. The milestone events contained in the Company's arrangements coincide with the progression of the Company's product candidates from research and development, to regulatory approval and through to commercialization. The process of successfully developing a new product, having it approved from a regulatory perspective and ultimately sold for a profit is highly uncertain. As such, the milestone payments that the Company may earn from its partners involve a significant degree of risk to achieve. Research and development milestones in the Company's strategic alliances may include the following types of events: completion of pre-clinical research and development work, completion of certain development events and initiation of clinical trials. Regulatory milestones may include the following types of events: filing of regulatory applications with the Food and Drug Administration and approval of the regulatory applications by the Food and Drug Administration. Commercialization milestones may include product launch. The Company recognizes milestone payments in the period in which the performance obligation underlying the milestone is achieved. | |
        Upon commercialization, revenues are generated from product sales, royalties and profit sharing. Product sales are generally recognized as products are shipped and title and risk of loss pass to the partner. Royalties and profit sharing are generally recognized when the Company's partners sell the product to their customers and are based on a percentage of the Company's partners' net sales or net profits for products subject to our agreements. Product sales and royalty income are presented collectively as product revenues. Royalties and profit sharing totaled $6.7 million, $7.8 million and $6.4 million for fiscal 2014, 2013 and 2012. | |
        Other revenues consists of income derived from the Company's arrangements with its partners, whereby a portion of the revenues received under these agreements relates to rental income from embedded leases associated with manufacturing equipment and facilities specific to these relationships, as well as revenues associated with licenses granted to a third party for intellectual property related to a discontinued product. | |
Research and Development | |
        Research and development expenses primarily comprise salaries and benefits associated with research and development personnel, overhead and facility costs, pre-clinical and non-clinical development costs, clinical trial, and related clinical manufacturing costs, contract services, and other outside costs. Research and development costs, including costs to be subsequently reimbursed under development contracts, are charged to expense when incurred. | |
Advertising Costs | |
        The Company's advertising expenses were immaterial for fiscal 2014, 2013 and 2012. | |
Stock-Based Compensation | |
        The Company accounts for stock-based compensation for all share-based awards made to employees and directors, including employee stock options and employee stock purchases related to the employee stock purchase plan, by measuring the cost of awards of equity instruments based on the grant-date fair value of the award. The Company determines the fair value of such awards using the Black-Scholes option-pricing model (the "Black-Scholes model"), which incorporates certain assumptions as follows: | |
Expected Term—The expected term represents the period that the stock-based awards are expected to be outstanding before exercise or cancellation. As the Company's historical share exercise experience did not provide a reasonable basis upon which to estimate expected term because of a lack of sufficient data points, the Company estimated the expected term by using the simplified method. | |
Risk-Free Interest Rate—The risk-free interest rate is based on the implied constant maturity yield currently available on U.S. Treasury issues with a maturity consistent with the expected term. | |
Expected Volatility—Because the Company has limited information on the volatility of its common stock due to a lack of significant trading history and limited historical data regarding the volatility of its common stock, the expected volatility used is based on volatility of a group of comparable publicly traded companies. In evaluating comparability, the Company considered factors such as industry, stage of life cycle and size. The Company will continue to analyze the historical stock price volatility and term assumptions as more historical data for the Company's common stock becomes available. | |
Expected Dividend—The Company does not anticipate declaring dividends in the foreseeable future. | |
        The Company recognizes compensation expense for the portion of share-based awards that are expected to vest. Therefore, the Company applied estimated forfeiture rates that were derived from historical employee termination behavior. If the actual number of forfeitures differs from those estimated by management, additional adjustments to compensation expense may be required in future periods. | |
Income Taxes | |
        The Company accounts for income taxes based on the liability method. Under the liability method, deferred tax assets and deferred tax liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and deferred tax liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and deferred tax liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. A valuation allowance is established when it is more likely than not that all or a portion of a deferred tax asset will not be realized. | |
Comprehensive Income (Loss) | |
        During fiscal 2014, 2013 and 2012, the Company did not recognize any other comprehensive income (loss) and, therefore, the net income (loss) and comprehensive income (loss) was the same for all periods presented. | |
Net Loss per Share Attributable to Common Stockholders | |
        The Company calculates its basic and diluted net loss per share attributable to common stockholders in conformity with the two-class method required for companies with participating securities. The Company's basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. The diluted net loss per share attributable to common stockholders is computed by giving effect to all potential dilutive common stock equivalents outstanding for the period. For purposes of the diluted calculation, convertible preferred stock, options to purchase common stock and common stock warrants are considered common stock equivalents but are excluded from the calculation of diluted net loss per share attributable to common stockholders if their effect is antidilutive. | |
Cash and Cash Equivalents | |
        The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents. The Company generally invests funds that are in excess of current needs in high-credit-quality instruments, such as obligations of U.S. government agencies and money market funds. | |
Accounts Receivable and Allowance for Doubtful Accounts | |
        Accounts receivable are stated at invoiced amounts. An allowance for doubtful accounts is established as needed based on a specific assessment of all invoices that remain unpaid following normal partner payment periods. All amounts deemed to be uncollectible are charged against the allowance for doubtful accounts in the period that the determination is made. The allowance for doubtful accounts was $0 as of September 30, 2014 and 2013.  | |
Inventories | |
        Inventories are stated at the lower of cost, on a first-in, first-out basis, or market. The Company records an allowance for excess and obsolete inventory based on anticipated obsolescence, usage, and historical write-offs. | |
Property and Equipment | |
        Property and equipment are recorded at cost, net of accumulated depreciation and amortization. Equipment is depreciated over its useful life, ranging from 3 to 8 years using the straight-line method. Leasehold improvements are depreciated or amortized over the shorter of the lease term or their useful lives ranging from 3 to 15 years using the straight-line method. Expenditures for maintenance and repairs are charged to expense as incurred. | |
Capital Leases | |
        The Company leases several pieces of equipment under capital lease arrangements. During the year ended September 30, 2011, the Company completed two transactions, whereby existing manufacturing equipment was sold to and leased back from the lessor. Under these transactions, a gain on the sale was deferred and is being amortized over the life of the lease. Equipment leased under capital leases is amortized over the life of the lease term using the straight-line method. | |
Intangible Assets | |
        Intangible assets consist primarily of the cost of acquired patents and legal costs associated with patent development and contract acquisition costs. These costs are capitalized and amortized on a straight-line basis over the lesser of the estimated economic lives of the patents or the underlying contracts and the remaining legal lives of the patents, which approximates the consumption over the estimated useful lives of the assets, once a patent is granted. The Company periodically reevaluates the original assumptions and rationale utilized in the establishment of the carrying value and estimated lives of these assets. | |
Impairment of Long-Lived Assets | |
        Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the assets and their eventual disposition. Measurement of an impairment loss for long-lived assets that management expects to hold and use is based on the fair value of the asset. No impairment was recorded for fiscal 2014, 2013 or 2012. | |
Fair Value of Financial Instruments | |
        Fair value accounting is applied for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually). Assets and liabilities recorded at fair value in the financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, which are directly related to the amount of subjectivity associated with the inputs to the valuation of these assets or liabilities, are as follows: | |
Level I—Inputs that are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. | |
Level II—Inputs (other than quoted prices included in Level I) that are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument's anticipated life. | |
Level III—Unobservable inputs that are supported by little or no market activity, but are significant to the fair value of the assets or liabilities. They reflect management's best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. | |
Convertible Preferred Stock Warrants | |
        Prior to their conversion into common stock on April 8, 2014 in connection with the Company's IPO, the Company accounted for certain warrants to purchase shares of convertible preferred stock as liabilities at fair value, as it had determined that some of these warrants were derivative instruments because they contained antidilution provisions that protected the holders from certain equity issuances at a price below the original issue price of the underlying security. The Company remeasured these warrants to fair value at each balance sheet date, and recognized any change in the fair value as a change in the warrant liability in its statements of operations and comprehensive loss. The Company estimated the fair value of these warrants at the respective balance sheet dates using the Option Pricing Model, or OPM, in fiscal 2012 and the Probability-Weighted Expected Return Model, or PWERM, thereafter. The Company used a number of assumptions to estimate the fair value, including the likelihood of various scenarios, the expected volatility, and the fair value of the underlying stock under each scenario. | |
Subordinated Note Embedded Derivative Liability | |
        Prior to its conversion into common stock on April 8, 2014 in connection with the Company's IPO, the Company had an outstanding subordinated note that the Company had determined contained an embedded derivative instrument related to redemption and conversion features of the note. These features required bifurcation and separate accounting, and were accounted for as a liability. The embedded derivative liability was remeasured to fair value at each balance sheet date, with the corresponding gain or loss from the adjustment recorded in the statements of operations and comprehensive loss. The fair value of the embedded derivative was measured with the PWERM valuation methodology. Under this methodology, fair value is primarily driven by the assessment of the probability and timing of scenarios that could result in the redemption of the note prior to the note's maturity, which would trigger the payment of the additional amount equal to the outstanding principal of the subordinated note. | |
Recent Account Pronouncements | |
        In February 2013, the FASB issued guidance which addresses the presentation of amounts reclassified from accumulated other comprehensive income. This guidance does not change current financial reporting requirements. Instead, an entity is required to cross-reference to other required disclosures that provide additional detail about amounts reclassified out of accumulated other comprehensive income. In addition, the guidance requires an entity to present significant amounts reclassified out of accumulated other comprehensive income by line item of net income if the amount reclassified is required to be reclassified to net income in its entirety in the same reporting period. Adoption of this standard is required for periods beginning after December 15, 2013. This new guidance impacts how the Company reports comprehensive income only, and had no effect on the Company's results of operations, financial position or liquidity during fiscal 2014 and 2013. | |
        In May 2014, the Financial Accounting Standards Board issued ASU No. 2014-09, "Revenue from Contracts with Customers", Topic 606. This ASU affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets, unless those contracts are within the scope of other standards. The guidance in this ASU supersedes the revenue recognition requirements in Topic 605, Revenue Recognition and most industry-specific guidance. The core principle of the guidance is that an entity should recognize revenue to illustrate the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new guidance also includes a set of disclosure requirements that will provide users of financial statements with comprehensive information about the nature, amount, timing, and uncertainty of revenue and cash flows arising from a reporting organization's contracts with customers. This ASU is effective retrospectively for fiscal years, and interim periods within those years, beginning after December 15, 2016 for public companies. The Company is evaluating the effect, if any, on the Company's financial position and results of operations. | |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Fair Value Measurements | ||||||||||||||
Fair Value Measurements | 2. Fair Value Measurements | |||||||||||||
        Financial assets and liabilities are recorded at fair value. Except as noted below, the carrying values of the Company's financial instruments, including cash equivalents, accounts receivable, and accounts payable, approximated their fair values due to the short period of time to maturity or repayment. | ||||||||||||||
        The Company's financial instruments that are measured at fair value on a recurring basis as of September 30, 2014 and 2013, by level within the fair value hierarchy, are as follows (in thousands): | ||||||||||||||
                                                                                                                                                                                    | ||||||||||||||
As of September 30, 2014 | ||||||||||||||
Level I | Level II | Level III | Total | |||||||||||
Financial Assets: | ||||||||||||||
Money market funds | $ | 36,019 | $ | — | $ | — | $ | 36,019 | ||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
Total financial assets | $ | 36,019 | $ | — | $ | — | $ | 36,019 | ||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​  | |
                                                                                                                                                                                    | ||||||||||||||
As of September 30, 2013 | ||||||||||||||
Level I | Level II | Level III | Total | |||||||||||
Financial Assets: | ||||||||||||||
Money market funds | $ | 13,342 | $ | — | $ | — | $ | 13,342 | ||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
Total financial assets | $ | 13,342 | $ | — | $ | — | $ | 13,342 | ||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​  | |
Financial Liabilities: | ||||||||||||||
Preferred stock warrant liability | $ | — | $ | — | $ | 560 | $ | 560 | ||||||
Subordinated note embedded derivative liability | — | — | 7,367 | 7,367 | ||||||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
Total financial liabilities | $ | — | $ | — | $ | 7,927 | $ | 7,927 | ||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​  | |
        The Company's Level III liabilities consist of a preferred stock warrant liability (see Note 11) and subordinated note embedded derivative liability (Note 8). The following table sets forth a summary of the changes in the fair value of the Company's Level III financial liabilities, which are measured on a recurring basis (in thousands): | ||||||||||||||
                                                                                                                                                                                    | ||||||||||||||
Year Ended | ||||||||||||||
September 30, | ||||||||||||||
2014 | 2013 | |||||||||||||
Beginning balance | $ | 7,927 | $ | 546 | ||||||||||
Change in fair value of preferred stock warrants | 274 | 14 | ||||||||||||
Change in fair value of subordinated note embedded derivative liability | (7,367 | ) | 7,367 | |||||||||||
Extinguishment of preferred stock warrant liability | (834 | ) | —  | |||||||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |||||||
Ending balance | $ | — | $ | 7,927 | ||||||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​  | |||||||
        The following financial instruments have carrying values which differ from their fair value as estimated by the Company based on market quotes for instruments with similar terms and remaining maturities (Level III valuation technique) (in thousands): | ||||||||||||||
                                                                                                                                                                                    | ||||||||||||||
As of September 30, 2014 | ||||||||||||||
Carrying | Fair Value | Difference | ||||||||||||
Value | ||||||||||||||
Long-term debt | $ | 38,262Â | $ | 40,357Â | $ | 2,095Â | ||||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ||||
Total | $ | 38,262Â | $ | 40,357Â | $ | 2,095Â | ||||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​  | ||||
                                                                                                                                                                                    | ||||||||||||||
As of September 30, 2013 | ||||||||||||||
Carrying | Fair Value | Difference | ||||||||||||
Value | ||||||||||||||
Long-term debt | $ | 37,413 | $ | 37,413 | $ | — | ||||||||
Convertible notes | 9,399 | 14,316 | 4,917 | |||||||||||
Subordinated note | 13,000 | 9,508 | (3,492 | ) Â | ||||||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ||||
Total | $ | 59,812 | $ | 61,237 | $ | 1,425 | ||||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​  | ||||
Inventories
Inventories | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventories | ||||||||
Inventories | 3. Inventories | |||||||
        Inventories consist of the following (in thousands): | ||||||||
                                                                                                                                                                                    | ||||||||
As of | ||||||||
September 30, | ||||||||
2014 | 2013 | |||||||
Raw materials | $ | 1,268 | $ | 2,410 | ||||
Work in process | 898 | 1,546 | ||||||
Finished goods | 632 | 667 | ||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
Total inventories, cost | 2,798 | 4,623 | ||||||
Less inventory reserves | (206 | ) | (115 | ) Â | ||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
Total inventories, net | $ | 2,592 | $ | 4,508 | ||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​  | |
Property_and_equipment
Property and equipment | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Property and equipment | ||||||||
Property and equipment | 4. Property and equipment | |||||||
        Property and equipment consist of the following (in thousands): | ||||||||
                                                                                                                                                                                    | ||||||||
As of September 30, | ||||||||
2014 | 2013 | |||||||
Machinery and equipment | $ | 12,242 | $ | 11,145 | ||||
Manufacturing equipment acquired under capital leases | 2,341 | 1,825 | ||||||
Transportation equipment | 25 | 25 | ||||||
Furniture and fixtures | 995 | 928 | ||||||
Computer equipment and software | 535 | 401 | ||||||
Leasehold improvements | 3,658 | 3,145 | ||||||
Land | 210 | 210 | ||||||
Construction in progress | 6,849 | 8,843 | ||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
Total property and equipment, gross | 26,855 | 26,522 | ||||||
Accumulated depreciation and amortization | (14,197 | ) | (13,900 | ) Â | ||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
Total property and equipment, net | $ | 12,658 | $ | 12,622 | ||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​  | |
        The Company recorded depreciation and amortization of property and equipment of $2.2 million, $1.9 million and $2.0 million during fiscal 2014, 2013 and 2012. | ||||||||
Intangible_Assets
Intangible Assets | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Intangible Assets | ||||||||
Intangible Assets | 5. Intangible Assets | |||||||
        Intangible assets and related accumulated amortization consist of the following (in thousands): | ||||||||
                                                                                                                                                                                    | ||||||||
As of September 30, | ||||||||
2014 | 2013 | |||||||
Cost: | ||||||||
Patents and trademarks | $ | 10,269 | $ | 9,686 | ||||
Contract acquisition costs | 1,672 | 1,677 | ||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
Total carrying value | 11,941 | 11,363 | ||||||
Accumulated amortization: | ||||||||
Patents and trademarks | (3,756 | ) | (3,237 | ) | ||||
Contract acquisition costs | (1,502 | ) | (1,479 | ) Â | ||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
Total accumulated amortization | (5,258 | ) | (4,716 | ) Â | ||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
Total intangible assets, net | $ | 6,683 | $ | 6,647 | ||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​  | |
        The Company amortizes its intangible assets related to issued patents over the estimated useful lives of the patents, ranging from 7 to 20 years. Amortization of issued patents, excluding impairments or abandonments, was $0.5 million, $0.5 million and $0.4 million in fiscal 2014, 2013 and 2012. | ||||||||
        The estimated remaining annual amortization expenses for issued patents and trademarks as of September 30, 2014 are as follows (in thousands): | ||||||||
                                                                                                                                                                                    | ||||||||
Year Ending September 30: | Amounts | |||||||
2015 | $ | 584Â | ||||||
2016 | 584Â | |||||||
2017 | 584Â | |||||||
2018 | 584Â | |||||||
2019 | 584Â | |||||||
Thereafter | 1,480Â | |||||||
​ | ​ | ​  | ​  | ​ | ||||
Total | $ | 4,400Â | ||||||
​ | ​ | ​  | ​  | ​ | ||||
​ | ​ | ​  | ​  | ​  | ||||
        Patents in process included in intangible assets were $2.1 million and $2.5 million during fiscal 2014 and 2013. | ||||||||
        The Company amortizes its intangible assets related to contract acquisition costs over their estimated useful lives, ranging from 4 to 15 years. Amortization of contract acquisition costs was $29,000, $65,000 and $66,000 in fiscal 2014, 2013 and 2012. | ||||||||
        The estimated remaining annual amortization expense for contract acquisition cost as of September 30, 2014 are as follows (in thousands): | ||||||||
                                                                                                                                                                                    | ||||||||
Year Ending September 30: | Amounts | |||||||
2015 | $ | 29Â | ||||||
2016 | 29Â | |||||||
2017 | 29Â | |||||||
2018 | 29Â | |||||||
2019 | 29Â | |||||||
Thereafter | 25Â | |||||||
​ | ​ | ​  | ​  | ​ | ||||
Total | $ | 170Â | ||||||
​ | ​ | ​  | ​  | ​ | ||||
​ | ​ | ​  | ​  | ​  | ||||
Notes_Receivable_Related_Parti
Notes Receivable - Related Parties | 12 Months Ended |
Sep. 30, 2014 | |
Notes Receivable - Related Parties | |
Notes Receivable - Related Parties | 6. Notes Receivable—Related Parties |
        Notes receivable as of September 30, 2013, consisted of an unsecured note payable by one of the executive officers of the Company. The note called for payment of one-half of the principal and accrued interest on December 28, 2015 and the remaining principal and interest on June 28, 2018. The note accrued interest at 1% below the prime rate, adjusted as of January 1 each year (an effective rate of 2.25% at September 30, 2013). The Company recognized less than $1,000 of related party interest income from this note in fiscal 2014 and 2013. The note was repaid in full in March 2014. | |
Accrued_Expenses_and_Other_Cur
Accrued Expenses and Other Current Liabilities | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Accrued Expenses and Other Current Liabilities | ||||||||
Accrued Expenses and Other Current Liabilities | 7. Accrued Expenses and Other Current Liabilities | |||||||
        Accrued expenses and other current liabilities consist of the following (in thousands): | ||||||||
                                                                                                                                                                                    | ||||||||
September 30, | ||||||||
2014 | 2013 | |||||||
Vacation | $ | 1,747Â | $ | 1,680Â | ||||
Bonus | 1,235Â | 900Â | ||||||
Warranty liability | 284 | — | ||||||
Employee stock purchase plan liability | 305 | — | ||||||
Legal and professional fees | 5Â | 339Â | ||||||
Other | 432Â | 455Â | ||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
Total accrued liabilities | $ | 4,008Â | $ | 3,374Â | ||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​  | |
Debt
Debt | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Debt | ||||||||
Debt | 8. Debt | |||||||
        The Company's outstanding debt was as follows (in thousands): | ||||||||
                                                                                                                                                                                    | ||||||||
As of September 30, | ||||||||
2014 | 2013 | |||||||
Bank line of credit | $ | — | $ | 3,873 | ||||
Long-term debt | 38,262Â | 37,413Â | ||||||
Convertible notes | — | 9,399 | ||||||
Subordinated note | — | 13,000 | ||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
Total | 38,262Â | 63,685Â | ||||||
Less current portion, consisting of bank line of credit and long-term debt | 107Â | 4,330Â | ||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
Long-term portion | $ | 38,155Â | $ | 59,355Â | ||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​  | |
Bank Line of Credit | ||||||||
        The bank line of credit was established with the Company's commercial bank on August 31, 2012. The line of credit provided for borrowings up to $6.0 million, was collateralized by a first security interest in cash, accounts receivable, and inventory, as well as a second security interest in all other assets of the Company. The line of credit expired on August 31, 2014 and has not been renewed. Advances under the line of credit were based on 80% of eligible accounts receivable. The line of credit beared interest at 0.25%, plus the bank's prime rate (an effective rate of 4.25% as of September 30, 2013), and provided for a minimum monthly interest charge of $5,000. The line of credit contained a minimum monthly liquidity covenant of $2.0 million of net cash on deposit with the commercial bank. The Company was continuously in compliance with this covenant from August 31, 2012 through the expiration date, August 31, 2014. | ||||||||
Long-term Debt | ||||||||
        Long-term debt was as follows (in thousands): | ||||||||
                                                                                                                                                                                    | ||||||||
As of September 30, | ||||||||
2014 | 2013 | |||||||
Term loan agreement expiring June 30, 2017. See terms of the agreement below. | ||||||||
Less discount of $76 and $103 as of September 30, 2014 and 2013 | $ | 37,625 | $ | 36,293 | ||||
Notes payable to lessor for tenant improvements. The note calls for monthly payments of principal and interest of $3 at an interest rate of 7% and is due April 2015 | 96Â | 124Â | ||||||
Notes payable to lessor for tenant improvements. The note calls for monthly payments of principal and interest of $6 at an interest rate of 7% and is due November 2024 | 541Â | 575Â | ||||||
Notes payable to finance Company insurance premiums. The note calls for monthly payments of principal and interest of $71 at an interest rate of 2.192% and was due March 2014 | — | 421 | ||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
Total | 38,262Â | 37,413Â | ||||||
Less current portion | 107Â | 457Â | ||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
Long-term portion | $ | 38,155Â | $ | 36,956Â | ||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​  | |
        On July 13, 2012, the Company completed a $35.0 million term loan agreement with a financial investment fund. In August 2012 and December 2012, the Company drew down $29.0 million and $6.0 million under this agreement. The agreement required interest to be paid quarterly at a simple annual rate of 15%, and all outstanding principal be repaid in four equal quarterly payments beginning September 30, 2016. The agreement also contained a provision whereby the Company could choose to defer cash payment of 3.5% on the original outstanding principal for the first 11 quarterly interest payments by converting that portion of the interest otherwise due into additional notes under the agreement. As of September 30, 2014 and 2013, the Company had converted $2.7 million and $1.4 million of interest into additional notes (payment-in-kind notes). Amounts outstanding under the term loan agreement are collateralized by all of the Company's assets. The agreement contained a 1% fee on all draws and provided for a prepayment penalty on the outstanding principal if the Company chose to repay principal prior to maturity, or upon other specified events, including a change of control. The term loan agreement provided for financial covenants for minimum revenues and minimum liquidity, which the Company was in compliance with as of September 30, 2014 and 2013. | ||||||||
        This term loan agreement was amended and restated in November 2014 (see Note 21). | ||||||||
        Minimum principal payments on the Company's outstanding long-term debt, as of September 30, 2014 were as follows (in thousands): | ||||||||
                                                                                                                                                                                    | ||||||||
Year Ending September 30: | Amounts | |||||||
2015 | $ | 107Â | ||||||
2016 | 9,439Â | |||||||
2017 | 28,296Â | |||||||
2018 | 46Â | |||||||
2019 | 49Â | |||||||
Thereafter | 325Â | |||||||
​ | ​ | ​  | ​  | ​ | ||||
Total | $ | 38,262Â | ||||||
​ | ​ | ​  | ​  | ​ | ||||
​ | ​ | ​  | ​  | ​  | ||||
Convertible Notes | ||||||||
        In 2008 and 2009, the Company issued convertible bridge notes (the "Convertible Notes") and warrant purchase agreements to several of the then-existing Series C preferred stock investors, whereby the Company raised a total of $20.0 million. On April 8, 2014, in connection with the closing of the IPO, all of the Convertible Notes, with an aggregate principal amount and accrued interest of $19.4 million, were converted into 2,036,555 shares of common stock. As originally issued, the Convertible Notes accrued interest at 10% per year and matured on the earliest of July 31, 2009, the consummation of a significant sale of assets of the Company outside the normal course of business, or upon an uncured event of default. Subsequently, the maturities of the Convertible Notes were initially extended to October 31, 2009, after which they became due. In connection with the closing of the $35.0 million term loan agreement in July 2012, the Company ratably repaid $10.0 million of principal on the Convertible Notes and further extended the maturity date of the Convertible Notes to July 1, 2017. Interest was not paid on the Convertible Notes since inception and is, therefore, presented as long-term accrued interest at September 30, 2013. | ||||||||
        The Convertible Notes were secured by all assets of the Company, with such security interest being subordinated to the security interest granted by the Company to its commercial bank and the $35 million term loan agreement. Pursuant to an intercreditor agreement the Company entered into in July 2013, the Company was not permitted to pay interest on these notes until maturity. | ||||||||
        The Convertible Notes also provided for an amendment of the voting agreement between the Company and the majority of its stockholders, pursuant to which one investor had the right to increase the maximum size of the board of directors to 11 and that same investor also had the right to appoint up to 6 of the directors. This investor never exercised either of these rights. | ||||||||
        The Convertible Notes also provided for the issuance of common stock warrants exercisable for a number of shares equal to 60% of the principal amount of the Convertible Notes, divided by the conversion price of the Convertible Notes, which was, initially, the original issue price of the Series C preferred stock. The warrants were only exercisable following conversion of the Convertible Notes into preferred stock and would have been exercisable for shares of common stock of the Company. As of September 30, 2012, the warrants had all been issued, each with an expiration date five years from the date of each corresponding Convertible Note's issuance (see Note 11). | ||||||||
        During fiscal 2013, the carrying value of the Convertible Notes was reduced by $0.6 million due to the recognition of value associated with the modification of common stock warrants issued in connection with the Convertible Notes. | ||||||||
Subordinated Note | ||||||||
        In 2009, the Company issued a subordinated note (the "Subordinated Note") to one of the existing Series C preferred stock investors raising a total of $13.0 million. On April 8, 2014, in connection with the closing of the IPO, the Subordinated Note, with a principal amount, accrued interest and derivative liability totaling $19.2 million, was converted into 3,387,146 shares of common stock. The Subordinated Note accrued simple interest at 5% per year and had an original maturity of the earliest of June 30, 2010, the consummation of a significant sale of assets of the Company outside the normal course of business, or upon an uncured event of default. In connection with the closing of the term loan agreement during the year ended September 30, 2012, the maturity of the Subordinated Note was extended to July 1, 2017. Interest was never paid on the Subordinated Note since inception and is, therefore, presented as long-term accrued interest at September 30, 2013. | ||||||||
        If the Company had consummated a merger of the Company or a sale of all or substantially all of the Company's assets, or a significant asset sale prior to the full repayment of the Subordinated Note, then, at the written election of the subordinated note holder, the holder of the Subordinated Note would have been entitled to be repaid the entire outstanding balance under the Subordinated Note plus an additional amount equal to the outstanding principal under the Subordinated Note, plus all accrued interest. The Company determined that this feature is an embedded derivative requiring bifurcation and separate accounting. The fair value of this embedded derivative liability was $7.4 million as of September 30, 2013. The change in fair value was recorded to change in fair value of Subordinated Note embedded derivative liability. | ||||||||
        The Subordinated Note was secured by all assets of the Company, with such security interest subordinated to the security interest granted by the Company to both its commercial bank and the term loan agreement. Pursuant to an intercreditor agreement the Company entered into in July 2012, the Company was not permitted to pay interest on these notes until maturity. | ||||||||
        As part of the recapitalization described below, in December 2013 the Subordinated Note was modified to provide that in the event of a qualifying IPO or equity financing, the note would automatically convert into 3.4 million shares of common stock or the equivalent amount of preferred stock. As this represented a substantial modification of the debt, it was accounted for as an extinguishment. Accordingly, the book value of the debt prior to the conversion was removed from the financial statements and the fair value of the debt after the modification of $16.5 million, including the value of the conversion feature, was recorded. As the holder of the subordinate debt controlled the majority of our equity and could have appointed the majority of our board, the modification of the debt was considered a transaction with owners. Accordingly the difference between the book value of the debt prior to the modification and the fair value of the debt after modification was recorded as a $3.5 million reduction in additional paid-in capital. | ||||||||
Recapitalization | ||||||||
        In December 2013, the Company entered into an amendment and conversion agreement with Essex Woodlands pursuant to which (i) the Company and Essex Woodlands amended the Convertible Notes held by Essex Woodlands and other investors to provide that they would automatically convert either into 2,036,555 shares of the Company's common stock immediately prior to the closing of an initial public offering of the Company's common stock or into 2,036,555 shares of the Company's Series C preferred stock immediately prior to the first closing of a qualified equity financing that occurred prior to the closing of an initial public offering of the Company's common stock, and the Convertible Notes would be terminated; (ii) the Company and Essex Woodlands amended the terms of the Subordinated Note to provide that it would automatically convert either into 3,387,146 shares of the Company's common stock immediately prior to the closing of an initial public offering of the Company's common stock or into 3,387,146 shares of a new series of the Company's preferred stock (with identical rights, preferences and privileges as the Company's Series C preferred stock, but with a liquidation preference of one times its original issue price) immediately prior to the first closing of a qualified equity financing that occurred prior to the closing of an initial public offering of the Company's common stock, and the Subordinated Note would be terminated; and (iii) Essex Woodlands agreed that it would effect the automatic conversion of all outstanding shares of the Company's preferred stock in connection with the completion of an initial public offering of the Company's common stock. | ||||||||
        Simultaneously, the Company also entered into a repurchase agreement pursuant to which the Company agreed to repurchase 1,077,809 shares of the Company's common stock from two of the Company's founders, for an aggregate repurchase price of $5.2 million. These repurchases would occur immediately prior to the earlier of the consummation of an initial public offering of the Company's common stock and the first closing of a qualified equity financing, and these repurchases would satisfy in full all of the Company's remaining obligations under the repurchase agreements (see Note 12). | ||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Sep. 30, 2014 | |||||
Commitments and Contingencies | |||||
Commitments and Contingencies | 9. Commitments and Contingencies | ||||
Capital Leases | |||||
        Certain manufacturing equipment is accounted for as a capital lease and is included in property and equipment as of September 30, 2014 and 2013. | |||||
        Future minimum lease payments under capital leases, together with the present value of the net minimum lease payments as of September 30, 2014, are as follows (in thousands): | |||||
                                                                                                                                                                                    | |||||
Year Ending September 30, | Amounts | ||||
2015 | $ | 897 | |||
2016 | 877 | ||||
2017 | 73 | ||||
​ | ​ | ​  | ​  | ​ | |
Total minimum lease payments | 1,847 | ||||
Less amount representing estimated executory costs (such as taxes) | —  | ||||
​ | ​ | ​  | ​  | ​ | |
Net minimum lease payments | 1,847 | ||||
Less amount representing interest | (185 | ) Â | |||
​ | ​ | ​  | ​  | ​ | |
Present value of net minimum lease payments | 1,662 | ||||
Less discount related to warrants | (11 | ) Â | |||
​ | ​ | ​  | ​  | ​ | |
Capital lease liability | 1,651 | ||||
Less current portion | (760 | ) Â | |||
​ | ​ | ​  | ​  | ​ | |
Long-term portion | $ | 891 | |||
​ | ​ | ​  | ​  | ​ | |
​ | ​ | ​  | ​  | ​  | |
        Depreciation expense on equipment under capital leases was $1.0 million, $0.6 million and $0.6 million for fiscal 2014, 2013 and 2012. As of September 30, 2014 and 2013, there was $0 and $112,000 of unrecognized gain on sale of leased assets. | |||||
Operating Leases | |||||
        The Company conducts certain operations using leased property and equipment. The property and equipment leases require the Company to pay certain property taxes, insurance, and maintenance expenses, and expire on dates ranging through 2025. Total rental expense on operating leases for fiscal 2014, 2013 and 2012 amounted to $1.7 million, $1.6 million and $1.4 million. | |||||
        Future minimum lease payments under operating leases that had initial or remaining lease terms in excess of one year from September 30, 2014 were as follows (in thousands): | |||||
                                                                                                                                                                                    | |||||
Years Ending September 30, | Amounts | ||||
2015 | $ | 1,284Â | |||
2016 | 735Â | ||||
2017 | 603Â | ||||
2018 | 611Â | ||||
2019 | 623Â | ||||
Thereafter | 3,653Â | ||||
​ | ​ | ​  | ​  | ​ | |
Total | $ | 7,509Â | |||
​ | ​ | ​  | ​  | ​ | |
​ | ​ | ​  | ​  | ​  | |
Guarantees and Indemnifications | |||||
        The Company, as permitted under Delaware law and in accordance with its certificate of incorporation and bylaws, and pursuant to indemnification agreements with certain directors, indemnifies its officers and directors for certain events or occurrences, subject to certain limits, while the officer or director is or was serving at the Company's request in such capacity. The term of the indemnification period lasts as long as an officer or director may be subject to any proceeding arising out of acts or omissions of such officer or director in such capacity. | |||||
        The maximum amount of potential future indemnification is unlimited; however, the Company currently holds director and officer liability insurance. This insurance limits the Company's exposure and may enable it to recover a portion of any future amounts paid. The Company believes that the fair value of these indemnification obligations is minimal. Accordingly, the Company has not recognized any liabilities relating to these obligations for any period presented. | |||||
Contingencies | |||||
        The Company may be subject to legal proceedings and litigation arising in the ordinary course of business. The Company will record a liability when it believes that it is both probable that a loss has been incurred and the amount can be reasonably estimated. The Company expects to periodically evaluate developments in its legal matters that could affect the amount of liability that it has previously accrued, if any, and make adjustments as appropriate. Significant judgment is required to determine both likelihood of there being, and the estimated amount of, a loss related to such matters, and the Company's judgment may be incorrect. The outcome of any proceeding is not determinable in advance. Until the final resolution of any such matters that the Company may be required to accrue for, there may be an exposure to loss in excess of the amount accrued, and such amounts could be material. Management is not aware of any legal matters in which the final disposition is expected to have a material effect on the business. See Note 15 for further discussion regarding product liabilities. | |||||
        On August 3, 2012, a wrongful death lawsuit was filed in the U.S. District Court for the Northern District of Texas, Boudreaux vs. Corium International, Inc., et al, naming Actavis Inc. and Actavis South Atlantic LLC ("Actavis") and the Company as co-defendants. Plaintiffs have alleged a family member died in connection with the use of Fentanyl TDS manufactured by the Company and distributed and sold by Actavis. The amount of the damages has not been specified. For this pending suit, the Company has insurance coverage up to $10 million with a maximum liability of $50,000 of out-of-pocket expense. The Company does not believe that the case has merit and plans to defend against this claim. | |||||
Collaboration_and_Partner_Arra
Collaboration and Partner Arrangements | 12 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Collaboration and Partner Arrangements | |||||||||||
Collaboration and Partner Arrangements | 10. Collaboration and Partner Arrangements | ||||||||||
        The Company has recognized the following revenues from its collaboration and partner agreements during fiscal 2014, 2013, and 2012 (in thousands): | |||||||||||
                                                                                                                                                                                    | |||||||||||
Years ended September 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
P&G | $ | 11,719Â | $ | 11,781Â | $ | 7,880Â | |||||
Teva | 13,550Â | 16,683Â | 11,350Â | ||||||||
Actavis/Par | 12,971Â | 16,551Â | 18,139Â | ||||||||
Agile | 1,976Â | 4,904Â | 3,014Â | ||||||||
Other | 2,224Â | 351Â | 2,477Â | ||||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
Total revenues | $ | 42,440Â | $ | 50,270Â | $ | 42,860Â | |||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​  | |
The Procter & Gamble Company | |||||||||||
        In 2005, the Company entered into a multi-faceted collaboration arrangement with The Procter & Gamble Company, or P&G. | |||||||||||
        The relationship includes a world-wide license to P&G for the use of certain of the Company's technologies for products in specific fields in which P&G operates. P&G paid the Company a $3.0 million fee for the license, and the Company is entitled to receive additional milestone payments for each qualifying product that the Company develops for P&G. In 2008, the Company received a $2.0 million milestone payment for the first series of products developed by the Company. P&G's license from the Company is perpetual and irrevocable. | |||||||||||
        The Company entered into a long term joint development agreement under which the Company performs numerous development activities for P&G based upon agreed-upon statements of work and budgets. The development work performed by the Company under this agreement is billed to P&G on a time and materials basis, at cost. The P&G joint development agreement expires on June 13, 2015. | |||||||||||
        The Company also entered into a commercial supply agreement for the production of all products developed by the Company for P&G. The Company has developed and commercialized several products which are currently marketed and sold by P&G under the brand name Crest Advanced Seal Whitestrips, or Crest Whitestrips. Several additional products are currently being developed by the Company for P&G, which are expected to launch in 2015 and beyond. The Company's current supply agreement with P&G was amended during 2014 and will now expire on January 31, 2017. | |||||||||||
        In addition to these agreements, and as part of the overall collaboration agreement, the Company also acquired certain patents from P&G in 2005. In exchange for the assignment of these patents, the Company issued 125,428 shares of our common stock as payment for the patents acquired. | |||||||||||
Teva Pharmaceuticals USA, Inc. | |||||||||||
        In 2004, the Company entered into an arrangement with Barr Laboratories, or Barr, for four generic products. The Company entered into three separate agreements with Barr, one in 2006 and two in 2007, to develop and commercialize three additional products. In 2008, Teva Pharmaceutical Industries, Ltd., or Teva, acquired Barr. Following this acquisition, Teva discontinued four of these development programs. Of the remaining three programs, one has resulted in an approved product, Clonidine Transdermal Delivery System, (TDS), which is currently marketed by Teva, one has been approved by the FDA for which Teva is currently assessing the launch strategy and timing, and the third product is pending regulatory approval. Under the Company's current agreements with Teva, the Company is not eligible for additional milestone payments. | |||||||||||
        Under the agreements, the Company receives compensation for developing the products, generally on a time and materials basis. Once the products are commercialized, the Company generates product sales to Teva with a cost-plus margin and receives a profit share based on net profits (as defined in the agreements) earned by Teva for each product. | |||||||||||
        The term of each commercial agreement with Teva extends, on a product-by-product basis, through the last day of the tenth full calendar year following the launch date of each product, with automatic one-year renewals. | |||||||||||
Par Pharmaceutical, Inc. | |||||||||||
        On May 11, 2002, the Company entered into an arrangement to pursue development and commercialization of a generic version of the transdermal fentanyl product with Abrika LLLP. In 2007, Abrika was acquired by Actavis, Inc. Under the agreements, the Company agreed to develop the product and to assist Actavis with the regulatory filing and ultimate approval of such product. In October 2012, Actavis divested this product to Par who assumed the various agreements. Under the Company's current agreements, the Company is not eligible for additional milestone payments. | |||||||||||
        The commercial agreement with Par has a term of twenty years, and expires on November 12, 2023. | |||||||||||
        In September 2014, the Company recognized $1.8 million in non-cash product revenues which had previously been deferred since 2007. The recognition of this revenue related to the expiration of a contractual liability under an agreement with Par, and will not have an impact on future revenues. | |||||||||||
Agile Therapeutics, Inc. | |||||||||||
        In 2006, the Company entered into an arrangement with Agile to develop a new transdermal patch product using Agile's previously developed technology. Under the arrangement, the Company has performed process development activities and manufacturing of the product ("AG200-15"). For the development work performed, Agile paid the Company in several ways, including time and materials and milestones for achievement of certain development goals. During fiscal 2013 and 2012, Agile paid the Company $3.5 million for leasehold improvements incurred by the Company for its facilities to provide for adequate manufacturing space for this product once it is approved, which will be recognized as rental income in future years as the facility is used for production. In addition, for fiscal 2014 and 2013, Agile paid $1.0 and $0.6 million to the Company for idle facility charges, which are presented on the income statement as other revenues. Under the current agreements with Agile, the Company is not eligible for additional milestone payments. | |||||||||||
        The term of the Company's contract with Agile continues until the Company has commercially produced an agreed-upon quantity of patches, currently projected to occur no earlier than five years following the commercial launch of AG200-15. | |||||||||||
Other Partner Arrangements | |||||||||||
        In 2013, the Company entered into an arrangement for the development of two generic transdermal products. Under the arrangement, the partner and the Company will equally fund all costs of developing the products. The Company will be reimbursed for its share of all out of pocket costs and will be required to reimburse the partner for its share of all development, clinical and other costs up to and including regulatory filing. The Company may be reimbursed for the development costs that it incurs through the payment of certain development milestones up to a combined total of $4.7 million for both products, based on achieving certain stages of development. The Company received $0.5 million of these milestones upon signing the agreement and is amortizing these into revenue over the expected development period of the products. | |||||||||||
        Upon regulatory approval, the Company will manufacture and sell the product to the partner at cost with no margin, but, provided that the Company has shared equally in all costs through regulatory approval, the Company will be paid a profit share equal to 50% of the net profits for each product. | |||||||||||
Warrants
Warrants | 12 Months Ended | ||
Sep. 30, 2014 | |||
Warrants | |||
Warrants | 11. Warrants | ||
        The Company issued warrants to purchase shares of the Company's stock as part of several transactions from 2008 through 2013. The warrants have been recorded as either equity instruments or liability instruments based on the terms of the warrants. | |||
Preferred Stock Warrants | |||
        As of September 30, 2013, the Company had issued warrants to purchase 1,739,992 shares of Series C preferred stock, with a weighted average exercise price of $0.90 per share, which comprised the only warrants to purchase preferred stock issued by the Company. | |||
        All of the Series C preferred stock warrants were exercisable for a period of five years from issuance, except certain warrants to purchase 163,522 shares of Series C preferred stock which would have expired upon the closing of an IPO, unless exercised. The warrants were exercisable in cash or through a cashless exercise provision. Under the cashless exercise provision, the holder could, in lieu of payment of the exercise price in cash, surrender the warrant and receive a net amount of shares based on the fair market value of the Series C preferred stock at the time of exercise of the warrant after deducting the aggregate exercise price. In the event that all outstanding shares of the Series C convertible preferred stock were converted into common stock, the warrants would be exercisable for the same number of shares of common stock. | |||
        Of the warrants outstanding as of September 30, 2013, warrants to purchase 1,380,241 shares of Series C preferred stock contained antidilution protection. Accordingly, the Company evaluated these warrants as derivative instruments, and recorded the warrants as liabilities at fair value at the time of issuance, with the fair value then adjusted at each subsequent balance sheet date. | |||
        The fair value of the outstanding convertible preferred stock warrants containing antidilution protection where remeasured quarterly using the Option Pricing Model in fiscal 2012 and the Probability-Weighted Expected Return Model thereafter. The Company used a number of assumptions to estimate the fair value including the likelihood of various scenarios, the expected volatility and the fair value of the underlying stock under each scenario. These assumptions were: | |||
                                                                                                                                                                                    | |||
Year ended | |||
September 30, | |||
2013 | |||
Remaining contractual term (in years) | 5.07 - 8.24 | ||
Risk-free interest rate | 1.39 - 2.02% | ||
Expected volatility | 68 - 77% | ||
Expected dividend rate | 0% | ||
        The fair value of these warrants totaled $0.6 million as of September 30, 2013. | |||
        On April 8, 2014, in connection with the closing of the IPO, all of the warrants to purchase 163,522 shares of Series C convertible preferred stock that were otherwise set to expire upon completion of the IPO were converted and net exercised into 1,191 shares of common stock, and the remainder of the outstanding warrants to purchase 1,216,719 shares of Series C convertible preferred stock , were converted into warrants to purchase common stock, representing 120,464 shares with a weighted average exercise price of $1.88 per share. In addition, the preferred stock warrant liability of $0.8 million was reclassified to stockholders' equity (deficit). | |||
Common Stock Warrants | |||
        As of September 30, 2014 and 2013, warrants to purchase 128,582 and 1,294,613 shares of common stock were outstanding with a weighted average exercise price of $1.77 and $1.95 per share, including 120,464 shares of preferred stock warrants that were converted into warrants to purchase common stock in connection with the IPO in 2014. All of the common stock warrants are exercisable at any time up to five years from issuance. The fair value of these warrants was recorded in stockholders' equity (deficit) upon issuance. | |||
        The Company issued a warrant for the purchase of 8,118 shares of common stock with a fair value totaling $15,000 in connection with a lease arrangement that closed in September 2013. The fair value of the warrant upon issuance was calculated using the Black-Scholes option-pricing valuation model with the following assumptions: common stock value of $3.03 per share, contractual term of 5 years, risk-free interest rate of 1.41%, expected volatility of 76%, and expected dividend yield of 0%. This warrant was outstanding as of September 30, 2014. | |||
        On April 8, 2014, in connection with the closing of the IPO, warrants to purchase 1,286,495 shares of common stock were net exercised into 970,249 shares of common stock. | |||
Convertible_Preferred_Stock_Re
Convertible Preferred Stock, Redeemable Common Stock and Stockholders' Equity (Deficit) | 12 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Convertible Preferred Stock, Redeemable Common Stock and Stockholders' Equity (Deficit) | ||||||||||||||
Convertible Preferred Stock, Redeemable Common Stock and Stockholders' Equity (Deficit) | 12. Convertible Preferred Stock, Redeemable Common Stock and Stockholders' Equity (Deficit) | |||||||||||||
Convertible Preferred Stock | ||||||||||||||
        Preferred stock totaling 5.0 million shares with a par value of $0.001 are authorized, but, as of September 30, 2014, no preferred stock was outstanding. | ||||||||||||||
        Convertible preferred stock as of September 30, 2013, on an unconverted basis, consisted of the following (in thousands, except for share and per share data): | ||||||||||||||
                                                                                                                                                                                    | ||||||||||||||
Shares | Original | Shares Issued | Aggregate | |||||||||||
Authorized | Issue Price | and | Liquidation | |||||||||||
Outstanding | Amount | |||||||||||||
Series A | 1,114,100 | $ | 0.220 | 1,114,066 | $ | 490 | ||||||||
Series B | 7,602,200 | 0.875 | 7,602,132 | 6,652 | ||||||||||
Series C | 57,000,000 | 0.917 | 27,318,702 | 50,119 | ||||||||||
​ | ​ | ​  | ​  | ​ | ​ | ​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
Balance as of September 30, 2013 | 65,716,300 | 36,034,900 | $ | 57,261 | ||||||||||
​ | ​ | ​  | ​  | ​ | ​ | ​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
​ | ​ | ​  | ​  | ​ | ​ | ​ | ​ | ​  | ​  | ​ | ​  | ​  | ​  | |
        The Company recorded the convertible preferred stock at fair value on the dates of issuance. The Company classified the convertible preferred stock outside of stockholders' equity (deficit) because the shares contained liquidation features that were not solely within the Company's control. | ||||||||||||||
        The rights, privileges, and preferences of Series A, Series B, and Series C convertible preferred stock were as follows: | ||||||||||||||
        Voting Rights—The Series A, B, and C preferred stockholders had a right to the number of votes equal to the number of shares of common stock issuable upon conversion of the preferred stock, except as otherwise required by law. The Series C stockholders had protective provisions that required the Company to obtain their consent, by majority vote, before undertaking certain actions. In addition, all preferred stockholders, as a class, had protective provisions that required the Company to obtain their consent, by majority vote, before undertaking certain actions. | ||||||||||||||
        Dividends—The Series A, B, and C preferred stockholders were entitled to receive noncumulative dividends, if and when declared by the board of directors prior and in preference to any dividend on common stock, at the rate of 8% of the original issue price. | ||||||||||||||
        Conversion—Each share of preferred stock could have been converted, at the option of the holder, into such number of fully paid and nonassessable shares of common stock as was determined by dividing the original issue price for the relevant series of preferred stock by the then-applicable conversion price in effect at the time of conversion. | ||||||||||||||
        Liquidation—In the event of a liquidation, dissolution, or winding up of the Company, the Series C preferred stockholders were entitled to a preference payment prior to any distribution of assets or surplus funds of the Company to the Series A and B preferred stockholders or to the common stockholders. The liquidation preference payments to the Series C preferred stockholders would have been two times the original issuance price of the Series C preferred stock, plus any accrued but unpaid dividends. Upon completion of the preference payment to the Series C preferred stockholders, the Series A and B preferred stockholders were entitled to share equally in preference payments until the Series B preferred stockholders received one times the original issuance price of the Series B preferred stock; thereafter, only the Series A preferred stockholders would have received preference payments until they had received a cumulative amount of two times the original issuance price of the Series A preferred stock. All of the foregoing preferred stock preferences would have been paid prior to any distribution of any assets or surplus funds of the Company to the common stockholders. The Company classified the convertible preferred stock outside of stockholders' equity (deficit) and recorded it at maximum liquidation value as the shares contained liquidation features that were not solely within its control. | ||||||||||||||
        Participation—In the event of a liquidation, dissolution, or winding up of the Company, and only after all of the Series A, B, and C preferred stockholders had received all of their preference payments, any remaining assets or surplus funds of the Company would have been distributed ratably to the common stockholders and Series B preferred stockholders as if the Series B preferred stock had all been converted into common, but only to the extent that Series B stockholders were entitled to receive a maximum of one times the original issuance price of the Series B preferred stock from such distribution. | ||||||||||||||
Common Stock | ||||||||||||||
        The Company was authorized to issue up to 150,000,000 and 115,000,000 shares of common stock as of September 30, 2014 and 2013 with a par value of $0.001 per share. The Company had reserved shares of common stock, on an as-if converted basis, for issuance as follows: | ||||||||||||||
                                                                                                                                                                                    | ||||||||||||||
As of September 30, | ||||||||||||||
2014 | 2013 | |||||||||||||
Issuances under stock option plans | 2,089,586Â | 1,781,846Â | ||||||||||||
Issuances upon conversion of convertible preferred stock | — | 3,567,811 | ||||||||||||
Issuances upon exercise of convertible preferred stock warrants | — | 172,276 | ||||||||||||
Issuances upon exercise of common stock warrants | 128,582Â | 1,294,618Â | ||||||||||||
Issuances under the 2014 employee stock purchase plan | 310,000 | —  | ||||||||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |||||||
2,528,168Â | 6,816,551Â | |||||||||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​  | |||||||
        Repurchases of Common Stock from Founders—In connection with the 2007 Series C financing, the Company, in accordance with specific stock repurchase agreements approved by the board of directors, purchased from the two founders an aggregate of 215,872 shares of common stock at a purchase price of $9.26 per share. The stock repurchase agreements also provided for the Company to repurchase an additional 215,872 shares of common stock from each of the two founders at a price of $9.26 per share. These agreements were amended in March 2008 to suspend the Company's obligation to repurchase these shares if, in the discretion of the Company's board of directors, any such repurchase would result in a material adverse effect on the Company's financial condition. As these shares were conditionally redeemable, they were classified outside of stockholders' equity (deficit). | ||||||||||||||
        As of September 30, 2013, the Company had a remaining agreement to repurchase 132,073 from one founder and 215,872 from the other founder, but such repurchase was contingent on approval by the board of directors. In December 2013, the Company entered into a revised repurchase agreement pursuant to which the Company agreed to repurchase 1,077,809 shares of the Company's common stock from the founders, for an aggregate repurchase price of $5.2 million. On April 8, 2014, in connection with the closing of the IPO, the Company repurchased all 1,077,809 shares of common stock from the founders, thereby satisfying in full all of the Company's remaining obligations under the earlier repurchase agreements. | ||||||||||||||
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Stock-Based Compensation | |||||||||||||||||
Stock-Based Compensation | 13. Stock-Based Compensation | ||||||||||||||||
Equity Incentive Plan | |||||||||||||||||
        As of September 30, 2014 and September 30, 2013, the Company had four and three equity incentive plans, respectively, all of which are sponsored by the Company, with the exception of the separate stock option plan of StrataGent, Inc., a corporation acquired by the Company on September 20, 2007 (the "StrataGent Plan"). The Company assumed all unexpired, unexercised options outstanding for those employees of StrataGent who remained Company employees after the merger. Each StrataGent option became exercisable into whole shares of Corium stock based on an agreed exchange ratio and per share exercise price such that the total value of the option grant did not change. The Company elected to make no further grants under the StrataGent Plan; however, its terms continue to govern all options issued under that plan. No additional shares available for grant were assumed by the Company, and any options that were returned to the pool subsequent to the merger were canceled and were not made available for future grants. This wholly-owned subsidiary was dissolved in 2008. | |||||||||||||||||
        On March 20, 2014, the Company's board of directors approved the adoption of the 2014 Equity Incentive Plan (the "2014 Plan"), which became effective in connection with the IPO. Under the 2014 Plan, the Company has reserved a total of 1.0 million shares of common stock plus the remaining unissued shares under the Company's 2012 Equity Incentive Plan (the "2012 Plan"), which had been adopted in November 2012 and was replaced by the 2014 Plan. The Company also sponsored the 2002 Stock Option Plan that expired in 2012. On January 1 of each year for the ten year term of the 2014 Plan, the number of shares of common stock issuable under the 2014 Plan can be increased by an amount equal to up to 4% of the number of shares of common stock and common stock equivalents outstanding as of the preceding December 31, or such lesser number agreed to by the board of directors. | |||||||||||||||||
        The exercise price of each option issued under each of the equity incentive plans is required to be no less than the fair value of the Company's capital stock, as determined by the board of directors on the date of the grant. The maximum term of the options is ten years and the vesting period is typically four years. The Corium Plan comprises the 2014 Plan, the 2012 Plan and the 2002 Stock Option Plan. | |||||||||||||||||
        Performance-Based Stock Option Grants—During the year ended September 30, 2013, the Company granted options to purchase 146,024 shares of common stock to certain executive officers and directors, which contained performance-based vesting criteria. These shares vest upon completion of certain milestone events which are specific to the Company's corporate goals. Stock-based compensation expense associated with these performance-based stock options is recognized if the performance condition is considered probable of achievement using management's best estimates. Following the closing of the IPO in April 2014, the Compensation Committee of the Company's board of directors determined that the performance-based criteria was met for options related to 137,510 shares of common stock and, accordingly, the Company has recorded stock-based compensation expense of $0.3 million for the year ended September 30, 2014 related to these performance-based stock options. | |||||||||||||||||
        A summary of activity under the Corium Plan during fiscal 2014, 2013 and 2012 is as follows: | |||||||||||||||||
                                                                                                                                                                                    | |||||||||||||||||
Shares | Stock | Weighted | Weighted | Aggregate | |||||||||||||
Available | Options | Average | Average | Intrinsic Value | |||||||||||||
for Grant | Outstanding | Exercise | Remaining | (In thousands) | |||||||||||||
Price | Contractual | ||||||||||||||||
Life (Years) | |||||||||||||||||
Balance—October 1, 2011 | 175,811 | 813,900 | $ | 3.43 | |||||||||||||
Forfeited / Cancelled | 55,486 | (55,486 | ) | $ | 6.67 | ||||||||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Balance—September 30, 2012 | 231,297 | 758,414 | $ | 3.13 | 5.2 | ||||||||||||
Additional shares authorized | 792,079 | — | — | ||||||||||||||
Granted | (993,327 | ) | 993,327 | $ | 2.22 | ||||||||||||
Exercised | — | (4,504 | ) | $ | 2.32 | ||||||||||||
Forfeited / Cancelled | 218,361 | (218,361 | ) | $ | 5.93 | ||||||||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Balance—September 30, 2013 | 248,410 | 1,528,876 | $ | 2.22 | 7.22 | $ | 1,287 | ||||||||||
Additional shares authorized | 1,272,277 | — | — | ||||||||||||||
Granted | (573,589 | ) | 573,589 | $ | 4.86 | ||||||||||||
Exercised | — | (14,650 | ) | $ | 2.32 | ||||||||||||
Forfeited / Cancelled | 2,787 | (2,787 | ) | $ | 3.3 | ||||||||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Balance—September 30, 2014 | 949,885 | 2,085,028 | $ | 2.92 | 7.02 | $ | 6,710 | ||||||||||
Options exercisable—September 30, 2014 | 1,240,629 | $ | 2.39 | 5.89 | $ | 4,647 | |||||||||||
​ | ​ | ​ | ​ | ​ | ​  | ​  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​  | ​  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​  | |
Options vested and expected to vest—September 30, 2014 | 2,047,439 | $ | 2.91 | 7 | $ | 6,589 | |||||||||||
​ | ​ | ​ | ​ | ​ | ​  | ​  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​  | ​  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​  | |
        All outstanding options under the Corium Plan as of September 30, 2014 have an exercise price between $2.12 and $8.18 per share. | |||||||||||||||||
        The weighted average grant date fair value of options granted was $8.03 and $1.31 for fiscal 2014 and 2013. The Company estimated the fair value of stock options granted during fiscal 2014 and 2013 using the Black-Scholes option pricing model. The fair value of stock options is being amortized on a straight-line basis over the requisite service period of the awards. The fair value of the employee stock options was estimated using the following assumptions: | |||||||||||||||||
                                                                                                                                                                                    | |||||||||||||||||
Year ended September 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Expected term (in years) | 5.27 - 6.08 | 2.50 - 6.08 | |||||||||||||||
Risk-free interest rate | 1.61% - 2.25% | 0.70% - 1.38% | |||||||||||||||
Expected volatility | 63% - 74% | 71% - 75% | |||||||||||||||
Expected dividend rate | 0% | 0% | |||||||||||||||
        A summary of activity under the StrataGent Plan for fiscal 2014, 2013 and 2012 is as follows: | |||||||||||||||||
                                                                                                                                                                                    | |||||||||||||||||
Stock Options | Weighted Average | Weighted Average | Aggregate | ||||||||||||||
Outstanding | Exercise Price | Remaining | Intrinsic Value | ||||||||||||||
Contractual | (In thousands) | ||||||||||||||||
Life (Years) | |||||||||||||||||
Balance—October 1, 2011 | 97,276 | $ | 0.2 | ||||||||||||||
Exercised | (61,799 | ) | $ | 0.2 | |||||||||||||
​ | ​ | ​  | ​  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
Balance—September 30, 2012 | 35,477 | $ | 0.2 | 1.82 | |||||||||||||
Exercised | (21,684 | ) | $ | 0.1 | |||||||||||||
Forfeited | (9,233 | ) | $ | 0.2 | |||||||||||||
​ | ​ | ​  | ​  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
Balance—September 30, 2013 | 4,560 | $ | 0.71 | 3.13 | $ | 11 | |||||||||||
​ | ​ | ​  | ​  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
Balance—September 30, 2014 | 4,560 | $ | 0.71 | 2.13 | $ | 25 | |||||||||||
Options exercisable—September 30, 2014 | 4,560 | $ | 0.71 | 2.13 | $ | 25 | |||||||||||
​ | ​ | ​  | ​  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
​ | ​ | ​  | ​  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​  | ||||
Options vested and expected to vest—September 30, 2014 | 4,560 | $ | 0.71 | 2.13 | $ | 25 | |||||||||||
​ | ​ | ​  | ​  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
​ | ​ | ​  | ​  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​  | ||||
        All outstanding options under the StrataGent Plan have an exercise price between $0.18 and $0.88 per share. There were no options granted under the StrataGent Plan during fiscal 2014, 2013 or 2012. | |||||||||||||||||
2014 Employee Stock Purchase Plan | |||||||||||||||||
        On March 20, 2014, the Company's board of directors approved the adoption of the 2014 Employee Stock Purchase Plan (the "2014 ESPP"), which became effective in connection with the IPO. Under the 2014 ESPP, the Company has reserved a total of 310,000 shares of common stock for issuance to employees. On January 1 of each year for the ten year term of the plan, the number of shares issuable under the 2014 ESPP can be increased by action of the board of directors by an amount equal to up to 1% of the number of shares of common stock and common stock equivalents outstanding as of the preceding December 31, or a lesser number agreed to by the board of directors. No more than 4.0 million shares may be issued over the ten year term of the 2014 ESPP without the consent of the Company's stockholders. No shares under the 2014 Plan had been issued as of September 30, 2014. Shares subject to purchase rights granted under the Company's 2014 ESPP that terminate without having been exercised in full will not reduce the number of shares available for issuance under the Company's 2014 ESPP. The 2014 ESPP is intended to qualify as an "employee stock purchase plan," under Section 423 of the Internal Revenue Code of 1986 with the purpose of providing employees with an opportunity to purchase the Company's common stock through accumulated payroll deductions. The 2014 ESPP provides for a two-year offering period with four, six-month purchase windows during each offering period. Employees are able to purchase shares of common stock at 85% of the lower of the fair market value of the Company's common stock on the first day of the offering period or on the last day of the six-month purchase window. For the year ended September 30, 2014, the Company recorded stock-based compensation expense of $253,000 related to the 2014 ESPP. | |||||||||||||||||
        The weighted average fair value of the shares expected to be purchased under the 2014 ESPP was estimated using the Black-Scholes option-pricing model with the following assumptions: | |||||||||||||||||
                                                                                                                                                                                    | |||||||||||||||||
Year Ended | |||||||||||||||||
September 30, 2014 | |||||||||||||||||
Expected term (in years) | 0.63 - 2.13 | ||||||||||||||||
Expected volatility | 42 - 55% | ||||||||||||||||
Risk-free interest rate | 0.07 - 0.52% | ||||||||||||||||
Expected dividend rate | 0% | ||||||||||||||||
Fair Value of Common Stock—The fair value of the shares of common stock is based on 85% of the Company's IPO price for the first offering period. | |||||||||||||||||
Expected Term—The expected term is based on the term of the offering period under the 2014 ESPP and can be either six, twelve, eighteen or twenty four months. | |||||||||||||||||
Expected Volatility—Because the Company has limited information on the volatility of its common stock due to a lack of significant trading history and limited historical data regarding the volatility of its common stock, the expected volatility used is based on the volatility of a group of comparable publicly traded companies. In evaluating comparability, the Company considered factors such as industry, stage of life cycle and size. The Company will continue to analyze the historical stock price volatility and term assumptions as more historical data for the Company's common stock becomes available. | |||||||||||||||||
Risk-Free Interest Rate—The risk-free interest rate is based on the constant maturity yields of U.S. Treasury notes with remaining maturities similar to the expected term. | |||||||||||||||||
Expected Dividend Rate—The Company has never paid any dividends, does not plan to pay dividends in the foreseeable future, and, therefore, uses an expected dividend rate of zero in the valuation model. | |||||||||||||||||
Stock-Based Compensation Expense | |||||||||||||||||
        Employee stock-based compensation expense for fiscal 2014, 2013 and 2012 is classified in the statements of operations and comprehensive loss as follows (in thousands): | |||||||||||||||||
                                                                                                                                                                                    | |||||||||||||||||
Years ended | |||||||||||||||||
September 30, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Cost of product revenues | $ | 188 | $ | 35 | $ | — | |||||||||||
Cost of contract research and development revenues | 196 | 21 | — | ||||||||||||||
Research and development | 151 | 39 | — | ||||||||||||||
General and administrative | 1,094Â | 235Â | 66Â | ||||||||||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |||||||
Total stock-based compensation | $ | 1,629Â | $ | 330Â | $ | 66Â | |||||||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​  | |||||||
        As of September 30, 2014, there was a total of $4.1 million of unrecognized employee compensation cost, net of estimated forfeitures, related to non-vested stock option awards and the 2014 ESPP, which is expected to be recognized on a straight-line basis over a weighted-average period of approximately 3.1 years. | |||||||||||||||||
Product_Recall_Liability
Product Recall Liability | 12 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Product Recall Liability | |||||||||||
Product Recall Liability | 14. Product Recall Liability | ||||||||||
        In fiscal 2008 and fiscal 2010, Actavis issued two voluntary recalls of certain lots and strengths of Fentanyl TDS manufactured by the Company and sold and distributed by Actavis in the United States. The Company and Actavis negotiated financial settlements for these two recalls, and the Company accrued amounts related to these settlements in fiscal 2009 and 2011. Such recall liabilities were subsequently reduced through various mechanisms per the terms of the settlement agreements. | |||||||||||
        In October 2012, the Company reached a revised settlement related to the two recalls which provided for a total and combined remaining liability of $5.0 million as of September 30, 2012. The revised liability will be repaid through quarterly payments in arrears based on a percentage of the average of the total net revenues recorded by the Company related to Fentanyl TDS. These payments have been paid to Actavis starting in July 1, 2013 and will continue through April 1, 2017. To the extent that the revised settlement liability is not repaid as of April 1, 2017, the remaining liability, if any, will be converted into the most recent form of capital stock issued by the Company in connection with a financing, at the price per share of that financing. The revised liability does not accrue interest. As a result of the revised settlement, the Company recorded a gain on settlement of the recall liability of $0.6 million which is included in the statement of operations and comprehensive loss for the year ended September 30, 2012. During fiscal 2014 and 2013, the Company repaid $1.1 million and $0.2 million of this liability. | |||||||||||
        The following table summarizes the changes to the product recall liability (in thousands): | |||||||||||
                                                                                                                                                                                    | |||||||||||
Year Ended September 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Beginning balance | $ | 4,832 | $ | 5,000 | $ | 8,623 | |||||
Non-cash reductions in recall liability prior to settlement | — | — | (3,041 | ) | |||||||
Gain on settlement of recall liability | — | — | (582 | ) | |||||||
Payment of settlement liability | (1,122 | ) | (168 | ) | —  | ||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
Ending balance | $ | 3,710 | $ | 4,832 | $ | 5,000 | |||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​  | |
Product_Liability
Product Liability | 12 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Product Liability | |||||||||||
Product Liability | 15. Product Liability | ||||||||||
        As discussed in Note 9, there are other potential liabilities that the Company may incur relating to the products it manufactures, including potential product liability claims. For fiscal 2014, 2013 and 2012, the Company has provided a reserve for these claims taking into account the insurance coverage maintained for such claims, the nature and extent of such claims, and the Company's past success in defending and/or settling such claims. The Company does not expect a material financial impact to arise from such claims to date. | |||||||||||
        The following table summarizes the changes to the product liability reserve (in thousands): | |||||||||||
                                                                                                                                                                                    | |||||||||||
Year Ended September 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Beginning balance | $ | 90 | $ | 720 | $ | 500 | |||||
Settlement payments | — | (1,300 | ) | (307 | ) | ||||||
Expense (income) | (5 | ) | 670 | 527 | |||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
Ending balance | $ | 85 | $ | 90 | $ | 720 | |||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
Net_Loss_and_Net_Loss_per_Shar
Net Loss and Net Loss per Share Attributable to Common Stockholders | 12 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Net Loss and Net Loss per Share Attributable to Common Stockholders | |||||||||||
Net Loss and Net Loss per Share Attributable to Common Stockholders | 16. Net Loss and Net Loss per Share Attributable to Common Stockholders | ||||||||||
        The following table sets forth the computation of the Company's basic and diluted net loss per share attributable to common stockholders during fiscal 2014, 2013 and 2012 (in thousands, except share and per share data): | |||||||||||
                                                                                                                                                                                    | |||||||||||
Year Ended September 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Net loss attributable to common stockholders, basic and diluted | $ | (9,912 | ) | $ | (13,877 | ) | $ | (5,443 | ) | ||
Weighted average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 10,043,640 | 2,222,981 | 2,200,727 | ||||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.99 | ) | $ | (6.24 | ) | $ | (2.47 | ) Â | ||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​  | |
        The following outstanding shares of common stock equivalents were excluded from the computation of the diluted net loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive: | |||||||||||
                                                                                                                                                                                    | |||||||||||
Year Ended September 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Convertible preferred stock | — | 3,567,811 | 3,567,811 | ||||||||
Stock options to purchase common stock | 2,089,586Â | 1,781,844Â | 1,025,188Â | ||||||||
Shares authorized under the 2014 ESPP | 310,000 | — | — | ||||||||
Common stock warrants | 128,582Â | 1,294,618Â | 1,269,634Â | ||||||||
Preferred stock warrants | — | 172,276 | 172,276 | ||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Income Taxes | |||||||||||
Income Taxes | 17. Income Taxes | ||||||||||
        The Company's effective tax rate differs from the statutory federal income tax rate, primarily as a result of the net operating loss carryforwards and research and development tax credit carryforwards. | |||||||||||
        The Company operates in only one jurisdiction, the United States. The following table presents a reconciliation of the tax expense (benefit) computed at the statutory federal rate and the Company's tax expense (benefit) for the period presented (in thousands): | |||||||||||
                                                                                                                                                                                    | |||||||||||
Year Ended September 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Income tax benefit—computed as 34% of pretax loss | $ | (3,370 | ) | $ | (4,717 | ) | $ | (1,851 | ) | ||
Effect of nondeductible expenses | 695 | 695 | 881 | ||||||||
State and local income tax expenses | 1 | 1 | (6 | ) | |||||||
Valuation allowance | 2,403 | 4,270 | 876 | ||||||||
Effect of tax credits and other | (13 | ) | (50 | ) | (1 | ) | |||||
State deferred taxes | 285 | (188 | ) | 75 | |||||||
Other | — | (10 | ) | 19 | |||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
Total | $ | 1 | $ | 1 | $ | (7 | ) Â | ||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​  | |
        The tax effects of temporary differences and carryforwards that give rise to significant portions of deferred tax assets and liabilities as of September 30, 2014 and 2013 are as follows (in thousands): | |||||||||||
                                                                                                                                                                                    | |||||||||||
As of September 30, | |||||||||||
2014 | 2013 | ||||||||||
Deferred tax assets: | |||||||||||
Net operating loss carryforward | $ | 26,279 | $ | 21,491 | |||||||
Depreciation | 694 | 720 | |||||||||
Accrued expenses | 1,686 | 1,782 | |||||||||
Research and development tax credit | 1,982 | 1,970 | |||||||||
State deferred taxes | 1,651 | 1,965 | |||||||||
Subordinated debt embedded derivative | — | 2,505 | |||||||||
Other | 1,508 | 801 | |||||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ||||
Gross deferred tax assets | 33,800 | 31,234 | |||||||||
Valuation allowance | (33,518 | ) | (30,997 | ) Â | |||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ||||
Net deferred tax assets | 282 | 237 | |||||||||
Deferred tax liabilities: | |||||||||||
Other | (282 | ) | (237 | ) Â | |||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ||||
Gross deferred tax liabilities | (282 | ) | (237 | ) Â | |||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ||||
Net deferred tax liabilities | $ | — | $ | —  | |||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​  | ||||
        As of September 30, 2014, the Company had net operating loss carryforwards for federal and state income tax purposes of $77.3 million and $12.8 million. These net operating loss carryforwards will expire, if not utilized, beginning in 2026 and 2017 for federal and state income tax purposes, respectively. | |||||||||||
        Realization of deferred tax assets is dependent on future taxable income, the existence and timing of which is uncertain. Based on the Company's history of losses, management has determined it cannot conclude that it is more likely than not that the deferred tax assets will be realized, and accordingly has placed a full valuation allowance on its net deferred tax assets. The valuation allowance increased by $2.5 million and $4.3 million in fiscal 2014 and 2013. | |||||||||||
        As of September 30, 2014, the Company had research and development tax credit carryforwards of $2.0 million and $1.4 million available to reduce future taxable income, if any, for federal and California state income tax purposes. The federal tax credit carryforwards begin to expire in 2022. California credits have no expiration date. | |||||||||||
        The Tax Reform Act of 1986 and similar California legislation impose substantial restrictions on the utilization of net operating losses and tax credits in the event of an ownership change of a corporation. Accordingly, the Company's ability to utilize net operating losses and research and development tax credit carryforwards may be significantly limited in the future as a result of such an ownership change. | |||||||||||
        The Company did not have any material unrecognized tax benefits as of September 30, 2014 and 2013. It is difficult to predict the final timing and resolution of any particular uncertain tax position. Based on the Company's assessment, including experience and complex judgments about future events, the Company does not expect that changes in the amount of unrecognized tax benefits during the next 12 months will have a significant impact on the Company's financial position or results of operations. On January 1, 2009, the Company adopted the provisions of FASB's guidance for accounting for uncertain tax positions. The guidance prescribes a comprehensive model for the recognition, measurement, presentation and disclosure in financial statements of any uncertain tax positions that have been taken or expected to be taken on a tax return. The cumulative effect of adopting this guidance did not result in an adjustment to accumulated deficit as of January 1, 2009. No liability related to uncertain tax positions is recorded in the financial statements. | |||||||||||
        It is the Company's policy to include penalties and interest expense related to income taxes as a component of other expense and interest expense, as necessary. There was no interest expense or penalties related to unrecognized tax benefits recorded through September 30, 2014. | |||||||||||
        The Company files income tax returns in the U.S. federal jurisdiction as well as in California, Michigan, and New Jersey. The tax years ending September 30, 2011 to September 30, 2013 remain open to examination by the jurisdictions in which the Company is subject to tax. Fiscal years outside the normal statute of limitation remain open to audit by tax authorities due to tax attributes generated in those early years, which have been carried forward and may be audited in subsequent years when utilized. | |||||||||||
Employee_Benefit_Plan
Employee Benefit Plan | 12 Months Ended |
Sep. 30, 2014 | |
Employee Benefit Plan | |
Employee Benefit Plan | 18. Employee Benefit Plan |
        The Company has a defined-contribution retirement plan that allows for discretionary contributions from the Company. Contributions totaled $93,000, $90,000 and $80,000 for fiscal 2014, 2013 and 2012. | |
Segment_and_EnterpriseWide_Inf
Segment and Enterprise-Wide Information | 12 Months Ended |
Sep. 30, 2014 | |
Segment and Enterprise-Wide Information | |
Segment and Enterprise-Wide Information | 19. Segment and Enterprise-Wide Information |
        The Company's chief operating decision maker is its chief executive officer. The chief executive officer reviews its operating results on an aggregate basis for purposes of allocating resources and evaluating financial performance. The Company has one business activity and there are no segment managers who are held accountable for operations, or operating results for levels or components. Accordingly, the Company has a single reporting segment and operating unit structure. | |
        All of the Company's revenues are derived from partners located in the United States and all long-lived assets are located in the United States. | |
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Selected Quarterly Financial Data (Unaudited) | ||||||||||||||
Selected Quarterly Financial Data (Unaudited) | 20. Selected Quarterly Financial Data (Unaudited) | |||||||||||||
        Selected quarterly results from operations for the years ended September 30, 2014 and 2013 are as follows (in thousands, except per share amounts): | ||||||||||||||
                                                                                                                                                                                    | ||||||||||||||
Fiscal 2014 Quarter Ended | ||||||||||||||
December 31, | March 31, | June 30, | September 30, | |||||||||||
2013 | 2014 | 2014 | 2014 | |||||||||||
Total revenue | $ | 10,468 | $ | 10,717 | $ | 10,183 | $ | 11,072 | ||||||
Operating expenses | $ | 11,530 | $ | 11,511 | $ | 13,580 | $ | 15,869 | ||||||
Net income (loss) | $ | (2,098 | ) | $ | 3,534 | $ | (4,981 | ) | $ | (6,367 | ) | |||
Basic net income (loss) per common share | $ | (0.94 | ) | $ | 0.5 | $ | (0.28 | ) | $ | (0.35 | ) | |||
Diluted net income (loss) per common share | $ | (0.94 | ) | $ | 0.33 | (0.28 | ) | $ | (0.35 | ) | ||||
                                                                                                                                                                                    | ||||||||||||||
Fiscal 2013 Quarter Ended | ||||||||||||||
December 31, | March 31, | June 30, | September 30, | |||||||||||
2012 | 2013 | 2013 | 2013 | |||||||||||
Total revenue | $ | 12,624 | $ | 12,536 | $ | 12,566 | $ | 12,544 | ||||||
Operating expenses | $ | 12,287 | $ | 12,614 | $ | 11,795 | $ | 12,373 | ||||||
Net loss | $ | (1,433 | ) | $ | (1,999 | ) | $ | (9,163 | ) | $ | (1,282 | ) | ||
Basic and diluted net loss per common share | $ | (0.65 | ) | $ | (0.90 | ) | $ | (4.12 | ) | $ | (0.58 | ) | ||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Sep. 30, 2014 | |
Subsequent Events | |
Subsequent Events | 21. Subsequent Events |
        In November 2014, the Company amended and restated its existing term loan agreement (see Note 8). Among other things, this amendment increased the loan principal amount to $45.0 million (excluding PIK notes), and extended the maturity date to June 30, 2019. Interest only payments are due quarterly through June 30, 2018, and principal and interest payments are due in four quarterly installments beginning September 30, 2018. Interest will continue to accrue on both the loan and PIK notes at a rate of 15% per year, of which up to 3.5% can be converted each quarter into PIK notes on or prior to September 30, 2018. | |
Organization_Description_of_Bu1
Organization, Description of Business, and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2014 | |
Organization, Description of Business, and Summary of Significant Accounting Policies | |
Basis of Presentation | Basis of Presentation |
        The Company's financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America. | |
Reverse Stock Split | Reverse Stock Split |
        On March 20, 2014, the Company effected a 1-for-10.1 reverse stock split of the Company's outstanding common stock resulting in a reduction of the Company's total common stock issued and outstanding from 19,032,056 shares to 1,884,362 shares. The reverse stock split affected all stockholders of the Company's common stock uniformly, and did not materially affect any stockholder's percentage of ownership interest. The par value of the Company's common stock remained unchanged at $0.001 per share and the number of authorized shares of common stock remained the same after the reverse stock split. | |
        In connection with this reverse stock split, the number of shares of common stock reserved for issuance under the Company's equity incentive, stock option and employee stock purchase plans, as well as the shares of common stock underlying outstanding stock options, restricted stock units and warrants, were also proportionately reduced while the exercise prices of such stock options and warrants were proportionately increased. All references to shares of common stock and per share data for all periods presented in the accompanying financial statements and notes thereto have been adjusted to reflect the reverse stock split on a retroactive basis. | |
Initial Public Offering | Initial Public Offering |
        On April 2, 2014, the Company's registration statements on Form S-1 (File No. 333-194279 and File No. 333-195002) relating to the Initial Public Offering (the "IPO") of its common stock were declared effective by the SEC. The IPO closed on April 8, 2014 at which time the Company sold 6,500,000 shares of its common stock at a price of $8.00 per share. The Company also granted the underwriters a 30-day option to purchase up to 975,000 additional shares of common stock at the IPO price. The underwriters exercised this option to purchase 374,997 shares on May 2, 2014. The Company received cash proceeds of $48.5 million from the IPO, including proceeds from the partial exercise of the underwriters' option, net of underwriting discounts, commissions and issuance costs paid by the Company, which totaled $2.7 million. | |
        On April 8, 2014, immediately prior to the closing of the IPO, all outstanding shares of convertible preferred stock converted into 3,567,807 shares of common stock, and the related carrying value of $57.3 million was reclassified to common stock and additional paid-in capital. In addition, certain warrants to purchase convertible preferred stock and common stock were also converted and net exercised into 971,440 shares of common stock. Upon the closing of the IPO, Corium also repurchased 1,077,809 shares of common stock from its founders, for an aggregate purchase price of $5.2 million. | |
        Following the filing of the Restated Certificate of Incorporation of the Company on April 8, 2014, the number of shares of capital stock the Company is authorized to issue is 155,000,000 shares, of which 150,000,000 shares may be common stock and 5,000,000 shares may be preferred stock. Both the common stock and preferred stock have a par value of $0.001 per share. | |
Use of Estimates | Use of Estimates |
        Estimates and assumptions are required to be used by management in the preparation of financial statements in conformity with accounting principles generally accepted in the United States of America that affect the reported amounts of assets, liabilities, and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of operating revenues and operating expenses during the reporting period. Those estimates and assumptions affect revenue recognition and deferred revenues, impairment of long-lived assets, determination of fair value of stock-based awards and other debt and equity related instruments, and accounting for income taxes. As future events and their effects cannot be determined with precision, actual results could differ from those estimates. | |
Concentration of Credit Risk | Concentration of Credit Risk |
        Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents with a single domestic financial institution that is well capitalized. The Company provides credit, in the normal course of business, to its partners and performs credit evaluations of such partners. | |
        Four partners accounted for 95%, 99% and 94% of the Company's revenues for fiscal 2014, 2013 and 2012. These same partners accounted for 95% and 100% of accounts receivable as of September 30, 2014 and 2013. | |
Revenue Recognition | Revenue Recognition |
        The Company generates revenues from agreements for the development and commercialization of its products. The terms of the agreements may include nonrefundable upfront payments, partial or complete reimbursement of research and development costs, milestone payments, product sales, and profit sharing and royalties on product sales made by the partners. The Company recognizes revenues when the following criteria are met: persuasive evidence of a sales or service arrangement exists; delivery has occurred; the price is fixed or determinable; and collectability is reasonably assured. | |
        Revenue related to multiple element arrangements are analyzed to determine whether the deliverables can be separated or whether they must be accounted for as a single unit of accounting. This determination is generally based on whether any deliverable has stand-alone value to the partner. This analysis also establishes a selling price hierarchy for determining how to allocate arrangement consideration to identified units of accounting. The selling price used for each unit of accounting is based on vendor-specific objective evidence, if available, third-party evidence if vendor-specific objective evidence is not available, or estimated selling price if neither vendor-specific nor third-party evidence is available. Typically, the Company has not granted licenses to partners at the beginning of its arrangements and, thus, there are no delivered items separate from the research and development services provided. As such, upfront payments are recorded as deferred revenues in the balance sheet and are recognized as contract research and development revenues over the estimated period of performance that is consistent with the terms of the research and development obligations contained in the agreement. The Company periodically reviews the estimated period of performance based on the progress made under each arrangement. | |
        Amounts related to research and development funding are generally recognized as the related services or activities are performed in accordance with the contract terms. To the extent that agreements specify services are to be performed on a cost-plus basis, revenues are recognized as services are rendered. Such work is generally billed on a monthly basis for time incurred at specified rates in the agreements. To the extent that agreements specify services to be performed on a fixed-price basis, revenues are recognized consistent with the pattern of the work performed. Generally, all of the agreements provide for reimbursement of third-party expenses, and such reimbursable expenses are billed as revenues as incurred. | |
        The arrangements may include contractual milestones, which relate to the achievement of pre-specified research, development, regulatory and commercialization events. The milestone events contained in the Company's arrangements coincide with the progression of the Company's product candidates from research and development, to regulatory approval and through to commercialization. The process of successfully developing a new product, having it approved from a regulatory perspective and ultimately sold for a profit is highly uncertain. As such, the milestone payments that the Company may earn from its partners involve a significant degree of risk to achieve. Research and development milestones in the Company's strategic alliances may include the following types of events: completion of pre-clinical research and development work, completion of certain development events and initiation of clinical trials. Regulatory milestones may include the following types of events: filing of regulatory applications with the Food and Drug Administration and approval of the regulatory applications by the Food and Drug Administration. Commercialization milestones may include product launch. The Company recognizes milestone payments in the period in which the performance obligation underlying the milestone is achieved. | |
        Upon commercialization, revenues are generated from product sales, royalties and profit sharing. Product sales are generally recognized as products are shipped and title and risk of loss pass to the partner. Royalties and profit sharing are generally recognized when the Company's partners sell the product to their customers and are based on a percentage of the Company's partners' net sales or net profits for products subject to our agreements. Product sales and royalty income are presented collectively as product revenues. Royalties and profit sharing totaled $6.7 million, $7.8 million and $6.4 million for fiscal 2014, 2013 and 2012. | |
        Other revenues consists of income derived from the Company's arrangements with its partners, whereby a portion of the revenues received under these agreements relates to rental income from embedded leases associated with manufacturing equipment and facilities specific to these relationships, as well as revenues associated with licenses granted to a third party for intellectual property related to a discontinued product. | |
Research and Development | Research and Development |
        Research and development expenses primarily comprise salaries and benefits associated with research and development personnel, overhead and facility costs, pre-clinical and non-clinical development costs, clinical trial, and related clinical manufacturing costs, contract services, and other outside costs. Research and development costs, including costs to be subsequently reimbursed under development contracts, are charged to expense when incurred. | |
Advertising Costs | Advertising Costs |
        The Company's advertising expenses were immaterial for fiscal 2014, 2013 and 2012. | |
Stock-Based Compensation | Stock-Based Compensation |
        The Company accounts for stock-based compensation for all share-based awards made to employees and directors, including employee stock options and employee stock purchases related to the employee stock purchase plan, by measuring the cost of awards of equity instruments based on the grant-date fair value of the award. The Company determines the fair value of such awards using the Black-Scholes option-pricing model (the "Black-Scholes model"), which incorporates certain assumptions as follows: | |
Expected Term—The expected term represents the period that the stock-based awards are expected to be outstanding before exercise or cancellation. As the Company's historical share exercise experience did not provide a reasonable basis upon which to estimate expected term because of a lack of sufficient data points, the Company estimated the expected term by using the simplified method. | |
Risk-Free Interest Rate—The risk-free interest rate is based on the implied constant maturity yield currently available on U.S. Treasury issues with a maturity consistent with the expected term. | |
Expected Volatility—Because the Company has limited information on the volatility of its common stock due to a lack of significant trading history and limited historical data regarding the volatility of its common stock, the expected volatility used is based on volatility of a group of comparable publicly traded companies. In evaluating comparability, the Company considered factors such as industry, stage of life cycle and size. The Company will continue to analyze the historical stock price volatility and term assumptions as more historical data for the Company's common stock becomes available. | |
Expected Dividend—The Company does not anticipate declaring dividends in the foreseeable future. | |
        The Company recognizes compensation expense for the portion of share-based awards that are expected to vest. Therefore, the Company applied estimated forfeiture rates that were derived from historical employee termination behavior. If the actual number of forfeitures differs from those estimated by management, additional adjustments to compensation expense may be required in future periods. | |
Income Taxes | Income Taxes |
        The Company accounts for income taxes based on the liability method. Under the liability method, deferred tax assets and deferred tax liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and deferred tax liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and deferred tax liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. A valuation allowance is established when it is more likely than not that all or a portion of a deferred tax asset will not be realized. | |
Comprehensive Income (Loss) | Comprehensive Income (Loss) |
        During fiscal 2014, 2013 and 2012, the Company did not recognize any other comprehensive income (loss) and, therefore, the net income (loss) and comprehensive income (loss) was the same for all periods presented. | |
Net Loss per Share Attributable to Common Stockholders | Net Loss per Share Attributable to Common Stockholders |
        The Company calculates its basic and diluted net loss per share attributable to common stockholders in conformity with the two-class method required for companies with participating securities. The Company's basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. The diluted net loss per share attributable to common stockholders is computed by giving effect to all potential dilutive common stock equivalents outstanding for the period. For purposes of the diluted calculation, convertible preferred stock, options to purchase common stock and common stock warrants are considered common stock equivalents but are excluded from the calculation of diluted net loss per share attributable to common stockholders if their effect is antidilutive. | |
Cash and Cash Equivalents | Cash and Cash Equivalents |
        The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents. The Company generally invests funds that are in excess of current needs in high-credit-quality instruments, such as obligations of U.S. government agencies and money market funds. | |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts |
        Accounts receivable are stated at invoiced amounts. An allowance for doubtful accounts is established as needed based on a specific assessment of all invoices that remain unpaid following normal partner payment periods. All amounts deemed to be uncollectible are charged against the allowance for doubtful accounts in the period that the determination is made. The allowance for doubtful accounts was $0 as of September 30, 2014 and 2013. | |
Inventories | Inventories |
        Inventories are stated at the lower of cost, on a first-in, first-out basis, or market. The Company records an allowance for excess and obsolete inventory based on anticipated obsolescence, usage, and historical write-offs. | |
Property and Equipment | Property and Equipment |
        Property and equipment are recorded at cost, net of accumulated depreciation and amortization. Equipment is depreciated over its useful life, ranging from 3 to 8 years using the straight-line method. Leasehold improvements are depreciated or amortized over the shorter of the lease term or their useful lives ranging from 3 to 15 years using the straight-line method. Expenditures for maintenance and repairs are charged to expense as incurred. | |
Capital Leases | Capital Leases |
        The Company leases several pieces of equipment under capital lease arrangements. During the year ended September 30, 2011, the Company completed two transactions, whereby existing manufacturing equipment was sold to and leased back from the lessor. Under these transactions, a gain on the sale was deferred and is being amortized over the life of the lease. Equipment leased under capital leases is amortized over the life of the lease term using the straight-line method. | |
Intangible Assets | Intangible Assets |
        Intangible assets consist primarily of the cost of acquired patents and legal costs associated with patent development and contract acquisition costs. These costs are capitalized and amortized on a straight-line basis over the lesser of the estimated economic lives of the patents or the underlying contracts and the remaining legal lives of the patents, which approximates the consumption over the estimated useful lives of the assets, once a patent is granted. The Company periodically reevaluates the original assumptions and rationale utilized in the establishment of the carrying value and estimated lives of these assets. | |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets |
        Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the assets and their eventual disposition. Measurement of an impairment loss for long-lived assets that management expects to hold and use is based on the fair value of the asset. No impairment was recorded for fiscal 2014, 2013 or 2012. | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments |
        Fair value accounting is applied for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually). Assets and liabilities recorded at fair value in the financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, which are directly related to the amount of subjectivity associated with the inputs to the valuation of these assets or liabilities, are as follows: | |
Level I—Inputs that are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. | |
Level II—Inputs (other than quoted prices included in Level I) that are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument's anticipated life. | |
Level III—Unobservable inputs that are supported by little or no market activity, but are significant to the fair value of the assets or liabilities. They reflect management's best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. | |
Convertible Preferred Stock Warrants | Convertible Preferred Stock Warrants |
        Prior to their conversion into common stock on April 8, 2014 in connection with the Company's IPO, the Company accounted for certain warrants to purchase shares of convertible preferred stock as liabilities at fair value, as it had determined that some of these warrants were derivative instruments because they contained antidilution provisions that protected the holders from certain equity issuances at a price below the original issue price of the underlying security. The Company remeasured these warrants to fair value at each balance sheet date, and recognized any change in the fair value as a change in the warrant liability in its statements of operations and comprehensive loss. The Company estimated the fair value of these warrants at the respective balance sheet dates using the Option Pricing Model, or OPM, in fiscal 2012 and  the Probability-Weighted Expected Return Model, or PWERM, thereafter. The Company used a number of assumptions to estimate the fair value, including the likelihood of various scenarios, the expected volatility, and the fair value of the underlying stock under each scenario. | |
Subordinated Note Embedded Derivative Liability | Subordinated Note Embedded Derivative Liability |
        Prior to its conversion into common stock on April 8, 2014 in connection with the Company's IPO, the Company had an outstanding subordinated note that the Company had determined contained an embedded derivative instrument related to redemption and conversion features of the note. These features required bifurcation and separate accounting, and were accounted for as a liability. The embedded derivative liability was remeasured to fair value at each balance sheet date, with the corresponding gain or loss from the adjustment recorded in the statements of operations and comprehensive loss. The fair value of the embedded derivative was measured with the PWERM valuation methodology. Under this methodology, fair value is primarily driven by the assessment of the probability and timing of scenarios that could result in the redemption of the note prior to the note's maturity, which would trigger the payment of the additional amount equal to the outstanding principal of the subordinated note. | |
Recent Account Pronouncements | Recent Account Pronouncements |
        In February 2013, the FASB issued guidance which addresses the presentation of amounts reclassified from accumulated other comprehensive income. This guidance does not change current financial reporting requirements. Instead, an entity is required to cross-reference to other required disclosures that provide additional detail about amounts reclassified out of accumulated other comprehensive income. In addition, the guidance requires an entity to present significant amounts reclassified out of accumulated other comprehensive income by line item of net income if the amount reclassified is required to be reclassified to net income in its entirety in the same reporting period. Adoption of this standard is required for periods beginning after December 15, 2013. This new guidance impacts how the Company reports comprehensive income only, and had no effect on the Company's results of operations, financial position or liquidity during fiscal 2014 and 2013. | |
        In May 2014, the Financial Accounting Standards Board issued ASU No. 2014-09, "Revenue from Contracts with Customers", Topic 606. This ASU affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets, unless those contracts are within the scope of other standards. The guidance in this ASU supersedes the revenue recognition requirements in Topic 605, Revenue Recognition and most industry-specific guidance. The core principle of the guidance is that an entity should recognize revenue to illustrate the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new guidance also includes a set of disclosure requirements that will provide users of financial statements with comprehensive information about the nature, amount, timing, and uncertainty of revenue and cash flows arising from a reporting organization's contracts with customers. This ASU is effective retrospectively for fiscal years, and interim periods within those years, beginning after December 15, 2016 for public companies. The Company is evaluating the effect, if any, on the Company's financial position and results of operations. | |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Fair Value Measurements | ||||||||||||||
Schedule of the Company's financial instruments that are measured at fair value on a recurring basis by level within the fair value hierarchy |         The Company's financial instruments that are measured at fair value on a recurring basis as of September 30, 2014 and 2013, by level within the fair value hierarchy, are as follows (in thousands): | |||||||||||||
                                                                                                                                                                                    | ||||||||||||||
As of September 30, 2014 | ||||||||||||||
Level I | Level II | Level III | Total | |||||||||||
Financial Assets: | ||||||||||||||
Money market funds | $ | 36,019 | $ | — | $ | — | $ | 36,019 | ||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
Total financial assets | $ | 36,019 | $ | — | $ | — | $ | 36,019 | ||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​  | |
                                                                                                                                                                                    | ||||||||||||||
As of September 30, 2013 | ||||||||||||||
Level I | Level II | Level III | Total | |||||||||||
Financial Assets: | ||||||||||||||
Money market funds | $ | 13,342 | $ | — | $ | — | $ | 13,342 | ||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
Total financial assets | $ | 13,342 | $ | — | $ | — | $ | 13,342 | ||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​  | |
Financial Liabilities: | ||||||||||||||
Preferred stock warrant liability | $ | — | $ | — | $ | 560 | $ | 560 | ||||||
Subordinated note embedded derivative liability | — | — | 7,367 | 7,367 | ||||||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
Total financial liabilities | $ | — | $ | — | $ | 7,927 | $ | 7,927 | ||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​  | |
Summary of the changes in the fair value of the Company's Level III financial liabilities, which are measured on a recurring basis | The following table sets forth a summary of the changes in the fair value of the Company's Level III financial liabilities, which are measured on a recurring basis (in thousands): | |||||||||||||
                                                                                                                                                                                    | ||||||||||||||
Year Ended | ||||||||||||||
September 30, | ||||||||||||||
2014 | 2013 | |||||||||||||
Beginning balance | $ | 7,927 | $ | 546 | ||||||||||
Change in fair value of preferred stock warrants | 274 | 14 | ||||||||||||
Change in fair value of subordinated note embedded derivative liability | (7,367 | ) | 7,367 | |||||||||||
Extinguishment of preferred stock warrant liability | (834 | ) | —  | |||||||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |||||||
Ending balance | $ | — | $ | 7,927 | ||||||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​  | |||||||
Schedule of differences between carrying values and estimated fair value of financial instruments |         The following financial instruments have carrying values which differ from their fair value as estimated by the Company based on market quotes for instruments with similar terms and remaining maturities (Level III valuation technique) (in thousands): | |||||||||||||
                                                                                                                                                                                    | ||||||||||||||
As of September 30, 2014 | ||||||||||||||
Carrying | Fair Value | Difference | ||||||||||||
Value | ||||||||||||||
Long-term debt | $ | 38,262Â | $ | 40,357Â | $ | 2,095Â | ||||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ||||
Total | $ | 38,262Â | $ | 40,357Â | $ | 2,095Â | ||||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​  | ||||
                                                                                                                                                                                    | ||||||||||||||
As of September 30, 2013 | ||||||||||||||
Carrying | Fair Value | Difference | ||||||||||||
Value | ||||||||||||||
Long-term debt | $ | 37,413 | $ | 37,413 | $ | — | ||||||||
Convertible notes | 9,399 | 14,316 | 4,917 | |||||||||||
Subordinated note | 13,000 | 9,508 | (3,492 | ) Â | ||||||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ||||
Total | $ | 59,812 | $ | 61,237 | $ | 1,425 | ||||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​  | ||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventories | ||||||||
Schedule of Inventories | Â Â Â Â Â Â Â Â Inventories consist of the following (in thousands): | |||||||
                                                                                                                                                                                    | ||||||||
As of | ||||||||
September 30, | ||||||||
2014 | 2013 | |||||||
Raw materials | $ | 1,268 | $ | 2,410 | ||||
Work in process | 898 | 1,546 | ||||||
Finished goods | 632 | 667 | ||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
Total inventories, cost | 2,798 | 4,623 | ||||||
Less inventory reserves | (206 | ) | (115 | ) Â | ||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
Total inventories, net | $ | 2,592 | $ | 4,508 | ||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​  | |
Property_and_equipment_Tables
Property and equipment (Tables) | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Property and equipment | ||||||||
Schedule of property and equipment | Â Â Â Â Â Â Â Â Property and equipment consist of the following (in thousands): | |||||||
                                                                                                                                                                                    | ||||||||
As of September 30, | ||||||||
2014 | 2013 | |||||||
Machinery and equipment | $ | 12,242 | $ | 11,145 | ||||
Manufacturing equipment acquired under capital leases | 2,341 | 1,825 | ||||||
Transportation equipment | 25 | 25 | ||||||
Furniture and fixtures | 995 | 928 | ||||||
Computer equipment and software | 535 | 401 | ||||||
Leasehold improvements | 3,658 | 3,145 | ||||||
Land | 210 | 210 | ||||||
Construction in progress | 6,849 | 8,843 | ||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
Total property and equipment, gross | 26,855 | 26,522 | ||||||
Accumulated depreciation and amortization | (14,197 | ) | (13,900 | ) Â | ||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
Total property and equipment, net | $ | 12,658 | $ | 12,622 | ||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​  | |
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Intangible Assets | ||||||||
Schedule of intangible assets and related accumulated amortization | Â Â Â Â Â Â Â Â Intangible assets and related accumulated amortization consist of the following (in thousands): | |||||||
                                                                                                                                                                                    | ||||||||
As of September 30, | ||||||||
2014 | 2013 | |||||||
Cost: | ||||||||
Patents and trademarks | $ | 10,269 | $ | 9,686 | ||||
Contract acquisition costs | 1,672 | 1,677 | ||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
Total carrying value | 11,941 | 11,363 | ||||||
Accumulated amortization: | ||||||||
Patents and trademarks | (3,756 | ) | (3,237 | ) | ||||
Contract acquisition costs | (1,502 | ) | (1,479 | ) Â | ||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
Total accumulated amortization | (5,258 | ) | (4,716 | ) Â | ||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
Total intangible assets, net | $ | 6,683 | $ | 6,647 | ||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​  | |
Patents and trademarks | ||||||||
Intangible assets | ||||||||
Schedule of estimated remaining annual amortization expenses |         The estimated remaining annual amortization expenses for issued patents and trademarks as of September 30, 2014 are as follows (in thousands): | |||||||
                                                                                                                                                                                    | ||||||||
Year Ending September 30: | Amounts | |||||||
2015 | $ | 584Â | ||||||
2016 | 584Â | |||||||
2017 | 584Â | |||||||
2018 | 584Â | |||||||
2019 | 584Â | |||||||
Thereafter | 1,480Â | |||||||
​ | ​ | ​  | ​  | ​ | ||||
Total | $ | 4,400Â | ||||||
​ | ​ | ​  | ​  | ​ | ||||
​ | ​ | ​  | ​  | ​  | ||||
Contract acquisition cost | ||||||||
Intangible assets | ||||||||
Schedule of estimated remaining annual amortization expenses |         The estimated remaining annual amortization expense for contract acquisition cost as of September 30, 2014 are as follows (in thousands): | |||||||
                                                                                                                                                                                    | ||||||||
Year Ending September 30: | Amounts | |||||||
2015 | $ | 29Â | ||||||
2016 | 29Â | |||||||
2017 | 29Â | |||||||
2018 | 29Â | |||||||
2019 | 29Â | |||||||
Thereafter | 25Â | |||||||
​ | ​ | ​  | ​  | ​ | ||||
Total | $ | 170Â | ||||||
​ | ​ | ​  | ​  | ​ | ||||
​ | ​ | ​  | ​  | ​  | ||||
Accrued_Expenses_and_Other_Cur1
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Accrued Expenses and Other Current Liabilities | ||||||||
Schedule of accrued expenses and other current liabilities | Â Â Â Â Â Â Â Â Accrued expenses and other current liabilities consist of the following (in thousands): | |||||||
                                                                                                                                                                                    | ||||||||
September 30, | ||||||||
2014 | 2013 | |||||||
Vacation | $ | 1,747Â | $ | 1,680Â | ||||
Bonus | 1,235Â | 900Â | ||||||
Warranty liability | 284 | — | ||||||
Employee stock purchase plan liability | 305 | — | ||||||
Legal and professional fees | 5Â | 339Â | ||||||
Other | 432Â | 455Â | ||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
Total accrued liabilities | $ | 4,008Â | $ | 3,374Â | ||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​  | |
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Debt | ||||||||
Schedule of the entity's outstanding debt | Â Â Â Â Â Â Â Â The Company's outstanding debt was as follows (in thousands): | |||||||
                                                                                                                                                                                    | ||||||||
As of September 30, | ||||||||
2014 | 2013 | |||||||
Bank line of credit | $ | — | $ | 3,873 | ||||
Long-term debt | 38,262Â | 37,413Â | ||||||
Convertible notes | — | 9,399 | ||||||
Subordinated note | — | 13,000 | ||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
Total | 38,262Â | 63,685Â | ||||||
Less current portion, consisting of bank line of credit and long-term debt | 107Â | 4,330Â | ||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
Long-term portion | $ | 38,155Â | $ | 59,355Â | ||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​  | |
Schedule of long-term debt | Â Â Â Â Â Â Â Â Long-term debt was as follows (in thousands): | |||||||
                                                                                                                                                                                    | ||||||||
As of September 30, | ||||||||
2014 | 2013 | |||||||
Term loan agreement expiring June 30, 2017. See terms of the agreement below. | ||||||||
Less discount of $76 and $103 as of September 30, 2014 and 2013 | $ | 37,625 | $ | 36,293 | ||||
Notes payable to lessor for tenant improvements. The note calls for monthly payments of principal and interest of $3 at an interest rate of 7% and is due April 2015 | 96Â | 124Â | ||||||
Notes payable to lessor for tenant improvements. The note calls for monthly payments of principal and interest of $6 at an interest rate of 7% and is due November 2024 | 541Â | 575Â | ||||||
Notes payable to finance Company insurance premiums. The note calls for monthly payments of principal and interest of $71 at an interest rate of 2.192% and was due March 2014 | — | 421 | ||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
Total | 38,262Â | 37,413Â | ||||||
Less current portion | 107Â | 457Â | ||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
Long-term portion | $ | 38,155Â | $ | 36,956Â | ||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​  | |
Schedule of minimum principal payments on the entity's outstanding debt |         Minimum principal payments on the Company's outstanding long-term debt, as of September 30, 2014 were as follows (in thousands): | |||||||
                                                                                                                                                                                    | ||||||||
Year Ending September 30: | Amounts | |||||||
2015 | $ | 107Â | ||||||
2016 | 9,439Â | |||||||
2017 | 28,296Â | |||||||
2018 | 46Â | |||||||
2019 | 49Â | |||||||
Thereafter | 325Â | |||||||
​ | ​ | ​  | ​  | ​ | ||||
Total | $ | 38,262Â | ||||||
​ | ​ | ​  | ​  | ​ | ||||
​ | ​ | ​  | ​  | ​  | ||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Sep. 30, 2014 | |||||
Commitments and Contingencies | |||||
Schedule of future minimum lease payments under capital leases, together with the present value of the net minimum lease payments |         Future minimum lease payments under capital leases, together with the present value of the net minimum lease payments as of September 30, 2014, are as follows (in thousands): | ||||
                                                                                                                                                                                    | |||||
Year Ending September 30, | Amounts | ||||
2015 | $ | 897 | |||
2016 | 877 | ||||
2017 | 73 | ||||
​ | ​ | ​  | ​  | ​ | |
Total minimum lease payments | 1,847 | ||||
Less amount representing estimated executory costs (such as taxes) | —  | ||||
​ | ​ | ​  | ​  | ​ | |
Net minimum lease payments | 1,847 | ||||
Less amount representing interest | (185 | ) Â | |||
​ | ​ | ​  | ​  | ​ | |
Present value of net minimum lease payments | 1,662 | ||||
Less discount related to warrants | (11 | ) Â | |||
​ | ​ | ​  | ​  | ​ | |
Capital lease liability | 1,651 | ||||
Less current portion | (760 | ) Â | |||
​ | ​ | ​  | ​  | ​ | |
Long-term portion | $ | 891 | |||
​ | ​ | ​  | ​  | ​ | |
​ | ​ | ​  | ​  | ​  | |
Schedule of future minimum lease payments under operating leases that have initial or remaining lease terms in excess of one year |         Future minimum lease payments under operating leases that had initial or remaining lease terms in excess of one year from September 30, 2014 were as follows (in thousands): | ||||
                                                                                                                                                                                    | |||||
Years Ending September 30, | Amounts | ||||
2015 | $ | 1,284Â | |||
2016 | 735Â | ||||
2017 | 603Â | ||||
2018 | 611Â | ||||
2019 | 623Â | ||||
Thereafter | 3,653Â | ||||
​ | ​ | ​  | ​  | ​ | |
Total | $ | 7,509Â | |||
​ | ​ | ​  | ​  | ​ | |
​ | ​ | ​  | ​  | ​  | |
Collaboration_and_Partner_Arra1
Collaboration and Partner Arrangements (Tables) | 12 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Collaboration and Partner Arrangements | |||||||||||
Schedule of revenues from the entity's collaboration and partner agreements | Â Â Â Â Â Â Â Â The Company has recognized the following revenues from its collaboration and partner agreements during fiscal 2014, 2013, and 2012 (in thousands): | ||||||||||
                                                                                                                                                                                    | |||||||||||
Years ended September 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
P&G | $ | 11,719Â | $ | 11,781Â | $ | 7,880Â | |||||
Teva | 13,550Â | 16,683Â | 11,350Â | ||||||||
Actavis/Par | 12,971Â | 16,551Â | 18,139Â | ||||||||
Agile | 1,976Â | 4,904Â | 3,014Â | ||||||||
Other | 2,224Â | 351Â | 2,477Â | ||||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
Total revenues | $ | 42,440Â | $ | 50,270Â | $ | 42,860Â | |||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​  | |
Warrants_Tables
Warrants (Tables) | 12 Months Ended | ||
Sep. 30, 2014 | |||
Warrants | |||
Schedule of assumptions used to estimate the fair value of outstanding warrants | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | ||
Year ended | |||
September 30, | |||
2013 | |||
Remaining contractual term (in years) | 5.07 - 8.24 | ||
Risk-free interest rate | 1.39 - 2.02% | ||
Expected volatility | 68 - 77% | ||
Expected dividend rate | 0% | ||
Convertible_Preferred_Stock_Re1
Convertible Preferred Stock, Redeemable Common Stock and Stockholders' Equity (Deficit) (Tables) | 12 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Convertible Preferred Stock, Redeemable Common Stock and Stockholders' Equity (Deficit) | ||||||||||||||
Schedule of convertible preferred stock on an unconverted basis |         Convertible preferred stock as of September 30, 2013, on an unconverted basis, consisted of the following (in thousands, except for share and per share data): | |||||||||||||
                                                                                                                                                                                    | ||||||||||||||
Shares | Original | Shares Issued | Aggregate | |||||||||||
Authorized | Issue Price | and | Liquidation | |||||||||||
Outstanding | Amount | |||||||||||||
Series A | 1,114,100 | $ | 0.220 | 1,114,066 | $ | 490 | ||||||||
Series B | 7,602,200 | 0.875 | 7,602,132 | 6,652 | ||||||||||
Series C | 57,000,000 | 0.917 | 27,318,702 | 50,119 | ||||||||||
​ | ​ | ​  | ​  | ​ | ​ | ​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
Balance as of September 30, 2013 | 65,716,300 | 36,034,900 | $ | 57,261 | ||||||||||
​ | ​ | ​  | ​  | ​ | ​ | ​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
​ | ​ | ​  | ​  | ​ | ​ | ​ | ​ | ​  | ​  | ​ | ​  | ​  | ​  | |
Schedule of reserved shares of common stock, on an as-if converted basis, for issuance | ||||||||||||||
                                                                                                                                                                                    | ||||||||||||||
As of September 30, | ||||||||||||||
2014 | 2013 | |||||||||||||
Issuances under stock option plans | 2,089,586Â | 1,781,846Â | ||||||||||||
Issuances upon conversion of convertible preferred stock | — | 3,567,811 | ||||||||||||
Issuances upon exercise of convertible preferred stock warrants | — | 172,276 | ||||||||||||
Issuances upon exercise of common stock warrants | 128,582Â | 1,294,618Â | ||||||||||||
Issuances under the 2014 employee stock purchase plan | 310,000 | —  | ||||||||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |||||||
2,528,168Â | 6,816,551Â | |||||||||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​  | |||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Stock-based compensation | |||||||||||||||||
Schedule of employee stock-based compensation expense classified in the statements of operations and comprehensive loss | Â Â Â Â Â Â Â Â Employee stock-based compensation expense for fiscal 2014, 2013 and 2012 is classified in the statements of operations and comprehensive loss as follows (in thousands): | ||||||||||||||||
                                                                                                                                                                                    | |||||||||||||||||
Years ended | |||||||||||||||||
September 30, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Cost of product revenues | $ | 188 | $ | 35 | $ | — | |||||||||||
Cost of contract research and development revenues | 196 | 21 | — | ||||||||||||||
Research and development | 151 | 39 | — | ||||||||||||||
General and administrative | 1,094Â | 235Â | 66Â | ||||||||||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |||||||
Total stock-based compensation | $ | 1,629Â | $ | 330Â | $ | 66Â | |||||||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​  | |||||||
Corium Plan | |||||||||||||||||
Stock-based compensation | |||||||||||||||||
Summary of activity under the Plan | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | ||||||||||||||||
Shares | Stock | Weighted | Weighted | Aggregate | |||||||||||||
Available | Options | Average | Average | Intrinsic Value | |||||||||||||
for Grant | Outstanding | Exercise | Remaining | (In thousands) | |||||||||||||
Price | Contractual | ||||||||||||||||
Life (Years) | |||||||||||||||||
Balance—October 1, 2011 | 175,811 | 813,900 | $ | 3.43 | |||||||||||||
Forfeited / Cancelled | 55,486 | (55,486 | ) | $ | 6.67 | ||||||||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Balance—September 30, 2012 | 231,297 | 758,414 | $ | 3.13 | 5.2 | ||||||||||||
Additional shares authorized | 792,079 | — | — | ||||||||||||||
Granted | (993,327 | ) | 993,327 | $ | 2.22 | ||||||||||||
Exercised | — | (4,504 | ) | $ | 2.32 | ||||||||||||
Forfeited / Cancelled | 218,361 | (218,361 | ) | $ | 5.93 | ||||||||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Balance—September 30, 2013 | 248,410 | 1,528,876 | $ | 2.22 | 7.22 | $ | 1,287 | ||||||||||
Additional shares authorized | 1,272,277 | — | — | ||||||||||||||
Granted | (573,589 | ) | 573,589 | $ | 4.86 | ||||||||||||
Exercised | — | (14,650 | ) | $ | 2.32 | ||||||||||||
Forfeited / Cancelled | 2,787 | (2,787 | ) | $ | 3.3 | ||||||||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Balance—September 30, 2014 | 949,885 | 2,085,028 | $ | 2.92 | 7.02 | $ | 6,710 | ||||||||||
Options exercisable—September 30, 2014 | 1,240,629 | $ | 2.39 | 5.89 | $ | 4,647 | |||||||||||
​ | ​ | ​ | ​ | ​ | ​  | ​  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​  | ​  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​  | |
Options vested and expected to vest—September 30, 2014 | 2,047,439 | $ | 2.91 | 7 | $ | 6,589 | |||||||||||
​ | ​ | ​ | ​ | ​ | ​  | ​  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​  | ​  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​  | |
Schedule of valuation assumptions used | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | ||||||||||||||||
Year ended September 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Expected term (in years) | 5.27 - 6.08 | 2.50 - 6.08 | |||||||||||||||
Risk-free interest rate | 1.61% - 2.25% | 0.70% - 1.38% | |||||||||||||||
Expected volatility | 63% - 74% | 71% - 75% | |||||||||||||||
Expected dividend rate | 0% | 0% | |||||||||||||||
StrataGent Plan | |||||||||||||||||
Stock-based compensation | |||||||||||||||||
Summary of activity under the Plan | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | ||||||||||||||||
Stock Options | Weighted Average | Weighted Average | Aggregate | ||||||||||||||
Outstanding | Exercise Price | Remaining | Intrinsic Value | ||||||||||||||
Contractual | (In thousands) | ||||||||||||||||
Life (Years) | |||||||||||||||||
Balance—October 1, 2011 | 97,276 | $ | 0.2 | ||||||||||||||
Exercised | (61,799 | ) | $ | 0.2 | |||||||||||||
​ | ​ | ​  | ​  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
Balance—September 30, 2012 | 35,477 | $ | 0.2 | 1.82 | |||||||||||||
Exercised | (21,684 | ) | $ | 0.1 | |||||||||||||
Forfeited | (9,233 | ) | $ | 0.2 | |||||||||||||
​ | ​ | ​  | ​  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
Balance—September 30, 2013 | 4,560 | $ | 0.71 | 3.13 | $ | 11 | |||||||||||
​ | ​ | ​  | ​  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
Balance—September 30, 2014 | 4,560 | $ | 0.71 | 2.13 | $ | 25 | |||||||||||
Options exercisable—September 30, 2014 | 4,560 | $ | 0.71 | 2.13 | $ | 25 | |||||||||||
​ | ​ | ​  | ​  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
​ | ​ | ​  | ​  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​  | ||||
Options vested and expected to vest—September 30, 2014 | 4,560 | $ | 0.71 | 2.13 | $ | 25 | |||||||||||
​ | ​ | ​  | ​  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
​ | ​ | ​  | ​  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​  | ||||
2014 Employee Stock Purchase Plan | |||||||||||||||||
Stock-based compensation | |||||||||||||||||
Schedule of valuation assumptions used | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | ||||||||||||||||
Year Ended | |||||||||||||||||
September 30, 2014 | |||||||||||||||||
Expected term (in years) | 0.63 - 2.13 | ||||||||||||||||
Expected volatility | 42 - 55% | ||||||||||||||||
Risk-free interest rate | 0.07 - 0.52% | ||||||||||||||||
Expected dividend rate | 0% | ||||||||||||||||
Product_Recall_Liability_Table
Product Recall Liability (Tables) | 12 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Product Recall Liability | |||||||||||
Summary of changes to the product recall liability | Â Â Â Â Â Â Â Â The following table summarizes the changes to the product recall liability (in thousands): | ||||||||||
                                                                                                                                                                                    | |||||||||||
Year Ended September 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Beginning balance | $ | 4,832 | $ | 5,000 | $ | 8,623 | |||||
Non-cash reductions in recall liability prior to settlement | — | — | (3,041 | ) | |||||||
Gain on settlement of recall liability | — | — | (582 | ) | |||||||
Payment of settlement liability | (1,122 | ) | (168 | ) | —  | ||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
Ending balance | $ | 3,710 | $ | 4,832 | $ | 5,000 | |||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​  | |
Product_Liability_Tables
Product Liability (Tables) | 12 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Product Liability | |||||||||||
Summary of the changes to the product liability reserve | Â Â Â Â Â Â Â Â The following table summarizes the changes to the product liability reserve (in thousands): | ||||||||||
                                                                                                                                                                                    | |||||||||||
Year Ended September 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Beginning balance | $ | 90 | $ | 720 | $ | 500 | |||||
Settlement payments | — | (1,300 | ) | (307 | ) | ||||||
Expense (income) | (5 | ) | 670 | 527 | |||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
Ending balance | $ | 85 | $ | 90 | $ | 720 | |||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​  | |
Net_Loss_and_Net_Loss_per_Shar1
Net Loss and Net Loss per Share Attributable to Common Stockholders (Tables) | 12 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Net Loss and Net Loss per Share Attributable to Common Stockholders | |||||||||||
Schedule of computation of the Company's basic and diluted net loss per share attributable to common stockholders | Â Â Â Â Â Â Â Â The following table sets forth the computation of the Company's basic and diluted net loss per share attributable to common stockholders during fiscal 2014, 2013 and 2012 (in thousands, except share and per share data): | ||||||||||
                                                                                                                                                                                    | |||||||||||
Year Ended September 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Net loss attributable to common stockholders, basic and diluted | $ | (9,912 | ) | $ | (13,877 | ) | $ | (5,443 | ) | ||
Weighted average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 10,043,640 | 2,222,981 | 2,200,727 | ||||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.99 | ) | $ | (6.24 | ) | $ | (2.47 | ) Â | ||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​  | |
Schedule of anti-dilutive securities excluded from calculation of diluted net loss per share attributable to common stockholders | Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â | ||||||||||
Year Ended September 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Convertible preferred stock | — | 3,567,811 | 3,567,811 | ||||||||
Stock options to purchase common stock | 2,089,586Â | 1,781,844Â | 1,025,188Â | ||||||||
Shares authorized under the 2014 ESPP | 310,000 | — | — | ||||||||
Common stock warrants | 128,582Â | 1,294,618Â | 1,269,634Â | ||||||||
Preferred stock warrants | — | 172,276 | 172,276 | ||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Income Taxes | |||||||||||
Schedule of reconciliation of the tax expense (benefit) computed at the statutory federal rate and the Company's tax expense (benefit) | Â Â Â Â Â Â Â Â The Company operates in only one jurisdiction, the United States. The following table presents a reconciliation of the tax expense (benefit) computed at the statutory federal rate and the Company's tax expense (benefit) for the period presented (in thousands): | ||||||||||
                                                                                                                                                                                    | |||||||||||
Year Ended September 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Income tax benefit—computed as 34% of pretax loss | $ | (3,370 | ) | $ | (4,717 | ) | $ | (1,851 | ) | ||
Effect of nondeductible expenses | 695 | 695 | 881 | ||||||||
State and local income tax expenses | 1 | 1 | (6 | ) | |||||||
Valuation allowance | 2,403 | 4,270 | 876 | ||||||||
Effect of tax credits and other | (13 | ) | (50 | ) | (1 | ) | |||||
State deferred taxes | 285 | (188 | ) | 75 | |||||||
Other | — | (10 | ) | 19 | |||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
Total | $ | 1 | $ | 1 | $ | (7 | ) Â | ||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​ | |
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ​  | ​  | ​  | |
Schedule of tax effects of temporary differences and carryforwards that give rise to significant portions of deferred tax assets and liabilities |         The tax effects of temporary differences and carryforwards that give rise to significant portions of deferred tax assets and liabilities as of September 30, 2014 and 2013 are as follows (in thousands): | ||||||||||
                                                                                                                                                                                    | |||||||||||
As of September 30, | |||||||||||
2014 | 2013 | ||||||||||
Deferred tax assets: | |||||||||||
Net operating loss carryforward | $ | 26,279 | $ | 21,491 | |||||||
Depreciation | 694 | 720 | |||||||||
Accrued expenses | 1,686 | 1,782 | |||||||||
Research and development tax credit | 1,982 | 1,970 | |||||||||
State deferred taxes | 1,651 | 1,965 | |||||||||
Subordinated debt embedded derivative | — | 2,505 | |||||||||
Other | 1,508 | 801 | |||||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ||||
Gross deferred tax assets | 33,800 | 31,234 | |||||||||
Valuation allowance | (33,518 | ) | (30,997 | ) Â | |||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ||||
Net deferred tax assets | 282 | 237 | |||||||||
Deferred tax liabilities: | |||||||||||
Other | (282 | ) | (237 | ) Â | |||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ||||
Gross deferred tax liabilities | (282 | ) | (237 | ) Â | |||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ||||
Net deferred tax liabilities | $ | — | $ | —  | |||||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​ | ||||
​ | ​ | ​  | ​  | ​ | ​  | ​  | ​  | ||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Selected Quarterly Financial Data (Unaudited) | ||||||||||||||
Schedule of selected quarterly results from operations |         Selected quarterly results from operations for the years ended September 30, 2014 and 2013 are as follows (in thousands, except per share amounts): | |||||||||||||
                                                                                                                                                                                    | ||||||||||||||
Fiscal 2014 Quarter Ended | ||||||||||||||
December 31, | March 31, | June 30, | September 30, | |||||||||||
2013 | 2014 | 2014 | 2014 | |||||||||||
Total revenue | $ | 10,468 | $ | 10,717 | $ | 10,183 | $ | 11,072 | ||||||
Operating expenses | $ | 11,530 | $ | 11,511 | $ | 13,580 | $ | 15,869 | ||||||
Net income (loss) | $ | (2,098 | ) | $ | 3,534 | $ | (4,981 | ) | $ | (6,367 | ) | |||
Basic net income (loss) per common share | $ | (0.94 | ) | $ | 0.5 | $ | (0.28 | ) | $ | (0.35 | ) | |||
Diluted net income (loss) per common share | $ | (0.94 | ) | $ | 0.33 | (0.28 | ) | $ | (0.35 | ) | ||||
                                                                                                                                                                                    | ||||||||||||||
Fiscal 2013 Quarter Ended | ||||||||||||||
December 31, | March 31, | June 30, | September 30, | |||||||||||
2012 | 2013 | 2013 | 2013 | |||||||||||
Total revenue | $ | 12,624 | $ | 12,536 | $ | 12,566 | $ | 12,544 | ||||||
Operating expenses | $ | 12,287 | $ | 12,614 | $ | 11,795 | $ | 12,373 | ||||||
Net loss | $ | (1,433 | ) | $ | (1,999 | ) | $ | (9,163 | ) | $ | (1,282 | ) | ||
Basic and diluted net loss per common share | $ | (0.65 | ) | $ | (0.90 | ) | $ | (4.12 | ) | $ | (0.58 | ) | ||
Organization_Description_of_Bu2
Organization, Description of Business, and Summary of Significant Accounting Policies (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | 2-May-14 | Apr. 08, 2014 | Sep. 30, 2014 | Apr. 08, 2014 | Mar. 20, 2014 | Sep. 30, 2013 |
Organization, Description of Business, and Summary of Significant Accounting Policies | ||||||
Shares of common stock sold in IPO | 6,500,000 | |||||
Price at which shares of common stock were sold in IPO (in dollars per share) | $8 | |||||
Period during which underwriters have an option to purchase additional shares of common stock | 30 days | |||||
Maximum number of additional shares of common stock for which underwriters have an option to purchase at initial public offering price | 975,000 | |||||
Number of shares purchased by underwriters | 374,997 | |||||
Net cash proceeds from the IPO, including proceeds from the partial exercise of the underwriters' option, after underwriting discounts, commissions and issuance costs | $48.50 | |||||
Issuance of common stock in connection with initial public offering, issuance costs | 2.7 | 2.7 | ||||
Shares of common stock issued upon conversion of all outstanding shares of convertible preferred stock | 3,567,807 | |||||
Carrying value of outstanding shares of convertible preferred stock reclassified to common stock and additional paid-in capital | 57.3 | |||||
Shares of common stock issued upon conversion of convertible preferred stock and common stock | 971,440 | |||||
Number of shares repurchased | 1,077,809 | |||||
Aggregate repurchase price | $5.20 | |||||
Authorized shares | 155,000,000 | |||||
Authorized common stock (in shares) | 150,000,000 | 150,000,000 | 115,000,000 | |||
Authorized preferred stock (in shares) | 5,000,000 | |||||
Common stock, par value (in dollars per share) | $0.00 | $0.00 | $0.00 | $0.00 | ||
Preferred stock, par value (in dollars per share) | $0.00 |
Organization_Description_of_Bu3
Organization, Description of Business, and Summary of Significant Accounting Policies (Details 2) (USD $) | 0 Months Ended | 12 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Mar. 20, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Apr. 08, 2014 | Mar. 20, 2014 |
Reverse Stock Split | ||||||
Stock split ratio | 0.099 | |||||
Common stock outstanding before reverse stock split (in shares) | 19,032,056 | 19,032,056 | ||||
Common stock outstanding | 1,884,362 | 18,003,883 | 1,881,177 | 1,884,362 | ||
Common stock, par value (in dollars per share) | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
Revenue Recognition | ||||||
Royalties and profit sharing | $6.70 | $7.80 | $6.40 | |||
Accounts Receivable and Allowance for Doubtful Accounts | ||||||
Allowance for doubtful accounts | $0 | $0 | ||||
Revenues. | Customer concentration | ||||||
Concentration of credit risk | ||||||
Number of partners | 4 | 4 | ||||
Revenues. | Customer concentration | Four partners | ||||||
Concentration of credit risk | ||||||
Concentration risk percentage | 95.00% | 99.00% | 94.00% | |||
Accounts receivable | Credit concentration | Four partners | ||||||
Concentration of credit risk | ||||||
Concentration risk percentage | 95.00% | 100.00% |
Organization_Description_of_Bu4
Organization, Description of Business, and Summary of Significant Accounting Policies (Details 3) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Transaction | ||||
Capital Leases | ||||
Number of transactions completed for manufacturing equipment sold to and leased back from the lessor | 2 | |||
Impairment of Long-Lived Assets | ||||
Impairment | $0 | $0 | $0 | |
Equipment | Minimum | ||||
Property and equipment | ||||
Useful life | 3 years | |||
Equipment | Maximum | ||||
Property and equipment | ||||
Useful life | 8 years | |||
Leasehold improvements | Minimum | ||||
Property and equipment | ||||
Useful life | 3 years | |||
Leasehold improvements | Maximum | ||||
Property and equipment | ||||
Useful life | 15 years |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Financial Liabilities | ||
Preferred stock warrant liability | $560 | |
Recurring basis | Level I | ||
Financial Assets | ||
Total financial assets | 36,019 | 13,342 |
Recurring basis | Level I | Money market funds | ||
Financial Assets | ||
Total financial assets | 36,019 | 13,342 |
Recurring basis | Level III | ||
Financial Liabilities | ||
Preferred stock warrant liability | 560 | |
Subordinated note embedded derivative liability | 7,367 | |
Total financial liabilities | 7,927 | |
Recurring basis | Fair Value | ||
Financial Assets | ||
Total financial assets | 36,019 | 13,342 |
Financial Liabilities | ||
Preferred stock warrant liability | 560 | |
Subordinated note embedded derivative liability | 7,367 | |
Total financial liabilities | 7,927 | |
Recurring basis | Fair Value | Money market funds | ||
Financial Assets | ||
Total financial assets | $36,019 | $13,342 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Changes in the fair value of the Level III financial liabilities | |||
Beginning balance | $546 | ||
Ending balance | 0 | 7,927 | 546 |
Preferred stock warrants | |||
Changes in the fair value of the Level III financial liabilities | |||
Change in fair value | 274 | 14 | |
Extinguishment of preferred stock warrant liability | -834 | ||
Subordinated note embedded derivative liability | |||
Changes in the fair value of the Level III financial liabilities | |||
Change in fair value | ($7,367) | $7,367 |
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details 3) (Level III, USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Carrying Value | ||
Fair value measurements | ||
Long-term debt | $38,262 | $37,413 |
Convertible notes | 9,399 | |
Subordinated note | 13,000 | |
Total | 38,262 | 59,812 |
Fair Value | ||
Fair value measurements | ||
Long-term debt | 40,357 | 37,413 |
Convertible notes | 14,316 | |
Subordinated note | 9,508 | |
Total | 40,357 | 61,237 |
Difference | ||
Fair value measurements | ||
Long-term debt | 2,095 | |
Convertible notes | 4,917 | |
Subordinated note | -3,492 | |
Total | $2,095 | $1,425 |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Inventories | ||
Raw materials | $1,268 | $2,410 |
Work in process | 898 | 1,546 |
Finished goods | 632 | 667 |
Total inventories, cost | 2,798 | 4,623 |
Less inventory reserves | -206 | -115 |
Total inventories, net | $2,592 | $4,508 |
Property_and_equipment_Details
Property and equipment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Property and equipment | |||
Total property and equipment, gross | $26,855 | $26,522 | |
Accumulated depreciation and amortization | -14,197 | -13,900 | |
Total property and equipment, net | 12,658 | 12,622 | |
Depreciation and amortization of property and equipment | 2,230 | 1,892 | 1,973 |
Machinery and equipment | |||
Property and equipment | |||
Total property and equipment, gross | 12,242 | 11,145 | |
Manufacturing equipment acquired under capital leases | |||
Property and equipment | |||
Total property and equipment, gross | 2,341 | 1,825 | |
Transportation equipment | |||
Property and equipment | |||
Total property and equipment, gross | 25 | 25 | |
Furniture and fixtures | |||
Property and equipment | |||
Total property and equipment, gross | 995 | 928 | |
Computer equipment and software | |||
Property and equipment | |||
Total property and equipment, gross | 535 | 401 | |
Leasehold improvements | |||
Property and equipment | |||
Total property and equipment, gross | 3,658 | 3,145 | |
Land | |||
Property and equipment | |||
Total property and equipment, gross | 210 | 210 | |
Construction in progress | |||
Property and equipment | |||
Total property and equipment, gross | $6,849 | $8,843 |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Intangible assets | |||
Total carrying value | $11,941,000 | $11,363,000 | |
Total accumulated amortization | -5,258,000 | -4,716,000 | |
Total | 6,683,000 | 6,647,000 | |
Amortization expense | 547,000 | 541,000 | 512,000 |
Patents and trademarks | |||
Intangible assets | |||
Total carrying value | 10,269,000 | 9,686,000 | |
Total accumulated amortization | -3,756,000 | -3,237,000 | |
Amounts | |||
2015 | 584,000 | ||
2016 | 584,000 | ||
2017 | 584,000 | ||
2018 | 584,000 | ||
2019 | 584,000 | ||
Thereafter | 1,480,000 | ||
Total | 4,400,000 | ||
Contract acquisition cost | |||
Intangible assets | |||
Total carrying value | 1,672,000 | 1,677,000 | |
Total accumulated amortization | -1,502,000 | -1,479,000 | |
Amortization expense | 29,000 | 65,000 | 66,000 |
Amounts | |||
2015 | 29,000 | ||
2016 | 29,000 | ||
2017 | 29,000 | ||
2018 | 29,000 | ||
2019 | 29,000 | ||
Thereafter | 25,000 | ||
Total | 170,000 | ||
Contract acquisition cost | Minimum | |||
Intangible assets | |||
Estimated useful lives | 4 years | ||
Contract acquisition cost | Maximum | |||
Intangible assets | |||
Estimated useful lives | 15 years | ||
Patents | |||
Intangible assets | |||
Amortization expense | 500,000 | 500,000 | 400,000 |
Patents | Minimum | |||
Intangible assets | |||
Estimated useful lives | 7 years | ||
Patents | Maximum | |||
Intangible assets | |||
Estimated useful lives | 20 years | ||
Patents in process | |||
Intangible assets | |||
Total carrying value | $2,100,000 | $2,500,000 |
Notes_Receivable_Related_Parti1
Notes Receivable - Related Parties (Details) (Executive officers, Unsecured note, USD $) | 24 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Sep. 30, 2013 | |
Notes receivable - related Parties | ||
Effective interest rate (as a percent) | 2.25% | |
Maximum | ||
Notes receivable - related Parties | ||
Related party interest income | $1,000 | |
Prime rate | ||
Notes receivable - related Parties | ||
Basis spread on variable rate (as a percent) | -1.00% | |
Variable rate basis | prime rate |
Accrued_Expenses_and_Other_Cur2
Accrued Expenses and Other Current Liabilities (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Expenses and Other Current Liabilities | ||
Vacation | $1,747 | $1,680 |
Bonus | 1,235 | 900 |
Warranty liability | 284 | |
Employee stock purchase plan liability | 305 | |
Legal and professional fees | 5 | 339 |
Other | 432 | 455 |
Total accrued liabilities | $4,008 | $3,374 |
Debt_Details
Debt (Details) (USD $) | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2014 | Aug. 31, 2012 | |
Debt | |||
Total debt | $63,685,000 | $38,262,000 | |
Less current portion, consisting of bank line of credit and long-term debt | 4,330,000 | 107,000 | |
Long-term portion | 59,355,000 | 38,155,000 | |
Bank line of credit | |||
Debt | |||
Total debt | 3,873,000 | ||
Maximum borrowing capacity | 6,000,000 | ||
Percentage of eligible accounts receivable considered as base for advances under line of credit facility | 80.00% | ||
Effective interest rate (as a percent) | 4.25% | ||
Bank line of credit | Minimum | |||
Debt | |||
Monthly interest charge | 5,000 | ||
Monthly liquidity covenant of net cash on deposit with the commercial bank under the facility | 2,000,000 | ||
Bank line of credit | Prime rate | |||
Debt | |||
Basis spread on variable rate (as a percent) | 0.25% | ||
Variable rate basis | bank prime rate | ||
Long-term debt. | |||
Debt | |||
Total debt | 37,413,000 | 38,262,000 | |
Convertible notes | |||
Debt | |||
Total debt | 9,399,000 | ||
Subordinated note | |||
Debt | |||
Total debt | $13,000,000 |
Debt_Details_2
Debt (Details 2) (USD $) | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2012 | Aug. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Jul. 13, 2012 | |
payment | |||||
installment | |||||
Long-term Debt | |||||
Total long-term debt | $38,262,000 | $37,413,000 | |||
Less current portion | 107,000 | 457,000 | |||
Long-term portion | 38,155,000 | 36,956,000 | |||
Term loan agreement | |||||
Long-term Debt | |||||
Total long-term debt | 37,625,000 | 36,293,000 | |||
Unamortized discount | 76,000 | 103,000 | |||
Interest rate (as a percent) | 15.00% | ||||
Face amount | 35,000,000 | ||||
Amount drawn | 6,000,000 | 29,000,000 | |||
Number of quarterly installments for repayment of outstanding principal | 4 | ||||
Percentage of cash payment the entity can defer by converting interest due into additional notes | 3.50% | ||||
Number of quarterly interest payments of which a portion of the interest due can be converted into additional notes under deferral of cash payment | 11 | ||||
Portion of interest due converted into additional notes | 2,700,000 | 1,400,000 | |||
Percentage of fee on amount drawn under the facility | 1.00% | ||||
Notes payable due in April 2015 | |||||
Long-term Debt | |||||
Total long-term debt | 96,000 | 124,000 | |||
Monthly payments of principal and interest | 3,000 | 3,000 | |||
Interest rate (as a percent) | 7.00% | 7.00% | |||
Notes payable due in November 2024 | |||||
Long-term Debt | |||||
Total long-term debt | 541,000 | 575,000 | |||
Monthly payments of principal and interest | 6,000 | 6,000 | |||
Interest rate (as a percent) | 7.00% | 7.00% | |||
Notes payable due in March 2014 | |||||
Long-term Debt | |||||
Total long-term debt | 421,000 | ||||
Monthly payments of principal and interest | $71,000 | ||||
Interest rate (as a percent) | 2.19% |
Debt_Details_3
Debt (Details 3) (USD $) | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 24 Months Ended | 1 Months Ended | 12 Months Ended | |||
Apr. 08, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2007 | Sep. 30, 2009 | Jul. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2009 | Sep. 30, 2014 | Jul. 13, 2012 | |
item | item | item | ||||||||
Debt | ||||||||||
Number of investors with right to increase the size of the board of directors and to appoint directors | 1 | |||||||||
Aggregate repurchase price | $5,200,000 | |||||||||
Shares repurchased from the founders | 1,077,809 | |||||||||
Minimum principal payments on the entity's outstanding debt | ||||||||||
2015 | 107,000 | |||||||||
2016 | 9,439,000 | |||||||||
2017 | 28,296,000 | |||||||||
2018 | 46,000 | |||||||||
2019 | 49,000 | |||||||||
Thereafter | 325,000 | |||||||||
Total | 37,413,000 | 38,262,000 | ||||||||
Redeemable Common Stock | ||||||||||
Debt | ||||||||||
Number of shares repurchased in connection with financing | 1,077,809 | 215,872 | ||||||||
Aggregate repurchase price | 5,200,000 | |||||||||
Number of founders | 1 | 2 | 2 | |||||||
Convertible notes and warrant purchase agreements | ||||||||||
Debt | ||||||||||
Proceeds from issuance of debt and warrants | 20,000,000 | |||||||||
Convertible notes | ||||||||||
Debt | ||||||||||
Principal amount and accrued interest and a derivative liability | 19,400,000 | |||||||||
Number of shares converted into common stock | 2,036,555 | |||||||||
Interest rate (as a percent) | 10.00% | |||||||||
Principal amount of debt repaid | 10,000,000 | |||||||||
Size of the board of directors up to which one investor can increase | 11 | |||||||||
Number of directors up to which one investor can appoint | 6 | |||||||||
Percentage of note principal to be issued in the form of common stock warrants | 60.00% | |||||||||
Warrant term | 5 years | |||||||||
Reduction in additional paid in capital associated with modification of common stock warrants issued | 600,000 | |||||||||
Convertible notes | Common Stock | ||||||||||
Debt | ||||||||||
Conversion of debt securities (in shares) | 2,036,555 | |||||||||
Convertible notes | New series preferred stock | ||||||||||
Debt | ||||||||||
Conversion of debt securities (in shares) | 2,036,555 | |||||||||
Term loan agreement | ||||||||||
Debt | ||||||||||
Interest rate (as a percent) | 15.00% | |||||||||
Face amount | 35,000,000 | |||||||||
Minimum principal payments on the entity's outstanding debt | ||||||||||
Total | 36,293,000 | 37,625,000 | ||||||||
Subordinated note | ||||||||||
Debt | ||||||||||
Principal amount and accrued interest and a derivative liability | 19,200,000 | |||||||||
Number of shares converted into common stock | 3,387,146 | |||||||||
Interest rate (as a percent) | 5.00% | |||||||||
Proceeds from debt issued | 13,000,000 | |||||||||
Fair value of embedded derivative liability | 7,400,000 | |||||||||
Number of shares into which debt will automatically be converted in the event of a qualifying IPO or equity financing | 3,400,000 | |||||||||
Fair value of debt after modification | 16,500,000 | |||||||||
Reduction in additional paid in capital | $3,500,000 | |||||||||
Subordinated note | Common Stock | ||||||||||
Debt | ||||||||||
Conversion of debt securities (in shares) | 3,387,146 | |||||||||
Subordinated note | New series preferred stock | ||||||||||
Debt | ||||||||||
Conversion of debt securities (in shares) | 3,387,146 | |||||||||
Multiple of preferred stock liquidation preference value | 1 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Aug. 03, 2012 | |
Future minimum lease payments under capital leases, together with the present value of the net minimum lease payments | ||||
2015 | $897,000 | |||
2016 | 877,000 | |||
2017 | 73,000 | |||
Total minimum lease payments | 1,847,000 | |||
Net minimum lease payments | 1,847,000 | |||
Less amount representing interest | -185,000 | |||
Present value of net minimum lease payments | 1,662,000 | |||
Less discount related to warrants | -11,000 | |||
Capital lease liability | 1,651,000 | |||
Less current portion | -760,000 | -1,029,000 | ||
Long-term portion | 891,000 | 1,652,000 | ||
Depreciation expense on equipment under capital leases | 1,000,000 | 600,000 | 600,000 | |
Unrecognized gain on sale of leased assets | 0 | 112,000 | ||
Operating Leases | ||||
Rental expense on operating leases | 1,700,000 | 1,600,000 | 1,400,000 | |
Schedule of future minimum lease payments under operating leases that have initial or remaining lease terms in excess of one year | ||||
2015 | 1,284,000 | |||
2016 | 735,000 | |||
2017 | 603,000 | |||
2018 | 611,000 | |||
2019 | 623,000 | |||
Thereafter | 3,653,000 | |||
Total | 7,509,000 | |||
Pending Litigation | Boudreaux | ||||
Loss Contingency | ||||
Maximum insurance coverage on the pending suit | 10,000,000 | |||
Maximum liability of out-of-pocket expense | $50,000 |
Collaboration_and_Partner_Arra2
Collaboration and Partner Arrangements (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 24 Months Ended | 12 Months Ended | 24 Months Ended | 12 Months Ended | ||||||||||||
Apr. 08, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2005 | Sep. 30, 2008 | Oct. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2007 | Sep. 30, 2006 | Sep. 30, 2007 | Sep. 30, 2004 | |
item | item | item | item | item | ||||||||||||||||
Collaboration and partner arrangements | ||||||||||||||||||||
Total revenues | $11,072,000 | $10,183,000 | $10,717,000 | $10,468,000 | $12,544,000 | $12,566,000 | $12,536,000 | $12,624,000 | $42,440,000 | $50,270,000 | $42,860,000 | |||||||||
Number of shares issued | 6,500,000 | |||||||||||||||||||
Collaboration and partner arrangements. | ||||||||||||||||||||
Collaboration and partner arrangements | ||||||||||||||||||||
Total revenues | 42,440,000 | 50,270,000 | 42,860,000 | |||||||||||||||||
Collaboration and partner arrangements. | P&G | ||||||||||||||||||||
Collaboration and partner arrangements | ||||||||||||||||||||
Total revenues | 11,719,000 | 11,781,000 | 7,880,000 | |||||||||||||||||
License fee revenue | 3,000,000 | |||||||||||||||||||
Milestone payments received for the first series of products developed | 2,000,000 | |||||||||||||||||||
Shares of common stock issued for payments of patent acquired | 125,428 | |||||||||||||||||||
Collaboration and partner arrangements. | Teva | ||||||||||||||||||||
Collaboration and partner arrangements | ||||||||||||||||||||
Total revenues | 13,550,000 | 16,683,000 | 11,350,000 | |||||||||||||||||
Number of development programs discontinued by collaboration partner | 4 | |||||||||||||||||||
Number of development programs remaining with the collaboration partner | 3 | |||||||||||||||||||
Number of development programs resulting in approved products which are currently being marketed by collaboration partner | 1 | |||||||||||||||||||
Number of development programs resulting in approved products which collaboration partner is assessing launch strategy and timing | 1 | |||||||||||||||||||
Number of other products whose regulatory approval are pending | 1 | |||||||||||||||||||
Term of automatic renewals of each commercial agreement | 1 year | |||||||||||||||||||
Collaboration and partner arrangements. | Actavis/Par | ||||||||||||||||||||
Collaboration and partner arrangements | ||||||||||||||||||||
Total revenues | 12,971,000 | 16,551,000 | 18,139,000 | |||||||||||||||||
Term of commercial agreement | 20 years | |||||||||||||||||||
Non-cash product revenues associated with the termination of a liability under an agreement | 1,800,000 | |||||||||||||||||||
Collaboration and partner arrangements. | Agile | ||||||||||||||||||||
Collaboration and partner arrangements | ||||||||||||||||||||
Total revenues | 1,976,000 | 4,904,000 | 3,014,000 | |||||||||||||||||
Amount received from counterparty towards leasehold improvements incurred by the entity | 3,500,000 | |||||||||||||||||||
Amount received from counterparty for idle facility charges | 1,000,000 | 600,000 | ||||||||||||||||||
Minimum period commercially produced an agreed-upon quantity of patches | 5 years | |||||||||||||||||||
Collaboration and partner arrangements. | Other | ||||||||||||||||||||
Collaboration and partner arrangements | ||||||||||||||||||||
Total revenues | 2,224,000 | 351,000 | 2,477,000 | |||||||||||||||||
Amount will be reimbursed for certain development milestones | 4,700,000 | |||||||||||||||||||
Milestone payment received | $500,000 | |||||||||||||||||||
Maximum profit sharing percentage | 50.00% | |||||||||||||||||||
Collaboration and partner arrangements. | Other | Generic transdermal products | ||||||||||||||||||||
Collaboration and partner arrangements | ||||||||||||||||||||
Number of products for which the entity entered into an arrangement | 2 | |||||||||||||||||||
Collaboration and partner arrangements. | Barr | ||||||||||||||||||||
Collaboration and partner arrangements | ||||||||||||||||||||
Number of products for which the entity entered into an arrangement | 3 | |||||||||||||||||||
Number of separate agreements to develop and commercialize additional products | 2 | 1 | 3 | |||||||||||||||||
Collaboration and partner arrangements. | Barr | Generic products | ||||||||||||||||||||
Collaboration and partner arrangements | ||||||||||||||||||||
Number of products for which the entity entered into an arrangement | 4 |
Warrants_Details
Warrants (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
Apr. 08, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Apr. 08, 2014 | |
Assumptions to estimate the fair value of warrant | ||||
Shares of common stock issued upon conversion of Series C convertible preferred stock | 971,440 | |||
Preferred stock warrants | ||||
Warrants | ||||
Warrants issued (in shares) | 1,739,992 | |||
Weighted average exercise price (in dollars per share) | 1.88 | 0.9 | 1.88 | |
Warrant term | 5 years | |||
Number of warrants that expire upon the earlier of five years and the closing of an IPO (in shares) | 163,522 | |||
Number of warrants with antidilution protection (in shares) | 1,380,241 | |||
Assumptions to estimate the fair value of warrant | ||||
Expected dividend rate (as a percent) | 0.00% | |||
Fair value of warrants | $600,000 | |||
Stock exercised into shares of common stock using the net exercise provisions in the warrants (in shares) | 163,522 | |||
Shares of common stock issued upon conversion of Series C convertible preferred stock | 1,191 | |||
Remaining stock converted into warrants to purchase common stock (in shares) | 1,216,719 | |||
Amount of preferred stock warrant liability reclassified to stockholders' equity upon exercise of preferred stock warrants | 800,000 | |||
Preferred stock warrants | Minimum | ||||
Assumptions to estimate the fair value of warrant | ||||
Remaining contractual term | 5 years 26 days | |||
Risk-free interest rate (as a percent) | 1.39% | |||
Expected volatility (as a percent) | 68.00% | |||
Preferred stock warrants | Maximum | ||||
Assumptions to estimate the fair value of warrant | ||||
Remaining contractual term | 8 years 2 months 27 days | |||
Risk-free interest rate (as a percent) | 2.02% | |||
Expected volatility (as a percent) | 77.00% | |||
Common stock warrants | ||||
Warrants | ||||
Warrants issued (in shares) | 8,118 | |||
Warrants outstanding (in shares) | 128,582 | 1,294,613 | ||
Weighted average exercise price (in dollars per share) | 1.77 | 1.95 | ||
Assumptions to estimate the fair value of warrant | ||||
Remaining contractual term | 5 years | |||
Risk-free interest rate (as a percent) | 1.41% | |||
Expected volatility (as a percent) | 76.00% | |||
Expected dividend rate (as a percent) | 0.00% | |||
Common stock value (in dollars per share) | $3.03 | |||
Fair value of warrants | $15,000 | |||
Stock exercised into shares of common stock using the net exercise provisions in the warrants (in shares) | 1,286,495 | |||
Shares of common stock issued upon conversion of Series C convertible preferred stock | 970,249 | |||
Remaining stock converted into warrants to purchase common stock (in shares) | 120,464 | |||
Common stock warrants | Maximum | ||||
Warrants | ||||
Warrant term | 5 years | 5 years |
Convertible_Preferred_Stock_Re2
Convertible Preferred Stock, Redeemable Common Stock and Stockholders' Equity (Deficit) (Details) (USD $) | 12 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Convertible preferred stock | ||||
Shares Authorized | 65,716,300 | |||
Convertible Preferred Stock | ||||
Convertible preferred stock | ||||
Par value (in dollars per shares) | $0.00 | |||
Shares Authorized | 5,000,000 | 65,716,300 | ||
Shares Issued | 0 | 36,034,900 | 36,034,900 | 36,034,900 |
Shares Outstanding | 0 | 36,034,900 | ||
Aggregate Liquidation Amount | 57,261,000 | |||
Dividend rate (as a percent) | 8.00% | |||
Series A | ||||
Convertible preferred stock | ||||
Shares Authorized | 1,114,100 | |||
Original Issue Price (in dollars per shares) | $0.22 | |||
Shares Issued | 1,114,066 | |||
Shares Outstanding | 1,114,066 | |||
Aggregate Liquidation Amount | 490,000 | |||
Multiplier used for the calculation of liquidation preference payment | 2 | |||
Series B | ||||
Convertible preferred stock | ||||
Shares Authorized | 7,602,200 | |||
Original Issue Price (in dollars per shares) | $0.88 | |||
Shares Issued | 7,602,132 | |||
Shares Outstanding | 7,602,132 | |||
Aggregate Liquidation Amount | 6,652,000 | |||
Multiplier used for the calculation of liquidation preference payment | 1 | |||
Series B | Maximum | ||||
Convertible preferred stock | ||||
Multiplier used for distribution of remaining assets or surplus funds | 1 | |||
Series C | ||||
Convertible preferred stock | ||||
Shares Authorized | 57,000,000 | |||
Original Issue Price (in dollars per shares) | $0.92 | |||
Shares Issued | 27,318,702 | |||
Shares Outstanding | 27,318,702 | |||
Aggregate Liquidation Amount | $50,119,000 | |||
Multiplier used for the calculation of liquidation preference payment | 2 |
Convertible_Preferred_Stock_Re3
Convertible Preferred Stock, Redeemable Common Stock and Stockholders' Equity (Deficit) (Details 2) (USD $) | Sep. 30, 2014 | Apr. 08, 2014 | Mar. 20, 2014 | Sep. 30, 2013 |
Common stock | ||||
Common shares authorized | 150,000,000 | 150,000,000 | 115,000,000 | |
Common shares par value (in dollars per share) | $0.00 | $0.00 | $0.00 | $0.00 |
Common Stock reserved | ||||
Issuances under stock option plans (in shares) | 2,089,586 | 1,781,846 | ||
Issuances upon exercise of convertible preferred stock warrants (in shares) | 3,567,811 | |||
Issuances under 2014 employee stock purchase plan (in shares) | 310,000 | |||
Total shares of common stock reserved | 2,528,168 | 6,816,551 | ||
Preferred stock warrants | ||||
Common Stock reserved | ||||
Issuances upon exercise of warrants (in shares) | 172,276 | |||
Common stock warrants | ||||
Common Stock reserved | ||||
Issuances upon exercise of warrants (in shares) | 128,582 | 1,294,618 |
Convertible_Preferred_Stock_Re4
Convertible Preferred Stock, Redeemable Common Stock and Stockholders' Equity (Deficit) (Details 3) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Apr. 08, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2007 |
item | item | item | ||
Repurchases of Common Stock from Founders | ||||
Number of shares repurchased | 1,077,809 | |||
Aggregate repurchase price | $5.20 | |||
Redeemable Common Stock | ||||
Repurchases of Common Stock from Founders | ||||
Number of founders | 2 | 1 | 2 | |
Number of shares repurchased in connection with financing | 1,077,809 | 215,872 | ||
Purchase price under the stock repurchase program (in dollars per share) | $9.26 | |||
Number of additional shares authorized to repurchase | 215,872 | |||
Aggregate repurchase price | $5.20 | |||
Remaining number of shares to be repurchased from founder one contingent on approval by the board of directors | 132,073 | |||
Remaining number of shares to be repurchased from founder two contingent on approval by the board of directors | 215,872 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 12 Months Ended | 3 Months Ended | 0 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2014 | Mar. 20, 2014 | |
plan | plan | ||||
Stock-based compensation | |||||
Number of plans | 4 | 3 | |||
Stock-based compensation expense | $1,629,000 | $330,000 | $66,000 | ||
Stock options | Performance-based vesting | |||||
Stock-based compensation | |||||
Options granted (in shares) | 146,024 | ||||
Awards whose performance-based criteria have been met (in shares) | 137,510 | ||||
Stock-based compensation expense | 300,000 | ||||
Shares Available for Grant | |||||
Granted (in shares) | -146,024 | ||||
Stock Options Outstanding | |||||
Granted (in shares) | 146,024 | ||||
2014 Plan | |||||
Stock-based compensation | |||||
Term of the plan | 10 years | ||||
Number of shares of common stock reserved under plan for issuance to employees | 1,000,000 | ||||
Maximum annual increase in number of shares issuable by the plan, as a percentage of shares outstanding as of the preceding December 31 | 4.00% | ||||
Corium Plan | Maximum | |||||
Stock-based compensation | |||||
Term of the plan | 10 years | ||||
Vesting period | 4 years | ||||
Corium Plan | Stock options | |||||
Stock-based compensation | |||||
Options granted (in shares) | 573,589 | 993,327 | |||
Shares Available for Grant | |||||
Balance at the beginning of the period (in shares) | 248,410 | 231,297 | 175,811 | ||
Additional shares authorized | 1,272,277 | 792,079 | |||
Granted (in shares) | -573,589 | -993,327 | |||
Forfeited / Cancelled (in shares) | 2,787 | 218,361 | 55,486 | ||
Balance at the end of the period (in shares) | 949,885 | 248,410 | 231,297 | ||
Stock Options Outstanding | |||||
Balance at the beginning of the period (in shares) | 1,528,876 | 758,414 | 813,900 | ||
Granted (in shares) | 573,589 | 993,327 | |||
Exercised (in shares) | -14,650 | -4,504 | |||
Forfeited / Cancelled (in shares) | -2,787 | -218,361 | -55,486 | ||
Balance at the end of the period (in shares) | 2,085,028 | 1,528,876 | 758,414 | ||
Options exercisable at the end of the period (in shares) | 1,240,629 | ||||
Options vested and expected to vest at the end of the period (in shares) | 2,047,439 | ||||
Weighted Average Exercise Price | |||||
Balance at the beginning of the period (in dollars per share) | $2.22 | $3.13 | $3.43 | ||
Granted (in dollars per share) | $4.86 | $2.22 | |||
Exercised (in dollars per share) | $2.32 | $2.32 | |||
Forfeited / Cancelled (in dollars per share) | $3.30 | $5.93 | $6.67 | ||
Balance at the end of the period (in dollars per share) | $2.92 | $2.22 | $3.13 | ||
Options exercisable at the end of the period (in dollars per share) | $2.39 | ||||
Options vested and expected to vest at the end of the period (in dollars per share) | $2.91 | ||||
Weighted Average Remaining Contractual Life | |||||
Balance at the end of the period | 7 years 7 days | 7 years 2 months 19 days | 5 years 2 months 12 days | ||
Options exercisable at the end of the period | 5 years 10 months 21 days | ||||
Options vested and expected to vest at the end of the period | 7 years | ||||
Aggregate Intrinsic Value | |||||
Balance at the end of the period | 6,710,000 | 1,287,000 | |||
Options exercisable at the end of the period | 4,647,000 | ||||
Options vested and expected to vest at the end of the period | 6,589,000 | ||||
Additional disclosures | |||||
Exercise price, minimum(in dollars per share) | $2.12 | ||||
Exercise price, maximum(in dollars per share) | $8.18 | ||||
Weighted average grant date fair value of options granted (in dollars per share) | $8.03 | $1.31 | |||
Assumptions used in estimating weighted average fair value of the options granted | |||||
Risk-free interest rate, minimum | 1.61% | 0.70% | |||
Risk-free interest rate, maximum | 2.25% | 1.38% | |||
Expected volatility, minimum | 63.00% | 71.00% | |||
Expected volatility, maximum | 74.00% | 75.00% | |||
Expected dividend rate (as a percent) | 0.00% | 0.00% | |||
Corium Plan | Stock options | Minimum | |||||
Assumptions used in estimating weighted average fair value of the options granted | |||||
Expected term (in years) | 5 years 3 months 7 days | 2 years 6 months | |||
Corium Plan | Stock options | Maximum | |||||
Assumptions used in estimating weighted average fair value of the options granted | |||||
Expected term (in years) | 6 years 29 days | 6 years 29 days | |||
StrataGent Plan | Stock options | |||||
Stock-based compensation | |||||
Options granted (in shares) | 0 | 0 | 0 | ||
Shares Available for Grant | |||||
Granted (in shares) | 0 | 0 | 0 | ||
Forfeited / Cancelled (in shares) | 9,233 | ||||
Stock Options Outstanding | |||||
Balance at the beginning of the period (in shares) | 4,560 | 35,477 | 97,276 | ||
Granted (in shares) | 0 | 0 | 0 | ||
Exercised (in shares) | -21,684 | -61,799 | |||
Forfeited / Cancelled (in shares) | -9,233 | ||||
Balance at the end of the period (in shares) | 4,560 | 4,560 | 35,477 | ||
Options exercisable at the end of the period (in shares) | 4,560 | ||||
Options vested and expected to vest at the end of the period (in shares) | 4,560 | ||||
Weighted Average Exercise Price | |||||
Balance at the beginning of the period (in dollars per share) | $0.71 | $0.20 | $0.20 | ||
Exercised (in dollars per share) | $0.10 | $0.20 | |||
Forfeited / Cancelled (in dollars per share) | $0.20 | ||||
Balance at the end of the period (in dollars per share) | $0.71 | $0.71 | $0.20 | ||
Options exercisable at the end of the period (in dollars per share) | $0.71 | ||||
Options vested and expected to vest at the end of the period (in dollars per share) | $0.71 | ||||
Weighted Average Remaining Contractual Life | |||||
Balance at the end of the period | 2 years 1 month 17 days | 3 years 1 month 17 days | 1 year 9 months 26 days | ||
Options exercisable at the end of the period | 2 years 1 month 17 days | ||||
Options vested and expected to vest at the end of the period | 2 years 1 month 17 days | ||||
Aggregate Intrinsic Value | |||||
Balance at the end of the period | 25,000 | 11,000 | |||
Options exercisable at the end of the period | 25,000 | ||||
Options vested and expected to vest at the end of the period | $25,000 | ||||
Additional disclosures | |||||
Exercise price, minimum(in dollars per share) | $0.18 | ||||
Exercise price, maximum(in dollars per share) | $0.88 |
StockBased_Compensation_Detail1
Stock-Based Compensation (Details 2) (USD $) | 12 Months Ended | 0 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 20, 2014 | |
Stock-Based Compensation | ||||
Stock-based compensation expense | $1,629,000 | $330,000 | $66,000 | |
2014 Employee Stock Purchase Plan | ||||
Stock-Based Compensation | ||||
Number of shares of common stock reserved under plan for issuance to employees | 310,000 | |||
Term of the plan | 10 years | |||
Maximum annual increase in number of shares issuable by the plan, as a percentage of shares outstanding as of the preceding December 31 | 1.00% | |||
Maximum number of shares to be issued over the term of the plan | 4,000,000 | |||
Shares issued under the plan | 0 | |||
Offering period | 2 years | |||
Period of purchase windows during each offering period | 6 months | |||
Purchase price of common stock of the lower of the fair market value of the Company's common stock (as a percent) | 85.00% | |||
Stock-based compensation expense | $253,000 | |||
Assumptions used in estimating weighted average fair value of the shares expected to be purchased | ||||
Expected volatility, minimum | 42.00% | |||
Expected volatility, maximum | 55.00% | |||
Risk-free interest rate, minimum | 0.07% | |||
Risk-free interest rate, maximum | 0.52% | |||
Expected dividend rate (as a percent) | 0.00% | |||
Percentage of Company's IPO price for the first offering period that the fair value of shares of common stock is based on | 85.00% | |||
2014 Employee Stock Purchase Plan | Minimum | ||||
Assumptions used in estimating weighted average fair value of the shares expected to be purchased | ||||
Expected term (in years) | 7 months 17 days | |||
2014 Employee Stock Purchase Plan | Maximum | ||||
Assumptions used in estimating weighted average fair value of the shares expected to be purchased | ||||
Expected term (in years) | 2 years 1 month 17 days |
StockBased_Compensation_Detail2
Stock-Based Compensation (Details 3) (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Employee stock-based compensation expense | |||
Stock-based compensation | $1,629,000 | $330,000 | $66,000 |
Additional Disclosure | |||
Unrecognized employee compensation cost, net of estimated forfeitures | 4,100,000 | ||
Weighted-average period over which unrecognized compensation cost is expected to be recognized | 3 years 1 month 6 days | ||
Cost of product revenues | |||
Employee stock-based compensation expense | |||
Stock-based compensation | 188,000 | 35,000 | |
Cost of contract research and development revenues | |||
Employee stock-based compensation expense | |||
Stock-based compensation | 196,000 | 21,000 | |
Research and development | |||
Employee stock-based compensation expense | |||
Stock-based compensation | 151,000 | 39,000 | |
General and administrative | |||
Employee stock-based compensation expense | |||
Stock-based compensation | $1,094,000 | $235,000 | $66,000 |
Product_Recall_Liability_Detai
Product Recall Liability (Details) (USD $) | 12 Months Ended | 36 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2010 |
item | ||||
Product recall liability | ||||
Revised combined remaining liability | $3,710 | $4,832 | $5,000 | |
Changes to the product recall liability | ||||
Beginning balance | 4,832 | 5,000 | 8,623 | |
Non-cash reductions in recall liability prior to settlement | 3,041 | |||
Gain on settlement of recall liability | -582 | |||
Payment of settlement liability | -1,122 | -168 | ||
Ending balance | $3,710 | $4,832 | $5,000 | |
Actavis | ||||
Product recall liability | ||||
Number of voluntary recalls of certain lots and strengths of Fentanyl TDS | 2 |
Product_Liability_Details
Product Liability (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Changes to the product liability reserve | |||
Beginning balance | $90 | $720 | $500 |
Settlement payments | -1,300 | -307 | |
Expense (income) | -5 | 670 | 527 |
Ending balance | $85 | $90 | $720 |
Net_Loss_and_Net_Loss_per_Shar2
Net Loss and Net Loss per Share Attributable to Common Stockholders (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Net Loss and Net Loss per Share Attributable to Common Stockholders | |||||||
Net loss attributable to common stockholders, basic and diluted (in dollars) | ($9,912) | ($13,877) | ($5,443) | ||||
Weighted average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 10,043,640 | 2,222,981 | 2,200,727 | ||||
Net loss per share attributable to common stockholders, basic and diluted (in dollars per share) | ($0.58) | ($4.12) | ($0.90) | ($0.65) | ($0.99) | ($6.24) | ($2.47) |
Convertible Preferred Stock | |||||||
Anti-dilutive securities excluded from calculation of diluted net loss per share attributable to common stockholders | |||||||
Number of anti-dilutive securities excluded from calculation of diluted net loss per share attributable to common stockholders | 3,567,811 | 3,567,811 | |||||
Stock options | |||||||
Anti-dilutive securities excluded from calculation of diluted net loss per share attributable to common stockholders | |||||||
Number of anti-dilutive securities excluded from calculation of diluted net loss per share attributable to common stockholders | 2,089,586 | 1,781,844 | 1,025,188 | ||||
Shares authorized | |||||||
Anti-dilutive securities excluded from calculation of diluted net loss per share attributable to common stockholders | |||||||
Number of anti-dilutive securities excluded from calculation of diluted net loss per share attributable to common stockholders | 310,000 | ||||||
Common stock warrants | |||||||
Anti-dilutive securities excluded from calculation of diluted net loss per share attributable to common stockholders | |||||||
Number of anti-dilutive securities excluded from calculation of diluted net loss per share attributable to common stockholders | 128,582 | 1,294,618 | 1,269,634 | ||||
Preferred stock warrants | |||||||
Anti-dilutive securities excluded from calculation of diluted net loss per share attributable to common stockholders | |||||||
Number of anti-dilutive securities excluded from calculation of diluted net loss per share attributable to common stockholders | 172,276 | 172,276 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
item | |||
Income Taxes | |||
Number of jurisdiction under which Company operates | 1 | ||
Reconciliation of the tax expense (benefit) computed at the statutory federal rate and the Company's tax expense (benefit) | |||
Income tax benefit - computed as 34% of pretax loss | ($3,370,000) | ($4,717,000) | ($1,851,000) |
Effect of nondeductible expenses | 695,000 | 695,000 | 881,000 |
State and local income tax expenses | 1,000 | 1,000 | -6,000 |
Valuation allowance | 2,403,000 | 4,270,000 | 876,000 |
Effect of tax credits and other | -13,000 | -50,000 | -1,000 |
State deferred taxes | 285,000 | -188,000 | 75,000 |
Other | -10,000 | 19,000 | |
Total | 1,000 | 1,000 | -7,000 |
Statutory federal rate (as a percent) | 34.00% | ||
Deferred tax assets: | |||
Net operating loss carryforward | 26,279,000 | 21,491,000 | |
Depreciation | 694,000 | 720,000 | |
Accrued expenses | 1,686,000 | 1,782,000 | |
Research and development tax credit | 1,982,000 | 1,970,000 | |
State deferred taxes | 1,651,000 | 1,965,000 | |
Subordinated debt embedded derivative | 2,505,000 | ||
Other | 1,508,000 | 801,000 | |
Gross deferred tax assets | 33,800,000 | 31,234,000 | |
Valuation allowance | -33,518,000 | -30,997,000 | |
Net deferred tax assets | 282,000 | 237,000 | |
Deferred tax liabilities: | |||
Other | -282,000 | -237,000 | |
Gross deferred tax liabilities | -282,000 | -237,000 | |
Federal | |||
Operating loss carryforwards | |||
Net operating loss carryforwards | 77,300,000 | ||
State | |||
Operating loss carryforwards | |||
Net operating loss carryforwards | $12,800,000 |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Income Taxes | ||
Increase in valuation allowance | $2.50 | $4.30 |
Credit carryforwards | ||
Uncertain tax positions | 0 | |
Interest expense or penalties related to unrecognized tax benefits | 0 | |
Federal | ||
Credit carryforwards | ||
Credit carryforwards amount | 2 | |
State | ||
Credit carryforwards | ||
Credit carryforwards amount | $1.40 |
Employee_Benefit_Plan_Details
Employee Benefit Plan (Details) (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Employee Benefit Plan | |||
Contributions amount | $93,000 | $90,000 | $80,000 |
Segment_and_EnterpriseWide_Inf1
Segment and Enterprise-Wide Information (Details) | 12 Months Ended |
Sep. 30, 2014 | |
item | |
Segment and Enterprise-Wide Information | |
Number of business activities | 1 |
Number of segment managers held accountable for operations, or operating results for levels or components | 0 |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Selected quarterly results from operations | |||||||||||
Total revenues | $11,072 | $10,183 | $10,717 | $10,468 | $12,544 | $12,566 | $12,536 | $12,624 | $42,440 | $50,270 | $42,860 |
Operating expenses | 15,869 | 13,580 | 11,511 | 11,530 | 12,373 | 11,795 | 12,614 | 12,287 | 52,490 | 49,069 | 43,670 |
Net income (loss) | ($6,367) | ($4,981) | $3,534 | ($2,098) | ($1,282) | ($9,163) | ($1,999) | ($1,433) | ($10,050) | $1,201 | ($810) |
Basic net income (loss) per common share (in dollars per share) | ($0.35) | ($0.28) | $0.50 | ($0.94) | |||||||
Diluted net income (loss) per common share (in dollars per share) | ($0.35) | ($0.28) | $0.33 | ($0.94) | |||||||
Basic and diluted net loss per common share (in dollars per share) | ($0.58) | ($4.12) | ($0.90) | ($0.65) | ($0.99) | ($6.24) | ($2.47) |
Subsequent_Events_Details
Subsequent Events (Details) (Term loan agreement, USD $) | 12 Months Ended | 1 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Nov. 30, 2014 | Jul. 13, 2012 |
installment | installment | ||
Subsequent events | |||
Face amount | $35 | ||
Interest rate (as a percent) | 15.00% | ||
Number of quarterly installments for repayment of outstanding principal | 4 | ||
Subsequent event | |||
Subsequent events | |||
Face amount | $45 | ||
Interest rate (as a percent) | 15.00% | ||
Maximum percentage of interest that can be converted each quarter into PIK notes | 3.50% | ||
Number of quarterly installments for repayment of outstanding principal | 4 |