Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 12-May-14 | |
Document Information [Line Items] | ' | ' |
Entity Registrant Name | 'Fibrocell Science, Inc. | ' |
Entity Central Index Key | '0000357097 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Trading Symbol | 'FCSC | ' |
Entity Common Stock, Shares Outstanding | ' | 40,856,815 |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Document Fiscal Year Focus | '2014 | ' |
Entity Current Reporting Status | 'Yes | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $54,001 | $60,033 |
Accounts receivable, net of allowance for doubtful accounts of $10 and $5, respectively | 58 | 28 |
Inventory | 506 | 597 |
Prepaid expenses and other current assets | 885 | 1,202 |
Total current assets | 55,450 | 61,860 |
Property and equipment, net of accumulated depreciation of $819 and $735, respectively | 1,696 | 1,701 |
Intangible assets, net of accumulated amortization of $1,240 and $1,102, respectively | 5,100 | 5,238 |
Other assets | 143 | 215 |
Total assets | 62,389 | 69,014 |
Current liabilities: | ' | ' |
Accounts payable | 903 | 2,958 |
Accrued expenses | 1,371 | 487 |
Deferred revenue | 149 | 148 |
Total current liabilities | 2,423 | 3,593 |
Warrant liability | 18,266 | 15,216 |
Other long term liabilities | 586 | 539 |
Total liabilities | 21,275 | 19,348 |
Stockholders' equity: | ' | ' |
Preferred stock, $0.001 par value; 5,000,000 shares authorized; no shares outstanding | ' | ' |
Common stock, $0.001 par value; 100,000,000 shares authorized; 40,856,815 and 39,832,225 shares issued and outstanding, respectively | 41 | 40 |
Additional paid-in capital | 142,150 | 136,694 |
Accumulated deficit | -101,077 | -87,068 |
Total stockholders' equity | 41,114 | 49,666 |
Total liabilities and stockholders' equity | $62,389 | $69,014 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets [Parenthetical] (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts (in dollars) | $10 | $5 |
Property and equipment, net of accumulated depreciation (in dollars) | 819 | 735 |
Intangible assets, net of accumulated amortization (in dollars) | $1,240 | $1,102 |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 40,856,815 | 40,856,815 |
Common stock, shares outstanding | 39,832,225 | 39,832,225 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | ' | ' |
Revenue from product sales | $46 | $26 |
Cost of sales | 793 | 2,213 |
Gross loss | -747 | -2,187 |
Selling, general and administrative expenses | 2,815 | 2,210 |
Research and development expenses | 7,438 | 1,507 |
Operating loss | -11,000 | -5,904 |
Other income (expense): | ' | ' |
Warrant revaluation and other finance income (expense) | -3,050 | 1,338 |
Other income | 40 | ' |
Interest income | 1 | ' |
Loss from continuing operations before income taxes | -14,009 | -4,566 |
Deferred tax benefit | 0 | ' |
Loss from continuing operations, net of tax | -14,009 | -4,566 |
Loss from discontinued operations, net of tax | ' | -4 |
Net Loss | ($14,009) | ($4,570) |
Loss from continuing operations, net of tax | ' | ' |
Basic (in dollars per share) | ($0.35) | ($0.17) |
Diluted (in dollars per share) | ($0.35) | ($0.18) |
Net Loss | ' | ' |
Basic (in dollars per share) | ($0.35) | ($0.17) |
Diluted (in dollars per share) | ($0.35) | ($0.18) |
Weighted average number of basic common shares outstanding (in shares) | 40,583,591 | 26,229,909 |
Weighted average number of diluted common shares outstanding (in shares) | 40,583,591 | 26,631,980 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (Deficit) (USD $) | Total | Common stock [Member] | Additional paid-in capital [Member] | Accumulated deficit [Member] |
In Thousands, except Share data | ||||
Balance at Dec. 31, 2013 | $49,666 | $40 | $136,694 | ($87,068) |
Balance (shares) at Dec. 31, 2013 | ' | 39,832,225 | ' | ' |
Stock-based compensation expense | 303 | 0 | 303 | 0 |
Issuance of common stock | 5,154 | 1 | 5,153 | 0 |
Issuance of common stock (in shares) | ' | 1,024,590 | ' | ' |
Net loss | -14,009 | 0 | 0 | -14,009 |
Balance at Mar. 31, 2014 | $41,114 | $41 | $142,150 | ($101,077) |
Balance (shares) at Mar. 31, 2014 | ' | 40,856,815 | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net loss | ($14,009) | ($4,570) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Stock-based compensation expense | 303 | 173 |
Stock issued for supplemental stock issuance agreement | 5,154 | ' |
Warrant revaluation and other finance expense (income) | 3,050 | -1,338 |
Depreciation and amortization | 222 | 226 |
Provision for doubtful accounts | 5 | -9 |
Change in operating assets and liabilities: | ' | ' |
Accounts receivable | -35 | 45 |
Inventory | 91 | ' |
Prepaid expenses and other current assets | 317 | 166 |
Other assets | 72 | ' |
Accounts payable | -2,055 | 324 |
Accrued expenses and other liabilities | 931 | -82 |
Deferred revenue | 1 | 6 |
Net cash used in operating activities | -5,953 | -5,059 |
Cash flows from investing activities: | ' | ' |
Purchase of property and equipment | -79 | -100 |
Net cash used in by investing activities | -79 | -100 |
Cash flows from financing activities: | ' | ' |
Proceeds from financing activity | 0 | 0 |
Net cash provided by financing activities | 0 | 0 |
Effect of exchange rate changes on cash balances | 0 | -1 |
Net decrease in cash and cash equivalents | -6,032 | -5,160 |
Cash and cash equivalents, beginning of period | 60,033 | 31,346 |
Cash and cash equivalents, end of period | $54,001 | $26,186 |
Business_and_Organization
Business and Organization | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Business and Organization | ' |
Note 1. Business and Organization | |
Fibrocell Science, Inc. (“Fibrocell” or the “Company”) is the parent company of Fibrocell Technologies (“Fibrocell Tech”) and Fibrocell Science Hong Kong Limited (“Fibrocell Hong Kong”), a company organized under the laws of Hong Kong. Fibrocell Tech is the parent company of Isolagen Europe Limited, a company organized under the laws of the United Kingdom (“Isolagen Europe”), Isolagen Australia Pty Limited, a company organized under the laws of Australia (“Isolagen Australia”), and Isolagen International, S.A., a company organized under the laws of Switzerland (“Isolagen Switzerland”). The Company’s international activities are currently immaterial. | |
Fibrocell is an autologous cell therapy company primarily focused on developing first-in-class treatments for skin diseases and conditions with high unmet medical needs. Based on its proprietary autologous fibroblast technology, the Company is pursuing medical applications of azficel-T for restrictive burn scarring and vocal cord scarring. The Company’s collaboration with Intrexon Corporation (NYSE:XON) (“Intrexon”), a leader in synthetic biology, includes using genetically-modified fibroblasts for treating orphan skin diseases for which there are no currently approved products and exploring the localized treatment of the most common autoimmune skin disease, moderate-to-severe psoriasis. The Company’s collaboration with UCLA, focusing on skin-derived stem cells and more efficient ways to convert skin cells to other cell types, holds potential for future discovery and development of autologous cell therapeutics. |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Note 2. Basis of Presentation | |
The accompanying unaudited financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnote disclosures required by GAAP for complete consolidated financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments and the impact of restatements on prior periods) considered necessary for a fair presentation have been included. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 as amended and to be filed with the Securities and Exchange Commission (“SEC”) within the next two weeks, and in any event, on or before May 31, 2014. The results of the Company’s operations for any interim period are not necessarily indicative of the results of operations for any other interim period or full year. | |
On April 30, 2013, the Company completed a reverse stock split on the basis of one share of common stock for each currently outstanding 25 shares of pre-split common stock. All common share and per share data included in these financial statements reflect this reverse stock split. |
Restatement_of_Consolidated_Fi
Restatement of Consolidated Financial Statements | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Accounting Changes and Error Corrections [Abstract] | ' | ||||||||||
Restatement of Consolidated Financial Statements | ' | ||||||||||
Note 3. Restatement of Consolidated Financial Statements | |||||||||||
On May 6, 2014, the Audit Committee of the Company’s Board of Directors (the “Audit Committee”), in connection with an internal review initiated by Company management, concluded that, because of a misapplication of the accounting guidance related to certain of the Company’s warrants, the Company’s previously issued consolidated financial statements for all periods beginning with the quarterly period ended September 30, 2011 through December 31, 2013 (collectively, the “Affected Periods”) should no longer be relied upon. As such, the Company anticipates it will restate its financial statements for the following periods: (i) the fiscal years ended December 31, 2013, December 31, 2012 and December 31, 2011, (ii) all quarterly periods of 2013 and 2012 and (iii) the quarterly period ending September 30, 2011. However, these restatements result in non-cash, non-operating expense corrections and will have no impact on the Company’s current or previously reported cash position, operating expenses or total operating, investing or financing cash flows, and net operating loss carryforward. | |||||||||||
The warrants at issue (collectively, the “Warrants”) consist of the following: | |||||||||||
1. warrants to purchase an aggregate of 15,080 shares of common stock, issued on October 13, 2009 at an exercise price of $6.25 per share issued to placement agents; | |||||||||||
2. Series A, class A warrants to purchase 115,440 shares of common stock, issued on October 13, 2009 at an exercise price of $6.25 per share; | |||||||||||
3. Series A, class B warrants to purchase 130,004 shares of common stock, issued on October 13, 2009 at an exercise price of $6.25 per share; | |||||||||||
4. warrants to purchase an aggregate of 393,416 shares of common stock, issued on March 4, 2010 at an exercise price of $6.25 per share; | |||||||||||
5. warrants to purchase 6,113 shares of common stock, issued on June 16, 2011 at an exercise price of $22.50 per share issued to placement agents; | |||||||||||
6. warrants to purchase 50,123 shares of common stock, issued on August 22, 2011 at an exercise price of $13.635 per share issued to placement agents; | |||||||||||
7. warrants to purchase 565,759 shares of common stock, issued on August 22, 2011 at an exercise price of $18.75 per share; | |||||||||||
8. warrants to purchase an aggregate of 1,125,578 shares of common stock, issued on June 1, 2012 at an exercise price of $2.50 per share; | |||||||||||
9. warrants to purchase an aggregate of 1,217,816 shares of common stock, issued on various dates in 2010 and 2011 at an exercise price of $6.25 per share; | |||||||||||
10. warrants to purchase an aggregate of 1,568,823 shares of common stock, issued on various dates in 2012 at an exercise price of $7.50; and | |||||||||||
11. warrants to purchase an aggregate of 768,778 shares of common stock, issued on various dates in 2010 at an exercise price of $6.25. | |||||||||||
The above warrant shares and exercise prices have been retroactively adjusted to reflect the April 30, 2013 reverse stock split. | |||||||||||
Of the Warrants, approximately 5,335,000 were originally and correctly classified as liabilities on the Company’s balance sheets. In connection with the Company’s October 2012 financing and a contemporaneous modification of those Warrants to remove “down-round” anti-dilution protection, such Warrants were erroneously reclassified as a component of equity as opposed to liabilities on the balance sheets. The corresponding statements of operations did not include the subsequent non-cash changes in the estimated fair value of such Warrants. Those Warrants, however, continued to contain a cash settlement feature regarding fundamental transactions that allowed those Warrant holders to have a different settlement option than the Company’s stockholders upon certain fundamental transactions, including a change of control of the Company, thereby precluding equity treatment for the Warrants. In the course of management’s investigation, the Company also reviewed the Warrant agreements for approximately 622,000 Warrants that were originally classified as equity instruments upon their issuance. Those Warrants contained a similar fundamental transaction settlement provision that precluded equity treatment for such Warrants. | |||||||||||
Under the guidance of Accounting Standards Codification, Derivatives and Hedging, (“ASC 815”), warrant instruments that could potentially require net cash settlement in the absence of express language precluding such settlement and those which include “down-round provisions” should be initially classified as derivative liabilities at their estimated fair values, regardless of the likelihood that such instruments will ever be settled in cash. In periods subsequent to issuance, changes in the estimated fair value of the derivative instruments should be reported in the statement of operations. The Audit Committee, together with management, determined that the financial statements in the Affected Periods should be restated to reflect the Warrants as liabilities, with subsequent changes in their estimated fair value recorded as non-cash income or expense in each Affected Period. | |||||||||||
The impact of the restatement on the unaudited condensed consolidated balance sheet, statement of operations and statement of cash flows as of and for the three-month period ended March 31, 2013 is presented below. The restatement had no impact on net cash flows from operating, investing or financing activities as the adjustments resulting from the non-cash change in the fair value of the warrant liability for each period and the statements of operations only impacted net income (loss) from continuing operations. In addition to the restatement noted above, the consolidated statements of operations and the consolidated balance sheets have also been retroactively adjusted to give effect to the Company’s April 2013 reverse stock split. | |||||||||||
Impact of the Restatement | |||||||||||
($ in thousands) | |||||||||||
Three Months Ended March 31, 2013 | |||||||||||
As Previously | Adjustment | As Restated | |||||||||
Reported | |||||||||||
Consolidated Statement of Operations Data (unaudited): | |||||||||||
Warrant revaluation and other finance income (expense) | $ | 58 | $ | 1,280 | $ | 1,338 | |||||
Loss from continuing operations before income taxes | (5,846 | ) | 1,280 | (4,566 | ) | ||||||
Loss from continuing operations | (5,846 | ) | 1,280 | (4,566 | ) | ||||||
Net loss | $ | (5,850 | ) | $ | 1,280 | $ | (4,570 | ) | |||
Loss from continuing operations per share, basic | $ | (0.22 | ) | $ | 0.05 | $ | (.17 | ) | |||
Loss from continuing operations per share, diluted | $ | (0.22 | ) | $ | 0.04 | $ | (.18 | ) | |||
Net loss per share, basic | $ | (0.22 | ) | $ | 0.05 | $ | (.17 | ) | |||
Net loss per share, diluted | $ | (0.22 | ) | $ | 0.04 | $ | (.18 | ) | |||
As of December 31, 2013 | |||||||||||
As Previously | Adjustment | As Restated | |||||||||
Reported | |||||||||||
Consolidated Balance Sheet Data: | |||||||||||
Warrant liability | $ | 210 | $ | 15,006 | $ | 15,216 | |||||
Total liabilities | 4,342 | 15,006 | 19,348 | ||||||||
Additional paid-in capital | 167,342 | (30,648 | ) | 136,694 | |||||||
Accumulated deficit | (102,710 | ) | 15,642 | (87,068 | ) | ||||||
Total stockholders’ equity | 64,672 | (15,006 | ) | 49,666 | |||||||
Three Months Ended March 31, 2013 | |||||||||||
As Previously | Adjustment | As Restated | |||||||||
Reported | |||||||||||
Consolidated Cash Flows Data (unaudited): | |||||||||||
Net loss | $ | (5,850 | ) | $ | 1,280 | $ | (4,570 | ) | |||
Decrease in fair value of warrants | (58 | ) | (1,280 | ) | (1,338 | ) | |||||
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Summary of Significant Accounting Policies | ' | |||||||
Note 4. Summary of Significant Accounting Policies | ||||||||
Use of Estimates | ||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and notes. In addition, management’s assessment of the Company’s ability to continue as a going concern involves the estimation of the amount and timing of future cash inflows and outflows. Actual results may differ materially from those estimates. | ||||||||
Reclassifications | ||||||||
The prior year financial statements contain certain reclassifications to the results of operations for the three months ended March 31, 2013 to conform to the presentation for the three months ended March 31, 2014 on this Form 10-Q. These reclassifications were made in conjunction with the Company’s shift in focus away from its commercial product LAVIV® and to further research and development of the underlying azficel-T process. See Note 4 for additional details on intangible amortization expense and Food and Drug Administration (“FDA”) license fees. | ||||||||
Cost of Sales | ||||||||
Cost of sales includes the costs related to the processing of cells for LAVIV®, including direct and indirect costs. Beginning in 2014, cost of sales is accounted for using a standard cost system which allocates the direct costs associated with our manufacturing, facility, quality control, and quality assurance operations as well as overhead costs. The principal reason for the relatively small level of revenue as compared to the cost of sales is that we changed corporate strategy in 2013 to de-emphasize sales of azficel-T into the aesthetic markets, and strategically transition to focus on high-value therapeutic applications for treatment of unmet medical conditions of the skin and connective tissue. | ||||||||
Research and Development Expenses | ||||||||
Research and development costs are expensed as incurred and include salaries and benefits, costs paid to third party contractors to perform research, conduct clinical trials, develop and manufacture drug materials and delivery devices, and a portion of facilities cost. Research and development costs also include costs to develop manufacturing, cell collection and logistical process improvements. | ||||||||
Clinical trial costs are a significant component of research and development expenses and include costs associated with third party contractors. Invoicing from third party contractors for services performed can lag several months. The Company accrues the costs of services rendered in connection with third party contractor activities based on its estimate of management fees, site management and monitoring costs and data management costs. | ||||||||
Property and Equipment | ||||||||
Property and equipment is carried at acquisition cost less accumulated depreciation. Depreciation is computed on a straight-line basis over the estimated useful life of the asset. The cost of repairs and maintenance is charged to expense as incurred. As of December 31, 2013, the useful life for all property and equipment was three years, except for leasehold improvements which were depreciated over the remaining lease term or the life of the asset, whichever is shorter. In the first quarter of 2014, the Company adjusted its useful lives to reflect the expected consumption of the economic benefit of these assets as noted in the following table: | ||||||||
Property and equipment category | Useful life | |||||||
Laboratory equipment | 6 years | |||||||
Computer equipment and software | 3 years | |||||||
Furniture and fixtures | 10 years | |||||||
Leasehold improvements | Lesser of remaining lease term or life of asset | |||||||
In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) ASC 250 Accounting Changes and Error Corrections, the Company accounted for this change in useful lives as a change in estimate, with prospective application only. The impact of this change in estimate on depreciation expense for the three months ended March 31, 2014 was immaterial to the results on the Consolidated Statement of Operations. | ||||||||
Intangible Assets | ||||||||
Intangible assets are research and development assets related to the Company’s primary study on azficel-T that was recognized upon emergence from bankruptcy. Azficel-T has three current indications: the Company’s commercial product, LAVIV®, a clinical development program for restrictive burn scarring and a clinical development program for vocal cord scarring. | ||||||||
Effective January 1, 2012, the Company launched LAVIV® and as a result, the research and development intangible assets related to the Company’s primary study were considered to be finite-lived intangible assets and are being amortized over 12 years. For the three months ended March 31, 2014, amortization expense of approximately $0.1 million was included in research and development expense on the Consolidated Statement of Operations. For the three months ended March 31, 2013, amortization expense of approximately $0.1 million was reclassed from cost of sales to research and development expense on the Consolidated Statement of Operations to conform to the current presentation. | ||||||||
Finite-lived intangible assets are recorded at cost, net of accumulated amortization and, if applicable, impairment charges. Amortization of finite-lived intangible assets is provided over their estimated useful lives on a straight-line basis. In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) 360-10-35 Impairment or Disposal of Long-Lived Assets, the Company reviews its finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. There was no impairment expense recognized for the three months ended March 31, 2014 or 2013. | ||||||||
FDA License Fees | ||||||||
For the three months ended March 31, 2014, FDA license fees related to the Company’s Biologics License Application (“BLA”) of approximately $0.2 million were included in research and development expense on the Consolidated Statement of Operations. For the three months ended March 31, 2013, FDA license fees of approximately $0.2 million were reclassified from selling, general and administrative expense to research and development expense on the Consolidated Statement of Operations to conform to the current presentation. | ||||||||
Loss Per Share Data | ||||||||
Basic loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding during a period. The diluted loss per share calculation gives effect to dilutive options, warrants, convertible notes, convertible preferred stock, and other potential dilutive common stock including selected restricted shares of common stock outstanding during the period. Diluted loss per share is based on the treasury stock method and includes the effect from potential issuance of common stock, such as shares issuable pursuant to the exercise of stock options, assuming the exercise of all in-the-money stock options. Common share equivalents have been excluded where their inclusion would be anti-dilutive. | ||||||||
For the three months ended | ||||||||
March 31, | ||||||||
($ in thousands except share & per share data) | 2014 | 2013 (Restated) | ||||||
Loss per share - basic: | ||||||||
Numerator for basic loss per share | $ | (14,009 | ) | $ | (4,570 | ) | ||
Denominator for basic loss per share | 40,583,591 | 26,229,909 | ||||||
Basic loss per common share | $ | (0.35 | ) | $ | (0.17 | ) | ||
Loss per share - diluted: | ||||||||
Numerator for diluted loss per share | $ | (14,009 | ) | $ | (4,570 | ) | ||
Add back: Fair value of “in the money” warrants outstanding | — | 305 | ||||||
Net loss attributable to common share | $ | (14,009 | ) | $ | (4,875 | ) | ||
Denominator for basic loss per share | 40,583,591 | 26,229,909 | ||||||
Plus: Incremental shares underlying “in the money” warrants outstanding | — | 402,071 | ||||||
Denominator for diluted loss per share | 40,583,591 | 26,631,980 | ||||||
Diluted net loss per common share | $ | (0.35 | ) | $ | (0.18 | ) | ||
The following potentially dilutive securities have been excluded from the computations of diluted weighted-average shares outstanding, as their effect would be anti-dilutive: | ||||||||
Three months ended March 31, | ||||||||
2014 | 2013 (Restated) | |||||||
Shares underlying “out of the money” options outstanding | 2,273,720 | 592,340 | ||||||
Shares underlying “out of the money” warrants outstanding | 4,831,352 | 4,845,352 | ||||||
Shares underlying “in the money” warrants outstanding | 1,201,698 | 41,120 | ||||||
Subsequent Events | ||||||||
The Company evaluates all subsequent events, through the date the consolidated financial statements are issued, to determine if there are any events that require disclosure. No such events have been identified through the date of this filing. |
Inventory
Inventory | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventory | ' | |||||||
Note 5. Inventory | ||||||||
Inventories consisted of the following as of: | ||||||||
March 31, | December 31, | |||||||
($ in thousands) | 2014 | 2013 | ||||||
Raw materials | $ | 449 | $ | 511 | ||||
Work in process | 57 | 86 | ||||||
Inventory | $ | 506 | $ | 597 |
Warrants
Warrants | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||||
Warrants | ' | ||||||||||
Note 6. Warrants | |||||||||||
The Company accounts for stock warrants as either equity instruments or derivative liabilities depending on the specific terms of the warrant agreement. Stock warrants are accounted for as a derivative in accordance with Accounting Standards Codification 815, Derivatives and Hedging (“ASC 815”) if the stock warrants contain “down-round protection” or other terms that could potentially require “net cash settlement” and therefore, do not meet the scope exception for treatment as a derivative. Since “down-round protection” is not an input into the calculation of the fair value of the warrants, the warrants cannot be considered indexed to the Company’s own stock which is a requirement for the scope exception as outlined under ASC 815. Warrant instruments that could potentially require “net cash settlement” in the absence of express language precluding such settlement and those which include “down-round provisions” are initially classified as derivative liabilities at their estimated fair values, regardless of the likelihood that such instruments will ever be settled in cash. The Company will continue to classify the fair value of the warrants that contain “down-round protection” and “net cash settlement” as a liability until the warrants are exercised, expire or are amended in a way that would no longer require these warrants to be classified as a liability. | |||||||||||
The following table summarizes outstanding warrants to purchase common stock as of: | |||||||||||
Number of Warrants | |||||||||||
March 31, 2014 | December 31, | Exercise | Expiration Dates | ||||||||
2013 | Price | ||||||||||
Liability-classified warrants | |||||||||||
Issued in March 2010 and Preferred Stock offerings | 2,640,534 | 2,640,534 | $ | 6.25 | Oct 2015-Dec 2016 | ||||||
Issued in Preferred Stock offerings | 76,120 | 76,120 | $ | 2.5 | Nov 2015-Sept 2017 | ||||||
Issued in June 2011 financing | 6,113 | 6,113 | $ | 22.5 | June 2016 | ||||||
Issued in August 2011 financing | 565,759 | 565,759 | $ | 18.75 | Aug-16 | ||||||
Issued to placement agents in August 2011 financing | 50,123 | 50,123 | $ | 13.64 | Aug-16 | ||||||
Issued with Convertible Notes | 1,125,578 | 1,125,578 | $ | 2.5 | June 2018 | ||||||
Issued in Series E Preferred Stock offering | 1,568,823 | 1,568,823 | $ | 7.5 | Sep-18 | ||||||
Total | 6,033,050 | 6,033,050 | |||||||||
There were no warrants exercised or cancelled during the three months ended March 31, 2014. | |||||||||||
Liability-classified Warrants | |||||||||||
The foregoing warrants are recorded as liabilities at their estimated fair value at the date of issuance, with the subsequent changes in estimated fair value recorded in other income (expense) in the Company’s statement of operations in each subsequent period. The change in the estimated fair value of our warrant liability for the quarters ended March 31, 2014 and March 31, 2013 resulted in non-cash expense of approximately $3.1 million and non-cash income of approximately $1.3 million, respectively. The Company utilizes the Monte Carlo simulation valuation method to value the liability classified warrants. | |||||||||||
The estimated fair value of these warrants is determined using Level 3 inputs. Inherent in the Monte Carlo valuation model are assumptions related to expected stock-price volatility, expected life, risk-free interest rate and dividend yield. The Company estimates the volatility of its common stock based on historical volatility that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates to remain at zero. | |||||||||||
The estimated fair value of these warrants also require Level 3 inputs which are based on the Company’s estimates of the probability and timing of potential future financings, and qualifying fundamental transactions. The range for other assumptions used by the Company are summarized in the following table: | |||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||
Weighted average remaining expected life (years) | 3.3 years | 3.5 years | |||||||||
Interest rate | 0.9 | % | 1.2 | % | |||||||
Dividend yield | — | — | |||||||||
Volatility | 70 | % | 70 | % |
Equity
Equity | 3 Months Ended |
Mar. 31, 2014 | |
Equity [Abstract] | ' |
Equity | ' |
Note 7. Equity | |
Preferred stock | |
The Company is authorized to issue 5,000,000 shares of preferred stock in one or more series and to fix the rights, preferences, privileges, and restrictions thereof. These rights, preferences and privileges could include dividend rights, conversion rights, voting rights, terms of redemption, liquidation preferences, sinking fund terms and the number of shares constituting any series or the designation of such series, any or all of which may be greater than the rights of common stock. The issuance of the Company’s preferred stock could adversely affect the voting power of holders of common stock and the likelihood that such holders will receive dividend payments and payments upon liquidation. In addition, the issuance of preferred stock could have the effect of delaying, deferring or preventing a change of control of the Company or other corporate action. There were no preferred shares issued or outstanding as of March 31, 2014 or March 31, 2013. | |
Common stock | |
In connection with the execution of the Second Amendment to the Exclusive Channel Collaboration Agreement (the “Second Amendment”) on January 10, 2014 between the Company and Intrexon, the Company entered into a Supplemental Stock Issuance Agreement with Intrexon. The Company agreed to issue to Intrexon Corporation ("Intrexon"), who is an affiliate of NRM VII Holdings I, LLC, the Company’s largest shareholder, a number of shares of Company common stock based on a per share value of the closing price of the Company’s common stock on the NYSE MKT on the day prior to execution of the Supplemental Stock Issuance Agreement (the “Supplemental Access Fee Shares”). The Supplemental Access Fee Shares were issued upon the satisfaction of customary closing conditions, including the approval for the listing of the Supplemental Access Fee Shares on the NYSE MKT. The closing took place on January 24, 2014. The Company recorded a research and development expense in the first quarter of 2014 for the shares issued to Intrexon as a technology access fee. 1,024,590 shares were issued based on a per share value of $5.03 based on the closing price of the Company’s common stock on the closing date, totaling approximately $5.2 million. For additional discussion on Intrexon, see Note 10. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||
Fair Value Measurements | ' | |||||||||||||
Note 8. Fair Value Measurements | ||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||||||||||||||
The Company adopted the accounting guidance on fair value measurements for financial assets and liabilities measured on a recurring basis. The guidance requires fair value measurements be classified and disclosed in one of the following three categories: | ||||||||||||||
· Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | ||||||||||||||
· Level 2: Quoted prices in markets that are not active or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. | ||||||||||||||
· Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). | ||||||||||||||
The following fair value hierarchy table presents information about each major category of the Company’s financial assets and liability measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013: | ||||||||||||||
Fair value measurement using | ||||||||||||||
($ in thousands) | Quoted prices in | Significant | Significant | Total | ||||||||||
active markets (Level 1) | other | unobservable | ||||||||||||
observable | inputs | |||||||||||||
inputs (Level 2) | (Level 3) | |||||||||||||
Balance at March 31, 2014 | ||||||||||||||
Assets: | ||||||||||||||
Cash and cash equivalents | $ | 54,001 | $ | — | $ | — | $ | 54,001 | ||||||
Liabilities: | ||||||||||||||
Warrant liability | $ | — | $ | — | $ | 18,266 | $ | 18,266 | ||||||
Fair value measurement using | ||||||||||||||
($ in thousands) | Quoted prices in | Significant | Significant | Total | ||||||||||
active markets (Level 1) | other | unobservable | ||||||||||||
observable | inputs | |||||||||||||
inputs (Level 2) | (Level 3) | |||||||||||||
Balance at December 31, 2013 | ||||||||||||||
Assets: | ||||||||||||||
Cash and cash equivalents | $ | 60,033 | $ | — | $ | — | $ | 60,033 | ||||||
Liabilities: | ||||||||||||||
Warrant liability (restated) | $ | — | $ | — | $ | 15,216 | $ | 15,216 | ||||||
The reconciliation of warrant liability measured at fair value on a recurring basis using unobservable inputs (Level 3) is as follows: | ||||||||||||||
Warrant | ||||||||||||||
($ in thousands) | Liability | |||||||||||||
Balance at December 31, 2013 (restated) | $ | 15,216 | ||||||||||||
Exercise of warrants | — | |||||||||||||
Change in fair value of warrant liability | 3,050 | |||||||||||||
Balance at March 31, 2014 | $ | 18,266 | ||||||||||||
The fair value of the warrant liability is based on Level 3 inputs. For this liability, the Company developed its own assumptions that do not have observable inputs or available market data to support the fair value. See Note 6 for further discussion of the warrant liability. | ||||||||||||||
The Company believes that the fair values of our current assets and current liabilities approximate their reported carrying amounts. There were no transfers between Level 1, 2 and 3 during the periods presented. |
Equitybased_Compensation
Equity-based Compensation | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | |||||||||||
Equity-based Compensation | ' | |||||||||||
Note 9. Equity-based Compensation | ||||||||||||
The Company’s board of directors (the “Board”) adopted the 2009 Equity Incentive Plan (as amended to date, the “Plan”) effective September 3, 2009. The Plan is intended to further align the interests of the Company and its stockholders with its employees, including its officers, non-employee directors, consultants and advisors by providing incentives for such persons to exert maximum efforts for the success of the Company. The Plan allows for the issuance of up to 2,600,000 shares of the Company’s common stock. In addition, there were 206,000 options issued outside of the Plan to consultants. | ||||||||||||
The types of awards that may be granted under the Plan include options (both nonqualified stock options and incentive stock options), stock appreciation rights, stock awards, stock units and other stock-based awards. The term of each award is determined by the Compensation Committee of the Board at the time each award is granted, provided that the terms of options do not exceed ten years. Vesting schedules for the stock options vary, but generally vest 25% per year, over four years. The Plan had 508,280 options available for grant as of March 31, 2014. | ||||||||||||
Total stock-based compensation expense recognized using the straight-line attribution method in the Consolidated Statement of Operations is as follows: | ||||||||||||
Three months ended | ||||||||||||
March 31, | ||||||||||||
($ in thousands) | 2014 | 2013 | ||||||||||
Stock option compensation expense for employees and directors | $ | 300 | $ | 173 | ||||||||
Equity awards for nonemployees issued for services | 3 | — | ||||||||||
Total stock-based compensation expense | $ | 303 | $ | 173 | ||||||||
($ in thousands except share and per share data) | Number of | Weighted- | Weighted- | Aggregate | ||||||||
shares | average | average | intrinsic | |||||||||
exercise | remaining | value | ||||||||||
price | contractual | |||||||||||
term (in | ||||||||||||
years) | ||||||||||||
Outstanding at December 31, 2013 | 2,068,720 | $ | 7.93 | 8.4 | $ | 544 | ||||||
Granted | 205,000 | $ | 4.44 | |||||||||
Exercised | — | |||||||||||
Forfeited | — | |||||||||||
Outstanding at March 31, 2014 | 2,273,720 | $ | 7.61 | 8.5 | $ | 1,949 | ||||||
Exercisable at March 31, 2014 | 775,437 | $ | 14.31 | 7.3 | $ | 182 | ||||||
The total fair value of shares vested during the three months ended March 31, 2014 was approximately $0.2 million. As of March 31, 2014, there was approximately $3.1 million of total unrecognized compensation cost, related to time-based non-vested stock options. That cost is expected to be recognized over a weighted-average period of 4.4 years. As of March 31, 2014, there was approximately $0.6 million of total unrecognized compensation expense related to performance-based, non-vested non-employee options. | ||||||||||||
During the three months ended March 31, 2014 and 2013, the weighted average fair market value of the options granted was $2.88 and $2.07, respectively. The fair market value of the options was computed using the Black-Scholes option-pricing model with the following key weighted average assumptions for the three months ended as of the dates indicated: | ||||||||||||
March 31, 2014 | March 31, 2013 | |||||||||||
Expected life (years) | 6.25 years | 5.0 years | ||||||||||
Interest rate | 2.00% | 0.90% | ||||||||||
Dividend yield | — | — | ||||||||||
Volatility | 71% | 69% |
Collaboration_with_Related_Par
Collaboration with Related Party | 3 Months Ended |
Mar. 31, 2014 | |
Text Block [Abstract] | ' |
Collaboration with Related Party | ' |
Note 10. Collaboration with Related Party | |
Intrexon is an affiliate of our largest shareholder, NRM VII Holdings I, LLC. In addition, two of our seven directors are also affiliates of NRM VII Holdings I, LLC. | |
On January 10, 2014, the Company and Intrexon entered into a Second Amendment to the parties’ Exclusive Channel Collaboration Agreement dated October 5, 2012, as previously amended on June 28, 2013 (the “Channel Agreement” and such previous amendment, the “First Amendment”). The Channel Agreement provides for a “channel collaboration” arrangement governing a strategic collaboration for the development and commercialization of genetically-modified and non-genetically-modified autologous fibroblasts and autologous dermal cells in the United States. The Channel Agreement originally granted the Company an exclusive license to use proprietary technologies and other intellectual property of Intrexon to research, develop, use, import, export, make, have made, sell, and offer for sale certain products in the Field in the United States. | |
In connection with the execution of the Second Amendment to the Channel Agreement on January 10, 2014 between the Company and Intrexon, the Company entered into a Supplemental Stock Issuance Agreement with Intrexon. The Company agreed to issue to Intrexon, who is an affiliate of NRM VII Holdings I, LLC, the Company’s largest shareholder, a number of shares of Company common stock based on a per share value of the closing price of the Company’s common stock on the NYSE MKT on the day prior to execution of the Supplemental Stock Issuance Agreement. The Supplemental Access Fee Shares were issued upon the satisfaction of customary closing conditions, including the approval for the listing of the Supplemental Access Fee Shares on the NYSE MKT. The closing took place on January 24, 2014. The Company recorded a research and development expense in the first quarter of 2014 for the shares issued to Intrexon as a technology access fee. 1,024,590 shares were issued based on a per share value of $5.03 based on the closing price of the Company’s common stock on the closing date, totaling approximately $5.2 million. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Use of Estimates | ' | |||||||
Use of Estimates | ||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and notes. In addition, management’s assessment of the Company’s ability to continue as a going concern involves the estimation of the amount and timing of future cash inflows and outflows. Actual results may differ materially from those estimates. | ||||||||
Reclassifications | ' | |||||||
Reclassifications | ||||||||
The prior year financial statements contain certain reclassifications to the results of operations for the three months ended March 31, 2013 to conform to the presentation for the three months ended March 31, 2014 on this Form 10-Q. These reclassifications were made in conjunction with the Company’s shift in focus away from its commercial product LAVIV® and to further research and development of the underlying azficel-T process. See Note 4 for additional details on intangible amortization expense and Food and Drug Administration (“FDA”) license fees. | ||||||||
Cost of Sales | ' | |||||||
Cost of Sales | ||||||||
Cost of sales includes the costs related to the processing of cells for LAVIV®, including direct and indirect costs. Beginning in 2014, cost of sales is accounted for using a standard cost system which allocates the direct costs associated with our manufacturing, facility, quality control, and quality assurance operations as well as overhead costs. The principal reason for the relatively small level of revenue as compared to the cost of sales is that we changed corporate strategy in 2013 to de-emphasize sales of azficel-T into the aesthetic markets, and strategically transition to focus on high-value therapeutic applications for treatment of unmet medical conditions of the skin and connective tissue. | ||||||||
Research and Development Expenses | ' | |||||||
Research and Development Expenses | ||||||||
Research and development costs are expensed as incurred and include salaries and benefits, costs paid to third party contractors to perform research, conduct clinical trials, develop and manufacture drug materials and delivery devices, and a portion of facilities cost. Research and development costs also include costs to develop manufacturing, cell collection and logistical process improvements. | ||||||||
Clinical trial costs are a significant component of research and development expenses and include costs associated with third party contractors. Invoicing from third party contractors for services performed can lag several months. The Company accrues the costs of services rendered in connection with third party contractor activities based on its estimate of management fees, site management and monitoring costs and data management costs. | ||||||||
Property and Equipment | ' | |||||||
Property and Equipment | ||||||||
Property and equipment is carried at acquisition cost less accumulated depreciation. Depreciation is computed on a straight-line basis over the estimated useful life of the asset. The cost of repairs and maintenance is charged to expense as incurred. As of December 31, 2013, the useful life for all property and equipment was three years, except for leasehold improvements which were depreciated over the remaining lease term or the life of the asset, whichever is shorter. In the first quarter of 2014, the Company adjusted its useful lives to reflect the expected consumption of the economic benefit of these assets as noted in the following table: | ||||||||
Property and equipment category | Useful life | |||||||
Laboratory equipment | 6 years | |||||||
Computer equipment and software | 3 years | |||||||
Furniture and fixtures | 10 years | |||||||
Leasehold improvements | Lesser of remaining lease term or life of asset | |||||||
In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) ASC 250 Accounting Changes and Error Corrections, the Company accounted for this change in useful lives as a change in estimate, with prospective application only. The impact of this change in estimate on depreciation expense for the three months ended March 31, 2014 was immaterial to the results on the Consolidated Statement of Operations. | ||||||||
Intangible Assets | ' | |||||||
Intangible Assets | ||||||||
Intangible assets are research and development assets related to the Company’s primary study on azficel-T that was recognized upon emergence from bankruptcy. Azficel-T has three current indications: the Company’s commercial product, LAVIV®, a clinical development program for restrictive burn scarring and a clinical development program for vocal cord scarring. | ||||||||
Effective January 1, 2012, the Company launched LAVIV® and as a result, the research and development intangible assets related to the Company’s primary study were considered to be finite-lived intangible assets and are being amortized over 12 years. For the three months ended March 31, 2014, amortization expense of approximately $0.1 million was included in research and development expense on the Consolidated Statement of Operations. For the three months ended March 31, 2013, amortization expense of approximately $0.1 million was reclassed from cost of sales to research and development expense on the Consolidated Statement of Operations to conform to the current presentation. | ||||||||
Finite-lived intangible assets are recorded at cost, net of accumulated amortization and, if applicable, impairment charges. Amortization of finite-lived intangible assets is provided over their estimated useful lives on a straight-line basis. In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) 360-10-35 Impairment or Disposal of Long-Lived Assets, the Company reviews its finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. There was no impairment expense recognized for the three months ended March 31, 2014 or 2013. | ||||||||
FDA License Fees | ' | |||||||
FDA License Fees | ||||||||
For the three months ended March 31, 2014, FDA license fees related to the Company’s Biologics License Application (“BLA”) of approximately $0.2 million were included in research and development expense on the Consolidated Statement of Operations. For the three months ended March 31, 2013, FDA license fees of approximately $0.2 million were reclassified from selling, general and administrative expense to research and development expense on the Consolidated Statement of Operations to conform to the current presentation. | ||||||||
Loss Per Share Data | ' | |||||||
Loss Per Share Data | ||||||||
Basic loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding during a period. The diluted loss per share calculation gives effect to dilutive options, warrants, convertible notes, convertible preferred stock, and other potential dilutive common stock including selected restricted shares of common stock outstanding during the period. Diluted loss per share is based on the treasury stock method and includes the effect from potential issuance of common stock, such as shares issuable pursuant to the exercise of stock options, assuming the exercise of all in-the-money stock options. Common share equivalents have been excluded where their inclusion would be anti-dilutive. | ||||||||
For the three months ended | ||||||||
March 31, | ||||||||
($ in thousands except share & per share data) | 2014 | 2013 (Restated) | ||||||
Loss per share - basic: | ||||||||
Numerator for basic loss per share | $ | (14,009 | ) | $ | (4,570 | ) | ||
Denominator for basic loss per share | 40,583,591 | 26,229,909 | ||||||
Basic loss per common share | $ | (0.35 | ) | $ | (0.17 | ) | ||
Loss per share - diluted: | ||||||||
Numerator for diluted loss per share | $ | (14,009 | ) | $ | (4,570 | ) | ||
Add back: Fair value of “in the money” warrants outstanding | — | 305 | ||||||
Net loss attributable to common share | $ | (14,009 | ) | $ | (4,875 | ) | ||
Denominator for basic loss per share | 40,583,591 | 26,229,909 | ||||||
Plus: Incremental shares underlying “in the money” warrants outstanding | — | 402,071 | ||||||
Denominator for diluted loss per share | 40,583,591 | 26,631,980 | ||||||
Diluted net loss per common share | $ | (0.35 | ) | $ | (0.18 | ) | ||
The following potentially dilutive securities have been excluded from the computations of diluted weighted-average shares outstanding, as their effect would be anti-dilutive: | ||||||||
Three months ended March 31, | ||||||||
2014 | 2013 (Restated) | |||||||
Shares underlying “out of the money” options outstanding | 2,273,720 | 592,340 | ||||||
Shares underlying “out of the money” warrants outstanding | 4,831,352 | 4,845,352 | ||||||
Shares underlying “in the money” warrants outstanding | 1,201,698 | 41,120 | ||||||
Subsequent Events | ' | |||||||
Subsequent Events | ||||||||
The Company evaluates all subsequent events, through the date the consolidated financial statements are issued, to determine if there are any events that require disclosure. No such events have been identified through the date of this filing. |
Restatement_of_Consolidated_Fi1
Restatement of Consolidated Financial Statements (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Accounting Changes and Error Corrections [Abstract] | ' | ||||||||||
Schedule of impact of the restatement on the unaudited condensed consolidated balance sheet, statement of operations and statement of cash flows | ' | ||||||||||
Impact of the Restatement | |||||||||||
($ in thousands) | |||||||||||
Three Months Ended March 31, 2013 | |||||||||||
As Previously | Adjustment | As Restated | |||||||||
Reported | |||||||||||
Consolidated Statement of Operations Data (unaudited): | |||||||||||
Warrant revaluation and other finance income (expense) | $ | 58 | $ | 1,280 | $ | 1,338 | |||||
Loss from continuing operations before income taxes | (5,846 | ) | 1,280 | (4,566 | ) | ||||||
Loss from continuing operations | (5,846 | ) | 1,280 | (4,566 | ) | ||||||
Net loss | $ | (5,850 | ) | $ | 1,280 | $ | (4,570 | ) | |||
Loss from continuing operations per share, basic | $ | (0.22 | ) | $ | 0.05 | $ | (.17 | ) | |||
Loss from continuing operations per share, diluted | $ | (0.22 | ) | $ | 0.04 | $ | (.18 | ) | |||
Net loss per share, basic | $ | (0.22 | ) | $ | 0.05 | $ | (.17 | ) | |||
Net loss per share, diluted | $ | (0.22 | ) | $ | 0.04 | $ | (.18 | ) | |||
As of December 31, 2013 | |||||||||||
As Previously | Adjustment | As Restated | |||||||||
Reported | |||||||||||
Consolidated Balance Sheet Data: | |||||||||||
Warrant liability | $ | 210 | $ | 15,006 | $ | 15,216 | |||||
Total liabilities | 4,342 | 15,006 | 19,348 | ||||||||
Additional paid-in capital | 167,342 | (30,648 | ) | 136,694 | |||||||
Accumulated deficit | (102,710 | ) | 15,642 | (87,068 | ) | ||||||
Total stockholders’ equity | 64,672 | (15,006 | ) | 49,666 | |||||||
Three Months Ended March 31, 2013 | |||||||||||
As Previously | Adjustment | As Restated | |||||||||
Reported | |||||||||||
Consolidated Cash Flows Data (unaudited): | |||||||||||
Net loss | $ | (5,850 | ) | $ | 1,280 | $ | (4,570 | ) | |||
Decrease in fair value of warrants | (58 | ) | (1,280 | ) | (1,338 | ) |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Schedule of useful life of property and equipment | ' | |||||||
Property and equipment category | Useful life | |||||||
Laboratory equipment | 6 years | |||||||
Computer equipment and software | 3 years | |||||||
Furniture and fixtures | 10 years | |||||||
Leasehold improvements | Lesser of remaining lease term or life of asset | |||||||
Schedule of computation of basic and diluted earnings per share | ' | |||||||
For the three months ended | ||||||||
March 31, | ||||||||
($ in thousands except share & per share data) | 2014 | 2013 (Restated) | ||||||
Loss per share - basic: | ||||||||
Numerator for basic loss per share | $ | (14,009 | ) | $ | (4,570 | ) | ||
Denominator for basic loss per share | 40,583,591 | 26,229,909 | ||||||
Basic loss per common share | $ | (0.35 | ) | $ | (0.17 | ) | ||
Loss per share - diluted: | ||||||||
Numerator for diluted loss per share | $ | (14,009 | ) | $ | (4,570 | ) | ||
Add back: Fair value of “in the money” warrants outstanding | — | 305 | ||||||
Net loss attributable to common share | $ | (14,009 | ) | $ | (4,875 | ) | ||
Denominator for basic loss per share | 40,583,591 | 26,229,909 | ||||||
Plus: Incremental shares underlying “in the money” warrants outstanding | — | 402,071 | ||||||
Denominator for diluted loss per share | 40,583,591 | 26,631,980 | ||||||
Diluted net loss per common share | $ | (0.35 | ) | $ | (0.18 | ) | ||
Securities Excluded from Calculation of Weighted-Average Shares Outstanding | ' | |||||||
Three months ended March 31, | ||||||||
2014 | 2013 (Restated) | |||||||
Shares underlying “out of the money” options outstanding | 2,273,720 | 592,340 | ||||||
Shares underlying “out of the money” warrants outstanding | 4,831,352 | 4,845,352 | ||||||
Shares underlying “in the money” warrants outstanding | 1,201,698 | 41,120 |
Inventory_Tables
Inventory (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
March 31, | December 31, | |||||||
($ in thousands) | 2014 | 2013 | ||||||
Raw materials | $ | 449 | $ | 511 | ||||
Work in process | 57 | 86 | ||||||
Inventory | $ | 506 | $ | 597 |
Warrants_Tables
Warrants (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Text Block [Abstract] | ' | ||||||||||
Outstanding Warrants to Purchase Common Stock | ' | ||||||||||
Number of Warrants | |||||||||||
March 31, 2014 | December 31, | Exercise | Expiration Dates | ||||||||
2013 | Price | ||||||||||
Liability-classified warrants | |||||||||||
Issued in March 2010 and Preferred Stock offerings | 2,640,534 | 2,640,534 | $ | 6.25 | Oct 2015-Dec 2016 | ||||||
Issued in Preferred Stock offerings | 76,120 | 76,120 | $ | 2.5 | Nov 2015-Sept 2017 | ||||||
Issued in June 2011 financing | 6,113 | 6,113 | $ | 22.5 | June 2016 | ||||||
Issued in August 2011 financing | 565,759 | 565,759 | $ | 18.75 | Aug-16 | ||||||
Issued to placement agents in August 2011 financing | 50,123 | 50,123 | $ | 13.64 | Aug-16 | ||||||
Issued with Convertible Notes | 1,125,578 | 1,125,578 | $ | 2.5 | June 2018 | ||||||
Issued in Series E Preferred Stock offering | 1,568,823 | 1,568,823 | $ | 7.5 | Sep-18 | ||||||
Total | 6,033,050 | 6,033,050 | |||||||||
Summary of range for other assumptions used by entity | ' | ||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||
Weighted average remaining expected life (years) | 3.3 years | 3.5 years | |||||||||
Interest rate | 0.9 | % | 1.2 | % | |||||||
Dividend yield | — | — | |||||||||
Volatility | 70 | % | 70 | % |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||
Company's Financial Assets and Liability Measured at Fair Value on a Recurring Basis | ' | |||||||||||||
Fair value measurement using | ||||||||||||||
($ in thousands) | Quoted prices in | Significant | Significant | Total | ||||||||||
active markets (Level 1) | other | unobservable | ||||||||||||
observable | inputs | |||||||||||||
inputs (Level 2) | (Level 3) | |||||||||||||
Balance at March 31, 2014 | ||||||||||||||
Assets: | ||||||||||||||
Cash and cash equivalents | $ | 54,001 | $ | — | $ | — | $ | 54,001 | ||||||
Liabilities: | ||||||||||||||
Warrant liability | $ | — | $ | — | $ | 18,266 | $ | 18,266 | ||||||
Fair value measurement using | ||||||||||||||
($ in thousands) | Quoted prices in | Significant | Significant | Total | ||||||||||
active markets (Level 1) | other | unobservable | ||||||||||||
observable | inputs | |||||||||||||
inputs (Level 2) | (Level 3) | |||||||||||||
Balance at December 31, 2013 | ||||||||||||||
Assets: | ||||||||||||||
Cash and cash equivalents | $ | 60,033 | $ | — | $ | — | $ | 60,033 | ||||||
Liabilities: | ||||||||||||||
Warrant liability (restated) | $ | — | $ | — | $ | 15,216 | $ | 15,216 | ||||||
Reconciliation of Warrant Liability Measured at Fair Value on Recurring Basis | ' | |||||||||||||
Warrant | ||||||||||||||
($ in thousands) | Liability | |||||||||||||
Balance at December 31, 2013 (restated) | $ | 15,216 | ||||||||||||
Exercise of warrants | — | |||||||||||||
Change in fair value of warrant liability | 3,050 | |||||||||||||
Balance at March 31, 2014 | $ | 18,266 |
Equitybased_Compensation_Table
Equity-based Compensation (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | |||||||||||
Summary of Stock-Based Compensation Expense | ' | |||||||||||
Three months ended | ||||||||||||
March 31, | ||||||||||||
($ in thousands) | 2014 | 2013 | ||||||||||
Stock option compensation expense for employees and directors | $ | 300 | $ | 173 | ||||||||
Equity awards for nonemployees issued for services | 3 | — | ||||||||||
Total stock-based compensation expense | $ | 303 | $ | 173 | ||||||||
Summary of Stock Option Activity | ' | |||||||||||
($ in thousands except share and per share data) | Number of | Weighted- | Weighted- | Aggregate | ||||||||
shares | average | average | intrinsic | |||||||||
exercise | remaining | value | ||||||||||
price | contractual | |||||||||||
term (in | ||||||||||||
years) | ||||||||||||
Outstanding at December 31, 2013 | 2,068,720 | $ | 7.93 | 8.4 | $ | 544 | ||||||
Granted | 205,000 | $ | 4.44 | |||||||||
Exercised | — | |||||||||||
Forfeited | — | |||||||||||
Outstanding at March 31, 2014 | 2,273,720 | $ | 7.61 | 8.5 | $ | 1,949 | ||||||
Exercisable at March 31, 2014 | 775,437 | $ | 14.31 | 7.3 | $ | 182 | ||||||
Details of Fair Value Option Award | ' | |||||||||||
March 31, 2014 | March 31, 2013 | |||||||||||
Expected life (years) | 6.25 years | 5.0 years | ||||||||||
Interest rate | 2.00% | 0.90% | ||||||||||
Dividend yield | — | — | ||||||||||
Volatility | 71% | 69% |
Basis_of_Presentation_Details_
Basis of Presentation (Details Textual) | 1 Months Ended |
Apr. 30, 2013 | |
Stockholders equity reverse stock split ratio | 25 |
Stockholders equity reverse stock split description | 'Company completed a reverse stock split on the basis of one share of common stock for each currently outstanding 25 shares of pre-split common stock. |
Restatement_of_Consolidated_Fi2
Restatement of Consolidated Financial Statements (Details) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 01, 2012 | Dec. 31, 2011 | Aug. 22, 2011 | Dec. 31, 2010 | Mar. 04, 2010 | Oct. 13, 2009 | Oct. 13, 2009 | Aug. 22, 2011 | Jun. 16, 2011 | Oct. 13, 2009 |
As Previously Reported | As Previously Reported | Misapplication of accounting guidance related to warrants | Misapplication of accounting guidance related to warrants | Warrant Liability [Member] | Warrant Liability [Member] | Equity [Member] | Placement agents | Placement agents | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | ||||
Adjustment | Adjustment | Warrant Liability [Member] | Warrant Liability [Member] | Series A, class A warrants | Series A, class B warrants | Placement agents | Placement agents | Placement agents | |||||||||||||||
Warrants issued to purchase common stock | ' | ' | ' | ' | ' | ' | ' | 6,033,050 | 6,033,050 | ' | 50,123 | 50,123 | 1,568,823 | 1,125,578 | 1,217,816 | 565,759 | 768,778 | 393,416 | 115,440 | 130,004 | 50,123 | 6,113 | 15,080 |
Warrant Exercise Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $13.64 | ' | $7.50 | $2.50 | $6.25 | $18.75 | $6.25 | $6.25 | $6.25 | $6.25 | $13.63 | $22.50 | $6.25 |
Warrants outstanding | ' | ' | ' | ' | ' | ' | ' | 5,335,000 | ' | 622,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated Statement of Operations Data (unaudited): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant revaluation and other finance income (expense) | ($3,050) | $1,338 | ' | ($58) | ' | ($1,280) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss from continuing operations before income taxes | -14,009 | -4,566 | ' | -5,846 | ' | 1,280 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss from continuing operations | -14,009 | -4,566 | ' | -5,846 | ' | 1,280 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -14,009 | -4,570 | ' | -5,850 | ' | 1,280 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss from continuing operations per share, basic (in dollars per share) | ($0.35) | ($0.17) | ' | ($0.22) | ' | $0.05 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss from continuing operations per share, diluted (in dollars per share) | ($0.35) | ($0.18) | ' | ($0.22) | ' | $0.04 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic Net Loss per common share (in dollars per share) | ($0.35) | ($0.17) | ' | ($0.22) | ' | $0.05 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted Net Loss per common share (in dollars per share) | ($0.35) | ($0.18) | ' | ($0.22) | ' | $0.04 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated Balance Sheet Data: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant liability | 18,266 | ' | 15,216 | ' | 210 | ' | 15,006 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total liabilities | 21,275 | ' | 19,348 | ' | 4,342 | ' | 15,006 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional paid-in capital | 142,150 | ' | 136,694 | ' | 167,342 | ' | -30,648 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated deficit | -101,077 | ' | -87,068 | ' | -102,710 | ' | 15,642 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total stockholders' equity | 41,114 | ' | 49,666 | ' | 64,672 | ' | -15,006 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated Cash Flows Data (unaudited): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -14,009 | -4,570 | ' | -5,850 | ' | 1,280 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decrease in fair value of warrants | ($3,050) | $1,338 | ' | ($58) | ' | ($1,280) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Laboratory equipment [Member] | ' | ' |
Useful life of property and equipment | '6 years | '3 years |
Computer equipment and software [Member] | ' | ' |
Useful life of property and equipment | '3 years | '3 years |
Furniture and fixtures [Member] | ' | ' |
Useful life of property and equipment | '10 years | '3 years |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Details Textual) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Intangible amortization period | '12 years | ' |
Amortization of Intangible Assets | $100,000 | $100,000 |
Impairment expenses recognized | 0 | 0 |
FDA license fees | $200,000 | $200,000 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Details 1) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Loss per share - basic: | ' | ' |
Numerator for basic loss per share | ($14,009) | ($4,570) |
Denominator for basic loss per share | 40,583,591 | 26,229,909 |
Basic Loss per common share | ($0.35) | ($0.17) |
Loss per share - diluted: | ' | ' |
Numerator for diluted Loss per share | -14,009 | -4,570 |
Add: Fair value of warrants outstanding | ' | -305 |
Net loss attributable to common share | ($14,009) | ($4,875) |
Denominator for basic loss per share | 40,583,591 | 26,229,909 |
Plus: Incremental shares underlying "in the money" warrants outstanding (in shares) | ' | 402,071 |
Denominator for diluted Loss per share | 40,583,591 | 26,631,980 |
Diluted Net Loss per common share (in dollars per share) | ($0.35) | ($0.18) |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Details 2) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Shares underlying options outstanding [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,273,720 | 592,340 |
Shares underlying warrants outstanding [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 4,831,352 | 4,845,352 |
Shares underlying in the money warrants outstanding [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,201,698 | 41,120 |
Inventory_Details
Inventory (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $449 | $511 |
Work-in-process | 57 | 86 |
Inventory | $506 | $597 |
Warrants_Details
Warrants (Details) (Warrant Liability [Member], USD $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
Class of Warrant or Right [Line Items] | ' | ' |
Warrants issued to purchase common stock | 6,033,050 | 6,033,050 |
Issued in March [Member] | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' |
Warrants issued to purchase common stock | 2,640,534 | 2,640,534 |
Warrant Exercise Price | $6.25 | ' |
Issued in March [Member] | Maximum [Member] | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' |
Expiration Dates | 1-Dec-16 | ' |
Issued in March [Member] | Minimum [Member] | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' |
Expiration Dates | 1-Oct-15 | ' |
Preferred Stock | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' |
Warrants issued to purchase common stock | 76,120 | 76,120 |
Warrant Exercise Price | $2.50 | ' |
Preferred Stock | Maximum [Member] | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' |
Expiration Dates | 1-Sep-17 | ' |
Preferred Stock | Minimum [Member] | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' |
Expiration Dates | 1-Nov-15 | ' |
Issued in June [Member] | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' |
Warrants issued to purchase common stock | 6,113 | 6,113 |
Warrant Exercise Price | $22.50 | ' |
Expiration Dates | 1-Jun-16 | ' |
Issued in August [Member] | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' |
Warrants issued to purchase common stock | 565,759 | 565,759 |
Warrant Exercise Price | $18.75 | ' |
Expiration Dates | 1-Aug-16 | ' |
Placement Agent [Member] | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' |
Warrants issued to purchase common stock | 50,123 | 50,123 |
Warrant Exercise Price | $13.64 | ' |
Expiration Dates | 1-Aug-16 | ' |
Issued with Convertible Notes [Member] | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' |
Warrants issued to purchase common stock | 1,125,578 | 1,125,578 |
Warrant Exercise Price | $2.50 | ' |
Expiration Dates | 1-Jun-18 | ' |
Series E Preferred Stock [Member] | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' |
Warrants issued to purchase common stock | 1,568,823 | 1,568,823 |
Warrant Exercise Price | $7.50 | ' |
Expiration Dates | 1-Sep-18 | ' |
Warrants_Details_1
Warrants (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, except Share data in Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Equity [Abstract] | ' | ' | ' |
Warrants exercised | 0 | ' | ' |
Cancellation of Warrants | 0 | ' | ' |
Warrant Liability [Member] | ' | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' | ' |
Change in estimated fair value resulted in non-cash expense (income) | $3.10 | ($1.30) | ' |
Weighted average remaining expected life | '3 years 3 months 18 days | ' | '3 years 6 months |
Interest rate (as a percent) | 0.90% | ' | 1.20% |
Dividend yield (as a percent) | 0.00% | ' | 0.00% |
Volatility (as a percent) | 70.00% | ' | 70.00% |
Equity_Details_Textual
Equity (Details Textual) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 |
In Millions, except Share data, unless otherwise specified | Intrexon Corporation [Member] | ||
Class of Stock [Line Items] | ' | ' | ' |
Preferred stock, authorized | 5,000,000 | ' | ' |
Preferred stock, issued | 0 | 0 | ' |
Preferred stock, outstanding | 0 | 0 | ' |
Stock Issued During Period Closing Shares | ' | ' | 1,024,590 |
Stock Issued During Period Closing Price Per Share | ' | ' | $5.03 |
Fair Value Of Common Stock | ' | ' | $5.20 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Assets | ' | ' | ' | ' |
Cash and cash equivalents | $54,001 | $60,033 | $26,186 | $31,346 |
Liabilities | ' | ' | ' | ' |
Warrant liability | 18,266 | 15,216 | ' | ' |
Fair Value Transfer between levels | ' | ' | 0 | ' |
Quoted prices in active markets (Level 1) | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 54,001 | 60,033 | ' | ' |
Liabilities | ' | ' | ' | ' |
Warrant liability | 0 | 0 | ' | ' |
Significant other observable inputs (Level 2) | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | ' |
Liabilities | ' | ' | ' | ' |
Warrant liability | 0 | 0 | ' | ' |
Significant unobservable inputs (Level 3) | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | ' |
Liabilities | ' | ' | ' | ' |
Warrant liability | $18,266 | $15,216 | ' | ' |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 1) (Shares Underlying Warrants Outstanding [Member], USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Shares Underlying Warrants Outstanding [Member] | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' |
Beginning Balance | $15,216 |
Exercise of warrants | 0 |
Change in fair value of warrant liability | 3,050 |
Ending Balance | $18,266 |
Equitybased_Compensation_Detai
Equity-based Compensation (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock-based compensation expense | $303,000 | $173,000 |
Shares Underlying Options Outstanding [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock-based compensation expense | 300,000 | 173,000 |
Time-based stock options | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Total unrecognized compensation cost | 3,100,000 | ' |
Weighted-average period to recognize compensation cost | '4 years 4 months 24 days | ' |
Equity Awards for Nonemployees Issued for Services [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock-based compensation expense | $3,000 | ' |
Equitybased_Compensation_Detai1
Equity-based Compensation (Details 1) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' |
Number of shares outstanding, Beginning Balance | 2,068,720 | ' |
Number of shares, Granted | 205,000 | ' |
Number of shares, Exercised | 0 | ' |
Number of shares, Forfeited | 0 | ' |
Number of shares outstanding, Ending Balance | 2,273,720 | 2,068,720 |
Number of shares, Exercisable | 775,437 | ' |
Weighted-average exercise price, Outstanding, Beginning of Period | $7.93 | ' |
Weighted-average exercise price, Granted | $4.44 | ' |
Weighted-average exercise price, Exercised | $0 | ' |
Weighted-average exercise price, Forfeited | $0 | ' |
Weighted-average exercise price, Outstanding, End of Period | $7.61 | $7.93 |
Weighted-average exercise price, Exercisable | $14.31 | ' |
Weighted-average remaining contractual term (in years), Outstanding | '8 years 6 months | '8 years 4 months 24 days |
Weighted-average remaining contractual term (in years), Exercisable | '7 years 3 months 18 days | ' |
Aggregate intrinsic value, Outstanding, Beginning | $544 | ' |
Aggregate intrinsic value, Outstanding, Ending | 1,949 | 544 |
Aggregate intrinsic value, Exercisable | $182 | ' |
Equitybased_Compensation_Detai2
Equity-based Compensation (Details 2) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' |
Expected life (years) | '6 years 3 months | '5 years |
Interest rate | 2.00% | 0.90% |
Dividend yield | 0.00% | 0.00% |
Volatility | 71.00% | 69.00% |
Equitybased_Compensation_Detai3
Equity-based Compensation (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Options available for grant | 508,280 | ' |
Term of award determination | '10 years | ' |
Fair value of shares vested | $0.20 | ' |
Fair market value of options granted | $2.88 | $2.07 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ' |
Performance-based [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Total unrecognized compensation cost | $0.60 | ' |
Equity Incentive Plan [Member] | Maximum [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of shares of common stock reserved | 2,600,000 | ' |
Additional Common Stock Capital Shares Reserved For Future Issuance | 206,000 | ' |
Collaboration_with_Related_Par1
Collaboration with Related Party (Details Textual) (Intrexon Corporation [Member], USD $) | 3 Months Ended |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 |
Intrexon Corporation [Member] | ' |
Collaboration Agreements [Line Items] | ' |
Stock Issued During Period Closing Shares | 1,024,590 |
Stock Issued During Period Closing Price Per Share | $5.03 |
Fair Value Of Common Stock | $5.20 |