Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 30, 2020 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Entity Registrant Name | Celldex Therapeutics, Inc. | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 18,938,085 | |
Entity Central Index Key | 0000744218 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current Assets: | ||
Cash and Cash Equivalents | $ 22,724 | $ 11,232 |
Marketable Securities | 30,998 | 53,151 |
Accounts and Other Receivables | 1,108 | 1,015 |
Prepaid and Other Current Assets | 1,088 | 1,300 |
Total Current Assets | 55,918 | 66,698 |
Property and Equipment, Net | 4,116 | 4,031 |
Operating Lease Right-of-Use Assets, Net | 3,739 | 3,473 |
Intangible Assets, Net | 48,690 | 48,690 |
Other Assets | 41 | 41 |
Total Assets | 112,504 | 122,933 |
Current Liabilities: | ||
Accounts Payable | 1,609 | 1,174 |
Accrued Expenses | 5,648 | 6,499 |
Current Portion of Operating Lease Liabilities | 1,682 | 1,944 |
Current Portion of Long-Term Liabilities | 1,993 | 2,026 |
Total Current Liabilities | 10,932 | 11,643 |
Long-Term Portion of Operating Lease Liabilities | 2,106 | 1,713 |
Other Long-Term Liabilities | 15,763 | 15,551 |
Total Liabilities | 28,801 | 28,907 |
Commitments and Contingent Liabilities (Note 14) | ||
Stockholders' Equity: | ||
Convertible Preferred Stock, $.01 Par Value; 3,000,000 Shares Authorized; No Shares Issued and Outstanding at March 31, 2020 and December 31, 2019, Respectively | ||
Common Stock, $.001 Par Value; 297,000,000 Shares Authorized; 17,730,802 and 16,972,077 Shares Issued and Outstanding at March 31, 2020 and December 31, 2019, Respectively | 18 | 17 |
Additional Paid-In Capital | 1,107,029 | 1,104,706 |
Accumulated Other Comprehensive Income | 2,597 | 2,619 |
Accumulated Deficit | (1,025,941) | (1,013,316) |
Total Stockholders' Equity | 83,703 | 94,026 |
Total Liabilities and Stockholders' Equity | $ 112,504 | $ 122,933 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
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) | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 297,000,000 | 297,000,000 |
Common Stock, Shares Issued | 17,730,802 | 16,972,077 |
Common Stock, Shares Outstanding | 17,730,802 | 16,972,077 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
REVENUES: | ||
Total Revenues | $ 2,728 | $ 1,425 |
OPERATING EXPENSES: | ||
Research and Development | 11,695 | 11,151 |
General and Administrative | 3,666 | 4,896 |
Other Asset Impairment | 1,800 | |
Gain on Fair Value Remeasurement of Contingent Consideration | 234 | 1,519 |
Total Operating Expenses | 15,595 | 19,366 |
Operating Loss | (12,867) | (17,941) |
Investment and Other Income, Net | 242 | 702 |
Net Loss | $ (12,625) | $ (17,239) |
Basic and Diluted Net Loss Per Common Share | $ (0.73) | $ (1.40) |
Shares Used in Calculating Basic and Diluted Net Loss per Share | 17,406 | 12,297 |
COMPREHENSIVE LOSS: | ||
Net Loss | $ (12,625) | $ (17,239) |
Other Comprehensive Income (Loss): | ||
Unrealized Gain on Marketable Securities | (22) | 19 |
Comprehensive Loss | (12,647) | (17,220) |
Product Development and Licensing Agreements | ||
REVENUES: | ||
Total Revenues | 2,286 | 129 |
Contracts and Grants | ||
REVENUES: | ||
Total Revenues | $ 442 | $ 1,296 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash Flows From Operating Activities: | ||
Net Loss | $ (12,625) | $ (17,239) |
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities: | ||
Depreciation and Amortization | 1,165 | 1,352 |
Amortization and Premium of Marketable Securities, Net | (63) | (345) |
Loss on Sale or Disposal of Assets | 25 | |
Other Asset Impairment | 1,800 | |
Gain on Fair Value Remeasurement of Contingent Consideration | 234 | 1,519 |
Stock-Based Compensation Expense | 687 | 1,693 |
Changes in Operating Assets and Liabilities: | ||
Accounts and Other Receivables | (93) | 855 |
Prepaid and Other Current Assets | 206 | 299 |
Accounts Payable and Accrued Expenses | (853) | (1,455) |
Other Liabilities | (768) | (1,737) |
Net Cash Used in Operating Activities | (12,110) | (13,233) |
Cash Flows From Investing Activities: | ||
Sales and Maturities of Marketable Securities | 22,200 | 37,886 |
Purchases of Marketable Securities | (21,404) | |
Acquisition of Property and Equipment | (235) | (186) |
Net Cash Provided by Investing Activities | 21,965 | 16,296 |
Cash Flows From Financing Activities: | ||
Net Proceeds from Stock Issuances | 1,613 | 4,151 |
Proceeds from Issuance of Stock from Employee Benefit Plans | 24 | 9 |
Net Cash Provided by Financing Activities | 1,637 | 4,160 |
Net Decrease in Cash and Cash Equivalents | 11,492 | 7,223 |
Cash and Cash Equivalents at Beginning of Period | 11,232 | 11,232 |
Cash and Cash Equivalents at End of Period | 22,724 | 31,533 |
Non-cash Investing Activities | ||
Accrued construction in progress | $ 462 | $ 65 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
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 balances and 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, 2019, which are included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 26, 2020. 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 condensed 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, 2020. Under U.S. GAAP, the Company has the responsibility to evaluate whether conditions and/or events raise substantial doubt about its ability to meet its future financial obligations as they become due within one year after the date that the financial statements are issued. This evaluation shall initially not take into consideration the potential mitigating effects of plans that have not been fully implemented as of the date the financial statements are issued. The Company's financial statements have been prepared on the basis of continuity of operations, realization of assets and the satisfaction of liabilities in the ordinary course of business. At March 31, 2020, the Company had cash, cash equivalents and marketable securities of $53.7 million. The Company has had recurring losses and incurred a loss of $12.6 million for the three months ended March 31, 2020. Net cash used in operations for the three months ended March 31, 2020 was $12.1 million. As of May 6, 2020, the date of issuance of the consolidated financial statements, the Company expects that its cash, cash equivalents and marketable securities of $53.7 million as of March 31, 2020 will be sufficient to fund its operating expenses and capital expenditure requirements into the second quarter of 2021. The future viability of the Company beyond that point is dependent on the Company’s ability to raise additional capital to finance its operations. The Company has generated no product revenue to date and cannot predict when and if it will generate product revenue. The Company has had recurring losses and anticipate operating losses to continue for the foreseeable future due to, among other things, costs related to research, development of product candidates, conducting preclinical studies and clinical trials, facilities and general and administrative expenses. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date that the financial statements are issued. During the next twelve months and beyond, the Company will take further steps to raise additional capital to meet its liquidity needs including, but may not be limited to, one or more of the following: the licensing of drug candidates 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. Although the Company has been successful in raising capital in the past, 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 financings 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. The Company’s ability to continue funding its planned operations into and beyond twelve months from the issuance date is also dependent on the timing and manner of payment of contingent milestones from the Kolltan acquisition, in the event that the Company achieves the drug candidate milestones related to those payments. The Company, at its option, may decide to pay those milestone payments in cash, shares of its common stock or a combination thereof. If the Company is unable to raise the funds necessary to meet its liquidity needs, it may have to delay or discontinue the development of one or more programs, discontinue or delay ongoing or anticipated clinical trials, license out programs earlier than expected, raise funds at a significant discount or on other unfavorable terms, if at all, or sell all or a part of the Company. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. In December 2019, a novel strain of coronavirus, now referred to as COVID-19, surfaced in Wuhan, China. The virus continues to spread globally, has been declared a pandemic by the World Health Organization and has spread to over 200 countries, including the United States. The impact of this pandemic has been and will likely continue to be extensive in many aspects of society, which has resulted in and will likely continue to result in significant disruptions to the global economy, as well as businesses and capital markets around the world. COVID-19 has had a more severe impact in New Jersey, Massachusetts and Connecticut, where the Company has office, research and manufacturing facilities, than in other parts of the United States. In an effort to halt the outbreak of COVID-19, various states, including New Jersey, Massachusetts and Connecticut, have placed significant restrictions on travel and many businesses have announced extended closures which could adversely impact our operations. To date, the Company has not experienced significant delays or disruptions in planned and ongoing preclinical and clinical trials, manufacturing or shipping. Potential impacts to our business include delays in planned and ongoing preclinical and clinical trials including enrollment of patients, disruptions in time and resources provided by independent clinical investigators, contract research organizations, other third-party service providers, temporary closures of our facilities, disruptions or restrictions on our employees' ability to travel, and delays in manufacturing and/or shipments to and from third party suppliers and contract manufacturers for APIs and drug product. Any prolonged negative impacts to our business could materially impact our operating results and could lead to impairments of our Intangible (IPR&D) assets which amounted to $48.7 million at March 31, 2020. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Significant Accounting Policies | |
Significant Accounting Policies | (2) Significant Accounting Policies The significant accounting policies used in preparation of these condensed consolidated financial statements on Form 10-Q for the three months ended March 31, 2020 are consistent with those discussed in Note 2 to the financial statements in our Annual Report on Form 10-K for the year ended December 31, 2019, except as it relates to the adoption of new accounting standards during the first three months of 2020 as discussed below. Newly Adopted Accounting Pronouncements On January 1, 2020, the Company adopted a new accounting standard that modifies certain disclosure requirements for fair value measurements. For instance, the Company is required to disclose weighted average information for significant unobservable inputs for all Level 3 fair value measurements. The adoption of this new guidance did not have a material impact on the Company's consolidated financial statements and related disclosures. Refer to Note 3 for the disclosures related to the Company's level 3 fair value measurements. On January 1, 2020, the Company adopted a new accounting standard that clarifies the interaction between the accounting guidance for collaborative arrangements and revenue from contracts with customers. The amendments clarify that certain transactions between collaborative arrangement participants should be accounted for as revenue under ASC 606, when the collaborative arrangement participant is a customer in the context of a unit of account. The adoption of this standard did not have a material impact on our consolidated financial statements, as we have no arrangements within the scope of ASC 808. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the 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 consolidated financial statements upon adoption. In June 2016, the FASB issued guidance on the Measurement of Credit Losses on Financial Instruments. The guidance requires that credit losses be reported using an expected losses model rather than the incurred losses model that is currently used, and establishes additional disclosures related to credit risks. For available-for-sale debt securities with unrealized losses, the standard now requires allowances to be recorded instead of reducing the amortized cost of the investment. This standard will be effective for the Company on January 1, 2023. We are currently evaluating the potential impact that this standard may have on the Company’s consolidated financial statements and related disclosures. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Measurements | |
Fair Value Measurements | (3) Fair Value Measurements The following tables set forth the Company’s financial assets and liabilities subject to fair value measurements: As of March 31, 2020 Level 1 Level 2 Level 3 (In thousands) Assets: Money market funds and cash equivalents $ 15,396 — $ 15,396 — Marketable securities 30,998 — 30,998 — $ 46,394 — $ 46,394 — Liabilities: Kolltan acquisition contingent consideration $ 12,719 — — $ 12,719 $ 12,719 — — $ 12,719 As of December 31, 2019 Level 1 Level 2 Level 3 (In thousands) Assets: Money market funds and cash equivalents $ 4,024 — $ 4,024 — Marketable securities 53,151 — 53,151 — $ 57,175 — $ 57,175 — Liabilities: Kolltan acquisition contingent consideration $ 12,485 — — $ 12,485 $ 12,485 — — $ 12,485 The Company’s financial assets consist mainly of money market funds, cash equivalents and marketable securities and are classified as Level 2 within the valuation hierarchy. 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. The following table reflects the activity for the Company’s contingent consideration liabilities measured at fair value using Level 3 inputs for the three months ended March 31, 2020 (in thousands): Other Liabilities: Contingent Consideration Balance at December 31, 2019 $ 12,485 Fair value adjustments included in operating expenses 234 Balance at March 31, 2020 $ 12,719 The valuation technique used to measure fair value of the Company’s Level 3 liabilities, which consist of contingent consideration related to the acquisition of Kolltan in 2016, was primarily an income approach. The significant unobservable inputs used in the fair value measurement of the contingent consideration are estimates including probability of success, discount rates and amount of time until the conditions of the milestone payments are met. As of March 31, 2020, the weighted average discount rate used in calculating the fair value of contingent consideration was 16.5% (with a range of 16.3% to 18.9%) and the weighted average amount of time until the conditions of the milestone payments are met was 3 years. During the three months ended March 31, 2020, the Company recorded a $0.2 million loss on fair value remeasurement of contingent consideration, respectively, primarily due to the passage of time. During the three months ended March 31, 2019, the Company recorded a $1.5 million loss on fair value remeasurement of contingent consideration, primarily due to changes in discount rates and the passage of time. The assumptions related to determining the fair value of contingent consideration include a significant amount of judgment, and any changes in the underlying estimates could have a material impact on the amount of contingent consideration adjustment recorded in any given period. The Company did not have any transfers in or out of Level 3 assets or liabilities during the three months ended March 31, 2020. |
Marketable Securities
Marketable Securities | 3 Months Ended |
Mar. 31, 2020 | |
Marketable Securities | |
Marketable Securities | (4) Marketable Securities The following is a summary of marketable debt securities, classified as available-for-sale: Gross Unrealized Amortized Fair Cost Gains Losses Value (In thousands) March 31, 2020 U.S. government and municipal obligations (maturing in one year or less) $ 10,538 $ 16 $ — $ 10,554 Corporate debt securities (maturing in one year or less) 20,459 — (15) 20,444 Total Marketable Securities $ 30,997 $ 16 $ (15) $ 30,998 December 31,2019 U.S. government and municipal obligations (maturing in one year or less) $ 18,509 $ 13 $ — $ 18,522 Corporate debt securities (maturing in one year or less) 34,619 13 (3) 34,629 Total Marketable Securities $ 53,128 $ 26 $ (3) $ 53,151 The Company holds investment-grade marketable securities, and none were in a continuous unrealized loss position for more than twelve months as of March 31, 2020 and December 31, 2019. The unrealized losses are attributable to changes in interest rates and the Company does not believe any unrealized losses represent other-than-temporary impairments. Marketable securities include $0.2 million in accrued interest at March 31, 2020 and December 31, 2019. |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2020 | |
Intangible Assets | |
Intangible Assets | (5) Intangible Assets At March 31, 2020 and 2019, the Company recorded indefinite-lived intangible assets of $48.7 million. Indefinite-lived intangible assets consist of acquired in-process research and development (“IPR&D”) related to the development of CDX-3379, the anti-KIT program (including CDX-0159) and the TAM program. CDX-3379 is in Phase 2 development, CDX-0159 is in Phase 1 development, and the TAM program is in preclinical development. As of March 31, 2020, none of the Company’s IPR&D assets had reached technological feasibility nor did any have alternative future uses. The Company performs an impairment test on IPR&D assets at least annually, or more frequently if events or changes in circumstances indicate that IPR&D assets may be impaired. Due to the nature of IPR&D projects, the Company may experience future delays or failures to obtain regulatory approvals to conduct clinical trials, failures of such clinical trials or other failures to achieve a commercially viable product, and as a result, may recognize further impairment losses in the future. |
Other Assets
Other Assets | 3 Months Ended |
Mar. 31, 2020 | |
Other Assets | |
Other Assets | (6) Other Assets In 2016, the Company entered into a research and collaboration agreement with an undisclosed private company to access novel technologies and paid $3.5 million to support research activities and make an investment in the private company. The Company recorded $1.8 million to other assets related to this investment and $1.7 million was recorded to research and development expense over the term of the research activities. The stock of the private company does not have a readily determinable fair value, and therefore it is measured at cost less impairment, if any. Based on information received in April 2019, it was determined that there was a deterioration of the private company’s financial condition due to a working capital deficiency and an inability to secure additional funding as of March 31, 2019. Therefore, the Company concluded that the investment was impaired, and a non-cash impairment charge of $1.8 million was recorded during the first quarter of 2019. |
Other Long-Term Liabilities
Other Long-Term Liabilities | 3 Months Ended |
Mar. 31, 2020 | |
Other Long-Term Liabilities | |
Other Long-Term Liabilities | (7) Other Long-Term Liabilities Other long-term liabilities include the following: March 31, 2020 December 31, 2019 (In thousands) Net Deferred Tax Liabilities Related to IPR&D (Note 12) $ 3,007 $ 3,007 Deferred Income From Sale of Tax Benefits 1,831 1,831 Contingent Milestones (Note 3) 12,719 12,485 Deferred Revenue (Note 11) 199 254 Total 17,756 17,577 Less Current Portion (1,993) (2,026) Long-Term Portion $ 15,763 $ 15,551 In November 2015, the Company received approval from the New Jersey Economic Development Authority and agreed to sell New Jersey tax benefits of $9.8 million to an independent third party for $9.2 million. 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. The Company recognized $0.0 million and $0.2 million in other income related to the sale of these tax benefits during the three months ended March 31, 2020 and 2019, respectively. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2020 | |
Stockholders' Equity | |
Stockholders' Equity | (8) Stockholders’ Equity In May 2016, the Company entered into a controlled equity offering sales agreement agreement (the “Cantor Agreement”) with Cantor Fitzgerald & Co. (“Cantor”) to allow the Company to issue and sell shares of its common stock from time to time through Cantor, acting as agent. In March 2020, the Company filed a prospectus supplement for the amount of shares that the Company is eligible to sell pursuant to the Cantor Agreement. Under the March 2020 prospectus supplement, the Company may offer and sell shares of common stock having an aggregate offering price of up to $18,000,000. During the three months ended March 31, 2020, the Company issued 0.7 million shares of common stock pursuant to the Cantor Agreement resulting in net proceeds of $1.6 million after deducting commission and offering expenses. At March 31, 2020, the Company had $17.9 million remaining in aggregate gross offering price available under the March 2020 prospectus supplement. In April 2020, the Company issued 1.2 million shares of its common stock resulting in net proceeds to the Company of $2.9 million. The changes in Stockholders’ Equity during the three months ended March 31, 2020 and 2019 are summarized below: Accumulated Common Common Additional Other Total Stock Stock Par Paid-In Comprehensive Accumulated Stockholders’ Shares Value Capital Income Deficit Equity (In thousands, except share amounts) Consolidated Balance at December 31, 2019 16,972,077 17 1,104,706 2,619 (1,013,316) 94,026 Shares Issued under Stock Option and Employee Stock Purchase Plans 12,573 — 24 — — 24 Shares Issued in Connection with Cantor Agreement 746,152 1 1,613 — — 1,614 Share-Based Compensation — — 686 — — 686 Unrealized Loss on Marketable Securities — — — (22) — (22) Net Loss — — — — (12,625) (12,625) Consolidated Balance at March 31, 2020 17,730,802 $ 18 $ 1,107,029 $ 2,597 $ (1,025,941) $ 83,703 Accumulated Common Common Additional Other Total Stock Stock Par Paid-In Comprehensive Accumulated Stockholders’ Shares Value Capital Income Deficit Equity (In thousands, except share amounts) Consolidated Balance at December 31, 2018 11,957,635 12 1,083,903 2,583 (962,438) 124,060 Shares Issued under Stock Option and Employee Stock Purchase Plans 3,507 — 9 — — 9 Shares Issued in Connection with Cantor Agreement 883,569 1 4,150 — — 4,151 Share-Based Compensation — — 1,693 — — 1,693 Unrealized Loss on Marketable Securities — — — 19 — 19 Net Loss — — — — (17,239) (17,239) Consolidated Balance at March 31, 2019 12,844,711 $ 13 $ 1,089,755 $ 2,602 $ (979,677) $ 112,693 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2020 | |
Stock-Based Compensation | |
Stock-Based Compensation | (9) Stock-Based Compensation A summary of stock option activity for the three months ended March 31, 2020 is as follows: Weighted Weighted Average Average Exercise Remaining Price Contractual Shares Per Share Term (In Years) Options Outstanding at December 31, 2019 1,699,202 $ 44.87 8.0 Granted 2,750 $ 1.66 Exercised — — Canceled (43,811) $ 50.59 Options Outstanding at March 31, 2020 1,658,141 $ 44.65 7.8 Options Vested and Expected to Vest at March 31, 2020 1,585,639 $ 46.50 7.8 Options Exercisable at March 31, 2020 576,042 $ 118.98 5.6 Shares Available for Grant Under the 2008 Plan 465,324 The weighted average grant-date fair value of stock options granted during the three month period ended March 31, 2020 was $1.23. Stock-based compensation expense for the three months ended March 31, 2020 and 2019 was recorded as follows: Three months ended March 31, 2020 2019 (In thousands) Research and development $ 310 $ 756 General and administrative 377 937 Total stock-based compensation expense $ 687 $ 1,693 The fair values of employee and director stock options granted during the three months ended March 31, 2020 and 2019 were valued using the Black-Scholes option pricing model with the following assumptions: Three months ended March 31, 2020 2019 Expected stock price volatility 91 % 91 % Expected option term 6.0 Years Years Risk-free interest rate 0.6 % 2.5 % Expected dividend yield None None |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2020 | |
Accumulated Other Comprehensive Income | |
Accumulated Other Comprehensive Income | (10) Accumulated Other Comprehensive Income The changes in accumulated other comprehensive income, which is reported as a component of stockholders’ equity, for the three months ended March 31, 2020 are summarized below: Unrealized Gain/(Loss) on Marketable Foreign Securities Currency Items Total (In thousands) Balance at December 31, 2019 $ 23 $ 2,596 $ 2,619 Other comprehensive loss (22) — (22) Balance at March 31, 2020 $ 1 $ 2,596 $ 2,597 No amounts were reclassified out of accumulated other comprehensive income during the three months ended March 31, 2020. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2020 | |
Revenue | |
Revenue | (11) Revenue Product Development and Licensing Revenue The Company entered into an agreement with Rockefeller University in September 2013, as amended, (the “Rockefeller Agreement”) pursuant to which the Company performs manufacturing and development services for Rockefeller University for their portfolio of antibodies against HIV. This portfolio was licensed to Gilead Sciences in January 2020 from Rockefeller University (“Rockefeller Transaction”). Pursuant to the Rockefeller Agreement, the Company received an upfront payment of $1.8 million as a result of the Rockefeller Transaction which was recorded to revenue during the three months ended March 31, 2020. The Company is eligible to receive additional payments from Rockefeller University if this portfolio progresses through clinical and commercial development. Contract and Grants Revenue The Company has entered into the Rockefeller Agreement and an agreement with Duke University pursuant to which the Company performs manufacturing and research and development services on a time-and-materials basis. The Company recognized $0.4 million and $1.2 million in revenue for labor hours and direct costs incurred under these agreements during the three months ended March 31, 2020 and 2019, respectively. Contract Assets and Liabilities At December 31, 2019 and March 31, 2020, the Company’s right to consideration under all contracts was considered unconditional, and as such, there were no recorded contract assets. At December 31, 2019 and March 31, 2020, the Company had $0.3 million and $0.2 million in contract liabilities recorded, respectively. Revenue recognized from contract liabilities as of December 31, 2019 during the three months ended March 31, 2020 was $0.1 million. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Income Taxes | |
Income Taxes | (12) Income Taxes The Company has evaluated the positive and negative evidence bearing upon the realizability of its net deferred tax assets and considered its history of losses, ultimately concluding that it is “more likely than not” that the Company will not recognize the benefits of federal, state and foreign deferred tax assets and, as such, has maintained a full valuation allowance on its deferred tax assets as of March 31, 2020 and December 31, 2019. The net deferred tax liability of $3.0 million at March 31, 2020 and December 31, 2019 relates to the temporary differences associated with the IPR&D intangible assets acquired in previous business combinations and is not deductible for tax purposes. Massachusetts, New Jersey, New York and Connecticut are the jurisdictions in which the Company primarily operates or has operated and has income tax nexus. The Company is not currently under examination by these or any other jurisdictions for any tax year. |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Net Loss Per Share | |
Net Loss Per Share | (13) 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. In periods in which the Company reports a net loss, there is no difference between basic and diluted net loss per share because dilutive shares of common stock are not assumed to have been issued as their effect is anti-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: Three Months Ended March 31, 2020 2019 Stock Options 1,658,141 836,104 Restricted Stock 1,110 3,552 1,659,251 839,656 |
Kolltan Acquisition
Kolltan Acquisition | 3 Months Ended |
Mar. 31, 2020 | |
Kolltan Acquisition | |
Kolltan Acquisition | (14) Kolltan Acquisition On November 29, 2016, the Company acquired all of the share and debt interests of Kolltan Pharmaceuticals, Inc. (“Kolltan”), a clinical-stage biopharmaceutical company, in exchange for 1,217,200 shares of the Company’s common stock plus contingent consideration in the form of development, regulatory approval and sales-based milestones (“Kolltan Milestones”) of up to $172.5 million. The Kolltan Milestone payments, if any, may be made, at Celldex’s sole election, in cash, in shares of Celldex’s common stock or a combination of both, subject to provisions of the Merger Agreement. Certain Kolltan Milestones have been abandoned consistent with the provisions of the Merger Agreement and, because of this, as of March 31, 2020, the Company believes that the adjusted amount we may be required to pay for future consideration is up to $127.5 million contingent upon the achievement of the Kolltan Milestones. In October 2019, the Company received a letter from the representative of Kolltan’s former stockholders notifying the Company that it objected to the Company’s abandonment of certain Kolltan Milestones relating to development, regulatory approval and sales-based milestones. The Company disagrees with their objection and believes their objection to be without merit. The Company is discussing with the representative of Kolltan’s former stockholders potential amendments to the Merger Agreement with respect to the Kolltan Milestones. There can be no assurances that an amendment to the Merger Agreement will be completed on terms acceptable to the Company or at all. At this time, the Company is unable to reasonably assess the ultimate outcome of the Company’s disagreement with the representative of Kolltan’s former stockholders over its objection to the Company’s abandonment of certain Kolltan Milestones or determine an estimate of potential losses, if any. |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Significant Accounting Policies | |
Newly-Adopted Accounting Pronouncements | Newly Adopted Accounting Pronouncements On January 1, 2020, the Company adopted a new accounting standard that modifies certain disclosure requirements for fair value measurements. For instance, the Company is required to disclose weighted average information for significant unobservable inputs for all Level 3 fair value measurements. The adoption of this new guidance did not have a material impact on the Company's consolidated financial statements and related disclosures. Refer to Note 3 for the disclosures related to the Company's level 3 fair value measurements. On January 1, 2020, the Company adopted a new accounting standard that clarifies the interaction between the accounting guidance for collaborative arrangements and revenue from contracts with customers. The amendments clarify that certain transactions between collaborative arrangement participants should be accounted for as revenue under ASC 606, when the collaborative arrangement participant is a customer in the context of a unit of account. The adoption of this standard did not have a material impact on our consolidated financial statements, as we have no arrangements within the scope of ASC 808. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the 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 consolidated financial statements upon adoption. In June 2016, the FASB issued guidance on the Measurement of Credit Losses on Financial Instruments. The guidance requires that credit losses be reported using an expected losses model rather than the incurred losses model that is currently used, and establishes additional disclosures related to credit risks. For available-for-sale debt securities with unrealized losses, the standard now requires allowances to be recorded instead of reducing the amortized cost of the investment. This standard will be effective for the Company on January 1, 2023. We are currently evaluating the potential impact that this standard may have on the Company’s consolidated financial statements and related disclosures. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Measurements | |
Schedule of financial assets and liabilities subject to fair value measurements | As of March 31, 2020 Level 1 Level 2 Level 3 (In thousands) Assets: Money market funds and cash equivalents $ 15,396 — $ 15,396 — Marketable securities 30,998 — 30,998 — $ 46,394 — $ 46,394 — Liabilities: Kolltan acquisition contingent consideration $ 12,719 — — $ 12,719 $ 12,719 — — $ 12,719 As of December 31, 2019 Level 1 Level 2 Level 3 (In thousands) Assets: Money market funds and cash equivalents $ 4,024 — $ 4,024 — Marketable securities 53,151 — 53,151 — $ 57,175 — $ 57,175 — Liabilities: Kolltan acquisition contingent consideration $ 12,485 — — $ 12,485 $ 12,485 — — $ 12,485 |
Schedule of the contingent consideration liabilities measured at fair value using Level 3 inputs | The following table reflects the activity for the Company’s contingent consideration liabilities measured at fair value using Level 3 inputs for the three months ended March 31, 2020 (in thousands): Other Liabilities: Contingent Consideration Balance at December 31, 2019 $ 12,485 Fair value adjustments included in operating expenses 234 Balance at March 31, 2020 $ 12,719 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Marketable Securities | |
Summary of marketable debt securities, classified as available-for-sale | Gross Unrealized Amortized Fair Cost Gains Losses Value (In thousands) March 31, 2020 U.S. government and municipal obligations (maturing in one year or less) $ 10,538 $ 16 $ — $ 10,554 Corporate debt securities (maturing in one year or less) 20,459 — (15) 20,444 Total Marketable Securities $ 30,997 $ 16 $ (15) $ 30,998 December 31,2019 U.S. government and municipal obligations (maturing in one year or less) $ 18,509 $ 13 $ — $ 18,522 Corporate debt securities (maturing in one year or less) 34,619 13 (3) 34,629 Total Marketable Securities $ 53,128 $ 26 $ (3) $ 53,151 |
Other Long-Term Liabilities (Ta
Other Long-Term Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Other Long-Term Liabilities | |
Schedule of other long-term liabilities | March 31, 2020 December 31, 2019 (In thousands) Net Deferred Tax Liabilities Related to IPR&D (Note 12) $ 3,007 $ 3,007 Deferred Income From Sale of Tax Benefits 1,831 1,831 Contingent Milestones (Note 3) 12,719 12,485 Deferred Revenue (Note 11) 199 254 Total 17,756 17,577 Less Current Portion (1,993) (2,026) Long-Term Portion $ 15,763 $ 15,551 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Stockholders' Equity | |
Schedule of Shareholder's equity | Accumulated Common Common Additional Other Total Stock Stock Par Paid-In Comprehensive Accumulated Stockholders’ Shares Value Capital Income Deficit Equity (In thousands, except share amounts) Consolidated Balance at December 31, 2019 16,972,077 17 1,104,706 2,619 (1,013,316) 94,026 Shares Issued under Stock Option and Employee Stock Purchase Plans 12,573 — 24 — — 24 Shares Issued in Connection with Cantor Agreement 746,152 1 1,613 — — 1,614 Share-Based Compensation — — 686 — — 686 Unrealized Loss on Marketable Securities — — — (22) — (22) Net Loss — — — — (12,625) (12,625) Consolidated Balance at March 31, 2020 17,730,802 $ 18 $ 1,107,029 $ 2,597 $ (1,025,941) $ 83,703 Accumulated Common Common Additional Other Total Stock Stock Par Paid-In Comprehensive Accumulated Stockholders’ Shares Value Capital Income Deficit Equity (In thousands, except share amounts) Consolidated Balance at December 31, 2018 11,957,635 12 1,083,903 2,583 (962,438) 124,060 Shares Issued under Stock Option and Employee Stock Purchase Plans 3,507 — 9 — — 9 Shares Issued in Connection with Cantor Agreement 883,569 1 4,150 — — 4,151 Share-Based Compensation — — 1,693 — — 1,693 Unrealized Loss on Marketable Securities — — — 19 — 19 Net Loss — — — — (17,239) (17,239) Consolidated Balance at March 31, 2019 12,844,711 $ 13 $ 1,089,755 $ 2,602 $ (979,677) $ 112,693 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Stock-Based Compensation | |
Summary of stock option activity | Weighted Weighted Average Average Exercise Remaining Price Contractual Shares Per Share Term (In Years) Options Outstanding at December 31, 2019 1,699,202 $ 44.87 8.0 Granted 2,750 $ 1.66 Exercised — — Canceled (43,811) $ 50.59 Options Outstanding at March 31, 2020 1,658,141 $ 44.65 7.8 Options Vested and Expected to Vest at March 31, 2020 1,585,639 $ 46.50 7.8 Options Exercisable at March 31, 2020 576,042 $ 118.98 5.6 Shares Available for Grant Under the 2008 Plan 465,324 |
Schedule of stock-based compensation expense | Three months ended March 31, 2020 2019 (In thousands) Research and development $ 310 $ 756 General and administrative 377 937 Total stock-based compensation expense $ 687 $ 1,693 |
Schedule of assumptions used for the fair value of employee stock options granted | Three months ended March 31, 2020 2019 Expected stock price volatility 91 % 91 % Expected option term 6.0 Years Years Risk-free interest rate 0.6 % 2.5 % Expected dividend yield None None |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accumulated Other Comprehensive Income | |
Summary of changes in accumulated other comprehensive income | Unrealized Gain/(Loss) on Marketable Foreign Securities Currency Items Total (In thousands) Balance at December 31, 2019 $ 23 $ 2,596 $ 2,619 Other comprehensive loss (22) — (22) Balance at March 31, 2020 $ 1 $ 2,596 $ 2,597 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 | Three Months Ended March 31, 2020 2019 Stock Options 1,658,141 836,104 Restricted Stock 1,110 3,552 1,659,251 839,656 |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Basis of Presentation | ||
Cash, cash equivalents and marketable securities | $ 53,700 | |
Net Loss | (12,625) | $ (17,239) |
Net cash used in operations | 12,110 | 13,233 |
Indefinite-lived intangible assets | $ 48,700 | $ 48,700 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Liabilities: | ||
Kolltan acquisition contingent consideration | $ 12,719 | $ 12,485 |
Fair value | Level 3 | ||
Liabilities: | ||
Kolltan acquisition contingent consideration | 12,719 | 12,485 |
Fair Value Measurements. | Level 2 | ||
Assets: | ||
Money market funds and cash equivalents | 15,396 | 4,024 |
Marketable securities | 30,998 | 53,151 |
Total financial assets at fair value | 46,394 | 57,175 |
Fair Value Measurements. | Level 3 | ||
Liabilities: | ||
Kolltan acquisition contingent consideration | 12,719 | 12,485 |
Total financial liabilities at fair value | 12,719 | 12,485 |
Fair Value Measurements. | Fair value | ||
Assets: | ||
Money market funds and cash equivalents | 15,396 | 4,024 |
Marketable securities | 30,998 | 53,151 |
Total financial assets at fair value | 46,394 | 57,175 |
Liabilities: | ||
Kolltan acquisition contingent consideration | 12,719 | 12,485 |
Total financial liabilities at fair value | $ 12,719 | $ 12,485 |
Fair Value Measurements - Conti
Fair Value Measurements - Contingent Consideration Liabilities (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Contingent consideration liabilities measured at fair value | |
Balance at beginning of period | $ 12,485 |
Balance at end of period | 12,719 |
Fair value | Level 3 | |
Contingent consideration liabilities measured at fair value | |
Balance at beginning of period | 12,485 |
Fair value adjustments included in operating expenses | 234 |
Balance at end of period | $ 12,719 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional information (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020USD ($)Y | Mar. 31, 2019USD ($) | |
Fair value measurements | ||
Gain on Fair Value Remeasurement of Contingent Consideration | $ 234 | $ 1,519 |
Discount rate | Weighted average | ||
Fair value measurements | ||
Measurement input | 0.165 | |
Discount rate | Minimum | ||
Fair value measurements | ||
Measurement input | 0.163 | |
Discount rate | Maximum | ||
Fair value measurements | ||
Measurement input | 0.189 | |
Time until the conditions of the milestone payments are met | ||
Fair value measurements | ||
Measurement input | Y | 3 | |
Fair value | ||
Fair value measurements | ||
Asset transfer out of level 3 | $ 0 | |
Asset transfer into level 3 | 0 | |
Liabilities transfers out of level 3 | 0 | |
Liabilities transfers into level 3 | $ 0 |
Marketable Securities (Details)
Marketable Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Amortized Cost | ||
Amortized Cost | $ 30,997 | $ 53,128 |
Gross Unrealized Gains | ||
Gross Unrealized Gains | 16 | 26 |
Gross Unrealized Losses | ||
Gross Unrealized Losses | (15) | (3) |
Fair Value | ||
Fair Value | 30,998 | 53,151 |
U.S. government and municipal obligations | ||
Amortized Cost | ||
Maturing in one year or less | 10,538 | 18,509 |
Gross Unrealized Gains | ||
Maturing in one year or less | 16 | 13 |
Fair Value | ||
Maturing in one year or less | 10,554 | 18,522 |
Corporate debt securities | ||
Amortized Cost | ||
Maturing in one year or less | 20,459 | 34,619 |
Gross Unrealized Gains | ||
Maturing in one year or less | 13 | |
Gross Unrealized Losses | ||
Maturing in one year or less | (15) | (3) |
Fair Value | ||
Maturing in one year or less | $ 20,444 | $ 34,629 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Marketable Securities | ||
Number of investment-grade securities in unrealized loss position over 12 months | $ 0 | $ 0 |
Accrued interest | $ 200 | $ 200 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Mar. 31, 2019 |
Intangible Assets | ||
Indefinite-lived intangible assets | $ 48.7 | $ 48.7 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2016 | |
Other Assets | ||
Cash paid to support research activities and investment in private company | $ 3.5 | |
Other assets related to investment in undisclosed private company | 1.8 | |
Other assets related to research and development expense | $ 1.7 | |
Non-cash impairment charge on investments | $ 1.8 |
Other Long-Term Liabilities (De
Other Long-Term Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Other Long-Term Liabilities | ||
Net Deferred Tax Liabilities Related to IPR&D (Note 12) | $ 3,007 | $ 3,007 |
Deferred Income From Sale of Tax Benefits | 1,831 | 1,831 |
Contingent Milestones (Note 3) | 12,719 | 12,485 |
Deferred Revenue | 199 | 254 |
Total | 17,756 | 17,577 |
Less Current Portion | (1,993) | (2,026) |
Long-Term Portion | $ 15,763 | $ 15,551 |
Other Long-Term Liabilities- Ne
Other Long-Term Liabilities- New Jersey tax benefits (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Nov. 30, 2015 | Mar. 31, 2020 | Mar. 31, 2019 | |
Investment and other income | $ 242 | $ 702 | |
New Jersey tax benefits | |||
Amount of tax benefit | $ 9,800 | ||
Proceeds from sale of tax credits | $ 9,200 | ||
Base of operations requirement (in years) | 5 years | ||
Investment and other income | $ 0 | $ 200 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Apr. 30, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | |
Common Stock | |||
Period Start Balance | $ 83,703 | $ 94,026 | $ 124,060 |
Balance (in shares) | 17,730,802 | 16,972,077 | |
Shares Issued under Stock Option and Employee Stock Purchase Plans | $ 24 | 9 | |
Maximum aggregate offering price of securities available for sale | 18,000 | ||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | 686 | 1,693 | |
Shares Issued In Connection With Cantor Agreement | 1,614 | 4,151 | |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | (22) | 19 | |
Net Income (Loss) Available to Common Stockholders, Basic | (12,625) | (17,239) | |
Period End Balance | $ 83,703 | 112,693 | |
Balance (in shares) | 17,730,802 | ||
Net proceeds from sale of common stock | $ 1,613 | 4,151 | |
Common Stock | |||
Common Stock | |||
Period Start Balance | $ 18 | $ 17 | $ 12 |
Balance (in shares) | 17,730,802 | 16,972,077 | 11,957,635 |
Shares Issued under Stock Option and Employee Stock Purchase Plans (in shares) | 12,573 | 3,507 | |
Shares Issued In Connection With Cantor Agreement | $ 1 | $ 1 | |
Shares Issued in Connection with Cantor Agreement (in shares) | 746,152 | 883,569 | |
Period End Balance | $ 18 | $ 13 | |
Balance (in shares) | 17,730,802 | 12,844,711 | |
Aggregate gross offering price available | $ 17,900 | ||
Net proceeds from sale of common stock | 1,600 | ||
Common Stock | Subsequent Event | |||
Common Stock | |||
Common stock issued (in shares) | 1,200,000 | ||
Net proceeds from sale of common stock | $ 2,900 | ||
Additional Paid-In Capital | |||
Common Stock | |||
Period Start Balance | 1,107,029 | 1,104,706 | $ 1,083,903 |
Shares Issued under Stock Option and Employee Stock Purchase Plans | 24 | 9 | |
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | 686 | 1,693 | |
Shares Issued In Connection With Cantor Agreement | 1,613 | 4,150 | |
Period End Balance | 1,107,029 | 1,089,755 | |
Accumulated Other Comprehensive Income. | |||
Common Stock | |||
Period Start Balance | 2,597 | 2,619 | 2,583 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | (22) | 19 | |
Period End Balance | 2,597 | 2,602 | |
Accumulated Deficit | |||
Common Stock | |||
Period Start Balance | $ (1,025,941) | (1,013,316) | (962,438) |
Net Income (Loss) Available to Common Stockholders, Basic | (12,625) | (17,239) | |
Period End Balance | $ (1,025,941) | $ (979,677) |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Option Activity (Details) - Stock options - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Shares | ||
Options Outstanding at beginning of the period (in shares) | 1,699,202 | |
Granted (in shares) | 2,750 | |
Canceled (in shares) | (43,811) | |
Options Outstanding at the end of the period (in shares) | 1,658,141 | 1,699,202 |
Options Vested and Expected to Vest at the end of the period (in shares) | 1,585,639 | |
Options Exercisable at the end of the period (in shares) | 576,042 | |
Shares Available for Grant Under the 2008 Plan | 465,324 | |
Weighted Average Exercise Price Per Share | ||
Options Outstanding at beginning of the period (in dollars per share) | $ 44.87 | |
Granted (in dollars per share) | 1.66 | |
Canceled (in dollars per share) | 50.59 | |
Options Outstanding at the end of the period (in dollars per share) | 44.65 | $ 44.87 |
Options Vested and Expected to Vest at the end of the period (in dollars per share) | 46.50 | |
Options Exercisable at the end of the period (in dollars per share) | $ 118.98 | |
Weighted Average Remaining Contractual Term (In Years) | ||
Options Outstanding at the end of the period | 7 years 9 months 18 days | 8 years |
Options Vested and Expected to Vest at the end of the period | 7 years 9 months 18 days | |
Options Exercisable at the end of the period | 5 years 7 months 6 days |
Stock-Based Compensation - Expe
Stock-Based Compensation - Expenses (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Stock-based compensation expense | ||
Weighted average grant-date fair value (in dollars per share) | $ 1.23 | |
Stock-based compensation expense | $ 687 | $ 1,693 |
Research and development | ||
Stock-based compensation expense | ||
Stock-based compensation expense | 310 | 756 |
General and administrative | ||
Stock-based compensation expense | ||
Stock-based compensation expense | $ 377 | $ 937 |
Stock-Based Compensation - Valu
Stock-Based Compensation - Valuation (Details) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Black-Scholes option with following assumptions: | ||
Expected stock price volatility (as a percent) | 91.00% | 91.00% |
Expected option term | 6 years | 6 years |
Risk-free interest rate (as a percent) | 0.60% | 2.50% |
Expected dividend yield (as a percent) | 0.00% | 0.00% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Accumulated Other Comprehensive Income | |
Period Start Balance | $ 94,026 |
Period End Balance | 83,703 |
Amounts reclassified from AOCI | 0 |
Unrealized Gain/(Loss) on Marketable Securities | |
Accumulated Other Comprehensive Income | |
Period Start Balance | 23 |
Other comprehensive gain | (22) |
Period End Balance | 1 |
Foreign Currency Items | |
Accumulated Other Comprehensive Income | |
Period Start Balance | 2,596 |
Period End Balance | 2,596 |
Accumulated Other Comprehensive Income. | |
Accumulated Other Comprehensive Income | |
Period Start Balance | 2,619 |
Other comprehensive gain | (22) |
Period End Balance | $ 2,597 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Revenue | |||
Accumulated Deficit | $ (1,025,941) | $ (1,013,316) | |
Accounts receivable | 1,108 | 1,015 | |
Contract liability | 199 | $ 254 | |
Revenue, contract liabilities | 100 | ||
Revenues | 2,728 | $ 1,425 | |
Product Development and Licensing Agreements | |||
Revenue | |||
Revenues | 2,286 | 129 | |
Contracts and Grants | |||
Revenue | |||
Revenues | 442 | 1,296 | |
Rockefeller | Product Development and Licensing Agreements | |||
Revenue | |||
Revenue, contract liabilities | 1,800 | ||
Rockefeller University and Duke University | Contracts and Grants | |||
Revenue | |||
Revenues | $ 400 | $ 1,200 |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred tax assets and liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Gross Deferred Tax Liabilities | ||
Net Deferred Tax Liability | $ 3,007 | $ 3,007 |
Net Loss Per Share (Details)
Net Loss Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Anti-dilutive securities | ||
Potentially dilutive common shares not been included in net loss per common share calculations because the effect would have been anti-dilutive | 1,659,251 | 839,656 |
Stock options | ||
Anti-dilutive securities | ||
Potentially dilutive common shares not been included in net loss per common share calculations because the effect would have been anti-dilutive | 1,658,141 | 836,104 |
Restricted Stock | ||
Anti-dilutive securities | ||
Potentially dilutive common shares not been included in net loss per common share calculations because the effect would have been anti-dilutive | 1,110 | 3,552 |
Kolltan Acquisition (Details)
Kolltan Acquisition (Details) - USD ($) $ in Millions | Nov. 29, 2016 | Mar. 31, 2020 |
Kolltan Acquisition | ||
Shares issued as part of consideration (in shares) | 1,217,200 | |
Potential milestone payments | $ 172.5 | $ 127.5 |