Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Mar. 04, 2014 | Jun. 28, 2013 |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'CYTRX CORP | ' | ' |
Entity Central Index Key | '0000799698 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $50 |
Entity Common Stock, Shares Outstanding | ' | 55,564,364 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Current assets: | ' | ' |
Cash and cash equivalents | $11,483,112 | $14,344,088 |
Short-term investments | 27,084,980 | 24,000,000 |
Receivables | 117,527 | 109,802 |
Interest receivable | 8,464 | 26,517 |
Prepaid expenses and other current assets | 2,329,742 | 1,212,041 |
Total current assets | 41,023,825 | 39,692,448 |
Equipment and furnishings, net | 175,452 | 253,277 |
Goodwill | 183,780 | 183,780 |
Other assets | 116,998 | 102,271 |
Total assets | 41,500,055 | 40,231,776 |
Current liabilities: | ' | ' |
Accounts payable | 3,853,531 | 3,060,516 |
Accrued expenses and other current liabilities | 2,802,833 | 3,033,189 |
Warrant liabilities | 24,182,324 | 3,972,230 |
Total current liabilities | 30,838,688 | 10,065,935 |
Commitment and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Preferred Stock, $.01 par value, 5,000,000 shares authorized, including 25,000 shares of Series A Junior Participating Preferred Stock; no shares issued and outstanding | 0 | 0 |
Common stock, $.001 par value, 250,000,000 shares authorized; 42,116,964 and 30,607,916 shares issued and outstanding at December 31, 2013 and 2012, respectively | 42,118 | 30,608 |
Additional paid-in capital | 289,426,100 | 261,318,638 |
Treasury stock, at cost (143,796 shares and 90,546 at December 31, 2013 and 2012, respectively) | -2,417,247 | -2,279,238 |
Accumulated deficit | -276,389,604 | -228,904,167 |
Total stockholders' equity | 10,661,367 | 30,165,841 |
Total liabilities and stockholders' equity | $41,500,055 | $40,231,776 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Stockholders' equity: | ' | ' |
Preferred Stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred Stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Series A Junior Participating Preferred Stock, shares authorized (in shares) | 25,000 | 25,000 |
Preferred Stock, shares issued (in shares) | 0 | 0 |
Preferred Stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 |
Common stock, shares issued (in shares) | 42,116,964 | 30,607,916 |
Common stock, shares outstanding (in shares) | 42,116,964 | 30,607,916 |
Treasury stock (in shares) | 143,796 | 90,546 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Revenue: | ' | ' | ' |
Licensing revenue | $300,000 | $100,000 | $250,000 |
Expenses: | ' | ' | ' |
Research and development | 17,500,469 | 12,684,793 | 15,491,301 |
General and administrative | 10,273,576 | 8,353,330 | 7,317,169 |
Depreciation and amortization | 120,399 | 113,936 | 95,517 |
Total Expenses | 27,894,444 | 21,152,059 | 22,903,987 |
Loss before other income | -27,594,444 | -21,052,059 | -22,653,987 |
Other income (loss): | ' | ' | ' |
Interest income | 137,676 | 131,666 | 207,217 |
Other income, net | 183,025 | 191,416 | 205,194 |
Gain (loss) on warrant liability | -20,210,094 | 2,766,704 | 7,915,027 |
Loss before provision for income taxes | -47,483,837 | -17,962,273 | -14,326,549 |
Income tax expense | -1,600 | -1,600 | -97,996 |
Net loss | ($47,485,437) | ($17,963,873) | ($14,424,545) |
Basic and diluted loss per share | ($1.44) | ($0.78) | ($0.80) |
Basic weighted average shares outstanding (in shares) | 32,891,202 | 22,973,905 | 17,935,895 |
Diluted weighted average shares outstanding (in shares) | 32,891,202 | 22,973,905 | 17,935,895 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Treasury Stock [Member] | Total |
Balance at Dec. 31, 2010 | $15,700 | $229,347,262 | ($196,515,749) | ($2,279,238) | $30,567,975 |
Balance (in shares) at Dec. 31, 2010 | 15,699,835 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Issuance of stock options/warrants for compensation and services | 0 | 1,387,701 | 0 | 0 | 1,387,701 |
Common stock and warrants issued in connection with a public offering | 5,600 | 6,717,339 | 0 | 0 | 6,722,939 |
Common stock and warrants issued in connection with a public offering (in shares) | 5,600,000 | ' | ' | ' | ' |
Options and warrants exercised | 3 | -3 | 0 | 0 | 0 |
Options and warrants exercised (in shares) | 2,492 | ' | ' | ' | ' |
Net loss | 0 | 0 | -14,424,545 | 0 | -14,424,545 |
Balance at Dec. 31, 2011 | 21,303 | 237,452,299 | -210,940,294 | -2,279,238 | 24,254,070 |
Balance (in shares) at Dec. 31, 2011 | 21,302,327 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Issuance of stock options/warrants for compensation and services | 0 | 2,391,018 | 0 | 0 | 2,391,018 |
Common stock and warrants issued in connection with a public offering | 9,200 | 21,467,615 | 0 | 0 | 21,476,815 |
Common stock and warrants issued in connection with a public offering (in shares) | 9,200,000 | ' | ' | ' | ' |
Issuance of restricted stock for compensation | 100 | 511 | 0 | 0 | 611 |
Issuance of restricted stock for compensation (in shares) | 100,000 | ' | ' | ' | ' |
Options and warrants exercised | 5 | 7,195 | 0 | 0 | 7,200 |
Options and warrants exercised (in shares) | 5,589 | ' | ' | ' | ' |
Net loss | 0 | 0 | -17,963,873 | 0 | -17,963,873 |
Balance at Dec. 31, 2012 | 30,608 | 261,318,638 | -228,904,167 | -2,279,238 | 30,165,841 |
Balance (in shares) at Dec. 31, 2012 | 30,607,916 | ' | ' | ' | 30,607,916 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Issuance of stock options/warrants for compensation and services | 0 | 3,798,717 | 0 | 0 | 3,798,717 |
Common stock and warrants issued in connection with a public offering | 11,500 | 24,083,030 | 0 | 0 | 24,094,530 |
Common stock and warrants issued in connection with a public offering (in shares) | 11,500,000 | ' | ' | ' | ' |
Options and warrants exercised | 10 | 39,326 | 0 | 0 | 39,336 |
Options and warrants exercised (in shares) | 9,048 | ' | ' | ' | ' |
Restricted stock | ' | 186,389 | ' | ' | 186,389 |
Repurchase of common stock for treasury | ' | ' | ' | -138,009 | -138,009 |
Net loss | 0 | 0 | -47,485,437 | 0 | -47,485,437 |
Balance at Dec. 31, 2013 | $42,118 | $289,426,100 | ($276,389,604) | ($2,417,247) | $10,661,367 |
Balance (in shares) at Dec. 31, 2013 | 42,116,964 | ' | ' | ' | 42,116,964 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Cash flows from operating activities: | ' | ' | ' |
Net loss | ($47,485,437) | ($17,963,873) | ($14,424,545) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' |
Depreciation and amortization | 120,399 | 113,936 | 95,517 |
Loss on retirement of equipment and furnishings | 2,595 | 42,267 | 10,206 |
Gain (loss) on warrant liability | 20,210,094 | -2,766,704 | -7,915,027 |
Foreign exchange (gain) loss | -118,438 | 0 | 17,834 |
Stock-based compensation expense | 3,985,106 | 2,391,529 | 1,436,840 |
Changes in assets and liabilities: | ' | ' | ' |
Receivable | -835 | 65,902 | 83,302 |
Interest receivable | 18,053 | 14,758 | 76,349 |
Income taxes recoverable | 0 | 0 | 519,158 |
Prepaid expenses and other current assets | -1,132,428 | -173,245 | 277,232 |
Accounts payable | 789,655 | 984,547 | 1,046,539 |
Accrued expenses and other current liabilities | -139,747 | -1,753,767 | 2,105,212 |
Total adjustments | 23,734,454 | -1,080,777 | -2,246,838 |
Net cash used in operating activities | -23,750,983 | -19,044,650 | -16,671,383 |
Cash flows from investing activities: | ' | ' | ' |
Proceeds from matured marketable securities | 24,000,000 | 23,125,442 | 25,644,481 |
Purchase of short-term investments | -27,084,980 | -29,067,770 | -23,134,292 |
Proceeds from sale of affiliate's shares | 0 | 0 | 6,938,603 |
Purchases of equipment and furnishings | -41,809 | -141,639 | -52,868 |
Net cash provided by (used in) investing activities | -3,126,789 | -6,083,967 | 9,395,924 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from common stock issued in public offering, net of fees | 24,094,530 | 21,476,815 | 18,939,619 |
Proceeds from issuance of restricted stock to employee | 0 | 100 | 0 |
Repurchase of Company's own stock for treasury | -117,070 | 0 | 0 |
Net proceeds from exercise of stock options and warrants | 39,336 | 7,200 | 0 |
Net cash provided by financing activities | 24,016,796 | 21,484,115 | 18,939,619 |
Net increase (decrease) in cash and cash equivalents | -2,860,976 | -3,644,502 | 11,664,160 |
Cash and cash equivalents at beginning of year | 14,344,088 | 17,988,590 | 6,324,430 |
Cash and cash equivalents at end of year | 11,483,112 | 14,344,088 | 17,988,590 |
Supplemental disclosures of non-cash financing activities: | ' | ' | ' |
Warrants issued in connection with financing | 0 | 0 | 12,216,680 |
Repurchase of Company's own stock for treasury | 27,829 | 0 | 0 |
Equipment and furnishings purchased but not paid | 3,360 | 1,506 | 0 |
Supplemental disclosure of Cash Flow Information: | ' | ' | ' |
Cash paid during the year for income taxes | $25,750 | $0 | $0 |
Nature_of_Business
Nature of Business | 12 Months Ended |
Dec. 31, 2013 | |
Nature of Business [Abstract] | ' |
Nature of Business | ' |
1. Nature of Business | |
CytRx Corporation (“CytRx” or the “Company”) is a biopharmaceutical research and development company specializing in oncology. The Company currently is focused on the clinical development of aldoxorubicin (formerly known as INNO-206), its modified version of the widely-used chemotherapeutic agent, doxorubicin. CytRx recently reported positive top-line results from its global Phase 2b clinical trial with aldoxorubicin as a treatment for soft tissue sarcoma, has completed a Phase 1b/2 clinical trial primarily in the same indication, a Phase 1b study of aldoxorubicin in combination with doxorubicin in patients with advanced solid tumors, and a Phase 1b pharmacokinetics clinical trial in patients with metastatic solid tumors. CytRx plans to initiate under a Special Protocol Assessment, or “SPA,” granted by the U.S. Food and Drug Administration, or the “FDA,” a pivotal Phase 3 global trial of aldoxorubicin as a therapy for patients with soft tissue sarcoma whose tumors have progressed following treatment with chemotherapy. The Company also has initiated Phase 2 clinical trials with aldoxorubicin in patients with late-stage glioblastoma (brain cancer) and AIDS-related Kaposi’s sarcoma. CytRx plans to expand its pipeline of oncology candidates based on a linker platform technology that can be utilized with multiple chemotherapeutic agents and may allow for greater concentration of drug at tumor sites. The Company also has rights to two additional drug candidates, tamibarotene and bafetinib. CytRx has completed its evaluation of bafetinib in the ENABLE Phase 2 clinical trial in high-risk B-cell chronic lymphocytic leukemia (“B-CLL”), and plans to seek a partner for further development of bafetinib. The Company ceased its Phase 2b clinical trial of tamibarotene in patients with non-small-cell lung cancer after it failed to show efficacy. | |
At December 31, 2013, the Company had cash and cash equivalents of approximately $11.5 million and short-term investments of $27.1 million. Management believes that the Company’s current cash on hand together with its short-term investments, which additionally includes approximately $80.5 million of net proceeds received from the Company’s underwritten public offering on February 5, 2014, will be sufficient to fund its operations for the foreseeable future. The estimate is based, in part, upon the Company’s currently projected expenditures for 2014 of approximately $39.9 million (unaudited), which includes approximately $28.0 million (unaudited) for its clinical programs for aldoxorubicin, approximately $1.5 million (unaudited) for pre-clinical development of new albumin-binding cancer drugs, approximately $3.1 million (unaudited) for general operation of its clinical programs, and approximately $7.3 million (unaudited) for other general and administrative expenses. These projected expenditures are also based upon numerous other assumptions and subject to many uncertainties, and actual expenditures may be significantly different from these projections. The Company will ultimately be required to obtain additional funding in order to execute its long-term business plans, although it does not currently have commitments from any third parties to provide it with capital. The Company cannot assure that additional funding will be available on favorable terms, or at all. If the Company fails to obtain additional funding when needed, it may not be able to execute its business plans and its business may suffer, which would have a material adverse effect on its financial position, results of operations and cash flows. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Summary of Significant Accounting Policies [Abstract] | ' | ||||||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||||||
2. Summary of Significant Accounting Policies | |||||||||||||||||
Basis of Presentation and Principles of Consolidation — The accompanying Consolidated Financial Statements are prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and accounting principles generally accepted in the United States (“GAAP”). The Consolidated Financial Statements include the accounts of CytRx Corporation and its wholly-owned subsidiaries. | |||||||||||||||||
Reverse Stock Split — Effective May 15, 2012, the Company completed a 1-for-7 reverse stock split of the Company’s outstanding shares of common stock; no change was made to the per-share par value of the common stock or to the number of shares of authorized common stock. All share and per share amounts in the accompanying consolidated financial statements have been adjusted to reflect the reverse stock split as if it had occurred at the beginning of the earliest period presented. | |||||||||||||||||
Revenue Recognition — Revenue consists of license fees from strategic alliances with pharmaceutical companies. | |||||||||||||||||
Monies received for license fees are deferred and recognized ratably over the performance period in accordance with Financial Accounting Standards Board (“FASB”) Accounting Classification Standards (“ASC”) ASC 605-25, Revenue Recognition – Multiple-Element Arrangements (“ASC 605-25”). Milestone payments will be recognized upon achievement of the milestone as long as the milestone is deemed substantive and the Company has no other performance obligations related to the milestone and collectability is reasonably assured, which is generally upon receipt, or recognized upon termination of the agreement and all related obligations. Deferred revenue represents amounts received prior to revenue recognition. | |||||||||||||||||
Revenues from contract research, government grants, and consulting fees are recognized over the respective contract periods as the services are performed, provided there is persuasive evidence or an arrangement, the fee is fixed or determinable and collection of the related receivable is reasonably assured. Once all conditions of the grant are met and no contingencies remain outstanding, the revenue is recognized as grant fee revenue and an earned but unbilled revenue receivable is recorded. There are no grant revenues earned for 2013, 2012 and 2011. | |||||||||||||||||
Other Income — The Company realized other income of $0.2 million in 2013, resulting from foreign exchange gains, and other income of $0.1 million in each of 2012 and 2011 on the sub-lease of its New York City rental property inherited on the acquisition of Innovive Pharmaceuticals in 2008. The sub-lease expired in August 2012 and was not renewed. | |||||||||||||||||
Cash Equivalents — The Company considers all highly liquid debt instruments with an original maturity of 90 days or less to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market accounts. | |||||||||||||||||
Short-term Investments — Investment securities held by the Company and expected to mature within 12 months are classified as available for sale. | |||||||||||||||||
Equipment and Furnishings — Equipment and furnishings are stated at cost and depreciated using the straight-line method based on the estimated useful lives (generally three to five years for equipment and furniture) of the related assets. Whenever there is a triggering event that might suggest impairment, management evaluates the realizability of recorded long-lived assets to determine whether their carrying values have been impaired. The Company records impairment losses on long-lived assets used in operations when events and circumstances indicate that the assets might be impaired and the non-discounted cash flows estimated to be generated by those assets are less than the carrying amount of those assets. Any impairment loss is measured by comparing the fair value of the asset to its carrying amount. There are no impairment losses recognized in each of 2013, 2012 and 2011. | |||||||||||||||||
Fair Value Measurements — Assets and liabilities recorded at fair value on the balance sheets are categorized based upon the level of judgment associated with the inputs used to measure the fair value. Level inputs are as follows: | |||||||||||||||||
Level 1 – quoted prices in active markets for identical assets or liabilities. | |||||||||||||||||
Level 2 – other significant observable inputs for the assets or liabilities through corroboration with market data at the measurement date. | |||||||||||||||||
Level 3 – significant unobservable inputs that reflect management’s best estimate of what market participants would use to price the assets or liabilities at the measurement date. | |||||||||||||||||
The following table summarizes fair value measurements by level at December 31, 2013 for assets and liabilities measured | |||||||||||||||||
at fair value on a recurring basis: | |||||||||||||||||
(In thousands) | Level I | Level II | Level III | Total | |||||||||||||
Cash equivalents | $ | 10,281 | $ | — | $ | — | $ | 10,281 | |||||||||
Short-term investments | 27,085 | — | — | 27,085 | |||||||||||||
Warrant liabilities | — | — | (24,182 | ) | (24,182 | ) | |||||||||||
The following table summarizes fair value measurements by level at December 31, 2012 for assets and liabilities measured | |||||||||||||||||
at fair value on a recurring basis: | |||||||||||||||||
(In thousands) | Level I | Level II | Level III | Total | |||||||||||||
Cash equivalents | $ | 13,188 | $ | — | $ | — | $ | 13,188 | |||||||||
Short-term investments | 24,000 | — | — | 24,000 | |||||||||||||
Warrant liabilities | — | — | (3,972 | ) | (3,972 | ) | |||||||||||
The changes in carrying amounts of warrant liabilities for the year ended December 31, 2013 and 2012, were as follows: | |||||||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||||||
Beginning balance | 3,972 | 6,739 | |||||||||||||||
Net changes in valuation | 20,210 | (2,767 | ) | ||||||||||||||
Ending balance | 24,182 | 3,972 | |||||||||||||||
Liabilities measured at market value on a recurring basis include warrant liabilities resulting from recent debt and equity financing. In accordance with ASC 815-40, Derivatives and Hedging – Contracts in Entity’s Own Equity (“ASC 815-40”), the warrant liabilities are being marked to fair value each quarter-end until they are completely settled. The warrants are valued using the Black-Scholes method, using assumptions consistent with the Company’s application of ASC 505-50, Equity-Based Payments to Non-Employees (“ASC 505-50”). See Warrant Liabilities below. | |||||||||||||||||
The Company considers carrying amounts of accounts receivable, accounts payable and accrued expenses to approximate fair value due to the short-term nature of these financial instruments. | |||||||||||||||||
Impairment of Long-Lived Assets — The Company reviews long-lived assets, including finite lived intangible assets, for impairment if an event occurs that might reduce the fair value of such assets below their carrying values. The Company performs an impairment test of goodwill annually and whenever events or changes in circumstances indicating that the carrying amount may not be recoverable. An impairment loss would be recognized based on the difference between the carrying value of the asset and its estimated fair value, which would be determined based on either discounted future cash flows or other appropriate fair value methods. | |||||||||||||||||
Patents and Patent Application Costs — Although the Company believes that its patents and underlying technology have continuing value, the amount of future benefits to be derived from the patents is uncertain. Patent costs are therefore expensed as incurred. | |||||||||||||||||
Net Income (Loss) Per Common Share — Basic net income (loss) per common share is computed using the weighted-average number of common shares outstanding. Diluted net income (loss) per common share is computed using the weighted-average number of common share and common share equivalents outstanding. Potentially dilutive stock options and warrants to purchase approximately 14.7 million, 11.0 million and 8.2 million shares at December 31, 2013, 2012 and 2011, respectively, were excluded from the computation of diluted net income (loss) per share, because the effect would be anti-dilutive. | |||||||||||||||||
Warrant Liabilities —Liabilities measured at fair value on a recurring basis include warrant liabilities resulting from the Company’s July 2009 and August 2011 equity financings. In accordance with ASC 815-40, the warrant liabilities are being marked to fair value each quarter-end until they are completely settled. The warrants are valued using the Black-Scholes method, using assumptions consistent with our application of ASC 505-50. The gain or loss resulting from the marked to market calculation is shown on the Statements of Operations as gain on warrant liability. See “Note 8 – Warrant Liabilities” for additional information related to the determination of fair value of warrants. | |||||||||||||||||
Shares Reserved for Future Issuance — As of December 31, 2013, the Company has reserved approximately 4.4 million of its authorized but unissued shares of common stock for future issuance pursuant to its employee stock option plans issued to employees and consultants. | |||||||||||||||||
Stock-based Compensation — The Company’s stock-based employee compensation plans are described in Note 12. The Company has adopted the provisions of ASC 718, which requires the measurement and recognition of compensation expense for all stock-based awards made to employees. | |||||||||||||||||
For stock options and stock warrants paid in consideration of services rendered by non-employees, the Company recognizes compensation expense in accordance with the requirements of ASC 505-50, Equity (“ASC 505”), as amended. | |||||||||||||||||
Non-employee option grants that do not vest immediately upon grant are recorded as an expense over the vesting period. At the end of each financial reporting period prior to performance, the value of these options, as calculated using the Black-Scholes option-pricing model, is determined, and compensation expense recognized or recovered during the period is adjusted accordingly. Since the fair market value of options granted to non-employees is subject to change in the future, the amount of the future compensation expense is subject to adjustment until the common stock options or warrants are fully vested. | |||||||||||||||||
Research and Development Expenses — Research and development expenses consist of costs incurred for direct and overhead-related research expenses and are expensed as incurred. Costs to acquire technologies, including licenses and drugs, that are utilized in research and development and that have no alternative future use are expensed when incurred. Technology developed for use in its products is expensed as incurred until technological feasibility has been established. | |||||||||||||||||
Clinical Trial Expenses — Clinical trial expenses, which are included in research and development expenses, include obligations resulting from the Company’s contracts with various clinical research organizations in connection with conducting clinical trials for its product candidates. The Company recognizes expenses for these activities based on a variety of factors, including actual and estimated labor hours, clinical site initiation activities, patient enrollment rates, estimates of external costs and other activity-based factors. The Company believes that this method best approximates the efforts expended on a clinical trial with the expenses it records. The Company adjusts its rate of clinical expense recognition if actual results differ from its estimates. If its estimates are incorrect, clinical trial expenses recorded in any particular period could vary. | |||||||||||||||||
Income Taxes — The Company accounts for income taxes in accordance with the provisions of FASB ASC 740-10, Income Taxes, (“ASC 740”) which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company’s financial statements or tax returns. Under this method, the Company determines whether or not a tax benefit should be recognized. A tax benefit will be recognized if the weight of available evidence indicates that the tax position is more likely than not to be sustained upon examination by the relevant tax authorities. The recognition and measurement of benefits related to the Company’s tax positions requires significant judgment, as uncertainties often exist with respect to new laws, new interpretations of existing laws, and rulings by taxing authorities. Differences between actual results and the Company’s assumptions or changes in its assumptions in future periods are recorded in the period they become known. The Company’s policy is to recognize any interest and penalties related to unrecognized tax benefits as a component of income tax expenses. | |||||||||||||||||
Concentrations of Risks — Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash, cash equivalents and short-term investments. The Company maintains cash and cash equivalents in large well-capitalized financial institutions and the Company’s investment policy disallows investment in any debt securities rated less than “investment-grade” by national ratings services. The Company has not experienced any losses on its deposits of cash or cash equivalent or its short-term investments. Cash and cash equivalents are maintained at financial institutions and, at times, balances may exceed federally insured limits. The Company has never experienced any losses related to these balances. Use of Estimates — The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant estimates include the accrual for research and development expenses, the basis for the classification of estimated income taxes and the estimate of expense arising from the common stock options granted to employees and non-employees. Actual results could materially differ from those estimates. | |||||||||||||||||
Use of Estimates — The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant estimates include the accrual for research and development expenses, the basis for the classification of estimated income taxes and the estimate of expense arising from the common stock options and warrants granted to employees and non-employees. Actual results could materially differ from those estimates. |
Receivables
Receivables | 12 Months Ended |
Dec. 31, 2013 | |
Receivables [Abstract] | ' |
Receivables | ' |
3. Receivables | |
At December 31, 2013 and 2012, the Company had a receivable of $0.1 million and $0.1 million, respectively, primarily related to annual licensing fees due to the Company. Due to the likelihood of the collectability of the accounts receivable, no allowance was recorded. |
Prepaid_and_Other_Assets
Prepaid and Other Assets | 12 Months Ended |
Dec. 31, 2013 | |
Prepaid and Other Assets [Abstract] | ' |
Prepaid and Other Assets | ' |
4. Prepaid and Other Assets | |
At December 31, 2013 and 2012, the Company had $2.3 million and $1.2 million, respectively, of prepaid and other current assets, which consist primarily of deposits on contracts for research and development, prepaid insurance and leases for its facility. |
Shortterm_Investments
Short-term Investments | 12 Months Ended |
Dec. 31, 2013 | |
Short-term Investments [Abstract] | ' |
Short-term Investments | ' |
5. Short-term Investments | |
The Company held $27.1 million of short-term investments at December 31, 2013. The Company has classified these investments as available for sale. These investments are comprised of federally insured certificates of deposit and these certificates of deposit accounts detailed as follows: $10.0 million with a maturity date of April 24, 2014, $12.1 million with a maturity date of May 1, 2014, and $5.0 million with a maturity date of October 30, 2014. At December 31, 2012, the Company held $24.0 million of short-term investments, which have since matured. |
Equipment_and_Furnishings
Equipment and Furnishings | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Equipment and Furnishings [Abstract] | ' | ||||||||
Equipment and Furnishings | ' | ||||||||
6. Equipment and Furnishings | |||||||||
Equipment and furnishings at December 31, 2013 and 2012 consist of the following (in thousands): | |||||||||
2013 | 2012 | ||||||||
Equipment and furnishings | $ | 513 | $ | 483 | |||||
Less — accumulated depreciation | (338 | ) | (230 | ) | |||||
Equipment and furnishings, net | 175 | 253 | |||||||
Depreciation and amortization expense for the years ended December 31, 2013, 2012 and 2011 were $120,399, $113,936 and $95,517, respectively. |
Accrued_Expenses_and_Other_Cur
Accrued Expenses and Other Current Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accrued Expenses and Other Current Liabilities [Abstract] | ' | ||||||||
Accrued Expenses and Other Current Liabilities | ' | ||||||||
7. Accrued Expenses and Other Current Liabilities | |||||||||
Accrued expenses and other current liabilities at December 31, 2013 and 2012 are summarized below (in thousands). | |||||||||
2013 | 2012 | ||||||||
Professional fees | $ | 316 | $ | 340 | |||||
Research and development costs | 2,004 | 2,340 | |||||||
Wages, bonuses and employee benefits | 349 | 282 | |||||||
Other | 134 | 71 | |||||||
Total | $ | 2,803 | $ | 3,033 |
Warrant_Liabilities
Warrant Liabilities | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Warrant Liabilities [Abstract] | ' | ||||||||||||
Warrant Liabilities | ' | ||||||||||||
8. Warrant Liabilities | |||||||||||||
Warrants issued in connection with the Company’s July 2009 and August 2011 equity public offerings are classified as liabilities as opposed to equity due to their settlement terms. These warrants are non-cash liabilities and the Company is not required to expend any cash to settle these liabilities. The fair value of these warrants were recorded on the balance sheet at issuance and the warrants were marked to fair value at each financial reporting period, with changes in the fair value recorded as a gain or loss in the statement of operations. The fair value of the warrants is determined using the Black-Scholes option pricing model, which requires the use of significant judgment and estimates for the inputs used in the model. The following reflects the weighted-average assumptions for each of the periods indicated: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Risk-free interest rate | 0.13% - 0.58 | % | 0.25% - 0.45 | % | 0.36% - 0.83 | % | |||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | |||||||
Expected lives | 0.95 – 2.59 | 1.95 – 3.59 | 0.96 – 4.59 | ||||||||||
Expected volatility | 83.4% - 95.3 | % | 72.6% - 76.0 | % | 75.0% - 89.8 | % | |||||||
Warrants classified as liabilities (in shares) | 6,984,716 | 6,984,716 | 7,115,447 | ||||||||||
(Loss) Gain on warrant liabilities | $ | (20,210,094 | ) | $ | 2,766,704 | $ | 7,915,027 | ||||||
The dividend yield assumption of zero is based upon the fact the Company has never paid cash dividends and presently has no intention of paying cash dividends. The risk-free interest rate used for each grant is equal to the U.S. Treasury rates in effect at the time of the grant for instruments with a similar expected life. The expected lives are based on the remaining contractual lives of the related warrants at the valuation date. The Company’s computation of expected volatility is based on the historical daily volatility of its publicly traded stock. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Commitments and Contingencies [Abstract] | ' | ||||||||||||||||||||
Commitments and Contingencies | ' | ||||||||||||||||||||
9. Commitments and Contingencies | |||||||||||||||||||||
The Company acquires assets still in development and enters into research and development arrangements with third parties that often require milestone and royalty payments to the third party contingent upon the occurrence of certain future events linked to the success of the asset in development. Milestone payments may be required, contingent upon the successful achievement of an important point in the development life-cycle of the pharmaceutical product (e.g., approval of the product for marketing by a regulatory agency). If required by the arrangement, CytRx may have to make royalty payments based upon a percentage of the sales of the pharmaceutical product in the event that regulatory approval for marketing is obtained. | |||||||||||||||||||||
These arrangements may be material individually, and in the unlikely event that milestones for multiple products covered by these arrangements were reached in the same period, the aggregate charge to expense could be material to the results of operations in any one period. In addition, these arrangements often give CytRx the discretion to unilaterally terminate development of the product, which would allow CytRx to avoid making the contingent payments; however, CytRx is unlikely to cease development if the compound successfully achieves clinical testing objectives. | |||||||||||||||||||||
CytRx’s current contractual obligations that will require future cash payments are as follows (in thousands): | |||||||||||||||||||||
Operating | Employment Agreements (2) | Subtotal | Research and Development (3) | Total | |||||||||||||||||
Leases (1) | |||||||||||||||||||||
2014 | $ | 337 | $ | 2,575 | $ | 2,912 | $ | 8,490 | $ | 11,402 | |||||||||||
2015 | 258 | 850 | 1,108 | 2,106 | 3,214 | ||||||||||||||||
2016 | 228 | — | 228 | 943 | 1,171 | ||||||||||||||||
2017 | 255 | — | 255 | 681 | 936 | ||||||||||||||||
2018 | 262 | — | 262 | — | 262 | ||||||||||||||||
Thereafter | 302 | — | 302 | — | 302 | ||||||||||||||||
Total | $ | 1,642 | $ | 3,425 | $ | 5,067 | $ | 12,220 | $ | 17,287 | |||||||||||
____________ | |||||||||||||||||||||
-1 | Operating leases are primarily facility lease related obligations, as well as equipment lease obligations with third party vendors. The Company recognized lease expenses of $315,134, $324,536 and $321,782 in 2013, 2012 and 2011, respectively. | ||||||||||||||||||||
-2 | Employment agreements include management contracts which have been revised from time to time. The employment agreement for the Company’s President and Chief Executive Officer provides for a minimum salary level, which is adjusted annually at the discretion of the Company’s Compensation Committee, as well as for minimum bonuses that are payable. New employment agreements for the Company’s other executive officers are usually entered into annually. | ||||||||||||||||||||
-3 | Research and development obligations relate primarily to clinical trials. Most of these purchase obligations are cancelable. | ||||||||||||||||||||
The Company applies the disclosure provisions of ASC 460, Guarantees (“ASC 460”) to its agreements that contain guarantees or indemnities by the Company. The Company provides (i) indemnifications of varying scope and size to certain investors and other parties for certain losses suffered or incurred by the indemnified party in connection with various types of third-party claims; and (ii) indemnifications of varying scope and size to officers and directors against third party claims arising from the services they provide to the Company. To date, the Company has not incurred material costs as a result of these obligations and does not expect to incur material costs in the future; further, the Company maintains insurance to cover certain losses arising from these indemnifications. Accordingly, the Company has not accrued any liabilities in its consolidated financial statements related to these indemnifications or guarantees. | |||||||||||||||||||||
The Company is occasionally involved in claims arising in the normal course of business. There were no such claims that the Company expects, individually or in the aggregate, to have a material adverse effect on CytRx. |
Equity_Transactions
Equity Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Equity Transactions [Abstract] | ' |
Equity Transactions | ' |
10. Equity Transactions | |
On October 15, 2013, the Company completed a $25.9 million underwritten public offering, in which it sold and issued 11.5 million shares of common stock at a price of $2.25 per share. Net of underwriting discounts, legal, accounting and other offering expenses, the Company received proceeds of approximately $24.1 million. | |
On October 23, 2012, the Company completed a $23.0 million underwritten public offering, in which it sold and issued 9.2 million shares of common stock at a price of $2.50 per share. Net of underwriting discounts, legal, accounting and other offering expenses, the Company received proceeds of approximately $21.5 million. | |
Effective May 15, 2012, the Company completed a 1-for-7 reverse stock split of the Company’s outstanding shares of common stock; no change was made to the per-share par value of the common stock or to the number of shares of authorized common stock. | |
On August 1, 2011, the Company undertook a $20.4 million underwritten public offering in which it sold and issued 5.6 million shares of common stock at a price of $3.57 per share and warrants at a price of $0.07 per warrant to purchase up to approximately 6.4 million shares of common stock at an exercise price of $4.48 per share. Net of underwriting discounts, legal, accounting and other offering expenses, the Company received proceeds of approximately $18.9 million. | |
On July 8, 2011, the Company effected an increase in the authorized shares of common stock from 175,000,000 shares to 250,000,000 shares and an increase in the designated number of shares of Series A Preferred Stock associated with the Company’s rights plan from 15,000 shares to 25,000 shares. |
Investments_in_ADVENTRX_Pharma
Investments in ADVENTRX Pharmaceuticals | 12 Months Ended |
Dec. 31, 2013 | |
Investments in ADVENTRX Pharmaceuticals [Abstract] | ' |
Investments in ADVENTRX Pharmaceuticals | ' |
11. Investment in ADVENTRX Pharmaceuticals | |
On April 8, 2011, ADVENTRX Pharmaceuticals completed its acquisition of SynthRx, Inc., in which the Company held a 19.1% interest. As a result of the transaction, the Company received approximately 126,000 shares of common stock of ADVENTRX, which it sold on October 11, 2011 for $112,200, and on June 6, 2012, the Company received an additional 38,196 shares of common stock of ADVENTRX that had been held in an escrow established in connection with the acquisition, which it sold for $17,900. If all of the development milestones under the acquisition agreement were to be achieved, the Company also would be entitled to receive up to 2.9 million additional ADVENTRX shares. At the time of the sales, the Company’s interest in SynthRx had a zero carrying value. |
Stock_Options_and_Warrants
Stock Options and Warrants | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||
Stock Options and Warrants [Abstract] | ' | ||||||||||||||||||||||||||
Stock Options and Warrants | ' | ||||||||||||||||||||||||||
12. Stock Options and Warrants | |||||||||||||||||||||||||||
Stock Options | |||||||||||||||||||||||||||
The Company has a 2000 Long-Term Incentive Plan under which 1.4 million shares of common stock were originally reserved for issuance. As of December 31, 2013, there were approximately 0.8 million shares subject to outstanding stock options. This plan expired on August 6, 2010, and thus no further shares are available for future grant under this plan. | |||||||||||||||||||||||||||
The Company also has a 2008 Stock Incentive Plan under which 10.0 million shares of common stock were originally reserved for issuance. The number of shares reserved for issuance under the 2008 Plan was then fixed at 5.0 million shares, after giving effect to the 1-for-7 reverse stock split implemented on May 15, 2012, and then fixed at 10.0 million shares by an amendment to this plan approved by the stockholders at the 2013 Annual Meeting of Stockholders. As of December 31, 2013, there were 5.6 million shares subject to outstanding stock options and 4.4 million shares available for future grant under this plan. | |||||||||||||||||||||||||||
The Company follows the provisions of ASC 718, Compensation-Stock Compensation, which requires the measurement and recognition of compensation expense for all stock-based awards made to employees. | |||||||||||||||||||||||||||
The fair value of the stock options at the date of grant was estimated using the Black-Scholes option-pricing model, based on the following assumptions: | |||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||
Risk-free interest rate | 0.91% - 2.79 | % | 0.83% - 1.78 | % | 1.23 | % | |||||||||||||||||||||
Expected volatility | 85% - 89 | % | 0% - 82 | % | 89 | % | |||||||||||||||||||||
Expected lives (years) | 10-Jun | 10-Jun | 10-Jun | ||||||||||||||||||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||||||||||||
The Company’s computation of expected volatility is based on the historical daily volatility of its publicly traded stock. For option grants issued during years ended December 31, 2013, 2012 and 2011, the Company used a calculated volatility for each grant. The Company lacks adequate information about the exercise behavior at this time and has determined the expected term assumption under the simplified method provided for under ASC 718, which averages the contractual term of the Company’s options of ten years with the average vesting term of three years for an average of six years. The dividend yield assumption of zero is based upon the fact the Company has never paid cash dividends and presently has no intention of paying cash dividends. The risk-free interest rate used for each grant is equal to the U.S. Treasury rates in effect at the time of the grant for instruments with a similar expected life. Based on historical experience, for the year ended December 31, 2013, the Company has estimated an annualized forfeiture rate of 12% for options granted to its employees, 2% for options granted to senior management and 0% for options granted to directors; for the year ended December 31, 2012, the Company has estimated an annualized forfeiture rate of 12% for options granted to its employees, 2% for options granted to senior management and 0% for options granted to directors; and for the year ended December 31, 2011, the Company estimated an annualized forfeiture rate of 13% for options granted to its employees, 2% for options granted to senior management and 0% for options granted to directors. Compensation costs will be adjusted for future changes in estimated forfeitures. The Company will record additional expense if the actual forfeitures are lower than estimated and will record a recovery of prior expense if the actual forfeiture rates are higher than estimated. No amounts relating to employee stock-based compensation have been capitalized. | |||||||||||||||||||||||||||
At December 31, 2013, there remained approximately $4.3 million of unrecognized compensation expense related to unvested stock options granted to current and former employees and directors, to be recognized as expense over a weighted-average period of 1.36 years. Presented below is the Company’s stock option activity for employees and directors: | |||||||||||||||||||||||||||
Stock Options | Weighted Average Exercise Price | ||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Outstanding — beginning of year | 3,240,850 | 1,763,923 | 1,268,209 | $ | 4.08 | $ | 6.01 | $ | 7.49 | ||||||||||||||||||
Granted | 3,323,176 | 1,541,002 | 499,286 | 2.43 | 1.86 | 2.38 | |||||||||||||||||||||
Exercised | (476 | ) | (1,071 | ) | — | 1.93 | 2.8 | — | |||||||||||||||||||
Forfeited | (127,812 | ) | (63,004 | ) | (3,572 | ) | 3.09 | 3.89 | 6.93 | ||||||||||||||||||
Expired | (207,145 | ) | — | — | 9.59 | — | — | ||||||||||||||||||||
Outstanding — end of year | 6,228,593 | 3,240,850 | 1,763,923 | 3.11 | 4.08 | 6.01 | |||||||||||||||||||||
Exercisable at end of year | 3,125,720 | 1,918,461 | 1,070,419 | $ | 3.86 | $ | 3.69 | $ | 7.49 | ||||||||||||||||||
Weighted average fair value of stock options granted during the year: | $ | 1.82 | $ | 1.44 | $ | 1.75 | |||||||||||||||||||||
A summary of the activity for unvested employee stock options as of December 31, and changes during the year is presented below: | |||||||||||||||||||||||||||
Weighted Average Grant Date Fair Value per Share | |||||||||||||||||||||||||||
Stock Options | |||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Nonvested at January 1, | 1,322,389 | 693,504 | 453,645 | $ | 1.57 | $ | 2.81 | $ | 5.25 | ||||||||||||||||||
Granted | 3,323,176 | 1,541,002 | 499,286 | 1.82 | 1.44 | 1.75 | |||||||||||||||||||||
Vested | (1,450,404 | ) | (849,113 | ) | (255,855 | ) | 2.46 | 3.69 | 4.9 | ||||||||||||||||||
Pre-vested forfeitures or expired | (92,288 | ) | (63,004 | ) | (3,572 | ) | 2.15 | 2.97 | 6.93 | ||||||||||||||||||
Nonvested at December 31, | 3,102,873 | 1,322,389 | 693,504 | $ | 1.66 | $ | 1.57 | $ | 2.81 | ||||||||||||||||||
For stock options paid in consideration of services rendered by non-employees, the Company recognizes compensation expense in accordance with the requirements of ASC 505-50. | |||||||||||||||||||||||||||
Non-employee option grants that do not vest immediately upon grant are recorded as an expense over the vesting period. At the end of each financial reporting period prior to performance, the value of these options, as calculated using the Black-Scholes option pricing model, is determined, and compensation expense recognized or recovered during the period is adjusted accordingly. Since the fair market value of options granted to non-employees is subject to change in the future, the amount of the future compensation expense is subject to adjustment until the common stock options are fully vested. | |||||||||||||||||||||||||||
The Company recorded $40,000, $0 and $31,000 of non-cash charges related to the issuance of stock options to certain consultants in exchange for services during 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||||
At December 31, 2013, there was no unrecognized compensation expense related to unvested non-employee stock options. Presented below is the Company’s non-employee stock option activity: | |||||||||||||||||||||||||||
Stock Options | Weighted Average Exercise Price | ||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Outstanding — beginning of year | 142,143 | 143,572 | 142,143 | $ | 6.2 | $ | 6.17 | $ | 6.3 | ||||||||||||||||||
Granted | 25,000 | — | 1,429 | 2.79 | — | 2.94 | |||||||||||||||||||||
Exercised | — | (1,429 | ) | — | — | 2.94 | — | ||||||||||||||||||||
Forfeited | — | — | — | — | — | — | |||||||||||||||||||||
Expired | — | — | — | — | — | — | |||||||||||||||||||||
Outstanding — end of year | 167,143 | 142,143 | 143,572 | 5.69 | 6.2 | 6.17 | |||||||||||||||||||||
Exercisable at end of year | 167,143 | 133,215 | 125,714 | $ | 5.69 | $ | 6.1 | $ | 5.95 | ||||||||||||||||||
Weighted average fair value of stock options granted during the year: | $ | 1.98 | $ | — | $ | 2.94 | |||||||||||||||||||||
The fair value of the stock options at the date of grant was estimated using the Black-Scholes option-pricing model, based on the following assumptions: | |||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||
Risk-free interest rate | 2.05 | % | — | 2.77 | % | ||||||||||||||||||||||
Expected volatility | 84.8 | % | — | 70 | % | ||||||||||||||||||||||
Expected lives (years) | 10 | — | 10 | ||||||||||||||||||||||||
Expected dividend yield | 0 | % | — | 0 | % | ||||||||||||||||||||||
A summary of the activity for nonvested, non-employee stock options as of December 31, and changes during the years are presented below: | |||||||||||||||||||||||||||
Weighted Average | |||||||||||||||||||||||||||
Stock Options | Grant Date Fair | ||||||||||||||||||||||||||
Value per Share | |||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Nonvested at January 1, | 8,929 | 17,857 | 41,066 | $ | 19.95 | $ | 19.95 | $ | 13.86 | ||||||||||||||||||
Granted | 25,000 | — | 1,429 | 1.98 | — | 0.81 | |||||||||||||||||||||
Vested | (33,929 | ) | (8,928 | ) | (24,638 | ) | 6.71 | 19.95 | 8.61 | ||||||||||||||||||
Pre-vested forfeitures | — | — | — | — | — | — | |||||||||||||||||||||
Nonvested at December 31, | 0 | 8,929 | 17,857 | — | $ | 19.95 | $ | 19.95 | |||||||||||||||||||
The following table summarizes significant ranges of outstanding stock options under the two plans at December 31, 2013: | |||||||||||||||||||||||||||
Weighted Average | Number of | ||||||||||||||||||||||||||
Range of | RemainingContractual Life | Weighted Average | Options | Weighted Average | Weighted Average | ||||||||||||||||||||||
Exercise Prices | Number of Options | (years) | Exercise Price | Exercisable | Contractual Life | Exercise Price | |||||||||||||||||||||
$ | 1.83 — 2.50 | 5,130,056 | 9.45 | $ | 2.21 | 2,102,373 | 9.45 | $ | 2.14 | ||||||||||||||||||
$ | 2.51 — 3.50 | 194,482 | 6.93 | 2.79 | 151,625 | 6.93 | 2.69 | ||||||||||||||||||||
$ | 3.51 — 8.00 | 692,701 | 5.69 | 6.67 | 660,368 | 5.69 | 6.75 | ||||||||||||||||||||
$ | 8.01 — 32.55 | 378,497 | 3.13 | 8.86 | 378,497 | 3.13 | 8.86 | ||||||||||||||||||||
6,395,736 | 8.59 | $ | 3.11 | 3,292,863 | 8.59 | $ | 3.86 | ||||||||||||||||||||
The aggregate intrinsic value of outstanding options and options vested as of December 31, 2013 and the options exercised during 2013 were $13.0 million, $5.8 million and $0, respectively, which represent options whose exercise price was less than the closing fair market value of the Company’s common stock on December 31, 2013 of $6.27. | |||||||||||||||||||||||||||
Restricted Stock | |||||||||||||||||||||||||||
In December 2013, the Company awarded to Dr. Daniel Levitt, Executive Vice President and Chief Medical Officer, 100,000 shares of CytRx Corporation restricted stock pursuant to the 2008 Plan, of which 50,000 shares will vest on June 30, 2014, and the remaining 50,000 shares will vest over the subsequent six months, provided that Dr. Levitt remains employed by the Company on each such date. Those restricted shares were issued pursuant to an agreement dated January 1, 2014. The Company also granted to Dr. Levitt 100,000 shares of CytRx Corporation restricted stock pursuant to the 2008 Plan on December 31, 2012, which shares have now fully vested. The fair value of the restricted stock is based on the market price of the Company’s shares on the grant date less the par value received as consideration. The fair value of the restricted shares granted on January 1, 2014 was $627,000, and the fair value of the restricted shares granted on December 31, 2012 was $186,900. | |||||||||||||||||||||||||||
Warrants | |||||||||||||||||||||||||||
In August 2013, we issued a warrant to purchase 500,000 shares of our common stock at an exercise price of $2.50 per share in connection with a financial advisory arrangement. In November 2013, we issued two warrants, each to purchase 125,000 shares of our common stock, at exercise prices of $3.00 and $3.75 per share, respectively, in connection with financial advisory arrangements. | |||||||||||||||||||||||||||
Warrants issued in connection with the Company’s July 2009 and August 2011 financings are classified as liabilities as opposed to equity due to their settlement terms. For 2013, 2012 and 2011, 6,984,716 shares, 6,984,716 shares and 7,115,447 shares, respectively, were underlying such warrants. See Note 8 – Warrant Liabilities. | |||||||||||||||||||||||||||
All other warrants issued by the Company other than warrants issued in connection with its July 2009 and August 2011 financings are classified as equity; the fair value of the warrants was recorded as additional paid-in capital and no further adjustments are made. | |||||||||||||||||||||||||||
A summary of the Company’s warrant activity and related information for the years ended December 31 are shown below. | |||||||||||||||||||||||||||
Warrants | Weighted Average | ||||||||||||||||||||||||||
Exercise Price | |||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Outstanding — beginning of year | 7,518,113 | 7,397,415 | 1,294,639 | $ | 5.09 | $ | 5.32 | $ | 10.29 | ||||||||||||||||||
Granted | 816,667 | 285,716 | 6,440,000 | 2.8 | 2.06 | 4.48 | |||||||||||||||||||||
Exercised | (8,572 | ) | (5,714 | ) | — | 4.48 | 1.89 | 5.32 | |||||||||||||||||||
Forfeited | — | (28,571 | ) | — | — | 1.89 | — | ||||||||||||||||||||
Expired | (1,599 | ) | (130,733 | ) | (337,224 | ) | 14.99 | 11.9 | 8.68 | ||||||||||||||||||
Outstanding — end of year | 8,324,609 | 7,518,113 | 7,397,415 | 4.86 | 5.09 | 5.32 | |||||||||||||||||||||
Exercisable at end of year | 7,924,609 | 7,452,396 | 7,396,701 | $ | 4.98 | $ | 5.11 | $ | 5.31 | ||||||||||||||||||
Weighted average fair value of warrants granted during the year: | $ | 1.31 | $ | 1.22 | $ | 2.42 | |||||||||||||||||||||
The following table summarizes additional information concerning warrants outstanding and exercisable at December 31, 2013: | |||||||||||||||||||||||||||
Warrants Outstanding | |||||||||||||||||||||||||||
Weighted | Warrants | ||||||||||||||||||||||||||
Average | Weighted | Number of | Exercisable | ||||||||||||||||||||||||
Number of | Remaining | Average | Shares | Weighted Average | |||||||||||||||||||||||
Range of Exercise Prices | Shares | Contractual Life | Exercise Price | Exercisable | Exercise Price | ||||||||||||||||||||||
(years) | |||||||||||||||||||||||||||
$ | 1.82 — 2.50 | 860,003 | 3.26 | $ | 2.29 | 460,003 | $ | 2.11 | |||||||||||||||||||
$ | 2.51 — 5.50 | 6,805,285 | 2.57 | 4.43 | 6,805,285 | 4.43 | |||||||||||||||||||||
$ | 5.51 — 11.50 | 23,172 | 0.04 | 6.12 | 23,172 | 6.12 | |||||||||||||||||||||
$ | 11.51 — 24.50 | 636,149 | 0.82 | 12.89 | 636,149 | 12.89 | |||||||||||||||||||||
8,324,609 | 2.5 | $ | 4.86 | 7,924,609 | $ | 4.98 |
Sale_of_Assets
Sale of Assets | 12 Months Ended |
Dec. 31, 2013 | |
Sales Of Assets [Abstract] | ' |
Sale of Assets | ' |
13. Sale of Assets | |
On May 13, 2011, the Company entered into an Asset Purchase Agreement with Orphazyme ApS (“Orphazyme”) pursuant to which it sold to Orphazyme certain pre-clinical and clinical data, intellectual property rights and other assets relating to its compounds associated with molecular chaperone regulation technology. Under the Asset Purchase Agreement, the Company received a cash payment of $150,000 and is entitled to receive various future payments that will be contingent upon the achievement of specified regulatory and business milestones, as well as royalty payments based on a specified percentage of any eventual net sales of products derived from the assets. |
Stockholder_Protection_Rights_
Stockholder Protection Rights Plan | 12 Months Ended |
Dec. 31, 2013 | |
Stockholder Protection Rights Plan [Abstract] | ' |
Stockholder Protection Rights Plan | ' |
14. Stockholder Protection Rights Plan | |
Effective April 16, 1997, the Company’s board of directors declared a distribution of one right (“Rights”) for each outstanding share of the Company’s common stock to stockholders of record at the close of business on May 15, 1997 and for each share of common stock issued by the Company thereafter and prior to a Flip-in Date (as defined below). Each Right entitles the registered holder to purchase from the Company one-ten thousandth (1/10,000th) of a share of Series A Junior Participating Preferred Stock, at an exercise price of $30. The Rights are generally not exercisable until 10 business days after an announcement by the Company that a person or group of affiliated persons (an “Acquiring Person”) has acquired beneficial ownership of 15% or more of the Company’s then outstanding shares of common stock (a “Flip-in Date”). | |
In the event the Rights become exercisable as a result of the acquisition of shares, each Right will enable the owner, other than the Acquiring Person, to purchase at the Right’s then-current exercise price a number of shares of common stock with a market value equal to twice the exercise price. In addition, unless the Acquiring Person owns more than 50% of the outstanding shares of common stock, the Board of Directors may elect to exchange all outstanding Rights (other than those owned by such Acquiring Person) at an exchange ratio of one share of common stock per Right. All Rights that are owned by any person on or after the date such person becomes an Acquiring Person will be null and void. | |
The Rights have been distributed to protect the Company’s stockholders from coercive or abusive takeover tactics and to give the Board of Directors more negotiating leverage in dealing with prospective acquirers. In April 2007, the Company extended the stockholder rights plan through April 2017. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
15. Income Taxes | |||||||||||||
At December 31, 2013, the Company had federal and state net operating loss carryforwards of $191.9 million and $112.4 million, respectively, available to offset against future taxable income, which expire in 2018 through 2033. | |||||||||||||
As a result of a change in-control that occurred in the CytRx shareholder base in July 2002, approximately $10.1 million in federal net operating loss carryforwards became limited in their availability to $4.0 million in total or $363,000 annually. Management currently believes that the remaining $164.9 million in federal net operating loss carryforwards, and the $112.4 million in state net operating loss carryforwards, are unrestricted. | |||||||||||||
As of December 31, 2013, CytRx also had research and development and alternative minimum tax credits for federal and state purposes of approximately $9.9 million and $13.5 million, respectively, available for offset against future income taxes, which expire in 2022 through 2033. Based on an assessment of all available evidence including, but not limited to, the Company’s limited operating history in its core business and lack of profitability, uncertainties of the commercial viability of its technology, the impact of government regulation and healthcare reform initiatives, and other risks normally associated with biotechnology companies, the Company has concluded that it is more likely than not that these net operating loss carryforwards and credits will not be realized and, as a result, a 100% deferred tax valuation allowance has been recorded against these assets. | |||||||||||||
Deferred income taxes reflect the net effect of temporary differences between the financial reporting carrying amounts of assets and liabilities and income tax carrying amounts of assets and liabilities. The components of the Company’s deferred tax assets and liabilities, all of which are long-term, are as follows (in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss carryforwards | $ | 69,989 | $ | 60,184 | |||||||||
Tax credit carryforwards | 18,816 | 15,514 | |||||||||||
Equipment, furnishings and other | 11,313 | 9,822 | |||||||||||
Total deferred tax assets | 100,118 | 85,520 | |||||||||||
Deferred tax liabilities | (92 | ) | (100 | ) | |||||||||
Net deferred tax assets | 100,026 | 85,420 | |||||||||||
Valuation allowance | (100,026 | ) | (85,420 | ) | |||||||||
$ | — | $ | — | ||||||||||
For all years presented, the Company did not recognize any deferred tax assets or liabilities. The net change in valuation allowance for the years ended December 31, 2013 and 2012 was $14.6 million and $14.1 million, respectively. | |||||||||||||
The provision for income taxes differs from the provision computed by applying the Federal statutory rate to net loss before income taxes as follows (in thousands): | |||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal benefit at statutory rate | $ | (16,145 | ) | $ | (6,107 | ) | $ | (4,996 | ) | ||||
State income taxes, net of Federal taxes | (1,517 | ) | (745 | ) | (857 | ) | |||||||
State credits | (787 | ) | (1,555 | ) | |||||||||
Warrant liabilities | 6,871 | 941 | |||||||||||
Other permanent differences | 14 | (23 | ) | 6 | |||||||||
Provision related to change in valuation allowance | 14,606 | 14,069 | 16,235 | ||||||||||
Other, net | (3,040 | ) | (6,578 | ) | (10,290 | ) | |||||||
$ | 2 | $ | 2 | $ | 98 | ||||||||
There have been no changes to the Company’s liability for unrecognized tax benefits during the year ended December 31, 2013. | |||||||||||||
The Company files income tax returns in the U.S. Federal jurisdiction and various state jurisdictions. As of the date of adoption of ASC 740 and the year ended December 31, 2013, the tax returns for 2009 through 2013 remain open to examination by the Internal Revenue Service and various state tax authorities. | |||||||||||||
The Company’s policy is to recognize any interest and penalties related to unrecognized tax benefits as a component of income tax expense. As of the date of adoption of ASC 740 and the years ended December 31, 2013, 2012 and 2011, the Company had accrued no interest or penalties related to uncertain tax positions. |
Quarterly_Financial_Data_unaud
Quarterly Financial Data (unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Data (unaudited) [Abstract] | ' | ||||||||||||||||
Quarterly Financial Data (unaudited) | ' | ||||||||||||||||
16. Quarterly Financial Data (unaudited) | |||||||||||||||||
Summarized quarterly financial data for 2013 and 2012 is as follows (in thousands, except per share data): | |||||||||||||||||
Quarters Ended | |||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
2013 | |||||||||||||||||
Total revenues | $ | — | $ | 200 | $ | — | $ | 100 | |||||||||
Net loss | (6,864 | ) | (3,423 | ) | (9,980 | ) | (27,218 | ) | |||||||||
Net loss applicable to common stockholders | $ | (6,864 | ) | $ | (3,423 | ) | $ | (9,980 | ) | $ | (27,218 | ) | |||||
Basic and diluted loss per share applicable to common stock | $ | (0.23 | ) | $ | (0.11 | ) | $ | (0.33 | ) | $ | (0.68 | ) | |||||
2012 | |||||||||||||||||
Total revenues | $ | — | $ | — | $ | — | $ | 100 | |||||||||
Net income (loss) | (10,135 | ) | (13,262 | ) | 1,584 | 3,849 | |||||||||||
Net income (loss) applicable to common stockholders | $ | (10,135 | ) | $ | (13,262 | ) | $ | 1,584 | $ | 3,849 | |||||||
Basic and diluted income (loss) per share applicable to common stock | $ | (0.49 | ) | $ | (0.63 | ) | $ | 0.07 | $ | 0.14 | |||||||
Quarterly and year-to-date loss per share amounts are computed independently of each other. Therefore, the sum of the per share amounts for the quarters may not agree to the per share amounts for the year. |
Subsequent_Events
Subsequent Events | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Subsequent Events [Abstract] | ' | ||||||||||||
Subsequent Events | ' | ||||||||||||
17. Subsequent Events | |||||||||||||
On February 5, 2014, the Company completed an $86.0 million underwritten public offering, in which it sold and issued 13.2 million shares of common stock at a price of $6.50 per share. Net of underwriting discounts, legal, accounting and other offering expenses, the Company received proceeds of approximately $80.5 million. Immediately after the sale, the Company had approximately 55.3 million shares of common stock outstanding, without giving effect to the possible exercise of any of the Company’s outstanding warrants or stock options. | |||||||||||||
The following selected pro forma balance sheet data is derived from our balance sheet as of December 31, 2013 and gives retroactive effect to the completion of the underwritten offering, but does not give effect to other events that occurred since December 31, 2013 and thus may not be indicative of our current financial condition. The information should be read in conjunction with our balance sheet as of December 31, 2013 and related notes. | |||||||||||||
Actual as of December 31, 2013 | Adjustments Related to February 2014 Equity Financing | Pro Forma as of December 31, 2013 (unaudited) | |||||||||||
(unaudited) | |||||||||||||
ASSETS | |||||||||||||
Current assets: | |||||||||||||
Cash and cash equivalents | $ | 11,483,112 | $ | 80,534,750 | $ | 92,017,862 | |||||||
Short-term investments | 27,084,980 | — | 27,084,980 | ||||||||||
Prepaid and other current assets | 2,455,733 | — | 2,455,733 | ||||||||||
Total current assets | 41,023,825 | 80,534,750 | 121,558,575 | ||||||||||
Non-current assets | 476,230 | — | 476,230 | ||||||||||
Total assets | $ | 41,500,055 | $ | 80,534,750 | $ | 122,034,805 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||
Total current liabilities | $ | 30,838,688 | $ | — | $ | 30,838,688 | |||||||
Stockholders’ equity: | |||||||||||||
Common stock | $ | 42,118 | $ | 13,225 | $ | 55,343 | |||||||
Additional paid-in-capital | 289,426,100 | 80,521,525 | 369,947,625 | ||||||||||
Treasury stock | (2,417,247 | ) | — | (2,417,247 | ) | ||||||||
Accumulated deficit | (276,389,604 | ) | — | (276,389,604 | ) | ||||||||
Total stockholders’ equity | 10,661,367 | 80,534,750 | 91,196,117 | ||||||||||
Total liabilities and stockholders’ equity | $ | 41,500,055 | $ | 80,534,750 | $ | 122,034,805 |
SCHEDULE_II_VALUATION_AND_QUAL
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS [Abstract] | ' | ||||||||||||||||||||
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | ' | ||||||||||||||||||||
CYTRX CORPORATION | |||||||||||||||||||||
SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||
For the Years Ended December 31, 2013, 2012 and 2011 | |||||||||||||||||||||
Additions | |||||||||||||||||||||
Balance at Beginning of Year | Charged to Costs and | Charged to Other | Balance at End of Year | ||||||||||||||||||
Expenses | Accounts | Deductions | |||||||||||||||||||
Description | |||||||||||||||||||||
Reserve Deducted in the Balance Sheet from the Asset to Which it Applies: | |||||||||||||||||||||
Allowance for Deferred Tax Assets | |||||||||||||||||||||
Year ended December 31, 2013 | $ | 85,420,000 | $ | — | $ | 14,606,000 | $ | — | $ | 100,026,000 | |||||||||||
Year ended December 31, 2012 | $ | 71,351,000 | $ | — | $ | 14,069,000 | $ | — | $ | 85,420,000 | |||||||||||
Year ended December 31, 2011 | $ | 55,116,000 | $ | — | $ | 16,235,000 | $ | — | $ | 71,351,000 |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Summary of Significant Accounting Policies [Abstract] | ' | ||||||||||||||||
Basis of Presentation and Principles of Consolidation | ' | ||||||||||||||||
Basis of Presentation and Principles of Consolidation — The accompanying Consolidated Financial Statements are prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and accounting principles generally accepted in the United States (“GAAP”). The Consolidated Financial Statements include the accounts of CytRx Corporation and its wholly-owned subsidiaries. | |||||||||||||||||
Reverse Stock Split | ' | ||||||||||||||||
Reverse Stock Split — Effective May 15, 2012, the Company completed a 1-for-7 reverse stock split of the Company’s outstanding shares of common stock; no change was made to the per-share par value of the common stock or to the number of shares of authorized common stock. All share and per share amounts in the accompanying consolidated financial statements have been adjusted to reflect the reverse stock split as if it had occurred at the beginning of the earliest period presented. | |||||||||||||||||
Revenue Recognition | ' | ||||||||||||||||
Revenue Recognition — Revenue consists of license fees from strategic alliances with pharmaceutical companies. | |||||||||||||||||
Monies received for license fees are deferred and recognized ratably over the performance period in accordance with Financial Accounting Standards Board (“FASB”) Accounting Classification Standards (“ASC”) ASC 605-25, Revenue Recognition – Multiple-Element Arrangements (“ASC 605-25”). Milestone payments will be recognized upon achievement of the milestone as long as the milestone is deemed substantive and the Company has no other performance obligations related to the milestone and collectability is reasonably assured, which is generally upon receipt, or recognized upon termination of the agreement and all related obligations. Deferred revenue represents amounts received prior to revenue recognition. | |||||||||||||||||
Revenues from contract research, government grants, and consulting fees are recognized over the respective contract periods as the services are performed, provided there is persuasive evidence or an arrangement, the fee is fixed or determinable and collection of the related receivable is reasonably assured. Once all conditions of the grant are met and no contingencies remain outstanding, the revenue is recognized as grant fee revenue and an earned but unbilled revenue receivable is recorded. There are no grant revenues earned for 2013, 2012 and 2011. | |||||||||||||||||
Other Income | ' | ||||||||||||||||
Other Income — The Company realized other income of $0.2 million in 2013, resulting from foreign exchange gains, and other income of $0.1 million in each of 2012 and 2011 on the sub-lease of its New York City rental property inherited on the acquisition of Innovive Pharmaceuticals in 2008. The sub-lease expired in August 2012 and was not renewed. | |||||||||||||||||
Cash Equivalents | ' | ||||||||||||||||
Cash Equivalents — The Company considers all highly liquid debt instruments with an original maturity of 90 days or less to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market accounts. | |||||||||||||||||
Short-term Investments | ' | ||||||||||||||||
Short-term Investments — Investment securities held by the Company and expected to mature within 12 months are classified as available for sale. | |||||||||||||||||
Equipment and Furnishings | ' | ||||||||||||||||
Equipment and Furnishings — Equipment and furnishings are stated at cost and depreciated using the straight-line method based on the estimated useful lives (generally three to five years for equipment and furniture) of the related assets. Whenever there is a triggering event that might suggest impairment, management evaluates the realizability of recorded long-lived assets to determine whether their carrying values have been impaired. The Company records impairment losses on long-lived assets used in operations when events and circumstances indicate that the assets might be impaired and the non-discounted cash flows estimated to be generated by those assets are less than the carrying amount of those assets. Any impairment loss is measured by comparing the fair value of the asset to its carrying amount. There are no impairment losses recognized in each of 2013, 2012 and 2011. | |||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Fair Value Measurements — Assets and liabilities recorded at fair value on the balance sheets are categorized based upon the level of judgment associated with the inputs used to measure the fair value. Level inputs are as follows: | |||||||||||||||||
Level 1 – quoted prices in active markets for identical assets or liabilities. | |||||||||||||||||
Level 2 – other significant observable inputs for the assets or liabilities through corroboration with market data at the measurement date. | |||||||||||||||||
Level 3 – significant unobservable inputs that reflect management’s best estimate of what market participants would use to price the assets or liabilities at the measurement date. | |||||||||||||||||
The following table summarizes fair value measurements by level at December 31, 2013 for assets and liabilities measured | |||||||||||||||||
at fair value on a recurring basis: | |||||||||||||||||
(In thousands) | Level I | Level II | Level III | Total | |||||||||||||
Cash equivalents | $ | 10,281 | $ | — | $ | — | $ | 10,281 | |||||||||
Short-term investments | 27,085 | — | — | 27,085 | |||||||||||||
Warrant liabilities | — | — | (24,182 | ) | (24,182 | ) | |||||||||||
The following table summarizes fair value measurements by level at December 31, 2012 for assets and liabilities measured | |||||||||||||||||
at fair value on a recurring basis: | |||||||||||||||||
(In thousands) | Level I | Level II | Level III | Total | |||||||||||||
Cash equivalents | $ | 13,188 | $ | — | $ | — | $ | 13,188 | |||||||||
Short-term investments | 24,000 | — | — | 24,000 | |||||||||||||
Warrant liabilities | — | — | (3,972 | ) | (3,972 | ) | |||||||||||
The changes in carrying amounts of warrant liabilities for the year ended December 31, 2013 and 2012, were as follows: | |||||||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||||||
Beginning balance | 3,972 | 6,739 | |||||||||||||||
Net changes in valuation | 20,210 | (2,767 | ) | ||||||||||||||
Ending balance | 24,182 | 3,972 | |||||||||||||||
Liabilities measured at market value on a recurring basis include warrant liabilities resulting from recent debt and equity financing. In accordance with ASC 815-40, Derivatives and Hedging – Contracts in Entity’s Own Equity (“ASC 815-40”), the warrant liabilities are being marked to fair value each quarter-end until they are completely settled. The warrants are valued using the Black-Scholes method, using assumptions consistent with the Company’s application of ASC 505-50, Equity-Based Payments to Non-Employees (“ASC 505-50”). See Warrant Liabilities below. | |||||||||||||||||
The Company considers carrying amounts of accounts receivable, accounts payable and accrued expenses to approximate fair value due to the short-term nature of these financial instruments. | |||||||||||||||||
Impairment of Long-Lived Assets | ' | ||||||||||||||||
Impairment of Long-Lived Assets — The Company reviews long-lived assets, including finite lived intangible assets, for impairment if an event occurs that might reduce the fair value of such assets below their carrying values. The Company performs an impairment test of goodwill annually and whenever events or changes in circumstances indicating that the carrying amount may not be recoverable. An impairment loss would be recognized based on the difference between the carrying value of the asset and its estimated fair value, which would be determined based on either discounted future cash flows or other appropriate fair value methods. | |||||||||||||||||
Patents and Patent Application Costs | ' | ||||||||||||||||
Patents and Patent Application Costs — Although the Company believes that its patents and underlying technology have continuing value, the amount of future benefits to be derived from the patents is uncertain. Patent costs are therefore expensed as incurred. | |||||||||||||||||
Net Income (Loss) Per Share | ' | ||||||||||||||||
Net Income (Loss) Per Common Share — Basic net income (loss) per common share is computed using the weighted-average number of common shares outstanding. Diluted net income (loss) per common share is computed using the weighted-average number of common share and common share equivalents outstanding. Potentially dilutive stock options and warrants to purchase approximately 14.7 million, 11.0 million and 8.2 million shares at December 31, 2013, 2012 and 2011, respectively, were excluded from the computation of diluted net income (loss) per share, because the effect would be anti-dilutive. | |||||||||||||||||
Warrant Liabilities | ' | ||||||||||||||||
Warrant Liabilities —Liabilities measured at fair value on a recurring basis include warrant liabilities resulting from the Company’s July 2009 and August 2011 equity financings. In accordance with ASC 815-40, the warrant liabilities are being marked to fair value each quarter-end until they are completely settled. The warrants are valued using the Black-Scholes method, using assumptions consistent with our application of ASC 505-50. The gain or loss resulting from the marked to market calculation is shown on the Statements of Operations as gain on warrant liability. See “Note 8 – Warrant Liabilities” for additional information related to the determination of fair value of warrants. | |||||||||||||||||
Shares Reserved for Future Issuance | ' | ||||||||||||||||
Shares Reserved for Future Issuance — As of December 31, 2013, the Company has reserved approximately 4.4 million of its authorized but unissued shares of common stock for future issuance pursuant to its employee stock option plans issued to employees and consultants. | |||||||||||||||||
Stock-based Compensation | ' | ||||||||||||||||
Stock-based Compensation — The Company’s stock-based employee compensation plans are described in Note 12. The Company has adopted the provisions of ASC 718, which requires the measurement and recognition of compensation expense for all stock-based awards made to employees. | |||||||||||||||||
For stock options and stock warrants paid in consideration of services rendered by non-employees, the Company recognizes compensation expense in accordance with the requirements of ASC 505-50, Equity (“ASC 505”), as amended. | |||||||||||||||||
Non-employee option grants that do not vest immediately upon grant are recorded as an expense over the vesting period. At the end of each financial reporting period prior to performance, the value of these options, as calculated using the Black-Scholes option-pricing model, is determined, and compensation expense recognized or recovered during the period is adjusted accordingly. Since the fair market value of options granted to non-employees is subject to change in the future, the amount of the future compensation expense is subject to adjustment until the common stock options or warrants are fully vested. | |||||||||||||||||
Research and Development Expenses | ' | ||||||||||||||||
Research and Development Expenses — Research and development expenses consist of costs incurred for direct and overhead-related research expenses and are expensed as incurred. Costs to acquire technologies, including licenses and drugs, that are utilized in research and development and that have no alternative future use are expensed when incurred. Technology developed for use in its products is expensed as incurred until technological feasibility has been established. | |||||||||||||||||
Clinical Trial Expenses | ' | ||||||||||||||||
Clinical Trial Expenses — Clinical trial expenses, which are included in research and development expenses, include obligations resulting from the Company’s contracts with various clinical research organizations in connection with conducting clinical trials for its product candidates. The Company recognizes expenses for these activities based on a variety of factors, including actual and estimated labor hours, clinical site initiation activities, patient enrollment rates, estimates of external costs and other activity-based factors. The Company believes that this method best approximates the efforts expended on a clinical trial with the expenses it records. The Company adjusts its rate of clinical expense recognition if actual results differ from its estimates. If its estimates are incorrect, clinical trial expenses recorded in any particular period could vary. | |||||||||||||||||
Income Taxes | ' | ||||||||||||||||
Income Taxes — The Company accounts for income taxes in accordance with the provisions of FASB ASC 740-10, Income Taxes, (“ASC 740”) which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company’s financial statements or tax returns. Under this method, the Company determines whether or not a tax benefit should be recognized. A tax benefit will be recognized if the weight of available evidence indicates that the tax position is more likely than not to be sustained upon examination by the relevant tax authorities. The recognition and measurement of benefits related to the Company’s tax positions requires significant judgment, as uncertainties often exist with respect to new laws, new interpretations of existing laws, and rulings by taxing authorities. Differences between actual results and the Company’s assumptions or changes in its assumptions in future periods are recorded in the period they become known. The Company’s policy is to recognize any interest and penalties related to unrecognized tax benefits as a component of income tax expenses. | |||||||||||||||||
Concentrations of Risks | ' | ||||||||||||||||
Concentrations of Risks — Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash, cash equivalents and short-term investments. The Company maintains cash and cash equivalents in large well-capitalized financial institutions and the Company’s investment policy disallows investment in any debt securities rated less than “investment-grade” by national ratings services. The Company has not experienced any losses on its deposits of cash or cash equivalent or its short-term investments. Cash and cash equivalents are maintained at financial institutions and, at times, balances may exceed federally insured limits. The Company has never experienced any losses related to these balances. Use of Estimates — The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant estimates include the accrual for research and development expenses, the basis for the classification of estimated income taxes and the estimate of expense arising from the common stock options granted to employees and non-employees. Actual results could materially differ from those estimates. | |||||||||||||||||
Use of Estimates | ' | ||||||||||||||||
Use of Estimates — The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant estimates include the accrual for research and development expenses, the basis for the classification of estimated income taxes and the estimate of expense arising from the common stock options and warrants granted to employees and non-employees. Actual results could materially differ from those estimates. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Summary of Significant Accounting Policies [Abstract] | ' | ||||||||||||||||
Fair Value Measurements for Assets and Liabilities on Recurring Basis | ' | ||||||||||||||||
The following table summarizes fair value measurements by level at December 31, 2013 for assets and liabilities measured | |||||||||||||||||
at fair value on a recurring basis: | |||||||||||||||||
(In thousands) | Level I | Level II | Level III | Total | |||||||||||||
Cash equivalents | $ | 10,281 | $ | — | $ | — | $ | 10,281 | |||||||||
Short-term investments | 27,085 | — | — | 27,085 | |||||||||||||
Warrant liabilities | — | — | (24,182 | ) | (24,182 | ) | |||||||||||
The following table summarizes fair value measurements by level at December 31, 2012 for assets and liabilities measured | |||||||||||||||||
at fair value on a recurring basis: | |||||||||||||||||
(In thousands) | Level I | Level II | Level III | Total | |||||||||||||
Cash equivalents | $ | 13,188 | $ | — | $ | — | $ | 13,188 | |||||||||
Short-term investments | 24,000 | — | — | 24,000 | |||||||||||||
Warrant liabilities | — | — | (3,972 | ) | (3,972 | ) | |||||||||||
Changes in Carrying Amounts of Warrant Liabilities | ' | ||||||||||||||||
The changes in carrying amounts of warrant liabilities for the year ended December 31, 2013 and 2012, were as follows: | |||||||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||||||
Beginning balance | 3,972 | 6,739 | |||||||||||||||
Net changes in valuation | 20,210 | (2,767 | ) | ||||||||||||||
Ending balance | 24,182 | 3,972 |
Equipment_and_Furnishings_Tabl
Equipment and Furnishings (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Equipment and Furnishings [Abstract] | ' | ||||||||
Equipment and Furnishings | ' | ||||||||
Equipment and furnishings at December 31, 2013 and 2012 consist of the following (in thousands): | |||||||||
2013 | 2012 | ||||||||
Equipment and furnishings | $ | 513 | $ | 483 | |||||
Less — accumulated depreciation | (338 | ) | (230 | ) | |||||
Equipment and furnishings, net | 175 | 253 | |||||||
Accrued_Expenses_and_Other_Cur1
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accrued Expenses and Other Current Liabilities [Abstract] | ' | ||||||||
Accrued Expenses and Other Current Liabilities | ' | ||||||||
Accrued expenses and other current liabilities at December 31, 2013 and 2012 are summarized below (in thousands). | |||||||||
2013 | 2012 | ||||||||
Professional fees | $ | 316 | $ | 340 | |||||
Research and development costs | 2,004 | 2,340 | |||||||
Wages, bonuses and employee benefits | 349 | 282 | |||||||
Other | 134 | 71 | |||||||
Total | $ | 2,803 | $ | 3,033 |
Warrant_Liabilities_Tables
Warrant Liabilities (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Warrant Liabilities [Abstract] | ' | ||||||||||||
Schedule of weighted-average Assumptions | ' | ||||||||||||
The following reflects the weighted-average assumptions for each of the periods indicated: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Risk-free interest rate | 0.13% - 0.58 | % | 0.25% - 0.45 | % | 0.36% - 0.83 | % | |||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | |||||||
Expected lives | 0.95 – 2.59 | 1.95 – 3.59 | 0.96 – 4.59 | ||||||||||
Expected volatility | 83.4% - 95.3 | % | 72.6% - 76.0 | % | 75.0% - 89.8 | % | |||||||
Warrants classified as liabilities (in shares) | 6,984,716 | 6,984,716 | 7,115,447 | ||||||||||
(Loss) Gain on warrant liabilities | $ | (20,210,094 | ) | $ | 2,766,704 | $ | 7,915,027 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Commitments and Contingencies [Abstract] | ' | ||||||||||||||||||||
Current Contractual Obligations | ' | ||||||||||||||||||||
CytRx’s current contractual obligations that will require future cash payments are as follows (in thousands): | |||||||||||||||||||||
Operating | Employment Agreements (2) | Subtotal | Research and Development (3) | Total | |||||||||||||||||
Leases (1) | |||||||||||||||||||||
2014 | $ | 337 | $ | 2,575 | $ | 2,912 | $ | 8,490 | $ | 11,402 | |||||||||||
2015 | 258 | 850 | 1,108 | 2,106 | 3,214 | ||||||||||||||||
2016 | 228 | — | 228 | 943 | 1,171 | ||||||||||||||||
2017 | 255 | — | 255 | 681 | 936 | ||||||||||||||||
2018 | 262 | — | 262 | — | 262 | ||||||||||||||||
Thereafter | 302 | — | 302 | — | 302 | ||||||||||||||||
Total | $ | 1,642 | $ | 3,425 | $ | 5,067 | $ | 12,220 | $ | 17,287 | |||||||||||
____________ | |||||||||||||||||||||
-1 | Operating leases are primarily facility lease related obligations, as well as equipment lease obligations with third party vendors. The Company recognized lease expenses of $315,134, $324,536 and $321,782 in 2013, 2012 and 2011, respectively. | ||||||||||||||||||||
-2 | Employment agreements include management contracts which have been revised from time to time. The employment agreement for the Company’s President and Chief Executive Officer provides for a minimum salary level, which is adjusted annually at the discretion of the Company’s Compensation Committee, as well as for minimum bonuses that are payable. New employment agreements for the Company’s other executive officers are usually entered into annually. | ||||||||||||||||||||
-3 | Research and development obligations relate primarily to clinical trials. Most of these purchase obligations are cancelable. | ||||||||||||||||||||
Stock_Options_and_Warrants_Tab
Stock Options and Warrants (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||
Stock Options [Member] | ' | ||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||||||||||||||||
Significant Ranges of Outstanding Stock Options and Warrants | ' | ||||||||||||||||||||||||||
The following table summarizes significant ranges of outstanding stock options under the two plans at December 31, 2013: | |||||||||||||||||||||||||||
Weighted Average | Number of | ||||||||||||||||||||||||||
Range of | RemainingContractual Life | Weighted Average | Options | Weighted Average | Weighted Average | ||||||||||||||||||||||
Exercise Prices | Number of Options | (years) | Exercise Price | Exercisable | Contractual Life | Exercise Price | |||||||||||||||||||||
$ | 1.83 — 2.50 | 5,130,056 | 9.45 | $ | 2.21 | 2,102,373 | 9.45 | $ | 2.14 | ||||||||||||||||||
$ | 2.51 — 3.50 | 194,482 | 6.93 | 2.79 | 151,625 | 6.93 | 2.69 | ||||||||||||||||||||
$ | 3.51 — 8.00 | 692,701 | 5.69 | 6.67 | 660,368 | 5.69 | 6.75 | ||||||||||||||||||||
$ | 8.01 — 32.55 | 378,497 | 3.13 | 8.86 | 378,497 | 3.13 | 8.86 | ||||||||||||||||||||
6,395,736 | 8.59 | $ | 3.11 | 3,292,863 | 8.59 | $ | 3.86 | ||||||||||||||||||||
Stock Options [Member] | Employees [Member] | ' | ||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||||||||||||||||
Fair Value Assumptions of Stock Options | ' | ||||||||||||||||||||||||||
The fair value of the stock options at the date of grant was estimated using the Black-Scholes option-pricing model, based on the following assumptions: | |||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||
Risk-free interest rate | 0.91% - 2.79 | % | 0.83% - 1.78 | % | 1.23 | % | |||||||||||||||||||||
Expected volatility | 85% - 89 | % | 0% - 82 | % | 89 | % | |||||||||||||||||||||
Expected lives (years) | 10-Jun | 10-Jun | 10-Jun | ||||||||||||||||||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||||||||||||
Unvested Stock Options Activity | ' | ||||||||||||||||||||||||||
A summary of the activity for unvested employee stock options as of December 31, and changes during the year is presented below: | |||||||||||||||||||||||||||
Weighted Average Grant Date Fair Value per Share | |||||||||||||||||||||||||||
Stock Options | |||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Nonvested at January 1, | 1,322,389 | 693,504 | 453,645 | $ | 1.57 | $ | 2.81 | $ | 5.25 | ||||||||||||||||||
Granted | 3,323,176 | 1,541,002 | 499,286 | 1.82 | 1.44 | 1.75 | |||||||||||||||||||||
Vested | (1,450,404 | ) | (849,113 | ) | (255,855 | ) | 2.46 | 3.69 | 4.9 | ||||||||||||||||||
Pre-vested forfeitures or expired | (92,288 | ) | (63,004 | ) | (3,572 | ) | 2.15 | 2.97 | 6.93 | ||||||||||||||||||
Nonvested at December 31, | 3,102,873 | 1,322,389 | 693,504 | $ | 1.66 | $ | 1.57 | $ | 2.81 | ||||||||||||||||||
Stock Options [Member] | Non-employees [Member] | ' | ||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||||||||||||||||
Fair Value Assumptions of Stock Options | ' | ||||||||||||||||||||||||||
The fair value of the stock options at the date of grant was estimated using the Black-Scholes option-pricing model, based on the following assumptions: | |||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||
Risk-free interest rate | 2.05 | % | — | 2.77 | % | ||||||||||||||||||||||
Expected volatility | 84.8 | % | — | 70 | % | ||||||||||||||||||||||
Expected lives (years) | 10 | — | 10 | ||||||||||||||||||||||||
Expected dividend yield | 0 | % | — | 0 | % | ||||||||||||||||||||||
Stock Options and Warrants Activity | ' | ||||||||||||||||||||||||||
At December 31, 2013, there was no unrecognized compensation expense related to unvested non-employee stock options. Presented below is the Company’s non-employee stock option activity: | |||||||||||||||||||||||||||
Stock Options | Weighted Average Exercise Price | ||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Outstanding — beginning of year | 142,143 | 143,572 | 142,143 | $ | 6.2 | $ | 6.17 | $ | 6.3 | ||||||||||||||||||
Granted | 25,000 | — | 1,429 | 2.79 | — | 2.94 | |||||||||||||||||||||
Exercised | — | (1,429 | ) | — | — | 2.94 | — | ||||||||||||||||||||
Forfeited | — | — | — | — | — | — | |||||||||||||||||||||
Expired | — | — | — | — | — | — | |||||||||||||||||||||
Outstanding — end of year | 167,143 | 142,143 | 143,572 | 5.69 | 6.2 | 6.17 | |||||||||||||||||||||
Exercisable at end of year | 167,143 | 133,215 | 125,714 | $ | 5.69 | $ | 6.1 | $ | 5.95 | ||||||||||||||||||
Weighted average fair value of stock options granted during the year: | $ | 1.98 | $ | — | $ | 2.94 | |||||||||||||||||||||
Unvested Stock Options Activity | ' | ||||||||||||||||||||||||||
A summary of the activity for nonvested, non-employee stock options as of December 31, and changes during the years are presented below: | |||||||||||||||||||||||||||
Weighted Average | |||||||||||||||||||||||||||
Stock Options | Grant Date Fair | ||||||||||||||||||||||||||
Value per Share | |||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Nonvested at January 1, | 8,929 | 17,857 | 41,066 | $ | 19.95 | $ | 19.95 | $ | 13.86 | ||||||||||||||||||
Granted | 25,000 | — | 1,429 | 1.98 | — | 0.81 | |||||||||||||||||||||
Vested | (33,929 | ) | (8,928 | ) | (24,638 | ) | 6.71 | 19.95 | 8.61 | ||||||||||||||||||
Pre-vested forfeitures | — | — | — | — | — | — | |||||||||||||||||||||
Nonvested at December 31, | 0 | 8,929 | 17,857 | — | $ | 19.95 | $ | 19.95 | |||||||||||||||||||
Stock Options [Member] | Employees and Directors [Member] | ' | ||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||||||||||||||||
Stock Options and Warrants Activity | ' | ||||||||||||||||||||||||||
Presented below is the Company’s stock option activity for employees and directors: | |||||||||||||||||||||||||||
Stock Options | Weighted Average Exercise Price | ||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Outstanding — beginning of year | 3,240,850 | 1,763,923 | 1,268,209 | $ | 4.08 | $ | 6.01 | $ | 7.49 | ||||||||||||||||||
Granted | 3,323,176 | 1,541,002 | 499,286 | 2.43 | 1.86 | 2.38 | |||||||||||||||||||||
Exercised | (476 | ) | (1,071 | ) | — | 1.93 | 2.8 | — | |||||||||||||||||||
Forfeited | (127,812 | ) | (63,004 | ) | (3,572 | ) | 3.09 | 3.89 | 6.93 | ||||||||||||||||||
Expired | (207,145 | ) | — | — | 9.59 | — | — | ||||||||||||||||||||
Outstanding — end of year | 6,228,593 | 3,240,850 | 1,763,923 | 3.11 | 4.08 | 6.01 | |||||||||||||||||||||
Exercisable at end of year | 3,125,720 | 1,918,461 | 1,070,419 | $ | 3.86 | $ | 3.69 | $ | 7.49 | ||||||||||||||||||
Weighted average fair value of stock options granted during the year: | $ | 1.82 | $ | 1.44 | $ | 1.75 | |||||||||||||||||||||
Warrants [Member] | ' | ||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||||||||||||||||
Stock Options and Warrants Activity | ' | ||||||||||||||||||||||||||
A summary of the Company’s warrant activity and related information for the years ended December 31 are shown below. | |||||||||||||||||||||||||||
Warrants | Weighted Average | ||||||||||||||||||||||||||
Exercise Price | |||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Outstanding — beginning of year | 7,518,113 | 7,397,415 | 1,294,639 | $ | 5.09 | $ | 5.32 | $ | 10.29 | ||||||||||||||||||
Granted | 816,667 | 285,716 | 6,440,000 | 2.8 | 2.06 | 4.48 | |||||||||||||||||||||
Exercised | (8,572 | ) | (5,714 | ) | — | 4.48 | 1.89 | 5.32 | |||||||||||||||||||
Forfeited | — | (28,571 | ) | — | — | 1.89 | — | ||||||||||||||||||||
Expired | (1,599 | ) | (130,733 | ) | (337,224 | ) | 14.99 | 11.9 | 8.68 | ||||||||||||||||||
Outstanding — end of year | 8,324,609 | 7,518,113 | 7,397,415 | 4.86 | 5.09 | 5.32 | |||||||||||||||||||||
Exercisable at end of year | 7,924,609 | 7,452,396 | 7,396,701 | $ | 4.98 | $ | 5.11 | $ | 5.31 | ||||||||||||||||||
Weighted average fair value of warrants granted during the year: | $ | 1.31 | $ | 1.22 | $ | 2.42 | |||||||||||||||||||||
Significant Ranges of Outstanding Stock Options and Warrants | ' | ||||||||||||||||||||||||||
The following table summarizes additional information concerning warrants outstanding and exercisable at December 31, 2013: | |||||||||||||||||||||||||||
Warrants Outstanding | |||||||||||||||||||||||||||
Weighted | Warrants | ||||||||||||||||||||||||||
Average | Weighted | Number of | Exercisable | ||||||||||||||||||||||||
Number of | Remaining | Average | Shares | Weighted Average | |||||||||||||||||||||||
Range of Exercise Prices | Shares | Contractual Life | Exercise Price | Exercisable | Exercise Price | ||||||||||||||||||||||
(years) | |||||||||||||||||||||||||||
$ | 1.82 — 2.50 | 860,003 | 3.26 | $ | 2.29 | 460,003 | $ | 2.11 | |||||||||||||||||||
$ | 2.51 — 5.50 | 6,805,285 | 2.57 | 4.43 | 6,805,285 | 4.43 | |||||||||||||||||||||
$ | 5.51 — 11.50 | 23,172 | 0.04 | 6.12 | 23,172 | 6.12 | |||||||||||||||||||||
$ | 11.51 — 24.50 | 636,149 | 0.82 | 12.89 | 636,149 | 12.89 | |||||||||||||||||||||
8,324,609 | 2.5 | $ | 4.86 | 7,924,609 | $ | 4.98 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||
Deferred Tax Assets and Liabilities | ' | ||||||||||||
The components of the Company’s deferred tax assets and liabilities, all of which are long-term, are as follows (in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss carryforwards | $ | 69,989 | $ | 60,184 | |||||||||
Tax credit carryforwards | 18,816 | 15,514 | |||||||||||
Equipment, furnishings and other | 11,313 | 9,822 | |||||||||||
Total deferred tax assets | 100,118 | 85,520 | |||||||||||
Deferred tax liabilities | (92 | ) | (100 | ) | |||||||||
Net deferred tax assets | 100,026 | 85,420 | |||||||||||
Valuation allowance | (100,026 | ) | (85,420 | ) | |||||||||
$ | — | $ | — | ||||||||||
Effective Income Tax Rate Reconciliation | ' | ||||||||||||
The provision for income taxes differs from the provision computed by applying the Federal statutory rate to net loss before income taxes as follows (in thousands): | |||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal benefit at statutory rate | $ | (16,145 | ) | $ | (6,107 | ) | $ | (4,996 | ) | ||||
State income taxes, net of Federal taxes | (1,517 | ) | (745 | ) | (857 | ) | |||||||
State credits | (787 | ) | (1,555 | ) | |||||||||
Warrant liabilities | 6,871 | 941 | |||||||||||
Other permanent differences | 14 | (23 | ) | 6 | |||||||||
Provision related to change in valuation allowance | 14,606 | 14,069 | 16,235 | ||||||||||
Other, net | (3,040 | ) | (6,578 | ) | (10,290 | ) | |||||||
$ | 2 | $ | 2 | $ | 98 |
Quarterly_Financial_Data_unaud1
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Data (unaudited) [Abstract] | ' | ||||||||||||||||
Quarterly Financial Information | ' | ||||||||||||||||
Summarized quarterly financial data for 2013 and 2012 is as follows (in thousands, except per share data): | |||||||||||||||||
Quarters Ended | |||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
2013 | |||||||||||||||||
Total revenues | $ | — | $ | 200 | $ | — | $ | 100 | |||||||||
Net loss | (6,864 | ) | (3,423 | ) | (9,980 | ) | (27,218 | ) | |||||||||
Net loss applicable to common stockholders | $ | (6,864 | ) | $ | (3,423 | ) | $ | (9,980 | ) | $ | (27,218 | ) | |||||
Basic and diluted loss per share applicable to common stock | $ | (0.23 | ) | $ | (0.11 | ) | $ | (0.33 | ) | $ | (0.68 | ) | |||||
2012 | |||||||||||||||||
Total revenues | $ | — | $ | — | $ | — | $ | 100 | |||||||||
Net income (loss) | (10,135 | ) | (13,262 | ) | 1,584 | 3,849 | |||||||||||
Net income (loss) applicable to common stockholders | $ | (10,135 | ) | $ | (13,262 | ) | $ | 1,584 | $ | 3,849 | |||||||
Basic and diluted income (loss) per share applicable to common stock | $ | (0.49 | ) | $ | (0.63 | ) | $ | 0.07 | $ | 0.14 |
Subsequent_Events_Tables
Subsequent Events (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Subsequent Events [Abstract] | ' | ||||||||||||
Schedule of selected pro forma balance sheet data | ' | ||||||||||||
The following selected pro forma balance sheet data is derived from our balance sheet as of December 31, 2013 and gives retroactive effect to the completion of the underwritten offering, but does not give effect to other events that occurred since December 31, 2013 and thus may not be indicative of our current financial condition. The information should be read in conjunction with our balance sheet as of December 31, 2013 and related notes. | |||||||||||||
Actual as of December 31, 2013 | Adjustments Related to February 2014 Equity Financing | Pro Forma as of December 31, 2013 (unaudited) | |||||||||||
(unaudited) | |||||||||||||
ASSETS | |||||||||||||
Current assets: | |||||||||||||
Cash and cash equivalents | $ | 11,483,112 | $ | 80,534,750 | $ | 92,017,862 | |||||||
Short-term investments | 27,084,980 | — | 27,084,980 | ||||||||||
Prepaid and other current assets | 2,455,733 | — | 2,455,733 | ||||||||||
Total current assets | 41,023,825 | 80,534,750 | 121,558,575 | ||||||||||
Non-current assets | 476,230 | — | 476,230 | ||||||||||
Total assets | $ | 41,500,055 | $ | 80,534,750 | $ | 122,034,805 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||
Total current liabilities | $ | 30,838,688 | $ | — | $ | 30,838,688 | |||||||
Stockholders’ equity: | |||||||||||||
Common stock | $ | 42,118 | $ | 13,225 | $ | 55,343 | |||||||
Additional paid-in-capital | 289,426,100 | 80,521,525 | 369,947,625 | ||||||||||
Treasury stock | (2,417,247 | ) | — | (2,417,247 | ) | ||||||||
Accumulated deficit | (276,389,604 | ) | — | (276,389,604 | ) | ||||||||
Total stockholders’ equity | 10,661,367 | 80,534,750 | 91,196,117 | ||||||||||
Total liabilities and stockholders’ equity | $ | 41,500,055 | $ | 80,534,750 | $ | 122,034,805 |
Nature_of_Business_Details
Nature of Business (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||
Oct. 15, 2013 | Oct. 23, 2012 | Aug. 01, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Feb. 05, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Program | Subsequent Event [Member] | Aldoxorubicin [Member] | Albumin-Binding Cancer Drugs [Member] | General Operation [Member] | Other General and Administrative Expenses [Member] | |||||||
Nature of Business [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of programs in clinical development for cancer indications | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated Projected Expenditure Type [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | $11,483,112 | $14,344,088 | $17,988,590 | $6,324,430 | ' | ' | ' | ' | ' |
Marketable securities | ' | ' | ' | 27,084,980 | 24,000,000 | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from common stock issued in public offering | 24,100,000 | 21,500,000 | 18,900,000 | 24,094,530 | 21,476,815 | 18,939,619 | ' | 80,500,000 | ' | ' | ' | ' |
Projected expenditures for clinical programs | ' | ' | ' | $39,900,000 | ' | ' | ' | ' | $28,000,000 | $1,500,000 | $3,100,000 | $7,300,000 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
Share data in Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Summary of Significant Accounting Policies [Abstract] | ' | ' | ' |
Reverse stock split conversation ratio | '1-for-7 | ' | ' |
Foreign exchange gain | $200,000 | ' | ' |
Sub lease revenue | ' | 100,000 | 100,000 |
Maximum maturity of highly liquid debt instrument | '90 days | ' | ' |
Maximum maturity to be considered as available for sale | '12 months | ' | ' |
Changes in carrying amounts of warrant liabilities [Abstract] | ' | ' | ' |
Beginning balance | 3,972,230 | 6,739,000 | ' |
Net changes in valuation | 20,210,000 | -2,767,000 | ' |
Ending balance | 24,182,324 | 3,972,230 | 6,739,000 |
Antidilutive securities excluded from computation of earning per share amount (in shares) | 14.7 | 11 | 8.2 |
Shares reserved for future issuance (in shares) | 4.4 | ' | ' |
Recurring [Member] | ' | ' | ' |
Fair value measurements by level for assets and liabilities measured at fair value on a recurring basis | ' | ' | ' |
Cash equivalents | 10,281,000 | 13,188,000 | ' |
Short-term investments | 27,085,000 | 24,000,000 | ' |
Warrant liabilities | -24,182,000 | -3,972,000 | ' |
Level I [Member] | Recurring [Member] | ' | ' | ' |
Fair value measurements by level for assets and liabilities measured at fair value on a recurring basis | ' | ' | ' |
Cash equivalents | 10,281,000 | 13,188,000 | ' |
Short-term investments | 27,085,000 | 24,000,000 | ' |
Warrant liabilities | 0 | 0 | ' |
Level II [Member] | Recurring [Member] | ' | ' | ' |
Fair value measurements by level for assets and liabilities measured at fair value on a recurring basis | ' | ' | ' |
Cash equivalents | 0 | 0 | ' |
Short-term investments | 0 | 0 | ' |
Warrant liabilities | 0 | 0 | ' |
Level III [Member] | Recurring [Member] | ' | ' | ' |
Fair value measurements by level for assets and liabilities measured at fair value on a recurring basis | ' | ' | ' |
Cash equivalents | 0 | 0 | ' |
Short-term investments | 0 | 0 | ' |
Warrant liabilities | ($24,182,000) | ($3,972,000) | ' |
Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life | '3 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life | '5 years | ' | ' |
Receivables_Details
Receivables (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Receivables [Abstract] | ' | ' |
Receivables | $117,527 | $109,802 |
Prepaid_and_Other_Assets_Detai
Prepaid and Other Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Prepaid and Other Assets [Abstract] | ' | ' |
Prepaid and other assets | $2,329,742 | $1,212,041 |
Shortterm_Investments_Details
Short-term Investments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Short-term investments | $27,084,980 | $24,000,000 |
Certificates of Deposit [Member] | Maturity date of April 24, 2014 [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Short-term investments | 10,000,000 | ' |
Certificates of Deposit [Member] | Maturity date of May 1, 2014 [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Short-term investments | 12,100,000 | ' |
Certificates of Deposit [Member] | Maturity date of October 30, 2014 [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Short-term investments | $5,000,000 | ' |
Equipment_and_Furnishings_Deta
Equipment and Furnishings (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Equipment and furnishings, net | $175,452 | $253,277 | ' |
Depreciation and amortization | 120,399 | 113,936 | 95,517 |
Equipment and furnishings [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Equipment and furnishings | 513,000 | 483,000 | ' |
Less - accumulated depreciation | -338,000 | -230,000 | ' |
Equipment and furnishings, net | $175,000 | $253,000 | ' |
Accrued_Expenses_and_Other_Cur2
Accrued Expenses and Other Current Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | ' | ' |
Professional fees | $316,000 | $340,000 |
Research and development costs | 2,004,000 | 2,340,000 |
Wages, bonuses and employee benefits | 349,000 | 282,000 |
Other | 134,000 | 71,000 |
Total | $2,802,833 | $3,033,189 |
Warrant_Liabilities_Details
Warrant Liabilities (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Derivative [Line Items] | ' | ' | ' |
(Loss) Gain on warrant liabilities | ($20,210,094) | $2,766,704 | $7,915,027 |
Warrant [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Expected dividend yield (in hundredths) | 0.00% | 0.00% | 0.00% |
Warrants classified as liabilities | 6,984,716 | 6,984,716 | 7,115,447 |
(Loss) Gain on warrant liabilities | ($20,210,094) | $2,766,704 | $7,915,027 |
Warrant [Member] | Minimum [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Risk-free interest rate (in hundredths) | 0.13% | 0.25% | 0.36% |
Expected lives | '0 years 11 months 12 days | '1 year 11 months 12 days | '0 years 11 months 16 days |
Expected volatility (in hundredths) | 83.40% | 72.60% | 75.00% |
Warrant [Member] | Maximum [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Risk-free interest rate (in hundredths) | 0.58% | 0.45% | 0.83% |
Expected lives | '2 years 7 months 2 days | '3 years 7 months 2 days | '4 years 7 months 2 days |
Expected volatility (in hundredths) | 95.30% | 76.00% | 89.80% |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Operating leases, future cash payments [Abstract] | ' | ' | ' | |
2014 | $337,000 | [1] | ' | ' |
2015 | 258,000 | [1] | ' | ' |
2016 | 228,000 | [1] | ' | ' |
2017 | 255,000 | [1] | ' | ' |
Total | 1,642,000 | [1] | ' | ' |
Lease expense | 315,134 | 324,536 | 321,782 | |
Employment agreements, future cash payments [Abstract] | ' | ' | ' | |
2014 | 2,575,000 | [2] | ' | ' |
2015 | 850,000 | [2] | ' | ' |
Total | 3,425,000 | [2] | ' | ' |
Subtotal, future cash payments due [Abstract] | ' | ' | ' | |
2014 | 2,912,000 | ' | ' | |
2015 | 1,108,000 | ' | ' | |
2016 | 228,000 | ' | ' | |
2017 | 255,000 | ' | ' | |
Total | 5,067,000 | ' | ' | |
Research and development, future cash payments due [Abstract] | ' | ' | ' | |
2014 | 8,490,000 | [3] | ' | ' |
2015 | 2,106,000 | [3] | ' | ' |
2016 | 943,000 | [3] | ' | ' |
2017 | 681,000 | [3] | ' | ' |
Total | 12,220,000 | [3] | ' | ' |
Total, future minimum payments due [Abstract] | ' | ' | ' | |
2014 | 11,402,000 | ' | ' | |
2015 | 3,214,000 | ' | ' | |
2016 | 1,171,000 | ' | ' | |
2017 | 936,000 | ' | ' | |
Total | $17,287,000 | ' | ' | |
[1] | Operating leases are primarily facility lease related obligations, as well as equipment lease obligations with third party vendors. The Company recognized lease expenses of $315,134, $324,536 and $321,782 in 2013, 2012 and 2011, respectively. | |||
[2] | Employment agreements include management contracts which have been revised from time to time. The employment agreement for the Companybs President and Chief Executive Officer provides for a minimum salary level, which is adjusted annually at the discretion of the Companybs Compensation Committee, as well as for minimum bonuses that are payable. New employment agreements for the Companybs other executive officers are usually entered into annually. | |||
[3] | Research and development obligations relate primarily to clinical trials. Most of these purchase obligations are cancelable. |
Equity_Transactions_Details
Equity Transactions (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||
Oct. 15, 2013 | Oct. 23, 2012 | Aug. 01, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 08, 2011 | Feb. 05, 2014 | |
Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Stock issued, underwritten public offering, value | $25,900,000 | $23,000,000 | $20,400,000 | $24,094,530 | $21,476,815 | $6,722,939 | ' | $86,000,000 |
Stock issued, underwritten public offering, value (in shares) | 11,500,000 | 9,200,000 | 5,600,000 | ' | ' | ' | ' | 13,200,000 |
Reverse stock split conversation ratio | ' | ' | ' | '1-for-7 | ' | ' | ' | ' |
Common stock per share value (in dollars per share) | $2.25 | $2.50 | $3.57 | ' | ' | ' | ' | $6.50 |
Common stock additional share purchase (in shares) | ' | ' | 6,400,000 | ' | ' | ' | ' | ' |
Exercise price of common stock (in dollars per share) | ' | ' | $4.48 | $30 | ' | ' | ' | ' |
Net proceeds from issuance of common stock | $24,100,000 | $21,500,000 | $18,900,000 | $24,094,530 | $21,476,815 | $18,939,619 | ' | $80,500,000 |
Warrants per share value (in dollars per share) | ' | ' | $0.07 | ' | ' | ' | ' | ' |
Common stock, shares authorized (in shares) | ' | ' | ' | 250,000,000 | 250,000,000 | ' | 175,000,000 | ' |
Series A preferred stock, shares authorized (in shares) | ' | ' | ' | 25,000 | 25,000 | ' | 15,000 | ' |
Investments_in_ADVENTRX_Pharma1
Investments in ADVENTRX Pharmaceuticals (Details) (USD $) | Dec. 31, 2013 | Jun. 06, 2012 | Oct. 11, 2011 | Apr. 08, 2011 |
SynthRx, Inc. [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investment [Line Items] | ' | ' | ' | ' |
Equity investment, ownership percentage (in hundredths) | ' | ' | ' | 19.10% |
ADVENTRX Pharmaceuticals [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investment [Line Items] | ' | ' | ' | ' |
Common stock received in acquiring company upon acquisition of equity method investee (in shares) | ' | ' | ' | 126,000 |
Proceeds from sale of common stock in acquiring entity | ' | $17,900 | $112,200 | ' |
Additional shares of common stock held in an escrow potentially issuable (in shares) | ' | 38,196 | ' | ' |
Additional shares of common stock potentially issuable from development milestones, maximum (in shares) | 2,900,000 | ' | ' | ' |
Stock_Options_and_Warrants_Det
Stock Options and Warrants (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Oct. 15, 2013 | Dec. 31, 2012 | Oct. 23, 2012 | Dec. 31, 2011 | Aug. 01, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Employees [Member] | Employees [Member] | Employees [Member] | Employees [Member] | Non-employees [Member] | Non-employees [Member] | Non-employees [Member] | Senior management [Member] | Senior management [Member] | Senior management [Member] | Employees and Directors [Member] | Directors [Member] | Directors [Member] | Directors [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Warrants [Member] | Warrants [Member] | Warrants [Member] | Warrants [Member] | Warrants [Member] | Warrants [Member] | Warrants [Member] | Restricted Stock [Member] | Restricted Stock [Member] | 2000 Long Term Incentive Plan [Member] | 2008 Stock Incentive Plan [Member] | 2008 Stock Incentive Plan [Member] | 2008 Stock Incentive Plan [Member] | 2008 Stock Incentive Plan [Member] | 2008 Stock Incentive Plan [Member] | |||||||
Maximum [Member] | Range $ 1.83 - 2.50 [Member] | Range $ 2.51 - 3.50 [Member] | Range $ 3.51 - 8.00 [Member] | Range $ 8.01 - 32.55 [Member] | Employees [Member] | Employees [Member] | Employees [Member] | Employees [Member] | Employees [Member] | Employees [Member] | Employees [Member] | Employees [Member] | Employees [Member] | Non-employees [Member] | Non-employees [Member] | Non-employees [Member] | Employees and Directors [Member] | Employees and Directors [Member] | Employees and Directors [Member] | Range $ 1.82 - 2.50 [Member] | Range $ 2.51 - 5.50 [Member] | Range $ 5.51 - 11.50 [Member] | Range $ 11.51 - 24.50 [Member] | Senior management [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | |||||||||||||||||||||||||||
Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Senior management [Member] | Senior management [Member] | Senior management [Member] | Senior management [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock reserved for future issuance (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,400,000 | 10,000,000 | ' | ' | ' | ' |
Share-based compensation, shares subject to stock options (in shares) | 4,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | 5,600,000 | ' | ' | ' | ' |
Reverse stock split conversation ratio | '1-for-7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock reserved after reverse spilt for future issuance (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' |
Expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6-Aug-10 | ' | ' | ' | ' | ' |
Share-based compensation, shares available for future grant (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 4,400,000 | ' | ' | ' | ' |
Share-based compensation arrangement by share-based payment award, fair value assumptions and methodology [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation arrangement by share-based payment award fair value assumptions method used | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Black-Scholes option-pricing model, | ' | ' | ' | ' | ' | ' | ' | ' | 'Black-Scholes option-pricing model | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk-free interest rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.23% | 0.91% | 0.83% | ' | 2.79% | 1.78% | ' | 2.05% | 0.00% | 2.77% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected volatility (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 89.00% | 85.00% | 0.00% | ' | 89.00% | 82.00% | ' | 84.80% | 0.00% | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected lives (years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 years | '6 years | '6 years | '10 years | '10 years | '10 years | '10 years | '0 years | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected dividend yield (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | 0.00% | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated annualized forfeiture rate (in hundredths) | ' | ' | ' | ' | ' | ' | 12.00% | 12.00% | 13.00% | ' | ' | ' | ' | 2.00% | 2.00% | 2.00% | ' | 0.00% | 0.00% | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation expense related to unvested stock options, granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | $4,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost, recognized as expense over a weighted-average period | '1 year 4 months 10 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Options (Employees and Non-Employees) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding - beginning of year (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 142,143 | 143,572 | 142,143 | 3,240,850 | 1,763,923 | 1,268,209 | 7,518,113 | 7,397,415 | 1,294,639 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000 | 0 | 1,429 | 3,323,176 | 1,541,002 | 499,286 | 816,667 | 285,716 | 6,440,000 | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' |
Exercised (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -1,429 | 0 | -476 | -1,071 | 0 | -8,572 | -5,714 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | -127,812 | -63,004 | -3,572 | 0 | -28,571 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expired (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | -207,145 | 0 | 0 | -1,599 | -130,733 | -337,224 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding - end of year (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 167,143 | 142,143 | 143,572 | 6,228,593 | 3,240,850 | 1,763,923 | 8,324,609 | 7,518,113 | 7,397,415 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable at end of year (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 167,143 | 133,215 | 125,714 | 3,125,720 | 1,918,461 | 1,070,419 | 7,924,609 | 7,452,396 | 7,396,701 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average fair value of stock options granted during the year (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.98 | $0 | $2.94 | $1.82 | $1.44 | $1.75 | $1.31 | $1.22 | $2.42 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-Average Exercise Price Options [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding - beginning of year (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6.20 | $6.17 | $6.30 | $4.08 | $6.01 | $7.49 | $5.09 | $5.32 | $10.29 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.79 | $0 | $2.94 | $2.43 | $1.86 | $2.38 | $2.80 | $2.06 | $4.48 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercised (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $2.94 | $0 | $1.93 | $2.80 | $0 | $4.48 | $1.89 | $5.32 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0 | $3.09 | $3.89 | $6.93 | $0 | $1.89 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expired (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0 | $9.59 | $0 | $0 | $14.99 | $11.90 | $8.68 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding - end of year (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5.69 | $6.20 | $6.17 | $3.11 | $4.08 | $6.01 | $4.86 | $5.09 | $5.32 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable at end of year (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5.69 | $6.10 | $5.95 | $3.86 | $3.69 | $7.49 | $4.98 | $5.11 | $5.31 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Unvested Stock Options (Employees and Non-Employees) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-vested at beginning of period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,322,389 | 693,504 | 453,645 | ' | ' | ' | ' | ' | ' | 8,929 | 17,857 | 41,066 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,323,176 | 1,541,002 | 499,286 | ' | ' | ' | ' | ' | ' | 25,000 | 0 | 1,429 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' |
Vested (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,450,404 | -849,113 | -255,855 | ' | ' | ' | ' | ' | ' | -33,929 | -8,928 | -24,638 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | 50,000 | ' | ' |
Pre-vested forfeitures (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -92,288 | -63,004 | -3,572 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-vested at end of period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,102,873 | 1,322,389 | 693,504 | ' | ' | ' | ' | ' | ' | 0 | 8,929 | 17,857 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-Average Grant Date Fair Value per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-vested at beginning of period (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.57 | $2.81 | $5.25 | ' | ' | ' | ' | ' | ' | $19.95 | $19.95 | $13.86 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.82 | $1.44 | $1.75 | ' | ' | ' | ' | ' | ' | $1.98 | $0 | $0.81 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.46 | $3.69 | $4.90 | ' | ' | ' | ' | ' | ' | $6.71 | $19.95 | $8.61 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pre-vested forfeitures (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.15 | $2.97 | $6.93 | ' | ' | ' | ' | ' | ' | $0 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-vested at end of period (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.66 | $1.57 | $2.81 | ' | ' | ' | ' | ' | ' | $0 | $19.95 | $19.95 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of restricted shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 627,000 | 186,900 |
Issuance of stock options to certain consultants in exchange for services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000 | 0 | 31,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected to vest (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' |
Expected to vest over subsequent period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' |
Share based compensation, shares authorized under significant ranges of outstanding stock option plans in period [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Range of Exercise Prices, Lower Range (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.83 | $2.51 | $3.51 | $8.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.82 | $2.51 | $5.51 | $11.51 | ' | ' | ' | ' | ' | ' | ' | ' |
Range of Exercise Prices, Upper Range (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.50 | $3.50 | $8 | $32.55 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.50 | $5.50 | $11.50 | $24.50 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Options (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,395,736 | 5,130,056 | 194,482 | 692,701 | 378,497 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,324,609 | ' | ' | 860,003 | 6,805,285 | 23,172 | 636,149 | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-Average Remaining Contractual Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '8 years 7 months 2 days | '9 years 5 months 12 days | '6 years 11 months 5 days | '5 years 8 months 8 days | '3 years 1 month 17 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years 6 months | ' | ' | '3 years 3 months 4 days | '2 years 6 months 25 days | '0 years 0 months 14 days | '0 years 9 months 25 days | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-Average Exercise Price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3.11 | $2.21 | $2.79 | $6.67 | $8.86 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4.86 | ' | ' | $2.29 | $4.43 | $6.12 | $12.89 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Options Exercisable (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,292,863 | 2,102,373 | 151,625 | 660,368 | 378,497 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,924,609 | ' | ' | 460,003 | 6,805,285 | 23,172 | 636,149 | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-Average Contractual Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '8 years 7 months 2 days | '9 years 5 months 12 days | '6 years 11 months 5 days | '5 years 8 months 8 days | '3 years 1 month 17 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-Average Exercise Price, Options Exercisable (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3.86 | $2.14 | $2.69 | $6.75 | $8.86 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4.98 | ' | ' | $2.11 | $4.43 | $6.12 | $12.89 | ' | ' | ' | ' | ' | ' | ' | ' |
The aggregate intrinsic value of outstanding options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value of options exercised | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value of options vested | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Closing price of the common stock (in dollars per share) | ' | $2.25 | ' | $2.50 | ' | $3.57 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6.27 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares underlying warrants (in shares) | 6,984,716 | ' | 6,984,716 | ' | 7,115,447 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale_of_Assets_Details
Sale of Assets (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Sales Of Assets [Abstract] | ' |
Received a cash payment under the asset purchase agreement | $150,000 |
Period entitled to a percentage based fee from any licensing agreement | '18 months |
Stockholder_Protection_Rights_1
Stockholder Protection Rights Plan (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Aug. 01, 2011 | |
Right | ||
Stockholder Protection Rights Plan [Abstract] | ' | ' |
Number of right for each outstanding share | 1 | ' |
Proportion of right entitles to purchase series A preferred stock | '1/10,000th | ' |
Rights exercise price (in dollars per share) | $30 | $4.48 |
Number of business days after announcement rights are not exercisable for certain persons | '10 days | ' |
Beneficial ownership percentage of company outstanding shares of common stock by acquiring person (in hundredths) | 15.00% | ' |
Percentage of company outstanding shares of common stock by acquiring person (in hundredths) | 50.00% | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2002 | Dec. 31, 2013 | |
Federal [Member] | Federal [Member] | State [Member] | ||||
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' | ' |
Period of time for IRS enforced limitation of NOL carryforward on company after an ownership change | '3 years | ' | ' | ' | ' | ' |
Operating loss carryforwards, restricted | ' | ' | ' | $4,000,000 | $10,100,000 | ' |
Operating loss carryforwards, unrestricted | 164,900,000 | ' | ' | 191,900,000 | ' | 112,400,000 |
Operating loss carryforwards annually | ' | ' | ' | 363,000 | ' | ' |
Tax credit carryforward related to research and development | 9,900,000 | ' | ' | ' | ' | ' |
Tax credit carryforwards related to alternative minimum tax | 13,500,000 | ' | ' | ' | ' | ' |
Expiration date | '2022 through 2033 | ' | ' | ' | ' | ' |
Deferred tax valuation allowance has been recorded against these assets (in hundredths) | 100.00% | ' | ' | ' | ' | ' |
Deferred tax assets [Abstract] | ' | ' | ' | ' | ' | ' |
Net operating loss carryforwards | 69,989,000 | 60,184,000 | ' | ' | ' | ' |
Tax credit carryforwards | 18,816,000 | 15,514,000 | ' | ' | ' | ' |
Equipment, furnishings and other | 11,313,000 | 9,822,000 | ' | ' | ' | ' |
Total deferred tax assets | 100,118,000 | 85,520,000 | ' | ' | ' | ' |
Deferred tax liabilities | -92,000 | -100,000 | ' | ' | ' | ' |
Net deferred tax assets | 100,026,000 | 85,420,000 | ' | ' | ' | ' |
Valuation allowance | -100,026,000 | -85,420,000 | ' | ' | ' | ' |
Deferred Tax Assets, Net of Valuation Allowance | 0 | 0 | ' | ' | ' | ' |
Net change in valuation allowance | 14,600,000 | 14,100,000 | ' | ' | ' | ' |
Federal statutory rate to net loss before income taxes [Abstract] | ' | ' | ' | ' | ' | ' |
Federal benefit at statutory rate | -16,145,000 | -6,107,000 | -4,996,000 | ' | ' | ' |
State income taxes, net of Federal taxes | -1,517,000 | -745,000 | -857,000 | ' | ' | ' |
State credits | -787,000 | -1,555,000 | ' | ' | ' | ' |
Warranty liabilities | 6,871,000 | 941,000 | ' | ' | ' | ' |
Other permanent differences | 14,000 | -23,000 | 6,000 | ' | ' | ' |
Provision related to change in valuation allowance | 14,606,000 | 14,069,000 | 16,235,000 | ' | ' | ' |
Other, net | -3,040,000 | -6,578,000 | -10,290,000 | ' | ' | ' |
Provision for income taxes | 1,600 | 1,600 | 97,996 | ' | ' | ' |
Change in unrecognized tax benefits | 0 | ' | ' | ' | ' | ' |
Unrecognized tax benefits accrued interest or penalties | $0 | $0 | $0 | ' | ' | ' |
Quarterly_Financial_Data_unaud2
Quarterly Financial Data (unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Quarterly Financial Data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | $100,000 | $0 | $200,000 | $0 | $100,000 | $0 | $0 | $0 | ' | ' | ' |
Net income (loss) | -27,218,000 | -9,980,000 | -3,423,000 | -6,864,000 | 3,849,000 | 1,584,000 | -13,262,000 | -10,135,000 | -47,485,437 | -17,963,873 | -14,424,545 |
Net income (loss) applicable to common stockholders | ($27,218,000) | ($9,980,000) | ($3,423,000) | ($6,864,000) | $3,849,000 | $1,584,000 | ($13,262,000) | ($10,135,000) | ' | ' | ' |
Basic and diluted income (loss) per share applicable to common stock (in dollars per share) | ($0.68) | ($0.33) | ($0.11) | ($0.23) | $0.14 | $0.07 | ($0.63) | ($0.49) | ($1.44) | ($0.78) | ($0.80) |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||
Oct. 15, 2013 | Oct. 23, 2012 | Aug. 01, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 05, 2014 | |
Actual [Member] | Adjustment [Member] | Pro Forma [Member] | Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock issued, underwritten public offering, value | $25,900,000 | $23,000,000 | $20,400,000 | $24,094,530 | $21,476,815 | $6,722,939 | ' | ' | ' | ' | $86,000,000 |
Stock issued underwritten public offering (in shares) | 11,500,000 | 9,200,000 | 5,600,000 | ' | ' | ' | ' | ' | ' | ' | 13,200,000 |
Common stock per share value (in dollars per share) | $2.25 | $2.50 | $3.57 | ' | ' | ' | ' | ' | ' | ' | $6.50 |
Net proceeds from issuance of common stock | 24,100,000 | 21,500,000 | 18,900,000 | 24,094,530 | 21,476,815 | 18,939,619 | ' | ' | ' | ' | 80,500,000 |
Common stock, shares outstanding (in shares) | ' | ' | ' | 42,116,964 | 30,607,916 | ' | ' | ' | ' | ' | 55,300,000 |
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | 11,483,112 | 14,344,088 | 17,988,590 | 6,324,430 | 11,483,112 | 80,534,750 | 92,017,862 | ' |
Short-term investments | ' | ' | ' | 27,084,980 | 24,000,000 | ' | ' | 27,084,980 | 0 | 27,084,980 | ' |
Prepaid and other current assets | ' | ' | ' | 2,329,742 | 1,212,041 | ' | ' | 2,455,733 | 0 | 2,455,733 | ' |
Total current assets | ' | ' | ' | 41,023,825 | 39,692,448 | ' | ' | 41,023,825 | 80,534,750 | 121,558,575 | ' |
Non-current assets | ' | ' | ' | ' | ' | ' | ' | 476,230 | 0 | 476,230 | ' |
Total assets | ' | ' | ' | 41,500,055 | 40,231,776 | ' | ' | 41,500,055 | 80,534,750 | 122,034,805 | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total current liabilities | ' | ' | ' | 30,838,688 | 10,065,935 | ' | ' | 30,838,688 | 0 | 30,838,688 | ' |
Stockholders' equity: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock | ' | ' | ' | 42,118 | 30,608 | ' | ' | 42,118 | 13,225 | 55,343 | ' |
Additional paid-in capital | ' | ' | ' | 289,426,100 | 261,318,638 | ' | ' | 289,426,100 | 80,521,525 | 369,947,625 | ' |
Treasury stock | ' | ' | ' | -2,417,247 | -2,279,238 | ' | ' | -2,417,247 | 0 | -2,417,247 | ' |
Accumulated deficit | ' | ' | ' | -276,389,604 | -228,904,167 | ' | ' | -276,389,604 | 0 | -276,389,604 | ' |
Total stockholders' equity | ' | ' | ' | 10,661,367 | 30,165,841 | 24,254,070 | 30,567,975 | 10,661,367 | 80,534,750 | 91,196,117 | ' |
Total liabilities and stockholders' equity | ' | ' | ' | $41,500,055 | $40,231,776 | ' | ' | $41,500,055 | $80,534,750 | $122,034,805 | ' |
SCHEDULE_II_VALUATION_AND_QUAL1
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) (Allowance for Deferred Tax Assets [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Allowance for Deferred Tax Assets [Member] | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance at Beginning of Year | $85,420,000 | $71,351,000 | $55,116,000 |
Additions Charged to Costs and Expense | 0 | 0 | 0 |
Additions Charged to Other Accounts | 14,606,000 | 14,069,000 | 16,235,000 |
Deductions | 0 | 0 | 0 |
Balance at End of Year | $100,026,000 | $85,420,000 | $71,351,000 |