Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 02, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | JNP | ||
Entity Registrant Name | JUNIPER PHARMACEUTICALS INC | ||
Entity Central Index Key | 821,995 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 10,843,752 | ||
Entity Public Float | $ 73,246,516 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 20,994 | $ 13,901 |
Accounts receivable, net of allowances of $37 and $263 at December 31, 2016 and 2015, respectively | 6,573 | 7,538 |
Inventories | 5,621 | 3,623 |
Prepaid expenses and other current assets | 1,539 | 872 |
Total current assets | 34,727 | 25,934 |
Property and equipment, net | 13,366 | 12,850 |
Intangible assets, net | 969 | 1,598 |
Goodwill | 8,342 | 10,010 |
Other assets | 167 | 185 |
Total assets | 57,571 | 50,577 |
Liabilities, contingently redeemable preferred stock, and Stockholders’ equity | ||
Accounts payable | 3,893 | 2,004 |
Accrued expenses and other | 5,271 | 3,430 |
Deferred revenue | 5,624 | 4,167 |
Notes payable | 204 | 238 |
Total current liabilities | 14,992 | 9,839 |
Deferred revenue, net of current portion | 710 | |
Notes payable, net of current portion | 2,203 | 2,897 |
Deferred rent | 56 | 69 |
Total liabilities | 17,251 | 13,515 |
Commitments and contingencies (Note 8) | ||
Contingently redeemable series C preferred stock, 0.55 shares issued and outstanding (liquidation preference of $550) | 550 | 550 |
Stockholders’ equity: | ||
Preferred stock, $.01 par value; 1,000 shares authorized Series B convertible preferred stock, 0.13 shares issued and outstanding (liquidation preference of $13) | ||
Common stock $.01 par value; 150,000 shares authorized; 12,257 issued and 10,844 outstanding at December 31, 2016 and 12,215 shares issued and 10,802 outstanding at December 31, 2015 | 123 | 122 |
Additional paid-in capital | 290,636 | 289,464 |
Treasury stock (at cost), 1,413 shares at December 31, 2016 and 2015 | (8,601) | (8,601) |
Accumulated deficit | (237,360) | (243,311) |
Accumulated other comprehensive income loss | (5,028) | (1,162) |
Total stockholders’ equity | 39,770 | 36,512 |
Total liabilities, contingently redeemable preferred stock, and Stockholders’ equity | $ 57,571 | $ 50,577 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts receivable, allowance | $ 37 | $ 263 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 12,257,000 | 12,215,000 |
Common stock, shares outstanding | 10,844,000 | 10,802,000 |
Purchase of treasury shares | 1,413,000 | 1,413,000 |
Series C Preferred Stock [Member] | ||
Preferred stock, shares issued | 550 | 550 |
Preferred stock, shares outstanding | 550 | 550 |
Preferred stock, liquidation preference, value | $ 550 | $ 550 |
Series B Convertible Preferred Stock [Member] | ||
Preferred stock, shares issued | 130 | 130 |
Preferred stock, shares outstanding | 130 | 130 |
Preferred stock, liquidation preference, value | $ 13 | $ 13 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues | |||
Product revenues | $ 27,211 | $ 22,891 | $ 18,143 |
Product revenues from related party | 167 | ||
Service revenues | 13,065 | 11,651 | 8,770 |
Royalties | 14,297 | 3,745 | 5,599 |
Royalties from related party | 714 | ||
Total revenues | 54,573 | 38,287 | 33,393 |
Cost of product revenues | 15,595 | 13,053 | 10,470 |
Cost of service revenues | 8,698 | 8,361 | 7,219 |
Total cost of revenues | 24,293 | 21,414 | 17,689 |
Gross profit | 30,280 | 16,873 | 15,704 |
Operating expenses | |||
Sales and marketing | 1,259 | 1,249 | 1,708 |
Research and development | 9,676 | 7,039 | 663 |
General and administrative | 14,066 | 10,458 | 8,589 |
Total operating expenses | 25,001 | 18,746 | 10,960 |
Income (loss) from operations | 5,279 | (1,873) | 4,744 |
Interest expense, net | (97) | (106) | (118) |
Change in fair value of common stock warrant liability | 0 | 0 | 379 |
Other income, net | 860 | 488 | 302 |
Income (loss) before income taxes | 6,042 | (1,491) | 5,307 |
Provision for income taxes | 91 | 5 | 651 |
Net income (loss) | $ 5,951 | $ (1,496) | $ 4,656 |
Basic net income (loss) per common share | $ 0.55 | $ (0.14) | $ 0.42 |
Diluted net income (loss) per common share | $ 0.55 | $ (0.14) | $ 0.39 |
Basic weighted average common shares outstanding | 10,795 | 10,774 | 10,992 |
Diluted weighted average common shares outstanding | 10,891 | 10,774 | 11,007 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income (loss) | $ 5,951 | $ (1,496) | $ 4,656 |
Other comprehensive loss components: | |||
Foreign currency translation | (3,866) | (1,099) | (1,433) |
Total other comprehensive loss | (3,866) | (1,099) | (1,433) |
Comprehensive income (loss) | $ 2,085 | $ (2,595) | $ 3,223 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Capital in Excess of Par Value [Member] | Treasury Stock [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income [Member] |
Beginning balance at Dec. 31, 2013 | $ 42,069 | $ 122 | $ 287,048 | $ (246,471) | $ 1,370 | |
Beginning balance, shares at Dec. 31, 2013 | 12,152,000 | |||||
Options exercised and restricted shares granted | 33 | 33 | ||||
Options exercised and restricted shares granted, shares | 34,000 | |||||
Purchase of treasury stock | $ (8,579) | $ (8,579) | ||||
Purchase of treasury stock, shares | (1,411,000) | |||||
Restricted shares granted, shares | 23,562 | |||||
Share based compensation expense | $ 607 | 607 | ||||
Share based compensation expense, shares | 0 | 0 | ||||
Dividends on preferred stock | (28) | (28) | ||||
Translation adjustment | (1,433) | (1,433) | ||||
Net income (loss) | 4,656 | 4,656 | ||||
Ending balance at Dec. 31, 2014 | 37,325 | $ 122 | 287,660 | $ (8,579) | (241,815) | (63) |
Ending balance, shares at Dec. 31, 2014 | 12,186,000 | (1,411,000) | ||||
Options exercised and restricted shares granted | $ 60 | 82 | $ (22) | |||
Options exercised and restricted shares granted, shares | 29,000 | (2,000) | ||||
Restricted shares granted, shares | 13,106 | |||||
Share based compensation expense | $ 1,750 | 1,750 | ||||
Dividends on preferred stock | (28) | (28) | ||||
Translation adjustment | (1,099) | (1,099) | ||||
Net income (loss) | (1,496) | (1,496) | ||||
Ending balance at Dec. 31, 2015 | $ 36,512 | $ 122 | 289,464 | $ (8,601) | (243,311) | (1,162) |
Ending balance, shares at Dec. 31, 2015 | 12,215,000 | (1,413,000) | ||||
Restricted shares granted | $ 1 | (1) | ||||
Restricted shares granted, shares | 42,203 | 42,000 | ||||
Share based compensation expense | $ 1,201 | 1,201 | ||||
Dividends on preferred stock | (28) | (28) | ||||
Translation adjustment | (3,866) | (3,866) | ||||
Net income (loss) | 5,951 | 5,951 | ||||
Ending balance at Dec. 31, 2016 | $ 39,770 | $ 123 | $ 290,636 | $ (8,601) | $ (237,360) | $ (5,028) |
Ending balance, shares at Dec. 31, 2016 | 12,257,000 | (1,413,000) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating activities: | |||
Net income (loss) | $ 5,951 | $ (1,496) | $ 4,656 |
Reconciliation of net income to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 1,899 | 1,911 | 1,992 |
Change in fair value of common stock warrants | 0 | 0 | (379) |
Share-based compensation expense | 1,201 | 1,750 | 607 |
Deferred income taxes | 542 | ||
Changes in operating assets and liabilities: | |||
Accounts receivable | 192 | (2,499) | 1,705 |
Due from related party | 900 | ||
Inventories | (1,998) | (424) | (619) |
Prepaid expenses and other current assets | 64 | 259 | (331) |
Other non-current assets | 18 | (89) | (5) |
Accounts payable | 1,585 | (925) | 91 |
Accrued expenses | 1,214 | 1,591 | (896) |
Deferred revenue | 1,033 | (1,038) | (1,334) |
Deferred rent | 27 | 69 | |
Net cash provided by (used in) operating activities | 11,186 | (891) | 6,929 |
Investing activities: | |||
Purchase of property and equipment | (3,564) | (1,708) | (2,048) |
Net cash used in investing activities | (3,564) | (1,708) | (2,048) |
Financing activities: | |||
Proceeds from exercise of stock options | 82 | 33 | |
Principal payments on notes payable | (226) | (238) | (245) |
Payments for the purchase of treasury stock | (22) | (8,509) | |
Dividends paid | (28) | (28) | (28) |
Net cash used in financing activities | (254) | (206) | (8,749) |
Effect of exchange rate changes on cash and cash equivalents | (275) | (56) | (85) |
Net increase (decrease) in cash and cash equivalents | 7,093 | (2,861) | (3,953) |
Cash and cash equivalents, beginning of period | 13,901 | 16,762 | 20,715 |
Cash and cash equivalents, end of period | 20,994 | 13,901 | 16,762 |
Supplemental cash flow information | |||
Cash paid for interest | 85 | 101 | 120 |
Cash paid for income taxes | 2 | $ 3 | |
Supplemental noncash investing | |||
Purchases of equipment through accounts payable and accrued expenses | $ 460 | $ 95 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | 1. Organization Juniper Pharmaceuticals, Inc. (the “Company” or “Juniper”), formerly known as Columbia Laboratories, Inc., was incorporated as a Delaware corporation in December 1986. The Company is a women’s health therapeutics company focused on developing therapeutics that address unmet needs in women’s health. Its marketed product and product development programs utilize its proprietary drug delivery technologies consisting of its bioadhesive delivery system (“BDS”), a polymer designed to adhere to epithelial surfaces or mucosa and its intra-vaginal ring (“IVR”) technology. In September 2013, the Company acquired Nottingham, U.K. based Juniper Pharma Services Ltd. (“Juniper Pharma Services”) formerly known as Molecular Profiles Ltd, a pharmaceutical services company. Juniper Pharma Services provides a range of drug development and consulting services to the pharmaceutical industry and has provided Juniper with an additional revenue source and in-house expertise for internal pharmaceutical programs. At December 31, 2016, cash and cash equivalents were $21.0 million. The Company’s future funding requirements depend on a number of factors, including the rate of market acceptance of its current and future products and services and the resources the Company devotes to developing and supporting the same. The Company believes that current cash and cash equivalents, as well as cash generated from operations, will be sufficient to meet anticipated cash needs for working capital, including advancing its product candidates, and capital expenditures at least through March 2018. The Company may be dependent on its ability raise additional capital to finance operations beyond March 2018 and fund research and development programs. If the Company is not able to raise additional capital on terms acceptable to it, or at all, as and when needed, it may be required to curtail its research and development programs. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries; Columbia Laboratories Bermuda Ltd., Juniper Pharmaceuticals France SARL, Juniper Pharmaceuticals UK Ltd., and Juniper Pharma Services Ltd. All significant intercompany balances and transactions have been eliminated in consolidation. Segments The Company and its subsidiaries currently operate in two segments: product and service. The product segment oversees the supply chain and manufacturing of CRINONE, the Company’s sole commercialized product. The product segment also includes the royalty stream the Company receives from Allergan for CRINONE sales in the United States until the November 2016 monetization agreement, as well as the development of new product candidates. The service segment includes product development, clinical trial manufacturing, and advanced analytical and consulting services for the Company’s customers as well as characterizing and developing pharmaceutical product candidates for the Company’s internal programs and managing certain preclinical activities including manufacturing of the Company’s pipeline products. In September 2013, the Company acquired Juniper Pharma Services, a U.K.-based provider of pharmaceutical development, clinical trial manufacturing, and advanced analytical and consulting services to the pharmaceutical industry. The Company has integrated its supply chain management for its sole commercialized product, CRINONE into those operations and have therefore sought to capture synergies by transferring all operational activities related to its historic business. The Chief Executive Officer, who is the Company’s Chief Operating Decision Maker (CODM), currently manages the business based on revenue and gross profit and as such the Company has concluded that it is two segments, which consists of product and service. Segment information is consistent with the financial information regularly reviewed by our CODM, for purposes of evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting future periods. Juniper’s CODM does not review its assets, operating expenses or non-operating income and expenses by business segment at this time. Management Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures at the date of the financial statements during the reporting period. Significant estimates are used for, but are not limited to revenue recognition, sales return reserves, allowance for doubtful accounts, inventory reserves, impairment analysis of goodwill and intangibles including their useful lives, research and development accruals, deferred tax assets, liabilities and valuation allowances, common stock warrant valuations, and fair value of stock options. On an ongoing basis, management evaluates its estimates. Actual results could differ from those estimates. Foreign Currency The assets and liabilities of the Company’s subsidiaries in the United Kingdom and France are translated into U.S. dollars at current exchange rates and revenue and expense items are translated at average rates of exchange prevailing during the period. The functional currency of these subsidiaries is considered to be the local currency for each entity and, accordingly, translation adjustments for these subsidiaries are included in accumulated other comprehensive income (loss) within stockholders’ equity. Certain intercompany and third party foreign currency-denominated transactions generated foreign currency re-measurement losses of approximately $0.2 million, $70,000 and $33,000 during the years ended December 31, 2016, 2015 and 2014, respectively, which are included in other expense, net in the consolidated statements of operations. Cash Equivalents The Company considers all investments purchased with an original maturity of three months or less to be cash equivalents. Fair Value of Financial Instruments U.S. GAAP establishes a framework for measuring fair value under generally accepted accounting principles and enhances disclosures about fair value measurements. Fair value is defined as the amount that would be received for an asset or paid to transfer a liability (i.e., an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes the following fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value: Level 1: Quoted prices in active markets for identical assets and liabilities. Level 2: Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The fair value of cash and cash equivalents are classified as Level 1 at December 31, 2016 and 2015. Some of the estimates and assumptions in the Company's goodwill impairment assessment include: the amount and timing of the projected net cash flows, the discount rate, and the tax rate. The estimated fair value of the common stock warrant liability resulting from the October 2009 registered direct offering of 1,362,500 shares of the common stock and warrants to purchase 681,275 shares of common stock was $0 as of December 31, 2014 as the Company neared the expiration of these warrants in April 2015. The value was determined by using the Black-Scholes option pricing model which was based on the Company’s stock price at measurement date, exercise price of this common stock warrant, risk-free rate and historical volatility, and was classified as a Level 2 measurement. During the year ended December 31 2014, the Company recorded income of $0.4 million, to adjust the value of the common stock warrant liability to market. The fair value of the common stock warrant liability as of December 31, 2016 and 2015 was zero as the warrants expired in April 2015. Therefore, during the years ended December 31, 2016 and 2015, no income or expense was recorded. 2014 Stock price $ 5.60 Exercise price $ 12.16 Risk free interest rate 0.030 % Expected term 0.25 years Dividend yield — Expected volatility 22.76 % The fair value of accounts receivable and accounts payable approximate their carrying amount. The Company’s long-term debt is carried at amortized cost, which approximates fair value based on current market pricing available to the Company for similar debt instruments and is categorized as a Level 2 measurement. Inventories Inventories are stated at the lower of cost (first-in, first-out) or market. Components of inventory cost include materials, labor and manufacturing overhead. Inventories consist of the following (in thousands): December 31, 2016 2015 Raw materials $ 856 $ 1,410 Work in process 3,806 1,840 Finished goods 959 373 Total $ 5,621 $ 3,623 Reserves for excess and obsolete inventory were $45,000 and $0.3 million at December 31, 2016 and 2015, respectively. Juniper provides inventory allowances when conditions indicate that the selling price could be less than cost due to physical deterioration, usage, obsolescence, reductions in estimated future demand and reductions in selling prices. Juniper balances the need to maintain strategic inventory levels with the risk of obsolescence due to changing technology and customer demand levels. Unfavorable changes in market conditions may result in a need for additional inventory reserves that could adversely impact the Company’s gross margins. Conversely, favorable changes in demand could result in higher gross margins when the Company sells products. Accounts Receivable, net of allowances Accounts receivable are reported at their outstanding unpaid principal balances reduced by allowances for doubtful accounts. The Company estimates doubtful accounts based on its historical bad debts, factors related to specific customers’ ability to pay and current economic trends. The Company writes off accounts receivable against the allowance when a balance is determined to be uncollectable. Accounts receivable allowance activity consisted of the following for the years ended December 31 (in thousands): 2016 2015 2014 Balance at beginning of year $ 263 $ 358 $ 112 Additions — — 246 Deductions (226 ) (95 ) — Balance at end of year $ 37 $ 263 $ 358 Juniper’s accounts receivable balance, net of allowance for doubtful accounts, was $6.6 million as of December 31, 2016, and $7.5 million as of December 31, 2015. Included in the accounts receivable balance at December 31, 2016 and 2015 were $1.3 million and $1.9 million of unbilled accounts receivable, respectively. Juniper’s unbilled accounts receivable is derived from services performed that have not been billed as of the balance sheet date. Property and Equipment, net Property and equipment is stated at cost less accumulated depreciation. Leasehold improvements are amortized over the lesser of the useful life or the term of the leases. Depreciation is computed on the straight-line basis over the estimated useful lives of the respective assets, as follows: Years Machinery and equipment 3-10 Furniture and fixtures 3-5 Computer equipment and software 3-5 Buildings Up to 39 Land Indefinite Costs of major additions and improvements are capitalized and expenditures for maintenance and repairs that do not extend the life of the assets are expensed. Upon sale or disposition of property and equipment, the cost and related accumulated depreciation are eliminated from the accounts and any resultant gain or loss is credited or charged to operations. Juniper continually evaluates whether events or circumstances have occurred that indicate that the remaining useful life of its long-lived assets may warrant revision or that the carrying value of these assets may be impaired. Juniper evaluates the realizability of its long-lived assets based on profitability and cash flow expectations for the related asset. Any write-downs are treated as permanent reductions in the carrying amount of the assets. Based on this evaluation, Juniper believes, as of each balance sheet date presented, none of Juniper’s long-lived assets were impaired. Concentration of Risk The Company has two major customers – Allergan and Merck KGaA. See Note 13 of our consolidated financial statements for customer and product concentrations. The Company depends on one supplier for a key excipient (ingredient) used in its products and one supplier for one of the active pharmaceutical ingredients. Goodwill Goodwill represents the excess of the purchase price over the fair value of assets acquired and liabilities assumed in a business combination. The Company does not amortize its goodwill, but instead tests for impairment annually in the fourth quarter and more frequently whenever events or changes in circumstances indicate that the fair value of the asset may be less than its carrying value of the asset. In August 2016, the Company announced that its Phase 2b clinical trial evaluating its lead product candidate, COL-1077, did not achieve its primary and secondary endpoints and that further development on COL-1077 would be discontinued. The Company considered the determination that further development on COL-1077 would not continue to be a triggering event requiring a test for impairment under ASC 350. In accordance with Accounting Standards Codification, or ASC 350, Goodwill and Other Intangibles The Company has concluded that its business represents two reporting units for goodwill impairment testing, which are product and service. The Company’s goodwill is assigned to its service reporting unit. The Company has performed tests for impairment as of August 17, 2016, the date of the triggering event and October 1, 2016, the date of the annual test and have determined that goodwill is not impaired as of either date. Intangible Assets The Company capitalizes and includes in intangible assets the costs of trademark, developed technology and customer relationships. Intangible assets are recorded at fair value at the time of their acquisition and stated net of accumulated amortization. The Company amortizes its intangible assets that have finite lives using either the straight-line or accelerated method, based on the useful life of the asset over which it is expected to be consumed utilizing expected undiscounted future cash flows. Amortization is recorded over the estimated useful lives ranging from 3 to 7 years. The Company evaluates the realizability of its definite lived intangible assets whenever events or changes in circumstances or business conditions indicate that the carrying value of these assets may not be recoverable based on expectations of future undiscounted cash flows for each asset group. If the carrying value of an asset or asset group exceeds its undiscounted cash flows, the Company estimates the fair value of the assets, generally utilizing a discounted cash flow analysis based on the present value of estimated future cash flows to be generated by the assets using a risk-adjusted discount rate. To estimate the fair value of the assets, the Company uses market participant assumptions pursuant to ASC 820, Fair Value Measurements Income Taxes Deferred tax assets or liabilities are determined based on timing differences between when income and expense items are recognized for financial statement purposes versus when they are recognized for tax purposes, as measured by enacted tax rates expected to apply to taxable income in the fiscal years in which those temporary differences are expected to be settled. A valuation allowance is provided against deferred tax assets in circumstances where management believes it is more likely than not that all or a portion of the assets will not be realized. The Company has provided a full valuation allowance against its net domestic and foreign deferred tax assets as of December 31, 2016 and 2015. Accumulated Other Comprehensive Loss Changes to accumulated other comprehensive loss during the year ended December 31, 2016 were as follows (in thousands): Translation Adjustment Balance – December 31, 2015 $ (1,162 ) Current period other comprehensive income (loss) (3,866 ) Balance – December 31, 2016 $ (5,028 ) Revenue Recognition Revenues include product revenues, which primarily consist of sales of CRINONE to Merck KGaA, royalty revenues, which primarily consisted of royalty revenues from Allergan on sales of CRINONE until the November 2016 monetization agreement, and service revenues, which primarily consist of analytical and consulting services, pharmaceutical development and clinical trial manufacturing services and other revenues. Product Revenue Revenues from the sale of products are recognized when all of the following criteria are met: persuasive evidence of a sales arrangement exists; delivery has occurred or services have been rendered; the price is fixed or determinable; and collectability is reasonably assured. Selling prices to Merck KGaA for CRINONE (progesterone gel) are determined on an annual and country-by-country basis and are the greater of (i) a percentage of Merck KGaA’s net estimated selling price, or (ii) Juniper’s direct manufacturing cost plus 20% and are invoiced to Merck KGaA upon shipment. Juniper records revenue at the minimum selling price, which is Juniper’s direct manufacturing cost plus 20% at the time of shipment to Merck KGaA as that amount is considered fixed or determinable. The Company records deferred revenue related to amounts invoiced above the minimum selling price. Upon receiving sell through information from Merck KGaA on a quarterly and country-by-country basis, the Company records an adjustment to increase revenue to reflect the difference between Merck KGaA’s actual net selling price and the minimum price recorded at the time of shipment. Any difference between the amounts invoiced at Merck KGaA’s estimated net selling price and Merck KGaA’s actual net selling price are billed or credited to Merck KGaA in the quarter the product is sold through by Merck KGaA. Accordingly, product revenue in each period includes both an amount for product shipped to Merck KGaA in the current period recognized at the minimum purchase price as well as an amount for product shipped by Merck KGaA to its customers in the current period equal to the difference between Merck KGaA’s actual net selling price and the minimum purchase price. Merck KGaA is also entitled to a volume discount based on annual purchases. The Company records reserves against revenue on a quarterly basis to reflect the volume discount expected to be earned by Merck KGaA during the year. In April 2013, Juniper’s license and supply agreement with Merck KGaA for the sale of CRINONE outside the United States was renewed for an additional five year term, extending the expiration date to May 19, 2020. Service Revenue The professional service contracts that Juniper enters into and operates under specifies whether the engagement will be billed on a time-and-materials or a fixed-price basis. These engagements generally last three to six months, although some of Juniper’s engagements can be longer in duration. Juniper recognizes substantially all of the Company’s professional services revenues under written contracts when the fee is fixed or determinable, as the services are provided, and only in those situations where collection from the client is reasonably assured. In certain cases Juniper bills clients prior to work being performed, which requires Juniper to defer revenue in accordance with U.S. GAAP. Revenues from time-and-materials service contracts are recognized as the services are performed based upon hours worked and contractually agreed-upon hourly rates, as well as indirect fees based upon hours worked. Service revenues from a majority of Juniper’s fixed-price engagements are recognized on a proportional performance method based on the ratio of costs incurred, substantially all of which are labor-related, to the total estimated project costs. Project costs are classified in costs of services and are based on the direct salary of the employees on the engagement plus all direct expenses incurred to complete the engagement, including any amounts billed to Juniper by its vendors. The proportional performance method is used for fixed-price contracts because reasonably dependable estimates of the revenues and costs applicable to various stages of a contract can be made, based on historical experience and the terms set forth in the contract, and are indicative of the level of benefit provided to Juniper’s clients. In the event of a termination, fixed-price contracts generally provide for payment for services rendered up to the termination date. Service revenues also include reimbursements, which include reimbursement for travel and other out-of-pocket expenses, outside consultants, and other reimbursable expenses. Royalty revenues, based on sales by licensees, are recorded as revenues when those sales are made by the licensees. In November 2016, the Company received a one-time payment of $11.0 million in exchange for which Allergan will no longer be required to make future royalty payments due to Juniper. The Company maintains accounts receivable allowances for estimated losses resulting from disputed amounts or the inability of Juniper’s customers to make required payments. Juniper identifies specific collection issues and establishes an accounts receivable allowance based on its historical collection experience, review of client accounts, current trends, and credit policy. If the financial condition of Juniper’s customers were to deteriorate or disputes were to arise regarding the services provided, resulting in an impairment of their ability or intent to make payment, additional allowances may be required. A failure to estimate accurately the accounts receivable allowances and ensure that payments are received on a timely basis could have a material adverse effect on Juniper’s business, financial condition, and results of operations. Juniper collects value added tax from its customers for revenues generated out of the United Kingdom for which the customer is not tax exempt and remits such taxes to the appropriate governmental authorities. Juniper presents its value added tax on a net basis; therefore, these taxes are excluded from revenues. Deferred Revenue The Company’s deferred revenue balance consists of the following at December 31, 2016 and 2015 (in thousands): As of December 31, 2016 2015 Product revenues $ 4,647 $ 2,854 Service revenues 385 543 Regional Growth Fund 592 1,480 Total $ 5,624 $ 4,877 Amounts invoiced but not yet earned on product revenues are recorded as deferred revenue until the Company receives sell through information from Merck KGaA indicating the product has been sold through or otherwise disposed of. Amounts invoiced but not yet earned on service revenue are deferred until such time as performance is rendered or the obligation to perform the service is completed for service revenues. As part of the acquisition of Juniper Pharma Services, Juniper assumed a $2.5 million obligation under a grant arrangement with the Regional Growth Fund on behalf of the Secretary of State for Business, Innovation, and Skills in the United Kingdom. Juniper Pharma Services used this grant to fund the building of its second facility, which includes analytical labs, office space, and a manufacturing facility. As a part of the arrangement, Juniper Pharma Services is required to create and maintain certain full-time equivalent personnel levels through October 2017. As of December 31, 2016, the Company is in compliance with the covenants of the arrangement. The income from the Regional Growth Fund will be recognized in the other income line of the consolidated statement of operations on a decelerated basis through September 30, 2017. Research and Development Costs Research and development consist of consultants, material costs, salaries and other personnel related expenses including stock-based compensation of employees and non-employees primarily engaged in research and development activities and materials used and other overhead expenses incurred. All research and development costs are expensed as incurred. Research and development costs that are paid in advance of performance are capitalized as prepaid expenses until incurred. Clinical trial expenses include expenses associated with clinical research organizations. The invoicing from clinical research organizations for services rendered can lag several months. Juniper accrues the cost of services rendered in connection with clinical research organizations activities based on its estimate of costs incurred. Juniper maintains regular communication with its clinical research organizations to assess the reasonableness of its estimates. In March 2015, the Company entered into an exclusive patent license agreement with The General Hospital Corporation, d/b/a Massachusetts General Hospital, pursuant to which Juniper has licensed the exclusive worldwide rights to Massachusetts General Hospital patent rights in a novel intra-vaginal ring (IVR) technology for delivery of one or more pharmaceutical dosages and release rates in a single segmented ring. The Company is leveraging the technology to advance JNP-0101, JNP-0201 and JNP-0301. In August 2016, the Company announced that the Phase 2b clinical trial evaluating COL-1077, 10% lidocaine bioadhesive vaginal gel, for the reduction of pain intensity in women undergoing an endometrial biopsy with tenaculum placement did not achieve its primary and secondary endpoints. The safety and pharmacokinetic (PK) profiles of COL-1077 were consistent with what has been observed in prior clinical trials of the lidocaine bioadhesive vaginal gel. Based on this study outcome the Company discontinued further development of COL-1077, with resources reallocated to its preclinical programs. Stock-based compensation Juniper follows the fair value recognition provisions of ASC 718, Stock Compensation Topic Equity – Equity Based Payments to Nonemployees Juniper recorded stock-based compensation expense of $1.2 million, $1.8 million and $0.6 million for the years ended December 31, 2016, 2015 and 2014, respectively. Total stock-based compensation expense was recorded to cost of revenues and operating expenses based upon the functional responsibilities of the individuals holding the respective awards as follows (in thousands): Years Ended December 31, 2016 2015 2014 Cost of revenues $ 199 $ 79 $ 44 Sales and marketing 50 38 28 Research and development 73 1,126 2 General and administrative 879 507 533 Total stock-based compensation $ 1,201 $ 1,750 $ 607 As of December 31, 2016, total unamortized share-based compensation cost related to non-vested stock options was $3.3 million, which is expected to be recognized on a straight-line basis over a weighted average period of 2.83 years. Cash received from option exercises was $0.1 million and $33,000 during the years ending December 31, 2015 and 2014, respectively. No options were exercised in the year ended December 31, 2016. Juniper granted 657,500, 387,000 and 312,000 stock options to employees during the years ended December 31, 2016, 2015 and 2014, respectively. The Company records stock-based compensation expense for stock options granted to non-employees based on the fair value of the stock options, which is re-measured over the graded vesting term resulting in periodic adjustments to stock-based compensation expense. During 2016, no stock options were granted by the Company to non-employees. The stock-based compensation expense recorded for non-employees is primarily reflected in the research and development line of the statement of operations. The 240,000 non-employee options reflected in the research and development line are re-measured on a quarterly basis from the date of grant. The remaining 3,000 non-employee options are reflected in the general and administrative line and will be re-measured over a 2.75 year period from the date of grant. The Company recorded a reduction of stock-based compensation expense for non-employees of $0.1 million in the year ended December 31, 2016, as a result of impacts of changes in the fair value. Stock-based compensation recorded for non-employees was $1.1 million in the year ended December 31, 2015. There was no stock-based compensation expense recorded for non-employees in the year ended December 31, 2014. No tax benefit has been recognized due to the net tax losses during the periods presented. The Company uses the Black-Scholes option pricing model to determine the estimated fair value for stock-based awards. Option-pricing models require the input of various subjective assumptions, including the option’s expected life and the price volatility of the underlying stock. The weighted-average fair value of the options granted to employees during the years ended December 31, 2016, 2015 and 2014 was $4.66, $4.38 and $4.27, respectively based on the following assumptions: Years Ended December 31, 2016 2015 2014 Risk free interest rate 0.85%-1.45% 0.87%-1.20% 0.93%-1.64% Expected term 4.75 years 4.56-4.75 years 4.75 years Dividend yield — — — Expected volatility 55.23%-79.29% 76.86%-83.09% 78.27%-81.36% The weighted-average fair value of the options granted to non-employees during the year ended December 31, 2015 was $4.52 based on the following assumptions: 2015 Risk free interest rate 1.47%-1.54% Expected term 7 years Dividend yield — Expected volatility 82.88%-83.09% Juniper’s estimated expected stock price volatility is based on its own historical volatility. Juniper’s expected term of options granted in the years ended December 31, 2016, 2015 and 2014 was derived from the simplified method for employee grants and the contractual term is used for non-employee grants. The risk-free rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. Net Income (Loss) Per Common Share The calculation of basic and diluted income (loss) per common and common equivalent share is as follows (in thousands except for per share data): Years Ended December 31, 2016 2015 2014 Basic net income (loss) per common share Net income (loss) $ 5,951 $ (1,496 ) $ 4,656 Less: Preferred stock dividends (28 ) (28 ) (28 ) Net income (loss) applicable to common stock $ 5,923 $ (1,524 ) $ 4,628 Basic weighted average number of common shares outstanding 10,795 10,774 10,992 Basic net income (loss) per common share $ 0.55 $ (0.14 ) $ 0.42 Diluted net income (loss) per common share Net income (loss) applicable to common stock $ 5,923 $ (1,524 ) $ 4,628 Add: Preferred stock dividends 28 — 28 Less: Fair value of stock warrants for dilutive warrants — — (379 ) Net income (loss) applicable to dilutive common stock $ 5,951 $ (1,524 ) $ 4,277 Basic weighted average number of common shares outstanding 10,795 10,774 10,992 Effect of dilutive securities Dilutive preferred share conversions 83 Dilutive stock awards 13 — 15 96 — 15 Diluted weighted average number of common shares outstanding 10,891 10,774 11,007 Diluted net income (loss) per common share $ 0.55 $ (0.14 ) $ 0.39 Basic income (loss) per common share is computed by dividing the net income (loss), less preferred dividends by the weighted-average number of shares of common stock outstanding during a period. The diluted income (loss) per common share calculation gives effect to dilutive options, warrants, convertible notes, convertible preferred stock, and other potential dilutive common stock including selected restricted shares of common stock outstanding during the period. Diluted income (loss) per common share is based on the treasury stock method and includes the effect from potential issuance of common stock, such as shares issuable pursuant to the exercise of stock options, assuming the exercise of all in-the-money stock options. Common share equivalents have been excluded where their inclusion would be anti-dilutive. Shares to be issued upon the exercise of the outstanding options and warrants, convertible preferred stock and selected restricted shares of common stock excluded from the income per share calculation amounted to 1,658,234, 1,087,308 and 1,692,180 for the years ended December 31, 2016, 2015 and 2014, respectively, because the awards were anti-dilutive. Recent Accounting Pronouncements In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment . The standard simplifies the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. The ASU is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019, and should be applied on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The adoption of this standard is not expected to have a material impact on the consolidated financial statements and related disclosures. In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). The standard is intended to simplify several areas of accounting for share-based compensation arrangements, including the income tax impact, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU 2016-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and early adoption is permitted. The Company is currently evaluating the method and impact that the adoption will have on its consolidated financial statements and related disclosures. In February 2016 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 3. Goodwill and Intangible Assets Changes to goodwill during the years ended December 31, 2016 and 2015 were as follows (in thousands): Total Balance – December 31, 2014 $ 10,503 Translation adjustment (493 ) Balance – December 31, 2015 10,010 Translation adjustment (1,668 ) Balance – December 31, 2016 $ 8,342 Intangible assets consist of the following at December 31, 2016 and December 31, 2015 (in thousands): Trademark Developed Technology Customer Relationships Total Gross carrying amount – December 31, 2016 $ 300 $ 1,370 $ 1,240 $ 2,910 Translation adjustment (53 ) (298 ) (270 ) (621 ) Accumulated amortization (247 ) (617 ) (456 ) (1,320 ) Balance – December 31, 2016 $ — $ 455 $ 514 $ 969 Trademark Developed Technology Customer Relationships Total Gross carrying amount – December 31, 2015 $ 300 $ 1,370 $ 1,240 $ 2,910 Translation adjustment (19 ) (83 ) (76 ) (178 ) Accumulated amortization (215 ) (538 ) (381 ) (1,134 ) Balance – December 31, 2015 $ 66 $ 749 $ 783 $ 1,598 Prior to completing the triggering event based assessment of goodwill on August 17, 2016 under ASC 350, the Company assessed its long-lived assets under ASC 360-10-05, Impairment or Disposal of Long-Lived Assets Amortization expense related to the developed technology is classified as a component of cost of service revenues in the consolidated statements of operations. Amortization expense related to trademark and customer relationships is classified as a component of general and administrative expenses in the consolidated statements of operations. Acquired intangible assets are amortized over their estimated useful lives based on either the pattern in which the economic benefits of the intangible asset are consumed or on a straight-line method. The estimated useful life represents the anticipated term of the acquired intangible assets. The estimated useful lives for the trademark, developed technology and customer relationships are 3 years, 7 years and 7 years, respectively. The trademark intangible was fully amortized as of December 31, 2016. The weighted average amortization period in total is 6.6 years. Amortization expense for the years ended December 31, 2016, 2015 and 2014, was $0.4 million, $0.4 million and $0.7 million, respectively. As of December 31, 2016, amortization expense on existing intangible assets for the next four years is as follows (in thousands): Year Total 2017 $ 288 2018 265 2019 240 2020 176 Total $ 969 |
Debt and other Contractual Obli
Debt and other Contractual Obligations | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt and other Contractual Obligations | 4. Debt and other Contractual Obligations In September 2013, Juniper assumed debt of $3.9 million in connection with its acquisition of Juniper Pharma Services. Juniper Pharma Services entered into a Business Loan Agreement (“Loan Agreement”) covering three loan facilities with Lloyds TSB Bank (“Lloyds”), as administrative agent. Juniper Pharma Services had withdrawn $3.9 million and as of December 31, 2016 owed $2.4 million. The three loan facilities are each repayable by monthly installments, one started repayment in February 2013 and the remaining two commenced in October 2013. All facilities are due for repayment over 15 years from the date of drawdown. Two of the facilities bear interest at the Bank of England’s base rate plus 1.95% and 2.55%, respectively. The interest rate at December 31, 2016 for these two facilities was 2.45% and 3.05%, respectively. The third facility is a fixed rate agreement bearing interest at 3.52% per annum. The weighted average interest rate for the three loan facilities for the year ended December 31, 2016 was 3.00%. The Loan Agreement is secured by the mortgaged property and an unlimited lien on the other assets of Juniper Pharma Services. The Loan Agreement contains financial covenants that limit the amount of indebtedness Juniper Pharma Services may incur, requires Juniper Pharma Services to maintain certain levels of net worth, and restricts Juniper Pharma Services’ ability to materially alter the character of its business. As of December 31, 2016 the Company is in compliance with all of the covenants under the Loan Agreement. The Company’s significant outstanding contractual obligations relate to operating leases for the Company’s facilities and loan agreements. The Company’s facility leases are non-cancellable and contain renewal options. The Company’s future contractual obligations include the following (in thousands): Total 2017 2018 2019 2020 2021 Thereafter Operating lease obligations $ 953 $ 436 $ 443 $ 74 $ — $ — $ — Loan principal repayments 2,407 204 211 217 224 230 1,321 Total $ 3,360 $ 640 $ 654 $ 291 $ 224 $ 230 $ 1,321 Rent expense was $0.4 million for December 31, 2016, $0.3 million for December 31, 2015, and $0.1 million for December 31, 2014. Interest expense, net was $0.1 million in each of the years ended December 31, 2016, 2015, and 2014. As part of the acquisition of Juniper Pharma Services, Juniper assumed a $2.5 million obligation under a grant arrangement with the Regional Growth Fund on behalf of the Secretary of State for Business, Innovation, and Skills in the United Kingdom. Juniper Pharma Services used this grant to fund the building of its second facility, which includes analytical labs, office space, and a manufacturing facility. As a part of the arrangement, Juniper Pharma Services is required to create and maintain certain full-time equivalent personnel levels through October 2017. As of December 31, 2016, the Company is in compliance with the covenants of the arrangement. The income from the Regional Growth Fund is being recognized on a decelerated basis over the three year term of the agreement. As of December 31, 2016, the obligation is valued at $0.6 million and is recorded in deferred revenue within the consolidated balance sheets. The amount of other income on the obligation that will be recognized provided the Company remains in compliance with the covenants would be the following (in thousands): Year Total 2017 592 Total $ 592 |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2016 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment, Net | 5. Property and Equipment, net Property and equipment consists of the following (dollars in thousands): Estimated Useful Life December 31, (Years) 2016 2015 Machinery and equipment 3-10 $ 8,628 $ 7,175 Furniture and fixtures 3-5 1,190 1,030 Computer equipment and software 3-5 538 625 Buildings Up to 39 7,310 8,771 Land Indefinite 469 562 Construction in-process 1,567 9 19,702 18,172 Less: Accumulated depreciation (6,336 ) (5,322 ) Total $ 13,366 $ 12,850 Depreciation expense was $1.5 million for each of the years ended December 31, 2016 and 2015. Depreciation expense was $1.4 million for the year ended December 31, 2014. The net book value of property and equipment subject to lien under the debt agreement is $5.5 million and $7.1 million as of December 31, 2016 and 2015, respectively. |
Accrued Expenses and Other
Accrued Expenses and Other | 12 Months Ended |
Dec. 31, 2016 | |
Payables And Accruals [Abstract] | |
Accrued Expenses and Other | 6. Accrued Expenses and Other Accrued expenses and other consist of the following (in thousands): December 31, 2016 2015 Payroll $ 1,643 $ 1,495 Professional fees 1,074 952 Clinical studies 740 124 Other 1,814 859 Total $ 5,271 $ 3,430 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. Income Taxes Income (loss) before income taxes consists of the following (in thousands): Year Ended December 31, 2016 2015 2014 Domestic $ (2,090 ) $ (8,133 ) $ 440 Foreign 8,132 6,642 4,867 Income (loss) before income taxes $ 6,042 $ (1,491 ) $ 5,307 The components of the provision for income taxes are as follows (in thousands): Year Ended December 31, 2016 2015 2014 Current: Federal $ 80 $ (9 ) $ 117 State 11 14 3 Foreign — — Total current 91 5 120 Deferred: Foreign — — 531 Total deferred — — 531 Provision for income taxes $ 91 $ 5 $ 651 The reconciliation of the federal statutory rate to Juniper’s effective tax rate is as follows: 2016 2015 2014 Federal income tax rate 34.0 % 34.0 % 34.0 % Foreign rate differential (49.6 )% 151.5 % (26.1 )% State tax, net of federal benefit 13.4 (0.9 ) 67.6 Permanent Items: Change in fair market value of stock warrants — — (2.4 ) Incentive stock options 1.0 (14.9 ) 2.0 Dividend from foreign subsidiary 53.5 (79.8 ) 45.2 Amortization of technical rights (34.5 ) 23.4 (6.6 ) Deferred adjustments 30.6 6.6 1.8 Other (1.1 ) (0.5 ) 0.8 Effect of permanent differences 49.5 (65.2 ) 40.8 Effective income tax rate 47.3 119.4 116.3 Change in valuation allowance (45.8 ) (119.7 ) (104.0 ) Effective income tax rate 1.5 % (0.3 )% 12.3 % The Company operates in multiple countries. Accordingly, separate tax filings are required based on jurisdiction. Due to the separate tax filings of our U.S., U.K. and France jurisdictions, the Company has evaluated the need for a valuation allowance on a separate jurisdiction basis. As of December 31, 2016, the Company continues to maintain a full valuation allowance against all net deferred tax assets. In assessing the realizability of deferred tax assets, management considers positive and negative evidence to determine whether it is more likely than not that some portion or all deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax-planning strategies in making this assessment. Management believes it is more likely than not that the results of future operations will not generate sufficient taxable income in the U.S., U.K. and France in order to realize the full benefits of the deferred tax assets in the respective jurisdictions. As of December 31, 2016, the Company has federal and state U.S. tax net operating loss carryforwards of approximately $156.2 million and $12.6 million, which begin to expire in 2021. The Company also has federal research and development credit carryforwards of approximately $1.8 million, which begin to expire in 2018. The Company also has federal alternative minimum tax credits of $0.2 million, with no expiration period. U.S. net operating loss carryforwards do not include excess tax benefits from the exercise of share-based awards. As of December 31, 2016, the Company has non-U.S., net operating loss carryforwards of approximately $10.9 million, with no expiration period. Under Section 382 of the Internal Revenue Code of 1986, as amended, substantial changes in the Company's ownership may limit the amount of net operating loss carryforwards that could be utilized annually in the future to offset taxable income. Specifically, this limitation may arise in the event of a cumulative change in ownership of the Company of more than 50% within a three-year period. Any such annual limitation may significantly reduce the utilization of net operating loss carryforwards before they expire. The Company performed an analysis through June 30, 2014, and determined any potential ownership change under Section 382 during the year would not have a material impact on the future utilization of US net operating losses and tax credits. However, future transactions in the Company's common stock could trigger an ownership change for purposes of Section 382, which could limit the amount of net operating loss carryforwards and other attributes that could be utilized annually in the future to offset taxable income, if any. Any such limitation, whether as the result of sales of common stock by our existing stockholders or sales of common stock by the Company, could have a material adverse effect on results of operations in future years. The Company follows the provisions of FASB ASC 740, Accounting for Uncertainty in Income Taxes – An Interpretation of FASB No. 109 The Company files tax returns in the United States, United Kingdom, France and various state jurisdictions. All of the Company’s tax years remain open to examination by major taxing jurisdictions to which the Company is subject, as carryforward attributes generated in past years may still be adjusted upon examination by the Internal Revenue Service or state and foreign tax authorities if they have or will be used in future periods. As of December 31, 2016, the Company does not maintain accumulated earnings and profits in the foreign jurisdictions that it currently does business. The company has repatriated current earnings from one of its foreign subsidiaries to the United States in 2015 and 2016. To the extent the Company has positive accumulated foreign earnings in the future, the Company will further assess its global business needs and decide whether or not it will permanently reinvest those earnings. As of December 31, 2016, the Company’s open tax years subject to audit are 2013, 2014 and 2015. The Internal Revenue Service has concluded their audit of the 2011 and 2012 tax years. There were no material findings resulting from their audit. The components of Juniper’s net deferred tax assets and liabilities are as follows (in thousands): December 31, 2016 December 31, 2015 Net Operating Loss $ 55,521 $ 57,541 Tax Credits 2,034 1,723 Stock Based Compensation 997 1,502 Fixed Assets (749 ) (1,386 ) Intangibles 843 1,059 Other 337 1,549 Net deferred tax assets 58,983 61,988 Less: valuation allowance: Federal (58,983 ) (61,988 ) Deferred tax asset $ — $ — |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Shareholders' Equity | 8. Shareholders’ Equity Preferred Stock Authorized Preferred Stock is 1,000,000 shares at a par value of $0.01 per share. Each share of Series B Preferred Stock is convertible into 2.5 shares of common stock. At December 31, 2016, 130 shares remain outstanding. Upon liquidation of the Company, the holders of the Series B Preferred Stock are entitled to $100 per share. The Series B Preferred Stock will be automatically converted into common stock upon the occurrence of certain events. Holders of the Series B Preferred Stock are entitled to one vote for each share of common stock into which the preferred stock is convertible. The Series C Preferred Stock has a stated redemption value of $1,000 per share. The Series C Preferred Stock is convertible into common stock at the lower of: (i) $28.00 per common share or (ii) 100% of the average of the closing prices during the three trading days immediately preceding the conversion notice (not to exceed 294,045 shares). The Series C Preferred Stock pays a 5% dividend, payable quarterly in arrears on the last day of the quarter. Each holder of Series C Preferred Stock has the right to redeem all or a portion of their shares in cash and upon the occurrence of certain events under the Series C Preferred Stock certificate of designations. Section 6.5 of the Certificate of Designations for the Series C Preferred (“Certificate of Designations”) provides that following a “Triggering Event,” as defined therein, the holders of the Company’s shares of Series C Preferred have the right to require the Company to redeem their shares in cash plus all accrued and unpaid dividends thereon on the date such redemption is demanded. There is no deadline following a Triggering Event by which a holder is required to make a redemption request. A Triggering Event occurred in 2012 in connection with certain transactions with Allergan. The Company has redeemed 50 shares of Series C Preferred Stock in 2012 in exchange for $50,000 (the “Mandatory Redemption Price” as defined in the Certificate of Designations) plus accrued and unpaid dividends. Five hundred fifty (550) shares of Series C Preferred Stock remain outstanding. In March 2002, the Company adopted a Stockholder Rights Plan (the “Rights Plan”) designed to protect company stockholders in the event of takeover activity that would deny them the full value of their investment. The Rights Plan was not adopted in response to any specific takeover threat. In adopting the Rights Plan, the Board declared a dividend distribution of one preferred stock purchase right for each outstanding share of common stock of the Company, payable to stockholders of record at the close of business on March 22, 2002. The rights will become exercisable only in the event, with certain exceptions, a person or group of affiliated or associated persons acquires a specified amount (the “Specified Amount”) (originally 15%) or more of the Company’s voting stock, or a person or group of affiliated or associated persons commences a tender or exchange offer which, if successfully consummated, would result in such person or group owning the Specified Amount or more of the Company’s voting stock. Each right, once exercisable, will entitle the holder (other than rights owned by an acquiring person or group) to buy one one-thousandth of a share of a series of the Company’s Series D Junior Participating Preferred Stock at a price of $30 per one-thousandth of a share, subject to adjustments. In addition, upon the occurrence of certain events, holders of the rights (other than rights owned by an acquiring person or group) would be entitled to purchase either the Company’s preferred stock or shares in an “acquiring entity” at approximately half of market value. Further, at any time after a person or group acquires the Specified Amount or more (but less than 50%) of the Company’s outstanding voting stock, subject to certain exceptions, the Board of Directors may, at its option, exchange part or all of the rights (other than rights held by an acquiring person or group) for shares of the Company’s common stock having a fair market value on the date of such acquisition equal to the excess of (i) the fair market value of preferred stock issuable upon exercise of the rights over (ii) the exercise price of the rights. The Company generally will be entitled to redeem the rights at $0.01 per right at any time prior to the close of business on the tenth day after there has been a public announcement of the beneficial ownership by any person or group of the Specified Amount or more of the Company’s voting stock, subject to certain exceptions. In November 2010, the Board of Directors of the Company adopted an amendment and restatement (the “Amendment”) of the Rights Plan, dated as of March 13, 2002 (the “Original Rights Agreement”), between the Company and American Stock Transfer & Trust Company, LLC, as successor rights agent (as amended, the “Rights Plan”). In general, the Amendment leaves the Original Rights Agreement unchanged in all material respects, other than changing the trigger for the Rights becoming exercisable from 15% to 4.99% of the outstanding Voting Rights (as defined in the Rights Plan), expanding the concept of “beneficial ownership” to include shares owned (including those owned indirectly and constructively) under Section 382 of the Code and modifying the provisions relating to the exchange of Rights for common stock. The Company adopted the Amendment to preserve the value of the Company’s net operating loss carry forwards (the “Tax Benefits”), because its ability to fully use the Tax Benefits on an annual basis to offset future income may be substantially limited if the Company experiences an “ownership change” for purposes of Section 382 of the Internal Revenue Code of 1986 (the “Code”). Generally, the Company would experience an “ownership change” under Section 382 of the Code if a greater than 50 percentage point change in ownership of the Voting Stock (as defined in the Rights Plan and described below) by stockholders who beneficially own (or who are deemed to own) 5% or more of the Company’s Voting Stock occurs over a rolling three year period. In September 2011, the Company and American Stock Transfer and Trust Company, LLC, as rights agent, further amended the Rights Plan to extend the expiration date of the rights from March 12, 2012 to July 3, 2013. In March 2013, the Company further amended the Rights Plan to extend the expiration date from July 3, 2013, to July 3, 2016. No extension of the Rights Plan was made subsequent to that period. Common Stock The Company granted 42,203, 13,106 and 23,562 shares of restricted stock to the Company’s independent directors during the years ended December 31, 2016, 2015 and 2014, respectively. Warrants During the year ended December 31, 2015, the following warrants expired: Weighted Average Exercise Price Warrants Expiration Date $ 10.80 502,907 07/02/2015 $ 12.16 621,275 04/30/2015 $ 11.55 1,124,182 During the years ended December 31, 2016 and 2015, there were no warrants issued or exercised. No warrants were outstanding at December 31, 2016 and 2015. |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-based Compensation | 9. Stock-based Compensation Stock Option Plans In May of 2008, the Company adopted the 2008 Long-term Incentive Plan (“2008 Plan”) which provides for the grant of stock options, stock appreciation rights and restricted stock to certain designated employees of the Company, non-employee directors of the Company and certain other persons performing significant services for the Company as designated by the Compensation Committee of the Board of Directors. At December 31, 2014, the number of common shares reserved for issuance under the 2008 plan was 1,250,000. Options granted under the plan vest either (i) over a 48-month period at the rate of 25% each year until fully vested or (ii) over a vesting period determined by the Board of Directors. This plan was replaced in April 2015 by the 2015 Long term-Incentive Plan and all remaining shares were made available under this plan. In April of 2015, the Company adopted the 2015 Long-term Incentive Plan (“2015 Plan”) which provides for the grant of stock options, stock appreciation rights and restricted stock to certain designated employees of the Company, non-employee directors of the Company and certain other persons performing significant services for the Company as designated by the Compensation Committee of the Board of Directors. At December 31, 2015, the number of common shares and restricted stock reserved for issuance under the 2015 plan was 1,000,000 and 200,000, respectively. Options granted under the plan vest either (i) over a 48-month period at the rate of 25% each year until fully vested (ii) over a 48-month period at the rate of 6.25% each quarter until fully vested or (iii) over a vesting period determined by the Board of Directors. This plan was replaced in May 2016 by the 2015 Amended and Restated Long-term Incentive Plan and all remaining shares were made available under the Amended and Restated 2015 Long-term Incentive Plan. In May of 2016, the Company adopted the Amended and Restated 2015 Long-term Incentive Plan (“Amended and Restated 2015 Plan”) which provides for the grant of stock options, stock appreciation rights and restricted stock to certain designated employees of the Company, non-employee directors of the Company and certain other persons performing significant services for the Company as designated by the Compensation Committee of the Board of Directors. Options granted under the plan vest either (i) over a 48-month period at the rate of 25% each year until fully vested (ii) over a 48-month period at the rate of 6.25% each quarter until fully vested or (iii) over a vesting period determined by the Board of Directors. As of December 31, 2016, there were 2,157,517 shares available for future grant under the Amended and Restated 2015 Plan. The Company’s stock options have a maximum term of 10 years from the date of grant. Options granted prior to 2006 have a 10-year term. Since 2006, the Company has been granting stock options with a 7-year term. A summary of the status of the Company’s stock option plans as of December 31, 2016 is as follows: Number of Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (year) Aggregate Intrinsic Value (in thousands) Outstanding, December 31, 2015 1,019,684 $ 7.30 5.46 $ 3,607 Granted 657,500 7.56 Exercised — — Forfeited (161,125 ) 8.76 Outstanding, December 31, 2016 1,516,059 $ 7.25 5.19 $ 48 Vested 550,408 7.44 4.08 31 Unvested 965,651 7.15 5.82 17 Vested or expected to vest, December 31, 2016 1,516,059 $ 7.25 5.19 $ 48 Exercisable, December 31, 2016 550,408 $ 7.44 4.08 $ 31 Included in the table above are 243,000 options granted to non-employees during 2015 with a weighted average exercise price of $6.10. The intrinsic value of options exercised in 2015 and 2014, were $21,436 and $10,161 . There were no options exercised in 2016. As of December 31, 2016, there was $3.3 million of total unrecognized compensation costs related to non-vested options. The remaining cost is expected to be recognized over a weighted average period of 2.83 years. Restricted stock grants consist of grants of the Company’s common stock that may vest in the future. The Board has set a one, two, or four year vesting period for most of the issued restricted shares except annual grants to independent Directors which vest at the next annual meeting of stockholders. The fair value of each restricted share grant is equal to the market price of the Company’s common stock at the date of grant. Expense relating to restricted shares is recorded at the closing price on the grant date and amortized ratably over the vesting period. As of December 31, 2015, there were 225,720 restricted shares available for future grant under the 2015 plan. As of December 31, 2016, restricted shares available for future grant were included in the 2,157,517 shares under the Amended and Restated 2015 Plan. A summary of the Company’s restricted stock activity and related information for the year ended December 31, 2016 is as follows: Shares Weighted Average Grant Date Fair Value Unvested, December 31, 2015 12,645 $ 11.86 Granted 42,203 $ 7.40 Vested (13,915 ) $ 11.41 Forfeited — $ — Unvested, December 31, 2016 40,933 $ 7.42 As of December 31, 2016, there was $0.2 million of total unrecognized compensation costs related to non-vested restricted share-based compensation. The remaining cost is expected to be recognized over a weighted average period of 0.58 years. The total fair value of shares vested during the year ended December 31, 2016 was $0.2 million. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 10 . Related Party Transactions From July 2010 to November 2013, the Company manufactured and sold products to Allergan at Juniper’s cost plus 10%; the revenues generated from these sales were recorded within product revenues from related party. Pursuant to the Purchase and Collaboration Agreement dated July 2, 2010, Juniper received royalties equal to a minimum of 10% of annual net sales of CRINONE by Allergan for annual net sales up to $150 million, 15% for sales above $150 million but less than $250 million; and 20% for annual net sales of $250 million and over. On March 7, 2014 the Company acquired all of its common stock beneficially owned by Allergan, which represented approximately 11.5% of the Company’s outstanding common stock. Immediately following the closing of the stock repurchase and as of December 31, 2014, Allergan did not own any of the Company’s outstanding common stock. Juniper purchased the 1.4 million shares held by Allergan at a price of $6.08 per share, which represented a 10.75% discount to the market closing price on March 6, 2014. The total purchase price was approximately $8.5 million. The table below presents the related party transactions between the Company and Allergan for the year ended December 31, 2014 (in thousands): 2014 Revenues: Product revenues $ 167 Royalties 714 Other revenues — Total revenues 881 Cost of product revenues: Cost of product revenues — Gross profit $ 881 As of December 31, 2016 and December 31, 2015, nothing was due from related party for these sales. There were no amounts due to Allergan as of December 31, 2016 and December 31, 2015. |
Legal Proceedings
Legal Proceedings | 12 Months Ended |
Dec. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Legal Proceedings | 1 1 . Legal Proceedings Claims and lawsuits are filed against the Company from time to time. Although the results of pending claims are always uncertain, the Company believes that it has adequate reserves or adequate insurance coverage in respect of these claims, but no assurance can be given as to the sufficiency of such reserves or insurance coverage in the event of any unfavorable outcome resulting from these actions. |
Segments and Geographic Informa
Segments and Geographic Information | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segments and Geographic Information | 1 2 . Segments and Geographic Information The Company and its subsidiaries currently operate in two segments: product and service. The product segment oversees the supply chain and manufacturing of CRINONE, the Company’s sole commercialized product. The product segment also includes the royalty stream the Company received from Allergan for CRINONE sales in the United States until the November 2016 monetization agreement as well as the development of new product candidates. The service segment includes product development, clinical trial manufacturing, and advanced analytical and consulting services for the Company’s customers as well as characterizing and developing pharmaceutical product candidates for the Company’s internal programs and managing certain preclinical activities including manufacturing of the Company’s pipeline products. In September 2013, the Company acquired Juniper Pharma Services, a U.K.-based provider of pharmaceutical development, clinical trial manufacturing, and advanced analytical and consulting services to the pharmaceutical industry. The Company has integrated its supply chain management for its sole commercialized product, CRINONE into those operations and have therefore sought to capture synergies by transferring all operational activities related to its historic business. The Company owns certain plant and equipment physically located at third party contractor facilities in the United Kingdom and Switzerland. The Company conducts its advanced formulation, analytical and consulting services through its subsidiary, Juniper Pharma Services. The Company’s largest customer, Merck KGaA, utilizes a Switzerland-based subsidiary to acquire product from the Company, which it then sells throughout the world excluding the U.S. The Company’s primary domestic customer, Allergan, is responsible for the commercialization and sale of progesterone products in the United States. In November 2016, the Company entered into an agreement with Allergan to monetize future royalty payments. Under the agreement, the Company received a one-time payment of $11.0 million representing all future royalty amounts payable. This amount was included in revenue in the year ended December 31, 2016. The following tables show selected information by geographic area (in thousands): Revenues: Year Ended December 31, 2016 2015 2014 United States $ 19,955 $ 7,677 $ 10,374 Switzerland 27,302 23,139 18,789 United Kingdom 4,632 4,422 2,180 Other countries 2,684 3,049 2,050 Subtotal international 34,618 30,610 23,019 Total $ 54,573 $ 38,287 $ 33,393 Total assets: December 31, 2016 2015 United States $ 21,423 $ 15,454 Switzerland 4,673 1,570 United Kingdom 31,288 33,335 Other countries 187 218 Total $ 57,571 $ 50,577 Long-lived assets: December 31, 2016 2015 United States $ 663 $ 765 Switzerland 369 49 United Kingdom 13,468 13,817 Other countries 2 2 Total $ 14,502 $ 14,633 The following summarizes other information by segment for the year ended December 31, 2016 (in thousands): Product Service Total Revenues Product revenues $ 27,211 $ — $ 27,211 Service revenues — 13,065 13,065 Royalties 14,297 — 14,297 Total revenues 41,508 13,065 54,573 Cost of product revenues 15,595 — 15,595 Cost of service revenues — 8,698 8,698 Total cost of revenues 15,595 8,698 24,293 Gross profit $ 25,913 $ 4,367 $ 30,280 Total operating expenses 25,001 Total non-operating income 763 Income before income taxes $ 6,042 The following summarizes other information by segment for the year ended December 31, 2015 (in thousands): Product Service Total Revenues Product revenues $ 22,891 $ — $ 22,891 Service revenues — 11,651 11,651 Royalties 3,745 — 3,745 Total revenues 26,636 11,651 38,287 Cost of product revenues 13,053 — 13,053 Cost of service revenues — 8,361 8,361 Total cost of revenues 13,053 8,361 21,414 Gross profit $ 13,583 $ 3,290 $ 16,873 Total operating expenses 18,746 Total non-operating income 382 Loss before income taxes $ (1,491 ) The following summarizes other information by segment for the year ended December 31, 2014 (in thousands): Product Service Total Revenues Product revenues $ 18,310 $ — $ 18,310 Service revenues — 8,770 8,770 Royalties 6,313 — 6,313 Total revenues 24,623 8,770 33,393 Cost of product revenues 10,470 — 10,470 Cost of service revenues — 7,219 7,219 Total cost of revenues 10,470 7,219 17,689 Gross profit $ 14,153 $ 1,551 $ 15,704 Total operating expenses 10,960 Total non-operating income 563 Income before income taxes $ 5,307 Our chief operating decision maker evaluates the performance of our product and service segments based on revenue and gross profit. Our chief operating decision maker does not review our assets, operating expenses or non-operating income and expenses by business segment at this time. Therefore, such allocations by segment are not provided. Customer Concentration The following table presents information about Juniper’s revenues by customer, including product sales, royalty and license revenue and service revenues for each customer accounting for 10% or more of consolidated revenues in any of the three years ended December 31 by segment: Product Year Ended December 31, 2016 2015 2014 Merck KGaA 66 % 86 % 74 % Allergan 34 14 16 Lil’ Drug Store — — 10 Total 100 % 100 % 100 % Service Two of our customers in our service segment represented 11% and 10%, respectively, of total service revenue for the year ended December 31, 2014. No other customers accounted for 10% or more of total service revenue for the year ended December 31, 2014. No customers accounted for 10% or more of total service revenue for the years ended December 31, 2016 and 2015. At December 31, 2016 Merck KGaA accounted for 100% of the product segment accounts receivable. At December 31, 2015 Merck KGaA and Allergan accounted for 58% and 42% of the product segment accounts receivable, respectively. At December 31, 2016 two customers accounted for 18% and 13% of total service segment net accounts receivable. At December 31, 2015 one customer accounted for 18% of total service segment accounts receivable. Patent Expiration Juniper is a pharmaceutical company focused on developing novel intra-vaginal therapeutics that address unmet medical needs in women’s health. All of the Company’s product sales are outside the United States. The patent for CRINONE has expired in all countries other than Argentina. This product accounts for approximately 50% of the Company’s revenues and a higher percentage of gross profit. Sources of Supply The major raw materials the Company uses in its products and product candidates are polycarbophil and progesterone. Medical grade, cross-linked polycarbophil, the polymer used in the BDS-based product is currently available from only one supplier, Lubrizol. The Company believes that Lubrizol will supply as much of the material as it requires because the product ranks among the highest value-added uses of the polymer. In the event that Lubrizol cannot or will not supply enough polycarbophil to satisfy the Company’s needs, however, Juniper will be required to seek alternative sources of supply. Only one supplier of progesterone for CRINONE is approved by regulatory authorities outside the United States. Juniper has not experienced production delays due to shortages of progesterone. Beginning in 2017 this supplier has increased the price for its progesterone. It is unclear what impact, if any, an increase in the cost of progesterone will have on the demand for CRINONE. The Company has identified a potential second supplier for progesterone and expects to establish a second source in 2017. |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | 1 3 . Quarterly Financial Information (Unaudited) The following table sets forth specific unaudited consolidated quarterly statement of operations data for the eight quarters ended December 31, 2016 (in thousands). This information is unaudited, but in the opinion of management, it has been prepared on the same basis as the audited consolidated financial statements and all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts stated below to state fairly the unaudited consolidated quarterly results of operations. The results of operations for any quarter are not necessarily indicative of the results of operations for any future period. First Quarter Second Quarter Third Quarter Fourth Quarter 2016 Revenues $ 10,477 $ 11,610 $ 11,556 $ 20,930 Gross profit 4,127 5,143 5,851 15,159 Operating expenses 5,865 7,420 5,674 6,042 (Loss) income from operations (1,738 ) (2,277 ) 177 9,117 Net (loss) income (1,643 ) (2,268 ) 248 9,614 (Loss) income per common share: Basic $ (0.15 ) $ (0.21 ) $ 0.02 $ 0.89 Diluted $ (0.15 ) $ (0.21 ) $ 0.02 $ 0.88 First Quarter Second Quarter Third Quarter Fourth Quarter 2015 Revenues $ 9,036 $ 9,633 $ 10,993 $ 8,625 Gross profit 4,158 4,063 4,440 4,212 Operating expenses 4,279 4,976 4,156 5,335 (Loss) income from operations (121 ) (913 ) 284 (1,123 ) Net income (loss) 18 (906 ) 368 (976 ) Income (loss) per common share: Basic $ — $ (0.08 ) $ 0.03 $ (0.09 ) Diluted $ — $ (0.08 ) $ 0.03 $ (0.09 ) The explanation for major variances from the fourth quarter for the year ended December 31, 2016 are: 1. In the fourth quarter of 2016, the Company entered into an agreement with Allergan to monetize future royalty payments due to us. Under the agreement, we received a one-time non-refundable payment of $11.0 million in exchange for which Allergan will no longer be required to make future royalty payments to us |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries; Columbia Laboratories Bermuda Ltd., Juniper Pharmaceuticals France SARL, Juniper Pharmaceuticals UK Ltd., and Juniper Pharma Services Ltd. All significant intercompany balances and transactions have been eliminated in consolidation. |
Segments | Segments The Company and its subsidiaries currently operate in two segments: product and service. The product segment oversees the supply chain and manufacturing of CRINONE, the Company’s sole commercialized product. The product segment also includes the royalty stream the Company receives from Allergan for CRINONE sales in the United States until the November 2016 monetization agreement, as well as the development of new product candidates. The service segment includes product development, clinical trial manufacturing, and advanced analytical and consulting services for the Company’s customers as well as characterizing and developing pharmaceutical product candidates for the Company’s internal programs and managing certain preclinical activities including manufacturing of the Company’s pipeline products. In September 2013, the Company acquired Juniper Pharma Services, a U.K.-based provider of pharmaceutical development, clinical trial manufacturing, and advanced analytical and consulting services to the pharmaceutical industry. The Company has integrated its supply chain management for its sole commercialized product, CRINONE into those operations and have therefore sought to capture synergies by transferring all operational activities related to its historic business. The Chief Executive Officer, who is the Company’s Chief Operating Decision Maker (CODM), currently manages the business based on revenue and gross profit and as such the Company has concluded that it is two segments, which consists of product and service. Segment information is consistent with the financial information regularly reviewed by our CODM, for purposes of evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting future periods. Juniper’s CODM does not review its assets, operating expenses or non-operating income and expenses by business segment at this time. |
Management Estimates | Management Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures at the date of the financial statements during the reporting period. Significant estimates are used for, but are not limited to revenue recognition, sales return reserves, allowance for doubtful accounts, inventory reserves, impairment analysis of goodwill and intangibles including their useful lives, research and development accruals, deferred tax assets, liabilities and valuation allowances, common stock warrant valuations, and fair value of stock options. On an ongoing basis, management evaluates its estimates. Actual results could differ from those estimates. |
Foreign Currency | Foreign Currency The assets and liabilities of the Company’s subsidiaries in the United Kingdom and France are translated into U.S. dollars at current exchange rates and revenue and expense items are translated at average rates of exchange prevailing during the period. The functional currency of these subsidiaries is considered to be the local currency for each entity and, accordingly, translation adjustments for these subsidiaries are included in accumulated other comprehensive income (loss) within stockholders’ equity. Certain intercompany and third party foreign currency-denominated transactions generated foreign currency re-measurement losses of approximately $0.2 million, $70,000 and $33,000 during the years ended December 31, 2016, 2015 and 2014, respectively, which are included in other expense, net in the consolidated statements of operations. |
Cash Equivalents | Cash Equivalents The Company considers all investments purchased with an original maturity of three months or less to be cash equivalents. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments U.S. GAAP establishes a framework for measuring fair value under generally accepted accounting principles and enhances disclosures about fair value measurements. Fair value is defined as the amount that would be received for an asset or paid to transfer a liability (i.e., an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes the following fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value: Level 1: Quoted prices in active markets for identical assets and liabilities. Level 2: Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The fair value of cash and cash equivalents are classified as Level 1 at December 31, 2016 and 2015. Some of the estimates and assumptions in the Company's goodwill impairment assessment include: the amount and timing of the projected net cash flows, the discount rate, and the tax rate. The estimated fair value of the common stock warrant liability resulting from the October 2009 registered direct offering of 1,362,500 shares of the common stock and warrants to purchase 681,275 shares of common stock was $0 as of December 31, 2014 as the Company neared the expiration of these warrants in April 2015. The value was determined by using the Black-Scholes option pricing model which was based on the Company’s stock price at measurement date, exercise price of this common stock warrant, risk-free rate and historical volatility, and was classified as a Level 2 measurement. During the year ended December 31 2014, the Company recorded income of $0.4 million, to adjust the value of the common stock warrant liability to market. The fair value of the common stock warrant liability as of December 31, 2016 and 2015 was zero as the warrants expired in April 2015. Therefore, during the years ended December 31, 2016 and 2015, no income or expense was recorded. 2014 Stock price $ 5.60 Exercise price $ 12.16 Risk free interest rate 0.030 % Expected term 0.25 years Dividend yield — Expected volatility 22.76 % The fair value of accounts receivable and accounts payable approximate their carrying amount. The Company’s long-term debt is carried at amortized cost, which approximates fair value based on current market pricing available to the Company for similar debt instruments and is categorized as a Level 2 measurement. |
Inventories | Inventories Inventories are stated at the lower of cost (first-in, first-out) or market. Components of inventory cost include materials, labor and manufacturing overhead. Inventories consist of the following (in thousands): December 31, 2016 2015 Raw materials $ 856 $ 1,410 Work in process 3,806 1,840 Finished goods 959 373 Total $ 5,621 $ 3,623 Reserves for excess and obsolete inventory were $45,000 and $0.3 million at December 31, 2016 and 2015, respectively. Juniper provides inventory allowances when conditions indicate that the selling price could be less than cost due to physical deterioration, usage, obsolescence, reductions in estimated future demand and reductions in selling prices. Juniper balances the need to maintain strategic inventory levels with the risk of obsolescence due to changing technology and customer demand levels. Unfavorable changes in market conditions may result in a need for additional inventory reserves that could adversely impact the Company’s gross margins. Conversely, favorable changes in demand could result in higher gross margins when the Company sells products. |
Accounts Receivable, Net of Allowances | Accounts Receivable, net of allowances Accounts receivable are reported at their outstanding unpaid principal balances reduced by allowances for doubtful accounts. The Company estimates doubtful accounts based on its historical bad debts, factors related to specific customers’ ability to pay and current economic trends. The Company writes off accounts receivable against the allowance when a balance is determined to be uncollectable. Accounts receivable allowance activity consisted of the following for the years ended December 31 (in thousands): 2016 2015 2014 Balance at beginning of year $ 263 $ 358 $ 112 Additions — — 246 Deductions (226 ) (95 ) — Balance at end of year $ 37 $ 263 $ 358 Juniper’s accounts receivable balance, net of allowance for doubtful accounts, was $6.6 million as of December 31, 2016, and $7.5 million as of December 31, 2015. Included in the accounts receivable balance at December 31, 2016 and 2015 were $1.3 million and $1.9 million of unbilled accounts receivable, respectively. Juniper’s unbilled accounts receivable is derived from services performed that have not been billed as of the balance sheet date. |
Property and Equipment, Net | Property and Equipment, net Property and equipment is stated at cost less accumulated depreciation. Leasehold improvements are amortized over the lesser of the useful life or the term of the leases. Depreciation is computed on the straight-line basis over the estimated useful lives of the respective assets, as follows: Years Machinery and equipment 3-10 Furniture and fixtures 3-5 Computer equipment and software 3-5 Buildings Up to 39 Land Indefinite Costs of major additions and improvements are capitalized and expenditures for maintenance and repairs that do not extend the life of the assets are expensed. Upon sale or disposition of property and equipment, the cost and related accumulated depreciation are eliminated from the accounts and any resultant gain or loss is credited or charged to operations. Juniper continually evaluates whether events or circumstances have occurred that indicate that the remaining useful life of its long-lived assets may warrant revision or that the carrying value of these assets may be impaired. Juniper evaluates the realizability of its long-lived assets based on profitability and cash flow expectations for the related asset. Any write-downs are treated as permanent reductions in the carrying amount of the assets. Based on this evaluation, Juniper believes, as of each balance sheet date presented, none of Juniper’s long-lived assets were impaired. |
Concentration of Risk | Concentration of Risk The Company has two major customers – Allergan and Merck KGaA. See Note 13 of our consolidated financial statements for customer and product concentrations. The Company depends on one supplier for a key excipient (ingredient) used in its products and one supplier for one of the active pharmaceutical ingredients. |
Goodwill | Goodwill Goodwill represents the excess of the purchase price over the fair value of assets acquired and liabilities assumed in a business combination. The Company does not amortize its goodwill, but instead tests for impairment annually in the fourth quarter and more frequently whenever events or changes in circumstances indicate that the fair value of the asset may be less than its carrying value of the asset. In August 2016, the Company announced that its Phase 2b clinical trial evaluating its lead product candidate, COL-1077, did not achieve its primary and secondary endpoints and that further development on COL-1077 would be discontinued. The Company considered the determination that further development on COL-1077 would not continue to be a triggering event requiring a test for impairment under ASC 350. In accordance with Accounting Standards Codification, or ASC 350, Goodwill and Other Intangibles The Company has concluded that its business represents two reporting units for goodwill impairment testing, which are product and service. The Company’s goodwill is assigned to its service reporting unit. The Company has performed tests for impairment as of August 17, 2016, the date of the triggering event and October 1, 2016, the date of the annual test and have determined that goodwill is not impaired as of either date. |
Intangible Assets | Intangible Assets The Company capitalizes and includes in intangible assets the costs of trademark, developed technology and customer relationships. Intangible assets are recorded at fair value at the time of their acquisition and stated net of accumulated amortization. The Company amortizes its intangible assets that have finite lives using either the straight-line or accelerated method, based on the useful life of the asset over which it is expected to be consumed utilizing expected undiscounted future cash flows. Amortization is recorded over the estimated useful lives ranging from 3 to 7 years. The Company evaluates the realizability of its definite lived intangible assets whenever events or changes in circumstances or business conditions indicate that the carrying value of these assets may not be recoverable based on expectations of future undiscounted cash flows for each asset group. If the carrying value of an asset or asset group exceeds its undiscounted cash flows, the Company estimates the fair value of the assets, generally utilizing a discounted cash flow analysis based on the present value of estimated future cash flows to be generated by the assets using a risk-adjusted discount rate. To estimate the fair value of the assets, the Company uses market participant assumptions pursuant to ASC 820, Fair Value Measurements |
Income Taxes | Income Taxes Deferred tax assets or liabilities are determined based on timing differences between when income and expense items are recognized for financial statement purposes versus when they are recognized for tax purposes, as measured by enacted tax rates expected to apply to taxable income in the fiscal years in which those temporary differences are expected to be settled. A valuation allowance is provided against deferred tax assets in circumstances where management believes it is more likely than not that all or a portion of the assets will not be realized. The Company has provided a full valuation allowance against its net domestic and foreign deferred tax assets as of December 31, 2016 and 2015. |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Changes to accumulated other comprehensive loss during the year ended December 31, 2016 were as follows (in thousands): Translation Adjustment Balance – December 31, 2015 $ (1,162 ) Current period other comprehensive income (loss) (3,866 ) Balance – December 31, 2016 $ (5,028 ) |
Revenue Recognition | Revenue Recognition Revenues include product revenues, which primarily consist of sales of CRINONE to Merck KGaA, royalty revenues, which primarily consisted of royalty revenues from Allergan on sales of CRINONE until the November 2016 monetization agreement, and service revenues, which primarily consist of analytical and consulting services, pharmaceutical development and clinical trial manufacturing services and other revenues. Product Revenue Revenues from the sale of products are recognized when all of the following criteria are met: persuasive evidence of a sales arrangement exists; delivery has occurred or services have been rendered; the price is fixed or determinable; and collectability is reasonably assured. Selling prices to Merck KGaA for CRINONE (progesterone gel) are determined on an annual and country-by-country basis and are the greater of (i) a percentage of Merck KGaA’s net estimated selling price, or (ii) Juniper’s direct manufacturing cost plus 20% and are invoiced to Merck KGaA upon shipment. Juniper records revenue at the minimum selling price, which is Juniper’s direct manufacturing cost plus 20% at the time of shipment to Merck KGaA as that amount is considered fixed or determinable. The Company records deferred revenue related to amounts invoiced above the minimum selling price. Upon receiving sell through information from Merck KGaA on a quarterly and country-by-country basis, the Company records an adjustment to increase revenue to reflect the difference between Merck KGaA’s actual net selling price and the minimum price recorded at the time of shipment. Any difference between the amounts invoiced at Merck KGaA’s estimated net selling price and Merck KGaA’s actual net selling price are billed or credited to Merck KGaA in the quarter the product is sold through by Merck KGaA. Accordingly, product revenue in each period includes both an amount for product shipped to Merck KGaA in the current period recognized at the minimum purchase price as well as an amount for product shipped by Merck KGaA to its customers in the current period equal to the difference between Merck KGaA’s actual net selling price and the minimum purchase price. Merck KGaA is also entitled to a volume discount based on annual purchases. The Company records reserves against revenue on a quarterly basis to reflect the volume discount expected to be earned by Merck KGaA during the year. In April 2013, Juniper’s license and supply agreement with Merck KGaA for the sale of CRINONE outside the United States was renewed for an additional five year term, extending the expiration date to May 19, 2020. Service Revenue The professional service contracts that Juniper enters into and operates under specifies whether the engagement will be billed on a time-and-materials or a fixed-price basis. These engagements generally last three to six months, although some of Juniper’s engagements can be longer in duration. Juniper recognizes substantially all of the Company’s professional services revenues under written contracts when the fee is fixed or determinable, as the services are provided, and only in those situations where collection from the client is reasonably assured. In certain cases Juniper bills clients prior to work being performed, which requires Juniper to defer revenue in accordance with U.S. GAAP. Revenues from time-and-materials service contracts are recognized as the services are performed based upon hours worked and contractually agreed-upon hourly rates, as well as indirect fees based upon hours worked. Service revenues from a majority of Juniper’s fixed-price engagements are recognized on a proportional performance method based on the ratio of costs incurred, substantially all of which are labor-related, to the total estimated project costs. Project costs are classified in costs of services and are based on the direct salary of the employees on the engagement plus all direct expenses incurred to complete the engagement, including any amounts billed to Juniper by its vendors. The proportional performance method is used for fixed-price contracts because reasonably dependable estimates of the revenues and costs applicable to various stages of a contract can be made, based on historical experience and the terms set forth in the contract, and are indicative of the level of benefit provided to Juniper’s clients. In the event of a termination, fixed-price contracts generally provide for payment for services rendered up to the termination date. Service revenues also include reimbursements, which include reimbursement for travel and other out-of-pocket expenses, outside consultants, and other reimbursable expenses. Royalty revenues, based on sales by licensees, are recorded as revenues when those sales are made by the licensees. In November 2016, the Company received a one-time payment of $11.0 million in exchange for which Allergan will no longer be required to make future royalty payments due to Juniper. The Company maintains accounts receivable allowances for estimated losses resulting from disputed amounts or the inability of Juniper’s customers to make required payments. Juniper identifies specific collection issues and establishes an accounts receivable allowance based on its historical collection experience, review of client accounts, current trends, and credit policy. If the financial condition of Juniper’s customers were to deteriorate or disputes were to arise regarding the services provided, resulting in an impairment of their ability or intent to make payment, additional allowances may be required. A failure to estimate accurately the accounts receivable allowances and ensure that payments are received on a timely basis could have a material adverse effect on Juniper’s business, financial condition, and results of operations. Juniper collects value added tax from its customers for revenues generated out of the United Kingdom for which the customer is not tax exempt and remits such taxes to the appropriate governmental authorities. Juniper presents its value added tax on a net basis; therefore, these taxes are excluded from revenues. Deferred Revenue The Company’s deferred revenue balance consists of the following at December 31, 2016 and 2015 (in thousands): As of December 31, 2016 2015 Product revenues $ 4,647 $ 2,854 Service revenues 385 543 Regional Growth Fund 592 1,480 Total $ 5,624 $ 4,877 Amounts invoiced but not yet earned on product revenues are recorded as deferred revenue until the Company receives sell through information from Merck KGaA indicating the product has been sold through or otherwise disposed of. Amounts invoiced but not yet earned on service revenue are deferred until such time as performance is rendered or the obligation to perform the service is completed for service revenues. As part of the acquisition of Juniper Pharma Services, Juniper assumed a $2.5 million obligation under a grant arrangement with the Regional Growth Fund on behalf of the Secretary of State for Business, Innovation, and Skills in the United Kingdom. Juniper Pharma Services used this grant to fund the building of its second facility, which includes analytical labs, office space, and a manufacturing facility. As a part of the arrangement, Juniper Pharma Services is required to create and maintain certain full-time equivalent personnel levels through October 2017. As of December 31, 2016, the Company is in compliance with the covenants of the arrangement. The income from the Regional Growth Fund will be recognized in the other income line of the consolidated statement of operations on a decelerated basis through September 30, 2017. |
Research and Development Costs | Research and Development Costs Research and development consist of consultants, material costs, salaries and other personnel related expenses including stock-based compensation of employees and non-employees primarily engaged in research and development activities and materials used and other overhead expenses incurred. All research and development costs are expensed as incurred. Research and development costs that are paid in advance of performance are capitalized as prepaid expenses until incurred. Clinical trial expenses include expenses associated with clinical research organizations. The invoicing from clinical research organizations for services rendered can lag several months. Juniper accrues the cost of services rendered in connection with clinical research organizations activities based on its estimate of costs incurred. Juniper maintains regular communication with its clinical research organizations to assess the reasonableness of its estimates. In March 2015, the Company entered into an exclusive patent license agreement with The General Hospital Corporation, d/b/a Massachusetts General Hospital, pursuant to which Juniper has licensed the exclusive worldwide rights to Massachusetts General Hospital patent rights in a novel intra-vaginal ring (IVR) technology for delivery of one or more pharmaceutical dosages and release rates in a single segmented ring. The Company is leveraging the technology to advance JNP-0101, JNP-0201 and JNP-0301. In August 2016, the Company announced that the Phase 2b clinical trial evaluating COL-1077, 10% lidocaine bioadhesive vaginal gel, for the reduction of pain intensity in women undergoing an endometrial biopsy with tenaculum placement did not achieve its primary and secondary endpoints. The safety and pharmacokinetic (PK) profiles of COL-1077 were consistent with what has been observed in prior clinical trials of the lidocaine bioadhesive vaginal gel. Based on this study outcome the Company discontinued further development of COL-1077, with resources reallocated to its preclinical programs. |
Stock-based compensation | Stock-based compensation Juniper follows the fair value recognition provisions of ASC 718, Stock Compensation Topic Equity – Equity Based Payments to Nonemployees Juniper recorded stock-based compensation expense of $1.2 million, $1.8 million and $0.6 million for the years ended December 31, 2016, 2015 and 2014, respectively. Total stock-based compensation expense was recorded to cost of revenues and operating expenses based upon the functional responsibilities of the individuals holding the respective awards as follows (in thousands): Years Ended December 31, 2016 2015 2014 Cost of revenues $ 199 $ 79 $ 44 Sales and marketing 50 38 28 Research and development 73 1,126 2 General and administrative 879 507 533 Total stock-based compensation $ 1,201 $ 1,750 $ 607 As of December 31, 2016, total unamortized share-based compensation cost related to non-vested stock options was $3.3 million, which is expected to be recognized on a straight-line basis over a weighted average period of 2.83 years. Cash received from option exercises was $0.1 million and $33,000 during the years ending December 31, 2015 and 2014, respectively. No options were exercised in the year ended December 31, 2016. Juniper granted 657,500, 387,000 and 312,000 stock options to employees during the years ended December 31, 2016, 2015 and 2014, respectively. The Company records stock-based compensation expense for stock options granted to non-employees based on the fair value of the stock options, which is re-measured over the graded vesting term resulting in periodic adjustments to stock-based compensation expense. During 2016, no stock options were granted by the Company to non-employees. The stock-based compensation expense recorded for non-employees is primarily reflected in the research and development line of the statement of operations. The 240,000 non-employee options reflected in the research and development line are re-measured on a quarterly basis from the date of grant. The remaining 3,000 non-employee options are reflected in the general and administrative line and will be re-measured over a 2.75 year period from the date of grant. The Company recorded a reduction of stock-based compensation expense for non-employees of $0.1 million in the year ended December 31, 2016, as a result of impacts of changes in the fair value. Stock-based compensation recorded for non-employees was $1.1 million in the year ended December 31, 2015. There was no stock-based compensation expense recorded for non-employees in the year ended December 31, 2014. No tax benefit has been recognized due to the net tax losses during the periods presented. The Company uses the Black-Scholes option pricing model to determine the estimated fair value for stock-based awards. Option-pricing models require the input of various subjective assumptions, including the option’s expected life and the price volatility of the underlying stock. The weighted-average fair value of the options granted to employees during the years ended December 31, 2016, 2015 and 2014 was $4.66, $4.38 and $4.27, respectively based on the following assumptions: Years Ended December 31, 2016 2015 2014 Risk free interest rate 0.85%-1.45% 0.87%-1.20% 0.93%-1.64% Expected term 4.75 years 4.56-4.75 years 4.75 years Dividend yield — — — Expected volatility 55.23%-79.29% 76.86%-83.09% 78.27%-81.36% The weighted-average fair value of the options granted to non-employees during the year ended December 31, 2015 was $4.52 based on the following assumptions: 2015 Risk free interest rate 1.47%-1.54% Expected term 7 years Dividend yield — Expected volatility 82.88%-83.09% Juniper’s estimated expected stock price volatility is based on its own historical volatility. Juniper’s expected term of options granted in the years ended December 31, 2016, 2015 and 2014 was derived from the simplified method for employee grants and the contractual term is used for non-employee grants. The risk-free rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. |
Net Income (Loss) Per Common Share | Net Income (Loss) Per Common Share The calculation of basic and diluted income (loss) per common and common equivalent share is as follows (in thousands except for per share data): Years Ended December 31, 2016 2015 2014 Basic net income (loss) per common share Net income (loss) $ 5,951 $ (1,496 ) $ 4,656 Less: Preferred stock dividends (28 ) (28 ) (28 ) Net income (loss) applicable to common stock $ 5,923 $ (1,524 ) $ 4,628 Basic weighted average number of common shares outstanding 10,795 10,774 10,992 Basic net income (loss) per common share $ 0.55 $ (0.14 ) $ 0.42 Diluted net income (loss) per common share Net income (loss) applicable to common stock $ 5,923 $ (1,524 ) $ 4,628 Add: Preferred stock dividends 28 — 28 Less: Fair value of stock warrants for dilutive warrants — — (379 ) Net income (loss) applicable to dilutive common stock $ 5,951 $ (1,524 ) $ 4,277 Basic weighted average number of common shares outstanding 10,795 10,774 10,992 Effect of dilutive securities Dilutive preferred share conversions 83 Dilutive stock awards 13 — 15 96 — 15 Diluted weighted average number of common shares outstanding 10,891 10,774 11,007 Diluted net income (loss) per common share $ 0.55 $ (0.14 ) $ 0.39 Basic income (loss) per common share is computed by dividing the net income (loss), less preferred dividends by the weighted-average number of shares of common stock outstanding during a period. The diluted income (loss) per common share calculation gives effect to dilutive options, warrants, convertible notes, convertible preferred stock, and other potential dilutive common stock including selected restricted shares of common stock outstanding during the period. Diluted income (loss) per common share is based on the treasury stock method and includes the effect from potential issuance of common stock, such as shares issuable pursuant to the exercise of stock options, assuming the exercise of all in-the-money stock options. Common share equivalents have been excluded where their inclusion would be anti-dilutive. Shares to be issued upon the exercise of the outstanding options and warrants, convertible preferred stock and selected restricted shares of common stock excluded from the income per share calculation amounted to 1,658,234, 1,087,308 and 1,692,180 for the years ended December 31, 2016, 2015 and 2014, respectively, because the awards were anti-dilutive. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment . The standard simplifies the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. The ASU is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019, and should be applied on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The adoption of this standard is not expected to have a material impact on the consolidated financial statements and related disclosures. In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). The standard is intended to simplify several areas of accounting for share-based compensation arrangements, including the income tax impact, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU 2016-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and early adoption is permitted. The Company is currently evaluating the method and impact that the adoption will have on its consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU No. 2016-02, Leases . The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently evaluating the method and impact that the adoption will have on its consolidated financial statements and related disclosures. In January 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-01, Financial Instruments – Recognition and Measurement of Financial Assets and Financial Liabilities In November 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements – Going Concern (“ASU 2014-15”). The provisions of ASU 2014-15 require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial doubt, (2) require an evaluation every reporting period including interim periods, (3) provide principles for considering the mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). The amendments in this ASU are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. The adoption of this ASU did not have an impact on its financial statements except for disclosure requirements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which provides guidance for revenue recognition. ASU 2014-09 affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets and supersedes the revenue recognition requirements in Topic 605, Revenue Recognition , and most industry-specific guidance. This ASU also supersedes some cost guidance included in Subtopic 605-35, Revenue Recognition-Construction-Type and Production-Type Contracts . The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which a company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under today’s guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. In July 2015, the FASB approved a one year delay for the effective date of the revenue standard. The guidance is effective for the Company beginning January 1, 2018 and, at that time the Company may adopt the new standard under the full retrospective approach or the modified retrospective approach. Early adoption is permitted for one year prior to the required adoption date. The Company is currently evaluating the method and impact that the adoption of ASU 2014-09 will have on its consolidated financial statements and related disclosures. |
Summary of Significant Accoun22
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule of Inventories | Inventories consist of the following (in thousands): December 31, 2016 2015 Raw materials $ 856 $ 1,410 Work in process 3,806 1,840 Finished goods 959 373 Total $ 5,621 $ 3,623 |
Summary of Accounts Receivable Allowance Activity | Accounts receivable allowance activity consisted of the following for the years ended December 31 (in thousands): 2016 2015 2014 Balance at beginning of year $ 263 $ 358 $ 112 Additions — — 246 Deductions (226 ) (95 ) — Balance at end of year $ 37 $ 263 $ 358 |
Schedule of Useful Lives of Property and Equipment | Depreciation is computed on the straight-line basis over the estimated useful lives of the respective assets, as follows: Years Machinery and equipment 3-10 Furniture and fixtures 3-5 Computer equipment and software 3-5 Buildings Up to 39 Land Indefinite |
Schedule of Accumulated Other Comprehensive Loss | Changes to accumulated other comprehensive loss during the year ended December 31, 2016 were as follows (in thousands): Translation Adjustment Balance – December 31, 2015 $ (1,162 ) Current period other comprehensive income (loss) (3,866 ) Balance – December 31, 2016 $ (5,028 ) |
Schedule of Deferred Revenue Balance | The Company’s deferred revenue balance consists of the following at December 31, 2016 and 2015 (in thousands): As of December 31, 2016 2015 Product revenues $ 4,647 $ 2,854 Service revenues 385 543 Regional Growth Fund 592 1,480 Total $ 5,624 $ 4,877 |
Schedule of Stock-Based Compensation Expense Allocation | Total stock-based compensation expense was recorded to cost of revenues and operating expenses based upon the functional responsibilities of the individuals holding the respective awards as follows (in thousands): Years Ended December 31, 2016 2015 2014 Cost of revenues $ 199 $ 79 $ 44 Sales and marketing 50 38 28 Research and development 73 1,126 2 General and administrative 879 507 533 Total stock-based compensation $ 1,201 $ 1,750 $ 607 |
Calculation of Basic and Diluted Income (Loss) Per Common Share and Common Share Equivalents | The calculation of basic and diluted income (loss) per common and common equivalent share is as follows (in thousands except for per share data): Years Ended December 31, 2016 2015 2014 Basic net income (loss) per common share Net income (loss) $ 5,951 $ (1,496 ) $ 4,656 Less: Preferred stock dividends (28 ) (28 ) (28 ) Net income (loss) applicable to common stock $ 5,923 $ (1,524 ) $ 4,628 Basic weighted average number of common shares outstanding 10,795 10,774 10,992 Basic net income (loss) per common share $ 0.55 $ (0.14 ) $ 0.42 Diluted net income (loss) per common share Net income (loss) applicable to common stock $ 5,923 $ (1,524 ) $ 4,628 Add: Preferred stock dividends 28 — 28 Less: Fair value of stock warrants for dilutive warrants — — (379 ) Net income (loss) applicable to dilutive common stock $ 5,951 $ (1,524 ) $ 4,277 Basic weighted average number of common shares outstanding 10,795 10,774 10,992 Effect of dilutive securities Dilutive preferred share conversions 83 Dilutive stock awards 13 — 15 96 — 15 Diluted weighted average number of common shares outstanding 10,891 10,774 11,007 Diluted net income (loss) per common share $ 0.55 $ (0.14 ) $ 0.39 |
Employees [Member] | |
Assumptions Used to Value Options Granted | The weighted-average fair value of the options granted to employees during the years ended December 31, 2016, 2015 and 2014 was $4.66, $4.38 and $4.27, respectively based on the following assumptions: Years Ended December 31, 2016 2015 2014 Risk free interest rate 0.85%-1.45% 0.87%-1.20% 0.93%-1.64% Expected term 4.75 years 4.56-4.75 years 4.75 years Dividend yield — — — Expected volatility 55.23%-79.29% 76.86%-83.09% 78.27%-81.36% |
Non Employees [Member] | |
Assumptions Used to Value Options Granted | The weighted-average fair value of the options granted to non-employees during the year ended December 31, 2015 was $4.52 based on the following assumptions: 2015 Risk free interest rate 1.47%-1.54% Expected term 7 years Dividend yield — Expected volatility 82.88%-83.09% |
Common Stock Warrant Liability [Member] | |
Assumptions Used to Value Options Granted | 2014 Stock price $ 5.60 Exercise price $ 12.16 Risk free interest rate 0.030 % Expected term 0.25 years Dividend yield — Expected volatility 22.76 % |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Changes to Goodwill | Changes to goodwill during the years ended December 31, 2016 and 2015 were as follows (in thousands): Total Balance – December 31, 2014 $ 10,503 Translation adjustment (493 ) Balance – December 31, 2015 10,010 Translation adjustment (1,668 ) Balance – December 31, 2016 $ 8,342 |
Changes to Intangible Assets | Intangible assets consist of the following at December 31, 2016 and December 31, 2015 (in thousands): Trademark Developed Technology Customer Relationships Total Gross carrying amount – December 31, 2016 $ 300 $ 1,370 $ 1,240 $ 2,910 Translation adjustment (53 ) (298 ) (270 ) (621 ) Accumulated amortization (247 ) (617 ) (456 ) (1,320 ) Balance – December 31, 2016 $ — $ 455 $ 514 $ 969 Trademark Developed Technology Customer Relationships Total Gross carrying amount – December 31, 2015 $ 300 $ 1,370 $ 1,240 $ 2,910 Translation adjustment (19 ) (83 ) (76 ) (178 ) Accumulated amortization (215 ) (538 ) (381 ) (1,134 ) Balance – December 31, 2015 $ 66 $ 749 $ 783 $ 1,598 |
Amortization Expense on Existing Intangible Assets for Next Four Years | As of December 31, 2016, amortization expense on existing intangible assets for the next four years is as follows (in thousands): Year Total 2017 $ 288 2018 265 2019 240 2020 176 Total $ 969 |
Debt and other Contractual Ob24
Debt and other Contractual Obligations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Other Income on Obligation | The amount of other income on the obligation that will be recognized provided the Company remains in compliance with the covenants would be the following (in thousands): Year Total 2017 592 Total $ 592 |
Operating Leases and Loan Obligation [Member] | |
Summary of Other Income on Obligation | The Company’s future contractual obligations include the following (in thousands): Total 2017 2018 2019 2020 2021 Thereafter Operating lease obligations $ 953 $ 436 $ 443 $ 74 $ — $ — $ — Loan principal repayments 2,407 204 211 217 224 230 1,321 Total $ 3,360 $ 640 $ 654 $ 291 $ 224 $ 230 $ 1,321 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consists of the following (dollars in thousands): Estimated Useful Life December 31, (Years) 2016 2015 Machinery and equipment 3-10 $ 8,628 $ 7,175 Furniture and fixtures 3-5 1,190 1,030 Computer equipment and software 3-5 538 625 Buildings Up to 39 7,310 8,771 Land Indefinite 469 562 Construction in-process 1,567 9 19,702 18,172 Less: Accumulated depreciation (6,336 ) (5,322 ) Total $ 13,366 $ 12,850 |
Accrued Expenses and Other (Tab
Accrued Expenses and Other (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses and Other | Accrued expenses and other consist of the following (in thousands): December 31, 2016 2015 Payroll $ 1,643 $ 1,495 Professional fees 1,074 952 Clinical studies 740 124 Other 1,814 859 Total $ 5,271 $ 3,430 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Domestic and Foreign Income (loss), Before Income Taxes | Income (loss) before income taxes consists of the following (in thousands): Year Ended December 31, 2016 2015 2014 Domestic $ (2,090 ) $ (8,133 ) $ 440 Foreign 8,132 6,642 4,867 Income (loss) before income taxes $ 6,042 $ (1,491 ) $ 5,307 |
Components of the Provision for Income Taxes | The components of the provision for income taxes are as follows (in thousands): Year Ended December 31, 2016 2015 2014 Current: Federal $ 80 $ (9 ) $ 117 State 11 14 3 Foreign — — Total current 91 5 120 Deferred: Foreign — — 531 Total deferred — — 531 Provision for income taxes $ 91 $ 5 $ 651 |
Reconciliation of the Federal Statutory Rate to Effective Tax Rate | The reconciliation of the federal statutory rate to Juniper’s effective tax rate is as follows: 2016 2015 2014 Federal income tax rate 34.0 % 34.0 % 34.0 % Foreign rate differential (49.6 )% 151.5 % (26.1 )% State tax, net of federal benefit 13.4 (0.9 ) 67.6 Permanent Items: Change in fair market value of stock warrants — — (2.4 ) Incentive stock options 1.0 (14.9 ) 2.0 Dividend from foreign subsidiary 53.5 (79.8 ) 45.2 Amortization of technical rights (34.5 ) 23.4 (6.6 ) Deferred adjustments 30.6 6.6 1.8 Other (1.1 ) (0.5 ) 0.8 Effect of permanent differences 49.5 (65.2 ) 40.8 Effective income tax rate 47.3 119.4 116.3 Change in valuation allowance (45.8 ) (119.7 ) (104.0 ) Effective income tax rate 1.5 % (0.3 )% 12.3 % |
Components of Net Deferred Tax Assets and Liabilities | The components of Juniper’s net deferred tax assets and liabilities are as follows (in thousands): December 31, 2016 December 31, 2015 Net Operating Loss $ 55,521 $ 57,541 Tax Credits 2,034 1,723 Stock Based Compensation 997 1,502 Fixed Assets (749 ) (1,386 ) Intangibles 843 1,059 Other 337 1,549 Net deferred tax assets 58,983 61,988 Less: valuation allowance: Federal (58,983 ) (61,988 ) Deferred tax asset $ — $ — |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Information on Outstanding Expired Warrants | During the year ended December 31, 2015, the following warrants expired: Weighted Average Exercise Price Warrants Expiration Date $ 10.80 502,907 07/02/2015 $ 12.16 621,275 04/30/2015 $ 11.55 1,124,182 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Company's Stock Option Plans | A summary of the status of the Company’s stock option plans as of December 31, 2016 is as follows: Number of Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (year) Aggregate Intrinsic Value (in thousands) Outstanding, December 31, 2015 1,019,684 $ 7.30 5.46 $ 3,607 Granted 657,500 7.56 Exercised — — Forfeited (161,125 ) 8.76 Outstanding, December 31, 2016 1,516,059 $ 7.25 5.19 $ 48 Vested 550,408 7.44 4.08 31 Unvested 965,651 7.15 5.82 17 Vested or expected to vest, December 31, 2016 1,516,059 $ 7.25 5.19 $ 48 Exercisable, December 31, 2016 550,408 $ 7.44 4.08 $ 31 |
Summary of Company's Restricted Stock Activity and Related Information | A summary of the Company’s restricted stock activity and related information for the year ended December 31, 2016 is as follows: Shares Weighted Average Grant Date Fair Value Unvested, December 31, 2015 12,645 $ 11.86 Granted 42,203 $ 7.40 Vested (13,915 ) $ 11.41 Forfeited — $ — Unvested, December 31, 2016 40,933 $ 7.42 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The table below presents the related party transactions between the Company and Allergan for the year ended December 31, 2014 (in thousands): 2014 Revenues: Product revenues $ 167 Royalties 714 Other revenues — Total revenues 881 Cost of product revenues: Cost of product revenues — Gross profit $ 881 |
Segments and Geographic Infor31
Segments and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Selected Information by Geographic Area | The following tables show selected information by geographic area (in thousands): Revenues: Year Ended December 31, 2016 2015 2014 United States $ 19,955 $ 7,677 $ 10,374 Switzerland 27,302 23,139 18,789 United Kingdom 4,632 4,422 2,180 Other countries 2,684 3,049 2,050 Subtotal international 34,618 30,610 23,019 Total $ 54,573 $ 38,287 $ 33,393 Total assets: December 31, 2016 2015 United States $ 21,423 $ 15,454 Switzerland 4,673 1,570 United Kingdom 31,288 33,335 Other countries 187 218 Total $ 57,571 $ 50,577 Long-lived assets: December 31, 2016 2015 United States $ 663 $ 765 Switzerland 369 49 United Kingdom 13,468 13,817 Other countries 2 2 Total $ 14,502 $ 14,633 |
Schedule of Other Information by Segment | The following summarizes other information by segment for the year ended December 31, 2016 (in thousands): Product Service Total Revenues Product revenues $ 27,211 $ — $ 27,211 Service revenues — 13,065 13,065 Royalties 14,297 — 14,297 Total revenues 41,508 13,065 54,573 Cost of product revenues 15,595 — 15,595 Cost of service revenues — 8,698 8,698 Total cost of revenues 15,595 8,698 24,293 Gross profit $ 25,913 $ 4,367 $ 30,280 Total operating expenses 25,001 Total non-operating income 763 Income before income taxes $ 6,042 The following summarizes other information by segment for the year ended December 31, 2015 (in thousands): Product Service Total Revenues Product revenues $ 22,891 $ — $ 22,891 Service revenues — 11,651 11,651 Royalties 3,745 — 3,745 Total revenues 26,636 11,651 38,287 Cost of product revenues 13,053 — 13,053 Cost of service revenues — 8,361 8,361 Total cost of revenues 13,053 8,361 21,414 Gross profit $ 13,583 $ 3,290 $ 16,873 Total operating expenses 18,746 Total non-operating income 382 Loss before income taxes $ (1,491 ) The following summarizes other information by segment for the year ended December 31, 2014 (in thousands): Product Service Total Revenues Product revenues $ 18,310 $ — $ 18,310 Service revenues — 8,770 8,770 Royalties 6,313 — 6,313 Total revenues 24,623 8,770 33,393 Cost of product revenues 10,470 — 10,470 Cost of service revenues — 7,219 7,219 Total cost of revenues 10,470 7,219 17,689 Gross profit $ 14,153 $ 1,551 $ 15,704 Total operating expenses 10,960 Total non-operating income 563 Income before income taxes $ 5,307 |
Schedule of Revenue by Customer | The following table presents information about Juniper’s revenues by customer, including product sales, royalty and license revenue and service revenues for each customer accounting for 10% or more of consolidated revenues in any of the three years ended December 31 by segment: Product Year Ended December 31, 2016 2015 2014 Merck KGaA 66 % 86 % 74 % Allergan 34 14 16 Lil’ Drug Store — — 10 Total 100 % 100 % 100 % |
Quarterly Financial Informati32
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Selected Quarterly Data | The following table sets forth specific unaudited consolidated quarterly statement of operations data for the eight quarters ended December 31, 2016 (in thousands). This information is unaudited, but in the opinion of management, it has been prepared on the same basis as the audited consolidated financial statements and all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts stated below to state fairly the unaudited consolidated quarterly results of operations. The results of operations for any quarter are not necessarily indicative of the results of operations for any future period. First Quarter Second Quarter Third Quarter Fourth Quarter 2016 Revenues $ 10,477 $ 11,610 $ 11,556 $ 20,930 Gross profit 4,127 5,143 5,851 15,159 Operating expenses 5,865 7,420 5,674 6,042 (Loss) income from operations (1,738 ) (2,277 ) 177 9,117 Net (loss) income (1,643 ) (2,268 ) 248 9,614 (Loss) income per common share: Basic $ (0.15 ) $ (0.21 ) $ 0.02 $ 0.89 Diluted $ (0.15 ) $ (0.21 ) $ 0.02 $ 0.88 First Quarter Second Quarter Third Quarter Fourth Quarter 2015 Revenues $ 9,036 $ 9,633 $ 10,993 $ 8,625 Gross profit 4,158 4,063 4,440 4,212 Operating expenses 4,279 4,976 4,156 5,335 (Loss) income from operations (121 ) (913 ) 284 (1,123 ) Net income (loss) 18 (906 ) 368 (976 ) Income (loss) per common share: Basic $ — $ (0.08 ) $ 0.03 $ (0.09 ) Diluted $ — $ (0.08 ) $ 0.03 $ (0.09 ) |
Organization - Additional Infor
Organization - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||||
Cash and cash equivalents | $ 20,994 | $ 13,901 | $ 16,762 | $ 20,715 |
Summary of Significant Accoun34
Summary of Significant Accounting Policies - Additional Information (Detail) | Oct. 31, 2009shares | Nov. 30, 2016USD ($) | Sep. 30, 2013USD ($) | Dec. 31, 2016USD ($)SegmentCustomer$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares |
Schedule Of Significant Accounting Policies [Line Items] | ||||||
Number of operating segments | Segment | 2 | |||||
Foreign currency re-measurement losses | $ 200,000 | $ 70,000 | $ 33,000 | |||
Common stock, shares issued | shares | 1,362,500 | 12,257,000 | 12,215,000 | |||
Warrants to purchase common stock, in shares | shares | 681,275 | |||||
Derivative liability, fair value, gross liability | 0 | |||||
Expense (income) recognized on adjustment of fair value of stock warrant liability | $ 0 | $ 0 | (379,000) | |||
Reserves for excess and obsolete inventory | 45,000 | 300,000 | ||||
Net of allowance for doubtful accounts | 6,573,000 | 7,538,000 | ||||
Unbilled accounts receivable | $ 1,300,000 | 1,900,000 | ||||
Number of major customers | Customer | 2 | |||||
Number of reporting unit | Customer | 2 | |||||
Goodwill impaired | $ 0 | |||||
One time payment, royalty revenues | 14,297,000 | 3,745,000 | 5,599,000 | |||
Share based compensation | 1,200,000 | 1,800,000 | 600,000 | |||
Unamortized share-based compensation cost related to non-vested stock options not yet recognized | $ 3,300,000 | |||||
Weighted average period to recognize unamortized share-based compensation cost related to non-vested stock options | 5 years 2 months 9 days | |||||
Cash received from option exercised | 82,000 | 33,000 | ||||
Stock option exercised | shares | 0 | |||||
Company options granted to employees, in shares | shares | 657,500 | |||||
Share-based compensation expense | $ 1,201,000 | 1,750,000 | 607,000 | |||
Tax benefit recognized | $ 0 | $ 0 | $ 0 | |||
Antidilutive securities excluded from computation of earnings per share | shares | 1,658,234 | 1,087,308 | 1,692,180 | |||
Research and Development [Member] | ||||||
Schedule Of Significant Accounting Policies [Line Items] | ||||||
Share-based compensation expense | $ 73,000 | $ 1,126,000 | $ 2,000 | |||
General and Administrative [Member] | ||||||
Schedule Of Significant Accounting Policies [Line Items] | ||||||
Share-based compensation expense | $ 879,000 | $ 507,000 | 533,000 | |||
Non Employees [Member] | ||||||
Schedule Of Significant Accounting Policies [Line Items] | ||||||
Company options granted to employees, in shares | shares | 0 | 243,000 | ||||
Share-based compensation expense | $ 100,000 | $ 1,100,000 | $ 0 | |||
Weighted-average grant date fair values of options granted | $ / shares | $ 4.52 | |||||
Non Employees [Member] | Research and Development [Member] | ||||||
Schedule Of Significant Accounting Policies [Line Items] | ||||||
Company options granted to employees, in shares | shares | 240,000 | |||||
Employees [Member] | ||||||
Schedule Of Significant Accounting Policies [Line Items] | ||||||
Weighted-average grant date fair values of options granted | $ / shares | $ 4.66 | $ 4.38 | $ 4.27 | |||
Employee Stock Option [Member] | ||||||
Schedule Of Significant Accounting Policies [Line Items] | ||||||
Unamortized share-based compensation cost related to non-vested stock options not yet recognized | $ 3,300,000 | |||||
Weighted average period to recognize unamortized share-based compensation cost related to non-vested stock options | 2 years 9 months 29 days | |||||
Company options granted to employees, in shares | shares | 657,500 | 387,000 | 312,000 | |||
Other Stock Options [Member] | Non Employees [Member] | ||||||
Schedule Of Significant Accounting Policies [Line Items] | ||||||
Weighted average period to recognize unamortized share-based compensation cost related to non-vested stock options | 2 years 9 months | |||||
Other Stock Options [Member] | Non Employees [Member] | General and Administrative [Member] | ||||||
Schedule Of Significant Accounting Policies [Line Items] | ||||||
Company options granted to employees, in shares | shares | 3,000 | |||||
Juniper Pharma Services [Member] | ||||||
Schedule Of Significant Accounting Policies [Line Items] | ||||||
Assumed obligation under grant arrangement by the entity | $ 3,900,000 | |||||
Juniper Pharma Services [Member] | Regional Growth Fund [Member] | ||||||
Schedule Of Significant Accounting Policies [Line Items] | ||||||
Assumed obligation under grant arrangement by the entity | $ 2,500,000 | |||||
Allergan [Member] | ||||||
Schedule Of Significant Accounting Policies [Line Items] | ||||||
One time payment, royalty revenues | $ 11,000,000 | $ 11,000,000 | ||||
Merck KGaA [Member] | ||||||
Schedule Of Significant Accounting Policies [Line Items] | ||||||
Additional license and supply agreement renewals term | 5 years | |||||
License and supply agreement expiration date | May 19, 2020 | |||||
Minimum [Member] | ||||||
Schedule Of Significant Accounting Policies [Line Items] | ||||||
Finite-lived intangible asset, useful life | 3 years | |||||
Minimum [Member] | Merck KGaA [Member] | ||||||
Schedule Of Significant Accounting Policies [Line Items] | ||||||
Revenue recognition, recorded revenue cost plus percentage | 20.00% | |||||
Maximum [Member] | ||||||
Schedule Of Significant Accounting Policies [Line Items] | ||||||
Finite-lived intangible asset, useful life | 7 years |
Summary of Significant Accoun35
Summary of Significant Accounting Policies - Assumptions Used to Value Options Granted (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule Of Net Revenue Attributable To Medicaid Medicare Insurance And Self Pay As Percentage Of Net Air Medical Revenues [Line Items] | |||
Exercise price | $ 0.01 | ||
Expected term | 7 years | ||
Dividend yield | 0.00% | ||
Employees [Member] | |||
Schedule Of Net Revenue Attributable To Medicaid Medicare Insurance And Self Pay As Percentage Of Net Air Medical Revenues [Line Items] | |||
Expected term | 4 years 9 months | 4 years 9 months | |
Dividend yield | 0.00% | 0.00% | 0.00% |
Minimum [Member] | Employees [Member] | |||
Schedule Of Net Revenue Attributable To Medicaid Medicare Insurance And Self Pay As Percentage Of Net Air Medical Revenues [Line Items] | |||
Risk free interest rate | 0.85% | 0.87% | 0.93% |
Expected term | 4 years 6 months 22 days | ||
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility | 55.23% | 76.86% | 78.27% |
Minimum [Member] | Non Employees [Member] | |||
Schedule Of Net Revenue Attributable To Medicaid Medicare Insurance And Self Pay As Percentage Of Net Air Medical Revenues [Line Items] | |||
Risk free interest rate | 1.47% | ||
Expected volatility | 82.88% | ||
Maximum [Member] | Employees [Member] | |||
Schedule Of Net Revenue Attributable To Medicaid Medicare Insurance And Self Pay As Percentage Of Net Air Medical Revenues [Line Items] | |||
Risk free interest rate | 1.45% | 1.20% | 1.64% |
Expected term | 4 years 9 months | ||
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility | 79.29% | 83.09% | 81.36% |
Maximum [Member] | Non Employees [Member] | |||
Schedule Of Net Revenue Attributable To Medicaid Medicare Insurance And Self Pay As Percentage Of Net Air Medical Revenues [Line Items] | |||
Risk free interest rate | 1.54% | ||
Expected volatility | 83.09% | ||
Warrant [Member] | |||
Schedule Of Net Revenue Attributable To Medicaid Medicare Insurance And Self Pay As Percentage Of Net Air Medical Revenues [Line Items] | |||
Stock price | $ 5.60 | ||
Exercise price | $ 12.16 | ||
Risk free interest rate | 0.03% | ||
Expected term | 3 months | ||
Dividend yield | 0.00% | ||
Expected volatility | 22.76% |
Summary of Significant Accoun36
Summary of Significant Accounting Policies - Schedule of Inventory (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Inventory Net Items Net Of Reserve Alternative [Abstract] | ||
Raw materials | $ 856 | $ 1,410 |
Work in process | 3,806 | 1,840 |
Finished goods | 959 | 373 |
Total | $ 5,621 | $ 3,623 |
Summary of Significant Accoun37
Summary of Significant Accounting Policies - Summary of Accounts Receivable Allowance Activity (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | |||
Balance at beginning of year | $ 263 | $ 358 | $ 112 |
Additions | 246 | ||
Deductions | (226) | (95) | |
Balance at end of year | $ 37 | $ 263 | $ 358 |
Summary of Significant Accoun38
Summary of Significant Accounting Policies - Schedule of Useful Lives of Property and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2016 | |
Land [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment useful life | Indefinite |
Minimum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment useful life (in years) | 3 years |
Minimum [Member] | Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment useful life (in years) | 3 years |
Minimum [Member] | Computer Equipment and Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment useful life (in years) | 3 years |
Maximum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment useful life (in years) | 10 years |
Maximum [Member] | Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment useful life (in years) | 5 years |
Maximum [Member] | Computer Equipment and Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment useful life (in years) | 5 years |
Maximum [Member] | Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment useful life (in years) | 39 years |
Summary of Significant Accoun39
Summary of Significant Accounting Policies - Schedule of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance – December 31, 2015 | $ (1,162) | ||
Current period other comprehensive income (loss) | (3,866) | $ (1,099) | $ (1,433) |
Balance – December 31, 2016 | (5,028) | (1,162) | |
Foreign Currency Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance – December 31, 2015 | (1,162) | ||
Current period other comprehensive income (loss) | (3,866) | ||
Balance – December 31, 2016 | $ (5,028) | $ (1,162) |
Summary of Significant Accoun40
Summary of Significant Accounting Policies - Schedule of Deferred Revenue Balance (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred Revenue Arrangement [Line Items] | ||
Deferred revenue | $ 5,624 | $ 4,877 |
Regional Growth Fund [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Deferred revenue | 592 | 1,480 |
Product Revenues [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Deferred revenue | 4,647 | 2,854 |
Service Revenues [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Deferred revenue | $ 385 | $ 543 |
Summary of Significant Accoun41
Summary of Significant Accounting Policies - Schedule of Stock-Based Compensation Expense Allocation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation | $ 1,201 | $ 1,750 | $ 607 |
Cost of Revenues [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation | 199 | 79 | 44 |
Sales and Marketing [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation | 50 | 38 | 28 |
Research and Development [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation | 73 | 1,126 | 2 |
General and Administrative [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation | $ 879 | $ 507 | $ 533 |
Summary of Significant Accoun42
Summary of Significant Accounting Policies - Calculation of Basic and Diluted Income (Loss) Per Common Share and Common Share Equivalents (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Basic net income (loss) per common share | |||||||||||
Net income (loss) | $ 9,614 | $ 248 | $ (2,268) | $ (1,643) | $ (976) | $ 368 | $ (906) | $ 18 | $ 5,951 | $ (1,496) | $ 4,656 |
Less: Preferred stock dividends | (28) | (28) | (28) | ||||||||
Net income (loss) applicable to common stock | $ 5,923 | $ (1,524) | $ 4,628 | ||||||||
Basic weighted average number of common shares outstanding | 10,795 | 10,774 | 10,992 | ||||||||
Basic net income (loss) per common share | $ 0.89 | $ 0.02 | $ (0.21) | $ (0.15) | $ (0.09) | $ 0.03 | $ (0.08) | $ 0.55 | $ (0.14) | $ 0.42 | |
Diluted net income (loss) per common share | |||||||||||
Net income (loss) applicable to common stock | $ 5,923 | $ (1,524) | $ 4,628 | ||||||||
Add: Preferred stock dividends | 28 | 28 | 28 | ||||||||
Less: Fair value of stock warrants for dilutive warrants | (379) | ||||||||||
Net income (loss) applicable to dilutive common stock | $ 5,951 | $ (1,524) | $ 4,277 | ||||||||
Basic weighted average number of common shares outstanding | 10,795 | 10,774 | 10,992 | ||||||||
Effect of dilutive securities | |||||||||||
Dilutive preferred share conversions | 83 | ||||||||||
Dilutive stock awards | 13 | 15 | |||||||||
Weighted average number of diluted shares outstanding adjustment | 96 | 15 | |||||||||
Diluted weighted average number of common shares outstanding | 10,891 | 10,774 | 11,007 | ||||||||
Diluted net income (loss) per common share | $ 0.88 | $ 0.02 | $ (0.21) | $ (0.15) | $ (0.09) | $ 0.03 | $ (0.08) | $ 0.55 | $ (0.14) | $ 0.39 |
Goodwill and Intangible Asset43
Goodwill and Intangible Assets - Schedule of Changes to Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Beginning balance | $ 10,010 | $ 10,503 |
Translation adjustment | (1,668) | (493) |
Ending balance | $ 8,342 | $ 10,010 |
Goodwill and Intangible Asset44
Goodwill and Intangible Assets - Changes to Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 2,910 | $ 2,910 |
Translation adjustment | (621) | (178) |
Accumulated amortization | (1,320) | (1,134) |
Balance | 969 | 1,598 |
Trademark [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 300 | 300 |
Translation adjustment | (53) | (19) |
Accumulated amortization | (247) | (215) |
Balance | 66 | |
Developed Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 1,370 | 1,370 |
Translation adjustment | (298) | (83) |
Accumulated amortization | (617) | (538) |
Balance | 455 | 749 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 1,240 | 1,240 |
Translation adjustment | (270) | (76) |
Accumulated amortization | (456) | (381) |
Balance | $ 514 | $ 783 |
Goodwill and Intangible Asset45
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Impairment of long-lived assets | $ 0 | ||
Estimated useful life of the acquired intangible assets | 6 years 7 months 6 days | ||
Amortization expense | $ 400,000 | $ 400,000 | $ 700,000 |
Trade Names [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life of the acquired intangible assets | 3 years | ||
Developed Technology [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life of the acquired intangible assets | 7 years | ||
Customer Relationships [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life of the acquired intangible assets | 7 years |
Goodwill and Intangible Asset46
Goodwill and Intangible Assets - Amortization Expense on Existing Intangible Assets for Next Four Years (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Finite Lived Intangible Assets Future Amortization Expense [Abstract] | ||
2,017 | $ 288 | |
2,018 | 265 | |
2,019 | 240 | |
2,020 | 176 | |
Total | $ 969 | $ 1,598 |
Debt and Other Contractual Ob47
Debt and Other Contractual Obligations - Additional Information (Detail) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2013USD ($) | Dec. 31, 2016USD ($)Facility | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Debt Instrument [Line Items] | ||||
Owes due to foreign currency revaluation | $ 2,407 | |||
Rent Expense | 400 | $ 300 | $ 100 | |
Interest expense, net | 100 | 100 | $ 100 | |
Deferred revenue | 5,624 | 4,877 | ||
Regional Growth Fund [Member] | ||||
Debt Instrument [Line Items] | ||||
Deferred revenue | $ 592 | $ 1,480 | ||
Juniper Pharma Services [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt assumed | $ 3,900 | |||
Number of loan facilities | Facility | 3 | |||
Withdrawn amount | $ 3,900 | |||
Owes due to foreign currency revaluation | $ 2,400 | |||
Loan facilities repayment period | 15 years | |||
Weighted average interest rate for the period | 3.00% | |||
Business acquisition maturity period | 2017-10 | |||
Juniper Pharma Services [Member] | Regional Growth Fund [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt assumed | $ 2,500 | |||
Deferred revenue | $ 600 | |||
Juniper Pharma Services [Member] | Loan Facility One [Member] | ||||
Debt Instrument [Line Items] | ||||
Loan repayment commencement period | 2013-02 | |||
Loan facilities bear interest rate | 1.95% | |||
Loan facility interest rate description | base rate plus 1.95% | |||
Interest rate at the end of period | 2.45% | |||
Juniper Pharma Services [Member] | Loan Facility Two [Member] | ||||
Debt Instrument [Line Items] | ||||
Loan repayment commencement period | 2013-10 | |||
Loan facilities bear interest rate | 2.55% | |||
Loan facility interest rate description | base rate plus 2.55% | |||
Interest rate at the end of period | 3.05% | |||
Juniper Pharma Services [Member] | Loan Facility Three [Member] | ||||
Debt Instrument [Line Items] | ||||
Loan repayment commencement period | 2013-10 | |||
Loan facilities bear interest rate | 3.52% |
Debt and Other Contractual Ob48
Debt and Other Contractual Obligations - Summary of Other Income on Obligation (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Contractual Obligation [Line Items] | |
Operating lease obligations, Total | $ 953 |
Operating lease obligations, 2017 | 436 |
Operating lease obligations, 2018 | 443 |
Operating lease obligations, 2019 | 74 |
Operating lease obligations, 2020 | 0 |
Operating lease obligations, 2021 | 0 |
Operating lease obligations, Thereafter | 0 |
Loan principal repayments, Total | 2,407 |
Loan principal repayments, 2017 | 204 |
Loan principal repayments, 2018 | 211 |
Loan principal repayments, 2019 | 217 |
Loan principal repayments, 2020 | 224 |
Loan principal repayments, 2021 | 230 |
Loan principal repayments, Thereafter | 1,321 |
Total | 3,360 |
2,017 | 640 |
2,018 | 654 |
2,019 | 291 |
2,020 | 224 |
2,021 | 230 |
Thereafter | 1,321 |
Juniper Pharma Services [Member] | |
Contractual Obligation [Line Items] | |
Loan principal repayments, Total | 2,400 |
Regional Growth Fund [Member] | Juniper Pharma Services [Member] | |
Contractual Obligation [Line Items] | |
Total | 592,000 |
2,018 | $ 592,000 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | $ 19,702 | $ 18,172 |
Less: Accumulated depreciation | (6,336) | (5,322) |
Total | 13,366 | 12,850 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | $ 8,628 | 7,175 |
Machinery and Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment useful life (in years) | 3 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment useful life (in years) | 10 years | |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | $ 1,190 | 1,030 |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment useful life (in years) | 3 years | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment useful life (in years) | 5 years | |
Computer Equipment and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | $ 538 | 625 |
Computer Equipment and Software [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment useful life (in years) | 3 years | |
Computer Equipment and Software [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment useful life (in years) | 5 years | |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | $ 7,310 | 8,771 |
Buildings [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment useful life (in years) | 39 years | |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | $ 469 | 562 |
Property, plant and equipment useful life (in years) | Indefinite | |
Construction in-Process [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | $ 1,567 | $ 9 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Depreciation [Abstract] | |||
Depreciation expense | $ 1.5 | $ 1.5 | $ 1.4 |
Book value of property and equipment under debt agreement | $ 5.5 | $ 7.1 |
Accrued Expenses and Other - Sc
Accrued Expenses and Other - Schedule of Accrued Expenses and Other (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accounting Policies [Abstract] | ||
Payroll | $ 1,643 | $ 1,495 |
Professional fees | 1,074 | 952 |
Clinical studies | 740 | 124 |
Other | 1,814 | 859 |
Total | $ 5,271 | $ 3,430 |
Income Taxes - Schedule of Dome
Income Taxes - Schedule of Domestic and Foreign Income (loss), Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (2,090) | $ (8,133) | $ 440 |
Foreign | 8,132 | 6,642 | 4,867 |
Income (loss) before income taxes | $ 6,042 | $ (1,491) | $ 5,307 |
Income Taxes - Components of th
Income Taxes - Components of the Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current: | |||
Federal | $ 80 | $ (9) | $ 117 |
State | 11 | 14 | 3 |
Foreign | 0 | 0 | 0 |
Total current | 91 | 5 | 120 |
Deferred: | |||
Foreign | 0 | 0 | 531 |
Total deferred | 0 | 0 | 531 |
Provision for income taxes | $ 91 | $ 5 | $ 651 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of the Federal Statutory Rate to Effective Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Federal income tax rate | 34.00% | 34.00% | 34.00% |
Foreign rate differential | (49.60%) | 151.50% | (26.10%) |
State tax, net of federal benefit | 13.40% | (0.90%) | 67.60% |
Permanent Items: | |||
Change in fair market value of stock warrants | 0.00% | 0.00% | (2.40%) |
Incentive stock options | 1.00% | (14.90%) | 2.00% |
Dividend from foreign subsidiary | 53.50% | (79.80%) | 45.20% |
Amortization of technical rights | (34.50%) | 23.40% | (6.60%) |
Deferred adjustments | 30.60% | 6.60% | 1.80% |
Other | (1.10%) | (0.50%) | 0.80% |
Effect of permanent differences | 49.50% | (65.20%) | 40.80% |
Effective income tax rate | 47.30% | 119.40% | 116.30% |
Change in valuation allowance | (45.80%) | (119.70%) | (104.00%) |
Effective income tax rate | 1.50% | (0.30%) | 12.30% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes And Tax Related [Line Items] | ||
Unrecognized tax benefits, income tax penalties and interest accrued | $ 0 | $ 0 |
Federal [Member] | ||
Income Taxes And Tax Related [Line Items] | ||
Operating tax loss carryforwards, estimated | $ 156,200,000 | |
Operating tax loss carryforwards, estimated expire year | 2,021 | |
Research and development tax credit carryforward, amount | $ 1,800,000 | |
Research and development tax credit carryforward, amount expire year | 2,018 | |
Federal alternative minimum tax credit | $ 200,000 | |
State and Local Jurisdiction [Member] | ||
Income Taxes And Tax Related [Line Items] | ||
Operating tax loss carryforwards, estimated | 12,600,000 | |
U.K. [Member] | ||
Income Taxes And Tax Related [Line Items] | ||
Operating tax loss carryforwards, estimated | $ 10,900,000 |
Income Taxes - Components of Ne
Income Taxes - Components of Net Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Income Tax Disclosure [Abstract] | ||
Net Operating Loss | $ 55,521 | $ 57,541 |
Tax Credits | 2,034 | 1,723 |
Stock Based Compensation | 997 | 1,502 |
Fixed Assets | (749) | (1,386) |
Intangibles | 843 | 1,059 |
Other | 337 | 1,549 |
Net deferred tax assets | 58,983 | 61,988 |
Federal | (58,983) | (61,988) |
Deferred tax asset | $ 0 | $ 0 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2013 | Sep. 30, 2011 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2012 | Nov. 30, 2010 | Mar. 31, 2002 | |
Class of Stock [Line Items] | ||||||||
Preferred stock, authorized (in shares) | 1,000,000 | 1,000,000 | ||||||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||||||
Dividends declared, share, preferred stock purchase right for outstanding common stock | 1 | |||||||
Exercise Price | $ 0.01 | |||||||
Minimum ownership percentage for change | 5.00% | |||||||
Period for ownership change | 3 years | |||||||
Right plan expiration date | Jul. 3, 2013 | Mar. 12, 2012 | ||||||
Right plan extended expiration date | Jul. 3, 2016 | Jul. 3, 2013 | ||||||
Share based compensation expense, shares | 42,203 | 13,106 | 23,562 | |||||
Proceeds from exercise of warrants | $ 0 | $ 0 | ||||||
Warrants outstanding | 0 | 0 | ||||||
Conversion Threshold, 15% [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred stock, conversion trigger, percentage ownership change | 15.00% | |||||||
Conversion Threshold, Greater than 15% and Less than 50% [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred stock, conversion trigger, percentage ownership change | 50.00% | |||||||
Conversion Threshold, Revised, 4.99% [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred stock, conversion trigger, percentage ownership change | 4.99% | |||||||
Series B Convertible Preferred Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Convertible preferred stock, shares issued upon conversion | 2.5 | |||||||
Preferred stock, shares outstanding (in shares) | 130 | 130 | ||||||
Preferred stock, liquidation preference per share | $ 100 | |||||||
Votes per share | 1 | |||||||
Series C Preferred Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred stock redemption price per share | 1,000 | |||||||
Preferred stock convertible to common stock, conversion price per share | $ 28 | |||||||
Average percentage of closing price | 100.00% | |||||||
Consecutive trading days required for conversion | 3 years | |||||||
Stock issued during period, shares, conversion of convertible securities | 50 | |||||||
Dividend payable, preferred stock | 5.00% | |||||||
Preferred stock, redemption amount | $ 50,000 | |||||||
Preferred stock, shares outstanding (in shares) | 550 | 550 | 550 | |||||
Series C Preferred Stock [Member] | Maximum [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Stock issued during period, shares, conversion of convertible securities | 294,045 | |||||||
Series D Preferred Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred stock, conversion amount, per one thousandth of a share | $ 30 |
Shareholders' Equity - Informat
Shareholders' Equity - Information on Outstanding Expired Warrants (Detail) | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Class of Warrant or Right [Line Items] | |
Weighted Average Exercise Price | $ / shares | $ 11.55 |
Warrants | shares | 1,124,182 |
Warrant 1 [Member] | |
Class of Warrant or Right [Line Items] | |
Weighted Average Exercise Price | $ / shares | $ 10.80 |
Warrants | shares | 502,907 |
Expiration Date | Jul. 2, 2015 |
Warrant 2 [Member] | |
Class of Warrant or Right [Line Items] | |
Weighted Average Exercise Price | $ / shares | $ 12.16 |
Warrants | shares | 621,275 |
Expiration Date | Apr. 30, 2015 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options granted | 657,500 | ||||
Weighted-Average Exercise Price, Granted | $ 7.56 | ||||
Aggregate Intrinsic Value, Exercised | $ 21,436 | $ 10,161 | |||
Stock option exercised | 0 | ||||
Total unrecognized compensation costs related to non-vested options | $ 3,300 | $ 3,300 | |||
Employee service share-based compensation, nonvested awards, total compensation cost not yet recognized, period for recognition | 6 months 29 days | ||||
Employee service share-based compensation, nonvested awards, total compensation cost not yet recognized | 200 | $ 200 | |||
Total fair value of shares vested during the years | $ 200 | ||||
Non Employees [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options granted | 0 | 243,000 | |||
Weighted-Average Exercise Price, Granted | $ 6.10 | ||||
Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Deferred compensation arrangement with individual, maximum contractual term | 10 years | ||||
Stock options granted | 657,500 | 387,000 | 312,000 | ||
Total unrecognized compensation costs related to non-vested options | $ 3,300 | $ 3,300 | |||
Employee service share-based compensation, nonvested awards, total compensation cost not yet recognized, period for recognition | 2 years 9 months 29 days | ||||
Employee Stock Option [Member] | Amended and Restated 2015 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation, vesting percentage | 6.25% | 25.00% | |||
Share-based compensation arrangement by share-based payment award, award vesting period | 48 months | ||||
Share-based compensation, available for future grant | 2,157,517 | 2,157,517 | |||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation arrangement by share-based payment award, award vesting period | 2 years | ||||
Restricted Stock [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation arrangement by share-based payment award, award vesting period | 1 year | ||||
Restricted Stock [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation arrangement by share-based payment award, award vesting period | 4 years | ||||
2008 [Member] | Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock, capital shares reserved for future issuance | 1,250,000 | ||||
Share-based compensation, vesting percentage | 25.00% | ||||
2015 Plan [Member] | Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock, capital shares reserved for future issuance | 1,000,000 | 1,000,000 | |||
Share-based compensation, vesting percentage | 6.25% | 25.00% | |||
2015 Plan [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock, capital shares reserved for future issuance | 200,000 | 200,000 | |||
Share-based compensation, available for future grant | 2,157,517 | 225,720 | 2,157,517 | 225,720 | |
Prior To 2006 [Member] | Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Deferred compensation arrangement with individual, maximum contractual term | 10 years | ||||
2006 [Member] | Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Deferred compensation arrangement with individual, maximum contractual term | 7 years |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Company's Stock Option Plans (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Number of Options, Outstanding at beginning of year | 1,019,684 | ||
Number of Options, Granted | 657,500 | ||
Number of Options, Exercised | 0 | ||
Number of Options, Forfeited | (161,125) | ||
Number of Options, Outstanding at end of year | 1,516,059 | 1,019,684 | |
Number of Options, Vested | 550,408 | ||
Number of Options, Unvested | 965,651 | ||
Number of Options, Vested or expected to vest, December 31, 2016 | 1,516,059 | ||
Number of Options, Exercisable, December 31, 2016 | 550,408 | ||
Weighted-Average Exercise Price, Outstanding at beginning of year | $ 7.30 | ||
Weighted-Average Exercise Price, Granted | 7.56 | ||
Weighted-Average Exercise Price, Forfeited | 8.76 | ||
Weighted-Average Exercise Price, Outstanding at end of year | 7.25 | $ 7.30 | |
Weighted-Average Exercise Price, Vested | 7.44 | ||
Weighted-Average Exercise Price, Unvested | 7.15 | ||
Weighted-Average Exercise Price, Vested or expected to vest, December 31, 2016 | 7.25 | ||
Weighted-Average Exercise Price, Exercisable, December 31, 2016 | $ 7.44 | ||
Weighted-Average Remaining Contractual Life, Outstanding | 5 years 2 months 9 days | 5 years 5 months 16 days | |
Weighted-Average Remaining Contractual Life, Vested | 4 years 29 days | ||
Weighted-Average Remaining Contractual Life, Unvested | 5 years 9 months 26 days | ||
Weighted-Average Remaining Contractual Life, Vested or expected to vest, December 31, 2016 | 5 years 2 months 9 days | ||
Weighted-Average Remaining Contractual Life, Exercisable, December 31, 2016 | 4 years 29 days | ||
Aggregate Intrinsic Value, Outstanding | $ 3,607 | ||
Aggregate Intrinsic Value, Exercised | $ 21,436 | $ 10,161 | |
Aggregate Intrinsic Value, Outstanding | 48 | $ 3,607 | |
Aggregate Intrinsic Value, Vested | 31 | ||
Aggregate Intrinsic Value, Unvested | 17 | ||
Aggregate Intrinsic Value, Vested or expected to vest, December 31, 2016 | 48 | ||
Aggregate Intrinsic Value, Exercisable, December 31, 2016 | $ 31 |
Stock-Based Compensation - Su61
Stock-Based Compensation - Summary of Company's Restricted Stock Activity and Related Information (Detail) | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Shares, Unvested at beginning of period | shares | 12,645 |
Shares, Granted | shares | 42,203 |
Shares, Vested | shares | (13,915) |
Shares, Forfeited | shares | 0 |
Shares, Unvested at ending of period | shares | 40,933 |
Weighted Average Grant Date Fair Value, Unvested at beginning of period | $ / shares | $ 11.86 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 7.40 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 11.41 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 0 |
Weighted Average Grant Date Fair Value, Unvested at end of period | $ / shares | $ 7.42 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - Allergan [Member] - USD ($) $ / shares in Units, shares in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Mar. 07, 2014 | |
Related Party Transaction [Line Items] | |||
Percentage of ownership of outstanding common stock | 11.50% | ||
Number of shares repurchased | 1.4 | ||
Number of shares repurchased price per share | $ 6.08 | ||
Percentage of closing price discount on share repurchase | 10.75% | ||
Purchase price | $ 8,500,000 | ||
Amounts due to related parties | 0 | $ 0 | |
Amounts due from related parties | $ 0 | $ 0 | |
CRINONE Royalties [Member] | |||
Related Party Transaction [Line Items] | |||
Percentage of royalties received | 10.00% | ||
Annual net sales | 15.00% | ||
Percentage of royalties received for sales between range | 20.00% | ||
Condition one for royalties received | $ 150,000,000 | ||
Condition two for royalties received | $ 250,000,000 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2014USD ($) | |
Related Party Transaction [Line Items] | |
Product revenues | $ 167 |
Royalties | 714 |
Allergan [Member] | |
Related Party Transaction [Line Items] | |
Product revenues | 167 |
Royalties | 714 |
Total revenues | 881 |
Cost of product revenues | 0 |
Gross profit | $ 881 |
Segments and Geographic Infor64
Segments and Geographic Information - Additional Information (Detail) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2016USD ($) | Dec. 31, 2016USD ($)SegmentCustomer | Dec. 31, 2015USD ($)Customer | Dec. 31, 2014USD ($)Customer | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Number of operating segments | Segment | 2 | |||
One time payment, royalty revenues | $ | $ 14,297 | $ 3,745 | $ 5,599 | |
Concentration risk percentage | 100.00% | 100.00% | 100.00% | |
Number of customers | Customer | 2 | 1 | ||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Other Countries [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk percentage | 50.00% | |||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Service [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Customers accounted for 10% or more of total revenues | Customer | 0 | 0 | 2 | |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Customer One [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk percentage | 11.00% | |||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Customer Two [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk percentage | 10.00% | |||
Credit Concentration Risk [Member] | Accounts Receivable [Member] | Customer One [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk percentage | 18.00% | 18.00% | ||
Credit Concentration Risk [Member] | Accounts Receivable [Member] | Customer Two [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk percentage | 13.00% | |||
Allergan [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
One time payment, royalty revenues | $ | $ 11,000 | $ 11,000 | ||
Allergan [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk percentage | 42.00% | |||
Merck KGaA [Member] | Credit Concentration Risk [Member] | Accounts Receivable [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk percentage | 100.00% | 58.00% |
Segments and Geographic Infor65
Segments and Geographic Information - Selected Information by Geographic Area (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | $ 20,930 | $ 11,556 | $ 11,610 | $ 10,477 | $ 8,625 | $ 10,993 | $ 9,633 | $ 9,036 | $ 54,573 | $ 38,287 | $ 33,393 |
Total assets | 57,571 | 50,577 | 57,571 | 50,577 | |||||||
Total Long-lived assets | 14,502 | 14,633 | 14,502 | 14,633 | |||||||
United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | 19,955 | 7,677 | 10,374 | ||||||||
Total assets | 21,423 | 15,454 | 21,423 | 15,454 | |||||||
Total Long-lived assets | 663 | 765 | 663 | 765 | |||||||
Switzerland [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | 27,302 | 23,139 | 18,789 | ||||||||
Total assets | 4,673 | 1,570 | 4,673 | 1,570 | |||||||
Total Long-lived assets | 369 | 49 | 369 | 49 | |||||||
United Kingdom [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | 4,632 | 4,422 | 2,180 | ||||||||
Total assets | 31,288 | 33,335 | 31,288 | 33,335 | |||||||
Total Long-lived assets | 13,468 | 13,817 | 13,468 | 13,817 | |||||||
Other Countries [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | 2,684 | 3,049 | 2,050 | ||||||||
Total assets | 187 | 218 | 187 | 218 | |||||||
Total Long-lived assets | $ 2 | $ 2 | 2 | 2 | |||||||
International [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | $ 34,618 | $ 30,610 | $ 23,019 |
Segments and Geographic Infor66
Segments and Geographic Information - Schedule of Other Information by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues | |||||||||||
Product revenues | $ 27,211 | $ 22,891 | $ 18,310 | ||||||||
Service revenues | 13,065 | 11,651 | 8,770 | ||||||||
Royalties | 14,297 | 3,745 | 6,313 | ||||||||
Total revenues | $ 20,930 | $ 11,556 | $ 11,610 | $ 10,477 | $ 8,625 | $ 10,993 | $ 9,633 | $ 9,036 | 54,573 | 38,287 | 33,393 |
Cost of product revenues | 15,595 | 13,053 | 10,470 | ||||||||
Cost of service revenues | 8,698 | 8,361 | 7,219 | ||||||||
Total cost of revenues | 24,293 | 21,414 | 17,689 | ||||||||
Gross profit | 15,159 | 5,851 | 5,143 | 4,127 | 4,212 | 4,440 | 4,063 | 4,158 | 30,280 | 16,873 | 15,704 |
Total operating expenses | $ 6,042 | $ 5,674 | $ 7,420 | $ 5,865 | $ 5,335 | $ 4,156 | $ 4,976 | $ 4,279 | 25,001 | 18,746 | 10,960 |
Total non-operating income | 763 | 382 | 563 | ||||||||
(Loss) income before income taxes | 6,042 | (1,491) | 5,307 | ||||||||
Product [Member] | |||||||||||
Revenues | |||||||||||
Product revenues | 27,211 | 22,891 | 18,310 | ||||||||
Royalties | 14,297 | 3,745 | 6,313 | ||||||||
Total revenues | 41,508 | 26,636 | 24,623 | ||||||||
Cost of product revenues | 15,595 | 13,053 | 10,470 | ||||||||
Total cost of revenues | 15,595 | 13,053 | 10,470 | ||||||||
Gross profit | 25,913 | 13,583 | 14,153 | ||||||||
Service [Member] | |||||||||||
Revenues | |||||||||||
Service revenues | 13,065 | 11,651 | 8,770 | ||||||||
Total revenues | 13,065 | 11,651 | 8,770 | ||||||||
Cost of service revenues | 8,698 | 8,361 | 7,219 | ||||||||
Total cost of revenues | 8,698 | 8,361 | 7,219 | ||||||||
Gross profit | $ 4,367 | $ 3,290 | $ 1,551 |
Segments and Geographic Infor67
Segments and Geographic Information - Schedule of Revenue by Customer (Detail) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Entity Wide Revenue Major Customer [Line Items] | |||
Total revenues | 100.00% | 100.00% | 100.00% |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Merck KGaA [Member] | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Total revenues | 66.00% | 86.00% | 74.00% |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Allergan [Member] | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Total revenues | 34.00% | 14.00% | 16.00% |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Lil Drug Store [Member] | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Total revenues | 10.00% |
Quarterly Financial Informati68
Quarterly Financial Information (Unaudited) - Summary of Selected Quarterly Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 20,930 | $ 11,556 | $ 11,610 | $ 10,477 | $ 8,625 | $ 10,993 | $ 9,633 | $ 9,036 | $ 54,573 | $ 38,287 | $ 33,393 |
Gross profit | 15,159 | 5,851 | 5,143 | 4,127 | 4,212 | 4,440 | 4,063 | 4,158 | 30,280 | 16,873 | 15,704 |
Operating expenses | 6,042 | 5,674 | 7,420 | 5,865 | 5,335 | 4,156 | 4,976 | 4,279 | 25,001 | 18,746 | 10,960 |
(Loss) income from operations | 9,117 | 177 | (2,277) | (1,738) | (1,123) | 284 | (913) | (121) | 5,279 | (1,873) | 4,744 |
Net (loss) income | $ 9,614 | $ 248 | $ (2,268) | $ (1,643) | $ (976) | $ 368 | $ (906) | $ 18 | $ 5,951 | $ (1,496) | $ 4,656 |
Income (loss) per common share: | |||||||||||
Basic | $ 0.89 | $ 0.02 | $ (0.21) | $ (0.15) | $ (0.09) | $ 0.03 | $ (0.08) | $ 0.55 | $ (0.14) | $ 0.42 | |
Diluted | $ 0.88 | $ 0.02 | $ (0.21) | $ (0.15) | $ (0.09) | $ 0.03 | $ (0.08) | $ 0.55 | $ (0.14) | $ 0.39 |
Quarterly Financial Informati69
Quarterly Financial Information (Unaudited) - Additional Information (Detail) $ in Millions | 3 Months Ended |
Dec. 31, 2016USD ($) | |
Quarterly Financial Information Disclosure [Abstract] | |
Non-refundable royalty received | $ 11 |