Celldex Therapeutics (CLDX) 10-Q 7 Aug 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Jun. 30, 2014	Jul. 28, 2014
Document and Entity Information	'	'
Entity Registrant Name	'Celldex Therapeutics, Inc.	'
Entity Central Index Key	'0000744218	'
Document Type	'10-Q	'
Document Period End Date	30-Jun-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	89,403,761
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Current Assets:	'	'
Cash and Cash Equivalents	$40,797	$169,402
Marketable Securities	211,572	133,581
Accounts and Other Receivables	525	489
Prepaid and Other Current Assets	2,703	1,717
Total Current Assets	255,597	305,189
Property and Equipment, Net	10,601	9,973
Intangible Assets, Net	22,313	22,820
Other Assets	116	148
Goodwill	8,965	8,965
Total Assets	297,592	347,095
Current Liabilities:	'	'
Accounts Payable	1,187	2,243
Accrued Expenses	17,897	17,179
Current Portion of Long-Term Liabilities	2,118	928
Total Current Liabilities	21,202	20,350
Other Long-Term Liabilities	11,075	6,950
Total Liabilities	32,277	27,300
Commitments and Contingent Liabilities	'	'
Stockholders' Equity:	'	'
Convertible Preferred Stock, $.01 Par Value; 3,000,000 Shares Authorized; No Shares Issued and Outstanding at June 30, 2014 and December 31, 2013	'	'
Common Stock, $.001 Par Value; 297,000,000 Shares Authorized; 89,396,160 and 89,246,832 Shares Issued and Outstanding at June 30, 2014 and December 31, 2013, respectively	89	89
Additional Paid-In Capital	666,334	662,717
Accumulated Other Comprehensive Income	2,748	2,668
Accumulated Deficit	-403,856	-345,679
Total Stockholders' Equity	265,315	319,795
Total Liabilities and Stockholders' Equity	$297,592	$347,095

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Jun. 30, 2014	Dec. 31, 2013
CONDENSED CONSOLIDATED BALANCE SHEETS	'	'
Convertible Preferred Stock, Par Value (in dollars per share)	$0.01	$0.01
Convertible Preferred Stock, Shares Authorized	3,000,000	3,000,000
Convertible Preferred Stock, Shares Issued	0	0
Convertible Preferred Stock, Shares Outstanding	0	0
Common Stock, Par Value (in dollars per share)	$0.00	$0.00
Common Stock, Shares Authorized	297,000,000	297,000,000
Common Stock, Shares Issued	89,396,160	89,246,832
Common Stock, Shares Outstanding	89,396,160	89,246,832

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
REVENUE:	'	'	'	'
Product Development and Licensing Agreements	$200	$47	$235	$77
Contracts and Grants	392	50	773	100
Product Royalties	'	'	'	2,334
Total Revenue	592	97	1,008	2,511
OPERATING EXPENSE:	'	'	'	'
Research and Development	24,100	15,090	51,169	29,180
Royalty	'	'	'	2,334
General and Administrative	4,787	3,411	9,369	6,549
Amortization of Acquired Intangible Assets	254	254	507	507
Total Operating Expense	29,141	18,755	61,045	38,570
Operating Loss	-28,549	-18,658	-60,037	-36,059
Investment and Other Income, Net	275	161	1,860	540
Interest Expense	'	-519	'	-829
Net Loss	-28,274	-19,016	-58,177	-36,348
Basic and Diluted Net Loss Per Common Share (Note 3) (in dollars per share)	($0.32)	($0.24)	($0.65)	($0.47)
Shares Used in Calculating Basic and Diluted Net Loss per Share (Note 3) (in shares)	89,361	80,899	89,316	77,482
COMPREHENSIVE LOSS:	'	'	'	'
Net Loss	-28,274	-19,016	-58,177	-36,348
Other Comprehensive (Loss) Income:	'	'	'	'
Foreign Currency Translation Adjustments	-2	-1	-1	-3
Unrealized (Loss) Gain on Marketable Securities	80	-140	81	-194
Comprehensive Loss	($28,196)	($19,157)	($58,097)	($36,545)

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Cash Flows from Operating Activities:	'	'
Net Loss	($58,177)	($36,348)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:	'	'
Depreciation and Amortization	1,161	943
Amortization of Intangible Assets	507	507
Amortization and Premium of Marketable Securities	-1,436	-1,949
Gain (Loss) on Sales or Disposal of Assets	'	-21
Stock-Based Compensation Expense	2,761	1,384
Non-Cash Interest Expense	'	97
Changes in Operating Assets and Liabilities:	'	'
Accounts and Other Receivables	-36	32
Prepaid and Other Current Assets	-1,825	-424
Other Assets	32	250
Accounts Payable and Accrued Expenses	-1,033	109
Other Liabilities	5,315	162
Net Cash Used in Operating Activities	-52,731	-35,258
Cash Flows from Investing Activities:	'	'
Sales and Maturities of Marketable Securities	50,587	20,582
Purchases of Marketable Securities	-126,222	-88,845
Acquisition of Property and Equipment	-1,094	-917
Proceeds from Sales or Disposal of Assets	'	21
Net Cash Used in Investing Activities	-76,729	-69,159
Cash Flows from Financing Activities:	'	'
Net Proceeds from Stock Issuances	'	114,187
Proceeds from Issuance of Stock from Employee Benefit Plans	856	2,294
Payments of Term Loan	'	-11,029
Payments of Other Liabilities	'	-29
Net Cash Provided by Financing Activities	856	105,423
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-1	-3
Net (Decrease) Increase in Cash and Cash Equivalents	-128,605	1,003
Cash and Cash Equivalents at Beginning of Period	169,402	24,897
Cash and Cash Equivalents at End of Period	$40,797	$25,900

Basis_of_Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2014
Basis of Presentation	'
Basis of Presentation	'
	(1)  Basis of Presentation
	The accompanying unaudited condensed consolidated financial statements have been prepared by Celldex Therapeutics, Inc. (the “Company” or “Celldex”) in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and reflect the operations of the Company and its wholly-owned subsidiary. All intercompany transactions have been eliminated in consolidation.
	These interim financial statements do not include all the information and footnotes required by U.S. GAAP for annual financial statements and should be read in conjunction with the audited financial statements for the year ended December 31, 2013, which are included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 3, 2014.  In the opinion of management, the interim financial statements reflect all normal recurring adjustments necessary to fairly state the Company’s financial position and results of operations for the interim periods presented.  The year-end consolidated balance sheet data presented for comparative purposes was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP.
	The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for any future interim period or the fiscal year ending December 31, 2014.
	At June 30, 2014, the Company had cash, cash equivalents and marketable securities of $252.4 million. The Company incurred a loss of $58.2 million for the six months ended June 30, 2014.  Net cash used in operations for the six months ended June 30, 2014 was $52.7 million. The Company believes that the cash, cash equivalents and marketable securities at June 30, 2014 will be sufficient to meet estimated working capital requirements and fund planned operations for at least the next twelve months.
	During the next twelve months, the Company may take further steps to raise additional capital to meet its long-term liquidity needs.  These capital raising activities may include, but may not be limited to, one or more of the following: the licensing of technology programs with existing or new collaborative partners, possible business combinations, issuance of debt, or the issuance of common stock or other securities via private placements or public offerings. While the Company continues to seek capital through a number of means, there can be no assurance that additional financing will be available on acceptable terms, if at all, and the Company’s negotiating position in capital-raising efforts may worsen as existing resources are used. There is also no assurance that the Company will be able to enter into further collaborative relationships. Additional equity financing may be dilutive to the Company’s stockholders; debt financing, if available, may involve significant cash payment obligations and covenants that restrict the Company’s ability to operate as a business; and licensing or strategic collaborations may result in royalties or other terms which reduce the Company’s economic potential from products under development.

Significant_Accounting_Policie

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2014
Significant Accounting Policies	'
Significant Accounting Policies	'
	(2)  Significant Accounting Policies
	The significant accounting policies used in preparation of these condensed consolidated financial statements for the six months ended June 30, 2014 are consistent with those discussed in Note 2 to the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2013, except for the adoption of new accounting standards during the first six months of 2014 as discussed below.
	Recent Accounting Pronouncements
	From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s financial position or results of operations upon adoption.
	In May 2014, the FASB issued a new U.S. GAAP accounting standard that creates modifications to various other revenue accounting standards for specialized transactions and industries. The new U.S. GAAP accounting standard is intended to conform revenue accounting principles with a concurrently issued new standard under International Financial Reporting Standards, as well as, to enhance disclosures related to disaggregated revenue information. The updated guidance is effective for annual reporting periods beginning on or after December 15, 2016, and interim periods within those annual periods. Early adoption is not permitted. The Company will further study the implications of this standard in order to evaluate the expected impact on the consolidated financial statements.

Net_Loss_Per_Share

Net Loss Per Share	6 Months Ended
	Jun. 30, 2014
Net Loss Per Share	'
Net Loss Per Share	'
	(3)  Net Loss Per Share
	Basic net loss per common share is based upon the weighted-average number of common shares outstanding during the period, excluding restricted stock that has been issued but is not yet vested. Diluted net loss per common share is based upon the weighted-average number of common shares outstanding during the period plus additional weighted-average potentially dilutive common shares outstanding during the period when the effect is dilutive. The potentially dilutive common shares that have not been included in the net loss per common share calculations because the effect would have been anti-dilutive are as follows:
		Six months ended June 30,
		2014	2013
	Stock options	6,961,766	5,005,603
	Restricted stock	12,000	12,000
		6,973,766	5,017,603

Comprehensive_Loss

Comprehensive Loss	6 Months Ended
	Jun. 30, 2014
Comprehensive Loss	'
Comprehensive Loss	'
	(4)  Comprehensive Loss
	The changes in Accumulated Other Comprehensive Income by component for the three and six months ended June 30, 2014 are summarized below. No amounts were reclassified out of accumulated other comprehensive income during the three or six months ended June 30, 2014.
		Unrealized Gain		Foreign			Total
		(Loss) on		Currency Items
		Marketable
		Securities, net of tax
		(In thousands)
	Balance at March 31, 2014	$	83	$	2,587		$	2,670
	Other comprehensive income (loss) before reclassifications	80		(2		)	78
	Amounts reclassified from other comprehensive income	—		—			—
	Net current-period other comprehensive income	80		(2		)	78
	Balance at June 30, 2014	$	163	$	2,585		$	2,748
	Balance at December 31, 2013	$	82	$	2,586		$	2,668
	Other comprehensive income (loss) before reclassifications	81		(1		)	80
	Amounts reclassified from other comprehensive income	—		—			—
	Net current-period other comprehensive income	81		(1		)	80
	Balance at June 30, 2014	$	163	$	2,585		$	2,748

Fair_Value_Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2014
Fair Value Measurements	'
Fair Value Measurements	'
	(5)  Fair Value Measurements
	The following tables set forth the Company’s financial assets subject to fair value measurements:
		As of		Level 1		Level 2		Level 3
		June 30, 2014
		(In thousands)
	Money market funds and cash equivalents	$	30,885	$	—	$	30,885	$	—
	Marketable securities	211,572		—		211,572		—
		$	242,457	$	—	$	242,457	$	—
		As of		Level 1		Level 2		Level 3
		December 31, 2013
		(In thousands)
	Money market funds and cash equivalents	$	148,549	$	—	$	148,549	$	—
	Marketable securities	133,581		—		133,581		—
		$	282,130	$	—	$	282,130	$	—
	There have been no transfers of assets or liabilities between the fair value measurement classifications. The Company’s financial instruments consist mainly of cash and cash equivalents, marketable securities, short-term accounts receivable and accounts payable. The Company values its marketable securities utilizing independent pricing services which normally derive security prices from recently reported trades for identical or similar securities, making adjustments based on significant observable transactions. At each balance sheet date, observable market inputs may include trade information, broker or dealer quotes, bids, offers or a combination of these data sources. Short-term accounts receivable and accounts payable are reflected in the accompanying consolidated financial statements at cost, which approximates fair value due to the short-term nature of these instruments.

Marketable_Securities

Marketable Securities	6 Months Ended
	Jun. 30, 2014
Marketable Securities	'
Marketable Securities	'
	(6)  Marketable Securities
	A summary of marketable securities is shown below:
		Amortized		Gross		Gross			Fair Value
		Cost		Unrealized		Unrealized
				Gains		Losses
		(In thousands)
	June 30, 2014
	Marketable securities
	U.S. government and municipal obligations
	Maturing in one year or less	$	46,138	$	59	$	—		$	46,197
	Maturing after one year through three years	39,447		89		(11		)	39,525
	Total U.S. government and municipal obligations	$	85,585	$	148	$	(11	)	$	85,722
	Corporate debt securities
	Maturing in one year or less	$	96,350	$	39	$	(11	)	$	96,378
	Maturing after one year through three years	29,474		11		(13		)	29,472
	Total corporate debt securities	$	125,824	$	50	$	(24	)	$	125,850
	Total marketable securities	$	211,409	$	198	$	(35	)	$	211,572
	December 31, 2013
	Marketable securities
	U.S. government and municipal obligations
	Maturing in one year or less	$	55,531	$	27	$	(4	)	$	55,554
	Maturing after one year through three years	18,234		56		(4		)	18,286
	Total U.S. government and municipal obligations	$	73,765	$	83	$	(8	)	$	73,840
	Corporate debt securities
	Maturing in one year or less	$	38,973	$	9	$	(9	)	$	38,973
	Maturing after one year through three years	20,761		12		(5		)	20,768
	Total corporate debt securities	$	59,734	$	21	$	(14	)	$	59,741
	Total marketable securities	$	133,499	$	104	$	(22	)	$	133,581
	The marketable securities held by the Company were high investment grade and there were no marketable securities that the Company considered to be other-than-temporarily impaired as of June 30, 2014. Marketable securities include $1.7 million and $0.9 million in accrued interest at June 30, 2014 and December 31, 2013, respectively.

Intangible_Assets_and_Goodwill

Intangible Assets and Goodwill	6 Months Ended
	Jun. 30, 2014
Intangible Assets and Goodwill	'
Intangible Assets and Goodwill	'
	(7)  Intangible Assets and Goodwill
	Intangible assets, net of accumulated amortization, and goodwill are as follows:
			June 30, 2014							December 31, 2013
		Estimated	Cost		Accumulated			Net		Cost		Accumulated			Net
		Life			Amortization							Amortization
		(In thousands)
	Intangible Assets:
	IPR&D	Indefinite	$	11,800	$	—		$	11,800	$	11,800	$	—		$	11,800
	Amgen Amendment	16 years	14,500		(4,260		)	10,240		14,500		(3,812		)	10,688
	Core Technology	11 years	1,296		(1,023		)	273		1,296		(964		)	332
	Total Intangible Assets		$	27,596	$	(5,283	)	$	22,313	$	27,596	$	(4,776	)	$	22,820
	Goodwill	Indefinite	$	8,965	$	—		$	8,965	$	8,965	$	—		$	8,965
	The IPR&D intangible asset was recorded in connection with the acquisition of CuraGen and relates to the development of glembatumumab vedotin. At the date of acquisition and at June 30, 2014, glembatumumab vedotin had not yet reached technological feasibility nor did it have any alternative future use.  Glembatumumab vedotin is in a randomized study for the treatment of triple negative breast cancer designed to obtain accelerated approval.

Other_LongTerm_Liabilities

Other Long-Term Liabilities	6 Months Ended
	Jun. 30, 2014
Other Long-Term Liabilities	'
Other Long-Term Liabilities	'
	(8) Other Long-Term Liabilities
	Other long-term liabilities include the following:
		June 30, 2014			December 31, 2013
		(In thousands)
	Deferred Rent	$	518		$	419
	Net Deferred Tax Liability related to IPR&D	4,661			4,661
	Deferred Income from Sale of Tax Benefits	2,252			1,630
	Deferred Revenue	5,762			1,168
	Total	13,193			7,878
	Less Current Portion	(2,118		)	(928		)
	Long-Term Portion	$	11,075		$	6,950
	In January 2014, 2013, 2012 and 2011, the Company received approval from the New Jersey Economic Development Authority and agreed to sell New Jersey tax benefits worth $1.1 million, $0.8 million, $0.8 million and $0.6 million to an independent third party for $1.0 million, $0.8 million, $0.7 million and $0.5 million, respectively.  Under the agreement, the Company must maintain a base of operations in New Jersey for five years or the tax benefits must be paid back on a pro-rata basis based on the number of years completed.  During the six months ended June 30, 2014 and 2013, the Company recorded $0.4 million and $0.2 million to other income related to the sale of these tax benefits, respectively.
	In September 2013, the Company entered into an agreement with Rockefeller University pursuant to which the Company will perform research and development services for Rockefeller. The agreement includes an approved project plan for the development services of $4.8 million and a term of three years. The agreement included an upfront payment of $1.3 million which is being recognized as revenue over the term of the agreement. The Company will bill Rockefeller quarterly for actual time and direct costs incurred and record those amounts to revenue in the quarter the services are performed. The Company recorded $0.4 million and $0.7 million in revenue related to the Rockefeller agreement during the three and six months ended June 30, 2014.
	In May 2014, the Company entered into a clinical trial collaboration with Bristol-Myers Squibb Company (“BMS”) to evaluate the safety, tolerability and preliminary efficacy of varlilumab and nivolumab, BMS’s PD-1 immune checkpoint inhibitor, in a Phase 1/2 study.  Under the terms of this clinical trial collaboration, BMS made a one-time payment to the Company of $5.0 million and the companies amended the terms of the Company’s existing license agreement with Medarex (a subsidiary of BMS) related to the Company’s CD27 program whereby certain future milestone payments were waived and future royalty rates were reduced that may have been due from the Company to Medarex.  In return, BMS was granted a time-limited right of first negotiation if the Company wishes to out-license varlilumab. The companies also agreed to work exclusively with each other to explore anti-PD-1 antagonist antibody and anti-CD27 agonist antibody combination regimens. The clinical trial collaboration provides that the companies will share development costs and that the Company will be responsible for conducting the Phase 1/2 study, which is expected to begin in the fourth quarter of 2014.
	The Company has determined that its performance obligations under the BMS agreement, which primarily include performing research and development, supplying varlilumab and participating in the joint development committee, should be accounted for as a single unit of accounting and estimated that its performance period under the BMS agreement would be 5 years.  Accordingly, the $5 million up-front payment was initially recorded as deferred revenue and is being recognized as revenue on a straight-line basis over the estimated 5-year performance period using the Contingency Adjusted Performance Model (“CAPM”).  The BMS agreement also provides for BMS to reimburse the Company for 50% of the external costs incurred by the Company in connection with the clinical trial.  These BMS payments will be recognized as revenue under the CAPM.  The Company recorded $0.2 million in revenue related to the BMS agreement during the three months ended June 30, 2014.

Stockholders_Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2014
Stockholders' Equity	'
Stockholders' Equity	'
	(9) Stockholders’ Equity
	During the six months ended June 30, 2013, the Company issued 2,433,608 shares of its common stock under its controlled equity offering sales agreement with Cantor Fitzgerald & Co., as amended, resulting in net proceeds to the Company of $17.1 million, after deducting commission and offering expenses.
	During the six months ended June 30, 2013, the Company issued 13,800,000 shares of its common stock in an underwritten public offering resulting in net proceeds to the Company of $97.0 million, after deducting underwriting fees and offering expenses.

StockBased_Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2014
Stock-Based Compensation	'
Stock-Based Compensation	'
	(10)  Stock-Based Compensation
	A summary of stock option activity for the six months ended June 30, 2014 is as follows:
		Shares		Weighted			Weighted
				Average			Average
				Exercise			Remaining
				Price			Contractual
				Per Share			Term (In Years)
	Options Outstanding at December 31, 2013	5,770,544		$	8.17		7
	Granted	1,333,850		$	13.57
	Exercised	(134,131	)	$	6.05
	Canceled	(8,497	)	$	10.51
	Options Outstanding at June 30, 2014	6,961,766		$	9.24		7.2
	Options Vested and Expected to Vest at June 30, 2014	6,886,817		$	9.19		7.2
	Options Exercisable at June 30, 2014	3,480,200		$	6.18		5.3
	Shares Available for Grant under the 2008 Plan	765,589
	The weighted average grant-date fair value of stock options granted during the six months ended June 30, 2014 was $8.76. Stock-based compensation expense for the three and six months ended June 30, 2014 and 2013 was recorded as follows:
		Three months ended June 30,						Six months ended June 30,
		2014			2013			2014		2013
		(In thousands)
	Research and development	$	747		$	422		$	1,338	$	863
	General and administrative	764			254			1,423		521
	Total stock-based compensation expense	$	1,511		$	676		$	2,761	$	1,384
	The fair values of employee and director stock options granted during the three and six months ended June 30, 2014 and 2013 were valued using the Black-Scholes option-pricing model with the following assumptions:
		Three months ended June 30,				Six months ended June 30,
		2014		2013		2014		2013
	Expected stock price volatility	72	%	72	%	71 - 72	%	72	%
	Expected option term	6.0 years		6.0 years		6.0 years		6.0 years
	Risk-free interest rate	2.2	%	1.2 - 1.8	%	2.2	%	1.2 - 1.8	%
	Expected dividend yield	None		None		None		None

Income_Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2014
Income Taxes	'
Income Taxes	'
	(11)  Income Taxes
	Massachusetts, New Jersey and Connecticut are the three states in which the Company primarily operates or has operated and has income tax nexus. The Company is not currently under examination by any jurisdictions for any tax year.
	The Company has evaluated the positive and negative evidence bearing upon the realizability of its net deferred tax assets, which are comprised principally of net operating loss carryforwards, capitalized R&D expenditures and R&D tax credit carryforwards. The Company has determined that it is more likely than not that it will not recognize the benefits of federal and state deferred tax assets and, as a result, a full valuation allowance was maintained at June 30, 2014 and December 31, 2013 against the Company’s net deferred tax assets.

Significant_Accounting_Policie1

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2014
Significant Accounting Policies	'
Recent Accounting Pronouncements	'
	Recent Accounting Pronouncements
	From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s financial position or results of operations upon adoption.
	In May 2014, the FASB issued a new U.S. GAAP accounting standard that creates modifications to various other revenue accounting standards for specialized transactions and industries. The new U.S. GAAP accounting standard is intended to conform revenue accounting principles with a concurrently issued new standard under International Financial Reporting Standards, as well as, to enhance disclosures related to disaggregated revenue information. The updated guidance is effective for annual reporting periods beginning on or after December 15, 2016, and interim periods within those annual periods. Early adoption is not permitted. The Company will further study the implications of this standard in order to evaluate the expected impact on the consolidated financial statements.

Net_Loss_Per_Share_Tables

Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2014
Net Loss Per Share	'
Schedule of potentially dilutive common shares that have not been included in the net loss per common share calculations because the effect would have been anti-dilutive	'
		Six months ended June 30,
		2014	2013
	Stock options	6,961,766	5,005,603
	Restricted stock	12,000	12,000
		6,973,766	5,017,603

Comprehensive_Loss_Tables

Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2014
Comprehensive Loss	'
Summary of changes in accumulated other comprehensive income by component	'
		Unrealized Gain		Foreign			Total
		(Loss) on		Currency Items
		Marketable
		Securities, net of tax
		(In thousands)
	Balance at March 31, 2014	$	83	$	2,587		$	2,670
	Other comprehensive income (loss) before reclassifications	80		(2		)	78
	Amounts reclassified from other comprehensive income	—		—			—
	Net current-period other comprehensive income	80		(2		)	78
	Balance at June 30, 2014	$	163	$	2,585		$	2,748
	Balance at December 31, 2013	$	82	$	2,586		$	2,668
	Other comprehensive income (loss) before reclassifications	81		(1		)	80
	Amounts reclassified from other comprehensive income	—		—			—
	Net current-period other comprehensive income	81		(1		)	80
	Balance at June 30, 2014	$	163	$	2,585		$	2,748

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2014
Fair Value Measurements	'
Schedule of financial assets subject to fair value measurements	'
		As of		Level 1		Level 2		Level 3
		June 30, 2014
		(In thousands)
	Money market funds and cash equivalents	$	30,885	$	—	$	30,885	$	—
	Marketable securities	211,572		—		211,572		—
		$	242,457	$	—	$	242,457	$	—
		As of		Level 1		Level 2		Level 3
		December 31, 2013
		(In thousands)
	Money market funds and cash equivalents	$	148,549	$	—	$	148,549	$	—
	Marketable securities	133,581		—		133,581		—
		$	282,130	$	—	$	282,130	$	—

Marketable_Securities_Tables

Marketable Securities (Tables)	6 Months Ended
	Jun. 30, 2014
Marketable Securities	'
Summary of marketable securities	'
		Amortized		Gross		Gross			Fair Value
		Cost		Unrealized		Unrealized
				Gains		Losses
		(In thousands)
	June 30, 2014
	Marketable securities
	U.S. government and municipal obligations
	Maturing in one year or less	$	46,138	$	59	$	—		$	46,197
	Maturing after one year through three years	39,447		89		(11		)	39,525
	Total U.S. government and municipal obligations	$	85,585	$	148	$	(11	)	$	85,722
	Corporate debt securities
	Maturing in one year or less	$	96,350	$	39	$	(11	)	$	96,378
	Maturing after one year through three years	29,474		11		(13		)	29,472
	Total corporate debt securities	$	125,824	$	50	$	(24	)	$	125,850
	Total marketable securities	$	211,409	$	198	$	(35	)	$	211,572
	December 31, 2013
	Marketable securities
	U.S. government and municipal obligations
	Maturing in one year or less	$	55,531	$	27	$	(4	)	$	55,554
	Maturing after one year through three years	18,234		56		(4		)	18,286
	Total U.S. government and municipal obligations	$	73,765	$	83	$	(8	)	$	73,840
	Corporate debt securities
	Maturing in one year or less	$	38,973	$	9	$	(9	)	$	38,973
	Maturing after one year through three years	20,761		12		(5		)	20,768
	Total corporate debt securities	$	59,734	$	21	$	(14	)	$	59,741
	Total marketable securities	$	133,499	$	104	$	(22	)	$	133,581

Intangible_Assets_and_Goodwill1

Intangible Assets and Goodwill (Tables)	6 Months Ended
	Jun. 30, 2014
Intangible Assets and Goodwill	'
Schedule of intangible assets, net of accumulated amortization, and goodwill	'
			June 30, 2014							December 31, 2013
		Estimated	Cost		Accumulated			Net		Cost		Accumulated			Net
		Life			Amortization							Amortization
		(In thousands)
	Intangible Assets:
	IPR&D	Indefinite	$	11,800	$	—		$	11,800	$	11,800	$	—		$	11,800
	Amgen Amendment	16 years	14,500		(4,260		)	10,240		14,500		(3,812		)	10,688
	Core Technology	11 years	1,296		(1,023		)	273		1,296		(964		)	332
	Total Intangible Assets		$	27,596	$	(5,283	)	$	22,313	$	27,596	$	(4,776	)	$	22,820
	Goodwill	Indefinite	$	8,965	$	—		$	8,965	$	8,965	$	—		$	8,965

Other_LongTerm_Liabilities_Tab

Other Long-Term Liabilities (Tables)	6 Months Ended
	Jun. 30, 2014
Other Long-Term Liabilities	'
Schedule of Other long-term liabilities	'
		June 30, 2014			December 31, 2013
		(In thousands)
	Deferred Rent	$	518		$	419
	Net Deferred Tax Liability related to IPR&D	4,661			4,661
	Deferred Income from Sale of Tax Benefits	2,252			1,630
	Deferred Revenue	5,762			1,168
	Total	13,193			7,878
	Less Current Portion	(2,118		)	(928		)
	Long-Term Portion	$	11,075		$	6,950

StockBased_Compensation_Tables

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2014
Stock-Based Compensation	'
Summary of stock option activity	'
		Shares		Weighted			Weighted
				Average			Average
				Exercise			Remaining
				Price			Contractual
				Per Share			Term (In Years)
	Options Outstanding at December 31, 2013	5,770,544		$	8.17		7
	Granted	1,333,850		$	13.57
	Exercised	(134,131	)	$	6.05
	Canceled	(8,497	)	$	10.51
	Options Outstanding at June 30, 2014	6,961,766		$	9.24		7.2
	Options Vested and Expected to Vest at June 30, 2014	6,886,817		$	9.19		7.2
	Options Exercisable at June 30, 2014	3,480,200		$	6.18		5.3
	Shares Available for Grant under the 2008 Plan	765,589
Schedule of stock-based compensation expense	'
		Three months ended June 30,						Six months ended June 30,
		2014			2013			2014		2013
		(In thousands)
	Research and development	$	747		$	422		$	1,338	$	863
	General and administrative	764			254			1,423		521
	Total stock-based compensation expense	$	1,511		$	676		$	2,761	$	1,384
Schedule of assumptions used for the fair values of employee stock options granted	'
		Three months ended June 30,				Six months ended June 30,
		2014		2013		2014		2013
	Expected stock price volatility	72	%	72	%	71 - 72	%	72	%
	Expected option term	6.0 years		6.0 years		6.0 years		6.0 years
	Risk-free interest rate	2.2	%	1.2 - 1.8	%	2.2	%	1.2 - 1.8	%
	Expected dividend yield	None		None		None		None

Basis_of_Presentation_Details

Basis of Presentation (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Basis of Presentation	'	'	'	'
Cash, cash equivalents and marketable securities	$252,400,000	'	$252,400,000	'
Net Loss	-28,274,000	-19,016,000	-58,177,000	-36,348,000
Net cash used in operations	'	'	($52,731,000)	($35,258,000)

Net_Loss_Per_Share_Details

Net Loss Per Share (Details)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Anti-dilutive securities	'	'
Potentially dilutive common shares that have not been included in the net loss per common share calculations because the effect would have been anti-dilutive	6,973,766	5,017,603
Employee Consultant and Non Employee Director Stock Option [Member]	'	'
Anti-dilutive securities	'	'
Potentially dilutive common shares that have not been included in the net loss per common share calculations because the effect would have been anti-dilutive	6,961,766	5,005,603
Restricted Stock [Member]	'	'
Anti-dilutive securities	'	'
Potentially dilutive common shares that have not been included in the net loss per common share calculations because the effect would have been anti-dilutive	12,000	12,000

Comprehensive_Loss_Details

Comprehensive Loss (Details) (USD $)	3 Months Ended	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2014
Changes in accumulated other comprehensive income (loss) by component	'	'
Amounts reclassified from other comprehensive income	$0	$0
Balance at the beginning of the period	2,670	2,668
Other comprehensive income (loss) before reclassifications	78	80
Net current-period other comprehensive income	78	80
Balance at the end of the period	2,748	2,748
Accumulated Net Unrealized Investment Gain (Loss) [Member]	'	'
Changes in accumulated other comprehensive income (loss) by component	'	'
Balance at the beginning of the period	83	82
Other comprehensive income (loss) before reclassifications	80	81
Net current-period other comprehensive income	80	81
Balance at the end of the period	163	163
Accumulated Translation Adjustment [Member]	'	'
Changes in accumulated other comprehensive income (loss) by component	'	'
Balance at the beginning of the period	2,587	2,586
Other comprehensive income (loss) before reclassifications	-2	-1
Net current-period other comprehensive income	-2	-1
Balance at the end of the period	$2,585	$2,585

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Fair value measurements	'	'
Assets transferred between the fair value measurement classifications	$0	'
Liabilities transferred between the fair value measurement classifications	0	'
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member]	'	'
Fair value measurements	'	'
Money market funds and cash equivalents	30,885	148,549
Marketable securities	211,572	133,581
Total financial assets at fair value	242,457	282,130
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]	'	'
Fair value measurements	'	'
Money market funds and cash equivalents	30,885	148,549
Marketable securities	211,572	133,581
Total financial assets at fair value	$242,457	$282,130

Marketable_Securities_Details

Marketable Securities (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Amortized Cost	'	'
Amortized cost	$211,409,000	$133,499,000
Gross Unrealized Gains	'	'
Gross Unrealized Gains	198,000	104,000
Gross Unrealized Losses	'	'
Gross Unrealized Losses	-35,000	-22,000
Fair Value	'	'
Fair Value	211,572,000	133,581,000
Marketable securities considered to be other-than-temporarily impaired	0	'
Accrued interest included in marketable securities	1,700,000	900,000
US Government and Municipal Obligations [Member]	'	'
Amortized Cost	'	'
Maturing in one year or less	46,138,000	55,531,000
Maturing after one year through three years	39,447,000	18,234,000
Amortized cost	85,585,000	73,765,000
Gross Unrealized Gains	'	'
Maturing in one year or less	59,000	27,000
Maturing after one year through three years	89,000	56,000
Gross Unrealized Gains	148,000	83,000
Gross Unrealized Losses	'	'
Maturing in one year or less	'	-4,000
Maturing after one year through three years	-11,000	-4,000
Gross Unrealized Losses	-11,000	-8,000
Fair Value	'	'
Maturing in one year or less	46,197,000	55,554,000
Maturing after one year through three years	39,525,000	18,286,000
Fair Value	85,722,000	73,840,000
Corporate Debt Securities [Member]	'	'
Amortized Cost	'	'
Maturing in one year or less	96,350,000	38,973,000
Maturing after one year through three years	29,474,000	20,761,000
Amortized cost	125,824,000	59,734,000
Gross Unrealized Gains	'	'
Maturing in one year or less	39,000	9,000
Maturing after one year through three years	11,000	12,000
Gross Unrealized Gains	50,000	21,000
Gross Unrealized Losses	'	'
Maturing in one year or less	-11,000	-9,000
Maturing after one year through three years	-13,000	-5,000
Gross Unrealized Losses	-24,000	-14,000
Fair Value	'	'
Maturing in one year or less	96,378,000	38,973,000
Maturing after one year through three years	29,472,000	20,768,000
Fair Value	$125,850,000	$59,741,000

Intangible_Assets_and_Goodwill2

Intangible Assets and Goodwill (Details) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Intangible Assets and Goodwill	'	'
Goodwill	$8,965	$8,965
Finite-lived intangible asset	'	'
Accumulated Amortization	-5,283	-4,776
Total Intangible Assets	'	'
Cost of total intangible assets	27,596	27,596
Intangible Assets, Net (Excluding Goodwill)	22,313	22,820
Amgen Amendment [Member]	'	'
Finite-lived intangible asset	'	'
Estimated Life	'16 years	'
Cost	14,500	14,500
Accumulated Amortization	-4,260	-3,812
Net	10,240	10,688
Core Technology [Member]	'	'
Finite-lived intangible asset	'	'
Estimated Life	'11 years	'
Cost	1,296	1,296
Accumulated Amortization	-1,023	-964
Net	273	332
In Process Research and Development [Member]	'	'
Indefinite-lived intangible assets:	'	'
Indefinite-lived intangible assets	$11,800	$11,800

Other_LongTerm_Liabilities_Det

Other Long-Term Liabilities (Details) (USD $)	1 Months Ended				6 Months Ended
	Jan. 31, 2014	Jan. 31, 2013	Jan. 31, 2012	Jan. 31, 2011	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Other Long-Term Liabilities	'	'	'	'	'	'	'
Deferred Rent	'	'	'	'	$518,000	'	$419,000
Net Deferred Tax Liability related to IPR&D	'	'	'	'	4,661,000	'	4,661,000
Deferred Income from Sale of Tax Benefits	'	'	'	'	2,252,000	'	1,630,000
Deferred Revenue	'	'	'	'	5,762,000	'	1,168,000
Total	'	'	'	'	13,193,000	'	7,878,000
Less Current Portion	'	'	'	'	-2,118,000	'	-928,000
Long-Term Portion	'	'	'	'	11,075,000	'	6,950,000
Amount at which New Jersey tax benefit agreed to be sold	1,100,000	800,000	800,000	600,000	'	'	'
Amount of sale of New Jersey tax benefit	1,000,000	800,000	700,000	500,000	'	'	'
Period for which base of operations must be maintained	'	'	'	'	'5 years	'	'
Other income related to sale of tax benefits	'	'	'	'	$400,000	$200,000	'

Other_LongTerm_Liabilities_Det1

Other Long-Term Liabilities (Details 2) (USD $)	3 Months Ended		6 Months Ended		1 Months Ended	3 Months Ended	6 Months Ended	1 Months Ended	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Sep. 30, 2013	Jun. 30, 2014	Jun. 30, 2014	31-May-14	Jun. 30, 2014
					Product Development and Licensing Agreement [Member]	Product Development and Licensing Agreement [Member]	Product Development and Licensing Agreement [Member]	Collaborative Arrangement [Member]	Collaborative Arrangement [Member]
REVENUE	'	'	'	'	'	'	'	'	'
Approved project plan for the development services	'	'	'	'	$4,800,000	'	'	'	'
Term of the agreement	'	'	'	'	'3 years	'	'	'5 years	'
Upfront payment recognized as revenue over the term of the agreement	'	'	'	'	1,300,000	'	'	5,000,000	'
Contracts and Grants	$392,000	$50,000	$773,000	$100,000	'	$400,000	$700,000	'	$200,000
Reimbursement of external costs incurred by the company (as a percent)	'	'	'	'	'	'	'	50.00%	'

Stockholders_Equity_Details

Stockholders' Equity (Details) (USD $)	6 Months Ended
	Jun. 30, 2013
Stockholders' Equity	'
Common stock issued (in shares)	13,800,000
Net proceeds from sale of common stock	$114,187,000
Net proceeds from sale of stock in an underwritten public offering	97,000,000
Controlled Equity Offering Program Amended [Member]	'
Stockholders' Equity	'
Common stock issued (in shares)	2,433,608
Net proceeds from sale of common stock	$17,100,000

StockBased_Compensation_Detail

Stock-Based Compensation (Details) (Employee Consultant and Non Employee Director Stock Option [Member], USD $)	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Employee Consultant and Non Employee Director Stock Option [Member]	'	'
Shares	'	'
Options Outstanding at beginning of the period (in shares)	5,770,544	'
Granted (in shares)	1,333,850	'
Exercised (in shares)	-134,131	'
Canceled (in shares)	-8,497	'
Options Outstanding at the end of the period (in shares)	6,961,766	5,770,544
Options Vested and Expected to Vest at the end of the period (in shares)	6,886,817	'
Options Exercisable at the end of the period (in shares)	3,480,200	'
Shares Available for Grant under the 2008 Plan (in shares)	765,589	'
Weighted Average Exercise Price Per Share	'	'
Options Outstanding at beginning of the period (in dollars per share)	$8.17	'
Granted (in dollars per share)	$13.57	'
Exercised (in dollars per share)	$6.05	'
Canceled (in dollars per share)	$10.51	'
Options Outstanding at the end of the period (in dollars per share)	$9.24	$8.17
Options Vested and Expected to Vest at the end of the period (in dollars per share)	$9.19	'
Options Exercisable at the end of the period (in dollars per share)	$6.18	'
Weighted Average Remaining Contractual Term	'	'
Options Outstanding at beginning of the period	'7 years 2 months 12 days	'7 years
Options Outstanding at the end of the period	'7 years 2 months 12 days	'7 years
Options Vested and Expected to Vest at the end of the period	'7 years 2 months 12 days	'
Options Exercisable at the end of the period	'5 years 3 months 18 days	'
Additional information	'	'
Weighted average grant-date fair value (in dollars per share)	$8.76	'

StockBased_Compensation_Detail1

Stock-Based Compensation (Details 2) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Valuation and Expenses Information	'	'	'	'
Total stock-based compensation expense (in dollars)	$1,511	$676	$2,761	$1,384
Employee Consultant and Non Employee Director Stock Option [Member]	'	'	'	'
Assumptions used for fair values of employee and director stock options granted	'	'	'	'
Expected stock price volatility (as a percent)	72.00%	72.00%	'	72.00%
Expected option term	'6 years	'6 years	'6 years	'6 years
Risk-free interest rate (as a percent)	2.20%	'	2.20%	'
Expected dividend yield (as a percent)	0.00%	0.00%	0.00%	0.00%
Expected stock price volatility, minimum (as a percent)	'	'	71.00%	'
Expected stock price volatility, maximum (as a percent)	'	'	72.00%	'
Risk-free interest rate, minimum (as a percent)	'	1.20%	'	1.20%
Risk-free interest rate, maximum (as a percent)	'	1.80%	'	1.80%
Research and Development Expense [Member]	'	'	'	'
Valuation and Expenses Information	'	'	'	'
Total stock-based compensation expense (in dollars)	747	422	1,338	863
General and Administrative Expense [Member]	'	'	'	'
Valuation and Expenses Information	'	'	'	'
Total stock-based compensation expense (in dollars)	$764	$254	$1,423	$521

Income_Taxes_Details

Income Taxes (Details)	Jun. 30, 2014
	item
Net operating loss and tax credit carryforwards	'
Number of states in which the entity primarily operates or has operated and has income tax nexus	3