Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Nov. 30, 2013 | Jan. 06, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Nov-13 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'CERE | ' |
Entity Registrant Name | 'CERES, INC. | ' |
Entity Central Index Key | '0000767884 | ' |
Current Fiscal Year End Date | '--11-30 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 25,204,602 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Nov. 30, 2013 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $7,314 | $8,881 |
Marketable securities | 17,127 | 21,630 |
Prepaid expenses | 779 | 791 |
Accounts receivable | 901 | 957 |
Inventories | ' | 20 |
Other current assets | 147 | 157 |
Total current assets | 26,268 | 32,436 |
Property and equipment, net | 4,632 | 4,633 |
Other assets | 44 | 109 |
Total assets | 30,944 | 37,178 |
Current liabilities: | ' | ' |
Accounts payable and accrued expenses | 4,745 | 3,825 |
Other current liabilities | 80 | 18 |
Current portion of long-term debt | 135 | 154 |
Total current liabilities | 4,960 | 3,997 |
Other non-current liabilities | 88 | 93 |
Long-term debt, net of current portion | 60 | 82 |
Total liabilities | 5,108 | 4,172 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Common stock and additional paid in capital, $0.01 par value; 490,000,000 shares authorized; 25,224,269 shares issued and outstanding at November 30, 2013; 24,897,199 shares issued and outstanding at August 31, 2013 | 309,212 | 308,286 |
Accumulated other comprehensive loss | -587 | -696 |
Accumulated deficit | -282,789 | -274,584 |
Total stockholders' equity | 25,836 | 33,006 |
Total liabilities and stockholders' equity | $30,944 | $37,178 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Nov. 30, 2013 | Aug. 31, 2013 |
Condensed Consolidated Balance Sheets [Abstract] | ' | ' |
Common Stock, par value | $0.01 | $0.01 |
Common Stock, shares authorized | 490,000,000 | 490,000,000 |
Common Stock, shares issued | 25,224,269 | 24,897,199 |
Common Stock, shares outstanding | 25,224,269 | 24,897,199 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 |
Revenues: | ' | ' |
Product sales | $20 | $14 |
Collaborative research and government grants | 743 | 1,952 |
Total revenues | 763 | 1,966 |
Cost and operating expenses: | ' | ' |
Cost of product sales | 1,309 | 700 |
Research and development | 4,414 | 4,343 |
Selling, general and administrative | 3,260 | 3,844 |
Total cost and operating expenses | 8,983 | 8,887 |
Loss from operations | -8,220 | -6,921 |
Interest expense | ' | -1 |
Interest income | 16 | 29 |
Loss before income taxes | -8,204 | -6,893 |
Income tax expense | -1 | -1 |
Net loss | ($8,205) | ($6,894) |
Basic and diluted net loss per share attributable to common stockholders | ($0.33) | ($0.28) |
Weighted average outstanding common shares used for net loss per share : | ' | ' |
Basic and diluted | 25,106,690 | 24,693,303 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Loss (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 |
Condensed Consolidated Statements of Comprehensive Loss [Abstract] | ' | ' |
Net loss | ($8,205) | ($6,894) |
Other comprehensive income (loss) | ' | ' |
Foreign currency translation adjustments | 104 | -104 |
Net unrealized gains on marketable securities | 5 | 3 |
Total comprehensive loss | ($8,096) | ($6,995) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net loss | ($8,205) | ($6,894) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Net (gain) loss on disposal of assets | -54 | 121 |
Depreciation | 414 | 519 |
Amortization of premiums on marketable securities | 84 | 185 |
Non-cash interest income | -99 | -225 |
Stock compensation | 922 | 767 |
Changes in operating assets and liabilities: | ' | ' |
Prepaid expenses | 66 | 292 |
Accounts receivable | 57 | -723 |
Inventories | 21 | -213 |
Other assets | 20 | 231 |
Accounts payables and accrued expenses | 904 | -162 |
Other liabilities | 57 | -407 |
Other | 137 | ' |
Net cash used in operating activities | -5,676 | -6,509 |
Cash flows from investing activities: | ' | ' |
Purchases of property and equipment | -406 | -399 |
Proceeds from sale of property and equipment | 54 | ' |
Purchases of marketable securities | -5,698 | -1,988 |
Maturities of marketable securities | 10,090 | 2,524 |
Net cash provided by investing activities | 4,040 | 137 |
Cash flows from financing activities: | ' | ' |
Repayment of debt | -46 | -271 |
Proceeds from issuance of common stock | ' | 56 |
Net cash used in financing activities | -46 | -215 |
Effect of foreign currency translation on cash | 115 | -104 |
Net decrease in cash and cash equivalents | -1,567 | -6,691 |
Cash and cash equivalents at beginning of period | 8,881 | 14,378 |
Cash and cash equivalents at end of period | $7,314 | $21,069 |
The_Company
The Company | 3 Months Ended |
Nov. 30, 2013 | |
The Company [Abstract] | ' |
The Company | ' |
(1) The Company | |
Ceres, Inc. (Company) is an agricultural biotechnology company selling seeds to produce dedicated energy crops-renewable bioenergy feedstocks that can enable the large-scale replacement of petroleum and other fossil fuels. The Company uses a combination of advanced plant breeding and biotechnology to develop seed products. | |
In January 2010, the Company incorporated a subsidiary, Ceres Sementes do Brasil Ltda. The Company's ownership in this subsidiary is 99.9% and the Company's Chief Executive Officer owns the remaining interest. | |
The Company has incurred substantial net losses from operations since its inception and its accumulated deficit as of November 30, 2013 was $282,789. Management has taken certain actions to extend the Company's available working capital. The Company expects to incur additional losses related to the continued development and expansion of its business, including research and development, seed production and operations, and sales and marketing. On October 11, 2013, the Company commenced the implementation of a plan (Plan) intended to further align expenditures with the Company's near-term commercial opportunity in Brazil, shift Northern Hemisphere sorghum breeding activities to a more appropriate location, de-emphasize research and development for U.S. cellulosic feedstocks, reduce costs and conserve cash. The actions being taken under the Plan, which include, among others, a workforce reduction that will impact 17 positions in the U.S, are expected to be substantially completed by May 31, 2014. During the three months ended November 30, 2013, the Company recorded approximately $900 of severance expense related to these workforce reductions, of which $500, $300 and $100 was recorded to research and development expense, cost of sales and general and administrative expense, respectively. During the three months ended November 30, 2013, the Company made cash payments of approximately $200 related to these expenses. The remaining cash payments of approximately $700 are expected to be made prior to August 31, 2014. Once fully implemented, the Plan is expected to deliver cash savings of up to approximately $5.0 million in fiscal year 2014 and up to approximately $8.0 to $10.0 million annually thereafter. The Company estimates that it will incur total charges of approximately $1.6 million during the first nine months of fiscal year 2014 with respect to the workforce reduction in the U.S., including $0.4 million in continuation of salary and benefits of certain employees until their work is completed and their positions are eliminated and $1.2 million of one-time severance and other costs, all of which will be cash expenditures. The Company plans to finance its operations for the next 12 months with cash and investments currently on hand, with cash inflows from collaboration and grant funding and from product sales. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | ||||||||||||||||
Nov. 30, 2013 | |||||||||||||||||
Summary of Significant Accounting Policies [Abstract] | ' | ||||||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||||||
(2) Summary of Significant Accounting Policies | |||||||||||||||||
Basis of Presentation | |||||||||||||||||
The accompanying interim condensed consolidated financial statements have been prepared in accordance with the accounting principles generally accepted in the United States of America (GAAP) and with the instructions for Form 10-Q and Regulation S-X. Accordingly, they do not include all of the information and notes required for complete financial statements. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company's Form 10-K dated November 26, 2013 filed with the Securities and Exchange Commission (SEC). | |||||||||||||||||
The accompanying interim condensed consolidated financial statements and related disclosures are unaudited, have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair presentation of the results of operations for the periods presented. The condensed consolidated results of operations for any interim period are not necessarily indicative of the results to be expected for the full year or for any other future year or interim period. | |||||||||||||||||
Principles of Consolidation | |||||||||||||||||
The condensed consolidated financial statements include the financial statements of the Company and its subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation. | |||||||||||||||||
Use of Estimates | |||||||||||||||||
In preparing the unaudited condensed consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the unaudited condensed consolidated financial statements and reported amounts of revenue and expenses during the reporting period. Significant items subject to such estimates and assumptions include the valuation of property and equipment, inventory, deferred tax assets, common stock, stock options and warrant liabilities. Actual results could differ from those estimates. | |||||||||||||||||
Cash Equivalents | |||||||||||||||||
The Company considers all highly liquid investments, with an original maturity of three months or less when purchased, to be cash equivalents. | |||||||||||||||||
Marketable Securities | |||||||||||||||||
Marketable securities are classified as available for sale and are recorded at fair value, with the unrealized gains and losses, if any, net of taxes, reported as a component of stockholders' equity until realized or until a determination is made that an other-than-temporary decline in market value has occurred. | |||||||||||||||||
In determining whether an other-than-temporary impairment exists for debt securities, management considers: (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. Management has determined that there has been no other-than-temporary impairments of its marketable securities. | |||||||||||||||||
The cost of marketable securities sold is based upon the specific identification method and any realized gains or losses on the sale of investments are reflected as a component of interest income or expense. There were no sales of marketable securities during the three months ended November 30, 2013. | |||||||||||||||||
The Company classifies marketable securities as current or non-current based upon whether such assets are reasonably expected to be realized in cash or sold or consumed during the normal operating cycle of the business. | |||||||||||||||||
Financial Instruments | |||||||||||||||||
The carrying value of financial instruments such as cash and cash equivalents, receivables, accounts payable, and accrued expenses approximate their fair value due to the short-term nature of these instruments. At each period end, the fair value of the long-term debt approximated carrying value based on interest rates currently available to the Company. | |||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||
Assets and liabilities recorded at fair value in the condensed consolidated financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels that are directly related to the amount of subjectivity associated with the inputs to the valuation of these assets or liabilities are as follows: | |||||||||||||||||
• | Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. | ||||||||||||||||
• | Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. | ||||||||||||||||
• | Level 3 inputs are unobservable inputs for the asset or liability. | ||||||||||||||||
The following tables present the Company's financial assets that were measured at fair value on a recurring basis as of November 30, 2013 and August 31, 2013 by level within the fair value hierarchy: | |||||||||||||||||
30-Nov-13 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Financial Assets | |||||||||||||||||
Money Market Funds | $ | 2,781 | $ | - | $ | - | $ | 2,781 | |||||||||
Certificates of Deposit-available for sale | - | 5,040 | - | 5,040 | |||||||||||||
Commercial Paper-available for sale | - | 1,000 | - | 1,000 | |||||||||||||
Corporate Bonds-available for sale | - | 12,339 | - | 12,339 | |||||||||||||
Total | $ | 2,781 | $ | 18,379 | $ | - | $ | 21,160 | |||||||||
All of the money market funds, $240 of the certificates of deposit and $1,012 of the corporate bonds are included in cash and cash equivalents on the condensed consolidated balance sheets. | |||||||||||||||||
August 31, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Financial Assets | |||||||||||||||||
Money Market Funds | $ | 2,310 | $ | - | $ | - | $ | 2,310 | |||||||||
Certificates of Deposit-available for sale | - | 4,555 | - | 4,555 | |||||||||||||
Commercial Paper-available for sale | - | 2,198 | - | 2,198 | |||||||||||||
Corporate Bonds-available for sale | - | 16,076 | - | 16,076 | |||||||||||||
Total | $ | 2,310 | $ | 22,829 | $ | - | $ | 25,139 | |||||||||
All of the money market funds and $1,199 of the commercial paper are included in cash and cash equivalents on the consolidated balance sheets. | |||||||||||||||||
Accounts Receivable | |||||||||||||||||
Accounts receivable represents amounts owed to the Company from product sales and collaborative research and government grants. The Company had no amounts reserved for doubtful accounts at November 30, 2013 and August 31, 2013 as the Company expected full collection of the accounts receivable balances. | |||||||||||||||||
Customers representing greater than 10% of accounts receivable were as follows (in percentages): | |||||||||||||||||
Customers | As of | As of | |||||||||||||||
November 30, | August 31, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
Customer A | 39.5 | 37.3 | |||||||||||||||
Customer B | 35.8 | 23.1 | |||||||||||||||
Customer E | 11.5 | * | |||||||||||||||
Customer F | ** | 21.8 | |||||||||||||||
* | Less than 10% | ||||||||||||||||
** | No accounts receivable balance | ||||||||||||||||
Customers representing greater than 10% of revenues were as follows (in percentages): | |||||||||||||||||
Three Months Ended | |||||||||||||||||
November 30, | |||||||||||||||||
Customers | 2013 | 2012 | |||||||||||||||
Customer A | 44.4 | 14.8 | |||||||||||||||
Customer B | 33.6 | 16.1 | |||||||||||||||
Customer D | ** | 38.6 | |||||||||||||||
Customer E | 13.9 | * | |||||||||||||||
Customer F | ** | 19.8 | |||||||||||||||
* | Less than 10% | ||||||||||||||||
** | No revenues | ||||||||||||||||
Seed Inventories | |||||||||||||||||
At November 30, 2013, all seed inventory was written-off based on the lower of cost or market, based on the Company's evaluation of such inventory. At August 31, 2013, inventory consisted of work-in-process costs related to sweet sorghum seeds. Seed inventory costs are computed on a first-in, first-out basis and valued at the lower of cost or market with any excess cost recognized during the period within cost of product sales. | |||||||||||||||||
Property and Equipment | |||||||||||||||||
Property and equipment is stated at cost. Depreciation is provided using the straight-line method over the shorter of the estimated useful lives or the remaining life of the lease. Depreciation periods for the Company's property and equipment are as follows: | |||||||||||||||||
Automobiles and trucks | 3-5 years | ||||||||||||||||
Office, laboratory, farm and warehouse equipment and furniture | 3-5 years | ||||||||||||||||
Leasehold improvements | 3-10 years | ||||||||||||||||
Buildings | 14-39 years | ||||||||||||||||
Impairment of Long-Lived Assets | |||||||||||||||||
Long-lived assets, such as property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. To the extent that an impairment indicator has occurred, recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. For the reporting periods presented herein there was an indicator that impairment has occurred. However, there was no impairment as the carrying amount of the property and equipment did not exceed the fair value of such assets. | |||||||||||||||||
Revenue Recognition | |||||||||||||||||
Revenues are recognized when the following criteria are met: (1) persuasive evidence of an arrangement exists; (2) transfer of product or technology has been completed or services have been rendered; (3) the fee is fixed or determinable; and (4) collectability is reasonably assured. To date, the Company's primary source of revenues has been derived from collaborative research agreements and government grants and to a lesser extent, product sales. | |||||||||||||||||
Product Sales | |||||||||||||||||
Product sales are derived from sales of seeds, trait fees, crop management services and biomass sales. Product sales are recognized, net of discounts and allowances, once passage of title and risk of loss have occurred and contractually specified acceptance criteria have been met, provided all other revenue recognition criteria have also been met. To date, product sales have not been significant. | |||||||||||||||||
Collaborative Research and Government Grants | |||||||||||||||||
From time to time, the Company enters into research and development collaboration agreements with third parties, including several biofuel producers and government agencies, such as the United States Department of Energy (DOE) and the United States Department of Agriculture (USDA). The research and development collaboration agreements typically provide the Company with multiple revenue streams, which may include up-front, non-refundable fees for licensing certain of the Company's technologies, government grants and fees for research and development activities and contingent milestone payments based upon achievement of contractual criteria. | |||||||||||||||||
• | Technology License Fees - For collaboration agreements in which the Company has continuing involvement, license fees are recognized on a straight-line basis over the term of the arrangement. Licensing fees are non-refundable and not subject to future performance. | ||||||||||||||||
• | Government Grants - The Company receives payments from government entities in the form of government grants. Government grants generally provide the Company with partial cost reimbursement for certain types of expenditures in return for research and development activities over a contractually defined period. Revenues from government grants are recognized in the period during which the related costs are incurred, provided that the conditions under which the government grants were provided have been met and the Company has only perfunctory obligations outstanding. | ||||||||||||||||
• | Research and Development Fees - Generally, fees for research and development activities are recognized as the services are performed over the performance period, as specified in the respective agreements. Certain of the Company's collaboration agreements require the Company to deliver research data by specific dates and that the collective program plan will result in reaching specific crop characteristics by certain dates. For such arrangements, the Company recognizes revenues based on the approximate percentage of completion of services under the agreement, but the revenue recognized cannot exceed payments received by the Company to date under the agreement. The research and development period is estimated at the inception of each agreement and is periodically evaluated. | ||||||||||||||||
• | Milestone Fees - Fees that are contingent based on achievement of substantive performance milestones at inception of the agreement are recognized based on the achievement of the milestone, as defined in the respective agreements. | ||||||||||||||||
Deferred Revenue | |||||||||||||||||
The Company recognizes deferred revenue to the extent that cash received under the collaboration agreement is in excess of the revenues recognized related to the agreement since the work under the agreement has not yet been performed, or the work has not been fully completed as prescribed in the statement of work at the balance sheet date, which is classified as other current liabilities on the accompanying condensed consolidated balance sheet. | |||||||||||||||||
Development and License Agreement | |||||||||||||||||
The development and license agreement between the Company and Campbell Soup Company, dated December 20, 2007, as amended, was terminated and cancelled on November 19, 2012 following Campbell's sale of its vegetable seed assets to a third party in September 2012. In connection with the termination, Campbell paid the Company the amount of $550 in full and complete satisfaction of all remaining financial obligations under the development and license agreement. | |||||||||||||||||
Research and Development | |||||||||||||||||
Research and development expenses principally consist of personnel costs related to the Company's research and development staff as well as depreciation of research and development assets. Research and development expenses also include costs incurred for laboratory supplies, reimbursable costs associated with government grants and collaborative agreements, third-party contract payments, consultants, facility and related overhead costs. | |||||||||||||||||
Stock-Based Compensation | |||||||||||||||||
The Company accounts for stock-based compensation arrangements with employees using a fair value method which requires the recognition of compensation expense for costs related to all stock-based payments including stock options. The fair value method requires the Company to estimate the fair value of stock-based payment awards on the date of grant using an option pricing model. The Company uses an option pricing model to estimate the fair value of options granted that are expensed on a straight-line basis over the vesting period. The Company accounts for stock options issued to non-employees based on the estimated fair value of the awards using the option pricing model. The measurement of stock-based compensation to non-employees is subject to periodic adjustments as the underlying equity instruments vest, and the resulting change in value, if any, is recognized in the Company's condensed consolidated statements of operations during the period the related services are rendered. | |||||||||||||||||
Income Taxes | |||||||||||||||||
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |||||||||||||||||
Unrecognized tax benefits are recognized when a prescribed minimum probability threshold of a tax position is met. The minimum threshold is defined as a tax position that is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution to any related appeals or litigation, based solely on the technical merits of the position. The Company is currently unaware of any issues under review that could result in significant payments, accruals, or material deviations from its recognized tax positions. | |||||||||||||||||
The major jurisdictions in which the Company files income tax returns include the federal and state jurisdictions within the United States and Brazil, where it has a subsidiary. The tax years after 2008 remain open to examination by federal and state taxing jurisdictions and the tax years after 2010 remain open to examination by foreign jurisdictions. However, the Company has net operating loss carryforwards (NOLs) beginning in 1998 which would cause the statute of limitations to remain open for the year in which the NOL was incurred. | |||||||||||||||||
Foreign Currency Translation | |||||||||||||||||
The Brazilian real is the functional currency of the Company's subsidiary in Brazil. Accordingly, assets and liabilities of those operations are translated into United States dollars using the current exchange rate in effect at the balance sheet date and equity accounts are translated into United States dollars using historical rates. Revenues and expenses are translated at the weighted average rate of exchange during the reporting period. Gains and losses from foreign currency translation adjustments are represented as a component of accumulated other comprehensive loss. | |||||||||||||||||
Accumulated Other Comprehensive Income | |||||||||||||||||
The Company's unrealized gains and losses on available-for-sale securities and foreign currency translation adjustments represents the components of comprehensive income (loss) and have been disclosed in the condensed consolidated balance sheets. | |||||||||||||||||
The following summarizes the changes in the balances of each component of accumulated comprehensive income (loss) during the three months ended November 30, 2013: | |||||||||||||||||
Accumulated | |||||||||||||||||
Foreign | Unrealized | Other | |||||||||||||||
Currency | Gains (Losses) | Comprehensive | |||||||||||||||
Translation | on Securities | Loss | |||||||||||||||
Balance at August 31, 2013 | $ | (684 | ) | $ | (12 | ) | $ | (696 | ) | ||||||||
Comprehensive loss | 104 | 5 | 109 | ||||||||||||||
Balance at November 30, 2013 | $ | (580 | ) | $ | (7 | ) | $ | (587 | ) | ||||||||
Basic and Diluted Net Loss Per Share | |||||||||||||||||
Basic net loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding. Diluted net loss per common share is computed by dividing net loss available to common stockholders by the weighted average number of common shares and dilutive potential common share equivalents then outstanding, to the extent they are dilutive. Potential common shares consist of shares issuable upon the exercise of stock options and warrants (using the treasury stock method). Dilutive net loss per share is the same as basic net loss per share for all periods presented because the effects of potentially dilutive items were anti-dilutive. | |||||||||||||||||
The following table sets forth the computation of basic and diluted net loss per common share: | |||||||||||||||||
Three months ended | |||||||||||||||||
November 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Net loss | $ | (8,205 | ) | $ | (6,894 | ) | |||||||||||
Basic and diluted net loss per common share | $ | (0.33 | ) | $ | (0.28 | ) | |||||||||||
Basic and diluted weighted average outstanding common shares used for net loss: | 25,106,690 | 24,693,303 | |||||||||||||||
The following potentially dilutive, common share equivalents were excluded from the calculation of diluted net loss per common share because their effect was antidilutive for each of the periods presented: | |||||||||||||||||
November 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Options to purchase common stock | 3,378,818 | 2,756,223 | |||||||||||||||
Warrants to purchase common stock | 2,082,045 | 2,082,045 | |||||||||||||||
Total | 5,460,863 | 4,838,268 | |||||||||||||||
Marketable_Securities
Marketable Securities | 3 Months Ended | ||||||||||||||||
Nov. 30, 2013 | |||||||||||||||||
Marketable Securities [Abstract] | ' | ||||||||||||||||
Marketable Securities | ' | ||||||||||||||||
(3) Marketable Securities | |||||||||||||||||
Marketable securities classified as available for sale consisted of the following: | |||||||||||||||||
30-Nov-13 | |||||||||||||||||
Available for sale securities | Amortized | Gross | Gross | Fair Value | |||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||
Gain | Loss | ||||||||||||||||
Certificates of Deposit | $ | 4,804 | $ | - | $ | (4 | ) | $ | 4,800 | ||||||||
Commercial Paper | 1,000 | - | - | 1,000 | |||||||||||||
Corporate Bonds | 11,331 | - | (4 | ) | 11,327 | ||||||||||||
Total | $ | 17,135 | $ | - | $ | (8 | ) | $ | 17,127 | ||||||||
30-Nov-13 | |||||||||||||||||
Amortized | Fair Value | ||||||||||||||||
Cost | |||||||||||||||||
Marketable securities | |||||||||||||||||
Due in 1 year or less | $ | 17,135 | $ | 17,127 | |||||||||||||
$ | 17,135 | $ | 17,127 | ||||||||||||||
31-Aug-13 | |||||||||||||||||
Available for sale securities | Amortized | Gross | Gross | Fair Value | |||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||
Gain | Loss | ||||||||||||||||
Certificates of Deposit | $ | 4,561 | $ | - | $ | (6 | ) | $ | 4,555 | ||||||||
Commercial Paper | 1,000 | - | (1 | ) | 999 | ||||||||||||
Corporate Bonds | 16,081 | 2 | (7 | ) | 16,076 | ||||||||||||
Total | $ | 21,642 | $ | 2 | $ | (14 | ) | $ | 21,630 | ||||||||
31-Aug-13 | |||||||||||||||||
Amortized | Fair Value | ||||||||||||||||
Cost | |||||||||||||||||
Marketable securities | |||||||||||||||||
Due in 1 year or less | $ | 21,642 | $ | 21,630 | |||||||||||||
$ | 21,642 | $ | 21,630 | ||||||||||||||
Seed_Inventories
Seed Inventories | 3 Months Ended | ||||
Nov. 30, 2013 | |||||
Seed Inventories [Abstract] | ' | ||||
Seed Inventories | ' | ||||
(4) Seed Inventories | |||||
At November 30, 2013, all seed inventory was written-off based on the lower of cost or market, based on the Company's evaluation of such inventory. Inventories at August 31, 2013 consisted of the following: | |||||
Work in process | $ | 20 | |||
Seed inventory | - | ||||
Total inventories | $ | 20 | |||
Property_and_Equipment
Property and Equipment | 3 Months Ended | ||||||||
Nov. 30, 2013 | |||||||||
Property and Equipment [Abstract] | ' | ||||||||
Property and Equipment | ' | ||||||||
(5) Property and Equipment | |||||||||
Property and equipment are summarized as follows: | |||||||||
November 30, | August 31, | ||||||||
2013 | 2013 | ||||||||
Land | $ | 43 | $ | 43 | |||||
Automobiles and trucks | 873 | 796 | |||||||
Buildings | 3,180 | 3,180 | |||||||
Office, laboratory, farm and warehouse equipment and furniture | 12,954 | 14,792 | |||||||
Leasehold improvements | 5,728 | 5,716 | |||||||
22,778 | 24,527 | ||||||||
Less accumulated depreciation | (18,146 | ) | (19,894 | ) | |||||
Property and equipment, net | $ | 4,632 | $ | 4,633 | |||||
Accounts_Payable_and_Accrued_E
Accounts Payable and Accrued Expenses | 3 Months Ended | ||||||||
Nov. 30, 2013 | |||||||||
Accounts Payable and Accrued Expenses [Abstract] | ' | ||||||||
Accounts Payable and Accrued Expenses | ' | ||||||||
(6) Accounts Payable and Accrued Expenses | |||||||||
Accounts payable and accrued expenses consisted of the following: | |||||||||
November 30, | August 31, | ||||||||
2013 | 2013 | ||||||||
Accounts payable | $ | 1,236 | $ | 1,289 | |||||
Accrued payroll and related expenses | 2,137 | 1,020 | |||||||
Research and development contracts | 1,035 | 1,098 | |||||||
Accrued grower commitments | 99 | 38 | |||||||
Other | 238 | 380 | |||||||
$ | 4,745 | $ | 3,825 | ||||||
LongTerm_Debt
Long-Term Debt | 3 Months Ended | ||||||||
Nov. 30, 2013 | |||||||||
Long-Term Debt [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
(7) Long-Term Debt | |||||||||
Long-term debt is summarized as follows: | |||||||||
November 30, | August 31, | ||||||||
2013 | 2013 | ||||||||
Capital leases | $ | 195 | $ | 236 | |||||
Less current portion | (135 | ) | (154 | ) | |||||
Long term debt (capital leases) | $ | 60 | $ | 82 | |||||
The aggregated maturities of debt as of November 30, 2013 are as follows: | |||||||||
Remaining nine months of fiscal year 2014 | $ | 113 | |||||||
2015 | 73 | ||||||||
2016 | 9 | ||||||||
$ | 195 | ||||||||
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||||||||||||||||||||||
Nov. 30, 2013 | |||||||||||||||||||||||||
Stock-Based Compensation [Abstract] | ' | ||||||||||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||||||||||
(8) Stock-Based Compensation | |||||||||||||||||||||||||
Stock Option and Stock Issuance Plans | |||||||||||||||||||||||||
The Company has established three equity plans: the Ceres, Inc. 2000 Stock Option/Stock Issuance Plan (2000 Plan), the Ceres, Inc. 2010 Stock Option/Stock Issuance Plan (2010 Plan) and the Amended and Restated Ceres, Inc. 2011 Equity Incentive Plan (2011 Plan, and collectively with the 2000 Plan and the 2010 Plan, Equity Plans). The Equity Plans provide for grants of Incentive Stock Options (ISOs) to employees and Nonqualified Stock Options (NSOs), stock and restricted stock to employees, directors, and consultants. In addition, the 2011 Plan provides for the grant of other equity based awards such as restricted stock units, stock appreciation rights and deferred stock to employees, directors and consultants. The option term, as determined by the Company's Board of Directors, may not exceed ten years. Vesting, also determined by the Company's Board of Directors, generally occurs ratably over four to five years. ISOs and NSOs may be granted at a price per share not less than the fair market value at the date of grant. | |||||||||||||||||||||||||
During September 2012, the Company modified options to purchase 403,333 shares of common stock that were scheduled to expire on December 18, 2012 by extending the terms such that the options now expire on December 18, 2015. A modification charge of $157 was recorded in September 2012. | |||||||||||||||||||||||||
The total number of shares reserved for issuance under the Equity Plans is 6,754,999. At the Company's 2013 Annual Meeting of Stockholders, the stockholders approved the amendment and restatement of the Ceres, Inc. 2011 Equity Incentive Plan, which increased the maximum aggregate number of shares that may be issued under the plan by 1.5 million shares and prohibits the repricing of stock options without stockholder approval. As of November 30, 2013, the Company had 1,023,937 shares available under the 2011 Plan for future grant. The Company does not intend to make further grants under the 2000 Plan or the 2010 Plan. | |||||||||||||||||||||||||
Stock Option Valuation and Compensation | |||||||||||||||||||||||||
The Company uses a Black Scholes option pricing model to determine the fair value of stock options. The weighted average grant date fair value of stock option awards was $0.94and $4.24 per option share for the three months ended November 30, 2013 and 2012, respectively. | |||||||||||||||||||||||||
The weighted average grant date fair value of the Company's common stock was $1.31and $5.83 per share for the three months ended November 30, 2013 and 2012, respectively. The fair value of employee stock options was estimated using the following assumptions: | |||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||
November 30, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Expected term (in years) | 5.75 - 6.08 | 6.08 | |||||||||||||||||||||||
Expected volatility | 86.3% - 87.60 | % | 87.2%-88.0 | % | |||||||||||||||||||||
Risk free interest rate | 1.62% - 1.96 | % | 0.82%-0.93 | % | |||||||||||||||||||||
Expected dividend yield | 0 | % | 0 | % | |||||||||||||||||||||
Expected Term - Because of limited employee share option exercises, the Company uses a simplified method in which the expected term of an award is presumed to be mid-point between the vesting date and the expiration date of the award. | |||||||||||||||||||||||||
Expected Volatility - The Company estimates the volatility of its common stock by using the historical volatility of a group of comparable companies over the option's expected term. The decision to use historical volatility of comparable companies was based upon the fact there is limited history of trading activity of the Company's common stock. | |||||||||||||||||||||||||
Risk-Free Interest Rate - The Company bases the risk-free interest rate used in the option valuation model on U.S. Treasury zero-coupon issues with remaining terms similar to the expected term on the options. | |||||||||||||||||||||||||
Expected Dividend Yield - The Company does not anticipate paying any cash dividends in the foreseeable future. | |||||||||||||||||||||||||
Stock-based compensation expense included in operating expenses and total intrinsic value of stock options exercised are as follows: | |||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||
November 30, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Stock-based compensation costs for stock options | $ | 913 | $ | 945 | |||||||||||||||||||||
Fair value changes of collaboration warrants | 9 | (178 | ) | ||||||||||||||||||||||
$ | 922 | $ | 767 | ||||||||||||||||||||||
Intrinsic value of stock options exercised | $ | - | $ | 79 | |||||||||||||||||||||
There were no stock options exercised during the three months ended November 30, 2013. | |||||||||||||||||||||||||
Stock Option Activity | |||||||||||||||||||||||||
The following table summarizes the stock option transactions under the Equity Plans during the three months ended November 30, 2013: | |||||||||||||||||||||||||
Shares | Weighted | ||||||||||||||||||||||||
Average | |||||||||||||||||||||||||
Exercise Price | |||||||||||||||||||||||||
Options outstanding at August 31, 2013 | 2,791,556 | $ | 7.49 | ||||||||||||||||||||||
Options granted | 675,540 | 1.31 | |||||||||||||||||||||||
Options forfeited | (88,278 | ) | 10.25 | ||||||||||||||||||||||
Options outstanding at November 30, 2013 | 3,378,818 | $ | 6.18 | ||||||||||||||||||||||
The following table summarizes information about stock options outstanding and exercisable at November 30, 2013: | |||||||||||||||||||||||||
Average | Average | ||||||||||||||||||||||||
Remaining | Weighted- | Number | Remaining | Weighted- | |||||||||||||||||||||
Range of | Number | Contractual | Average | Vested and | Contractual | Average | |||||||||||||||||||
Exercise Price | Outstanding | Life | Exercise Price | Exercisable | Life | Exercise Price | |||||||||||||||||||
$1.95 | 414,665 | 2.02 | $ | 1.95 | 414,665 | 2.02 | $ | 1.95 | |||||||||||||||||
$3.90 - $4.05 | 301,491 | 2.25 | 3.91 | 301,491 | 2.25 | 3.91 | |||||||||||||||||||
$6.75 | 801,434 | 5.04 | 6.75 | 769,613 | 4.98 | 6.75 | |||||||||||||||||||
$7.32 | 185,731 | 7.04 | 7.32 | 134,387 | 7.04 | 7.32 | |||||||||||||||||||
$16.77 | 158,412 | 7.53 | 16.77 | 79,799 | 7.52 | 16.77 | |||||||||||||||||||
$17.16 | 67,138 | 7.63 | 17.16 | 32,326 | 7.63 | 17.16 | |||||||||||||||||||
$12.71 | 30,078 | 8.13 | 12.71 | 11,228 | 8.08 | 12.71 | |||||||||||||||||||
$12.10 | 46,664 | 8.24 | 12.1 | 46,664 | 8.24 | 12.1 | |||||||||||||||||||
$13.00 | 419,153 | 8.24 | 13 | - | - | - | |||||||||||||||||||
$8.97 | 250 | 8.55 | 8.97 | 90 | 8.55 | 8.97 | |||||||||||||||||||
$6.66 | 11,666 | 8.73 | 6.66 | - | - | - | |||||||||||||||||||
$3.60 - $7.70 | 24,100 | 8.79 | 5.6 | 7,300 | 8.76 | 5.87 | |||||||||||||||||||
$3.94 | 24,000 | 9 | 3.94 | 531 | 8.94 | 3.94 | |||||||||||||||||||
$3.32 | 58,330 | 9.17 | 3.32 | - | - | - | |||||||||||||||||||
$3.49 | 1,500 | 9.19 | 3.49 | - | - | - | |||||||||||||||||||
$1.40 - $3.30 | 158,666 | 9.56 | 3.16 | - | - | - | |||||||||||||||||||
$1.24 - $1.52 | 675,540 | 9.85 | 1.31 | - | - | - | |||||||||||||||||||
3,378,818 | 1,798,094 | ||||||||||||||||||||||||
No tax benefits have been recorded on compensation costs recognized for options exercised. As of November 30, 2013, there was $5,020 of total unrecognized compensation cost related to stock options. That cost is expected to be recognized over a weighted average of 2.76 years. The Company's policy is to issue new shares for options exercised. | |||||||||||||||||||||||||
Restricted Stock Activity | |||||||||||||||||||||||||
The following summarizes the restricted stock transactions under the Equity Plans during the three months ended November 30, 2013: | |||||||||||||||||||||||||
Shares | Weighted | ||||||||||||||||||||||||
Average | |||||||||||||||||||||||||
Grant Date | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Restricted stock outstanding and unvested at August 31, 2013 | 290,700 | $ | 5.55 | ||||||||||||||||||||||
Restricted stock granted | 328,260 | 1.31 | |||||||||||||||||||||||
Restricted stock vested | (76,396 | ) | 5.64 | ||||||||||||||||||||||
Restricted stock forfeited | (23,167 | ) | 4.82 | ||||||||||||||||||||||
Restricted stock outstanding and unvested at November 30, 2013 | 519,397 | $ | 3.11 | ||||||||||||||||||||||
As of November 30, 2013, there was $1,015 of total unrecognized compensation cost related to restricted stock awards. That cost is expected to be recognized over a weighted average of 1.82 years. | |||||||||||||||||||||||||
Stock Activity | |||||||||||||||||||||||||
During the fiscal year 2013, the Company granted 60,000 shares of common stock under the 2011 Plan with a fair market value of $3.33 per share. The Company recorded $200 of expense in the year ended August 31, 2013 related to this stock grant. There were no such stock grants during the three months ended November 30, 2013. | |||||||||||||||||||||||||
Stockholders_Equity
Stockholders' Equity | 3 Months Ended |
Nov. 30, 2013 | |
Stockholders' Equity [Abstract] | ' |
Stockholders' Equity | ' |
(9) Stockholders' Equity | |
Common Stock | |
Pursuant to the Company's amended and restated certificate of incorporation, the Company is authorized to issue 490,000,000 shares of common stock. Holders of the Company's common stock are entitled to dividends as and when declared by the Board of Directors, subject to rights and holders of all classes of stock outstanding having priority rights to dividends. There have been no dividends declared to date. Each share of common stock is entitled to one vote. | |
Preferred Stock | |
Pursuant to the Company's amended and restated certificate of incorporation, the Company is authorized to issue 10,000,000 shares of preferred stock. The Board of Directors has the authority, without action by the Company's stockholders, to designate and issue shares of preferred stock in one or more series and to fix the rights, preferences, privileges and restrictions thereof. | |
Warrants issued in connection with Noble Agreement | |
In May 2006, the Company entered into a collaboration agreement with The Samuel Roberts Noble Foundation, Inc. (Noble) (Noble Agreement) to establish a research program (see Note (12)). In connection with this collaboration, the Company granted Noble a warrant to purchase 133,333 shares of the Company's common stock for an exercise price of $30.00 per share. The original terms were as follows: the warrant vests in equal installments of 33,333 shares on May 19, 2009, May 19, 2011, May 19, 2013, and May 19, 2015, respectively, and shall remain exercisable for a period of two years from the respective vesting dates. These warrants are accounted for at fair value and remeasured until vested. The fair value, including the resulting change in value as a result of remeasurement is being recognized as research and development expense. The inception to date expense recognized with respect to this warrant totals $626 as of November 30, 2013. At November 30, 2013, 99,999 warrants had vested under this arrangement. The fair value of the warrants not yet vested at November 30, 2013 was $0.5 using a risk-free rate of 0.56% based on the respective exercise periods of each installment, expected volatility of 63.5%, expected term of 3.47 years based on the respective exercise periods of each installment, which is also the remaining contractual term, and 0% dividend yield. | |
In June 2011, the Company and Noble agreed to modify the warrants issued to Noble as follows: the warrant vests in equal installments of 33,333 shares on May 19, 2013 and May 19, 2015, respectively and shall remain exercisable until the earliest of a period of five years from the respective vesting dates and May 18, 2017. | |
Warrants issued in connection with TAMU Agreement | |
In August 2007, the Company entered into a sponsored research and intellectual property rights agreement with The Texas A&M University System (TAMU) to establish a research program (see Note (12)). In connection with this collaboration, the Company granted TAMU a warrant to purchase 66,666 shares of the Company's common stock for an exercise price of $30.00 per share. The warrant vests based on certain research and commercialization milestones being met and shall remain exercisable until August 28, 2017. This warrant is accounted for at fair value and remeasured until the vesting targets are met. The fair value, including the resulting change in value as a result of remeasurement is being recognized as research and development expense. The inception to date expense recognized with respect to this warrant totals $1.4 as of November 30, 2013. The fair value of the warrants at November 30, 2013 was $1.7, using a risk-free rate of 0.96%, expected volatility of 64.3%, expected term of 3.74 years and 0% dividend yield. No warrants have vested under this arrangement as of November 30, 2013. | |
In December 2011, pursuant to an Amended and Restated Intellectual Property Rights Agreement (IP Rights Agreement) (see Note (12)), the Company issued warrants to TAMU to purchase 66,666 shares of common stock at an exercise price of $14.30 per share. The warrants expire on September 24, 2026 and, subject to certain conditions, vest in equal installments on the fifth, tenth and fifteenth anniversary of the IP Rights Agreement. The inception to date expense recognized with respect to this warrant totals $19.4 as of November 30, 2013. The fair value of the warrants at November 30, 2013 was $77.2, using a risk-free rate of 2.63%, expected volatility of 85.1%, expected term of 12.81 years and 0% dividend yield. No warrants have vested under this arrangement as of November 30, 2013. | |
Income_Taxes
Income Taxes | 3 Months Ended |
Nov. 30, 2013 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
(10) Income Taxes | |
No provision for U.S. income taxes has been made, net of the valuation allowance, because the Company has incurred losses since its inception. The Company has deferred tax assets consisting primarily of net operating loss carryforwards that have been fully offset by a valuation allowance. | |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | ||||
Nov. 30, 2013 | |||||
Commitments and Contingencies [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
(11) Commitments and Contingencies | |||||
The Company leases certain of its facilities and equipment under various noncancelable operating leases expiring through 2023. The leases on the facilities contains provisions for future rent increases. The Company records monthly rent expense equal to the total of the payments due over the lease term, divided by the number of months of the lease term. The difference between rent expense recorded and the amount paid is credited or charged to deferred rent, which is included in other current liabilities and other non-current liabilities in the accompanying condensed consolidated balance sheets as of November 30, 2013 and August 31, 2013. | |||||
In connection with one of its facilities leases, the Company received a reimbursement for leasehold improvements of $270. This reimbursement is a lease incentive which has been recognized as a liability in deferred rent and is being amortized to rent expense on a straight-line basis over the lease term. Total rental expense recognized was $66 and $144 for the three months ended November 30, 2013 and 2012, respectively. | |||||
Future minimum payments under noncancelable operating leases as of November 30, 2013 are as follows: | |||||
Operating | |||||
Leases | |||||
Remaining nine months of fiscal year 2014 | $ | 470 | |||
2015 | 547 | ||||
2016 | 550 | ||||
2017 | 559 | ||||
2018 | 575 | ||||
Thereafter | 588 | ||||
Total minimum lease payments | $ | 3,289 | |||
Research_Collaboration_Agreeme
Research Collaboration Agreements | 3 Months Ended | ||||
Nov. 30, 2013 | |||||
Research Collaboration Agreements [Abstract] | ' | ||||
Research Collaboration Agreements | ' | ||||
(12) Research Collaboration Agreements | |||||
The Company has a number of research agreements with academic collaborators, including among others, TAMU, Noble, and the Institute of Crop Sciences of the Chinese Academy of Agricultural Sciences. In connection with these agreements, the Company receives certain exclusive options or licensing rights to technology and intellectual property developed under these agreements. The Company expenses amounts under these agreements to research and development expense in the period in which the services are rendered. The Company also licenses technology from third parties. Initial payments under these license agreements are capitalized and expensed on a straight-line basis over the license term. | |||||
Noble Agreement | |||||
In May 2006, the Company entered into a collaboration agreement with Noble to establish a research program. Under the Noble Agreement, the Company agreed to fund certain research activities undertaken by Noble in an amount up to $3,800 through July 31, 2012 and granted Noble a warrant to purchase 133,333 shares of the Company's common stock for an exercise price of $30.00 per share (see Note (9)). Additional projects may be added under the agreement, if agreed to by both parties. | |||||
Under the collaboration agreement, in August 2012 the Company agreed to fund certain research activities undertaken by Noble through July 31, 2013 and 2014 of $82.7 and $85.3 per year, respectively. | |||||
TAMU Agreement | |||||
In August 2007, the Company entered into a Sponsored Research and Intellectual Property Rights agreement with TAMU to establish a research program. Under the agreement, the Company agreed to fund certain research activities undertaken by TAMU in an amount up to $5,100 through 2012 and granted TAMU a warrant to purchase 66,666 shares of the Company's common stock for an exercise price of $30.00 per share (see Note (9)). | |||||
On September 24, 2011, the Company entered into an Amended and Restated Sponsored Research Agreement and the IP Rights Agreement with TAMU which both expire on September 23, 2026. The specific research projects and budgets undertaken pursuant to such agreement will be determined by an Executive Committee comprised of two members from each of TAMU and the Company as set forth in the Amended and Restated Sponsored Research Agreement. In December 2011, pursuant to the IP Rights Agreement, the Company issued warrants to TAMU to purchase 66,666 shares of common stock at an exercise price of $14.30 per share (see Note (9)). | |||||
Future minimum payments under the Company's research collaboration agreements as of November 30, 2013 are as follows: | |||||
Remaining nine months of fiscal year 2014 | $ | 2,622 | |||
2015 | 2,977 | ||||
2016 | 2,966 | ||||
2017 | 613 | ||||
$ | 9,178 | ||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended | ||||||||||||||||
Nov. 30, 2013 | |||||||||||||||||
Summary of Significant Accounting Policies [Abstract] | ' | ||||||||||||||||
Basis of Presentation | ' | ||||||||||||||||
Basis of Presentation | |||||||||||||||||
The accompanying interim condensed consolidated financial statements have been prepared in accordance with the accounting principles generally accepted in the United States of America (GAAP) and with the instructions for Form 10-Q and Regulation S-X. Accordingly, they do not include all of the information and notes required for complete financial statements. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company's Form 10-K dated November 26, 2013 filed with the Securities and Exchange Commission (SEC). | |||||||||||||||||
The accompanying interim condensed consolidated financial statements and related disclosures are unaudited, have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair presentation of the results of operations for the periods presented. The condensed consolidated results of operations for any interim period are not necessarily indicative of the results to be expected for the full year or for any other future year or interim period. | |||||||||||||||||
Principles of Consolidation | ' | ||||||||||||||||
Principles of Consolidation | |||||||||||||||||
The condensed consolidated financial statements include the financial statements of the Company and its subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation. | |||||||||||||||||
Use of Estimates | ' | ||||||||||||||||
Use of Estimates | |||||||||||||||||
In preparing the unaudited condensed consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the unaudited condensed consolidated financial statements and reported amounts of revenue and expenses during the reporting period. Significant items subject to such estimates and assumptions include the valuation of property and equipment, inventory, deferred tax assets, common stock, stock options and warrant liabilities. Actual results could differ from those estimates. | |||||||||||||||||
Cash Equivalents | ' | ||||||||||||||||
Cash Equivalents | |||||||||||||||||
The Company considers all highly liquid investments, with an original maturity of three months or less when purchased, to be cash equivalents. | |||||||||||||||||
Marketable Securities | ' | ||||||||||||||||
Marketable Securities | |||||||||||||||||
Marketable securities are classified as available for sale and are recorded at fair value, with the unrealized gains and losses, if any, net of taxes, reported as a component of stockholders' equity until realized or until a determination is made that an other-than-temporary decline in market value has occurred. | |||||||||||||||||
In determining whether an other-than-temporary impairment exists for debt securities, management considers: (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. Management has determined that there has been no other-than-temporary impairments of its marketable securities. | |||||||||||||||||
The cost of marketable securities sold is based upon the specific identification method and any realized gains or losses on the sale of investments are reflected as a component of interest income or expense. There were no sales of marketable securities during the three months ended November 30, 2013. | |||||||||||||||||
The Company classifies marketable securities as current or non-current based upon whether such assets are reasonably expected to be realized in cash or sold or consumed during the normal operating cycle of the business. | |||||||||||||||||
Financial Instruments | ' | ||||||||||||||||
Financial Instruments | |||||||||||||||||
The carrying value of financial instruments such as cash and cash equivalents, receivables, accounts payable, and accrued expenses approximate their fair value due to the short-term nature of these instruments. At each period end, the fair value of the long-term debt approximated carrying value based on interest rates currently available to the Company. | |||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||
Assets and liabilities recorded at fair value in the condensed consolidated financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels that are directly related to the amount of subjectivity associated with the inputs to the valuation of these assets or liabilities are as follows: | |||||||||||||||||
• | Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. | ||||||||||||||||
• | Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. | ||||||||||||||||
• | Level 3 inputs are unobservable inputs for the asset or liability. | ||||||||||||||||
The following tables present the Company's financial assets that were measured at fair value on a recurring basis as of November 30, 2013 and August 31, 2013 by level within the fair value hierarchy: | |||||||||||||||||
30-Nov-13 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Financial Assets | |||||||||||||||||
Money Market Funds | $ | 2,781 | $ | - | $ | - | $ | 2,781 | |||||||||
Certificates of Deposit-available for sale | - | 5,040 | - | 5,040 | |||||||||||||
Commercial Paper-available for sale | - | 1,000 | - | 1,000 | |||||||||||||
Corporate Bonds-available for sale | - | 12,339 | - | 12,339 | |||||||||||||
Total | $ | 2,781 | $ | 18,379 | $ | - | $ | 21,160 | |||||||||
All of the money market funds, $240 of the certificates of deposit and $1,012 of the corporate bonds are included in cash and cash equivalents on the condensed consolidated balance sheets. | |||||||||||||||||
August 31, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Financial Assets | |||||||||||||||||
Money Market Funds | $ | 2,310 | $ | - | $ | - | $ | 2,310 | |||||||||
Certificates of Deposit-available for sale | - | 4,555 | - | 4,555 | |||||||||||||
Commercial Paper-available for sale | - | 2,198 | - | 2,198 | |||||||||||||
Corporate Bonds-available for sale | - | 16,076 | - | 16,076 | |||||||||||||
Total | $ | 2,310 | $ | 22,829 | $ | - | $ | 25,139 | |||||||||
All of the money market funds and $1,199 of the commercial paper are included in cash and cash equivalents on the consolidated balance sheets. | |||||||||||||||||
Accounts Receivable | ' | ||||||||||||||||
Accounts Receivable | |||||||||||||||||
Accounts receivable represents amounts owed to the Company from product sales and collaborative research and government grants. The Company had no amounts reserved for doubtful accounts at November 30, 2013 and August 31, 2013 as the Company expected full collection of the accounts receivable balances. | |||||||||||||||||
Customers representing greater than 10% of accounts receivable were as follows (in percentages): | |||||||||||||||||
Customers | As of | As of | |||||||||||||||
November 30, | August 31, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
Customer A | 39.5 | 37.3 | |||||||||||||||
Customer B | 35.8 | 23.1 | |||||||||||||||
Customer E | 11.5 | * | |||||||||||||||
Customer F | ** | 21.8 | |||||||||||||||
* | Less than 10% | ||||||||||||||||
** | No accounts receivable balance | ||||||||||||||||
Customers representing greater than 10% of revenues were as follows (in percentages): | |||||||||||||||||
Three Months Ended | |||||||||||||||||
November 30, | |||||||||||||||||
Customers | 2013 | 2012 | |||||||||||||||
Customer A | 44.4 | 14.8 | |||||||||||||||
Customer B | 33.6 | 16.1 | |||||||||||||||
Customer D | ** | 38.6 | |||||||||||||||
Customer E | 13.9 | * | |||||||||||||||
Customer F | ** | 19.8 | |||||||||||||||
* | Less than 10% | ||||||||||||||||
** | No revenues | ||||||||||||||||
Seed Inventories | ' | ||||||||||||||||
Seed Inventories | |||||||||||||||||
At November 30, 2013, all seed inventory was written-off based on the lower of cost or market, based on the Company's evaluation of such inventory. At August 31, 2013, inventory consisted of work-in-process costs related to sweet sorghum seeds. Seed inventory costs are computed on a first-in, first-out basis and valued at the lower of cost or market with any excess cost recognized during the period within cost of product sales. | |||||||||||||||||
Property and Equipment | ' | ||||||||||||||||
Property and Equipment | |||||||||||||||||
Property and equipment is stated at cost. Depreciation is provided using the straight-line method over the shorter of the estimated useful lives or the remaining life of the lease. Depreciation periods for the Company's property and equipment are as follows: | |||||||||||||||||
Automobiles and trucks | 3-5 years | ||||||||||||||||
Office, laboratory, farm and warehouse equipment and furniture | 3-5 years | ||||||||||||||||
Leasehold improvements | 3-10 years | ||||||||||||||||
Buildings | 14-39 years | ||||||||||||||||
Impairment of Long-Lived Assets | ' | ||||||||||||||||
Impairment of Long-Lived Assets | |||||||||||||||||
Long-lived assets, such as property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. To the extent that an impairment indicator has occurred, recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. For the reporting periods presented herein there was an indicator that impairment has occurred. However, there was no impairment as the carrying amount of the property and equipment did not exceed the fair value of such assets. | |||||||||||||||||
Revenue Recognition | ' | ||||||||||||||||
Revenue Recognition | |||||||||||||||||
Revenues are recognized when the following criteria are met: (1) persuasive evidence of an arrangement exists; (2) transfer of product or technology has been completed or services have been rendered; (3) the fee is fixed or determinable; and (4) collectability is reasonably assured. To date, the Company's primary source of revenues has been derived from collaborative research agreements and government grants and to a lesser extent, product sales. | |||||||||||||||||
Product Sales | |||||||||||||||||
Product sales are derived from sales of seeds, trait fees, crop management services and biomass sales. Product sales are recognized, net of discounts and allowances, once passage of title and risk of loss have occurred and contractually specified acceptance criteria have been met, provided all other revenue recognition criteria have also been met. To date, product sales have not been significant. | |||||||||||||||||
Collaborative Research and Government Grants | |||||||||||||||||
From time to time, the Company enters into research and development collaboration agreements with third parties, including several biofuel producers and government agencies, such as the United States Department of Energy (DOE) and the United States Department of Agriculture (USDA). The research and development collaboration agreements typically provide the Company with multiple revenue streams, which may include up-front, non-refundable fees for licensing certain of the Company's technologies, government grants and fees for research and development activities and contingent milestone payments based upon achievement of contractual criteria. | |||||||||||||||||
• | Technology License Fees - For collaboration agreements in which the Company has continuing involvement, license fees are recognized on a straight-line basis over the term of the arrangement. Licensing fees are non-refundable and not subject to future performance. | ||||||||||||||||
• | Government Grants - The Company receives payments from government entities in the form of government grants. Government grants generally provide the Company with partial cost reimbursement for certain types of expenditures in return for research and development activities over a contractually defined period. Revenues from government grants are recognized in the period during which the related costs are incurred, provided that the conditions under which the government grants were provided have been met and the Company has only perfunctory obligations outstanding. | ||||||||||||||||
• | Research and Development Fees - Generally, fees for research and development activities are recognized as the services are performed over the performance period, as specified in the respective agreements. Certain of the Company's collaboration agreements require the Company to deliver research data by specific dates and that the collective program plan will result in reaching specific crop characteristics by certain dates. For such arrangements, the Company recognizes revenues based on the approximate percentage of completion of services under the agreement, but the revenue recognized cannot exceed payments received by the Company to date under the agreement. The research and development period is estimated at the inception of each agreement and is periodically evaluated. | ||||||||||||||||
• | Milestone Fees - Fees that are contingent based on achievement of substantive performance milestones at inception of the agreement are recognized based on the achievement of the milestone, as defined in the respective agreements. | ||||||||||||||||
Deferred Revenue | |||||||||||||||||
The Company recognizes deferred revenue to the extent that cash received under the collaboration agreement is in excess of the revenues recognized related to the agreement since the work under the agreement has not yet been performed, or the work has not been fully completed as prescribed in the statement of work at the balance sheet date, which is classified as other current liabilities on the accompanying condensed consolidated balance sheet. | |||||||||||||||||
Development and License Agreement | |||||||||||||||||
The development and license agreement between the Company and Campbell Soup Company, dated December 20, 2007, as amended, was terminated and cancelled on November 19, 2012 following Campbell's sale of its vegetable seed assets to a third party in September 2012. In connection with the termination, Campbell paid the Company the amount of $550 in full and complete satisfaction of all remaining financial obligations under the development and license agreement. | |||||||||||||||||
Research and Development | ' | ||||||||||||||||
Research and Development | |||||||||||||||||
Research and development expenses principally consist of personnel costs related to the Company's research and development staff as well as depreciation of research and development assets. Research and development expenses also include costs incurred for laboratory supplies, reimbursable costs associated with government grants and collaborative agreements, third-party contract payments, consultants, facility and related overhead costs. | |||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
Stock-Based Compensation | |||||||||||||||||
The Company accounts for stock-based compensation arrangements with employees using a fair value method which requires the recognition of compensation expense for costs related to all stock-based payments including stock options. The fair value method requires the Company to estimate the fair value of stock-based payment awards on the date of grant using an option pricing model. The Company uses an option pricing model to estimate the fair value of options granted that are expensed on a straight-line basis over the vesting period. The Company accounts for stock options issued to non-employees based on the estimated fair value of the awards using the option pricing model. The measurement of stock-based compensation to non-employees is subject to periodic adjustments as the underlying equity instruments vest, and the resulting change in value, if any, is recognized in the Company's condensed consolidated statements of operations during the period the related services are rendered. | |||||||||||||||||
Income Taxes | ' | ||||||||||||||||
Income Taxes | |||||||||||||||||
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |||||||||||||||||
Unrecognized tax benefits are recognized when a prescribed minimum probability threshold of a tax position is met. The minimum threshold is defined as a tax position that is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution to any related appeals or litigation, based solely on the technical merits of the position. The Company is currently unaware of any issues under review that could result in significant payments, accruals, or material deviations from its recognized tax positions. | |||||||||||||||||
The major jurisdictions in which the Company files income tax returns include the federal and state jurisdictions within the United States and Brazil, where it has a subsidiary. The tax years after 2008 remain open to examination by federal and state taxing jurisdictions and the tax years after 2010 remain open to examination by foreign jurisdictions. However, the Company has net operating loss carryforwards (NOLs) beginning in 1998 which would cause the statute of limitations to remain open for the year in which the NOL was incurred. | |||||||||||||||||
Foreign Currency Translation | ' | ||||||||||||||||
Foreign Currency Translation | |||||||||||||||||
The Brazilian real is the functional currency of the Company's subsidiary in Brazil. Accordingly, assets and liabilities of those operations are translated into United States dollars using the current exchange rate in effect at the balance sheet date and equity accounts are translated into United States dollars using historical rates. Revenues and expenses are translated at the weighted average rate of exchange during the reporting period. Gains and losses from foreign currency translation adjustments are represented as a component of accumulated other comprehensive loss. | |||||||||||||||||
Accumulated Other Comprehensive Income | ' | ||||||||||||||||
Accumulated Other Comprehensive Income | |||||||||||||||||
The Company's unrealized gains and losses on available-for-sale securities and foreign currency translation adjustments represents the components of comprehensive income (loss) and have been disclosed in the condensed consolidated balance sheets. | |||||||||||||||||
The following summarizes the changes in the balances of each component of accumulated comprehensive income (loss) during the three months ended November 30, 2013: | |||||||||||||||||
Accumulated | |||||||||||||||||
Foreign | Unrealized | Other | |||||||||||||||
Currency | Gains (Losses) | Comprehensive | |||||||||||||||
Translation | on Securities | Loss | |||||||||||||||
Balance at August 31, 2013 | $ | (684 | ) | $ | (12 | ) | $ | (696 | ) | ||||||||
Comprehensive loss | 104 | 5 | 109 | ||||||||||||||
Balance at November 30, 2013 | $ | (580 | ) | $ | (7 | ) | $ | (587 | ) | ||||||||
Basic and Diluted Net Loss Per Share | ' | ||||||||||||||||
Basic and Diluted Net Loss Per Share | |||||||||||||||||
Basic net loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding. Diluted net loss per common share is computed by dividing net loss available to common stockholders by the weighted average number of common shares and dilutive potential common share equivalents then outstanding, to the extent they are dilutive. Potential common shares consist of shares issuable upon the exercise of stock options and warrants (using the treasury stock method). Dilutive net loss per share is the same as basic net loss per share for all periods presented because the effects of potentially dilutive items were anti-dilutive. | |||||||||||||||||
The following table sets forth the computation of basic and diluted net loss per common share: | |||||||||||||||||
Three months ended | |||||||||||||||||
November 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Net loss | $ | (8,205 | ) | $ | (6,894 | ) | |||||||||||
Basic and diluted net loss per common share | $ | (0.33 | ) | $ | (0.28 | ) | |||||||||||
Basic and diluted weighted average outstanding common shares used for net loss: | 25,106,690 | 24,693,303 | |||||||||||||||
The following potentially dilutive, common share equivalents were excluded from the calculation of diluted net loss per common share because their effect was antidilutive for each of the periods presented: | |||||||||||||||||
November 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Options to purchase common stock | 3,378,818 | 2,756,223 | |||||||||||||||
Warrants to purchase common stock | 2,082,045 | 2,082,045 | |||||||||||||||
Total | 5,460,863 | 4,838,268 | |||||||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 3 Months Ended | ||||||||||||||||
Nov. 30, 2013 | |||||||||||||||||
Summary of Significant Accounting Policies [Abstract] | ' | ||||||||||||||||
Schedule of Financial Assets Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||
The following tables present the Company's financial assets that were measured at fair value on a recurring basis as of November 30, 2013 and August 31, 2013 by level within the fair value hierarchy: | |||||||||||||||||
30-Nov-13 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Financial Assets | |||||||||||||||||
Money Market Funds | $ | 2,781 | $ | - | $ | - | $ | 2,781 | |||||||||
Certificates of Deposit-available for sale | - | 5,040 | - | 5,040 | |||||||||||||
Commercial Paper-available for sale | - | 1,000 | - | 1,000 | |||||||||||||
Corporate Bonds-available for sale | - | 12,339 | - | 12,339 | |||||||||||||
Total | $ | 2,781 | $ | 18,379 | $ | - | $ | 21,160 | |||||||||
All of the money market funds, $240 of the certificates of deposit and $1,012 of the corporate bonds are included in cash and cash equivalents on the condensed consolidated balance sheets. | |||||||||||||||||
August 31, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Financial Assets | |||||||||||||||||
Money Market Funds | $ | 2,310 | $ | - | $ | - | $ | 2,310 | |||||||||
Certificates of Deposit-available for sale | - | 4,555 | - | 4,555 | |||||||||||||
Commercial Paper-available for sale | - | 2,198 | - | 2,198 | |||||||||||||
Corporate Bonds-available for sale | - | 16,076 | - | 16,076 | |||||||||||||
Total | $ | 2,310 | $ | 22,829 | $ | - | $ | 25,139 | |||||||||
All of the money market funds and $1,199 of the commercial paper are included in cash and cash equivalents on the consolidated balance sheets. | |||||||||||||||||
Schedule of Customers Representing Greater than Ten Percent of Accounts Receivable | ' | ||||||||||||||||
Customers representing greater than 10% of accounts receivable were as follows (in percentages): | |||||||||||||||||
Customers | As of | As of | |||||||||||||||
November 30, | August 31, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
Customer A | 39.5 | 37.3 | |||||||||||||||
Customer B | 35.8 | 23.1 | |||||||||||||||
Customer E | 11.5 | * | |||||||||||||||
Customer F | ** | 21.8 | |||||||||||||||
* | Less than 10% | ||||||||||||||||
** | No accounts receivable balance | ||||||||||||||||
Schedule of Customers Representing Greater than Ten Percent of Revenue | ' | ||||||||||||||||
Customers representing greater than 10% of revenues were as follows (in percentages): | |||||||||||||||||
Three Months Ended | |||||||||||||||||
November 30, | |||||||||||||||||
Customers | 2013 | 2012 | |||||||||||||||
Customer A | 44.4 | 14.8 | |||||||||||||||
Customer B | 33.6 | 16.1 | |||||||||||||||
Customer D | ** | 38.6 | |||||||||||||||
Customer E | 13.9 | * | |||||||||||||||
Customer F | ** | 19.8 | |||||||||||||||
* | Less than 10% | ||||||||||||||||
** | No revenues | ||||||||||||||||
Schedule of Depreciation Period for Property and Equipment | ' | ||||||||||||||||
Depreciation periods for the Company's property and equipment are as follows: | |||||||||||||||||
Automobiles and trucks | 3-5 years | ||||||||||||||||
Office, laboratory, farm and warehouse equipment and furniture | 3-5 years | ||||||||||||||||
Leasehold improvements | 3-10 years | ||||||||||||||||
Buildings | 14-39 years | ||||||||||||||||
Schedule of Accumulated Other Comprehensive Income | ' | ||||||||||||||||
The following summarizes the changes in the balances of each component of accumulated comprehensive income (loss) during the three months ended November 30, 2013: | |||||||||||||||||
Accumulated | |||||||||||||||||
Foreign | Unrealized | Other | |||||||||||||||
Currency | Gains (Losses) | Comprehensive | |||||||||||||||
Translation | on Securities | Loss | |||||||||||||||
Balance at August 31, 2013 | $ | (684 | ) | $ | (12 | ) | $ | (696 | ) | ||||||||
Comprehensive loss | 104 | 5 | 109 | ||||||||||||||
Balance at November 30, 2013 | $ | (580 | ) | $ | (7 | ) | $ | (587 | ) | ||||||||
Summary of Computation of Basic and Diluted Net Loss Per Common Share | ' | ||||||||||||||||
The following table sets forth the computation of basic and diluted net loss per common share: | |||||||||||||||||
Three months ended | |||||||||||||||||
November 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Net loss | $ | (8,205 | ) | $ | (6,894 | ) | |||||||||||
Basic and diluted net loss per common share | $ | (0.33 | ) | $ | (0.28 | ) | |||||||||||
Basic and diluted weighted average outstanding common shares used for net loss: | 25,106,690 | 24,693,303 | |||||||||||||||
Schedule of Potentially Dilutive, Common Share Equivalents Excluded from Calculation of Diluted Net Loss Per Common Share | ' | ||||||||||||||||
The following potentially dilutive, common share equivalents were excluded from the calculation of diluted net loss per common share because their effect was antidilutive for each of the periods presented: | |||||||||||||||||
November 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Options to purchase common stock | 3,378,818 | 2,756,223 | |||||||||||||||
Warrants to purchase common stock | 2,082,045 | 2,082,045 | |||||||||||||||
Total | 5,460,863 | 4,838,268 | |||||||||||||||
Marketable_Securities_Tables
Marketable Securities (Tables) | 3 Months Ended | ||||||||||||||||
Nov. 30, 2013 | |||||||||||||||||
Marketable Securities [Abstract] | ' | ||||||||||||||||
Schedule of Available for Sale Securities | ' | ||||||||||||||||
Marketable securities classified as available for sale consisted of the following: | |||||||||||||||||
30-Nov-13 | |||||||||||||||||
Available for sale securities | Amortized | Gross | Gross | Fair Value | |||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||
Gain | Loss | ||||||||||||||||
Certificates of Deposit | $ | 4,804 | $ | - | $ | (4 | ) | $ | 4,800 | ||||||||
Commercial Paper | 1,000 | - | - | 1,000 | |||||||||||||
Corporate Bonds | 11,331 | - | (4 | ) | 11,327 | ||||||||||||
Total | $ | 17,135 | $ | - | $ | (8 | ) | $ | 17,127 | ||||||||
30-Nov-13 | |||||||||||||||||
Amortized | Fair Value | ||||||||||||||||
Cost | |||||||||||||||||
Marketable securities | |||||||||||||||||
Due in 1 year or less | $ | 17,135 | $ | 17,127 | |||||||||||||
$ | 17,135 | $ | 17,127 | ||||||||||||||
31-Aug-13 | |||||||||||||||||
Available for sale securities | Amortized | Gross | Gross | Fair Value | |||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||
Gain | Loss | ||||||||||||||||
Certificates of Deposit | $ | 4,561 | $ | - | $ | (6 | ) | $ | 4,555 | ||||||||
Commercial Paper | 1,000 | - | (1 | ) | 999 | ||||||||||||
Corporate Bonds | 16,081 | 2 | (7 | ) | 16,076 | ||||||||||||
Total | $ | 21,642 | $ | 2 | $ | (14 | ) | $ | 21,630 | ||||||||
31-Aug-13 | |||||||||||||||||
Amortized | Fair Value | ||||||||||||||||
Cost | |||||||||||||||||
Marketable securities | |||||||||||||||||
Due in 1 year or less | $ | 21,642 | $ | 21,630 | |||||||||||||
$ | 21,642 | $ | 21,630 | ||||||||||||||
Seed_Inventories_Tables
Seed Inventories (Tables) | 3 Months Ended | ||||
Nov. 30, 2013 | |||||
Seed Inventories [Abstract] | ' | ||||
Schedule of Seed Inventories | ' | ||||
Inventories at August 31, 2013 consisted of the following: | |||||
Work in process | $ | 20 | |||
Seed inventory | - | ||||
Total inventories | $ | 20 | |||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 3 Months Ended | ||||||||
Nov. 30, 2013 | |||||||||
Property and Equipment [Abstract] | ' | ||||||||
Summary of Property and Equipment | ' | ||||||||
Property and equipment are summarized as follows: | |||||||||
November 30, | August 31, | ||||||||
2013 | 2013 | ||||||||
Land | $ | 43 | $ | 43 | |||||
Automobiles and trucks | 873 | 796 | |||||||
Buildings | 3,180 | 3,180 | |||||||
Office, laboratory, farm and warehouse equipment and furniture | 12,954 | 14,792 | |||||||
Leasehold improvements | 5,728 | 5,716 | |||||||
22,778 | 24,527 | ||||||||
Less accumulated depreciation | (18,146 | ) | (19,894 | ) | |||||
Property and equipment, net | $ | 4,632 | $ | 4,633 | |||||
Accounts_Payable_and_Accrued_E1
Accounts Payable and Accrued Expenses (Tables) | 3 Months Ended | ||||||||
Nov. 30, 2013 | |||||||||
Accounts Payable and Accrued Expenses [Abstract] | ' | ||||||||
Schedule of Accounts Payable and Accrued Expenses | ' | ||||||||
Accounts payable and accrued expenses consisted of the following: | |||||||||
November 30, | August 31, | ||||||||
2013 | 2013 | ||||||||
Accounts payable | $ | 1,236 | $ | 1,289 | |||||
Accrued payroll and related expenses | 2,137 | 1,020 | |||||||
Research and development contracts | 1,035 | 1,098 | |||||||
Accrued grower commitments | 99 | 38 | |||||||
Other | 238 | 380 | |||||||
$ | 4,745 | $ | 3,825 | ||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 3 Months Ended | ||||||||
Nov. 30, 2013 | |||||||||
Long-Term Debt [Abstract] | ' | ||||||||
Summary of Long-Term Debt | ' | ||||||||
Long-term debt is summarized as follows: | |||||||||
November 30, | August 31, | ||||||||
2013 | 2013 | ||||||||
Capital leases | $ | 195 | $ | 236 | |||||
Less current portion | (135 | ) | (154 | ) | |||||
Long term debt (capital leases) | $ | 60 | $ | 82 | |||||
Schedule of Aggregated Maturities of Debt | ' | ||||||||
The aggregated maturities of debt as of November 30, 2013 are as follows: | |||||||||
Remaining nine months of fiscal year 2014 | $ | 113 | |||||||
2015 | 73 | ||||||||
2016 | 9 | ||||||||
$ | 195 | ||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Nov. 30, 2013 | |||||||||||||||||||||||||
Stock-Based Compensation [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Fair Value of Employee Stock Options Estimated Using Weighted Average Assumptions | ' | ||||||||||||||||||||||||
The fair value of employee stock options was estimated using the following assumptions: | |||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||
November 30, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Expected term (in years) | 5.75 - 6.08 | 6.08 | |||||||||||||||||||||||
Expected volatility | 86.3% - 87.60 | % | 87.2%-88.0 | % | |||||||||||||||||||||
Risk free interest rate | 1.62% - 1.96 | % | 0.82%-0.93 | % | |||||||||||||||||||||
Expected dividend yield | 0 | % | 0 | % | |||||||||||||||||||||
Summary of Stock-Based Compensation Costs Included in Operating Expenses and Total Intrinsic Value of Options Exercised | ' | ||||||||||||||||||||||||
Stock-based compensation expense included in operating expenses and total intrinsic value of stock options exercised are as follows: | |||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||
November 30, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Stock-based compensation costs for stock options | $ | 913 | $ | 945 | |||||||||||||||||||||
Fair value changes of collaboration warrants | 9 | (178 | ) | ||||||||||||||||||||||
$ | 922 | $ | 767 | ||||||||||||||||||||||
Intrinsic value of stock options exercised | $ | - | $ | 79 | |||||||||||||||||||||
Summary of Stock Option Transactions under Option Plans | ' | ||||||||||||||||||||||||
The following table summarizes the stock option transactions under the Equity Plans during the three months ended November 30, 2013: | |||||||||||||||||||||||||
Shares | Weighted | ||||||||||||||||||||||||
Average | |||||||||||||||||||||||||
Exercise Price | |||||||||||||||||||||||||
Options outstanding at August 31, 2013 | 2,791,556 | $ | 7.49 | ||||||||||||||||||||||
Options granted | 675,540 | 1.31 | |||||||||||||||||||||||
Options forfeited | (88,278 | ) | 10.25 | ||||||||||||||||||||||
Options outstanding at November 30, 2013 | 3,378,818 | $ | 6.18 | ||||||||||||||||||||||
Summary of Information about Stock Options Outstanding and Exercisable | ' | ||||||||||||||||||||||||
The following table summarizes information about stock options outstanding and exercisable at November 30, 2013: | |||||||||||||||||||||||||
Average | Average | ||||||||||||||||||||||||
Remaining | Weighted- | Number | Remaining | Weighted- | |||||||||||||||||||||
Range of | Number | Contractual | Average | Vested and | Contractual | Average | |||||||||||||||||||
Exercise Price | Outstanding | Life | Exercise Price | Exercisable | Life | Exercise Price | |||||||||||||||||||
$1.95 | 414,665 | 2.02 | $ | 1.95 | 414,665 | 2.02 | $ | 1.95 | |||||||||||||||||
$3.90 - $4.05 | 301,491 | 2.25 | 3.91 | 301,491 | 2.25 | 3.91 | |||||||||||||||||||
$6.75 | 801,434 | 5.04 | 6.75 | 769,613 | 4.98 | 6.75 | |||||||||||||||||||
$7.32 | 185,731 | 7.04 | 7.32 | 134,387 | 7.04 | 7.32 | |||||||||||||||||||
$16.77 | 158,412 | 7.53 | 16.77 | 79,799 | 7.52 | 16.77 | |||||||||||||||||||
$17.16 | 67,138 | 7.63 | 17.16 | 32,326 | 7.63 | 17.16 | |||||||||||||||||||
$12.71 | 30,078 | 8.13 | 12.71 | 11,228 | 8.08 | 12.71 | |||||||||||||||||||
$12.10 | 46,664 | 8.24 | 12.1 | 46,664 | 8.24 | 12.1 | |||||||||||||||||||
$13.00 | 419,153 | 8.24 | 13 | - | - | - | |||||||||||||||||||
$8.97 | 250 | 8.55 | 8.97 | 90 | 8.55 | 8.97 | |||||||||||||||||||
$6.66 | 11,666 | 8.73 | 6.66 | - | - | - | |||||||||||||||||||
$3.60 - $7.70 | 24,100 | 8.79 | 5.6 | 7,300 | 8.76 | 5.87 | |||||||||||||||||||
$3.94 | 24,000 | 9 | 3.94 | 531 | 8.94 | 3.94 | |||||||||||||||||||
$3.32 | 58,330 | 9.17 | 3.32 | - | - | - | |||||||||||||||||||
$3.49 | 1,500 | 9.19 | 3.49 | - | - | - | |||||||||||||||||||
$1.40 - $3.30 | 158,666 | 9.56 | 3.16 | - | - | - | |||||||||||||||||||
$1.24 - $1.52 | 675,540 | 9.85 | 1.31 | - | - | - | |||||||||||||||||||
3,378,818 | 1,798,094 | ||||||||||||||||||||||||
Summary of Restricted Stock Transactions under Option Plans | ' | ||||||||||||||||||||||||
The following summarizes the restricted stock transactions under the Equity Plans during the three months ended November 30, 2013: | |||||||||||||||||||||||||
Shares | Weighted | ||||||||||||||||||||||||
Average | |||||||||||||||||||||||||
Grant Date | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Restricted stock outstanding and unvested at August 31, 2013 | 290,700 | $ | 5.55 | ||||||||||||||||||||||
Restricted stock granted | 328,260 | 1.31 | |||||||||||||||||||||||
Restricted stock vested | (76,396 | ) | 5.64 | ||||||||||||||||||||||
Restricted stock forfeited | (23,167 | ) | 4.82 | ||||||||||||||||||||||
Restricted stock outstanding and unvested at November 30, 2013 | 519,397 | $ | 3.11 | ||||||||||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | ||||
Nov. 30, 2013 | |||||
Commitments and Contingencies [Abstract] | ' | ||||
Schedule of Future Minimum Payments under Noncancelable Operating Leases | ' | ||||
Future minimum payments under noncancelable operating leases as of November 30, 2013 are as follows: | |||||
Operating | |||||
Leases | |||||
Remaining nine months of fiscal year 2014 | $ | 470 | |||
2015 | 547 | ||||
2016 | 550 | ||||
2017 | 559 | ||||
2018 | 575 | ||||
Thereafter | 588 | ||||
Total minimum lease payments | $ | 3,289 | |||
Research_Collaboration_Agreeme1
Research Collaboration Agreements (Tables) | 3 Months Ended | ||||
Nov. 30, 2013 | |||||
Research Collaboration Agreements [Abstract] | ' | ||||
Schedule of Future Minimum Payments under Company's Research Collaboration | ' | ||||
Future minimum payments under the Company's research collaboration agreements as of November 30, 2013 are as follows: | |||||
Remaining nine months of fiscal year 2014 | $ | 2,622 | |||
2015 | 2,977 | ||||
2016 | 2,966 | ||||
2017 | 613 | ||||
$ | 9,178 | ||||
The_Company_Details
The Company (Details) (USD $) | 0 Months Ended | 3 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | ||||
Oct. 11, 2013 | Nov. 30, 2013 | Aug. 31, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Oct. 11, 2013 | Oct. 11, 2013 | Jan. 31, 2010 | |
positions | Research and development expense [Member] | Cost of sales [Member] | General and administrative expense [Member] | Minimum [Member] | Maximum [Member] | Ceres Sementes do Brasil Ltda [Member] | |||
Organization [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership | ' | ' | ' | ' | ' | ' | ' | ' | 99.90% |
Accumulated deficit | ' | ($282,789,000) | ($274,584,000) | ' | ' | ' | ' | ' | ' |
Workforce reduction, number of positions impacted | 17 | ' | ' | ' | ' | ' | ' | ' | ' |
Severance expense | ' | 900,000 | ' | 500,000 | 300,000 | 100,000 | ' | ' | ' |
Payments related to severance expense | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' |
Remaining severance expense to be paid | ' | 700,000 | ' | ' | ' | ' | ' | ' | ' |
Expected first year cash savings | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Expected annual cash savings after first year | ' | ' | ' | ' | ' | ' | 8,000,000 | 10,000,000 | ' |
Workforce reduction, estimated charges | 1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Workforce reduction, estimated cost of continuation of salary and benefits | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Workforce reduction, estimated severance costs | $1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Narrative) (Details) (Development and License Agreement [Member], USD $) | 1 Months Ended |
In Thousands, unless otherwise specified | Nov. 19, 2012 |
Development and License Agreement [Member] | ' |
Accounting Policies [Line Items] | ' |
Gain on termination | $550 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Schedule of Financial Assets Measured at Fair Value on Recurring Basis) (Details) (USD $) | Nov. 30, 2013 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' | ' |
Available for sale | $17,127 | $21,630 |
Cash and cash equivalents [Member] | ' | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' | ' |
Certificates of deposit | 240 | ' |
Corporate bonds | 1,012 | ' |
Commercial paper | ' | 1,199 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' | ' |
Total | 21,160 | 25,139 |
Fair Value, Measurements, Recurring [Member] | Money market funds [Member] | ' | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' | ' |
Money market funds | 2,781 | 2,310 |
Fair Value, Measurements, Recurring [Member] | Certificates of Deposit [Member] | ' | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' | ' |
Available for sale | 5,040 | 4,555 |
Fair Value, Measurements, Recurring [Member] | Commercial Paper [Member] | ' | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' | ' |
Available for sale | 1,000 | 2,198 |
Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | ' | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' | ' |
Available for sale | 12,339 | 16,076 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' | ' |
Total | 2,781 | 2,310 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Money market funds [Member] | ' | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' | ' |
Money market funds | 2,781 | 2,310 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit [Member] | ' | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' | ' |
Available for sale | ' | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Commercial Paper [Member] | ' | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' | ' |
Available for sale | ' | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate bonds [Member] | ' | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' | ' |
Available for sale | ' | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' | ' |
Total | 18,379 | 22,829 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Money market funds [Member] | ' | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' | ' |
Money market funds | ' | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member] | ' | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' | ' |
Available for sale | 5,040 | 4,555 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Commercial Paper [Member] | ' | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' | ' |
Available for sale | 1,000 | 2,198 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate bonds [Member] | ' | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' | ' |
Available for sale | 12,339 | 16,076 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' | ' |
Total | ' | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Money market funds [Member] | ' | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' | ' |
Money market funds | ' | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Certificates of Deposit [Member] | ' | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' | ' |
Available for sale | ' | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Commercial Paper [Member] | ' | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' | ' |
Available for sale | ' | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate bonds [Member] | ' | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' | ' |
Available for sale | ' | ' |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Schedule of Customers Representing Greater than Ten Percent of Accounts Receivable) (Details) (Accounts receivables [Member]) | 3 Months Ended | 12 Months Ended | ||
Nov. 30, 2013 | Aug. 31, 2013 | |||
Customer A [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Concentration risk, percentage | 39.50% | 37.30% | ||
Customer B [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Concentration risk, percentage | 35.80% | 23.10% | ||
Customer E [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Concentration risk, percentage | 11.50% | ' | [1] | |
Customer F [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Concentration risk, percentage | ' | [2] | 21.80% | |
[1] | Less than 10% | |||
[2] | No accounts receivable balance |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Schedule of Customers Representing Greater than Ten Percent of Revenues) (Details) (Revenues [Member]) | 3 Months Ended | 12 Months Ended | ||
Nov. 30, 2013 | Aug. 31, 2013 | |||
Customer A [Member] | ' | ' | ||
Revenue, Major Customer [Line Items] | ' | ' | ||
Concentration risk, percentage | 44.40% | 14.80% | ||
Customer B [Member] | ' | ' | ||
Revenue, Major Customer [Line Items] | ' | ' | ||
Concentration risk, percentage | 33.60% | 16.10% | ||
Customer D [Member] | ' | ' | ||
Revenue, Major Customer [Line Items] | ' | ' | ||
Concentration risk, percentage | ' | [1] | 38.60% | |
Customer E [Member] | ' | ' | ||
Revenue, Major Customer [Line Items] | ' | ' | ||
Concentration risk, percentage | 13.90% | ' | [2] | |
Customer F [Member] | ' | ' | ||
Revenue, Major Customer [Line Items] | ' | ' | ||
Concentration risk, percentage | ' | [1] | 19.80% | |
[1] | No revenues | |||
[2] | Less than 10% |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies (Schedule of Depreciation Periods for Property and Equipment) (Details) | 3 Months Ended |
Nov. 30, 2013 | |
Automobiles and Trucks [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property plant and equipment useful life | '3 years |
Automobiles and Trucks [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property plant and equipment useful life | '5 years |
Office, Laboratory, Farm and Warehouse Equipment and Furniture [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property plant and equipment useful life | '3 years |
Office, Laboratory, Farm and Warehouse Equipment and Furniture [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property plant and equipment useful life | '5 years |
Leasehold Improvements [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property plant and equipment useful life | '3 years |
Leasehold Improvements [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property plant and equipment useful life | '10 years |
Buildings [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property plant and equipment useful life | '14 years |
Buildings [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property plant and equipment useful life | '39 years |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies (Summary of Accumulated Other Comprehensive Income) (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Nov. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Balance at August 31, 2013 | ($696) |
Comprehensive loss | 109 |
Balance at November 30, 2013 | -587 |
Foreign Currency Translation [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Balance at August 31, 2013 | -684 |
Comprehensive loss | 104 |
Balance at November 30, 2013 | -580 |
Unrealized Gains (Losses) on Securities [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Balance at August 31, 2013 | -12 |
Comprehensive loss | 5 |
Balance at November 30, 2013 | ($7) |
Summary_of_Significant_Account9
Summary of Significant Accounting Policies (Summary of Computation of Basic and Diluted Net Loss Per Common Share) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 |
Summary of Significant Accounting Policies [Abstract] | ' | ' |
Net loss | ($8,205) | ($6,894) |
Basic and diluted net loss per common share | ($0.33) | ($0.28) |
Basic and diluted weighted average outstanding common shares used for net loss: | 25,106,690 | 24,693,303 |
Recovered_Sheet1
Summary of Significant Accounting Policies (Schedule of Potentially Dilutive, Common Share Equivalents Excluded from Calculation of Diluted Net Loss Per Common Share) (Details) | 3 Months Ended | |
Nov. 30, 2013 | Nov. 30, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Potentially dilutive securities excluded from computation of earnings per share | 5,460,863 | 4,838,268 |
Options to purchase common stock [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Potentially dilutive securities excluded from computation of earnings per share | 3,378,818 | 2,756,223 |
Warrants to purchase common stock [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Potentially dilutive securities excluded from computation of earnings per share | 2,082,045 | 2,082,045 |
Marketable_Securities_Schedule
Marketable Securities (Schedule of Available for Sale Securities) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Nov. 30, 2013 | Aug. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | $17,135 | $21,642 |
Gross Unrealized Gain | ' | 2 |
Gross Unrealized Loss | -8 | -14 |
Fair Value | 17,127 | 21,630 |
Certificates of Deposit [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 4,804 | 4,561 |
Gross Unrealized Gain | ' | ' |
Gross Unrealized Loss | -4 | -6 |
Fair Value | 4,800 | 4,555 |
Commercial Paper [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 1,000 | 1,000 |
Gross Unrealized Gain | ' | ' |
Gross Unrealized Loss | ' | -1 |
Fair Value | 1,000 | 999 |
Corporate Bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 11,331 | 16,081 |
Gross Unrealized Gain | ' | 2 |
Gross Unrealized Loss | -4 | -7 |
Fair Value | $11,327 | $16,076 |
Marketable_Securities_Summary_
Marketable Securities (Summary of Amortized Cost and Fair Value of Marketable Securities, Classified by Stated Maturity) (Details) (USD $) | Nov. 30, 2013 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Marketable securities, amortized cost | ' | ' |
Due in 1 year or less | $17,135 | $21,642 |
Marketable Securities, Debt Maturities, Amortized Cost, Total | 17,135 | 21,642 |
Marketable securities, fair value | ' | ' |
Due in 1 year or less | 17,127 | 21,630 |
Marketable Securities, Debt Maturities, Fair Value, Total | $17,127 | $21,630 |
Seed_Inventories_Details
Seed Inventories (Details) (USD $) | Nov. 30, 2013 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Seed Inventories [Abstract] | ' | ' |
Work in process | ' | $20 |
Seed inventory | ' | ' |
Total inventories | ' | $20 |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | Nov. 30, 2013 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property plant and equipment gross | $22,778 | $24,527 |
Less accumulated depreciation | -18,146 | -19,894 |
Property and equipment, net | 4,632 | 4,633 |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property plant and equipment gross | 43 | 43 |
Automobiles and Trucks [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property plant and equipment gross | 873 | 796 |
Buildings [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property plant and equipment gross | 3,180 | 3,180 |
Office, Laboratory, Farm and Warehouse Equipment and Furniture [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property plant and equipment gross | 12,954 | 14,792 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property plant and equipment gross | $5,728 | $5,716 |
Accounts_Payable_and_Accrued_E2
Accounts Payable and Accrued Expenses (Details) (USD $) | Nov. 30, 2013 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts Payable and Accrued Expenses [Abstract] | ' | ' |
Accounts payable | $1,236 | $1,289 |
Accrued payroll and related expenses | 2,137 | 1,020 |
Research and development contracts | 1,035 | 1,098 |
Accrued grower commitments | 99 | 38 |
Other | 238 | 380 |
Accounts payable and accrued expenses | $4,745 | $3,825 |
LongTerm_Debt_Summary_of_LongT
Long-Term Debt (Summary of Long-Term Debt) (Details) (USD $) | Nov. 30, 2013 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Line Items] | ' | ' |
Long-term Debt | $195 | $236 |
Less current portion | -135 | -154 |
Long-term debt, net of current portion | 60 | 82 |
Capital Leases [Member] | ' | ' |
Debt Disclosure [Line Items] | ' | ' |
Long-term Debt | $195 | $236 |
LongTerm_Debt_Summary_of_Aggre
Long-Term Debt (Summary of Aggregated Maturities of Debt) (Details) (USD $) | Nov. 30, 2013 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Long-Term Debt [Abstract] | ' | ' |
Remaining nine months of fiscal year 2014 | $113 | ' |
2015 | 73 | ' |
2016 | 9 | ' |
Long-term Debt | $195 | $236 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Aug. 31, 2013 | Nov. 30, 2013 | Nov. 30, 2012 |
Restricted Stock [Member] | Stock Option [Member] | Ceres, Inc. 2011 Equity Incentive Plan [Member] | Ceres, Inc. 2011 Equity Incentive Plan [Member] | Weighted Average [Member] | Weighted Average [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Modification of options to purchase shares of common stock | 403,333 | ' | ' | ' | ' | ' | ' | ' | ' |
Modification charge | $157 | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation, shares reserved for issuance | ' | ' | ' | ' | ' | 6,754,999 | ' | ' | ' |
Share-based compensation, increase in shares reserved for issuance | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' |
Share-based compensation, shares available for future grant | ' | ' | ' | ' | ' | 1,023,937 | ' | ' | ' |
Common stock granted during period | ' | ' | ' | ' | ' | ' | 60,000 | ' | ' |
Weighted average grant date fair value of options | ' | $0.94 | $4.24 | ' | ' | ' | ' | ' | ' |
Weighted average grant date fair value of common stock | ' | ' | ' | ' | ' | ' | $3.33 | $1.31 | $5.83 |
Unrecognized stock compensation expense | ' | ' | ' | 1,015 | 5,020 | ' | ' | ' | ' |
Unrecognized stock-based compensation expense, weighted average period of recognition | ' | ' | ' | '1 year 9 months 26 days | '2 years 9 months 4 days | ' | ' | ' | ' |
Stock grant expense | ' | ' | ' | ' | ' | ' | $200 | ' | ' |
StockBased_Compensation_Fair_V
Stock-Based Compensation (Fair Value of Employee Stock Options Estimated Using Weighted Average Assumptions) (Details) | 3 Months Ended | |
Nov. 30, 2013 | Nov. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Expected term (in years) | ' | '6 years 29 days |
Expected dividend yield | 0.00% | 0.00% |
Minimum [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Expected term (in years) | '5 years 9 months | ' |
Expected volatility | 86.30% | 87.20% |
Risk free interest rate | 1.62% | 0.82% |
Maximum [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Expected term (in years) | '6 years 29 days | ' |
Expected volatility | 87.60% | 88.00% |
Risk free interest rate | 1.96% | 0.93% |
StockBased_Compensation_StockB
Stock-Based Compensation (Stock-Based Compensation Costs Included in Operating Expenses and Total Intrinsic Value of Options Exercised) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock-based compensation costs | $922 | $767 |
Intrinsic value of stock options exercised | ' | 79 |
Stock-based compensation costs for stock options [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock-based compensation costs | 913 | 945 |
Fair value changes of collaboration warrants [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock-based compensation costs | $9 | ($178) |
StockBased_Compensation_Summar
Stock-Based Compensation (Summary of Stock Option Transactions under Option Plans) (Details) (USD $) | 3 Months Ended |
Nov. 30, 2013 | |
Shares | ' |
Options outstanding at August 31, 2013 | 2,791,556 |
Options granted | 675,540 |
Options forfeited | -88,278 |
Options outstanding at November 30, 2013 | 3,378,818 |
Weighted Average Exercise Price | ' |
Options outstanding at August 31, 2013 | $7.49 |
Options granted | $1.31 |
Options forfeited | $10.25 |
Options outstanding at November 30, 2013 | $6.18 |
StockBased_Compensation_Summar1
Stock-Based Compensation (Summary of Information about Stock Options Outstanding and Exercisable) (Details) (USD $) | 3 Months Ended |
Nov. 30, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Number Outstanding | 3,378,818 |
Number Vested and Exercisable | 1,798,094 |
Exercise Price 1 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Price | $1.95 |
Number Outstanding | 414,665 |
Average Remaining Contractual Life | '2 years 7 days |
Weighted-Average Exercise Price | $1.95 |
Number Vested and Exercisable | 414,665 |
Average Remaining Contractual Life | '2 years 7 days |
Weighted-Average Exercise Price | $1.95 |
Exercise Price 2 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Number Outstanding | 301,491 |
Average Remaining Contractual Life | '2 years 3 months |
Weighted-Average Exercise Price | $3.91 |
Number Vested and Exercisable | 301,491 |
Average Remaining Contractual Life | '2 years 3 months |
Weighted-Average Exercise Price | $3.91 |
Exercise Price 2 [Member] | Minimum [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Price | $3.90 |
Exercise Price 2 [Member] | Maximum [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Price | $4.05 |
Exercise Price 3 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Price | $6.75 |
Number Outstanding | 801,434 |
Average Remaining Contractual Life | '5 years 15 days |
Weighted-Average Exercise Price | $6.75 |
Number Vested and Exercisable | 769,613 |
Average Remaining Contractual Life | '4 years 11 months 23 days |
Weighted-Average Exercise Price | $6.75 |
Exercise Price 4 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Price | $7.32 |
Number Outstanding | 185,731 |
Average Remaining Contractual Life | '7 years 15 days |
Weighted-Average Exercise Price | $7.32 |
Number Vested and Exercisable | 134,387 |
Average Remaining Contractual Life | '7 years 15 days |
Weighted-Average Exercise Price | $7.32 |
Exercise Price 5 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Price | $16.77 |
Number Outstanding | 158,412 |
Average Remaining Contractual Life | '7 years 6 months 11 days |
Weighted-Average Exercise Price | $16.77 |
Number Vested and Exercisable | 79,799 |
Average Remaining Contractual Life | '7 years 6 months 7 days |
Weighted-Average Exercise Price | $16.77 |
Exercise Price 6 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Price | $17.16 |
Number Outstanding | 67,138 |
Average Remaining Contractual Life | '7 years 7 months 17 days |
Weighted-Average Exercise Price | $17.16 |
Number Vested and Exercisable | 32,326 |
Average Remaining Contractual Life | '7 years 7 months 17 days |
Weighted-Average Exercise Price | $17.16 |
Exercise Price 7 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Price | $12.71 |
Number Outstanding | 30,078 |
Average Remaining Contractual Life | '8 years 1 month 17 days |
Weighted-Average Exercise Price | $12.71 |
Number Vested and Exercisable | 11,228 |
Average Remaining Contractual Life | '8 years 29 days |
Weighted-Average Exercise Price | $12.71 |
Exercise Price 8 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Price | $12.10 |
Number Outstanding | 46,664 |
Average Remaining Contractual Life | '8 years 2 months 27 days |
Weighted-Average Exercise Price | $12.10 |
Number Vested and Exercisable | 46,664 |
Average Remaining Contractual Life | '8 years 2 months 27 days |
Weighted-Average Exercise Price | $12.10 |
Exercise Price 9 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Price | $13 |
Number Outstanding | 419,153 |
Average Remaining Contractual Life | '8 years 2 months 27 days |
Weighted-Average Exercise Price | $13 |
Number Vested and Exercisable | ' |
Average Remaining Contractual Life | ' |
Weighted-Average Exercise Price | ' |
Exercise Price 10 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Price | $8.97 |
Number Outstanding | 250 |
Average Remaining Contractual Life | '8 years 6 months 18 days |
Weighted-Average Exercise Price | $8.97 |
Number Vested and Exercisable | 90 |
Average Remaining Contractual Life | '8 years 6 months 18 days |
Weighted-Average Exercise Price | $8.97 |
Exercise Price 11 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Price | $6.66 |
Number Outstanding | 11,666 |
Average Remaining Contractual Life | '8 years 8 months 23 days |
Weighted-Average Exercise Price | $6.66 |
Number Vested and Exercisable | ' |
Average Remaining Contractual Life | ' |
Weighted-Average Exercise Price | ' |
Exercise Price 12 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Number Outstanding | 24,100 |
Average Remaining Contractual Life | '8 years 9 months 15 days |
Weighted-Average Exercise Price | $5.60 |
Number Vested and Exercisable | 7,300 |
Average Remaining Contractual Life | '8 years 9 months 4 days |
Weighted-Average Exercise Price | $5.87 |
Exercise Price 12 [Member] | Minimum [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Price | $3.60 |
Exercise Price 12 [Member] | Maximum [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Price | $7.70 |
Exercise Price 13 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Price | $3.94 |
Number Outstanding | 24,000 |
Average Remaining Contractual Life | '9 years |
Weighted-Average Exercise Price | $3.94 |
Number Vested and Exercisable | 531 |
Average Remaining Contractual Life | '8 years 11 months 9 days |
Weighted-Average Exercise Price | $3.94 |
Exercise Price 14 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Price | $3.32 |
Number Outstanding | 58,330 |
Average Remaining Contractual Life | '9 years 2 months 1 day |
Weighted-Average Exercise Price | $3.32 |
Number Vested and Exercisable | ' |
Average Remaining Contractual Life | ' |
Weighted-Average Exercise Price | ' |
Exercise Price 15 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Price | $3.49 |
Number Outstanding | 1,500 |
Average Remaining Contractual Life | '9 years 2 months 9 days |
Weighted-Average Exercise Price | $3.49 |
Number Vested and Exercisable | ' |
Average Remaining Contractual Life | ' |
Weighted-Average Exercise Price | ' |
Exercise Price 16 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Number Outstanding | 158,666 |
Average Remaining Contractual Life | '9 years 6 months 22 days |
Weighted-Average Exercise Price | $3.16 |
Number Vested and Exercisable | ' |
Average Remaining Contractual Life | ' |
Weighted-Average Exercise Price | ' |
Exercise Price 16 [Member] | Minimum [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Price | $1.40 |
Exercise Price 16 [Member] | Maximum [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Price | $3.30 |
Exercise Price 17 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Number Outstanding | 675,540 |
Average Remaining Contractual Life | '9 years 10 months 6 days |
Weighted-Average Exercise Price | $1.31 |
Number Vested and Exercisable | ' |
Average Remaining Contractual Life | ' |
Weighted-Average Exercise Price | ' |
Exercise Price 17 [Member] | Minimum [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Price | $1.24 |
Exercise Price 17 [Member] | Maximum [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Price | $1.52 |
StockBased_Compensation_Summar2
Stock-Based Compensation (Summary of Restricted Stock Transactions under Option Plans) (Details) (Restricted Stock [Member], USD $) | 3 Months Ended |
Nov. 30, 2013 | |
Restricted Stock [Member] | ' |
Shares | ' |
Restricted stock outstanding and unvested at August 31, 2013 | 290,700 |
Restricted stock granted | 328,260 |
Restricted stock vested | -76,396 |
Restricted stock forfeited | -23,167 |
Restricted stock outstanding and unvested at November 30, 2013 | 519,397 |
Weighted Average Exercise Price | ' |
Restricted stock outstanding and unvested at August 31, 2013 | $5.55 |
Restricted stock granted | $1.31 |
Restricted stock vested | $5.64 |
Restricted stock forfeited | $4.82 |
Restricted stock outstanding and unvested at November 30, 2013 | $3.11 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | |||||||||
Nov. 30, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Jun. 30, 2011 | 31-May-06 | Nov. 30, 2013 | Jun. 30, 2011 | 31-May-06 | Jun. 30, 2011 | 31-May-06 | 31-May-06 | 31-May-06 | Aug. 31, 2007 | Nov. 30, 2013 | Dec. 31, 2011 | Nov. 30, 2013 | |
Noble Agreement Warrants [Member] | Noble Agreement Warrants [Member] | Noble Agreement Warrants [Member] | Noble Agreement Warrants [Member] | Noble Agreement Warrants [Member] | Noble Agreement Warrants [Member] | Noble Agreement Warrants [Member] | Noble Agreement Warrants [Member] | Noble Agreement Warrants [Member] | Texas A and M University System Agreement Warrants [Member] | Texas A and M University System Agreement Warrants [Member] | Texas A and M University System Agreement Warrants [Member] | Texas A and M University System Agreement Warrants [Member] | ||||
Period 1 [Member] | Period 1 [Member] | Period 2 [Member] | Period 2 [Member] | Period 3 [Member] | Period 4 [Member] | Sponsored Research and Intellectual Property Rights Agreement [Member] | Sponsored Research and Intellectual Property Rights Agreement [Member] | Ip Rights Agreement [Member] | Ip Rights Agreement [Member] | |||||||
Stockholders Equity Note Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, shares authorized | 490,000,000 | ' | 490,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares authorized | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant issued to purchase stock | ' | ' | ' | ' | 133,333 | ' | ' | ' | ' | ' | ' | ' | 66,666 | ' | 66,666 | ' |
Exercise price of warrants issued | ' | ' | ' | ' | 30 | ' | ' | ' | ' | ' | ' | ' | 30 | ' | 14.3 | ' |
Estimated fair value of warrants | ' | ' | ' | ' | ' | $500 | ' | ' | ' | ' | ' | ' | ' | $1,700 | ' | $77,200 |
Estimated fair value of warrants, risk free rate | ' | ' | ' | ' | ' | 0.56% | ' | ' | ' | ' | ' | ' | ' | 0.96% | ' | 2.63% |
Estimated fair value of warrants, volatility rate | ' | ' | ' | ' | ' | 63.50% | ' | ' | ' | ' | ' | ' | ' | 64.30% | ' | 85.10% |
Estimated fair value of warrants, expected term | ' | ' | ' | ' | ' | '3 years 5 months 19 days | ' | ' | ' | ' | ' | ' | ' | '3 years 8 months 27 days | ' | '12 years 9 months 22 days |
Estimated fair value of warrants, dividend Yield rate | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | 0.00% |
Warrant issued, number of shares vesting in equal installments | ' | ' | ' | 33,333 | 33,333 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of warrant or right number of shares vesting in equal installments, date | ' | ' | ' | ' | ' | ' | 19-May-13 | 19-May-09 | 19-May-15 | 19-May-11 | 19-May-13 | 19-May-15 | ' | ' | ' | ' |
Warrant issued, earliest exercisable period | ' | ' | ' | '5 years | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in value of warrants recognized as research and development expense | $4,414,000 | $4,343,000 | ' | ' | ' | $626,000 | ' | ' | ' | ' | ' | ' | ' | $1,400 | ' | $19,400 |
Warrant issued, vested | ' | ' | ' | ' | ' | 99,999 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant issued, expiration date | ' | ' | ' | 18-May-17 | ' | ' | ' | ' | ' | ' | ' | ' | 28-Aug-17 | ' | 24-Sep-26 | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Narrative) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 |
Commitments and Contingencies [Abstract] | ' | ' |
Operating lease expiration period | '2023 | ' |
Reimbursement for leasehold improvement | $270 | ' |
Rental expense | $66 | $144 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Summary of Future Minimum Payments under Noncancelable Operating Leases) (Details) (USD $) | Nov. 30, 2013 |
In Thousands, unless otherwise specified | |
Operating leases | ' |
Remaining nine months of fiscal year 2014 | $470 |
2015 | 547 |
2016 | 550 |
2017 | 559 |
2018 | 575 |
Thereafter | 588 |
Total minimum lease payments | $3,289 |
Research_Collaboration_Agreeme2
Research Collaboration Agreements (Narrative) (Details) (USD $) | 31-May-06 | 31-May-06 | 31-May-06 | 31-May-06 | Sep. 24, 2011 | Aug. 31, 2007 | Aug. 31, 2007 | Sep. 24, 2011 | Dec. 31, 2011 |
Noble Agreement Warrants [Member] | Noble Research Program Agreement [Member] | Noble Research Program Agreement [Member] | Noble Research Program Agreement [Member] | Sponsored Research and Intellectual Property Rights Agreement [Member] | Sponsored Research and Intellectual Property Rights Agreement [Member] | Sponsored Research and Intellectual Property Rights Agreement [Member] | Ip Rights Agreement [Member] | Ip Rights Agreement [Member] | |
Collaboration Agreement July Thirty One Twenty Thirteen [Member] | Collaboration Agreement July Thirty One Twenty Fourteen [Member] | Texas A and M University System Agreement Warrants [Member] | Texas A and M University System Agreement Warrants [Member] | ||||||
Collaboration Agreements [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Funding of research expenses | ' | $3,800,000 | $82,700 | $85,300 | ' | $5,100,000 | ' | ' | ' |
Warrant issued to purchase stock | 133,333 | ' | ' | ' | ' | ' | 66,666 | ' | 66,666 |
Exercise price of warrants issued | 30 | ' | ' | ' | ' | ' | 30 | ' | 14.3 |
Collaboration agreement date | ' | 31-Jul-12 | 31-Jul-13 | 31-Jul-14 | ' | ' | ' | ' | ' |
Agreement expiry date | ' | ' | ' | ' | 23-Sep-26 | ' | ' | 23-Sep-26 | ' |
Research_Collaboration_Agreeme3
Research Collaboration Agreements (Summary of Future Minimum Payments under Company's Research Collaboration) (Details) (Research Collaboration Agreements [Member], USD $) | Nov. 30, 2013 |
In Thousands, unless otherwise specified | |
Research Collaboration Agreements [Member] | ' |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' |
Remaining nine months of fiscal year 2014 | $2,622 |
2015 | 2,977 |
2016 | 2,966 |
2017 | 613 |
Contractual Obligation, Total | $9,178 |