Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 28, 2014 | Jun. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'SPPI | ' | ' |
Entity Registrant Name | 'SPECTRUM PHARMACEUTICALS INC | ' | ' |
Entity Central Index Key | '0000831547 | ' | ' |
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 | ' | 65,287,782 | ' |
Entity Public Float | ' | ' | $449,722,900 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and equivalents | $156,306 | $139,698 |
Marketable securities | 3,471 | 3,310 |
Accounts receivable, net of allowance for doubtful accounts of $206 and $228, respectively | 49,483 | 92,169 |
Other receivables | 7,539 | ' |
Inventories | 13,519 | 14,478 |
Prepaid expenses and other current assets | 3,213 | 2,745 |
Deferred tax assets | 1,659 | 12,473 |
Total current assets | 235,190 | 264,873 |
Property and equipment, net | 1,535 | 2,548 |
Intangible assets, net | 231,352 | 200,234 |
Goodwill | 18,501 | 7,279 |
Deferred tax assets | ' | 23,276 |
Other assets | 12,577 | 6,745 |
Total assets | 499,155 | 504,955 |
Current liabilities: | ' | ' |
Accounts payable and other accrued liabilities | 79,837 | 105,252 |
Accrued payroll and related expenses | 6,872 | 4,835 |
Deferred revenue | 156 | 12,300 |
Drug development liability | 3,119 | 856 |
Total current liabilities | 89,984 | 123,243 |
Drug development liability, less current portion | 14,623 | 11,377 |
Deferred payment contingency | ' | 2,287 |
Acquisition-related contingent obligations | 8,329 | ' |
Deferred tax liability | 7,168 | ' |
Other long-term liabilities | 5,965 | 4,367 |
Revolving line of credit | ' | 75,000 |
Convertible senior notes | 91,480 | ' |
Total liabilities | 217,549 | 216,274 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock | ' | ' |
Common stock, $0.001 par value; 175,000,000 shares authorized; 64,104,173 and 60,026,675 issued and outstanding at December 31, 2013 and 2012, respectively | 64 | 60 |
Additional paid-in capital | 518,144 | 463,710 |
Accumulated other comprehensive income | 894 | 273 |
Accumulated deficit | -237,619 | -175,485 |
Total stockholders' equity | 281,606 | 288,681 |
Total liabilities and stockholders' equity | 499,155 | 504,955 |
Series B Junior Participating Preferred Stock [Member] | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock | ' | ' |
Series E Convertible Voting Preferred Stock [Member] | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock | $123 | $123 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts receivable | $206 | $228 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 175,000,000 | 175,000,000 |
Common stock, shares issued | 64,104,173 | 60,026,675 |
Common stock, shares outstanding | 64,104,173 | 60,026,675 |
Series B Junior Participating Preferred Stock [Member] | ' | ' |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 1,500,000 | 1,500,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Series E Convertible Voting Preferred Stock [Member] | ' | ' |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, stated value | $10,000 | $10,000 |
Preferred stock, shares authorized | 2,000 | 2,000 |
Preferred stock, shares issued | 20 | 20 |
Preferred stock, shares outstanding | 20 | 20 |
Convertible preferred shares | 40,000 | 40,000 |
Preferred stock, liquidation value | $240 | $240 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues: | ' | ' | ' |
Product sales, net | $143,475 | $254,992 | $180,663 |
License fees and service revenue | 12,379 | 12,715 | 12,300 |
Total revenues | 155,854 | 267,707 | 192,963 |
Operating costs and expenses: | ' | ' | ' |
Cost of product sales (excludes amortization of purchased intangible assets) | 28,580 | 46,633 | 33,838 |
Selling, general and administrative | 99,315 | 89,922 | 72,197 |
Research and development | 46,670 | 41,560 | 26,662 |
Amortization and impairment of intangible assets | 20,074 | 8,818 | 3,720 |
Total costs and operating expenses | 194,639 | 186,933 | 136,417 |
(Loss) income from operations | -38,785 | 80,774 | 56,546 |
Other income (expense): | ' | ' | ' |
Interest expense, net | -2,192 | -485 | 297 |
Change in fair value of contingent consideration related to acquisition | 2,871 | ' | ' |
Change in fair value of common stock warrant liability | -356 | ' | -3,488 |
Other income (expense), net | 1,470 | -359 | 280 |
Total other income (expense) | 2,149 | -844 | -2,911 |
(Loss) income before income taxes | -36,636 | 79,930 | 53,635 |
(Provision) benefit for income taxes | -25,498 | 14,271 | -3,704 |
Net (loss) income | ($62,134) | $94,201 | $49,931 |
Net (loss) income per share: | ' | ' | ' |
Basic | ($1.02) | $1.61 | $0.94 |
Diluted | ($1.02) | $1.46 | $0.86 |
Weighted average shares outstanding: | ' | ' | ' |
Basic | 60,729,128 | 58,588,916 | 53,272,767 |
Diluted | 60,729,128 | 64,637,256 | 57,959,714 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement Of Partners Capital [Abstract] | ' | ' | ' |
Net (loss) income | ($62,134) | $94,201 | $49,931 |
Other comprehensive (loss) income, net of tax: | ' | ' | ' |
Unrealized gain (loss) on available-for-sale securities | 1,110 | 797 | -135 |
Income tax on unrealized gain on available-for-sale securities | -420 | -213 | ' |
Foreign currency translation adjustments | -69 | -84 | ' |
Other comprehensive income (loss), net | 621 | 500 | -135 |
Total comprehensive (loss) income | ($61,513) | $94,701 | $49,796 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Deficit [Member] | Treasury Stock [Member] | Total Stockholders Equity [Member] |
In Thousands, except Share data | ||||||||
Beginning Balance at Dec. 31, 2010 | ' | $160 | $51 | $384,757 | ($92) | ($307,635) | ' | $77,241 |
Beginning Balance, Shares at Dec. 31, 2010 | ' | 26 | 51,459,284 | ' | ' | ' | ' | ' |
Net income (loss) | 49,931 | ' | ' | ' | ' | 49,931 | ' | 49,931 |
Other comprehensive Income (loss), net | 49,796 | ' | ' | ' | -135 | ' | ' | -135 |
Conversion of Series E preferred stock to common stock | -37 | -37 | ' | 37 | ' | ' | ' | ' |
Conversion of Series E preferred stock to common stock, Shares | ' | -6 | 12,000 | ' | ' | ' | ' | ' |
Issuance of common stock to 401(k) plan | ' | ' | ' | 593 | ' | ' | ' | 593 |
Issuance of common stock to 401(k) plan, Shares | ' | ' | 65,889 | ' | ' | ' | ' | ' |
Issuance of common stock for ESPP | ' | ' | ' | 655 | ' | ' | ' | 655 |
Issuance of common stock for ESPP, Shares | ' | ' | 100,386 | ' | ' | ' | ' | ' |
Adjustments resulting from change in value of warrants recognized in equity | ' | ' | ' | 7,392 | ' | ' | ' | 7,392 |
Issuance of common stock upon exercise of stock options | ' | ' | 1 | 5,136 | ' | ' | ' | 5,137 |
Issuance of common stock upon exercise of stock options, Shares | 1,126,257 | ' | 1,126,257 | ' | ' | ' | ' | ' |
Issuance of common stock upon exercise of warrants | ' | ' | 4 | 24,804 | ' | ' | ' | 24,808 |
Issuance of common stock upon exercise of warrants, Shares | ' | ' | 3,747,312 | ' | ' | ' | ' | ' |
Share-based compensation expense and common stock issued (net of forfeitures) | ' | ' | 1 | 21,643 | ' | ' | ' | 21,644 |
Share-based compensation expense and common stock issued (net of forfeitures), Shares | ' | ' | 998,711 | ' | ' | ' | ' | ' |
Purchase of treasury stock | ' | ' | ' | ' | ' | ' | -2,926 | -2,926 |
Purchase of treasury stock, Shares | ' | ' | ' | ' | ' | ' | 363,055 | ' |
Issuance of restricted stock for management incentive plan, net of shares repurchased/retired for employee tax withholding | ' | ' | 1 | -4,033 | ' | ' | ' | -4,032 |
Issuance of restricted stock for management incentive plan, net of shares repurchased/retired for employee tax withholding, Shares | ' | ' | 426,562 | ' | ' | ' | ' | ' |
Fair value of common stock issued to Targent for milestone | ' | ' | 1 | 11,777 | ' | ' | ' | 11,778 |
Fair value of common stock issued, Shares | ' | ' | 1,311,082 | ' | ' | ' | ' | ' |
Ending Balance at Dec. 31, 2011 | ' | 123 | 59 | 452,761 | -227 | -257,704 | -2,926 | 192,086 |
Ending Balance, Shares at Dec. 31, 2011 | ' | 20 | 59,247,483 | ' | ' | ' | 363,055 | ' |
Net income (loss) | 94,201 | ' | ' | ' | ' | 94,201 | ' | 94,201 |
Other comprehensive Income (loss), net | 94,701 | ' | ' | ' | 500 | ' | ' | 500 |
Issuance of common stock to 401(k) plan | ' | ' | ' | 691 | ' | ' | ' | 691 |
Issuance of common stock to 401(k) plan, Shares | ' | ' | 56,254 | ' | ' | ' | ' | ' |
Issuance of common stock for ESPP | ' | ' | ' | 606 | ' | ' | ' | 606 |
Issuance of common stock for ESPP, Shares | ' | ' | 54,521 | ' | ' | ' | ' | ' |
Issuance of common stock upon exercise of stock options | ' | ' | 2 | 5,815 | ' | ' | ' | 5,817 |
Issuance of common stock upon exercise of stock options, Shares | 1,287,430 | ' | 1,287,430 | ' | ' | ' | ' | ' |
Issuance of common stock upon exercise of warrants | ' | ' | ' | 89 | ' | ' | ' | 89 |
Issuance of common stock upon exercise of warrants, Shares | ' | ' | 50,000 | ' | ' | ' | ' | ' |
Share-based compensation expense and common stock issued (net of forfeitures) | ' | ' | ' | 14,193 | ' | ' | ' | 14,193 |
Share-based compensation expense and common stock issued (net of forfeitures), Shares | ' | ' | 554,239 | ' | ' | ' | ' | ' |
Repurchase of shares to satisfy employee tax withholding | ' | ' | ' | -1,434 | ' | ' | ' | -1,434 |
Repurchase of shares to satisfy employee tax withholding, Shares | ' | ' | -120,197 | ' | ' | ' | ' | ' |
Dividends paid | ' | ' | ' | -9,011 | ' | ' | ' | -9,011 |
Purchase of treasury stock | ' | ' | ' | ' | ' | ' | -9,057 | -9,057 |
Purchase of treasury stock, Shares | ' | ' | ' | ' | ' | ' | 740,000 | ' |
Retirement of treasury stock | -11,983 | ' | -1 | ' | ' | -11,982 | 11,983 | ' |
Retirement of treasury stock, Shares | ' | ' | -1,103,055 | ' | ' | ' | -1,103,055 | ' |
Ending Balance at Dec. 31, 2012 | ' | 123 | 60 | 463,710 | 273 | -175,485 | ' | 288,681 |
Ending Balance, Shares at Dec. 31, 2012 | 60,026,675 | 20 | 60,026,675 | ' | ' | ' | ' | ' |
Net income (loss) | -62,134 | ' | ' | ' | ' | -62,134 | ' | -62,134 |
Other comprehensive Income (loss), net | -61,513 | ' | ' | ' | 621 | ' | ' | 621 |
Issuance of common stock to 401(k) plan | ' | ' | ' | 860 | ' | ' | ' | 860 |
Issuance of common stock to 401(k) plan, Shares | ' | ' | 99,359 | ' | ' | ' | ' | ' |
Issuance of common stock for ESPP | ' | ' | ' | 495 | ' | ' | ' | 495 |
Issuance of common stock for ESPP, Shares | ' | ' | 74,925 | ' | ' | ' | ' | ' |
Issuance of common stock upon exercise of stock options | ' | ' | 1 | 3,576 | ' | ' | ' | 3,577 |
Issuance of common stock upon exercise of stock options, Shares | 825,884 | ' | 825,884 | ' | ' | ' | ' | ' |
Share-based compensation expense and common stock issued (net of forfeitures) | ' | ' | ' | 11,913 | ' | ' | ' | 11,913 |
Share-based compensation expense and common stock issued (net of forfeitures), Shares | ' | ' | 471,875 | ' | ' | ' | ' | ' |
Repurchase of shares to satisfy employee tax withholding | ' | ' | ' | -1,509 | ' | ' | ' | -1,509 |
Repurchase of shares to satisfy employee tax withholding, Shares | ' | ' | -159,545 | ' | ' | ' | ' | ' |
Purchase of treasury stock | ' | ' | ' | ' | ' | ' | -1,651 | -1,651 |
Purchase of treasury stock, Shares | ' | ' | ' | ' | ' | ' | 235,000 | ' |
Retirement of treasury stock | -1,652 | ' | ' | -1,651 | ' | ' | 1,651 | ' |
Retirement of treasury stock, Shares | ' | ' | -235,000 | ' | ' | ' | -235,000 | ' |
Issuance of common stock for Talon acquisition | ' | ' | 3 | 26,307 | ' | ' | ' | 26,310 |
Issuance of common stock for Talon acquisition, Shares | ' | ' | 3,000,000 | ' | ' | ' | ' | ' |
Issuance of 2018 Convertible Notes | ' | ' | ' | 14,443 | ' | ' | ' | 14,443 |
Ending Balance at Dec. 31, 2013 | ' | $123 | $64 | $518,144 | $894 | ($237,619) | ' | $281,606 |
Ending Balance, Shares at Dec. 31, 2013 | 64,104,173 | 20 | 64,104,173 | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Flows From Operating Activities: | ' | ' | ' |
Net (loss) income | ($62,134) | $94,201 | $49,931 |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ' | ' | ' |
Amortization of deferred service revenue | -12,400 | -12,300 | -12,300 |
Depreciation and amortization | 22,096 | 12,243 | 5,650 |
Stock-based compensation | 12,423 | 14,884 | 22,237 |
Change in fair value of common stock warrants issued to non-employees | 356 | ' | 3,488 |
Accretion of debt discount to interest expense on 2018 Convertible Notes | 43 | ' | ' |
Amortization of deferred financing costs to interest expense on 2018 Convertible Notes | 101 | ' | ' |
Bad debt expense (recovery) | 127 | -128 | 245 |
Loss on disposal of fixed assets | ' | 132 | 38 |
Non-cash foreign currency exchange loss | 1,222 | 107 | ' |
Impairment of FOLOTYN distribution rights | 1,023 | ' | ' |
Change in fair value of contingent consideration related to acquisition | -2,871 | 20 | ' |
Change in fair value of Allos deferred development costs and deferred payment contingency | -2,869 | ' | ' |
Changes in operating assets and liabilities: | ' | ' | ' |
Accounts receivable | 42,559 | -33,504 | -30,897 |
Inventories | 1,570 | 3,530 | -6,528 |
Prepaid expenses and other current assets | -359 | 9,483 | -7,115 |
Deferred tax assets | 33,252 | -34,605 | ' |
Other assets | -8,989 | ' | ' |
Accounts payable and other accrued obligations | -23,897 | 24,038 | 15,711 |
Accrued payroll and related expenses | 425 | -9,726 | -1,525 |
Drug development liability | -5,917 | 2,376 | 3,519 |
Other long-term liabilities | 2,153 | 1,208 | 834 |
Net cash (used in) provided by operating activities | -2,086 | 71,959 | 43,288 |
Cash Flows From Investing Activities: | ' | ' | ' |
Sales and maturities of marketable securities | ' | 72,463 | 18,255 |
Purchases of marketable securities | ' | -26,430 | -17,027 |
Purchases of property and equipment | -161 | -312 | -475 |
Purchases of available-for-sale securities | ' | -1,712 | -164 |
Proceeds from sale of available-for-sale securities | ' | ' | 157 |
Acquisition of Allos, net of cash acquired | ' | -133,264 | ' |
Net cash (used in) provided by investing activities | -14,330 | -114,690 | 746 |
Cash Flows From Financing Activities: | ' | ' | ' |
Proceeds from Mundipharma for FOLOTYN development | 7,000 | ' | ' |
Proceeds from exercise of stock options | 3,576 | 5,817 | 5,137 |
Proceeds from exercise of common stock warrants | ' | 89 | 24,808 |
Proceeds from sale of common stock under employee stock purchase plan | 495 | 606 | 655 |
Payments to acquire treasury stock | -1,651 | -9,057 | -2,926 |
Repurchase of restricted stock to satisfy employee tax withholdings at vesting | -1,509 | -1,434 | -4,032 |
Payment of stock dividend | ' | -9,011 | ' |
Repayment of capital leases | ' | -9 | -31 |
Proceeds from revolving line of credit | 100,000 | 125,000 | ' |
Repayment of revolving line of credit | -175,000 | -50,000 | ' |
Proceeds from 2018 convertible Notes | 120,000 | ' | ' |
Deferred financing costs | -4,573 | ' | ' |
Proceeds from sale of common stock warrants related to 2018 Convertible Notes issuance | 12,612 | ' | ' |
Payment of debt issuance costs | ' | -976 | ' |
Purchase of common stock call options related to 2018 Convertible Notes issuance | -25,692 | ' | ' |
Net cash provided by financing activities | 35,258 | 61,025 | 23,611 |
Effect of exchange rates on cash and equivalents | -2,235 | 202 | ' |
Net increase (decrease) in cash and equivalents | 16,608 | 18,496 | 67,645 |
Cash and equivalents - beginning of year | 139,698 | 121,202 | 53,557 |
Cash and equivalents - end of year | 156,306 | 139,698 | 121,202 |
Supplemental Disclosure of Cash Flow Information: | ' | ' | ' |
Cash paid for income taxes | ' | 17,157 | 2,042 |
Cash paid for interest | 1,200 | 495 | 14 |
Retirement of treasury shares | 1,652 | 11,983 | ' |
Inventory liability assumed in acquisitions | ' | 580 | ' |
Inventory included in accounts payable | ' | 5,000 | ' |
Conversion of preferred stock to common stock | ' | ' | 37 |
ZEVALIN Rights [Member] | ' | ' | ' |
Cash Flows From Investing Activities: | ' | ' | ' |
Acquisition of Allos, net of cash acquired | ' | -25,435 | ' |
C-E MELPHALAN rights [Member] | ' | ' | ' |
Cash Flows From Investing Activities: | ' | ' | ' |
Acquisition of Allos, net of cash acquired | -3,000 | ' | ' |
Talon [Member] | ' | ' | ' |
Cash Flows From Investing Activities: | ' | ' | ' |
Acquisition of Allos, net of cash acquired | -11,169 | ' | ' |
Supplemental Disclosure of Cash Flow Information: | ' | ' | ' |
Common stock issued for acquisition | 26,310 | ' | ' |
Targent [Member] | ' | ' | ' |
Supplemental Disclosure of Cash Flow Information: | ' | ' | ' |
Common stock issued for acquisition | ' | ' | $11,778 |
Description_of_Business_Basis_
Description of Business, Basis of Presentation, and Operating Segment | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Accounting Policies [Abstract] | ' | |||
Description of Business, Basis of Presentation, and Operating Segment | ' | |||
1 | DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION, AND OPERATING SEGMENT | |||
(a) Description of Business | ||||
Spectrum Pharmaceuticals, Inc. and its wholly-owned subsidiaries (“Spectrum”, the “Company”, “we”, “our”, or “us”), is a biotechnology company with fully integrated commercial and drug development operations, with a primary focus in oncology and hematology. Our strategy is comprised of acquiring, developing, and marketing a diverse pipeline of late-stage clinical and commercial products. | ||||
We currently market four drugs: | ||||
• | FUSILEV injection for patients in the U.S. with advanced metastatic colorectal cancer and to counteract certain effects of methotrexate therapy; | |||
• | ZEVALIN injection for patients in the U.S. and various international markets with follicular non-Hodgkin’s lymphoma; | |||
• | FOLOTYN injection for patients in the U.S. with relapsed or refractory peripheral T-cell lymphoma; and | |||
• | MARQIBO injection for patients in the U.S. with Philadelphia chromosome–negative acute lymphoblastic leukemia. | |||
We also have a pipeline of product candidates in advanced-stage Phase 2 and Phase 3 studies. We have assembled an integrated in-house scientific team, including formulation development, clinical development, medical research, regulatory affairs, biostatistics and data management, and have established a commercial infrastructure for the marketing of our drug products. We also leverage the expertise of our worldwide partners to assist in the execution of our business strategies. | ||||
(b) Basis of Presentation | ||||
Principles of Consolidation | ||||
The accompanying Consolidated Financial Statements in this Annual Report on Form 10-K have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). These financial statements include the financial position, results of operations, and cash flows of Spectrum and its subsidiaries, all of which are wholly-owned. All inter-company accounts and transactions among the consolidated entities have been eliminated in consolidation. | ||||
On April 1, 2012, we acquired the licensing rights outside of the U.S. to market ZEVALIN (the “ZEVALIN Rights”); on September 5, 2012, we acquired Allos Therapeutics, Inc. (“Allos”); and on July 17, 2013, we acquired Talon Therapeutics, Inc. (“Talon”). Our accompanying Consolidated Financial Statements include the assets acquired and liabilities assumed in connection with these acquisitions, in addition to the operating results and cash flows, beginning with the corresponding acquisition date for each acquisition. | ||||
Variable Interest Entity | ||||
We own fifty-percent of Spectrum Pharma Canada (a “variable interest entity,” as defined under applicable GAAP), which was organized in Quebec, Canada in January 2008. Certain of our drug clinical studies are conducted through this entity. We are obligated to fund all costs of this entity and have the sole rights to any revenue derived from its operations. Since we carry the full risks and rewards of this entity, we meet the applicable GAAP criteria as its “primary beneficiary”. As the primary beneficiary of this variable interest entity, Spectrum Pharma Canada’s balance sheets and statements of operations are included in our Consolidated Financial Statements as if it were a wholly-owned subsidiary for all periods presented. | ||||
(c) Operating Segment | ||||
We operate in one reportable operating segment that is focused exclusively on developing and commercializing oncology and hematology drug products. For the years ended December 31, 2013, 2012, and 2011, all of our revenue and related expenses were solely attributable to these activities. Substantially all of our long-lived assets are located in the U.S. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies and Use of Estimates | 12 Months Ended | ||
Dec. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Summary of Significant Accounting Policies and Use of Estimates | ' | ||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND USE OF ESTIMATES | ||
The preparation of financial statements in conformity with GAAP requires our management to make informed estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosure of contingent liabilities. On an on-going basis, our management evaluates its estimates, including those related to (i) revenue adjustments; (ii) the collectability of customer accounts; (iii) whether the cost of inventories can be recovered; (iv) the value of goodwill and intangible assets; (v) the realization of tax assets and estimates of tax liabilities; (vi) the likelihood of payment and value of contingent liabilities; (vii) the fair value of investments; (viii) assumptions used in reporting stock-based compensation; and (ix) the potential outcome of litigation. | |||
Such estimates are based on our management’s judgment which takes into account historical experience and various assumptions. Nonetheless, actual results may materially differ from management’s estimates. In our judgment, the accounting policies, estimates, and assumptions described below have the potential to significantly impact our preparation of the accompanying Consolidated Financial Statements: | |||
(i) Revenue Recognition | |||
(a) Product Sales: We sell our products to wholesalers and distributors. Our wholesalers and distributors purchase our products and sell the products directly to end-users, such as clinics, hospitals, and private oncology-based practices. Revenue from product sales is recognized upon shipment of product when title and risk of loss have transferred to our customer, and the following additional criteria are met: | |||
-1 | appropriate evidence of a binding arrangement exists with our customer; | ||
-2 | price is substantially fixed and determinable; | ||
-3 | collection from our customer is reasonably assured; | ||
-4 | our customer’s obligation to pay us is not contingent on resale of the product; | ||
-5 | we do not have significant obligations for future performance to directly bring about the resale of our product; and | ||
-6 | we have a reasonable basis to estimate returns. | ||
Our gross revenue is reduced by our gross-to-net (“GTN”) estimates, resulting in our reported “Product sales, net” in the accompanying Consolidated Statements of Operations. We defer revenue recognition in full if/when these estimates are not reasonably determinable at the time of sale. | |||
Our GTN estimates reduce revenue in the same period that the related sale is recorded and include the following major categories: | |||
Product Returns Allowances: Our FUSILEV customers are typically permitted to return products within six months after its expiration date, subject to certain restocking fees and preauthorization requirements. We estimate potential returns, based on several factors, including historical rates of return, customer and end-user ordering patterns, inventory held by distributors, and sell through data of distributor sales to end users. In general, returned product is not resold. | |||
Government Chargebacks: Our products are subject to certain pricing limits under federal government programs. Qualifying entities purchase products through our distributors at the discounted price. Our distributors charge the difference between the list price and discounted price back to us, for which there may be significant lag time. Due to estimates and assumptions inherent in determining the amount and extent of government chargebacks we will incur, which take in account our estimates of which sales will be subject to government chargebacks and the amount of such chargebacks, the actual amount of government chargeback claims may be materially different from our estimates. | |||
Discounts: Discounts (generally prompt payment discounts) are estimated at each reporting period. We review the terms of the contracts, specifically price and discount structures, and applicable payment terms to estimate its value. | |||
Rebates: Rebates are estimated based on the customer’s actual purchase level during the rebate purchase period, and the corresponding contractual rebate tier we expect the customer to achieve. | |||
Medicaid Rebates: Our products are subject to state government-managed Medicaid programs whereby discounts and rebates are provided to participating state governments. Our calculations related to these rebate accruals require estimates, including estimates of customer mix primarily based on a combination of market and clinical research, to determine which sales will be subject to rebates and the amount of such rebates. Our estimate of utilization is based on historical claims and forecasting techniques, and supplemented by management’s judgment with respect to many factors, including changes in sales trends, an evaluation of current laws and regulations and product pricing. Due to estimates and assumptions inherent in determining the amount of our product sales subject to Medicaid rebates, and the time lag to receive these rebate notices (generally several months after the sale is made), the actual amount of these claims may be materially different from our estimates. As a result, adjustments may be recorded over several periods after the initial sale is recorded. | |||
Distribution and Data Fees: Distribution and data fees are paid to authorized wholesalers and specialty distributors of FUSILEV and FOLOTYN as a percentage of products sold. The services provided include contract administration, inventory management, product sales reporting by customer, returns processing. We estimate these fees based on a percentage of FUSILEV and FOLOTYN revenues that are governed by distribution agreements. | |||
(b) License Fees: We recognize license fees based on the terms of each contractual agreement. In general, this results in periodic revenue recognition as the third-party licensee has sales for which we are entitled to a royalty, or in certain cases, a lump-sum license fee in which revenue is recognized in that period. | |||
(c) Service Revenue: We receive fees under certain arrangements for our research and development services. These services are generally undertaken in connection with a collaboration agreement with another pharmaceutical company. Payment may be triggered by the successful completion of a phase of development, results from a clinical trial, acceptance of an NDA or an equivalent filing, and/or regulatory approval. We recognize revenue when the corresponding milestone is achieved, or the revenue is otherwise earned through our on-going activities. | |||
(ii) Cash and Equivalents | |||
Cash and equivalents consist of highly liquid investments with original maturities of three months or less from the original purchase date. | |||
(iii) Marketable Securities | |||
Marketable securities are equity securities. These are classified as available-for-sale, with any unrealized change in value reflected in “unrealized gain (loss) on securities” on the accompanying Consolidated Statements of Comprehensive Income (Loss). | |||
(iv) Accounts Receivable | |||
Accounts receivable are recorded at the invoiced amount, and do not bear interest. The allowance for doubtful accounts is management’s best estimate of the amount of probable credit losses in existing accounts receivable. Account balances are charged off against the allowance after appropriate collection efforts are exhausted. | |||
(v) Inventories | |||
We value inventory at the lower of the actual cost to purchase or manufacture the inventory, or the market value for such inventory (i.e., net realizable value). Cost is determined on the first-in, first-out method (FIFO). We regularly review inventory quantities in process and on hand, and when appropriate, record a provision for obsolete and excess inventory to reduce it to its net realizable value. | |||
(vi) Property and Equipment | |||
Property and equipment are stated at cost and depreciated on a straight-line basis over its estimated useful lives. In the case of leasehold improvements, depreciation is over the shorter of the estimated useful life or remaining term of the lease. We evaluate the recoverability of long-lived assets (which includes property and equipment) whenever events or changes in circumstances in our business indicate that the asset’s carrying amount may not be recoverable through on-going operations. | |||
(vii) Goodwill and Intangible Assets | |||
Goodwill represents the excess of acquisition cost over the fair value of the net assets of the acquired businesses. Goodwill has an indefinite useful life and is not amortized, but instead tested for impairment annually unless there are interim impairment indicators. We perform our annual evaluation as of October 1 each year. | |||
We evaluate the recoverability of indefinite and definite lived intangible assets at least annually, or whenever events or changes in our business indicate that an intangible asset’s carrying amount may not be recoverable. Such circumstances could include, but are not limited to the following: | |||
(a) | a significant decrease in the market value of an asset; | ||
(b) | a significant adverse change in the extent or manner in which an asset is used; or | ||
(c) | an accumulation of costs significantly in excess of the amount originally expected for the acquisition of an asset. | ||
(viii) Stock-Based Compensation | |||
We recognize stock-based compensation expense for employees and directors over the equity award vesting period, based on its fair value at the date of grant. The fair value of equity awards that are expected to vest is amortized on a straight-line basis over the requisite service period. Stock-based compensation expense recognized is net of an estimated forfeiture rate, which is updated as appropriate. | |||
We use the Black-Scholes option pricing model to determine the fair value of stock option grants with service conditions for vesting and the Monte Carlo valuation model to value certain equity awards with market conditions and service conditions for vesting. These models require the use of highly subjective assumptions, including the probability of the achievement of certain market capitalization levels. | |||
(ix) Foreign Currency Translation | |||
We translate the assets and liabilities of our foreign subsidiaries stated in local functional currencies to U.S. dollars at the rates of exchange in effect at the end of the period. Revenues and expenses are translated using rates of exchange in effect during the period. Gains and losses from the translation of financial statements denominated in foreign currencies are included as a separate component of accumulated other comprehensive income (loss) in the statement of comprehensive income (loss). | |||
We record foreign currency transactions at the exchange rate prevailing at the date of the transaction with resultant gains and losses being included in results of operations. Foreign currency transaction gains and losses have not been significant for any period presented. | |||
(x) Comprehensive Income (Loss) | |||
Comprehensive income (loss) is calculated in accordance with authoritative guidance which requires the disclosure of all components of comprehensive income, including net income (loss) and changes in equity during a period from transactions and other events and circumstances generated from non-owner sources. | |||
(xi) Basic and Diluted Net (Loss) Income per Share | |||
We calculate basic and diluted net (loss) income per share using the weighted average number of common shares outstanding during the periods presented. In periods of a net loss, basic and diluted loss per share are the same. For the diluted earnings per share calculation, we adjust the weighted average number of common shares outstanding to include only dilutive stock options, warrants, and other common stock equivalents outstanding during the period. | |||
(xii) Income Taxes | |||
Deferred tax assets and liabilities are recorded based on the estimated future tax effects of temporary differences between the tax basis of assets and liabilities and amounts reported in the financial statements, as well as operating losses and tax credit carry forwards using enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. Realization of deferred tax assets is dependent upon future earnings, the timing and amount of which are uncertain. | |||
We have recorded a valuation allowance to reduce our net deferred tax assets, because we believe that, based upon a weighting of positive and negative factors, it is more likely than not that these deferred tax assets will not be realized. If we were to determine that we would be able to realize our deferred tax assets in the future, an adjustment to the valuation allowance of our deferred tax assets would increase net income in the period such determination was made. In the event that we were assessed interest and/or penalties from taxing authorities, such amounts would be included in “income tax expense” within the Consolidated Statements of Operations and Comprehensive Income (Loss) in the period the notice was received. | |||
(xiii) Research and Development Costs | |||
Research and development costs are expensed as incurred. | |||
(xiv) Fair Value Measurements | |||
We measure fair value based on the prices that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. Fair value measurements are based on a three-tier hierarchy that prioritizes the inputs used to measure fair value. These tiers include the following: | |||
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that are accessible at the measurement date. The fair value hierarchy gives the highest priority to Level 1 inputs. | |||
Level 2: Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. These inputs include quoted prices for similar assets or liabilities; quoted market 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 are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. | |||
“Cash and equivalents” within our accompanying Consolidated Balance Sheets include certificates of deposit and money market funds that are valued utilizing Level 2 inputs. “Marketable securities” consist of publicly-traded equity instruments that are valued utilizing Level 1 inputs. | |||
The fair value of our “drug development liability” and our “deferred payment contingency” within our accompanying Consolidated Balance Sheets was valued using a model commonly referred to as the discounted income approach model. The unobservable inputs (i.e., Level 3 inputs) in this valuation model that have the most significant effect on these liabilities include (i) internal estimates of research and development personnel costs needed to perform the research and development services, (ii) estimates of expected cash outflows to third parties for services and supplies over the expected period that the services will be performed, and (iii) an appropriate discount rate for these expenditures. These inputs are reviewed for reasonableness by management on at least on a quarterly basis. | |||
“Acquisition-related contingent obligations” within our accompanying Consolidated Balance Sheets represent future amounts we may be required to pay in conjunction with various business combinations. See Note 10(a) for a discussion of CVRs granted as part of our acquisition of Talon, and Note 10(b) for the fair value of the liability associated with FDA approval of C-E MELPHALAN. These liabilities are valued using Level 3 inputs and include probabilities and assumptions related to the timing and likelihood of achievement of regulatory and sales milestones. |
Balance_Sheet_Account_Detail
Balance Sheet Account Detail | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||
Balance Sheet Account Detail | ' | ||||||||||||||||||||||||||||
3 | BALANCE SHEET ACCOUNT DETAIL | ||||||||||||||||||||||||||||
(a) Cash and Equivalents and Marketable Securities | |||||||||||||||||||||||||||||
As of December 31, 2013, we held substantially all of our cash and equivalents, and marketable securities at major financial institutions. | |||||||||||||||||||||||||||||
Our investment policy requires that investments in marketable securities be in only highly-rated instruments, which are primarily U.S. treasury bills or U.S. treasury-backed securities, with limitations on investing in securities of any single issuer. We maintain cash balances in excess of federally insured limits with reputable financial institutions. To a limited degree, the Federal Deposit Insurance Corporation (FDIC) and other third parties insure these investments. However, these investments are not insured against the possibility of a complete loss of earnings or principal and are inherently subject to the credit risk related to the continued credit worthiness of the underlying issuer and general credit market risks. We manage such risks on our portfolio by investing in highly liquid, highly rated instruments and do not invest in long-term maturity instruments. | |||||||||||||||||||||||||||||
Cash and equivalents and marketable securities, including long term bank certificates of deposits, and investments totaled $159.8 million and $143.0 million as of December 31, 2013 and 2012, respectively. The carrying amount of our money market funds and bank certificate of deposits (“Bank CDs”) approximates its fair value (utilizing Level 2 inputs – see Note 2(x)) because of our ability to immediately convert these instruments into cash with minimal change in value. | |||||||||||||||||||||||||||||
The following is a summary of our cash and equivalents and marketable securities: | |||||||||||||||||||||||||||||
Cost | Gross | Gross | Estimated | Cash and | Marketable Securities | ||||||||||||||||||||||||
Unrealized | Unrealized | fair | equivalents | ||||||||||||||||||||||||||
Gains | Losses | Value | Current | Long | |||||||||||||||||||||||||
Term | |||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Bank deposits | $ | 55,911 | $ | — | $ | — | $ | 55,911 | $ | 55,911 | $ | — | $ | — | |||||||||||||||
Money market funds | 100,395 | 100,395 | 100,395 | ||||||||||||||||||||||||||
Bank CDs | 410 | — | — | 410 | — | 410 | — | ||||||||||||||||||||||
Mutual funds | 3,061 | — | — | 3,061 | — | 3,061 | — | ||||||||||||||||||||||
Total cash and equivalents and marketable securities | $ | 159,777 | $ | — | $ | — | $ | 159,777 | $ | 156,306 | $ | 3,471 | $ | — | |||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||
Bank deposits | $ | 128,000 | $ | — | $ | — | $ | 128,000 | $ | 128,000 | $ | — | $ | — | |||||||||||||||
Money market funds | 11,698 | 11,698 | 11,698 | ||||||||||||||||||||||||||
Bank CDs | 987 | — | — | 987 | — | 987 | — | ||||||||||||||||||||||
Mutual funds | 2,323 | — | — | 2,323 | — | 2,323 | — | ||||||||||||||||||||||
Total cash and equivalents and marketable securities | $ | 143,008 | $ | — | $ | — | $ | 143,008 | $ | 139,698 | $ | 3,310 | $ | — | |||||||||||||||
As of December 31, 2013, none of these securities had been in a continuous unrealized loss position longer than one year. | |||||||||||||||||||||||||||||
(b) Property and Equipment | |||||||||||||||||||||||||||||
Property and equipment consist of the following: | |||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Computers and software | $ | 5,154 | $ | 4,540 | |||||||||||||||||||||||||
Lab and media equipment | 1,063 | 886 | |||||||||||||||||||||||||||
Office furniture and equipment | 1,575 | 1,492 | |||||||||||||||||||||||||||
Leasehold improvements | 2,813 | 2,799 | |||||||||||||||||||||||||||
Assets held under capital lease obligations | — | 146 | |||||||||||||||||||||||||||
Property and equipment, at cost | 10,605 | 9,863 | |||||||||||||||||||||||||||
(Less): accumulated depreciation and amortization | (9,070 | ) | (7,315 | ) | |||||||||||||||||||||||||
Property and equipment, net | $ | 1,535 | $ | 2,548 | |||||||||||||||||||||||||
Depreciation and amortization expense for property and equipment (including leasehold improvements) for the years ended December 31, 2013, 2012, and 2011 was $1.2 million, $1.2 million, and $0.9 million, respectively. | |||||||||||||||||||||||||||||
(c) Inventories | |||||||||||||||||||||||||||||
Inventories, net consist of the following: | |||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Raw materials | $ | 1,794 | $ | 887 | |||||||||||||||||||||||||
Work in process | 3,312 | 7,302 | |||||||||||||||||||||||||||
Finished goods | 8,413 | 6,289 | |||||||||||||||||||||||||||
Inventories | $ | 13,519 | $ | 14,478 | |||||||||||||||||||||||||
(d) Intangible Assets and Goodwill | |||||||||||||||||||||||||||||
Intangible assets consist of the following: | |||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Historical | Accumulated | Foreign | Impairment | Net Amount | Full | Remaining | |||||||||||||||||||||||
Cost | Amortization | Currency | Amortization | Amortization | |||||||||||||||||||||||||
Translation | Period (years) | Period (years) | |||||||||||||||||||||||||||
MARQIBO IPR&D | $ | 17,600 | $ | — | $ | — | $ | — | $ | 17,600 | n/a | n/a | |||||||||||||||||
MELPHALAN IPR&D | 7,700 | — | — | — | 7,700 | n/a | n/a | ||||||||||||||||||||||
MARQIBO developed technology | 26,900 | (1,107 | ) | — | — | 25,793 | 11 | 11 | |||||||||||||||||||||
ZEVALIN marketing rights – U.S. | 41,900 | (23,455 | ) | — | — | 18,445 | 10 | 5 | |||||||||||||||||||||
ZEVALIN marketing rights – Ex-U.S. | 23,490 | (5,343 | ) | 682 | — | 18,829 | 8 | 6 | |||||||||||||||||||||
FUSILEV developed technology | 16,778 | (4,821 | ) | — | — | 11,957 | 11 | 8 | |||||||||||||||||||||
FOLOTYN distribution rights* | 27,900 | (3,662 | ) | — | (1,023 | ) | 23,215 | 10 | 9 | ||||||||||||||||||||
FOLOTYN developed technology | 118,400 | (10,587 | ) | — | — | 107,813 | 13 | 12 | |||||||||||||||||||||
Total intangible assets | $ | 280,668 | $ | (48,975 | ) | $ | 682 | $ | (1,023 | ) | $ | 231,352 | |||||||||||||||||
* | On May 29, 2013, we amended our collaboration agreement with Mundipharma in order to modify the scope of their licensed territories and the respective development obligations. As a result of the amendment, Europe and Turkey were excluded from Mundipharma’s commercialization territory, and royalty and milestone rates were modified. The modification of our associated royalty and milestone rights constituted a change in the contractual provisions under which we measured our original acquired intangible asset (i.e., the FOLOTYN distribution rights). We determined that an impairment of the FOLOTYN distribution rights of $1.0 million resulted from the amendment and is recorded in the “amortization and impairment of intangible assets” in the accompanying Consolidated Statement of Operations for the year ended December 31, 2013. | ||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||
Historical | Accumulated | Foreign | Net | ||||||||||||||||||||||||||
Cost | Amortization | Currency | Amount | ||||||||||||||||||||||||||
Translation | |||||||||||||||||||||||||||||
ZEVALIN marketing rights – U.S. | $ | 41,900 | $ | (19,735 | ) | $ | — | $ | 22,165 | ||||||||||||||||||||
ZEVALIN marketing rights – Ex-U.S. | 23,490 | (2,192 | ) | (355 | ) | 20,943 | |||||||||||||||||||||||
FUSILEV developed technology | 16,778 | (2,980 | ) | — | 13,798 | ||||||||||||||||||||||||
FOLOTYN distribution rights | 27,900 | (895 | ) | — | 27,005 | ||||||||||||||||||||||||
FOLOTYN developed technology | 118,400 | (2,077 | ) | — | 116,323 | ||||||||||||||||||||||||
Total intangible assets | $ | 228,468 | $ | (27,879 | ) | $ | (355 | ) | $ | 200,234 | |||||||||||||||||||
Intangible asset amortization expense recognized in 2013, and 2012, and 2011 was $21.2 million, $8.8 million, and $4.7 million, respectively. Estimated intangible asset amortization expense (excluding incremental amortization from the reclassification of IPR&D to developed technology) for the five succeeding years and thereafter is as follows: | |||||||||||||||||||||||||||||
Years Ending December 31 | |||||||||||||||||||||||||||||
2014 | $ | 22,468 | |||||||||||||||||||||||||||
2015 | 22,468 | ||||||||||||||||||||||||||||
2016 | 22,468 | ||||||||||||||||||||||||||||
2017 | 22,468 | ||||||||||||||||||||||||||||
2018 | 22,313 | ||||||||||||||||||||||||||||
2019 and thereafter | 93,867 | ||||||||||||||||||||||||||||
$ | 206,052 | ||||||||||||||||||||||||||||
Goodwill is comprised of the following (by source): | |||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Acquisition of Talon | $ | 10,526 | — | ||||||||||||||||||||||||||
Acquisition of ZEVALIN Rights | 2,525 | $ | 2,525 | ||||||||||||||||||||||||||
Acquisition of Allos | 5,346 | 4,791 | |||||||||||||||||||||||||||
Foreign exchange translation effects | 104 | (37 | ) | ||||||||||||||||||||||||||
$ | 18,501 | $ | 7,279 | ||||||||||||||||||||||||||
(e) Other assets | |||||||||||||||||||||||||||||
Other assets are comprised of the following: | |||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Investments in equity securities | $ | 3,593 | $ | 2,476 | |||||||||||||||||||||||||
Deposits | 190 | 304 | |||||||||||||||||||||||||||
Debt issuance cost | 3,432 | 814 | |||||||||||||||||||||||||||
Life insurance cash surrender value | 5,361 | 2,881 | |||||||||||||||||||||||||||
$ | 12,576 | $ | 6,475 | ||||||||||||||||||||||||||
(f) Accounts payable and other accrued obligations | |||||||||||||||||||||||||||||
Accounts payable and other accrued obligations are comprised of the following: | |||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Trade payables | $ | 12,796 | $ | 30,814 | |||||||||||||||||||||||||
Accrued rebates | 28,893 | 11,023 | |||||||||||||||||||||||||||
Accrued product royalty | 9,498 | 12,275 | |||||||||||||||||||||||||||
Allowance for returns | 2,900 | 5,056 | |||||||||||||||||||||||||||
Accrued data and distribution fees | 2,430 | 8,449 | |||||||||||||||||||||||||||
Accrued GPO administrative fees | 2,327 | 2,650 | |||||||||||||||||||||||||||
Inventory management fee | 616 | 3,050 | |||||||||||||||||||||||||||
Accrued income taxes | 3 | 2,522 | |||||||||||||||||||||||||||
Allowance for chargebacks | 5,074 | 15,153 | |||||||||||||||||||||||||||
Accrued drug development costs | 6,433 | 11,441 | |||||||||||||||||||||||||||
Other accrued obligations | 8,867 | 2,819 | |||||||||||||||||||||||||||
$ | 79,837 | $ | 105,252 | ||||||||||||||||||||||||||
Amounts presented within “accounts payable and other accrued obligations” in the accompanying Consolidated Balance Sheets for GTN estimates (see Note 2(i)) were as follows: | |||||||||||||||||||||||||||||
Description | Rebates and | Data and | Prompt | Returns | |||||||||||||||||||||||||
Chargebacks | Distribution, | Pay | |||||||||||||||||||||||||||
GPO Fees, and | Discount | ||||||||||||||||||||||||||||
Inventory | |||||||||||||||||||||||||||||
Management | |||||||||||||||||||||||||||||
Fees | |||||||||||||||||||||||||||||
Balance as of December 31, 2011 | $ | 9,064 | $ | 9,808 | $ | 992 | $ | 4,000 | |||||||||||||||||||||
Allos accruals assumed | 2,371 | 182 | — | 941 | |||||||||||||||||||||||||
Add: provisions (recovery) | 91,059 | 32,793 | 4,814 | 159 | |||||||||||||||||||||||||
Less: credits or actual allowances | (76,318 | ) | (28,634 | ) | (4,355 | ) | (44 | ) | |||||||||||||||||||||
Balance as of December 31, 2012 | 26,176 | 14,149 | 1,451 | 5,056 | |||||||||||||||||||||||||
Add: provisions (recovery) | 63,609 | 19,067 | 183 | (2,034 | ) | ||||||||||||||||||||||||
Less: credits or actual allowances | (55,818 | ) | (27,843 | ) | (1,317 | ) | (122 | ) | |||||||||||||||||||||
Balance as of December 31, 2013 | $ | 33,967 | $ | 5,373 | $ | 317 | $ | 2,900 | |||||||||||||||||||||
(g) Other long-term liabilities | |||||||||||||||||||||||||||||
Other long-term liabilities are comprised of the following: | |||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Accrued executive deferred compensation | $ | 3,949 | $ | 2,366 | |||||||||||||||||||||||||
Deferred rent (non-current portion) | 366 | 571 | |||||||||||||||||||||||||||
Business acquisition liability | 298 | 298 | |||||||||||||||||||||||||||
Other tax liabilities | 1,352 | 1,132 | |||||||||||||||||||||||||||
$ | 5,965 | $ | 4,367 | ||||||||||||||||||||||||||
Grossto_Net_Product_Sales
Gross-to Net Product Sales | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
Gross-to Net Product Sales | ' | ||||||||||||
4 | GROSS-TO-NET PRODUCT SALES | ||||||||||||
The below table presents a GTN product sales reconciliation for the accompanying Consolidated Statement of Operations: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Gross product sales | $ | 224,301 | $ | 383,817 | $ | 220,670 | |||||||
Rebates and government chargebacks | (63,610 | ) | (91,059 | ) | (22,190 | ) | |||||||
Distribution and data fees and group purchasing organizations fees | (19,067 | ) | (32,793 | ) | (11,637 | ) | |||||||
Prompt pay discounts | (183 | ) | (4,814 | ) | (4,086 | ) | |||||||
Product returns allowance | 2,034 | (159 | ) | (2,094 | ) | ||||||||
Product sales, net | $ | 143,475 | $ | 254,992 | $ | 180,663 | |||||||
Product_Sales_Net_by_Geographi
Product Sales, Net by Geographic Region and Product Line | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
Product Sales, Net by Geographic Region and Product Line | ' | ||||||||||||||||||||||||
5 | PRODUCT SALES, NET BY GEOGRAPHIC REGION AND PRODUCT LINE | ||||||||||||||||||||||||
The below table presents product sales, net by geography for the years ended December 31, 2013, 2012, and 2011: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
United States | $ | 133,462 | 93 | % | $ | 245,697 | 96.4 | % | $ | 180,663 | — | % | |||||||||||||
International: | |||||||||||||||||||||||||
Europe | 3,953 | 2.8 | % | 3,113 | 1.2 | % | — | — | % | ||||||||||||||||
Asia Pacific | 6,060 | 4.2 | % | 6,182 | 2.4 | % | — | — | % | ||||||||||||||||
Total International | 10,013 | 7 | % | 9,295 | 3.6 | % | — | — | % | ||||||||||||||||
Product sales, net | $ | 143,475 | 100 | % | $ | 254,992 | 100 | % | $ | 180,663 | 100 | % | |||||||||||||
The below table presents product sales, net by product line for the years ended December 31, 2013, 2012, and 2011: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
FUSILEV | $ | 68,397 | 47.7 | % | $ | 204,253 | 80.1 | % | $ | 153,110 | 84.7 | % | |||||||||||||
FOLOTYN | 44,370 | 30.9 | % | 20,412 | 8 | % | — | — | % | ||||||||||||||||
ZEVALIN | 29,393 | 20.5 | % | 30,327 | 11.9 | % | 27,553 | ||||||||||||||||||
MARQIBO | 1,315 | 0.9 | % | — | — | % | — | — | % | ||||||||||||||||
Product sales, net | $ | 143,475 | 100 | % | $ | 254,992 | 100 | % | $ | 180,663 | 15.3 | % | |||||||||||||
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||||||
6 | STOCK-BASED COMPENSATION | ||||||||||||||||||||
2009 Stock Incentive Plan | |||||||||||||||||||||
We have one active stockholder-approved stock-based compensation plan, the 2009 Incentive Award Plan (the “2009 Plan”), which replaced our former stockholder-approved plans. We may grant incentive stock options, non-qualified options, restricted stock awards, and stock appreciation rights under the 2009 Plan. | |||||||||||||||||||||
The maximum number of our common stock available for issuance under the 2009 Plan is 10.0 million shares. Beginning on January 1, 2010, and each January 1st thereafter, the number of shares of common stock available for issuance under the 2009 Plan increases by the greater of (i) 2.5 million shares or (ii) a number of shares such that the total number of shares of common stock available for issuance under the 2009 Plan shall equal 30% of the then number of shares of common stock issued and outstanding. As of December 31, 2013, 5.7 million shares were available for grant. It is our policy that before stock is issued through the exercise of stock options, we must first receive all required cash payment for such shares (whether through an upfront cash exercise or net-settlement exercise). | |||||||||||||||||||||
Stock-based awards are governed by agreements between us and the recipients. Incentive stock options and nonqualified stock options may be granted under the 2009 Plan at an exercise price of not less than 100% of the closing fair market value of our common stock on the respective date of grant. The grant date is generally the date the award is approved by the Compensation Committee of the Board of Directors, though for aggregate awards of 50,000 or less in each quarter, the grant date is the date the award is approved by our Chief Executive Officer. | |||||||||||||||||||||
Stock-based awards generally vest 25% on the first anniversary of the date of grant, or for new hires, the first anniversary of their initial date of employment. Awards vest monthly thereafter on a straight-line basis over three years. Stock options must be exercised, if at all, no later than 10 years from the date of grant. Upon termination of employment, vested stock options may be exercised within 90 days from the last date of employment. In the event of an optionee’s death, disability, or retirement, the exercise period is 365 days from the last date of employment. | |||||||||||||||||||||
Employee Stock Purchase Plan | |||||||||||||||||||||
Under the terms of our 2009 Employee Stock Purchase Plan (the “ESPP”), eligible employees can purchase common stock through payroll deductions. The purchase price is equal to the closing price of our common stock on the first or last day of the offering period (whichever is less), minus a 15% discount. We use the Black-Scholes option-pricing model, in combination with the discounted employee price, in determining the value of ESPP expense to be recognized during each offering period. A participant may purchase a maximum of 50,000 shares of common stock during a six-month offering period, not to exceed $25,000 worth of stock on the offering date during each plan year. | |||||||||||||||||||||
A total of 5.0 million shares of common stock are authorized for issuance under the ESPP. Beginning on January 1, 2010, and each January 1st thereafter, the number of shares of common stock available for issuance under the ESPP shall increase by an amount equal to the lesser of (i) 1 million shares or (ii) an amount determined by the ESPP administrator. However, in no event shall the number of shares of common stock available for future sale under the ESPP exceed 10.0 million shares, subject to capitalization adjustments occurring due to dividends, splits, dissolution, liquidation, mergers, or changes in control. | |||||||||||||||||||||
Stock-Based Compensation Expense Summary | |||||||||||||||||||||
We classify our stock-based compensation expense (inclusive of our 2009 Plan, ESPP, and 401(k) matching) in the accompanying Consolidated Statements of Operations, based on the department to which the recipient belongs. Stock-based compensation expense included within operating expenses for years ended December 31, 2013, 2012, and 2011 was as follows: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Selling, general and administrative | $ | 10,762 | $ | 13,041 | $ | 20,609 | |||||||||||||||
Research and development | 2,017 | 1,843 | 1,628 | ||||||||||||||||||
Total | $ | 12,779 | $ | 14,884 | $ | 22,237 | |||||||||||||||
Employee stock-based compensation expense for the years ended December 31, 2013, 2012, and 2011 was recognized (reduced for estimated forfeitures) on a straight-line basis over the vesting period. Forfeitures are estimated at the time of grant and prospectively revised if actual forfeitures differ from those estimates. We estimate forfeitures of stock options using the historical exercise behavior of our employees. For purposes of this estimate, we have applied an estimated forfeiture rate of 8%, 5%, and 5% for the years ended December 31, 2013, 2012, and 2011. | |||||||||||||||||||||
Valuation Assumptions – Restricted Stock and Stock Options | |||||||||||||||||||||
The grant-date fair value per share for restricted stock awards was based upon the closing market price of our common stock on the award grant-date. | |||||||||||||||||||||
The fair value of stock options granted was estimated at the date of grant using the Black-Scholes option-pricing model. The following assumptions were used to determine fair value for the stock awards granted in the applicable year: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Expected option life (in years) (a) | 4.95 | 4.5 | 4.93 | ||||||||||||||||||
Risk-free interest rate (b) | 0.35% - 0.78% | 0.34% - 0.51% | 0.82% - 2.4% | ||||||||||||||||||
Volatility (c) | 58.3% - 71.5% | 64.2% -73.6% | 55.80% | ||||||||||||||||||
Dividend yield (d) | 0% | 0% | 0% | ||||||||||||||||||
Weighted-average grant-date fair value per stock option | $4.66 | $6.20 | $2.65 | ||||||||||||||||||
(a) | Determined by the historical stock option exercise behavior of our employees (maximum term is 10 years). | ||||||||||||||||||||
(b) | Based upon the U.S. Treasury yields in effect during the period which the options were granted (for a period equaling the stock options’ expected term). | ||||||||||||||||||||
(c) | Measured using our historical stock price for a period equal to stock options’ expected term. | ||||||||||||||||||||
(d) | We do not expect to declare any cash dividends in the foreseeable future. | ||||||||||||||||||||
Stock Option Activity | |||||||||||||||||||||
Stock option activity during the years ended December 31, 2013, 2012, and 2011 is as follows: | |||||||||||||||||||||
Number of | Weighted- | Weighted- | Aggregate | ||||||||||||||||||
Shares | Average | Average | Intrinsic | ||||||||||||||||||
Exercise | Remaining | Value | |||||||||||||||||||
Price/Share | Contractual | ||||||||||||||||||||
Term (Years) | |||||||||||||||||||||
Outstanding — December 31, 2010 | 8,397,094 | $ | 4.17 | ||||||||||||||||||
Granted | 3,622,150 | 7.92 | |||||||||||||||||||
Exercised | (1,126,257 | ) | 4.07 | $ | 8,255 | (1) | |||||||||||||||
Forfeited | (547,479 | ) | 4.81 | ||||||||||||||||||
Expired | (159,987 | ) | 5.17 | ||||||||||||||||||
Outstanding — December 31, 2011 | 10,185,521 | $ | 5.46 | ||||||||||||||||||
Granted | 1,821,915 | 11.57 | |||||||||||||||||||
Exercised | (1,287,430 | ) | 4.52 | $ | 11,500 | (1) | |||||||||||||||
Forfeited | (316,825 | ) | 7.93 | ||||||||||||||||||
Expired | (3,916 | ) | 7.69 | ||||||||||||||||||
Outstanding — December 31, 2012 | 10,399,265 | $ | 6.57 | ||||||||||||||||||
Granted | 2,041,300 | 8.92 | |||||||||||||||||||
Exercised | (825,884 | ) | 4.4 | $ | 3,435 | (1) | |||||||||||||||
Forfeited | (202,882 | ) | 8.22 | ||||||||||||||||||
Expired | (82,581 | ) | 8.91 | ||||||||||||||||||
Outstanding — December 31, 2013 | 11,329,218 | $ | 7.1 | 7 | $ | 25,849 | (2) | ||||||||||||||
Vested (exercisable) — December 31, 2013 | 7,876,025 | $ | 6.11 | 6.2 | $ | 24,080 | (2) | ||||||||||||||
Unvested (unexercisable) — December 31, 2013 | 3,453,193 | $ | 9.38 | 8.9 | $ | 1,770 | (2) | ||||||||||||||
-1 | Represents the total difference between our closing stock price at the time of exercise and the stock option exercise price, multiplied by the number of options exercised. | ||||||||||||||||||||
-2 | Represents the total difference between our closing stock price on the last trading day of 2013 and the stock option exercise price, multiplied by the number of in-the-money options as of December 31, 2013. The amount of intrinsic value will change based on the fair market value of our stock. | ||||||||||||||||||||
The following table summarizes information with respect to stock option grants as of December 31, 2013: | |||||||||||||||||||||
Outstanding | Exercisable | ||||||||||||||||||||
Exercise Price | Granted Stock | Weighted- | Weighted- | Granted | Weighted- | ||||||||||||||||
Options | Average | Average | Stock | Average | |||||||||||||||||
Outstanding | Remaining | Exercise | Options | Exercise | |||||||||||||||||
Contractual | Price | Exercisable | Price | ||||||||||||||||||
Life (Years) | |||||||||||||||||||||
$0.92 – 3.15 | 1,192,794 | 4.5 | $ | 2.16 | 1,192,794 | $ | 2.16 | ||||||||||||||
$3.55 – 4.95 | 1,924,904 | 5.9 | 4.23 | 1,865,794 | 4.23 | ||||||||||||||||
$5.05 – 6.90 | 2,862,699 | 5.5 | 6.26 | 2,565,220 | 6.19 | ||||||||||||||||
$7.00 – 8.99 | 2,329,167 | 8.2 | 8.17 | 1,147,138 | 8.26 | ||||||||||||||||
$9.00 – 16.32 | 3,019,654 | 9.2 | 10.86 | 1,105,079 | 11.09 | ||||||||||||||||
11,329,218 | 7 | $ | 7.1 | 7,876,025 | $ | 6.11 | |||||||||||||||
As of December 31, 2013, there was unrecognized compensation expense of $12.4 million related to unvested stock options, which we expect to recognize over a weighted average period of 2.54 years. | |||||||||||||||||||||
Restricted Stock Activity | |||||||||||||||||||||
A summary of restricted stock activity is as follows: | |||||||||||||||||||||
Number of | Weighted Average | ||||||||||||||||||||
Restricted Stock | Fair Value per | ||||||||||||||||||||
Awards | Share at Grant | ||||||||||||||||||||
Date | |||||||||||||||||||||
Unvested as of December 31, 2010 | 359,500 | $ | 3.96 | ||||||||||||||||||
Granted | 1,781,000 | 12.48 | |||||||||||||||||||
Vested | (1,104,025 | ) | 12.33 | ||||||||||||||||||
Forfeited | (83,950 | ) | 4.78 | ||||||||||||||||||
Unvested — December 31, 2011 | 952,525 | 10.11 | |||||||||||||||||||
Granted | 586,639 | 11.76 | |||||||||||||||||||
Vested | (472,160 | ) | 10.26 | ||||||||||||||||||
Forfeited | (32,400 | ) | 9.57 | ||||||||||||||||||
Unvested — December 31, 2012 | 1,034,604 | 11 | |||||||||||||||||||
Granted | 523,800 | 8.74 | |||||||||||||||||||
Vested | (501,660 | ) | 9.72 | ||||||||||||||||||
Forfeited | (49,625 | ) | 10.6 | ||||||||||||||||||
Unvested — December 31, 2013 | 1,007,119 | $ | 10.09 | ||||||||||||||||||
* | Represents our stock price on the vesting date multiplied by the number of vested shares. | ||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Restricted stock expense | $ | 4,202 | $ | 6,500 | $ | 4,100 | |||||||||||||||
As of December 31, 2013, there was approximately $6.5 million of unrecorded expense related to issued restricted stock that will be recognized over an estimated weighted average period of 2.4 years. | |||||||||||||||||||||
401(k) Plan – Stock Matching Contribution | |||||||||||||||||||||
We issued shares of common stock to our employees in connection with our 401(k) program, partially matching our employee contributions, as summarized below: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Shares of common stock issued | 99,359 | 56,254 | 65,889 | ||||||||||||||||||
Match contribution value** | $ | 860 | $ | 691 | $ | 593 | |||||||||||||||
** | Represents our stock price on the date of the stock match multiplied by the number of shares of common stock issued. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Equity [Abstract] | ' | ||||||||
Stockholders' Equity | ' | ||||||||
7 | STOCKHOLDERS’ EQUITY | ||||||||
Authorized Stock | |||||||||
On December 13, 2010, we filed the Certificate of Designation of Rights, Preferences and Privileges of Series B Junior Participating Preferred Stock with the Delaware Secretary of State which authorized 1.5 million shares to be designated as Series B Junior Participating Preferred Stock. On June 13, 2011, our stockholders approved an amendment to our Certificate of Incorporation to increase the authorized number of shares of our common stock from 100.0 million shares to 175.0 million shares. The amendment was filed with the Delaware Secretary of State on June 24, 2011. As of December 31, 2013, we also had 5.0 million shares of preferred stock authorized, of which 1.5 million shares were designated as Series B Junior Participating Preferred Stock and 2,000 shares were designated as Series E Convertible Voting Preferred Stock. | |||||||||
Stockholder Rights Agreement | |||||||||
On November 29, 2010, our Board of Directors approved a replacement rights agreement, effective December 13, 2010, that replaced the stockholder rights agreement which was originally adopted in 2000. This replacement rights agreement will extend until December 13, 2020. A stockholder rights agreement is designed to deter coercive, unfair, or inadequate takeovers and other abusive tactics that might be used in an attempt to gain control of the Company. A stockholder rights agreement will not prevent takeovers at a full and fair price, but rather is designed to deter coercive takeover tactics and to encourage anyone attempting to acquire the Company to first negotiate with our Board of Directors. | |||||||||
Under the terms of the new Stockholder Rights Agreement, the rights become exercisable upon the earlier of 10 days after a person or group of affiliated or associated persons has acquired 15% or more of the outstanding shares of our common stock or 10 business days after a tender offer has commenced that would result in a person or group beneficially owning 15% or more of our outstanding common stock. These rights could delay or discourage someone from acquiring our business, even if doing so would benefit our stockholders. We currently have no stockholders who own 15% or more of the outstanding shares of our common stock. Five days after the rights become exercisable, each right, other than rights held by the person or group of affiliated persons whose acquisition of more than 15% of our outstanding common stock caused the rights to become exercisable, will entitle its holder to buy, in lieu of shares of Series B Preferred Stock, a number of shares of our common stock having a market value of twice the exercise price of the rights. After the rights become exercisable, if we are a party to certain merger or business combination transactions or transfers 50% or more of our assets or earnings power (as defined), each right will entitle its holder to buy a number of shares of common stock of the acquiring or surviving entity having a market value of twice the exercise price of the right. | |||||||||
Series E Preferred Stock | |||||||||
In September 2003, we received gross cash proceeds of $20.0 million in exchange for the issuance of 2,000 shares of our Series E Convertible Voting Preferred Stock, convertible into 4.0 million shares of common stock. As of December 31, 2013 and 2012, 20 shares of Series E Preferred Stock were outstanding. No dividends are payable on the Series E Preferred Stock. Pursuant to certain provisions of the Certificate of Designation, Rights and Preferences of the Series E Preferred Stock, we have the option to redeem all of the unconverted Series E Preferred Stock outstanding at the end of a 20-day trading period if, among other things, in that period our common stock trades above $12.00 per share. | |||||||||
In the event we are the subject of any voluntary or involuntary liquidation, dissolution or winding up, before any distribution of our assets shall be made to the common stockholders, the holders of the Series E Preferred Stock shall be entitled to receive a liquidation preference in an amount equal to 120% of the stated value per share plus any declared and unpaid dividends thereon. | |||||||||
Common Stock Reserved for Future Issuance | |||||||||
As of December 31, 2013, approximately 28.1 million shares of our common stock were issuable upon conversion or exercise of rights granted, or to be granted, as summarized below: | |||||||||
Conversion of Series E Preferred Stock | 40,000 | ||||||||
2018 Convertible Notes | 11,400,000 | ||||||||
Exercise of issued employee stock options | 11,329,218 | ||||||||
Exercise of issued warrants | 445,000 | ||||||||
ESPP shares reserved | 4,540,986 | ||||||||
Long-term retention and management incentive plan shares | 346,500 | ||||||||
Total shares of common stock reserved for future issuances | 28,101,704 | ||||||||
Warrant Activity | |||||||||
We typically issue warrants to purchase shares of our common stock to investors as part of a financing transaction or in connection with services rendered by placement agents and consultants. Our outstanding warrants expire on varying dates through December 2015. A summary of warrant activity is as follows: | |||||||||
Number of | Weighted | ||||||||
Shares | Average | ||||||||
Exercise Price | |||||||||
Outstanding — December 31, 2010 | 4,192,312 | $ | 6.45 | ||||||
Expired | (3,747,312 | ) | 6.62 | ||||||
Outstanding — December 31, 2011 | 445,000 | $ | 5.04 | ||||||
Exercised | (50,000 | ) | 1.79 | ||||||
Outstanding — December 31, 2012 | 395,000 | $ | 5.45 | ||||||
Granted | 50,000 | 7.51 | |||||||
Outstanding — December 31, 2013 | 445,000 | $ | 6.39 | ||||||
Exercisable — December 31, 2013 | 407,500 | $ | 6.29 | ||||||
Net_Loss_Income_Per_Share
Net (Loss) Income Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Net (Loss) Income Per Share | ' | ||||||||||||
8 | NET (LOSS) INCOME PER SHARE | ||||||||||||
Net (loss) income per share was computed by dividing net (loss) income by the weighted average number of common shares outstanding for the years ended December 31, 2013, 2012, and 2011: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net (loss) income | $ | (62,134 | ) | $ | 94,201 | $ | 49,931 | ||||||
Weighted average shares - basic | 60,729,128 | 58,588,916 | 53,272,767 | ||||||||||
Net (loss) income per share - basic | $ | (1.02 | ) | $ | 1.61 | $ | 0.94 | ||||||
Weighted average shares - diluted | 60,729,128 | 64,637,256 | 57,959,714 | ||||||||||
Net (loss) income per share - diluted | $ | (1.02 | ) | $ | 1.46 | $ | 0.86 | ||||||
The following summarizes the amounts used in computing basic and diluted net income per share, for the years ended 2012 and 2011: | |||||||||||||
Net Income | Weighted- | Net | |||||||||||
(numerator) | Average | Income | |||||||||||
Shares | Per Share | ||||||||||||
Outstanding | |||||||||||||
(Denominator) | |||||||||||||
Year Ended December 31, 2012 | |||||||||||||
Basic net income per share: | $ | 94,201 | 58,588,916 | $ | 1.61 | ||||||||
Diluted net income per share: | |||||||||||||
Dilutive preferred shares | 40,000 | ||||||||||||
Dilutive common stock options | 4,749,299 | ||||||||||||
Incremental common stock assumed issued on exercise of in-the-money warrants | 224,437 | ||||||||||||
Unvested restrictive stock awards | 1,034,604 | ||||||||||||
Diluted net income per share | $ | 94,201 | 64,637,256 | $ | 1.46 | ||||||||
Net Income | Weighted- | Net | |||||||||||
(numerator) | Average | Income | |||||||||||
Shares | Per Share | ||||||||||||
Outstanding | |||||||||||||
(Denominator) | |||||||||||||
Year Ended December 31, 2011 | |||||||||||||
Basic net income per share: | $ | 49,931 | 53,272,767 | $ | 0.94 | ||||||||
Diluted net income per share: | |||||||||||||
Dilutive preferred shares | 40,000 | ||||||||||||
Dilutive common stock options | 4,185,224 | ||||||||||||
Change in common stock related to Targent and management incentive plan milestones, as if they had been issued at the beginning of the quarter earned | 248,193 | ||||||||||||
Incremental common stock assumed issued on exercise of in-the-money warrants | 200,656 | ||||||||||||
Unvested restrictive stock awards | 12,874 | ||||||||||||
Diluted net income per share | $ | 49,931 | 57,959,714 | $ | 0.86 | ||||||||
Our outstanding securities were excluded from the above calculation of net (loss) per share, using the treasury stock and if-converted method, as applicable, because their impact would have been anti-dilutive due to net (loss) per share in 2013: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
2018 Convertible Notes | 343,600 | — | — | ||||||||||
Common stock options | 2,934,625 | — | — | ||||||||||
Restricted stock awards | 1,007,119 | — | — | ||||||||||
Common stock warrants | 160,816 | — | — | ||||||||||
Preferred stock | 40,000 | — | — | ||||||||||
Total | 4,486,160 | — | — | ||||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
9 | FAIR VALUE MEASUREMENTS | ||||||||||||||||
The table below summarizes certain asset and liability fair values that are included within our accompanying Consolidated Balance Sheets, and their designations among three fair value measurement categories (as described within Note 2 (x)): | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Bank CDs | $ | — | $ | 410 | $ | — | $ | 410 | |||||||||
Money market currency funds | — | 100,395 | — | 100,395 | |||||||||||||
Mutual funds | — | 3,061 | — | 3,061 | |||||||||||||
Deferred compensation investments, including life insurance cash surrender value | — | 5,361 | — | 5,361 | |||||||||||||
Equity securities | 3,593 | — | — | 3,593 | |||||||||||||
$ | 3,593 | $ | 109,227 | $ | — | $ | 112,820 | ||||||||||
Liabilities: | |||||||||||||||||
Deferred executive compensation liability | — | 3,949 | — | 3,949 | |||||||||||||
Deferred development costs | — | — | 17,742 | 17,742 | |||||||||||||
Ligand Contingent Consideration | — | — | 4,000 | 4,000 | |||||||||||||
Talon CVR | — | — | 4,329 | 4,329 | |||||||||||||
$ | — | $ | 3,949 | $ | 26,071 | $ | 30,020 | ||||||||||
December 31, 2012 | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Bank CDs | $ | — | $ | 987 | $ | — | $ | 987 | |||||||||
Money market currency funds | 11,698 | — | 11,698 | ||||||||||||||
Mutual funds | — | 2,323 | — | 2,323 | |||||||||||||
Deferred compensation investments, including life insurance cash surrender value | — | 2,881 | — | 2,881 | |||||||||||||
Equity securities | 2,480 | — | — | 2,480 | |||||||||||||
$ | 2,480 | $ | 17,889 | $ | — | $ | 20,369 | ||||||||||
Liabilities: | |||||||||||||||||
Deferred executive compensation liability | — | 2,365 | — | 2,365 | |||||||||||||
Deferred development costs | — | — | 12,233 | 12,233 | |||||||||||||
Deferred payment contingency | — | — | 2,287 | 2,287 | |||||||||||||
Ligand Contingent Consideration | — | — | — | — | |||||||||||||
$ | — | $ | 2,365 | $ | 14,520 | $ | 16,885 | ||||||||||
We did not have any transfers between Levels 1 and 2 for all periods presented. The following presents a roll forward of our liabilities for which we utilize Level 3 inputs (see Note 2(x)) in determining period-end value. These liabilities are included on our Consolidated Balance Sheets within “acquisition related contingent obligations” and “accrued and deferred development costs, less current portion”. The basis of the Level 3 inputs utilized are discussed in the referenced Notes to these Consolidated Financial Statements for each. | |||||||||||||||||
Our carrying amounts of financial instruments such as cash equivalents, accounts receivable, prepaid expenses, accounts payable, and accrued liabilities, excluding acquisition related contingent consideration liabilities, approximate their related fair values due to their short-term nature. | |||||||||||||||||
Fair Value Measurements of | |||||||||||||||||
Unobservable Inputs (Level 3) | |||||||||||||||||
Balance at December 31, 2011 | $ | — | |||||||||||||||
Transfers in (out) | — | ||||||||||||||||
Deferred development costs | 12,233 | ||||||||||||||||
Deferred payment contingency | 2,287 | ||||||||||||||||
Balance at December 31, 2012 | 14,520 | ||||||||||||||||
Transfers in (out) | — | ||||||||||||||||
Deferred development costs (see Note 13) | 5,509 | ||||||||||||||||
Deferred payment contingency (see Note 13) | (2,287 | ) | |||||||||||||||
Ligand Contingent Consideration (see Note 10(b)) | 4,000 | ||||||||||||||||
Talon CVR (see Note 10(a)) | 4,329 | ||||||||||||||||
Balance at December 31, 2013 | $ | 26,071 | |||||||||||||||
Business_Combinations
Business Combinations | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Business Combinations | ' | ||||||||
10 | BUSINESS COMBINATIONS | ||||||||
(a) Acquisition of Talon Therapeutics, Inc. | |||||||||
Talon Acquisition Overview | |||||||||
On July 16, 2013, we entered into a Securities Purchase Agreement with Talon Therapeutics, Inc. (“Talon”), whereby, on July 17, 2013, we purchased all of its then outstanding shares of common stock. Through the acquisition of Talon, we gained worldwide rights to MARQIBO, an FDA-approved drug that we believe complements our other hematology and oncology products. | |||||||||
Since July 17, 2013, the results of operations of the former Talon business have been included in the accompanying Consolidated Statements of Operations for the year ended December 31, 2013. From July 17, 2013 through December 31, 2013, our revenue derived from the former Talon business was approximately $1.3 million. We had nominal earnings from the Talon business during this period. | |||||||||
The Talon purchase consideration comprised of (i) an aggregate upfront cash amount of $11.3 million, (ii) issuance of 3.0 million shares of our common stock, then equivalent to $26.3 million (based on a closing price of $8.77 per share on July 17, 2013), and (iii) the issuance of contingent value rights (“CVR”) initially valued by us at $6.5 million. | |||||||||
The CVR was valued using a valuation model that probability-weights expected outcomes (ranging from 50% to 100%) and discounts those amounts to their present value, using a discount rate of 25% (these represent unobservable inputs and are therefore classified as Level 3 inputs – see Note 3 (x)). The CVR has a maximum payout of $195.0 million if all sales and regulatory approval milestones are achieved, as summarized below: | |||||||||
• | $5.0 million upon the achievement of net sales of MARQIBO in excess of $30.0 million in any calendar year | ||||||||
• | $10.0 million upon the achievement of net sales of MARQIBO in excess of $60.0 million in any calendar year | ||||||||
• | $25.0 million upon the achievement of net sales of MARQIBO in excess of $100.0 million in any calendar year | ||||||||
• | $50.0 million upon the achievement of net sales of MARQIBO in excess of $200.0 million in any calendar year | ||||||||
• | $100.0 million upon the achievement of net sales of MARQIBO in excess of $400.0 million in any calendar year | ||||||||
• | $5.0 million upon receipt of marketing authorization from the FDA regarding Menadione Topical Lotion | ||||||||
Direct Costs of the Talon Acquisition | |||||||||
Our direct costs of the Talon acquisition included employee severance, banker, legal, and accounting fees which aggregated to $5.7 million. This amount is included in “selling, general and administrative expenses” within the accompanying Consolidated Statements of Operations for the year ended December 31, 2013. | |||||||||
Consideration Transferred | |||||||||
The Talon acquisition purchase price was allocated to tangible and intangible assets acquired and liabilities assumed based upon their estimated fair value at the acquisition date. The following table summarizes the purchase price: | |||||||||
Cash consideration | $ | 11,300 | |||||||
CVR | 6,500 | ||||||||
Spectrum shares of common stock | 26,300 | ||||||||
Total purchase consideration | $ | 44,100 | |||||||
Fair Value Estimate of Assets Acquired and Liabilities Assumed | |||||||||
Under the purchase method of accounting, the total purchase consideration is allocated to Talon net tangible and intangible assets acquired and liabilities assumed based on the estimated fair values as of the acquisition date. The following table summarizes the estimated fair value of the net assets acquired on July 17, 2013: | |||||||||
Cash and equivalents | $ | 131 | |||||||
Inventory | 611 | ||||||||
Prepaid expenses and other current assets | 109 | ||||||||
Property and equipment | 30 | ||||||||
Identifiable intangible assets | 44,500 | ||||||||
Total assets acquired | 45,381 | ||||||||
Accounts payable & accrued liabilities | 5,231 | ||||||||
Deferred tax liability | 6,576 | ||||||||
Total liabilities assumed | 11,807 | ||||||||
Net assets acquired | $ | 33,574 | |||||||
Goodwill | $ | 10,526 | |||||||
The acquired intangible assets consisted of developed technology and in-process research and development (“IPR&D”) for MARQIBO treatment of acute lymphoblastic leukemia (“ALL”) and MARQIBO treatment of non-Hodgkin’s lymphoma (“NHL”) as follows in the table below: | |||||||||
Value of | Amortization | ||||||||
Intangible | Period* | ||||||||
Assets | |||||||||
Acquired | |||||||||
Developed technology —MARQIBO for ALL | $ | 26,900 | 13 years | ||||||
IPR&D —MARQIBO for NHL | 17,600 | -1 | |||||||
Total identifiable intangible assets | $ | 44,500 | |||||||
* | Recognized on a straight-line basis. | ||||||||
-1 | IPR&D is an intangible asset classified as an indefinite-lived until the completion or abandonment of the associated research and development effort, and will be amortized over an estimated useful life to be determined at the date the project is completed. IPR&D is not amortized during this period, but rather tested for impairment. | ||||||||
The fair value of the acquired IPR&D technology assets was estimated using the income approach. The income approach uses valuation techniques to convert future amounts to a single present amount (discounted). Our measurement is based on the value indicated by current market expectations about those future amounts. | |||||||||
Goodwill | |||||||||
Goodwill presented above of $10.5 million represents the difference of the Talon business purchase price of $44.1 million minus the net assets acquired of $33.6 million. This goodwill includes benefits that we believe will result from combining the operations of Talon with ours, as well as the know-how associated with the MARQIBO compounds for future product development. In accordance with applicable GAAP, we will not amortize goodwill associated with the Talon acquisition, though it will be subjected to annual impairment testing. This goodwill is not deductible for income tax purposes. | |||||||||
Supplemental Pro Forma Financial Information | |||||||||
The following unaudited pro forma financial information is presented to reflect the results of the Company’s consolidated operations for the years ended December 31, 2013 and 2012, as if the acquisition of Talon had occurred on January 1, 2012. To reflect the combined businesses, adjustments have been made to exclude one-time transaction costs and employee severance costs that were directly associated with the Talon acquisition. These pro forma results have been prepared for informational purposes only and may not be indicative of what operating results would have been, had the acquisition actually taken place on January 1, 2012, and may not be indicative of future operating results. | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Pro Forma Total revenues | $ | 155,854 | $ | 267,707 | |||||
Pro Forma Total costs and operating expenses | 200,651 | 210,433 | |||||||
Pro Forma Net (loss) income | (68,146 | ) | 57,274 | ||||||
Pro Forma Net (loss) income per share – basic | $ | (1.12 | ) | $ | 0.98 | ||||
Pro Forma Net (loss) income per share – diluted | $ | (1.12 | ) | $ | 0.89 | ||||
Talon CVR Fair Value as of December 31, 2013 | |||||||||
The CVR fair value will continue to be evaluated on a quarterly basis. Any changes in its fair value results from the likelihood and timing of milestone achievement and/or the corresponding discount rate applied thereon. Adjustments to CVR fair value are recognized within “change in fair value of contingent consideration related to acquisition” in the accompanying Consolidated Statements of Operations. | |||||||||
Fair Value | |||||||||
of Talon | |||||||||
CVR | |||||||||
July 17, 2013 | $ | 6,500 | |||||||
Fair value adjustment for year ended December 31, 2013 | (2,171 | ) | |||||||
December 31, 2013 | $ | 4,329 | |||||||
(b) Acquisition of Rights to Captisol-Enabled ® MELPHALAN | |||||||||
Overview of Acquisition of Rights to C-E MELPHALAN | |||||||||
On March 8, 2013, we completed the acquisition of exclusive global development and commercialization rights to Captisol-enabled ®, propylene glycol-free MELPHALAN (“C-E MELPHALAN”) from CyDex Pharmaceuticals, Inc. a wholly-owned subsidiary of Ligand Pharmaceuticals Incorporated (“Ligand”). C-E MELPHALAN is currently in a pivotal trial being conducted by Ligand for use as a conditioning treatment prior to autologous stem cell transplant for patients with multiple myeloma. We assumed full responsibility for its ongoing clinical and regulatory development program. Under the agreement, we paid Ligand a license fee of $3.0 million on April 1, 2013. We are required to pay Ligand additional amounts up to an aggregate $66.0 million, upon the achievement of certain regulatory milestones and net sales thresholds (“Ligand Contingent Consideration”). We also must pay royalties in the range of 15% to 25% on net sales of licensed products in all territories. | |||||||||
We accounted for the acquisition of these rights as a business combination, using the acquisition method of accounting. This requires that assets acquired and liabilities assumed be recognized at their fair values as of the purchase date and be recorded on the balance sheet. The process for estimating the fair values of identifiable intangible assets involves the use of significant estimates and assumptions, including estimating future cash flows and developing appropriate discount rates. Aggregate transaction costs of $15,000 are included in “selling, general and administrative expenses” within the accompanying Consolidated Statements of Operations for the year ended December 31, 2013. | |||||||||
Consideration Transferred | |||||||||
The acquisition-date fair value of the consideration transferred consisted of the following items: | |||||||||
Cash consideration | $ | 3,000 | |||||||
Ligand Contingent Consideration | 4,700 | ||||||||
Total purchase consideration | $ | 7,700 | |||||||
Fair Value Estimate of Asset Acquired and Liability Assumed | |||||||||
The total purchase consideration is allocated to the acquisition of the tangible and intangible assets acquired and liabilities assumed. These amounts are based on their estimated fair values as of the closing date. The allocation of the total purchase price to the net assets acquired is as follows: | |||||||||
IPR&D—C-E MELPHALAN rights | $ | 7,700 | |||||||
Acquired IPR&D is an intangible asset that is classified as indefinite-lived until the completion or abandonment of the associated R&D effort, and is subject to impairment testing. C-E MELPHALAN rights will be amortized over an estimated useful life to be determined at the date the project is complete. | |||||||||
We estimated the fair value of the in-process research and development using the income approach. The income approach uses valuation techniques to convert future amounts to a single present amount (discounted). Our measurement is based on the value indicated by current market expectations about those future amounts. The fair value estimate took into account our estimates of future incremental earnings that may be achieved upon regulatory approval, promotion, and distribution associated with the rights, and included estimated cash flows of approximately 10 years and a discount rate of approximately 25%. | |||||||||
The fair value of the contingent consideration liability assumed was determined using the probability of success and the discounted cash flow method of the income approach (representing unobservable inputs and are therefore classified as Level 3 inputs – see Note 3(x)), which assumes that FDA approval of C-E MELPHALAN will occur on or about December 31, 2015. Upon receipt of FDA approval, we will be obligated to make a milestone payment of $6.0 million to Ligand. | |||||||||
We do not consider this acquisition to represent a material business combination; accordingly, we have not presented pro forma results of our combined operations that are otherwise required. | |||||||||
Ligand Contingent Consideration Fair Value as of December 31, 2013 | |||||||||
The Ligand Contingent Consideration fair value will continue to be evaluated on a quarterly basis. Any changes in its fair value results from the likelihood and timing of milestone achievement and/or the corresponding discount rate applied thereon. Adjustments to Ligand Contingent Consideration fair value are recognized within “fair value of contingent consideration related to acquisition” in the accompanying Consolidated Statements of Operations. | |||||||||
Fair Value of | |||||||||
Ligand | |||||||||
Contingent | |||||||||
Consideration | |||||||||
March 8, 2013 | $ | 4,700 | |||||||
Fair value adjustment for year ended December 31, 2013 | (700 | ) | |||||||
December 31, 2013 | $ | 4,000 | |||||||
(c) Allos Acquisition | |||||||||
We acquired Allos Therapeutics, Inc. (“Allos”) on September 5, 2012, which was accounted for as a business combination. Our total consideration for this acquisition was $205.2 million, through which we acquired FOLOTYN development technology and FOLOTYN distribution rights. |
Revolving_Line_of_Credit
Revolving Line of Credit | 12 Months Ended | |
Dec. 31, 2013 | ||
Debt Disclosure [Abstract] | ' | |
Revolving Line of Credit | ' | |
11 | REVOLVING LINE OF CREDIT | |
We entered into a credit agreement on September 5, 2012 with Bank of America, N.A, as the administrative agent and Wells Fargo Bank, N.A, as an initial lender, as amended July 16, 2013 (the “Credit Agreement”). The Credit Agreement provided us with a committed $50.0 million revolving line of credit facility (the “Credit Facility”). The Credit Facility was to expire on September 5, 2014, though we repaid it in full, then immediately terminated it on December 20, 2013 in connection with the sale and issuance of our 2018 Convertible Notes. | ||
The Credit Facility bore interest, at our election, at a rate equal to the London Interbank Offer Rate (LIBOR), or the base rate, plus an applicable margin (2.75% to 4.25%, dependent on a defined liquidity ratio). | ||
We incurred $1.0 million in related loan costs and fees in securing the Credit Facility, which were capitalized and recognized within “other assets” on our accompanying Consolidated Balance Sheets. This amount was amortized through “interest expense” to the accompanying Consolidated Statements of Operations, using the effective interest method, initially over the term of the Credit Facility, though the remaining unamortized portion was fully expensed in December 2013 when it was repaid and terminated. | ||
An unused line fee was payable quarterly in an amount ranging from 0.375% to 0.625% of the sum of the average daily unused portion of the facilities during any quarter based upon consolidated leverage ratio as at the last test date. A customary fee was also payable to the administrative agent on an annual basis in advance. | ||
We recognized $1.2 million, $0.5 million, and $-0- in 2013, 2012, and 2011, respectively, within “interest expense” for this retired Credit Facility on the accompanying Consolidated Statements of Operations. |
Convertible_Senior_Notes
Convertible Senior Notes | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Text Block [Abstract] | ' | ||||
Convertible Senior Notes | ' | ||||
12 | CONVERTIBLE SENIOR NOTES | ||||
On December 17, 2013, we entered into an agreement for the sale of $120.0 million aggregate principal amount of 2.75% Convertible Senior Notes due December 2018 (the “2018 Convertible Notes”). The 2018 Convertible Notes are convertible into shares of our common stock at a conversion rate of 95 shares per $1,000 principal amount of the 2018 Convertible Notes, totaling 11.4 million common shares if fully converted. The in-the-money conversion price is equivalent to $10.53 per common share. The conversion rate and conversion price is subject to adjustment under certain limited circumstances, as defined in the Indenture. The 2018 Convertible Notes bear interest at a rate of 2.75% per year, payable semiannually in arrears on June 15 and December 15 of each year, beginning on June 15, 2014. The 2018 Convertible Notes will mature and become payable on December 15, 2018, subject to earlier conversion into common stock at the holders’ option. | |||||
On December 23, 2013 net proceeds from the sale of the 2018 Convertible Notes were $115.4 million, after deducting banker and professional fees of $4.6 million. We used a portion of these net proceeds to simultaneously enter into “bought call” and “sold warrant” transactions with Royal Bank of Canada (collectively, the “Note Hedge”). We recorded the Note Hedge on a net cost basis of $13.1 million, as a reduction to “additional paid-in capital” in our accompanying Consolidated Balance Sheets. Under applicable GAAP, the Note Hedge transaction is not expected to be marked-to-market through earnings or comprehensive income in future reporting periods. | |||||
We entered into Note Hedge transactions to reduce the potential dilution to our common stock and/or offset any cash payments that we are required to make in excess of the principal amount, upon conversion of the 2018 Convertible Notes (in the event that the market price of our common stock is greater than the conversion price). The strike price of the “bought call” is equal to the conversion price and conversion rate of the 2018 Convertible Notes, matching the 11.4 million common shares the 2018 Convertible Notes may be converted into. The strike price of our “sold warrant” is $14.03 per share of our common stock, and is also for 11.4 million common shares. | |||||
As of December 31, 2013, the 2018 Convertible Notes were not convertible. Prior to June 15, 2018, holders may convert all or a portion of their 2018 Convertible Notes only under the following circumstances: (1) during any fiscal quarter (and only during such fiscal quarter) commencing after March 31, 2014, if, for at least 20 trading days (whether or not consecutive) during the 30 consecutive trading day period ending on the last trading day of the immediately preceding fiscal quarter, the last reported sale price of our common stock on such trading day is greater than or equal to 130% of the applicable conversion price on such trading day; (2) during the five consecutive business day period immediately following any five consecutive trading day period in which, for each trading day of that measurement period, the trading price per $1,000 principal amount of 2018 Convertible Notes for such trading day was less than 98% of the product of the last reported sale price of our common stock on such trading day and the applicable conversion rate on such trading day; (3) upon the occurrence of certain corporate transactions; or (4) at any time we have not received stockholder approval, as that term is defined in the Indenture governing the 2018 Convertible Notes. On and after June 15, 2018 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or a portion of their 2018 Convertible Notes at any time, regardless of the foregoing circumstances. | |||||
We initially may only settle conversions of the 2018 Convertible Notes by delivering shares of our common stock. However, if we obtain stockholder approval in accordance with applicable NASDAQ rules, we may settle conversions of the 2018 Convertible Notes by paying or delivering, as the case may be, cash, shares of common stock, or a combination of cash and shares of common stock, at our election. | |||||
The carrying values of the 2018 Convertible Notes as of December 31, 2013 is summarized as follows: | |||||
Principal amount | $ | 120,000 | |||
(Less): Unamortized debt discount (amortized through December 2018) | (28,520 | ) | |||
December 31, 2013 net carrying amount of 2018 Convertible Notes | $ | 91,480 | |||
The following table sets forth the components of total “interest expense” recognized in the accompanying Consolidated Statements of Operations for the 2018 Convertible Notes for the year ended December 31, 2013: | |||||
Contractual coupon interest expense | $ | 73 | |||
Amortization of debt issuance costs | 43 | ||||
Accretion of debt discount | 101 | ||||
Total | $ | 217 | |||
Effective interest rate | 8.59 | % | |||
Mundipharma_Agreement
Mundipharma Agreement | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
Mundipharma Agreement | ' | ||||||||||||
13 | MUNDIPHARMA AGREEMENT | ||||||||||||
As the result of Allos becoming our wholly-owned subsidiary, effective September 5, 2012, we assumed obligations under a strategic collaboration agreement with Mundipharma (the “Mundipharma Collaboration Agreement”). Under the Mundipharma Collaboration Agreement, we retained full commercialization rights for FOLOTYN in the U.S. and Canada, with Mundipharma having exclusive rights to commercialize FOLOTYN in all other countries in the world (the “Mundipharma Territories”). | |||||||||||||
On May 29, 2013, the Mundipharma Collaboration Agreement was amended and restated (the “Amended Munipharma Collaboration Agreement”), in order to modify: (i) the scope of the licensed territory, (ii) milestone payments, (iii) royalty rates, and (iv) development obligations. In connection with the Amended Munipharma Collaboration Agreement, we received a one-time $7.0 million payment from Mundipharma for certain research and development activities to be performed by us. | |||||||||||||
As a result, (i) Europe and Turkey were excluded from Mundipharma’s commercialization territory, (ii) we may now receive potential regulatory milestone payments of up to $16.0 million and commercial progress and sales-dependent milestone payments of up to $107.0 million, (iii) we will receive tiered double- digit royalties based on net sales of FOLOTYN within Mundipharma’s licensed territories, and (iv) we and Mundipharma will bear our own FOLOTYN development costs. We recorded the fair value of the related drug development liability of $12.3 million as of September 2012, using the discounted cash flow method of the income approach. The fair value of this liability was determined to be $17.7 million as of December 31, 2013 (inclusive of the $7.0 million payment from Mundipharma) and is included in current and long-term “drug development liability” within the accompanying Consolidated Balance Sheets. This value includes our assumptions about personnel needed to perform these research and development activities, third party costs for projected clinical trial enrollment, and patient treatment-related follow up through approximately 2031. | |||||||||||||
We will assess this liability at each subsequent reporting date and record its adjustment through “research and development” expense in our Consolidated Statements of Operations. | |||||||||||||
Year Ended December 31, | |||||||||||||
Drug | Drug | Total Drug | |||||||||||
Development | Development | Development | |||||||||||
Liability, | Liability, | Liability – | |||||||||||
Current – | Long Term – | FOLOTYN | |||||||||||
FOLOTYN | FOLOTYN | ||||||||||||
Balance at December 31, 2012 | $ | 856 | $ | 11,377 | $ | 12,233 | |||||||
Transfer from long term to current | 3,620 | (3,620 | ) | — | |||||||||
Amended agreement payment receipt | — | 7,000 | 7,000 | ||||||||||
(Less): Expenses incurred | (1,357 | ) | (134 | ) | (1,491 | ) | |||||||
Balance at December 31, 2013 | $ | 3,119 | $ | 14,623 | $ | 17,742 | |||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
14 | COMMITMENTS AND CONTINGENCIES | ||||
(a) Facility and Equipment Leases | |||||
We lease our principal executive office in Henderson, Nevada under a non-cancelable operating lease expiring April 30, 2014. We also lease our research and development and administrative facility in Irvine, California under a non-cancelable operating lease expiring May 31, 2019, in addition to several other administrative office leases. Each lease agreement contains certain scheduled rent increases which are accounted for on a straight-line basis. Our total rental expense in 2013, 2012, and 2011 was $1.2 million, $0.9 million, and $0.7 million, respectively. | |||||
Our future minimum lease payments are as follows: | |||||
Year ending December 31, | Operating Lease | ||||
Minimum | |||||
Payments | |||||
2014 | $ | 849 | |||
2015 | 950 | ||||
2016 | 892 | ||||
2017 | 843 | ||||
2018 | 868 | ||||
$ | 4,402 | ||||
(b) Licensing Agreements, Co-Development Agreements, and Milestone Payments | |||||
We are developing almost all of our drug candidates pursuant to license agreements that provide us with rights in certain territories, among other things, to develop, sublicense, manufacture and sell the drugs. We are generally required to use commercially reasonable efforts to develop the drugs, and are generally responsible for all development, patent filing and maintenance, sales and marketing and liability insurance costs. We are also obligated to make certain milestone payments to the licensors if we successfully reach development and regulatory milestones specified in the license agreements. In addition, we are obligated to pay royalties and, in some cases, milestone payments based on our net sales. | |||||
The potential contingent development and regulatory milestone obligations under all of our licensing agreements are generally tied to progress through the various regulatory authorities’ approval process, which approval significantly depends on positive clinical trial results. | |||||
Our most significant of these agreements are listed and summarized below: | |||||
(i) ZEVALIN licensing and development in the U.S. | |||||
In December 2008, we acquired rights to commercialize and develop ZEVALIN in the U.S. as the result of a transaction with Cell Therapeutics, Inc. (“CTI”). Pursuant to the transfer of the ZEVALIN assets from CTI to RIT Oncology LLC (“RIT”), in December 2008, RIT assumed certain agreements with various third parties related to ZEVALIN intellectual property. These agreements relate to the manufacture, use, and sale of ZEVALIN in the U.S. | |||||
In accordance with the terms of such agreements, RIT is required to meet specified payment obligations including a commercial milestone payment to Corixa Corporation of $5.0 million based on ZEVALIN sales in the U.S., which has not yet been met, as well as U.S. net sales-based royalties of low to mid-single digits to Genentech, Inc. and mid-single digits to Corixa Corporation. | |||||
(ii) Asset Purchase Agreement between CTI and Biogen, ZEVALIN U.S. | |||||
In connection with the joint venture arrangement with CTI, we entered into an amendment to the original asset purchase agreement between CTI and Biogen, modifying future milestone payments. Pursuant to the terms of the agreement, as amended, (i) upon the achievement of the specified FDA approval milestone, which was achieved in 2009, RIT (as successor to CTI) paid Biogen an additional amount of $5.5 million, (ii) RIT may be required to make an additional $10.0 million milestone payment upon the achievement of an additional FDA approval milestone, and (iii) RIT is required to make yearly royalty payments determined as a mid-single to mid-teen digits percentage of yearly net sales for the preceding year, increasing with the passage of time. The agreement has an indefinite term and is no longer subject to termination; provided, however, that the royalty obligations automatically terminate upon the latest to occur of expiration of the subject patents, the sale by a third party of a biosimilar product in the U.S. or December 31, 2015. CTI’s rights and obligations, including its payment obligations to Biogen for royalties on net sales of ZEVALIN and an additional regulatory milestone payment, under both the CTI/Biogen Agreement and the amendment were assigned to and assumed by RIT in connection with the closing of the joint venture transaction. | |||||
(iii) License and Asset Purchase Agreement with Bayer Pharma, ZEVALIN Ex-U.S. | |||||
On April 1, 2012, through our subsidiary, Spectrum Pharmaceuticals Cayman, L.P., we completed the acquisition of licensing rights to market ZEVALIN outside of the U.S., referred to as the ZEVALIN Ex-US Rights, from Bayer Pharma AG, or Bayer. | |||||
We currently market ZEVALIN in the U.S. and this agreement expanded our commercial efforts to the rest of the world. ZEVALIN is currently approved in more than 40 countries outside the U.S. for the treatment of B-cell non-Hodgkin lymphoma, including countries in Europe, Latin America and Asia. In consideration for the rights granted under the agreement, concurrent with the closing, we paid Bayer a one-time fee of Euro 19.0 million, and will pay Bayer royalties based on a mid-teen digits percentage of net sales of the licensed products in all territories worldwide except the U.S. Unless earlier terminated, the term of the agreement continues until the expiration of our royalty payment obligations which, in turn, run until the last-to-expire patent covering the sale of a licensed product in the relevant country or 15 years from the date of first commercial sale of the licensed product in such country, whichever is longer. | |||||
(iv) Amended and Restated License Agreement with Merck & Cie AG, FUSILEV | |||||
In May 2006, we amended and restated a license agreement with Merck & Cie AG, a Swiss corporation, which we assumed in connection with the acquisition of the assets of Targent. Pursuant to the license agreement with Merck & Cie, we obtained the exclusive license to use regulatory filings related to FUSILEV and a non-exclusive license under certain patents and know-how related to FUSILEV to develop, make, use, and sell FUSILEV in the field of oncology in North America. In addition, we have the right of first opportunity to negotiate an exclusive license to manufacture, use, and sell FUSILEV products outside the field of oncology in North America. Also, under the terms of the license agreement, we paid Merck & Cie $0.1 million for the achievement of FDA approval of an injectable form of FUSILEV. Merck & Cie is also eligible to receive a $0.2 million payment upon achievement of FDA approval of an oral form of FUSILEV, in addition to royalties in the mid-single digits based on a percentage of net sales. The term of the license agreement is determined on a product-by-product and country-by-country basis until royalties are no longer owed under the license agreement. The license agreement expires in its entirety after the date that we no longer owe any royalties to Merck & Cie. We have the unilateral right to terminate the license agreement, in its entirety or on a product-by-product or country-by-country basis, at any time for any reason. | |||||
(v) Asset Purchase Agreement with Targent, Inc., FUSILEV | |||||
In March 2006, we entered into an Asset Purchase Agreement with Targent, Inc. (“Targent”). As part of the consideration for the purchase of certain assets, we agreed to pay milestone payments to Targent upon the achievement of certain regulatory events as well as for certain sales levels for FUSILEV within a calendar year. In connection with the achievement of the FDA approval milestone in April 2011, we issued an aggregate of 0.7 million shares of our common stock to certain of Targent’s stockholders. We capitalized $6.3 million associated with this milestone as an amortizable intangible asset. | |||||
In addition, in connection with the achievement of the first sales milestone in May 2011, we issued 0.6 million shares of our common stock to certain of Targent’s stockholders. In September 2011, we achieved the second and final sales milestone and paid $5.0 million. We capitalized an aggregate $10.0 million associated with these milestones as amortizable intangible assets. | |||||
(vi) License Agreement with Sloan-Kettering Institute, SRI International and Southern Research Institute, FOLOTYN | |||||
In December 2002, Allos entered into the FOLOTYN License Agreement with Sloan-Kettering Institute for Cancer Research, SRI International, and Southern Research Institute. As a result of Allos becoming our wholly owned subsidiary effective September 5, 2012, we are bound by the FOLOTYN License Agreement under which we obtained exclusive worldwide rights to a portfolio of patents and patent applications related to FOLOTYN and its uses. Under the terms of the FOLOTYN License Agreement, we are required to fund all development programs and will have sole responsibility for all commercialization activities. In addition, we pay the licensors royalties based on worldwide graduated annual levels of net sales of FOLOTYN, or sublicense revenues arising from sublicensing the product, if and when such sales or sublicenses occur. Royalties are 8% of annual worldwide sales up to $150.0 million; 9% of annual worldwide sales of $150.0 million through $300.0 million; and 11% of annual worldwide sales in excess of $300.0 million. | |||||
(vii) License Agreement with Cydex Pharmaceuticals, Inc., Captisol-enabled, Propyleneglycol-free MELPHALAN | |||||
On March 8, 2013, we completed the acquisition of exclusive global development and commercialization rights to C-E MELPHALAN from Ligand (see Note 10(b)). This product candidate is currently in a pivotal trial for use as a conditioning treatment prior to autologous stem cell transplant for patients with multiple myeloma. We assumed full responsibility for its ongoing clinical and regulatory development program. Under the agreement, we paid Ligand a license fee of $3.0 million on April 1, 2013. We are required to pay Ligand additional amounts of up to $66.0 million, upon achievement of certain regulatory milestones and net sales thresholds, and royalties in the range of 15% to 25% on net sales of licensed products in all territories. | |||||
(viii) Exclusive Development and Commercialization Collaboration Agreement with Allergan, APAZIQUONE | |||||
In October 2008, we signed an exclusive development and commercialization collaboration agreement with Allergan for APAZIQUONE. Pursuant to the terms of the agreement, Allergan paid us an up-front non-refundable $41.5 million at closing and is obligated to make additional payments based on the achievement of certain development, regulatory and commercialization milestones. | |||||
On January 29, 2013, we entered into a second amendment to the license, development, supply and distribution agreement with Allergan to amend the agreement and reacquire the rights originally licensed to Allergan in the U.S., Europe, and other territories in exchange for a tiered single-digit royalty on certain products containing APAZIQUONE, and relieved Allergan of its obligations for development, commercialization and other activities. As a result of this amendment to the agreement, Allergan has no remaining obligations to us, and we have no remaining performance obligations to them. However, we are obligated to pay Allergan a tiered single-digit royalty not to exceed mid-single digits based upon the net sales, when and if earned, of certain products containing APAZIQUONE in specified territories. Additionally, we are obligated to pay any royalties or other payments due to certain licensors of underlying intellectual property, as well as to provide indemnification of Allergan for claims arising from the manufacture, development, or commercialization of pharmaceutical products containing APAZIQUONE by us. | |||||
(ix) Collaboration Agreement with Nippon Kayaku Co. LTD., APAZIQUONE | |||||
In November 2009, we entered into a collaboration agreement with Nippon Kayaku Co., LTD. (“Nippon Kayaku”) for the development and commercialization of APAZIQUONE in Asia, except North and South Korea (the “Nippon Kayaku Territory”). In addition, Nippon Kayaku received exclusive rights to APAZIQUONE for the treatment of non-muscle invasive bladder cancer in Asia (other than North and South Korea), including Japan and China. Nippon Kayaku will conduct APAZIQUONE clinical trials in the Nippon Kayaku Territory pursuant to a development plan. Further, Nippon Kayaku will be responsible for all expenses relating to the development and commercialization of APAZIQUONE in the Nippon Kayaku Territory. | |||||
Pursuant to the terms of this agreement, Nippon Kayaku paid Spectrum an upfront fee of $15.0 million and is obligated to make additional payments based on the achievement of certain development, regulatory and commercialization milestones. Under the terms of the agreement, we are entitled to payment of $10.0 million and $126.0 million upon achievement of certain regulatory and commercialization milestones, respectively. Also, Nippon Kayaku has agreed to pay us royalties based on a percentage of net sales of the subject products in the defined territory in the mid-teen digits. | |||||
Our license agreement with Nippon Kayaku provides for payments to us upon the achievement of development milestones, such as the completion of clinical trials or regulatory submissions, approvals by health authorities, and commercial launches of drug candidates. Given the challenges inherent in developing and obtaining approval for drug products and in achieving commercial launches, there was substantial uncertainty whether any such milestones would be achieved at the time of execution of such license agreement. We expect to recognize as revenue future payments received from such milestones only if achieved. | |||||
(x) Licensing and Collaboration Agreement with TopoTarget, BELEODAQ | |||||
In February 2010, we entered into a licensing and collaboration agreement with TopoTarget A/S (“TopoTarget”), as amended in October 2013, for the development and commercialization of BELEODAQ. The agreement provides that we have the exclusive right to make, develop, and commercialize BELEODAQ in North America and India, with an option for China. | |||||
Under continuing terms, all development, including studies, will be conducted under a joint development plan. We have final decision-making authority for all developmental activities in North America and India (and China upon exercise of its option). TopoTarget has final decision-making authority for all developmental activities in all other jurisdictions. We are responsible for future costs of the ongoing registrational PTCL trial. We and TopoTarget will conduct future planned clinical trials pursuant to the joint development plan, of which we will fund 70% of the development costs, and TopoTarget will fund 30%. | |||||
We will each pay 50% of the costs for chemical, pharmaceutical and other process development related to the manufacturing of the product that are incurred with a mutually agreed upon budget in the joint development plan. We have the right to manufacture clinical and commercial supplies of BELEODAQ. TopoTarget is obligated to purchase its BELEODAQ requirements from us on a cost plus basis. | |||||
Pursuant to the terms of this agreement, we paid TopoTarget an upfront fee of $30.0 million in 2010. In addition, on the successful achievement of certain development, regulatory and sales milestones, we are obligated to issue 1.0 million shares of our common stock (subject to certain resale conditions) and pay TopoTarget up to $313.0 million. In February 2014, the first of these milestones was met, resulting in the issuance of 1.0 million shares of our common stock and the payment of $10.0 million to TopoTarget (see Note 17). We will pay TopoTarget future royalties in the mid-teen digits based on net sales of BELEODAQ in the defined territory. | |||||
The agreement will continue until the expiration of the last royalty payment period in the last country in the defined territory with certain provisions surviving, unless earlier terminated in accordance with its terms. We may terminate this agreement with 180 days notice to TopoTarget. We may also terminate immediately upon a prohibition on the use of the subject product or clinical hold by the FDA. TopoTarget may also terminate immediately in the event of a challenge (without TopoTarget’s consent) by us of the patents that cover the product. | |||||
(xi) Co-Development and Commercialization Agreement with Hanmi Pharmaceutical Company, SPI-2012 | |||||
In late January 2012, we entered into a co-development and commercialization agreement with Hanmi Pharmaceutical Company, (“Hanmi”), for SPI-2012, formerly known as “LAPS-GCSF”, a drug for the treatment of chemotherapy induced neutropenia based on Hanmi’s proprietary LAPSCOVERY™ Technology. In consideration for the rights granted to us under the co-development and commercialization agreement with Hanmi, we paid Hanmi a fee which is included in “research and development expense” in the accompanying Consolidated Statements of Operations because the technology has not yet achieved regulatory approval. Under the terms of the agreement, we will share the costs and expenses of the study with Hanmi, although we will have primary responsibility for them. If SPI-2012 is ultimately commercialized by us, we will have worldwide rights except for Korea, China and Japan upon payment of fees and milestone payments related to further development, regulatory approvals and sales targets. | |||||
(c) Service Agreements | |||||
In connection with the research and development of our drug products, we have entered into contracts with numerous third party service providers, such as radio-pharmacies, distributors, clinical trial centers, clinical research organizations, data monitoring centers, and with drug formulation, development and testing laboratories. The financial terms of these agreements are varied and generally obligate us to pay in stages, depending on achievement of certain events specified in the agreements, such as contract execution, reservation of service or production capacity, actual performance of service, or the successful accrual and dosing of patients. | |||||
At each period end, we accrue for all services received, with such accruals based on factors such as estimates of work performed, patient enrollment, completion of patient studies and other events. We are in a position to accelerate, slow-down or discontinue any or all of the projects that we are working on at any given point in time. Should we decide to discontinue and/or slow-down the work on any project, the associated costs for those projects would be limited to the extent of the work completed. Generally, we are able to terminate these contracts due to the discontinuance of the related project(s) and thus avoid paying for the services that have not yet been rendered and our future purchase obligations would reduce accordingly. | |||||
(d) Supply Agreements | |||||
We have entered into certain supply agreements, or have issued purchase orders, which require us to make minimum purchases from vendors for the manufacture of our products. These commitments do not exceed our planned commercial requirements, and the contracted prices do not exceed their fair market value. | |||||
(e) Employment Agreements | |||||
We have entered into employment agreements with certain of our officers and other “key employees” under which payment and benefits would become payable in the event of termination by us for any reason other than cause, or upon a change in control of our Company, or by the employee for good reason. | |||||
(f) Deferred Compensation Plan | |||||
On September 2, 2011, the Board of Directors approved the Spectrum Pharmaceuticals, Inc. Deferred Compensation Plan (the “DC Plan”). The DC Plan is intended to comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended. The DC Plan is administered by the Compensation Committee of our Board of Directors. The DC Plan is intended to be an unfunded plan which is maintained primarily to provide deferred compensation benefits for a select group of our employees, as selected by the DC Plan administrator (the “DC Participants”). Under the DC Plan, we provide the DC Participants with the opportunity to make annual elections to defer up to a specified amount or percentage of their eligible cash compensation, as established by the DC Plan administrator, and we have the option to make discretionary contributions. At December 31, 2013 and 2012, DC Plan deferrals and contributions totaling $3.9 million and $2.4 million, respectively, are included as a liability in the accompanying Consolidated Balance Sheets. | |||||
(g) Litigation | |||||
We are involved from time-to-time with various legal matters arising in the ordinary course of business. These claims and legal proceedings are of a nature we believe are normal and incidental to a pharmaceutical business, and may include product liability, intellectual property, employment matters, and other general claims. | |||||
We make provisions for liabilities when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Such provisions are reviewed at least quarterly and adjusted to reflect the impact of any settlement negotiations, judicial and administrative rulings, advice of legal counsel, and other information and events pertaining to a particular case. Litigation is inherently unpredictable. Although the ultimate resolution of these various matters cannot be determined at this time, we do not believe that such matters, individually or in the aggregate, will have a material adverse effect on our consolidated results of operations, cash flows, or financial condition. | |||||
We are presently responding to Abbreviated New Drug Applications (“ANDAs”) filed by companies seeking to launch generic forms of FUSILEV and to certain shareholder suits that purportedly stem from our March 12, 2013 press release, in which we announced anticipated changes in customer ordering patterns of FUSILEV. These complaints allege that, as a result of the March 12, 2013 press release, our stock price declined. The complaints further allege that during the putative class period certain defendants made misleadingly optimistic statements about FUSILEV sales, which inflated the trading price of our stock. The lawsuits seek relief in the form of monetary damages, costs and fees, and any other equitable or injunctive relief that the court deems appropriate. | |||||
FUSILEV ANDA Litigation | |||||
On January 20, 2012 and February 17, 2012, respectively, we filed suit against Sandoz Inc. and Innopharma Inc, respectively following Paragraph IV certifications in connection with their filing separate ANDAs, to manufacture a generic version of FUSILEV. We filed the lawsuits in the U.S. District Court for the Districts of Nevada and Delaware seeking to enjoin the approval of their ANDAs plus recovery of our fees and costs incurred in such matters. On December 9, 2013, three Mylan entities collaborating with Innopharma were joined to Innopharma case. While we believe our patent rights are strong, the ultimate outcome of these cases is uncertain. | |||||
Shareholder Litigation | |||||
John Perry v. Spectrum Pharmaceuticals, Inc. et al. (Filed March 14, 2013 in United States District Court, District of Nevada; Case Number 2:2013-cv-00433-LDG-CWH. This putative consolidated class action raises substantially identical claims and allegations against defendants Spectrum Pharmaceuticals, Inc., Dr. Rajesh C. Shrotriya, Brett L. Scott, and Joseph Kenneth Keller. The alleged class period is August 8, 2012 to March 12, 2013. The lawsuits allege a violation of Section 10(b) of the Securities Exchange Act of 1934 against all defendants and control person liability, as a violation of Section 20(b) of the Securities Exchange Act of 1934, against the individual defendants. The claims purportedly stem from the Company’s March 12, 2013 press release, in which it announced that it anticipated a change in ordering patterns of FUSILEV. The complaints allege that, as a result of the March 12, 2013 press release, the Company’s stock price declined. The complaints further allege that during the putative class period certain defendants made misleadingly optimistic statements about FUSILEV sales, which inflated the trading price of Company stock. The lawsuits seek relief in the form of monetary damages, costs and fees, and any other equitable or injunctive relief that the court deems appropriate. | |||||
Timothy Fik v. Rajesh C. Shrotriya, et al. (Filed April 11, 2013 in United States District Court, District of Nevada; Case Number 2:2013-cv-00624-JCM-CWH); Christopher J. Watkins v. Rajesh C. Shrotriya, et al. (Filed April 22, 2013 in United States District Court, District of Nevada; Case Number 2:2013-cv-00684-JCM-VCF); and Stefan Muenchhagen v. Rajesh C. Shrotriya, et al. (Filed May 28, 2013; Case Number 2:2013-cv-00942-APG-PAL). These derivative complaints are brought by the respective purported shareholders on behalf of nominal plaintiff Spectrum against certain current and former directors and officers. The complaints generally allege breaches of fiduciary based on conduct relating to the events alleged in the consolidated Perry action. The complaints seek compensatory damages, corporate governance reforms, restitution and disgorgement of defendants’ alleged profits, and costs and fees. On May 15, 2013, the court entered a consolidation order staying the actions pending resolution of the federal securities class action. | |||||
Hardik Kakadia v. Rajesh C. Shrotriya, et al. (Filed April 23, 2013 in the Eighth Judicial District Court of the State of Nevada in and for Clark County; Case Number A-13-680643-B); and Joel Besner v. Rajesh C. Shrotriya, et al. (Filed May 31, 2013; Case Number A-13-682668-C) (collectively the “State Derivative Actions”). These consolidated State Derivative Actions are brought by the respective purported shareholders on behalf of nominal plaintiff Spectrum Pharmaceuticals, Inc. and are substantially similar to the consolidated federal derivative actions. | |||||
(h) SEC Subpoena | |||||
On April 1, 2013, we received a subpoena from the SEC for documents pursuant to a formal order of investigation. The subpoena followed our March 12, 2013 announcement that we anticipated a change in customer ordering patterns of FUSILEV. We continue to cooperate with this SEC investigation, though we cannot predict its outcome, or the timing of resolution. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
15 | INCOME TAXES | ||||||||||||
The components of (loss) income before (provision) benefit for income taxes are as follows: | |||||||||||||
For the Years Ended | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
United States | $ | (30,437 | ) | $ | 82,165 | $ | 53,834 | ||||||
Foreign | (6,199 | ) | (2,235 | ) | (199 | ) | |||||||
Total | $ | (36,636 | ) | $ | 79,930 | $ | 53,635 | ||||||
The provision (benefit) for income taxes consist of the following: | |||||||||||||
For the Years Ended | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current: | |||||||||||||
Federal | $ | (8,357 | ) | $ | 16,222 | $ | 1,255 | ||||||
State | (691 | ) | 3,412 | 2,449 | |||||||||
Foreign | — | — | — | ||||||||||
$ | (9,048 | ) | $ | 19,634 | $ | 3,704 | |||||||
Deferred: | |||||||||||||
Federal | 36,183 | (24,013 | ) | — | |||||||||
State | (1,637 | ) | (9,892 | ) | — | ||||||||
Foreign | — | — | — | ||||||||||
34,546 | (33,905 | ) | — | ||||||||||
Total income tax provision (benefit) | $ | 25,498 | $ | (14,271 | ) | $ | 3,704 | ||||||
The income tax provision (benefit) differs from that computed using the federal statutory rate applied to income before taxes as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Tax provision (benefit) computed at the federal statutory rate | $ | (12,822 | ) | $ | 27,975 | $ | 18,250 | ||||||
State tax, net of federal benefit | (246 | ) | 2,442 | 2,918 | |||||||||
Expired tax attributes | — | — | 385 | ||||||||||
Research credits | (2,254 | ) | (2,129 | ) | (1,464 | ) | |||||||
Benefits from credit study | — | (4,148 | ) | — | |||||||||
Common stock warrant liability | — | — | 1,186 | ||||||||||
Transaction costs | 880 | 1,497 | — | ||||||||||
Officers compensation | 2,178 | 2,908 | 3,801 | ||||||||||
Stock based compensation | 501 | 134 | 1,676 | ||||||||||
Permanent items and other | (1,080 | ) | 2,111 | 2,039 | |||||||||
Domestic manufacturing deduction | 767 | (1,262 | ) | — | |||||||||
Tax differential on foreign earnings | 1,123 | 382 | — | ||||||||||
Change in tax rate | (283 | ) | 338 | — | |||||||||
Valuation allowance | 36,734 | (44,519 | ) | (25,087 | ) | ||||||||
Income tax provision (benefit) | $ | 25,498 | $ | (14,271 | ) | $ | 3,704 | ||||||
The American Taxpayer Relief Act of 2012, which reinstated the U.S. federal research and development tax credit retroactively from January 1, 2012 through December 31, 2013, was not enacted into law until the first quarter of 2013. The tax benefit resulting from such reinstatement is reflected in our 2013 tax provision. | |||||||||||||
Significant components of our deferred tax assets as of December 31, 2013 and 2012 are shown below. A valuation allowance has been recognized to offset the net deferred tax assets as realization of such deferred tax assets no longer meets the “more-likely-than-not” threshold under GAAP. | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss carry forwards | $ | 46,482 | $ | 45,391 | |||||||||
Research credits | 8,066 | 1,848 | |||||||||||
Stock based compensation | 3,486 | 2,896 | |||||||||||
Deferred revenue | 58 | 4,596 | |||||||||||
Development costs | 6,495 | 5,298 | |||||||||||
Returns and allowances | 3,117 | 7,889 | |||||||||||
Other, net | 5,551 | 6,021 | |||||||||||
Total deferred tax assets before valuation allowance | 73,255 | 73,246 | |||||||||||
Valuation allowance | (49,586 | ) | (1,818 | ) | |||||||||
Total deferred tax assets | 23,669 | 72,121 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Basis difference in debt | (1,082 | ) | — | ||||||||||
Depreciation and amortization differences | (28,096 | ) | (36,372 | ) | |||||||||
Net deferred tax (liability) asset | $ | (5,509 | ) | $ | 35,749 | ||||||||
The increase in the valuation allowance in 2013 was due to uncertainties regarding the realization of deferred tax assets acquired in connection with the Talon acquisition and a change in our overall assessment regarding the realization of our domestic deferred tax assets as a result of larger than expected operating losses sustained in 2013 and an increase in our expected operating loss for 2014. The decrease in the valuation allowance in 2012 was due to a change in our assessment regarding the realization of our domestic deferred tax assets as a result of positive earnings trends in 2010, 2011, and 2012 and operating income recorded in 2011 and 2012. | |||||||||||||
At December 31, 2013, we had federal and state net operating loss carryforwards of approximately $117.4 million and $132.0 million, respectively. We have approximately $4.1 million of foreign loss carryforwards that will begin to expire in 2028. The federal and state loss carry forwards begin to expire in 2018 and 2014, respectively, unless previously utilized. At December 31, 2013, we had federal and state tax credits of approximately $6.9 million and $2.2 million, respectively. The federal tax credit carryovers begin to expire in 2026 unless previously utilized. The state research and development credits have an indefinite carryover period. | |||||||||||||
As a result of the prior ownership changes, the utilization of certain net operating loss and research and development tax credit carryforwards including those acquired in connection with the acquisition of Allos and Talon are subject to annual limitations under Sections 382 and 383 of the Internal Revenue Code of 1986 and similar state provisions. Any net operating losses or credits that would expire unutilized as a result of Section 382 and 383 limitations have been removed from the table of deferred tax assets and the accompanying disclosures of net operating loss and research and development carryforwards. | |||||||||||||
Accounting guidance clarifies the accounting for uncertain tax positions and prescribes a recognition threshold and measurement process for recording in the financial statements uncertain tax positions taken or expected to be taken in a tax return. Additionally, the authoritative guidance addresses the derecognition, classification, accounting in interim periods and disclosure requirements for uncertain tax positions. Only tax positions that meet the more-likely-than-not recognition threshold at the effective date may be recognized. | |||||||||||||
The following tabular reconciliation summarizes activity related to unrecognized tax benefits: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at beginning of year | $ | 5,482 | $ | 3,928 | $ | 2,803 | |||||||
Adjustments related to prior year tax positions | (200 | ) | (527 | ) | 5 | ||||||||
Increases related to current year tax positions | 648 | 2,515 | 1,120 | ||||||||||
Decreases due to settlements | (1,227 | ) | (434 | ) | — | ||||||||
Decreases related to prior year tax positions | (2,491 | ) | — | — | |||||||||
Balance at end of year | $ | 2,212 | $ | 5,482 | $ | 3,928 | |||||||
During 2013, we continue to believe that our tax positions meet the more-likely-than-not standard required under the recognition phase of the authoritative guidance. However, we consider the amounts and probabilities of the outcomes that can be realized upon ultimate settlement with the tax authorities and determined unrecognized tax benefits primarily related to credits should be established as noted in the summary rollforward above. | |||||||||||||
Approximately $0.3 million, $5.2 million and $0.2 million of the total unrecognized tax benefits as of December 31, 2013, 2012 and 2011, respectively, would reduce our annual effective tax rate if recognized. Additional amounts in the summary rollforward could impact our effective tax rate if we did not maintain a full valuation allowance on our net deferred tax assets. | |||||||||||||
We do not expect our unrecognized tax benefits to change significantly over the next 12 months. With a few exceptions, we are no longer subject to U.S. federal, state and local income tax examinations for years before 2009. Our policy is to recognize interest and/or penalties related to unrecognized tax benefits in income tax expense in the consolidated statements of operations and are not material. | |||||||||||||
During 2013, the Internal Revenue Service completed an examination of our 2010 tax return. No tax was paid as a result of the examination. As a result of the examination, the Company reduced tax credits carryovers by $0.8 million and net operating loss carryovers by $1.6 million. |
Subsequent_Event
Subsequent Event | 12 Months Ended | |
Dec. 31, 2013 | ||
Subsequent Events [Abstract] | ' | |
Subsequent Event | ' | |
16 | SUBSEQUENT EVENT | |
BELEODAQ NDA Acceptance by the FDA | ||
On February 5, 2014, we received a communication from the FDA notifying us that our NDA for BELEODAQ (Belinostat) for Injection had been accepted for filing with priority review. As a result of this achievement, pursuant to the TopoTarget agreement (see Note 14(b)(x)), we paid TopoTarget $10.0 million and issued an aggregate 1.0 million shares of our common stock in February 2014. |
Summary_of_Selected_Quarterly_
Summary of Selected Quarterly Financial Data | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Summary of Selected Quarterly Financial Data | ' | ||||||||||||||||
17 | SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | ||||||||||||||||
Selected quarterly financial data (unaudited) for the year ended December 31, 2013 and 2012 is presented below: | |||||||||||||||||
Quarter Ended (Unaudited) | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
2013:00:00 | |||||||||||||||||
Total revenues | $ | 38,667 | $ | 33,232 | $ | 42,439 | $ | 41,516 | |||||||||
Operating loss | $ | (6,457 | ) | $ | (12,529 | ) | $ | (13,287 | ) | $ | (6,512 | ) | |||||
Net loss | $ | (5,435 | ) | $ | (9,721 | ) | $ | (7,812 | ) | $ | (39,166 | ) | |||||
Net loss per share, basic | $ | (0.09 | ) | $ | (0.16 | ) | $ | (0.13 | ) | $ | (0.63 | ) | |||||
Net loss per share, diluted | $ | (0.09 | ) | $ | (0.16 | ) | $ | (0.13 | ) | $ | (0.63 | ) | |||||
2012:00:00 | |||||||||||||||||
Total revenues | $ | 59,859 | $ | 68,702 | $ | 69,042 | $ | 70,104 | |||||||||
Operating income | $ | 23,596 | $ | 23,028 | $ | 23,109 | $ | 11,041 | |||||||||
Net income | $ | 46,838 | $ | 18,350 | $ | 21,524 | $ | 7,489 | |||||||||
Net income per share, basic | $ | 0.8 | $ | 0.31 | $ | 0.37 | $ | 0.13 | |||||||||
Net income per share, diluted | $ | 0.72 | $ | 0.29 | $ | 0.33 | $ | 0.12 | |||||||||
Net (loss) income per basic and diluted shares are computed independently for each of the quarters presented based on basic and diluted shares outstanding per quarter and, therefore, may not sum to the totals for the year. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Valuation And Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | ' | ||||||||||||||||||||
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||
Years Ended December 31, 2013, 2012, and 2011 | |||||||||||||||||||||
Description | Balance at | Additions | Deductions (1) | Balance at | |||||||||||||||||
Beginning of | (Reductions) | End of | |||||||||||||||||||
Period | Additions | Charged | Period | ||||||||||||||||||
(Recovery) | to Other | ||||||||||||||||||||
to Bad Debt | Accounts | ||||||||||||||||||||
Expense or | |||||||||||||||||||||
Deferred | |||||||||||||||||||||
Tax Asset | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 228 | $ | 11 | — | $ | (33 | ) | $ | 206 | |||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 471 | $ | (128 | ) | — | $ | (115 | ) | $ | 228 | ||||||||||
Year ended December 31, 2011 | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 339 | $ | 139 | — | $ | (7 | ) | $ | 471 | |||||||||||
-1 | Deductions represent the actual write-off of accounts receivable balances. |
Description_of_Business_Basis_1
Description of Business, Basis of Presentation, and Operating Segment (Policies) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Accounting Policies [Abstract] | ' | |||
Description of Business | ' | |||
(a) Description of Business | ||||
Spectrum Pharmaceuticals, Inc. and its wholly-owned subsidiaries (“Spectrum”, the “Company”, “we”, “our”, or “us”), is a biotechnology company with fully integrated commercial and drug development operations, with a primary focus in oncology and hematology. Our strategy is comprised of acquiring, developing, and marketing a diverse pipeline of late-stage clinical and commercial products. | ||||
We currently market four drugs: | ||||
• | FUSILEV injection for patients in the U.S. with advanced metastatic colorectal cancer and to counteract certain effects of methotrexate therapy; | |||
• | ZEVALIN injection for patients in the U.S. and various international markets with follicular non-Hodgkin’s lymphoma; | |||
• | FOLOTYN injection for patients in the U.S. with relapsed or refractory peripheral T-cell lymphoma; and | |||
• | MARQIBO injection for patients in the U.S. with Philadelphia chromosome–negative acute lymphoblastic leukemia. | |||
We also have a pipeline of product candidates in advanced-stage Phase 2 and Phase 3 studies. We have assembled an integrated in-house scientific team, including formulation development, clinical development, medical research, regulatory affairs, biostatistics and data management, and have established a commercial infrastructure for the marketing of our drug products. We also leverage the expertise of our worldwide partners to assist in the execution of our business strategies. | ||||
Basis of Presentation | ' | |||
(b) Basis of Presentation | ||||
Principles of Consolidation | ||||
The accompanying Consolidated Financial Statements in this Annual Report on Form 10-K have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). These financial statements include the financial position, results of operations, and cash flows of Spectrum and its subsidiaries, all of which are wholly-owned. All inter-company accounts and transactions among the consolidated entities have been eliminated in consolidation. | ||||
On April 1, 2012, we acquired the licensing rights outside of the U.S. to market ZEVALIN (the “ZEVALIN Rights”); on September 5, 2012, we acquired Allos Therapeutics, Inc. (“Allos”); and on July 17, 2013, we acquired Talon Therapeutics, Inc. (“Talon”). Our accompanying Consolidated Financial Statements include the assets acquired and liabilities assumed in connection with these acquisitions, in addition to the operating results and cash flows, beginning with the corresponding acquisition date for each acquisition. | ||||
Variable Interest Entity | ||||
We own fifty-percent of Spectrum Pharma Canada (a “variable interest entity,” as defined under applicable GAAP), which was organized in Quebec, Canada in January 2008. Certain of our drug clinical studies are conducted through this entity. We are obligated to fund all costs of this entity and have the sole rights to any revenue derived from its operations. Since we carry the full risks and rewards of this entity, we meet the applicable GAAP criteria as its “primary beneficiary”. As the primary beneficiary of this variable interest entity, Spectrum Pharma Canada’s balance sheets and statements of operations are included in our Consolidated Financial Statements as if it were a wholly-owned subsidiary for all periods presented. | ||||
Operating Segment | ' | |||
(c) Operating Segment | ||||
We operate in one reportable operating segment that is focused exclusively on developing and commercializing oncology and hematology drug products. For the years ended December 31, 2013, 2012, and 2011, all of our revenue and related expenses were solely attributable to these activities. Substantially all of our long-lived assets are located in the U.S. | ||||
Revenue Recognition | ' | |||
(i) Revenue Recognition | ||||
(a) Product Sales: We sell our products to wholesalers and distributors. Our wholesalers and distributors purchase our products and sell the products directly to end-users, such as clinics, hospitals, and private oncology-based practices. Revenue from product sales is recognized upon shipment of product when title and risk of loss have transferred to our customer, and the following additional criteria are met: | ||||
-1 | appropriate evidence of a binding arrangement exists with our customer; | |||
-2 | price is substantially fixed and determinable; | |||
-3 | collection from our customer is reasonably assured; | |||
-4 | our customer’s obligation to pay us is not contingent on resale of the product; | |||
-5 | we do not have significant obligations for future performance to directly bring about the resale of our product; and | |||
-6 | we have a reasonable basis to estimate returns. | |||
Our gross revenue is reduced by our gross-to-net (“GTN”) estimates, resulting in our reported “Product sales, net” in the accompanying Consolidated Statements of Operations. We defer revenue recognition in full if/when these estimates are not reasonably determinable at the time of sale. | ||||
Our GTN estimates reduce revenue in the same period that the related sale is recorded and include the following major categories: | ||||
Product Returns Allowances: Our FUSILEV customers are typically permitted to return products within six months after its expiration date, subject to certain restocking fees and preauthorization requirements. We estimate potential returns, based on several factors, including historical rates of return, customer and end-user ordering patterns, inventory held by distributors, and sell through data of distributor sales to end users. In general, returned product is not resold. | ||||
Government Chargebacks: Our products are subject to certain pricing limits under federal government programs. Qualifying entities purchase products through our distributors at the discounted price. Our distributors charge the difference between the list price and discounted price back to us, for which there may be significant lag time. Due to estimates and assumptions inherent in determining the amount and extent of government chargebacks we will incur, which take in account our estimates of which sales will be subject to government chargebacks and the amount of such chargebacks, the actual amount of government chargeback claims may be materially different from our estimates. | ||||
Discounts: Discounts (generally prompt payment discounts) are estimated at each reporting period. We review the terms of the contracts, specifically price and discount structures, and applicable payment terms to estimate its value. | ||||
Rebates: Rebates are estimated based on the customer’s actual purchase level during the rebate purchase period, and the corresponding contractual rebate tier we expect the customer to achieve. | ||||
Medicaid Rebates: Our products are subject to state government-managed Medicaid programs whereby discounts and rebates are provided to participating state governments. Our calculations related to these rebate accruals require estimates, including estimates of customer mix primarily based on a combination of market and clinical research, to determine which sales will be subject to rebates and the amount of such rebates. Our estimate of utilization is based on historical claims and forecasting techniques, and supplemented by management’s judgment with respect to many factors, including changes in sales trends, an evaluation of current laws and regulations and product pricing. Due to estimates and assumptions inherent in determining the amount of our product sales subject to Medicaid rebates, and the time lag to receive these rebate notices (generally several months after the sale is made), the actual amount of these claims may be materially different from our estimates. As a result, adjustments may be recorded over several periods after the initial sale is recorded. | ||||
Distribution and Data Fees: Distribution and data fees are paid to authorized wholesalers and specialty distributors of FUSILEV and FOLOTYN as a percentage of products sold. The services provided include contract administration, inventory management, product sales reporting by customer, returns processing. We estimate these fees based on a percentage of FUSILEV and FOLOTYN revenues that are governed by distribution agreements. | ||||
(b) License Fees: We recognize license fees based on the terms of each contractual agreement. In general, this results in periodic revenue recognition as the third-party licensee has sales for which we are entitled to a royalty, or in certain cases, a lump-sum license fee in which revenue is recognized in that period. | ||||
(c) Service Revenue: We receive fees under certain arrangements for our research and development services. These services are generally undertaken in connection with a collaboration agreement with another pharmaceutical company. Payment may be triggered by the successful completion of a phase of development, results from a clinical trial, acceptance of an NDA or an equivalent filing, and/or regulatory approval. We recognize revenue when the corresponding milestone is achieved, or the revenue is otherwise earned through our on-going activities. | ||||
Cash and Equivalents | ' | |||
(ii) Cash and Equivalents | ||||
Cash and equivalents consist of highly liquid investments with original maturities of three months or less from the original purchase date. | ||||
Marketable Securities | ' | |||
(iii) Marketable Securities | ||||
Marketable securities are equity securities. These are classified as available-for-sale, with any unrealized change in value reflected in “unrealized gain (loss) on securities” on the accompanying Consolidated Statements of Comprehensive Income (Loss). | ||||
Accounts Receivable | ' | |||
(iv) Accounts Receivable | ||||
Accounts receivable are recorded at the invoiced amount, and do not bear interest. The allowance for doubtful accounts is management’s best estimate of the amount of probable credit losses in existing accounts receivable. Account balances are charged off against the allowance after appropriate collection efforts are exhausted. | ||||
Inventories | ' | |||
(v) Inventories | ||||
We value inventory at the lower of the actual cost to purchase or manufacture the inventory, or the market value for such inventory (i.e., net realizable value). Cost is determined on the first-in, first-out method (FIFO). We regularly review inventory quantities in process and on hand, and when appropriate, record a provision for obsolete and excess inventory to reduce it to its net realizable value. | ||||
Prooperty and Equipment | ' | |||
(vi) Property and Equipment | ||||
Property and equipment are stated at cost and depreciated on a straight-line basis over its estimated useful lives. In the case of leasehold improvements, depreciation is over the shorter of the estimated useful life or remaining term of the lease. We evaluate the recoverability of long-lived assets (which includes property and equipment) whenever events or changes in circumstances in our business indicate that the asset’s carrying amount may not be recoverable through on-going operations. | ||||
Goodwill and Intangible Assets | ' | |||
(vii) Goodwill and Intangible Assets | ||||
Goodwill represents the excess of acquisition cost over the fair value of the net assets of the acquired businesses. Goodwill has an indefinite useful life and is not amortized, but instead tested for impairment annually unless there are interim impairment indicators. We perform our annual evaluation as of October 1 each year. | ||||
We evaluate the recoverability of indefinite and definite lived intangible assets at least annually, or whenever events or changes in our business indicate that an intangible asset’s carrying amount may not be recoverable. Such circumstances could include, but are not limited to the following: | ||||
(a) | a significant decrease in the market value of an asset; | |||
(b) | a significant adverse change in the extent or manner in which an asset is used; or | |||
(c) | an accumulation of costs significantly in excess of the amount originally expected for the acquisition of an asset. | |||
Stock-Based Compensation | ' | |||
(viii) Stock-Based Compensation | ||||
We recognize stock-based compensation expense for employees and directors over the equity award vesting period, based on its fair value at the date of grant. The fair value of equity awards that are expected to vest is amortized on a straight-line basis over the requisite service period. Stock-based compensation expense recognized is net of an estimated forfeiture rate, which is updated as appropriate. | ||||
We use the Black-Scholes option pricing model to determine the fair value of stock option grants with service conditions for vesting and the Monte Carlo valuation model to value certain equity awards with market conditions and service conditions for vesting. These models require the use of highly subjective assumptions, including the probability of the achievement of certain market capitalization levels. | ||||
Foreign Currency Translation | ' | |||
(ix) Foreign Currency Translation | ||||
We translate the assets and liabilities of our foreign subsidiaries stated in local functional currencies to U.S. dollars at the rates of exchange in effect at the end of the period. Revenues and expenses are translated using rates of exchange in effect during the period. Gains and losses from the translation of financial statements denominated in foreign currencies are included as a separate component of accumulated other comprehensive income (loss) in the statement of comprehensive income (loss). | ||||
We record foreign currency transactions at the exchange rate prevailing at the date of the transaction with resultant gains and losses being included in results of operations. Foreign currency transaction gains and losses have not been significant for any period presented. | ||||
Comprehensive Income (Loss) | ' | |||
(x) Comprehensive Income (Loss) | ||||
Comprehensive income (loss) is calculated in accordance with authoritative guidance which requires the disclosure of all components of comprehensive income, including net income (loss) and changes in equity during a period from transactions and other events and circumstances generated from non-owner sources. | ||||
Basic and Diluted Net Income (Loss) per Share | ' | |||
(xi) Basic and Diluted Net (Loss) Income per Share | ||||
We calculate basic and diluted net (loss) income per share using the weighted average number of common shares outstanding during the periods presented. In periods of a net loss, basic and diluted loss per share are the same. For the diluted earnings per share calculation, we adjust the weighted average number of common shares outstanding to include only dilutive stock options, warrants, and other common stock equivalents outstanding during the period. | ||||
Income Taxes | ' | |||
(xii) Income Taxes | ||||
Deferred tax assets and liabilities are recorded based on the estimated future tax effects of temporary differences between the tax basis of assets and liabilities and amounts reported in the financial statements, as well as operating losses and tax credit carry forwards using enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. Realization of deferred tax assets is dependent upon future earnings, the timing and amount of which are uncertain. | ||||
We have recorded a valuation allowance to reduce our net deferred tax assets, because we believe that, based upon a weighting of positive and negative factors, it is more likely than not that these deferred tax assets will not be realized. If we were to determine that we would be able to realize our deferred tax assets in the future, an adjustment to the valuation allowance of our deferred tax assets would increase net income in the period such determination was made. In the event that we were assessed interest and/or penalties from taxing authorities, such amounts would be included in “income tax expense” within the Consolidated Statements of Operations and Comprehensive Income (Loss) in the period the notice was received. | ||||
Research and Development Costs | ' | |||
(xiii) Research and Development Costs | ||||
Research and development costs are expensed as incurred. | ||||
Fair Value Measurements | ' | |||
(xiv) Fair Value Measurements | ||||
We measure fair value based on the prices that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. Fair value measurements are based on a three-tier hierarchy that prioritizes the inputs used to measure fair value. These tiers include the following: | ||||
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that are accessible at the measurement date. The fair value hierarchy gives the highest priority to Level 1 inputs. | ||||
Level 2: Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. These inputs include quoted prices for similar assets or liabilities; quoted market 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 are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. | ||||
“Cash and equivalents” within our accompanying Consolidated Balance Sheets include certificates of deposit and money market funds that are valued utilizing Level 2 inputs. “Marketable securities” consist of publicly-traded equity instruments that are valued utilizing Level 1 inputs. | ||||
The fair value of our “drug development liability” and our “deferred payment contingency” within our accompanying Consolidated Balance Sheets was valued using a model commonly referred to as the discounted income approach model. The unobservable inputs (i.e., Level 3 inputs) in this valuation model that have the most significant effect on these liabilities include (i) internal estimates of research and development personnel costs needed to perform the research and development services, (ii) estimates of expected cash outflows to third parties for services and supplies over the expected period that the services will be performed, and (iii) an appropriate discount rate for these expenditures. These inputs are reviewed for reasonableness by management on at least on a quarterly basis. | ||||
“Acquisition-related contingent obligations” within our accompanying Consolidated Balance Sheets represent future amounts we may be required to pay in conjunction with various business combinations. See Note 10(a) for a discussion of CVRs granted as part of our acquisition of Talon, and Note 10(b) for the fair value of the liability associated with FDA approval of C-E MELPHALAN. These liabilities are valued using Level 3 inputs and include probabilities and assumptions related to the timing and likelihood of achievement of regulatory and sales milestones. |
Balance_Sheet_Account_Detail_T
Balance Sheet Account Detail (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||
Summary of Cash and Equivalents and Marketable Securities | ' | ||||||||||||||||||||||||||||
The following is a summary of our cash and equivalents and marketable securities: | |||||||||||||||||||||||||||||
Cost | Gross | Gross | Estimated | Cash and | Marketable Securities | ||||||||||||||||||||||||
Unrealized | Unrealized | fair | equivalents | ||||||||||||||||||||||||||
Gains | Losses | Value | Current | Long | |||||||||||||||||||||||||
Term | |||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Bank deposits | $ | 55,911 | $ | — | $ | — | $ | 55,911 | $ | 55,911 | $ | — | $ | — | |||||||||||||||
Money market funds | 100,395 | 100,395 | 100,395 | ||||||||||||||||||||||||||
Bank CDs | 410 | — | — | 410 | — | 410 | — | ||||||||||||||||||||||
Mutual funds | 3,061 | — | — | 3,061 | — | 3,061 | — | ||||||||||||||||||||||
Total cash and equivalents and marketable securities | $ | 159,777 | $ | — | $ | — | $ | 159,777 | $ | 156,306 | $ | 3,471 | $ | — | |||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||
Bank deposits | $ | 128,000 | $ | — | $ | — | $ | 128,000 | $ | 128,000 | $ | — | $ | — | |||||||||||||||
Money market funds | 11,698 | 11,698 | 11,698 | ||||||||||||||||||||||||||
Bank CDs | 987 | — | — | 987 | — | 987 | — | ||||||||||||||||||||||
Mutual funds | 2,323 | — | — | 2,323 | — | 2,323 | — | ||||||||||||||||||||||
Total cash and equivalents and marketable securities | $ | 143,008 | $ | — | $ | — | $ | 143,008 | $ | 139,698 | $ | 3,310 | $ | — | |||||||||||||||
Schedule of Property and Equipment | ' | ||||||||||||||||||||||||||||
Property and equipment consist of the following: | |||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Computers and software | $ | 5,154 | $ | 4,540 | |||||||||||||||||||||||||
Lab and media equipment | 1,063 | 886 | |||||||||||||||||||||||||||
Office furniture and equipment | 1,575 | 1,492 | |||||||||||||||||||||||||||
Leasehold improvements | 2,813 | 2,799 | |||||||||||||||||||||||||||
Assets held under capital lease obligations | — | 146 | |||||||||||||||||||||||||||
Property and equipment, at cost | 10,605 | 9,863 | |||||||||||||||||||||||||||
(Less): accumulated depreciation and amortization | (9,070 | ) | (7,315 | ) | |||||||||||||||||||||||||
Property and equipment, net | $ | 1,535 | $ | 2,548 | |||||||||||||||||||||||||
Components of Inventories, Net | ' | ||||||||||||||||||||||||||||
Inventories, net consist of the following: | |||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Raw materials | $ | 1,794 | $ | 887 | |||||||||||||||||||||||||
Work in process | 3,312 | 7,302 | |||||||||||||||||||||||||||
Finished goods | 8,413 | 6,289 | |||||||||||||||||||||||||||
Inventories | $ | 13,519 | $ | 14,478 | |||||||||||||||||||||||||
Components of Intangible Assets | ' | ||||||||||||||||||||||||||||
Intangible assets consist of the following: | |||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Historical | Accumulated | Foreign | Impairment | Net Amount | Full | Remaining | |||||||||||||||||||||||
Cost | Amortization | Currency | Amortization | Amortization | |||||||||||||||||||||||||
Translation | Period (years) | Period (years) | |||||||||||||||||||||||||||
MARQIBO IPR&D | $ | 17,600 | $ | — | $ | — | $ | — | $ | 17,600 | n/a | n/a | |||||||||||||||||
MELPHALAN IPR&D | 7,700 | — | — | — | 7,700 | n/a | n/a | ||||||||||||||||||||||
MARQIBO developed technology | 26,900 | (1,107 | ) | — | — | 25,793 | 11 | 11 | |||||||||||||||||||||
ZEVALIN marketing rights – U.S. | 41,900 | (23,455 | ) | — | — | 18,445 | 10 | 5 | |||||||||||||||||||||
ZEVALIN marketing rights – Ex-U.S. | 23,490 | (5,343 | ) | 682 | — | 18,829 | 8 | 6 | |||||||||||||||||||||
FUSILEV developed technology | 16,778 | (4,821 | ) | — | — | 11,957 | 11 | 8 | |||||||||||||||||||||
FOLOTYN distribution rights* | 27,900 | (3,662 | ) | — | (1,023 | ) | 23,215 | 10 | 9 | ||||||||||||||||||||
FOLOTYN developed technology | 118,400 | (10,587 | ) | — | — | 107,813 | 13 | 12 | |||||||||||||||||||||
Total intangible assets | $ | 280,668 | $ | (48,975 | ) | $ | 682 | $ | (1,023 | ) | $ | 231,352 | |||||||||||||||||
* | On May 29, 2013, we amended our collaboration agreement with Mundipharma in order to modify the scope of their licensed territories and the respective development obligations. As a result of the amendment, Europe and Turkey were excluded from Mundipharma’s commercialization territory, and royalty and milestone rates were modified. The modification of our associated royalty and milestone rights constituted a change in the contractual provisions under which we measured our original acquired intangible asset (i.e., the FOLOTYN distribution rights). We determined that an impairment of the FOLOTYN distribution rights of $1.0 million resulted from the amendment and is recorded in the “amortization and impairment of intangible assets” in the accompanying Consolidated Statement of Operations for the year ended December 31, 2013. | ||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||
Historical | Accumulated | Foreign | Net | ||||||||||||||||||||||||||
Cost | Amortization | Currency | Amount | ||||||||||||||||||||||||||
Translation | |||||||||||||||||||||||||||||
ZEVALIN marketing rights – U.S. | $ | 41,900 | $ | (19,735 | ) | $ | — | $ | 22,165 | ||||||||||||||||||||
ZEVALIN marketing rights – Ex-U.S. | 23,490 | (2,192 | ) | (355 | ) | 20,943 | |||||||||||||||||||||||
FUSILEV developed technology | 16,778 | (2,980 | ) | — | 13,798 | ||||||||||||||||||||||||
FOLOTYN distribution rights | 27,900 | (895 | ) | — | 27,005 | ||||||||||||||||||||||||
FOLOTYN developed technology | 118,400 | (2,077 | ) | — | 116,323 | ||||||||||||||||||||||||
Total intangible assets | $ | 228,468 | $ | (27,879 | ) | $ | (355 | ) | $ | 200,234 | |||||||||||||||||||
Estimated Intangible Asset Amortization Expense | ' | ||||||||||||||||||||||||||||
Estimated intangible asset amortization expense (excluding incremental amortization from the reclassification of IPR&D to developed technology) for the five succeeding years and thereafter is as follows: | |||||||||||||||||||||||||||||
Years Ending December 31 | |||||||||||||||||||||||||||||
2014 | $ | 22,468 | |||||||||||||||||||||||||||
2015 | 22,468 | ||||||||||||||||||||||||||||
2016 | 22,468 | ||||||||||||||||||||||||||||
2017 | 22,468 | ||||||||||||||||||||||||||||
2018 | 22,313 | ||||||||||||||||||||||||||||
2019 and thereafter | 93,867 | ||||||||||||||||||||||||||||
$ | 206,052 | ||||||||||||||||||||||||||||
Schedule of Goodwill | ' | ||||||||||||||||||||||||||||
Goodwill is comprised of the following (by source): | |||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Acquisition of Talon | $ | 10,526 | — | ||||||||||||||||||||||||||
Acquisition of ZEVALIN Rights | 2,525 | $ | 2,525 | ||||||||||||||||||||||||||
Acquisition of Allos | 5,346 | 4,791 | |||||||||||||||||||||||||||
Foreign exchange translation effects | 104 | (37 | ) | ||||||||||||||||||||||||||
$ | 18,501 | $ | 7,279 | ||||||||||||||||||||||||||
Summaey of Other Assets | ' | ||||||||||||||||||||||||||||
Other assets are comprised of the following: | |||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Investments in equity securities | $ | 3,593 | $ | 2,476 | |||||||||||||||||||||||||
Deposits | 190 | 304 | |||||||||||||||||||||||||||
Debt issuance cost | 3,432 | 814 | |||||||||||||||||||||||||||
Life insurance cash surrender value | 5,361 | 2,881 | |||||||||||||||||||||||||||
$ | 12,576 | $ | 6,475 | ||||||||||||||||||||||||||
Schedule of Accounts Payable and Other Accrued Obligations | ' | ||||||||||||||||||||||||||||
Accounts payable and other accrued obligations are comprised of the following: | |||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Trade payables | $ | 12,796 | $ | 30,814 | |||||||||||||||||||||||||
Accrued rebates | 28,893 | 11,023 | |||||||||||||||||||||||||||
Accrued product royalty | 9,498 | 12,275 | |||||||||||||||||||||||||||
Allowance for returns | 2,900 | 5,056 | |||||||||||||||||||||||||||
Accrued data and distribution fees | 2,430 | 8,449 | |||||||||||||||||||||||||||
Accrued GPO administrative fees | 2,327 | 2,650 | |||||||||||||||||||||||||||
Inventory management fee | 616 | 3,050 | |||||||||||||||||||||||||||
Accrued income taxes | 3 | 2,522 | |||||||||||||||||||||||||||
Allowance for chargebacks | 5,074 | 15,153 | |||||||||||||||||||||||||||
Accrued drug development costs | 6,433 | 11,441 | |||||||||||||||||||||||||||
Other accrued obligations | 8,867 | 2,819 | |||||||||||||||||||||||||||
$ | 79,837 | $ | 105,252 | ||||||||||||||||||||||||||
Schedule of Amounts Presented in Accounts Payable and Other Accrued Obligations | ' | ||||||||||||||||||||||||||||
Amounts presented within “accounts payable and other accrued obligations” in the accompanying Consolidated Balance Sheets for GTN estimates (see Note 2(i)) were as follows: | |||||||||||||||||||||||||||||
Description | Rebates and | Data and | Prompt | Returns | |||||||||||||||||||||||||
Chargebacks | Distribution, | Pay | |||||||||||||||||||||||||||
GPO Fees, and | Discount | ||||||||||||||||||||||||||||
Inventory | |||||||||||||||||||||||||||||
Management | |||||||||||||||||||||||||||||
Fees | |||||||||||||||||||||||||||||
Balance as of December 31, 2011 | $ | 9,064 | $ | 9,808 | $ | 992 | $ | 4,000 | |||||||||||||||||||||
Allos accruals assumed | 2,371 | 182 | — | 941 | |||||||||||||||||||||||||
Add: provisions (recovery) | 91,059 | 32,793 | 4,814 | 159 | |||||||||||||||||||||||||
Less: credits or actual allowances | (76,318 | ) | (28,634 | ) | (4,355 | ) | (44 | ) | |||||||||||||||||||||
Balance as of December 31, 2012 | 26,176 | 14,149 | 1,451 | 5,056 | |||||||||||||||||||||||||
Add: provisions (recovery) | 63,609 | 19,067 | 183 | (2,034 | ) | ||||||||||||||||||||||||
Less: credits or actual allowances | (55,818 | ) | (27,843 | ) | (1,317 | ) | (122 | ) | |||||||||||||||||||||
Balance as of December 31, 2013 | $ | 33,967 | $ | 5,373 | $ | 317 | $ | 2,900 | |||||||||||||||||||||
Summary of Other Long-Term Liabilities | ' | ||||||||||||||||||||||||||||
Other long-term liabilities are comprised of the following: | |||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Accrued executive deferred compensation | $ | 3,949 | $ | 2,366 | |||||||||||||||||||||||||
Deferred rent (non-current portion) | 366 | 571 | |||||||||||||||||||||||||||
Business acquisition liability | 298 | 298 | |||||||||||||||||||||||||||
Other tax liabilities | 1,352 | 1,132 | |||||||||||||||||||||||||||
$ | 5,965 | $ | 4,367 | ||||||||||||||||||||||||||
Grossto_Net_Product_Sales_Tabl
Gross-to Net Product Sales (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
Reconciliation of Gross to Net Product Sales | ' | ||||||||||||
The below table presents a GTN product sales reconciliation for the accompanying Consolidated Statement of Operations: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Gross product sales | $ | 224,301 | $ | 383,817 | $ | 220,670 | |||||||
Rebates and government chargebacks | (63,610 | ) | (91,059 | ) | (22,190 | ) | |||||||
Distribution and data fees and group purchasing organizations fees | (19,067 | ) | (32,793 | ) | (11,637 | ) | |||||||
Prompt pay discounts | (183 | ) | (4,814 | ) | (4,086 | ) | |||||||
Product returns allowance | 2,034 | (159 | ) | (2,094 | ) | ||||||||
Product sales, net | $ | 143,475 | $ | 254,992 | $ | 180,663 | |||||||
Product_Sales_Net_by_Geographi1
Product Sales, Net by Geographic Region and Product Line (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Product Sales, Net by Geography | ' | ||||||||||||||||||||||||
The below table presents product sales, net by geography for the years ended December 31, 2013, 2012, and 2011: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
United States | $ | 133,462 | 93 | % | $ | 245,697 | 96.4 | % | $ | 180,663 | — | % | |||||||||||||
International: | |||||||||||||||||||||||||
Europe | 3,953 | 2.8 | % | 3,113 | 1.2 | % | — | — | % | ||||||||||||||||
Asia Pacific | 6,060 | 4.2 | % | 6,182 | 2.4 | % | — | — | % | ||||||||||||||||
Total International | 10,013 | 7 | % | 9,295 | 3.6 | % | — | — | % | ||||||||||||||||
Product sales, net | $ | 143,475 | 100 | % | $ | 254,992 | 100 | % | $ | 180,663 | 100 | % | |||||||||||||
Schedule of Product Sales, Net by Product Line | ' | ||||||||||||||||||||||||
The below table presents product sales, net by product line for the years ended December 31, 2013, 2012, and 2011: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
FUSILEV | $ | 68,397 | 47.7 | % | $ | 204,253 | 80.1 | % | $ | 153,110 | 84.7 | % | |||||||||||||
FOLOTYN | 44,370 | 30.9 | % | 20,412 | 8 | % | — | — | % | ||||||||||||||||
ZEVALIN | 29,393 | 20.5 | % | 30,327 | 11.9 | % | 27,553 | ||||||||||||||||||
MARQIBO | 1,315 | 0.9 | % | — | — | % | — | — | % | ||||||||||||||||
Product sales, net | $ | 143,475 | 100 | % | $ | 254,992 | 100 | % | $ | 180,663 | 15.3 | % | |||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Summary of Stock-Based Compensation Expense | ' | ||||||||||||||||||||
Stock-based compensation expense included within operating expenses for years ended December 31, 2013, 2012, and 2011 was as follows: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Selling, general and administrative | $ | 10,762 | $ | 13,041 | $ | 20,609 | |||||||||||||||
Research and development | 2,017 | 1,843 | 1,628 | ||||||||||||||||||
Total | $ | 12,779 | $ | 14,884 | $ | 22,237 | |||||||||||||||
Fair Value of Stock Options Granted Using Black-Scholes Option Pricing Model | ' | ||||||||||||||||||||
The fair value of stock options granted was estimated at the date of grant using the Black-Scholes option-pricing model. The following assumptions were used to determine fair value for the stock awards granted in the applicable year: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Expected option life (in years) (a) | 4.95 | 4.5 | 4.93 | ||||||||||||||||||
Risk-free interest rate (b) | 0.35% - 0.78% | 0.34% - 0.51% | 0.82% - 2.4% | ||||||||||||||||||
Volatility (c) | 58.3% - 71.5% | 64.2% -73.6% | 55.80% | ||||||||||||||||||
Dividend yield (d) | 0% | 0% | 0% | ||||||||||||||||||
Weighted-average grant-date fair value per stock option | $4.66 | $6.20 | $2.65 | ||||||||||||||||||
(a) | Determined by the historical stock option exercise behavior of our employees (maximum term is 10 years). | ||||||||||||||||||||
(b) | Based upon the U.S. Treasury yields in effect during the period which the options were granted (for a period equaling the stock options’ expected term). | ||||||||||||||||||||
(c) | Measured using our historical stock price for a period equal to stock options’ expected term. | ||||||||||||||||||||
(d) | We do not expect to declare any cash dividends in the foreseeable future. | ||||||||||||||||||||
Summary of Stock Option Activity | ' | ||||||||||||||||||||
Stock option activity during the years ended December 31, 2013, 2012, and 2011 is as follows: | |||||||||||||||||||||
Number of | Weighted- | Weighted- | Aggregate | ||||||||||||||||||
Shares | Average | Average | Intrinsic | ||||||||||||||||||
Exercise | Remaining | Value | |||||||||||||||||||
Price/Share | Contractual | ||||||||||||||||||||
Term (Years) | |||||||||||||||||||||
Outstanding — December 31, 2010 | 8,397,094 | $ | 4.17 | ||||||||||||||||||
Granted | 3,622,150 | 7.92 | |||||||||||||||||||
Exercised | (1,126,257 | ) | 4.07 | $ | 8,255 | (1) | |||||||||||||||
Forfeited | (547,479 | ) | 4.81 | ||||||||||||||||||
Expired | (159,987 | ) | 5.17 | ||||||||||||||||||
Outstanding — December 31, 2011 | 10,185,521 | $ | 5.46 | ||||||||||||||||||
Granted | 1,821,915 | 11.57 | |||||||||||||||||||
Exercised | (1,287,430 | ) | 4.52 | $ | 11,500 | (1) | |||||||||||||||
Forfeited | (316,825 | ) | 7.93 | ||||||||||||||||||
Expired | (3,916 | ) | 7.69 | ||||||||||||||||||
Outstanding — December 31, 2012 | 10,399,265 | $ | 6.57 | ||||||||||||||||||
Granted | 2,041,300 | 8.92 | |||||||||||||||||||
Exercised | (825,884 | ) | 4.4 | $ | 3,435 | (1) | |||||||||||||||
Forfeited | (202,882 | ) | 8.22 | ||||||||||||||||||
Expired | (82,581 | ) | 8.91 | ||||||||||||||||||
Outstanding — December 31, 2013 | 11,329,218 | $ | 7.1 | 7 | $ | 25,849 | (2) | ||||||||||||||
Vested (exercisable) — December 31, 2013 | 7,876,025 | $ | 6.11 | 6.2 | $ | 24,080 | (2) | ||||||||||||||
Unvested (unexercisable) — December 31, 2013 | 3,453,193 | $ | 9.38 | 8.9 | $ | 1,770 | (2) | ||||||||||||||
-1 | Represents the total difference between our closing stock price at the time of exercise and the stock option exercise price, multiplied by the number of options exercised. | ||||||||||||||||||||
-2 | Represents the total difference between our closing stock price on the last trading day of 2013 and the stock option exercise price, multiplied by the number of in-the-money options as of December 31, 2013. The amount of intrinsic value will change based on the fair market value of our stock. | ||||||||||||||||||||
Summary of Stock Option Grants | ' | ||||||||||||||||||||
The following table summarizes information with respect to stock option grants as of December 31, 2013: | |||||||||||||||||||||
Outstanding | Exercisable | ||||||||||||||||||||
Exercise Price | Granted Stock | Weighted- | Weighted- | Granted | Weighted- | ||||||||||||||||
Options | Average | Average | Stock | Average | |||||||||||||||||
Outstanding | Remaining | Exercise | Options | Exercise | |||||||||||||||||
Contractual | Price | Exercisable | Price | ||||||||||||||||||
Life (Years) | |||||||||||||||||||||
$0.92 – 3.15 | 1,192,794 | 4.5 | $ | 2.16 | 1,192,794 | $ | 2.16 | ||||||||||||||
$3.55 – 4.95 | 1,924,904 | 5.9 | 4.23 | 1,865,794 | 4.23 | ||||||||||||||||
$5.05 – 6.90 | 2,862,699 | 5.5 | 6.26 | 2,565,220 | 6.19 | ||||||||||||||||
$7.00 – 8.99 | 2,329,167 | 8.2 | 8.17 | 1,147,138 | 8.26 | ||||||||||||||||
$9.00 – 16.32 | 3,019,654 | 9.2 | 10.86 | 1,105,079 | 11.09 | ||||||||||||||||
11,329,218 | 7 | $ | 7.1 | 7,876,025 | $ | 6.11 | |||||||||||||||
Summary of Restricted Stock Activity | ' | ||||||||||||||||||||
A summary of restricted stock activity is as follows: | |||||||||||||||||||||
Number of | Weighted Average | ||||||||||||||||||||
Restricted Stock | Fair Value per | ||||||||||||||||||||
Awards | Share at Grant | ||||||||||||||||||||
Date | |||||||||||||||||||||
Unvested as of December 31, 2010 | 359,500 | $ | 3.96 | ||||||||||||||||||
Granted | 1,781,000 | 12.48 | |||||||||||||||||||
Vested | (1,104,025 | ) | 12.33 | ||||||||||||||||||
Forfeited | (83,950 | ) | 4.78 | ||||||||||||||||||
Unvested — December 31, 2011 | 952,525 | 10.11 | |||||||||||||||||||
Granted | 586,639 | 11.76 | |||||||||||||||||||
Vested | (472,160 | ) | 10.26 | ||||||||||||||||||
Forfeited | (32,400 | ) | 9.57 | ||||||||||||||||||
Unvested — December 31, 2012 | 1,034,604 | 11 | |||||||||||||||||||
Granted | 523,800 | 8.74 | |||||||||||||||||||
Vested | (501,660 | ) | 9.72 | ||||||||||||||||||
Forfeited | (49,625 | ) | 10.6 | ||||||||||||||||||
Unvested — December 31, 2013 | 1,007,119 | $ | 10.09 | ||||||||||||||||||
* | Represents our stock price on the vesting date multiplied by the number of vested shares. | ||||||||||||||||||||
Issued Shares of Common Stock | ' | ||||||||||||||||||||
We issued shares of common stock to our employees in connection with our 401(k) program, partially matching our employee contributions, as summarized below: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Shares of common stock issued | 99,359 | 56,254 | 65,889 | ||||||||||||||||||
Match contribution value** | $ | 860 | $ | 691 | $ | 593 | |||||||||||||||
** | Represents our stock price on the date of the stock match multiplied by the number of shares of common stock issued. | ||||||||||||||||||||
Restricted stock awards [Member] | ' | ||||||||||||||||||||
Fair Value of Restricted Stock Awards | ' | ||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Restricted stock expense | $ | 4,202 | $ | 6,500 | $ | 4,100 |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Equity [Abstract] | ' | ||||||||
Shares of Common Stock Issuable on Conversion or Exercise of Rights Granted | ' | ||||||||
As of December 31, 2013, approximately 28.1 million shares of our common stock were issuable upon conversion or exercise of rights granted, or to be granted, as summarized below: | |||||||||
Conversion of Series E Preferred Stock | 40,000 | ||||||||
2018 Convertible Notes | 11,400,000 | ||||||||
Exercise of issued employee stock options | 11,329,218 | ||||||||
Exercise of issued warrants | 445,000 | ||||||||
ESPP shares reserved | 4,540,986 | ||||||||
Long-term retention and management incentive plan shares | 346,500 | ||||||||
Total shares of common stock reserved for future issuances | 28,101,704 | ||||||||
Summary of Warrant Activity | ' | ||||||||
A summary of warrant activity is as follows: | |||||||||
Number of | Weighted | ||||||||
Shares | Average | ||||||||
Exercise Price | |||||||||
Outstanding — December 31, 2010 | 4,192,312 | $ | 6.45 | ||||||
Expired | (3,747,312 | ) | 6.62 | ||||||
Outstanding — December 31, 2011 | 445,000 | $ | 5.04 | ||||||
Exercised | (50,000 | ) | 1.79 | ||||||
Outstanding — December 31, 2012 | 395,000 | $ | 5.45 | ||||||
Granted | 50,000 | 7.51 | |||||||
Outstanding — December 31, 2013 | 445,000 | $ | 6.39 | ||||||
Exercisable — December 31, 2013 | 407,500 | $ | 6.29 | ||||||
Net_Loss_Income_Per_Share_Tabl
Net (Loss) Income Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Computation of Net (Loss) Income Per Share | ' | ||||||||||||
Net (loss) income per share was computed by dividing net (loss) income by the weighted average number of common shares outstanding for the years ended December 31, 2013, 2012, and 2011: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net (loss) income | $ | (62,134 | ) | $ | 94,201 | $ | 49,931 | ||||||
Weighted average shares - basic | 60,729,128 | 58,588,916 | 53,272,767 | ||||||||||
Net (loss) income per share - basic | $ | (1.02 | ) | $ | 1.61 | $ | 0.94 | ||||||
Weighted average shares - diluted | 60,729,128 | 64,637,256 | 57,959,714 | ||||||||||
Net (loss) income per share - diluted | $ | (1.02 | ) | $ | 1.46 | $ | 0.86 | ||||||
Schedule of Amounts Used in Computing Basic and Diluted Net Income Per Share | ' | ||||||||||||
The following summarizes the amounts used in computing basic and diluted net income per share, for the years ended 2012 and 2011: | |||||||||||||
Net Income | Weighted- | Net | |||||||||||
(numerator) | Average | Income | |||||||||||
Shares | Per Share | ||||||||||||
Outstanding | |||||||||||||
(Denominator) | |||||||||||||
Year Ended December 31, 2012 | |||||||||||||
Basic net income per share: | $ | 94,201 | 58,588,916 | $ | 1.61 | ||||||||
Diluted net income per share: | |||||||||||||
Dilutive preferred shares | 40,000 | ||||||||||||
Dilutive common stock options | 4,749,299 | ||||||||||||
Incremental common stock assumed issued on exercise of in-the-money warrants | 224,437 | ||||||||||||
Unvested restrictive stock awards | 1,034,604 | ||||||||||||
Diluted net income per share | $ | 94,201 | 64,637,256 | $ | 1.46 | ||||||||
Net Income | Weighted- | Net | |||||||||||
(numerator) | Average | Income | |||||||||||
Shares | Per Share | ||||||||||||
Outstanding | |||||||||||||
(Denominator) | |||||||||||||
Year Ended December 31, 2011 | |||||||||||||
Basic net income per share: | $ | 49,931 | 53,272,767 | $ | 0.94 | ||||||||
Diluted net income per share: | |||||||||||||
Dilutive preferred shares | 40,000 | ||||||||||||
Dilutive common stock options | 4,185,224 | ||||||||||||
Change in common stock related to Targent and management incentive plan milestones, as if they had been issued at the beginning of the quarter earned | 248,193 | ||||||||||||
Incremental common stock assumed issued on exercise of in-the-money warrants | 200,656 | ||||||||||||
Unvested restrictive stock awards | 12,874 | ||||||||||||
Diluted net income per share | $ | 49,931 | 57,959,714 | $ | 0.86 | ||||||||
Schedule of Securities Excluded from Calculation of Net (Loss) per Share | ' | ||||||||||||
Our outstanding securities were excluded from the above calculation of net (loss) per share, using the treasury stock and if-converted method, as applicable, because their impact would have been anti-dilutive due to net (loss) per share in 2013: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
2018 Convertible Notes | 343,600 | — | — | ||||||||||
Common stock options | 2,934,625 | — | — | ||||||||||
Restricted stock awards | 1,007,119 | — | — | ||||||||||
Common stock warrants | 160,816 | — | — | ||||||||||
Preferred stock | 40,000 | — | — | ||||||||||
Total | 4,486,160 | — | — | ||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Summary of Asset and Liability Fair Values | ' | ||||||||||||||||
The table below summarizes certain asset and liability fair values that are included within our accompanying Consolidated Balance Sheets, and their designations among three fair value measurement categories (as described within Note 2 (x)): | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Bank CDs | $ | — | $ | 410 | $ | — | $ | 410 | |||||||||
Money market currency funds | — | 100,395 | — | 100,395 | |||||||||||||
Mutual funds | — | 3,061 | — | 3,061 | |||||||||||||
Deferred compensation investments, including life insurance cash surrender value | — | 5,361 | — | 5,361 | |||||||||||||
Equity securities | 3,593 | — | — | 3,593 | |||||||||||||
$ | 3,593 | $ | 109,227 | $ | — | $ | 112,820 | ||||||||||
Liabilities: | |||||||||||||||||
Deferred executive compensation liability | — | 3,949 | — | 3,949 | |||||||||||||
Deferred development costs | — | — | 17,742 | 17,742 | |||||||||||||
Ligand Contingent Consideration | — | — | 4,000 | 4,000 | |||||||||||||
Talon CVR | — | — | 4,329 | 4,329 | |||||||||||||
$ | — | $ | 3,949 | $ | 26,071 | $ | 30,020 | ||||||||||
December 31, 2012 | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Bank CDs | $ | — | $ | 987 | $ | — | $ | 987 | |||||||||
Money market currency funds | 11,698 | — | 11,698 | ||||||||||||||
Mutual funds | — | 2,323 | — | 2,323 | |||||||||||||
Deferred compensation investments, including life insurance cash surrender value | — | 2,881 | — | 2,881 | |||||||||||||
Equity securities | 2,480 | — | — | 2,480 | |||||||||||||
$ | 2,480 | $ | 17,889 | $ | — | $ | 20,369 | ||||||||||
Liabilities: | |||||||||||||||||
Deferred executive compensation liability | — | 2,365 | — | 2,365 | |||||||||||||
Deferred development costs | — | — | 12,233 | 12,233 | |||||||||||||
Deferred payment contingency | — | — | 2,287 | 2,287 | |||||||||||||
Ligand Contingent Consideration | — | — | — | — | |||||||||||||
$ | — | $ | 2,365 | $ | 14,520 | $ | 16,885 | ||||||||||
Activity of Level 3 Inputs Measured on Recurring Basis | ' | ||||||||||||||||
The following presents a roll forward of our liabilities for which we utilize Level 3 inputs (see Note 2(x)) in determining period-end value. These liabilities are included on our Consolidated Balance Sheets within “acquisition related contingent obligations” and “accrued and deferred development costs, less current portion”. The basis of the Level 3 inputs utilized are discussed in the referenced Notes to these Consolidated Financial Statements for each. | |||||||||||||||||
Fair Value Measurements of | |||||||||||||||||
Unobservable Inputs (Level 3) | |||||||||||||||||
Balance at December 31, 2011 | $ | — | |||||||||||||||
Transfers in (out) | — | ||||||||||||||||
Deferred development costs | 12,233 | ||||||||||||||||
Deferred payment contingency | 2,287 | ||||||||||||||||
Balance at December 31, 2012 | 14,520 | ||||||||||||||||
Transfers in (out) | — | ||||||||||||||||
Deferred development costs (see Note 13) | 5,509 | ||||||||||||||||
Deferred payment contingency (see Note 13) | (2,287 | ) | |||||||||||||||
Ligand Contingent Consideration (see Note 10(b)) | 4,000 | ||||||||||||||||
Talon CVR (see Note 10(a)) | 4,329 | ||||||||||||||||
Balance at December 31, 2013 | $ | 26,071 | |||||||||||||||
Business_Combinations_Tables
Business Combinations (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Acquisition-Date Fair Value of Consideration Transferred | ' | ||||||||
The Talon acquisition purchase price was allocated to tangible and intangible assets acquired and liabilities assumed based upon their estimated fair value at the acquisition date. The following table summarizes the purchase price: | |||||||||
Cash consideration | $ | 11,300 | |||||||
CVR | 6,500 | ||||||||
Spectrum shares of common stock | 26,300 | ||||||||
Total purchase consideration | $ | 44,100 | |||||||
Supplemental Pro Forma Financial Information | ' | ||||||||
The following unaudited pro forma financial information is presented to reflect the results of the Company’s consolidated operations for the years ended December 31, 2013 and 2012, as if the acquisition of Talon had occurred on January 1, 2012. To reflect the combined businesses, adjustments have been made to exclude one-time transaction costs and employee severance costs that were directly associated with the Talon acquisition. These pro forma results have been prepared for informational purposes only and may not be indicative of what operating results would have been, had the acquisition actually taken place on January 1, 2012, and may not be indicative of future operating results. | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Pro Forma Total revenues | $ | 155,854 | $ | 267,707 | |||||
Pro Forma Total costs and operating expenses | 200,651 | 210,433 | |||||||
Pro Forma Net (loss) income | (68,146 | ) | 57,274 | ||||||
Pro Forma Net (loss) income per share – basic | $ | (1.12 | ) | $ | 0.98 | ||||
Pro Forma Net (loss) income per share – diluted | $ | (1.12 | ) | $ | 0.89 | ||||
Amortization Period for such Intangible Assets Acquired | ' | ||||||||
The acquired intangible assets consisted of developed technology and in-process research and development (“IPR&D”) for MARQIBO treatment of acute lymphoblastic leukemia (“ALL”) and MARQIBO treatment of non-Hodgkin’s lymphoma (“NHL”) as follows in the table below: | |||||||||
Value of | Amortization | ||||||||
Intangible | Period* | ||||||||
Assets | |||||||||
Acquired | |||||||||
Developed technology —MARQIBO for ALL | $ | 26,900 | 13 years | ||||||
IPR&D —MARQIBO for NHL | 17,600 | -1 | |||||||
Total identifiable intangible assets | $ | 44,500 | |||||||
* | Recognized on a straight-line basis. | ||||||||
-1 | IPR&D is an intangible asset classified as an indefinite-lived until the completion or abandonment of the associated research and development effort, and will be amortized over an estimated useful life to be determined at the date the project is completed. IPR&D is not amortized during this period, but rather tested for impairment. | ||||||||
Summary of Allocation of Total Purchase Price to Net Assets Acquired | ' | ||||||||
The following table summarizes the estimated fair value of the net assets acquired on July 17, 2013: | |||||||||
Cash and equivalents | $ | 131 | |||||||
Inventory | 611 | ||||||||
Prepaid expenses and other current assets | 109 | ||||||||
Property and equipment | 30 | ||||||||
Identifiable intangible assets | 44,500 | ||||||||
Total assets acquired | 45,381 | ||||||||
Accounts payable & accrued liabilities | 5,231 | ||||||||
Deferred tax liability | 6,576 | ||||||||
Total liabilities assumed | 11,807 | ||||||||
Net assets acquired | $ | 33,574 | |||||||
Goodwill | $ | 10,526 | |||||||
Talon Therapeutics, Inc. [Member] | ' | ||||||||
Acquisition-Date Fair Value of Consideration Transferred | ' | ||||||||
The acquisition-date fair value of the consideration transferred consisted of the following items: | |||||||||
Cash consideration | $ | 3,000 | |||||||
Ligand Contingent Consideration | 4,700 | ||||||||
Total purchase consideration | $ | 7,700 | |||||||
Change in Fair Value of Contingent Consideration Related to Acquisition | ' | ||||||||
Adjustments to CVR fair value are recognized within “change in fair value of contingent consideration related to acquisition” in the accompanying Consolidated Statements of Operations. | |||||||||
Fair Value | |||||||||
of Talon | |||||||||
CVR | |||||||||
July 17, 2013 | $ | 6,500 | |||||||
Fair value adjustment for year ended December 31, 2013 | (2,171 | ) | |||||||
December 31, 2013 | $ | 4,329 | |||||||
Melphalan license [Member] | ' | ||||||||
Change in Fair Value of Contingent Consideration Related to Acquisition | ' | ||||||||
Adjustments to Ligand Contingent Consideration fair value are recognized within “fair value of contingent consideration related to acquisition” in the accompanying Consolidated Statements of Operations. | |||||||||
Fair Value of | |||||||||
Ligand | |||||||||
Contingent | |||||||||
Consideration | |||||||||
March 8, 2013 | $ | 4,700 | |||||||
Fair value adjustment for year ended December 31, 2013 | (700 | ) | |||||||
December 31, 2013 | $ | 4,000 | |||||||
Summary of Allocation of Total Purchase Price to Net Assets Acquired | ' | ||||||||
The allocation of the total purchase price to the net assets acquired is as follows: | |||||||||
IPR&D—C-E MELPHALAN rights | $ | 7,700 | |||||||
Convertible_Senior_Notes_Table
Convertible Senior Notes (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Text Block [Abstract] | ' | ||||
Carrying Values of 2018 Convertible Notes | ' | ||||
The carrying values of the 2018 Convertible Notes as of December 31, 2013 is summarized as follows: | |||||
Principal amount | $ | 120,000 | |||
(Less): Unamortized debt discount (amortized through December 2018) | (28,520 | ) | |||
December 31, 2013 net carrying amount of 2018 Convertible Notes | $ | 91,480 | |||
Components of Total Interest Expense Recognized | ' | ||||
The following table sets forth the components of total “interest expense” recognized in the accompanying Consolidated Statements of Operations for the 2018 Convertible Notes for the year ended December 31, 2013: | |||||
Contractual coupon interest expense | $ | 73 | |||
Amortization of debt issuance costs | 43 | ||||
Accretion of debt discount | 101 | ||||
Total | $ | 217 | |||
Effective interest rate | 8.59 | % | |||
Mundipharma_Agreement_Tables
Mundipharma Agreement (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
Schedule of Drug Development Liability Adjustments | ' | ||||||||||||
We will assess this liability at each subsequent reporting date and record its adjustment through “research and development” expense in our Consolidated Statements of Operations. | |||||||||||||
Year Ended December 31, | |||||||||||||
Drug | Drug | Total Drug | |||||||||||
Development | Development | Development | |||||||||||
Liability, | Liability, | Liability – | |||||||||||
Current – | Long Term – | FOLOTYN | |||||||||||
FOLOTYN | FOLOTYN | ||||||||||||
Balance at December 31, 2012 | $ | 856 | $ | 11,377 | $ | 12,233 | |||||||
Transfer from long term to current | 3,620 | (3,620 | ) | — | |||||||||
Amended agreement payment receipt | — | 7,000 | 7,000 | ||||||||||
(Less): Expenses incurred | (1,357 | ) | (134 | ) | (1,491 | ) | |||||||
Balance at December 31, 2013 | $ | 3,119 | $ | 14,623 | $ | 17,742 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Schedule of Future Minimum Lease Payments | ' | ||||
Our future minimum lease payments are as follows: | |||||
Year ending December 31, | Operating Lease | ||||
Minimum | |||||
Payments | |||||
2014 | $ | 849 | |||
2015 | 950 | ||||
2016 | 892 | ||||
2017 | 843 | ||||
2018 | 868 | ||||
$ | 4,402 | ||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Components of (Loss) Income before (Provision) Benefit for Income Taxes | ' | ||||||||||||
The components of (loss) income before (provision) benefit for income taxes are as follows: | |||||||||||||
For the Years Ended | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
United States | $ | (30,437 | ) | $ | 82,165 | $ | 53,834 | ||||||
Foreign | (6,199 | ) | (2,235 | ) | (199 | ) | |||||||
Total | $ | (36,636 | ) | $ | 79,930 | $ | 53,635 | ||||||
Provision (Benefit) for Income Taxes | ' | ||||||||||||
The provision (benefit) for income taxes consist of the following: | |||||||||||||
For the Years Ended | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current: | |||||||||||||
Federal | $ | (8,357 | ) | $ | 16,222 | $ | 1,255 | ||||||
State | (691 | ) | 3,412 | 2,449 | |||||||||
Foreign | — | — | — | ||||||||||
$ | (9,048 | ) | $ | 19,634 | $ | 3,704 | |||||||
Deferred: | |||||||||||||
Federal | 36,183 | (24,013 | ) | — | |||||||||
State | (1,637 | ) | (9,892 | ) | — | ||||||||
Foreign | — | — | — | ||||||||||
34,546 | (33,905 | ) | — | ||||||||||
Total income tax provision (benefit) | $ | 25,498 | $ | (14,271 | ) | $ | 3,704 | ||||||
Income Tax Provision (Benefit) Differs from Computed Using Federal Statutory Rate Applied to Income before Taxes | ' | ||||||||||||
The income tax provision (benefit) differs from that computed using the federal statutory rate applied to income before taxes as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Tax provision (benefit) computed at the federal statutory rate | $ | (12,822 | ) | $ | 27,975 | $ | 18,250 | ||||||
State tax, net of federal benefit | (246 | ) | 2,442 | 2,918 | |||||||||
Expired tax attributes | — | — | 385 | ||||||||||
Research credits | (2,254 | ) | (2,129 | ) | (1,464 | ) | |||||||
Benefits from credit study | — | (4,148 | ) | — | |||||||||
Common stock warrant liability | — | — | 1,186 | ||||||||||
Transaction costs | 880 | 1,497 | — | ||||||||||
Officers compensation | 2,178 | 2,908 | 3,801 | ||||||||||
Stock based compensation | 501 | 134 | 1,676 | ||||||||||
Permanent items and other | (1,080 | ) | 2,111 | 2,039 | |||||||||
Domestic manufacturing deduction | 767 | (1,262 | ) | — | |||||||||
Tax differential on foreign earnings | 1,123 | 382 | — | ||||||||||
Change in tax rate | (283 | ) | 338 | — | |||||||||
Valuation allowance | 36,734 | (44,519 | ) | (25,087 | ) | ||||||||
Income tax provision (benefit) | $ | 25,498 | $ | (14,271 | ) | $ | 3,704 | ||||||
Components of Company's Deferred Tax Assets | ' | ||||||||||||
Significant components of our deferred tax assets as of December 31, 2013 and 2012 are shown below. A valuation allowance has been recognized to offset the net deferred tax assets as realization of such deferred tax assets no longer meets the “more-likely-than-not” threshold under GAAP. | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss carry forwards | $ | 46,482 | $ | 45,391 | |||||||||
Research credits | 8,066 | 1,848 | |||||||||||
Stock based compensation | 3,486 | 2,896 | |||||||||||
Deferred revenue | 58 | 4,596 | |||||||||||
Development costs | 6,495 | 5,298 | |||||||||||
Returns and allowances | 3,117 | 7,889 | |||||||||||
Other, net | 5,551 | 6,021 | |||||||||||
Total deferred tax assets before valuation allowance | 73,255 | 73,246 | |||||||||||
Valuation allowance | (49,586 | ) | (1,818 | ) | |||||||||
Total deferred tax assets | 23,669 | 72,121 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Basis difference in debt | (1,082 | ) | — | ||||||||||
Depreciation and amortization differences | (28,096 | ) | (36,372 | ) | |||||||||
Net deferred tax (liability) asset | $ | (5,509 | ) | $ | 35,749 | ||||||||
Summary of Unrecognized Tax Benefits | ' | ||||||||||||
The following tabular reconciliation summarizes activity related to unrecognized tax benefits: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at beginning of year | $ | 5,482 | $ | 3,928 | $ | 2,803 | |||||||
Adjustments related to prior year tax positions | (200 | ) | (527 | ) | 5 | ||||||||
Increases related to current year tax positions | 648 | 2,515 | 1,120 | ||||||||||
Decreases due to settlements | (1,227 | ) | (434 | ) | — | ||||||||
Decreases related to prior year tax positions | (2,491 | ) | — | — | |||||||||
Balance at end of year | $ | 2,212 | $ | 5,482 | $ | 3,928 | |||||||
Summary_of_Selected_Quarterly_1
Summary of Selected Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Summary of Selected Quarterly Financial Data | ' | ||||||||||||||||
Selected quarterly financial data (unaudited) for the year ended December 31, 2013 and 2012 is presented below: | |||||||||||||||||
Quarter Ended (Unaudited) | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
2013:00:00 | |||||||||||||||||
Total revenues | $ | 38,667 | $ | 33,232 | $ | 42,439 | $ | 41,516 | |||||||||
Operating loss | $ | (6,457 | ) | $ | (12,529 | ) | $ | (13,287 | ) | $ | (6,512 | ) | |||||
Net loss | $ | (5,435 | ) | $ | (9,721 | ) | $ | (7,812 | ) | $ | (39,166 | ) | |||||
Net loss per share, basic | $ | (0.09 | ) | $ | (0.16 | ) | $ | (0.13 | ) | $ | (0.63 | ) | |||||
Net loss per share, diluted | $ | (0.09 | ) | $ | (0.16 | ) | $ | (0.13 | ) | $ | (0.63 | ) | |||||
2012:00:00 | |||||||||||||||||
Total revenues | $ | 59,859 | $ | 68,702 | $ | 69,042 | $ | 70,104 | |||||||||
Operating income | $ | 23,596 | $ | 23,028 | $ | 23,109 | $ | 11,041 | |||||||||
Net income | $ | 46,838 | $ | 18,350 | $ | 21,524 | $ | 7,489 | |||||||||
Net income per share, basic | $ | 0.8 | $ | 0.31 | $ | 0.37 | $ | 0.13 | |||||||||
Net income per share, diluted | $ | 0.72 | $ | 0.29 | $ | 0.33 | $ | 0.12 |
Description_of_Business_Basis_2
Description of Business, Basis of Presentation, and Operating Segment - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Segment | |
Segment Reporting Information [Line Items] | ' |
Number of reportable operating segment | 1 |
ZEVALIN [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Acquisition date | 1-Apr-12 |
Allos Therapeutics, Inc. [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Acquisition date | 5-Sep-12 |
Talon Therapeutics, Inc. [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Acquisition date | 17-Jul-13 |
Spectrum Pharma Canada [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Ownership interest, percentage | 50.00% |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies and Use of Estimates - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Regulatory Assets [Abstract] | ' |
Number of months customers are allowed to return products | '6 months |
Cash and equivalents maturities period | '3 months |
Balance_Sheet_Account_Detail_A
Balance Sheet Account Detail - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule Of Investments [Abstract] | ' | ' | ' |
Cash, equivalents and marketable securities, including long term bank certificates of deposits, and investments, total | $159.80 | $143 | ' |
Securities in continuous unrealized loss position, period | 'Longer than one year | ' | ' |
Depreciation expense | 1.2 | 1.2 | 0.9 |
Intangible asset amortization expense | $21.20 | $8.80 | $4.70 |
Balance_Sheet_Account_Detail_S
Balance Sheet Account Detail - Summary of Cash and Equivalents and Marketable Securities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Schedule of Investments [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents, Marketable securities, Cost | $159,777 | $143,008 | ' | ' |
Cash and cash equivalents, Marketable securities, Gross Unrealized Gains | ' | ' | ' | ' |
Cash and cash equivalents, Marketable securities, Gross Unrealized Losses | ' | ' | ' | ' |
Cash and cash equivalents, Marketable securities, Estimated fair Value | 159,777 | 143,008 | ' | ' |
Cash and cash equivalents | 156,306 | 139,698 | 121,202 | 53,557 |
Marketable Security, Current | 3,471 | 3,310 | ' | ' |
Marketable Security, Long Term | ' | ' | ' | ' |
Money market funds [Member] | ' | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' | ' |
Marketable security, Amortized Cost | 100,395 | 11,698 | ' | ' |
Marketable security, Estimated fair Value | 100,395 | 11,698 | ' | ' |
Cash and cash equivalents | 100,395 | 11,698 | ' | ' |
Marketable Security, Long Term | ' | ' | ' | ' |
Bank CDs [Member] | ' | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' | ' |
Marketable security, Amortized Cost | 410 | 987 | ' | ' |
Marketable security, Gross Unrealized Gains | ' | ' | ' | ' |
Marketable security, Gross Unrealized Losses | ' | ' | ' | ' |
Marketable security, Estimated fair Value | 410 | 987 | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' |
Marketable Security, Current | 410 | 987 | ' | ' |
Marketable Security, Long Term | ' | ' | ' | ' |
Mutual funds [Member] | ' | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' | ' |
Marketable security, Amortized Cost | 3,061 | 2,323 | ' | ' |
Marketable security, Gross Unrealized Gains | ' | ' | ' | ' |
Marketable security, Gross Unrealized Losses | ' | ' | ' | ' |
Marketable security, Estimated fair Value | 3,061 | 2,323 | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' |
Marketable Security, Current | 3,061 | 2,323 | ' | ' |
Marketable Security, Long Term | ' | ' | ' | ' |
Bank Deposits [Member] | ' | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' | ' |
Bank deposits, Cost | 55,911 | 128,000 | ' | ' |
Bank deposits, Gross Unrealized Gains | ' | ' | ' | ' |
Bank deposits, Gross Unrealized Losses | ' | ' | ' | ' |
Bank deposits, Estimated fair Value | 55,911 | 128,000 | ' | ' |
Cash and cash equivalents | $55,911 | $128,000 | ' | ' |
Balance_Sheet_Account_Detail_S1
Balance Sheet Account Detail - Schedule of Property and Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, at cost | $10,605 | $9,863 |
(Less): accumulated depreciation and amortization | -9,070 | -7,315 |
Property and equipment, net | 1,535 | 2,548 |
Computers and software [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, at cost | 5,154 | 4,540 |
Lab and media equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, at cost | 1,063 | 886 |
Office furniture and equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, at cost | 1,575 | 1,492 |
Leasehold improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, at cost | 2,813 | 2,799 |
Assets held under capital lease obligations [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, at cost | ' | $146 |
Balance_Sheet_Account_Detail_C
Balance Sheet Account Detail - Components of Inventories, Net (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $1,794 | $887 |
Work in process | 3,312 | 7,302 |
Finished goods | 8,413 | 6,289 |
Inventories | $13,519 | $14,478 |
Balance_Sheet_Account_Detail_C1
Balance Sheet Account Detail - Components of Intangible Assets (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | 29-May-13 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
MARQIBO IPR&D [Member] | MELPHALAN IPR&D [Member] | Marqibo developed technology [Member] | ZEVALIN marketing rights [Member] | ZEVALIN marketing rights [Member] | ZEVALIN marketing rights [Member] | ZEVALIN marketing rights [Member] | FUSILEV developed technology [Member] | FUSILEV developed technology [Member] | FOLOTYN distribution rights [Member] | FOLOTYN distribution rights [Member] | FOLOTYN distribution rights [Member] | FOLOTYN developed technology [Member] | FOLOTYN developed technology [Member] | |||
U.S. [Member] | U.S. [Member] | Ex-U.S. [Member] | Ex-U.S. [Member] | |||||||||||||
Product Rights [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Historical Cost | $280,668 | $228,468 | $17,600 | $7,700 | $26,900 | $41,900 | $41,900 | $23,490 | $23,490 | $16,778 | $16,778 | ' | $27,900 | $27,900 | ' | ' |
Historical Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 118,400 | 118,400 |
Accumulated Amortization | -48,975 | -27,879 | ' | ' | -1,107 | -23,455 | -19,735 | -5,343 | -2,192 | -4,821 | -2,980 | ' | -3,662 | -895 | ' | ' |
Accumulated Amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -10,587 | -2,077 |
Foreign Currency Translation | 682 | -355 | ' | ' | ' | ' | ' | 682 | -355 | ' | ' | ' | ' | ' | ' | ' |
Foreign Currency Translation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment | -1,023 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,023 | -1,023 | ' | ' | ' |
Net Amount | $231,352 | $200,234 | $17,600 | $7,700 | $25,793 | $18,445 | $22,165 | $18,829 | $20,943 | $11,957 | $13,798 | ' | $23,215 | $27,005 | $107,813 | $116,323 |
Amortization Period (years) | ' | ' | ' | ' | '11 years | '10 years | ' | '8 years | ' | '11 years | ' | ' | '10 years | ' | '13 years | ' |
Remaining Amortization Period (years) | ' | ' | ' | ' | '11 years | '5 years | ' | '6 years | ' | '8 years | ' | ' | '9 years | ' | '12 years | ' |
Balance_Sheet_Account_Detail_C2
Balance Sheet Account Detail - Components of Intangible Assets (Parenthetical) (Detail) (USD $) | 1 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | 29-May-13 | Dec. 31, 2013 |
Product Rights [Line Items] | ' | ' |
Impairment | ' | $1,023 |
FOLOTYN distribution rights [Member] | ' | ' |
Product Rights [Line Items] | ' | ' |
Impairment | $1,023 | $1,023 |
Balance_Sheet_Account_Detail_E
Balance Sheet Account Detail - Estimated Intangible Asset Amortization Expense (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Investment Holdings [Abstract] | ' |
2014 | $22,468 |
2015 | 22,468 |
2016 | 22,468 |
2017 | 22,468 |
2018 | 22,313 |
2019 and thereafter | 93,867 |
Intangible Assets, Net Total | $206,052 |
Balance_Sheet_Account_Detail_S2
Balance Sheet Account Detail - Schedule of Goodwill (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Line Items] | ' | ' |
Foreign exchange translation effects | $104 | ($37) |
Goodwill | 18,501 | 7,279 |
ZEVALIN Rights [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Acquisition | 2,525 | 2,525 |
Allos Therapeutics, Inc. [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Acquisition | 5,346 | 4,791 |
Talon [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Acquisition | $10,526 | ' |
Balance_Sheet_Account_Detail_S3
Balance Sheet Account Detail - Summary of Other Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ' | ' |
Investments in equity securities | $3,593 | $2,476 |
Deposits | 190 | 304 |
Debt issuance cost | 3,432 | 814 |
Life insurance cash surrender value | 5,361 | 2,881 |
Other assets | $12,576 | $6,475 |
Balance_Sheet_Account_Detail_S4
Balance Sheet Account Detail - Schedule of Accounts Payable and Other Accrued Obligations (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Payables And Accruals [Abstract] | ' | ' |
Trade payables | $12,796 | $30,814 |
Accrued rebates | 28,893 | 11,023 |
Accrued product royalty | 9,498 | 12,275 |
Allowance for returns | 2,900 | 5,056 |
Accrued data and distribution fees | 2,430 | 8,449 |
Accrued GPO administrative fees | 2,327 | 2,650 |
Inventory management fee | 616 | 3,050 |
Accrued income taxes | 3 | 2,522 |
Allowance for chargebacks | 5,074 | 15,153 |
Accrued drug development costs | 6,433 | 11,441 |
Other accrued obligations | 8,867 | 2,819 |
Accounts payable and other accrued obligations | $79,837 | $105,252 |
Balance_Sheet_Account_Detail_S5
Balance Sheet Account Detail - Schedule of Amounts Presented in Accounts Payable and Other Accrued Obligations (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Rebates and Chargebacks [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Balance as of December 31, 2011 | $26,176 | $9,064 |
Allos accruals assumed | ' | 2,371 |
Add: provisions (recovery) | 63,609 | 91,059 |
Less: credits or actual allowances | -55,818 | -76,318 |
Balance as of December 31, 2012 | 33,967 | 26,176 |
Data and Distribution GPO Fees and Inventory Management Fees [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Balance as of December 31, 2011 | 14,149 | 9,808 |
Allos accruals assumed | ' | 182 |
Add: provisions (recovery) | 19,067 | 32,793 |
Less: credits or actual allowances | -27,843 | -28,634 |
Balance as of December 31, 2012 | 5,373 | 14,149 |
Prompt Pay Discount [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Balance as of December 31, 2011 | 1,451 | 992 |
Add: provisions (recovery) | 183 | 4,814 |
Less: credits or actual allowances | -1,317 | -4,355 |
Balance as of December 31, 2012 | 317 | 1,451 |
Returns [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Balance as of December 31, 2011 | 5,056 | 4,000 |
Allos accruals assumed | ' | 941 |
Add: provisions (recovery) | -2,034 | 159 |
Less: credits or actual allowances | -122 | -44 |
Balance as of December 31, 2012 | $2,900 | $5,056 |
Balance_Sheet_Account_Detail_S6
Balance Sheet Account Detail - Summary of Other Long-Term Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ' | ' |
Accrued executive deferred compensation | $3,949 | $2,366 |
Deferred rent (non-current portion) | 366 | 571 |
Business acquisition liability | 298 | 298 |
Other tax liabilities | 1,352 | 1,132 |
Other long-term liabilities | $5,965 | $4,367 |
GrosstoNet_Product_Sales_Recon
Gross-to-Net Product Sales - Reconciliation of Gross-to-Net Product Sales (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Sales Revenue Net [Abstract] | ' | ' | ' |
Gross product sales | $224,301 | $383,817 | $220,670 |
Rebates and government chargebacks | -63,610 | -91,059 | -22,190 |
Distribution and data fees and group purchasing organizations fees | -19,067 | -32,793 | -11,637 |
Prompt pay discounts | -183 | -4,814 | -4,086 |
Product returns allowance | 2,034 | -159 | -2,094 |
Product sales, net | $143,475 | $254,992 | $180,663 |
Product_Sales_Net_by_Geographi2
Product Sales, Net by Geographic Region and Product Line - Schedule of Product Sales, Net by Geography (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Sales Information [Line Items] | ' | ' | ' |
Product sales, net | $143,475 | $254,992 | $180,663 |
Percentage of product sales, net | 100.00% | 100.00% | 100.00% |
United States [Member] | ' | ' | ' |
Sales Information [Line Items] | ' | ' | ' |
Product sales, net | 133,462 | 245,697 | 180,663 |
Percentage of product sales, net | 93.00% | 96.40% | ' |
Total International [Member] | ' | ' | ' |
Sales Information [Line Items] | ' | ' | ' |
Product sales, net | 10,013 | 9,295 | ' |
Percentage of product sales, net | 7.00% | 3.60% | ' |
Total International [Member] | Europe [Member] | ' | ' | ' |
Sales Information [Line Items] | ' | ' | ' |
Product sales, net | 3,953 | 3,113 | ' |
Percentage of product sales, net | 2.80% | 1.20% | ' |
Total International [Member] | Asia Pacific [Member] | ' | ' | ' |
Sales Information [Line Items] | ' | ' | ' |
Product sales, net | $6,060 | $6,182 | ' |
Percentage of product sales, net | 4.20% | 2.40% | ' |
Product_Sales_Net_by_Geographi3
Product Sales, Net by Geographic Region and Product Line - Schedule of Product Sales, Net by Product Line (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Sales Information [Line Items] | ' | ' | ' |
Product sales, net | $143,475 | $254,992 | $180,663 |
Percentage of product sales, net | 100.00% | 100.00% | 100.00% |
FUSILEV [Member] | ' | ' | ' |
Sales Information [Line Items] | ' | ' | ' |
Product sales, net | 68,397 | 204,253 | 153,110 |
FOLOTYN [Member] | ' | ' | ' |
Sales Information [Line Items] | ' | ' | ' |
Product sales, net | 44,370 | 20,412 | ' |
ZEVALIN [Member] | ' | ' | ' |
Sales Information [Line Items] | ' | ' | ' |
Product sales, net | 29,393 | 30,327 | 27,553 |
MARQIBO [Member] | ' | ' | ' |
Sales Information [Line Items] | ' | ' | ' |
Product sales, net | $1,315 | ' | ' |
Sales [Member] | ' | ' | ' |
Sales Information [Line Items] | ' | ' | ' |
Percentage of product sales, net | 100.00% | 100.00% | 15.30% |
Sales [Member] | FUSILEV [Member] | ' | ' | ' |
Sales Information [Line Items] | ' | ' | ' |
Percentage of product sales, net | 47.70% | 80.10% | 84.70% |
Sales [Member] | FOLOTYN [Member] | ' | ' | ' |
Sales Information [Line Items] | ' | ' | ' |
Percentage of product sales, net | 30.90% | 8.00% | ' |
Sales [Member] | ZEVALIN [Member] | ' | ' | ' |
Sales Information [Line Items] | ' | ' | ' |
Percentage of product sales, net | 20.50% | 11.90% | ' |
Sales [Member] | MARQIBO [Member] | ' | ' | ' |
Sales Information [Line Items] | ' | ' | ' |
Percentage of product sales, net | 0.90% | ' | ' |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2009 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Plans | Upon Termination of Employment [Member] | In the Event of Optionee's Death, Disability or Retirement [Member] | Restricted stock awards [Member] | Unvested stock options [Member] | Maximum [Member] | Minimum [Member] | 2009 Incentive Award Plan [Member] | 2009 Incentive Award Plan [Member] | 2009 Incentive Award Plan [Member] | 2013 Stock Incentive Plan [Member] | Purchase Plan [Member] | |||
Y | Y | Maximum [Member] | Maximum [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock authorized for issuance under incentive plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | 5,000,000 |
Increased number of common stock shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | ' | ' | ' | ' |
Issuance of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | ' | ' | ' | ' |
Incentive awards available for grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,700,000 | ' | 50,000 | 10,000,000 |
Number of stock incentive plans | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' |
Stock based award vest | 8.00% | 5.00% | 5.00% | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock vesting period | ' | ' | ' | ' | ' | ' | ' | 10 | 3 | ' | ' | ' | ' | ' |
Restricted stock exercised period | ' | ' | ' | '90 days | '365 days | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of common stock purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% |
Purchase Plan offering period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 months |
Maximum number of common stock shares available for purchase per participant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 |
Maximum number of common stock value available for purchase per participant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25,000 |
Increase in number of shares of common stock available for issuance under the purchase plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 |
Unrecognized compensation expense | ' | ' | ' | ' | ' | $6,500,000 | $12,400,000 | ' | ' | ' | ' | ' | ' | ' |
Weighted average period to recognize compensation expense | ' | ' | ' | ' | ' | '2 years 4 months 24 days | '2 years 6 months 15 days | ' | ' | ' | ' | ' | ' | ' |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total share-based compensation expense | $12,779 | $14,884 | $22,237 |
Selling, general and administrative [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total share-based compensation expense | 10,762 | 13,041 | 20,609 |
Research and development [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total share-based compensation expense | $2,017 | $1,843 | $1,628 |
StockBased_Compensation_Fair_V
Stock-Based Compensation - Fair Value of Stock Options Granted Using Black-Scholes Option Pricing Model (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Expected option life (in years) | '4 years 11 months 12 days | '4 years 6 months | '4 years 11 months 5 days |
Risk-free interest rate, Minimum | 0.35% | 0.34% | 0.82% |
Risk-free interest rate, Maximum | 0.78% | 0.51% | 2.40% |
Volatility, Minimum | 58.30% | 64.20% | ' |
Volatility, Maximum | 71.50% | 73.60% | ' |
Volatility | ' | ' | 55.80% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Weighted-average grant-date fair value per stock option | $4.66 | $6.20 | $2.65 |
StockBased_Compensation_Fair_V1
Stock-Based Compensation - Fair Value of Stock Options Granted Using Black-Scholes Option Pricing Model (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected option life | '4 years 11 months 12 days | '4 years 6 months | '4 years 11 months 5 days |
Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected option life | '10 years | '10 years | '10 years |
StockBased_Compensation_Summar1
Stock-Based Compensation - Summary of Stock Option Activity (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Number of Shares, Outstanding, Beginning Balance | 10,399,265 | 10,185,521 | 8,397,094 |
Weighted-Average Exercise Price/Share, Outstanding, Beginning Balance | $6.57 | $5.46 | $4.17 |
Number of Shares, Granted | 2,041,300 | 1,821,915 | 3,622,150 |
Number of Shares, Exercised | -825,884 | -1,287,430 | -1,126,257 |
Number of Shares, Forfeited | -202,882 | -316,825 | -547,479 |
Number of Shares, Expired | -82,581 | -3,916 | -159,987 |
Number of Shares, Outstanding, Ending Balance | 11,329,218 | 10,399,265 | 10,185,521 |
Number of Shares, Vested (exercisable) - December 31, 2013 | 7,876,025 | ' | ' |
Weighted-Average Exercise Price/Share, Granted | $8.92 | $11.57 | $7.92 |
Number of Shares, Unvested (unexercisable) - December 31, 2013 | 3,453,193 | ' | ' |
Weighted-Average Exercise Price/Share, Exercised | $4.40 | $4.52 | $4.07 |
Weighted-Average Exercise Price/Share, Forfeited | $8.22 | $7.93 | $4.81 |
Weighted-Average Exercise Price/Share, Expired | $8.91 | $7.69 | $5.17 |
Weighted-Average Exercise Price/Share Outstanding, Ending Balance | $7.10 | $6.57 | $5.46 |
Weighted-Average Exercise Price/Share, Vested (exercisable) - December 31, 2013 | $6.11 | ' | ' |
Weighted-Average Exercise Price/Share, Unvested (unexercisable) - December 31, 2013 | $9.38 | ' | ' |
Weighted-Average Remaining Contractual Term (Years), Outstanding | '7 years | ' | ' |
Weighted-Average Remaining Contractual Term (Years), Vested (exercisable) - December 31, 2013 | '6 years 2 months 12 days | ' | ' |
Weighted-Average Remaining Contractual Term (Years), Unvested (unexercisable) - December 31, 2013 | '8 years 10 months 24 days | ' | ' |
Stock options exercised, Intrinsic value | $3,435 | $11,500 | $8,255 |
Aggregate Intrinsic Value | 25,849 | ' | ' |
Aggregate Intrinsic Value, Vested (exercisable) - December 31, 2013 | 24,080 | ' | ' |
Aggregate Intrinsic Value, Unvested (unexercisable) - December 31, 2013 | $1,770 | ' | ' |
StockBased_Compensation_Summar2
Stock-Based Compensation - Summary of Stock Option Grants (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Granted Stock Options Outstanding | 11,329,218 |
Weighted-Average Remaining Contractual Life (Years) | '7 years |
Weighted-Average Exercise Price | $7.10 |
Granted Stock Options Exercisable | 7,876,025 |
Weighted-Average Exercise Price | $6.11 |
Exercise Price Range One [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price, Range lower limit | $0.92 |
Exercise Price, Range upper limit | $3.15 |
Granted Stock Options Outstanding | 1,192,794 |
Weighted-Average Remaining Contractual Life (Years) | '4 years 6 months |
Weighted-Average Exercise Price | $2.16 |
Granted Stock Options Exercisable | 1,192,794 |
Weighted-Average Exercise Price | $2.16 |
Exercise Price Range Two [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price, Range lower limit | $3.55 |
Exercise Price, Range upper limit | $4.95 |
Granted Stock Options Outstanding | 1,924,904 |
Weighted-Average Remaining Contractual Life (Years) | '5 years 10 months 24 days |
Weighted-Average Exercise Price | $4.23 |
Granted Stock Options Exercisable | 1,865,794 |
Weighted-Average Exercise Price | $4.23 |
Exercise Price Range Three [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price, Range lower limit | $5.05 |
Exercise Price, Range upper limit | $6.90 |
Granted Stock Options Outstanding | 2,862,699 |
Weighted-Average Remaining Contractual Life (Years) | '5 years 6 months |
Weighted-Average Exercise Price | $6.26 |
Granted Stock Options Exercisable | 2,565,220 |
Weighted-Average Exercise Price | $6.19 |
Exercise Price Range Four [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price, Range lower limit | $7 |
Exercise Price, Range upper limit | $8.99 |
Granted Stock Options Outstanding | 2,329,167 |
Weighted-Average Remaining Contractual Life (Years) | '8 years 2 months 12 days |
Weighted-Average Exercise Price | $8.17 |
Granted Stock Options Exercisable | 1,147,138 |
Weighted-Average Exercise Price | $8.26 |
Exercise Price Range Five [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price, Range lower limit | $9 |
Exercise Price, Range upper limit | $16.32 |
Granted Stock Options Outstanding | 3,019,654 |
Weighted-Average Remaining Contractual Life (Years) | '9 years 2 months 12 days |
Weighted-Average Exercise Price | $10.86 |
Granted Stock Options Exercisable | 1,105,079 |
Weighted-Average Exercise Price | $11.09 |
StockBased_Compensation_Summar3
Stock-Based Compensation - Summary of Restricted Stock Activity (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Number of Restricted Stock Awards, Unvested, Beginning Balance | 1,034,604 | 952,525 | 359,500 |
Number of Restricted Stock Awards, Granted | 523,800 | 586,639 | 1,781,000 |
Number of Restricted Stock Awards, Vested | -501,660 | -472,160 | -1,104,025 |
Number of Restricted Stock Awards, Forfeited | -49,625 | -32,400 | -83,950 |
Number of Restricted Stock Awards, Unvested, Ending Balance | 1,007,119 | 1,034,604 | 952,525 |
Weighted Average Fair Value per Share at Grant Date, Beginning Balance | $11 | $10.11 | $3.96 |
Weighted Average Fair Value per Share at Grant Date, Granted | $8.74 | $11.76 | $12.48 |
Weighted Average Fair Value per Share at Grant Date, Vested | $9.72 | $10.26 | $12.33 |
Weighted Average Fair Value per Share at Grant Date, Forfeited | $10.60 | $9.57 | $4.78 |
Weighted Average Fair Value per Share at Grant Date, Ending Balance | $10.09 | $11 | $10.11 |
StockBased_Compensation_Fair_V2
Stock-Based Compensation - Fair Value of Restricted Stock Awards (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Restricted stock expense | $4,202 | $6,500 | $4,100 |
StockBased_Compensation_Issued
Stock-Based Compensation - Issued Shares of Common Stock (Detail) (401(k) Plan [Member], USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
401(k) Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares of common stock issued | 99,359 | 56,254 | 65,889 |
Match contribution value | $860 | $691 | $593 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2012 | Jun. 13, 2011 | Jun. 13, 2011 | Sep. 30, 2003 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Maximum [Member] | Minimum [Member] | Series E Convertible Voting Preferred Stock [Member] | Series E Convertible Voting Preferred Stock [Member] | Series E Convertible Voting Preferred Stock [Member] | Series B Junior Participating Preferred Stock [Member] | Series B Junior Participating Preferred Stock [Member] | |||
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | ' | ' | ' | 2,000 | 2,000 | 1,500,000 | 1,500,000 |
Number of common shares authorized | 175,000,000 | 175,000,000 | 175,000,000 | 100,000,000 | ' | ' | ' | ' | ' |
New replacement rights agreement extended date | 'December 13, 2020 | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of outstanding shares acquired to exercise preferred share rights | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Transfer of assets or earnings power | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock issued | ' | ' | ' | ' | 2,000 | 20 | 20 | 0 | 0 |
Preferred stock converted into common stock | ' | ' | ' | ' | 4,000,000 | 40,000 | 40,000 | ' | ' |
Convertible preferred stock outstanding | ' | ' | ' | ' | ' | 20 | 20 | 0 | 0 |
Number of trading days consider for option to redeem preferred stock | ' | ' | ' | ' | ' | '20 days | ' | ' | ' |
Dividends payable | ' | ' | ' | ' | ' | $0 | $0 | ' | ' |
Common stock trading price per share | $12 | ' | ' | ' | ' | ' | ' | ' | ' |
Cash proceeds from exchange of preferred stock | ' | ' | ' | ' | $20,000,000 | ' | ' | ' | ' |
Percentage of preferred stock liquidation preference common stock | 120.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of common stock issuable upon conversion or exercise of rights granted | 28,100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding warrants expire on varying dates | 'December 2015 | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Shares_of_
Stockholders' Equity - Shares of Common Stock Issuable on Conversion or Exercise of Rights Granted (Detail) | Dec. 31, 2013 |
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items] | ' |
Total shares of common stock reserved for future issuances | 28,101,704 |
Series E Convertible Voting Preferred Stock [Member] | ' |
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items] | ' |
Total shares of common stock reserved for future issuances | 40,000 |
2018 Convertible Notes [Member] | ' |
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items] | ' |
Total shares of common stock reserved for future issuances | 11,400,000 |
Unvested stock options [Member] | ' |
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items] | ' |
Total shares of common stock reserved for future issuances | 11,329,218 |
Exercise of issued warrants [Member] | ' |
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items] | ' |
Total shares of common stock reserved for future issuances | 445,000 |
ESPP shares reserved [Member] | ' |
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items] | ' |
Total shares of common stock reserved for future issuances | 4,540,986 |
Long-term retention and management incentive plan shares [Member] | ' |
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items] | ' |
Total shares of common stock reserved for future issuances | 346,500 |
Stockholders_Equity_Summary_of
Stockholders' Equity - Summary of Warrant Activity (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items] | ' | ' | ' |
Weighted Average Exercise Price, Granted | $7.51 | ' | ' |
Weighted Average Exercise Price, Exercised | ' | $1.79 | ' |
Weighted Average Exercise Price, Beginning Balance | $5.45 | $5.04 | $6.45 |
Weighted Average Exercise Price, Expired | ' | ' | $6.62 |
Weighted Average Exercise Price, Ending Balance | $6.39 | $5.45 | $5.04 |
Weighted Average Exercise Price, Exercisable | $6.29 | ' | ' |
Exercise of issued warrants [Member] | ' | ' | ' |
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items] | ' | ' | ' |
Number of Shares, Outstanding Beginning | 395,000 | 445,000 | 4,192,312 |
Number of Shares, Granted | 50,000 | ' | ' |
Number of Shares, Exercised | ' | -50,000 | ' |
Number of Shares, Expired | ' | ' | -3,747,312 |
Number of Shares, Outstanding Ending | 445,000 | 395,000 | 445,000 |
Exercisable, Number of Shares Outstanding | 407,500 | ' | ' |
Net_Loss_Income_Per_Share_Comp
Net (Loss) Income Per Share - Computation of Net (Loss) Income Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | ($62,134) | $94,201 | $49,931 |
Weighted average shares - basic | ' | ' | ' | ' | ' | ' | ' | ' | 60,729,128 | 58,588,916 | 53,272,767 |
Net (loss) income per share - basic | ($0.63) | ($0.13) | ($0.16) | ($0.09) | $0.13 | $0.37 | $0.31 | $0.80 | ($1.02) | $1.61 | $0.94 |
Weighted average shares - diluted | ' | ' | ' | ' | ' | ' | ' | ' | 60,729,128 | 64,637,256 | 57,959,714 |
Net (loss) income per share - diluted | ($0.63) | ($0.13) | ($0.16) | ($0.09) | $0.12 | $0.33 | $0.29 | $0.72 | ($1.02) | $1.46 | $0.86 |
Net_Loss_Income_Per_Share_Sche
Net (Loss) Income Per Share - Schedule of Amounts Used in Computing Basic and Diluted Net Income Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ($39,166) | ($7,812) | ($9,721) | ($5,435) | $7,489 | $21,524 | $18,350 | $46,838 | ($62,134) | $94,201 | $49,931 |
Weighted-Average Shares Outstanding (Denominator), Basic | ' | ' | ' | ' | ' | ' | ' | ' | 60,729,128 | 58,588,916 | 53,272,767 |
Dilutive preferred shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000 | 40,000 |
Dilutive common stock options | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,749,299 | 4,185,224 |
Change in common stock related to Targent and management incentive plan milestones as if they had been issued at the beginning of the quarter earned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 248,193 |
Incremental common stock assumed issued on exercise of in the money warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | 224,437 | 200,656 |
Unvested restrictive stock awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,034,604 | 12,874 |
Weighted-Average Shares Outstanding (Denominator), Diluted | ' | ' | ' | ' | ' | ' | ' | ' | 60,729,128 | 64,637,256 | 57,959,714 |
Net Income Per Share, Basic | ($0.63) | ($0.13) | ($0.16) | ($0.09) | $0.13 | $0.37 | $0.31 | $0.80 | ($1.02) | $1.61 | $0.94 |
Net Income Per Share, Diluted | ($0.63) | ($0.13) | ($0.16) | ($0.09) | $0.12 | $0.33 | $0.29 | $0.72 | ($1.02) | $1.46 | $0.86 |
Net_Income_Loss_Per_Share_Sche
Net Income (Loss) Per Share - Schedule of Securities Excluded from Calculation of Net (Loss) per Share (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Anti-dilutive excluded from computation of earnings per share amount | 4,486,160 | ' | ' |
Preferred Stock [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Anti-dilutive excluded from computation of earnings per share amount | 40,000 | ' | ' |
Common Stock Warrants [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Anti-dilutive excluded from computation of earnings per share amount | 160,816 | ' | ' |
2018 Convertible Notes [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Anti-dilutive excluded from computation of earnings per share amount | 343,600 | ' | ' |
Common stock options [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Anti-dilutive excluded from computation of earnings per share amount | 2,934,625 | ' | ' |
Restricted stock awards [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Anti-dilutive excluded from computation of earnings per share amount | 1,007,119 | ' | ' |
Fair_Value_Measurements_Summar
Fair Value Measurements - Summary of Asset and Liability Fair Values (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Deferred compensation investments, including life insurance cash surrender value | $5,361 | $2,881 |
Total Assets | 112,820 | 20,369 |
Liabilities: | ' | ' |
Deferred executive compensation liability | 3,949 | 2,365 |
Deferred development costs | 17,742 | 12,233 |
Deferred payment contingency | ' | 2,287 |
Ligand Contingent Consideration | 4,000 | ' |
Talon CVR | 4,329 | ' |
Total Liabilities | 30,020 | 16,885 |
Bank CDs [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities, fair value | 410 | 987 |
Money market funds [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities, fair value | 100,395 | 11,698 |
Mutual funds [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities, fair value | 3,061 | 2,323 |
Equity Securities [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities, fair value | 3,593 | 2,480 |
Level 1 [Member] | ' | ' |
Assets: | ' | ' |
Total Assets | 3,593 | 2,480 |
Level 1 [Member] | Equity Securities [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities, fair value | 3,593 | 2,480 |
Level 2 [Member] | ' | ' |
Assets: | ' | ' |
Deferred compensation investments, including life insurance cash surrender value | 5,361 | 2,881 |
Total Assets | 109,227 | 17,889 |
Liabilities: | ' | ' |
Deferred executive compensation liability | 3,949 | 2,365 |
Total Liabilities | 3,949 | 2,365 |
Level 2 [Member] | Bank CDs [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities, fair value | 410 | 987 |
Level 2 [Member] | Money market funds [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities, fair value | 100,395 | 11,698 |
Level 2 [Member] | Mutual funds [Member] | ' | ' |
Assets: | ' | ' |
Marketable securities, fair value | 3,061 | 2,323 |
Level 3 [Member] | ' | ' |
Liabilities: | ' | ' |
Deferred development costs | 17,742 | 12,233 |
Deferred payment contingency | ' | 2,287 |
Ligand Contingent Consideration | 4,000 | ' |
Talon CVR | 4,329 | ' |
Total Liabilities | $26,071 | $14,520 |
Fair_Value_Measurements_Activi
Fair Value Measurements - Activity of Level 3 Inputs Measured on Recurring Basis (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Ending Balance | $26,071 | $14,520 |
Deferred development costs [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Transfers in / (out) of Level 3 | 5,509 | 12,233 |
Deferred payment contingency [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Transfers in / (out) of Level 3 | -2,287 | 2,287 |
Ligand Contingent Consideration [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Transfers in / (out) of Level 3 | 4,000 | ' |
Talon CVR [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Transfers in / (out) of Level 3 | $4,329 | ' |
Business_Combinations_Addition
Business Combinations - Additional Information (Detail) (USD $) | 1 Months Ended | 6 Months Ended | 12 Months Ended |
Share data in Millions, except Per Share data, unless otherwise specified | Jul. 17, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Business Acquisition [Line Items] | ' | ' | ' |
Milestone payments methods | 'If all sales and regulatory approval milestones are achieved, as summarized below: b" $5.0 million upon the achievement of net sales of MARQIBO in excess of $30.0 million in any calendar year b" $10.0 million upon the achievement of net sales of MARQIBO in excess of $60.0 million in any calendar year b" $25.0 million upon the achievement of net sales of MARQIBO in excess of $100.0 million in any calendar year b" $50.0 million upon the achievement of net sales of MARQIBO in excess of $200.0 million in any calendar year b" $100.0 million upon the achievement of net sales of MARQIBO in excess of $400.0 million in any calendar year b" $5.0 million upon receipt of marketing authorization from the FDA regarding Menadione Topical Lotion | ' | ' |
Milestone net sales achievement | ' | ' | $6,000,000 |
Direct costs of acquisition | ' | 5,700,000 | 5,700,000 |
Goodwill | ' | 10,526,000 | 10,526,000 |
Net assets acquired | ' | 33,574,000 | 33,574,000 |
Total purchase consideration | ' | 44,100,000 | 44,100,000 |
License fees received | ' | ' | 3,000,000 |
Aggregate transaction costs expensed | ' | ' | 15,000 |
Milestone Payments [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Milestone net sales achievement | 5,000,000 | ' | 66,000,000 |
Milestone net sales achievement | 30,000,000 | ' | ' |
Milestone Payment One [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Milestone net sales achievement | 10,000,000 | ' | ' |
Milestone net sales achievement | 60,000,000 | ' | ' |
Milestone Payment Two [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Milestone net sales achievement | 25,000,000 | ' | ' |
Milestone net sales achievement | 100,000,000 | ' | ' |
Milestone Payment Three [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Milestone net sales achievement | 50,000,000 | ' | ' |
Milestone net sales achievement | 200,000,000 | ' | ' |
Milestone Payment Four [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Milestone net sales achievement | 100,000,000 | ' | ' |
Milestone net sales achievement | 400,000,000 | ' | ' |
Menadione Topical Lotion [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Milestone net sales achievement | 5,000,000 | ' | ' |
Minimum [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Royalties payout percentage on net sales of licensed products | ' | 15.00% | 15.00% |
Maximum [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Royalties payout percentage on net sales of licensed products | ' | 25.00% | 25.00% |
Talon Therapeutics, Inc. [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Securities purchase agreement date | ' | ' | 16-Jul-13 |
Additional shares business acquisition date | ' | ' | 17-Jul-13 |
Revenue derived from the former business | ' | 1,300,000 | ' |
Cash consideration | ' | ' | 11,300,000 |
Shares issued in acquisition | 3 | ' | ' |
Common stock value, per share | ' | ' | $8.77 |
Common stock value assigned | 26,300,000 | 26,300,000 | 26,300,000 |
Estimated fair value of acquisition | 6,500,000 | 6,500,000 | 6,500,000 |
Contingent value rights future cash payments | 195,000,000 | ' | ' |
Contingent value rights valuation description | 'The CVR was valued using a valuation model that probability-weights expected outcomes (ranging from 50% to 100%) and discounts those amounts to their present value, using a discount rate of 25% (these represent unobservable inputs and are therefore classified as Level 3 inputs - see Note 3 (x)). | ' | ' |
Contingent value rights discount rate | 25.00% | ' | ' |
Goodwill | ' | 10,526,000 | 10,526,000 |
Net assets acquired | ' | 33,574,000 | 33,574,000 |
Total purchase consideration | ' | 44,100,000 | 44,100,000 |
Talon Therapeutics, Inc. [Member] | Minimum [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Contingent value rights expected rate | 50.00% | ' | ' |
Talon Therapeutics, Inc. [Member] | Maximum [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Contingent value rights expected rate | 100.00% | ' | ' |
Allos Therapeutics, Inc. [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Total purchase consideration | ' | $205,200,000 | $205,200,000 |
In-process research and development [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Estimated cash flow period | ' | ' | '10 years |
Estimated cash flow discount rate | ' | 25.00% | 25.00% |
Business_Combinations_Acquisit
Business Combinations - Acquisition-Date Fair Value of Consideration Transferred (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Jul. 17, 2013 |
Business Acquisition [Line Items] | ' | ' |
Total purchase consideration | $44,100 | ' |
Captisol-enabled, propylene glycol-free melphalan rights [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Cash consideration | 3,000 | ' |
Ligand Contingent Consideration | 4,700 | ' |
Total purchase consideration | 7,700 | ' |
Talon Therapeutics, Inc. [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Cash consideration | 11,300 | ' |
CVR | 6,500 | 6,500 |
Spectrum shares of common stock | 26,300 | 26,300 |
Total purchase consideration | $44,100 | ' |
Business_Combinations_Summary_
Business Combinations - Summary of Allocation of Total Purchase Price to Net Assets Acquired (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Loans At Acquisition Date [Line Items] | ' |
Net assets acquired | $33,574 |
Goodwill | 10,526 |
Talon Therapeutics, Inc. [Member] | ' |
Loans At Acquisition Date [Line Items] | ' |
Cash and equivalents | 131 |
Inventory | 611 |
Prepaid expenses and other current assets | 109 |
Property and equipment | 30 |
Identifiable intangible assets | 44,500 |
Total assets acquired | 45,381 |
Accounts payable & accrued liabilities | 5,231 |
Deferred tax liability | 6,576 |
Total liabilities assumed | 11,807 |
Net assets acquired | 33,574 |
Goodwill | $10,526 |
Business_Combinations_Amortiza
Business Combinations - Amortization Period for such Intangible Assets Acquired (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Talon Therapeutics, Inc. [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Total identifiable intangible assets | 44,500 |
Developed technology - MARQIBO for ALL [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Amortization Period | '13 years |
Developed technology - MARQIBO for ALL [Member] | Talon Therapeutics, Inc. [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Total identifiable intangible assets | 26,900 |
IPR&D - MARQIBO for NHL [Member] | Talon Therapeutics, Inc. [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Total identifiable intangible assets | 17,600 |
Business_Combinations_Suppleme
Business Combinations - Supplemental Pro Forma Financial Information (Detail) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Business Combinations [Abstract] | ' | ' |
Pro Forma Total revenues | $155,854 | $267,707 |
Pro Forma Total costs and operating expenses | 200,651 | 210,433 |
Pro Forma Net (loss) income | ($68,146) | $57,274 |
Pro Forma Net (loss) income per share - basic | ($1.12) | $0.98 |
Pro Forma Net (loss) income per share - diluted | ($1.12) | $0.89 |
Business_Combinations_Change_i
Business Combinations - Change in Fair Value of Contingent Consideration Related to Acquisition (Detail) (USD $) | 10 Months Ended | 6 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 |
Ligand Pharmaceuticals Inc [Member] | Talon Therapeutics, Inc. [Member] | |
Business Acquisition, Contingent Consideration [Line Items] | ' | ' |
Fair value, Beginning Balance | $4,700 | $6,500 |
Fair value adjustment for year ended December 31, 2013 | -700 | -2,171 |
Fair value, Ending Balance | $4,000 | $4,329 |
Revolving_Line_of_Credit_Addit
Revolving Line of Credit - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Debt Disclosure [Abstract] | ' | ' | ' |
Credit agreement revolving line of credit facility | $50 | ' | ' |
Credit facility expiry date | 5-Sep-14 | ' | ' |
Credit facility, minimum interest rate | 2.75% | ' | ' |
Credit facility, maximum interest rate | 4.25% | ' | ' |
Loan costs and fees to be amortized | 1 | ' | ' |
Percentage of maximum amount of unused line fee | 0.63% | ' | ' |
Percentage of minimum amount of unused line fee | 0.38% | ' | ' |
Interest expense | $1.20 | $0.50 | $0 |
Convertible_Senior_Notes_Addit
Convertible Senior Notes - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | ||||
Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
2.75% Convertible Senior Notes Due 2018 [Member] | 2.75% Convertible Senior Notes Due 2018 [Member] | 2.75% Convertible Senior Notes Due 2018 [Member] | ||||
Minimum [Member] | Maximum [Member] | |||||
Debt Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Sale of convertible notes, principal amount | ' | ' | ' | $120,000,000 | ' | ' |
Conversion rate, shares | ' | ' | ' | 95 | ' | ' |
Conversion rate, price per share | ' | ' | ' | $1,000 | ' | ' |
Common shares converted value | 37,000 | ' | ' | 11,400,000 | ' | ' |
Money conversion price per share | ' | ' | ' | $10.53 | ' | ' |
Interest rate | ' | ' | ' | 2.75% | ' | ' |
Convertible senior notes maturity date | ' | ' | ' | 15-Dec-18 | ' | ' |
Net proceeds from convertible notes | ' | ' | ' | 115,400,000 | ' | ' |
Professional fee | ' | ' | ' | 4,600,000 | ' | ' |
Additional paid in capital | ' | 518,144,000 | 463,710,000 | 13,100,000 | ' | ' |
Strike price per share | ' | ' | ' | $14.03 | ' | ' |
Common shares sold | ' | 64,000 | 60,000 | 11,400,000 | ' | ' |
Debt convertible trading days | ' | ' | ' | ' | '20 days | ' |
Debt convertible consecutive trading days | ' | ' | ' | ' | '5 days | '30 days |
Threshold percentage of conversion price | ' | ' | ' | 130.00% | ' | ' |
Convertible senior notes trading price | ' | ' | ' | $1,000 | ' | ' |
Percentage of product of last reported sale price of common stock | ' | ' | ' | 98.00% | ' | ' |
Convertible senior notes conversion description | ' | ' | ' | 'Prior to June 15, 2018, holders may convert all or a portion of their 2018 Notes only under the following circumstances: (1) during any fiscal quarter (and only during such fiscal quarter) commencing after March 31, 2014, if, for at least 20 trading days (whether or not consecutive) during the 30 consecutive trading day period ending on the last trading day of the immediately preceding fiscal quarter, the last reported sale price of our common stock on such trading day is greater than or equal to 130% of the applicable conversion price on such trading day; (2) during the five consecutive business day period immediately following any five consecutive trading day period in which, for each trading day of that measurement period, the trading price per $1,000 principal amount of 2018 Notes for such trading day was less than 98% of the product of the last reported sale price of our common stock on such trading day and the applicable conversion rate on such trading day; (3) upon the occurrence of certain corporate transactions; or (4) at any time we have not received stockholder approval, as that term is defined in the Indenture. On and after June 15, 2018 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or a portion of their 2018 Notes at any time, regardless of the foregoing circumstances. | ' | ' |
Convertible_Senior_Notes_Carry
Convertible Senior Notes - Carrying Values of 2018 Convertible Notes (Detail) (2018 Convertible Notes [Member], USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
2018 Convertible Notes [Member] | ' |
Debt Instrument [Line Items] | ' |
Principal amount | $120,000 |
(Less): Unamortized debt discount (amortized through December 2018) | -28,520 |
December 31, 2013 net carrying amount of 2018 Convertible Notes | $91,480 |
Convertible_Senior_Notes_Compo
Convertible Senior Notes - Components of Total Interest Expense Recognized (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Equity Method Investments And Cost Method Investments [Abstract] | ' |
Contractual coupon interest expense | $73 |
Amortization of debt issuance costs | 101 |
Accretion of debt discount | 43 |
Total | $217 |
Effective interest rate | 8.59% |
Mundipharma_Agreement_Addition
Mundipharma Agreement - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2012 | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' | ' | ' |
Company determined development payment | $194,639,000 | $186,933,000 | $136,417,000 | ' |
Deferred development cost | ' | ' | ' | 12,300,000 |
Mundipharma [Member] | ' | ' | ' | ' |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' | ' | ' |
Company determined development payment | 7,000,000 | ' | ' | ' |
Development cost liability | 17,700,000 | ' | ' | ' |
Maximum [Member] | Regulatory [Member] | ' | ' | ' | ' |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' | ' | ' |
Potential milestone payments | 16,000,000 | ' | ' | ' |
Maximum [Member] | Commercial progress and sales-dependent [Member] | ' | ' | ' | ' |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' | ' | ' |
Potential milestone payments | $107,000,000 | ' | ' | ' |
Mundipharma_Agreement_Schedule
Mundipharma Agreement - Schedule of Drug Development Liability Adjustments (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Schedule Of Accrued Liabilities [Line Items] | ' |
Beginning Balance | $856 |
Amended agreement payment receipt | -7,000 |
Ending Balance | 3,119 |
FOLOTYN [Member] | ' |
Schedule Of Accrued Liabilities [Line Items] | ' |
Beginning Balance | 12,233 |
Amended agreement payment receipt | 7,000 |
(Less): Expenses incurred | -1,491 |
Ending Balance | 17,742 |
FOLOTYN [Member] | Drug Development Liability Current [Member] | ' |
Schedule Of Accrued Liabilities [Line Items] | ' |
Beginning Balance | 856 |
Transfer from long term to current | 3,620 |
(Less): Expenses incurred | -1,357 |
Ending Balance | 3,119 |
FOLOTYN [Member] | Drug Development Liability Long Term [Member] | ' |
Schedule Of Accrued Liabilities [Line Items] | ' |
Beginning Balance | 11,377 |
Transfer from long term to current | -3,620 |
Amended agreement payment receipt | 7,000 |
(Less): Expenses incurred | -134 |
Ending Balance | $14,623 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||
In Millions, unless otherwise specified | 31-May-06 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Apr. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | 31-May-11 | Apr. 30, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Feb. 28, 2010 | Feb. 14, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 31, 2008 |
USD ($) | USD ($) | USD ($) | USD ($) | ZEVALIN [Member] | ZEVALIN [Member] | ZEVALIN [Member] | FOLOTYN [Member] | FUSILEV [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Targent, Inc [Member] | Targent, Inc [Member] | Targent, Inc [Member] | Nippon Kayaku [Member] | TopoTarget [Member] | TopoTarget [Member] | Henderson [Member] | Irvine [Member] | Allergan [Member] | |
USD ($) | Licensing Agreements [Member] | Licensing Agreements [Member] | USD ($) | FOLOTYN [Member] | FOLOTYN [Member] | USD ($) | USD ($) | USD ($) | Subsequent Event [Member] | USD ($) | ||||||||||||
EUR (€) | Country | USD ($) | USD ($) | USD ($) | ||||||||||||||||||
Long-term Purchase Commitment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-cancelable operating lease expiring | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30-Apr-14 | 31-May-19 | ' |
Rental expense | ' | $1.20 | $0.90 | $0.70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Milestone payments | ' | 6 | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional amount paid by RIT to Biogen | ' | 5.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional milestone payment upon the achievement of an additional FDA approval milestone | ' | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum number of countries outside U.S. approved ZEVALIN for treatment | ' | ' | ' | ' | ' | ' | 40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fees paid to Bayer for acquiring licensing rights | ' | ' | ' | ' | ' | 19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment to Merck & Cie for the achievement of FDA approval of FUSILEV | 0.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount receivable on approval of oral form of FUSILEV | 0.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of common stock, issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.7 | ' | ' | ' | ' | ' | ' | ' |
Capitalization associated with milestone as intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.3 | ' | ' | ' | ' | ' | ' |
Common stock issued, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.6 | ' | ' | ' | ' | 1 | ' | ' | ' |
Cash paid for sales milestone achieved | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' | ' |
Aggregate amount received from first sales milestone | ' | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of royalty on annual worldwide sales under condition one | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | 15.00% | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of royalty on annual worldwide sales under condition two | ' | ' | ' | ' | ' | ' | ' | 9.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of royalty on annual worldwide sales under condition three | ' | ' | ' | ' | ' | ' | ' | 11.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of annual worldwide sales on which royalty is payable under condition one | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of annual worldwide sales on which royalty is payable under condition two | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150 | ' | 300 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of annual worldwide sales on which royalty is payable under condition three | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
License fees received | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional license fees | ' | 66 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of royalties on net sale of licensed products | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Up-front non-refundable payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41.5 |
Upfront fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15 | ' | ' | ' | ' | ' |
Payment related to agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' | ' | ' | ' |
Payment on achievement of commercialization milestones | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 126 | ' | ' | ' | ' | ' |
Percentage of development cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70.00% | ' | ' | ' | ' |
Percentage of development cost that is funded by TopoTarget for joint development plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | ' | ' | ' | ' |
Percentage of required payment to be paid for the cost incurred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' |
Upfront fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30 | ' | ' | ' | ' |
Additional payments based on the achievement of certain development | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 313 | ' | ' | ' | ' |
Shares of common stock, issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' |
Notice period for termination of agreement | ' | '180 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferrals and contributions | ' | $3.90 | $2.40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | ' |
2014 | $849 |
2015 | 950 |
2016 | 892 |
2017 | 843 |
2018 | 868 |
Operating lease future minimum payments, Total | $4,402 |
Income_Taxes_Components_of_Los
Income Taxes - Components of (Loss) Income before (Provision) Benefit for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
United States | ($30,437) | $82,165 | $53,834 |
Foreign | -6,199 | -2,235 | -199 |
(Loss) income before income taxes | ($36,636) | $79,930 | $53,635 |
Income_Taxes_Provision_Benefit
Income Taxes - Provision (Benefit) for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
Federal | ($8,357) | $16,222 | $1,255 |
State | -691 | 3,412 | 2,449 |
Foreign | ' | ' | ' |
Current, total | -9,048 | 19,634 | 3,704 |
Deferred: | ' | ' | ' |
Federal | 36,183 | -24,013 | ' |
State | -1,637 | -9,892 | ' |
Foreign | ' | ' | ' |
Deferred, total | 34,546 | -33,905 | ' |
Provision (Benefit) for income taxes | $25,498 | ($14,271) | $3,704 |
Income_Taxes_Income_Tax_Provis
Income Taxes - Income Tax Provision (Benefit) Differs from Computed Using Federal Statutory Rate Applied to Income before Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Tax provision (benefit) computed at the federal statutory rate | ($12,822) | $27,975 | $18,250 |
State tax, net of federal benefit | -246 | 2,442 | 2,918 |
Expired tax attributes | ' | ' | 385 |
Research credits | -2,254 | -2,129 | -1,464 |
Benefits from credit study | ' | -4,148 | ' |
Common stock warrant liability | ' | ' | 1,186 |
Transaction costs | 880 | 1,497 | ' |
Officers compensation | 2,178 | 2,908 | 3,801 |
Stock based compensation | 501 | 134 | 1,676 |
Permanent items and other | -1,080 | 2,111 | 2,039 |
Domestic manufacturing deduction | 767 | -1,262 | ' |
Tax differential on foreign earnings | 1,123 | 382 | ' |
Change in tax rate | -283 | 338 | ' |
Valuation allowance | 36,734 | -44,519 | -25,087 |
Provision (Benefit) for income taxes | $25,498 | ($14,271) | $3,704 |
Income_Taxes_Components_of_Com
Income Taxes - Components of Company's Deferred Tax Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Net operating loss carry forwards | $46,482 | $45,391 |
Research credits | 8,066 | 1,848 |
Stock based compensation | 3,486 | 2,896 |
Deferred revenue | 58 | 4,596 |
Development costs | 6,495 | 5,298 |
Returns and allowances | 3,117 | 7,889 |
Other, net | 5,551 | 6,021 |
Total deferred tax assets before valuation allowance | 73,255 | 73,246 |
Valuation allowance | -49,586 | -1,818 |
Total deferred tax assets | 23,669 | 72,121 |
Deferred tax liabilities: | ' | ' |
Basis difference in debt | -1,082 | ' |
Depreciation and amortization differences | -28,096 | -36,372 |
Net deferred tax (liability) asset | ($5,509) | $35,749 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Taxes [Line Items] | ' | ' | ' |
Research and development tax credits | $8,066,000 | $1,848,000 | ' |
Unrecognized tax benefits, if recognized, would affect the effective tax rate | 0.3 | 5,200,000 | 0.2 |
Reduction tax credits carryovers | 800,000 | ' | ' |
Reduction operating loss carryovers | 1,600,000 | ' | ' |
Examination tax | 0 | ' | ' |
Federal [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Net operating loss carryforwards | 117,400,000 | ' | ' |
Net operating loss carryforwards expiration year | '2018 | ' | ' |
Research and development tax credits | 6,900,000 | ' | ' |
Research and development tax credits beginning expiration year | '2026 | ' | ' |
State [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Net operating loss carryforwards | 132,000,000 | ' | ' |
Net operating loss carryforwards expiration year | '2014 | ' | ' |
Research and development tax credits | 2,200,000 | ' | ' |
Foreign [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Net operating loss carryforwards | $4,100,000 | ' | ' |
Net operating loss carryforwards expiration year | '2028 | ' | ' |
Income_Taxes_Summary_of_Unreco
Income Taxes - Summary of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Balance at beginning of year | $5,482 | $3,928 | $2,803 |
Adjustments related to prior year tax positions | -200 | -527 | 5 |
Increases related to current year tax positions | 648 | 2,515 | 1,120 |
Decreases due to settlements | -1,227 | -434 | ' |
Decreases related to prior year tax positions | -2,491 | ' | ' |
Balance at end of year | $2,212 | $5,482 | $3,928 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (Subsequent Event [Member], TopoTarget [Member], USD $) | 0 Months Ended |
In Millions, except Share data, unless otherwise specified | Feb. 14, 2014 |
Subsequent Event [Member] | TopoTarget [Member] | ' |
Subsequent Event [Line Items] | ' |
Cash paid for sales milestone achieved | $10 |
Common stock issued, shares | 1,000,000 |
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data - Summary of Selected Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | $41,516 | $42,439 | $33,232 | $38,667 | $70,104 | $69,042 | $68,702 | $59,859 | $155,854 | $267,707 | $192,963 |
Operating income (loss) | -6,512 | -13,287 | -12,529 | -6,457 | 11,041 | 23,109 | 23,028 | 23,596 | -38,785 | 80,774 | 56,546 |
Net income | ($39,166) | ($7,812) | ($9,721) | ($5,435) | $7,489 | $21,524 | $18,350 | $46,838 | ($62,134) | $94,201 | $49,931 |
Net Income Per Share, Basic | ($0.63) | ($0.13) | ($0.16) | ($0.09) | $0.13 | $0.37 | $0.31 | $0.80 | ($1.02) | $1.61 | $0.94 |
Net Income Per Share, Diluted | ($0.63) | ($0.13) | ($0.16) | ($0.09) | $0.12 | $0.33 | $0.29 | $0.72 | ($1.02) | $1.46 | $0.86 |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Detail) (Allowance for Doubtful Accounts [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for Doubtful Accounts [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at Beginning of Period | $228 | $471 | $339 |
Additions (Recovery) to Bad Debt Expense or Deferred Tax Asset | 11 | -128 | 139 |
Charged to Other Accounts | ' | ' | ' |
Deductions | -33 | -115 | -7 |
Balance at End of Period | $206 | $228 | $471 |