Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 06, 2017 | Jun. 30, 2016 | |
Document Information [Line Items] | |||
Entity Registrant Name | Progenics Pharmaceuticals Inc | ||
Entity Central Index Key | 835,887 | ||
Trading Symbol | pgnx | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 70,190,099 | ||
Entity Public Float | $ 147,391,176 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and cash equivalents | $ 138,909 | $ 74,103 |
Accounts receivable, net | 4,864 | 3,543 |
Other current assets | 4,328 | 5,639 |
Total current assets | 148,101 | 83,285 |
Property and equipment, net | 4,760 | 2,407 |
Intangible assets, net | 30,581 | 30,793 |
Goodwill | 13,074 | 13,074 |
Other assets | 2,470 | 1,692 |
Total assets | 198,986 | 131,251 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable | 567 | 332 |
Accrued expenses | 15,764 | 9,212 |
Other current liabilities | 26 | 185 |
Total current liabilities | 16,357 | 9,729 |
Contingent consideration liability | 14,200 | 18,800 |
Deferred tax liability | 13,010 | 11,199 |
Long-term debt, net | 49,453 | 0 |
Other liabilities | 1,204 | 862 |
Total liabilities | 94,224 | 40,590 |
Commitments and Contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value Authorized - 20,000 shares; issued and outstanding - none | 0 | 0 |
Common stock, $0.0013 par value Authorized - 160,000 shares; issued - 70,390 shares in 2016 and 70,146 shares in 2015 | 92 | 91 |
Additional paid-in capital | 598,069 | 594,511 |
Treasury stock at cost, 200 shares of common stock | (2,741) | (2,741) |
Accumulated other comprehensive loss | (85) | (26) |
Accumulated deficit | (490,573) | (501,379) |
Total Progenics stockholders' equity | 104,762 | 90,456 |
Noncontrolling interests | 0 | 205 |
Total stockholders’ equity | 104,762 | 90,661 |
Total liabilities and stockholders’ equity | $ 198,986 | $ 131,251 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 20,000 | 20,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par vaule (in dollars per share) | $ 0.0013 | $ 0.0013 |
Common stock, shares authorized (in shares) | 160,000 | 160,000 |
Common stock, shares issued (in shares) | 70,390 | 70,146 |
Treasury stock, shares (in shares) | 200 | 200 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue: | |||
Royalty income | $ 10,295 | $ 6,608 | $ 3,101 |
License revenue | 59,081 | 1,955 | 41,196 |
Other revenue | 53 | 113 | 80 |
Total revenue | 69,429 | 8,676 | 44,377 |
Operating expenses: | |||
Research and development | 37,569 | 28,196 | 28,592 |
General and administrative | 23,356 | 18,184 | 15,489 |
Intangible impairment charges | 0 | 0 | 2,676 |
Change in contingent consideration liability | (4,600) | 1,600 | 1,500 |
Total operating expenses | 56,325 | 47,980 | 48,257 |
Other operating income | 0 | 0 | 7,250 |
Operating income (loss) | 13,104 | (39,304) | 3,370 |
Other income (expense): | |||
Interest (expense) income, net | (493) | 52 | 51 |
Other expense, net | (34) | 0 | 0 |
Total other (expense) income | (527) | 52 | 51 |
Income (loss) before income tax (expense) benefit | 12,577 | (39,252) | 3,421 |
Income tax (expense) benefit | (1,844) | 133 | 989 |
Net income (loss) | 10,733 | (39,119) | 4,410 |
Net loss attributable to noncontrolling interests | (73) | (7) | 0 |
Net income (loss) attributable to Progenics | $ 10,806 | $ (39,112) | $ 4,410 |
Net income (loss) per share attributable to Progenics - basic (in dollars per share) | $ 0.15 | $ (0.56) | $ 0.06 |
Weighted-average shares - basic (in shares) | 70,003 | 69,716 | 68,185 |
Net income (loss) per share attributable to Progenics - diluted (in dollars per share) | $ 0.15 | $ (0.56) | $ 0.06 |
Weighted-average shares - diluted (in shares) | 70,155 | 69,716 | 68,243 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income (loss) | $ 10,733 | $ (39,119) | $ 4,410 |
Other comprehensive (loss) income: | |||
Foreign currency translation adjustments | (62) | (26) | 0 |
Net change in unrealized loss on auction rate securities | 0 | 0 | 192 |
Total other comprehensive (loss) income | (62) | (26) | 192 |
Comprehensive income (loss) | 10,671 | (39,145) | 4,602 |
Comprehensive loss attributable to noncontrolling interests | (73) | (7) | 0 |
Comprehensive income (loss) attributable to Progenics | $ 10,744 | $ (39,138) | $ 4,602 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2013 | 61,025 | (200) | |||||
Balance at Dec. 31, 2013 | $ 79 | $ 548,510 | $ (466,677) | $ (192) | $ (2,741) | $ 0 | $ 78,979 |
Net income (loss) | 4,410 | 4,410 | |||||
Other comprehensive income | 192 | 192 | |||||
Stock-based compensation expense | 3,523 | $ 3,523 | |||||
Sale of common stock in public offering, net of underwriting discounts and commissions($2,415) and offering expenses ($376) (in shares) | 8,750 | 8,750 | |||||
Sale of common stock in public offering, net of underwriting discounts and commissions($2,415) and offering expenses ($376) | $ 12 | 37,447 | $ 37,459 | ||||
Acquisition of subsidiary escrow shares returned (in shares) | (19) | ||||||
Acquisition of subsidiary escrow shares returned | (82) | (82) | |||||
Exercise of stock options (in shares) | 77 | ||||||
Exercise of stock options | 428 | 428 | |||||
Balance (in shares) at Dec. 31, 2014 | 69,833 | (200) | |||||
Balance at Dec. 31, 2014 | $ 91 | 589,826 | (462,267) | $ (2,741) | 0 | 124,909 | |
Foreign currency translation adjustments | 0 | ||||||
Net income (loss) | (39,112) | (7) | (39,119) | ||||
Other comprehensive income | (26) | (26) | |||||
Stock-based compensation expense | 2,948 | 2,948 | |||||
Exercise of stock options (in shares) | 313 | ||||||
Exercise of stock options | 1,737 | 1,737 | |||||
Balance (in shares) at Dec. 31, 2015 | 70,146 | (200) | |||||
Balance at Dec. 31, 2015 | $ 91 | 594,511 | (501,379) | (26) | $ (2,741) | 205 | 90,661 |
Acquisition of subsidiary | 504 | 504 | |||||
Purchase of noncontrolling interests | (292) | (292) | |||||
Foreign currency translation adjustments | (26) | ||||||
Net income (loss) | 10,806 | (73) | 10,733 | ||||
Other comprehensive income | (62) | ||||||
Stock-based compensation expense | 2,457 | $ 2,457 | |||||
Exercise of stock options (in shares) | 244 | 244 | |||||
Exercise of stock options | $ 1 | 1,340 | $ 1,341 | ||||
Balance (in shares) at Dec. 31, 2016 | 70,390 | (200) | |||||
Balance at Dec. 31, 2016 | $ 92 | 598,069 | $ (490,573) | (85) | $ (2,741) | 104,762 | |
Purchase of noncontrolling interests | $ (239) | (129) | (368) | ||||
Foreign currency translation adjustments | $ (59) | $ (3) | $ (62) |
Consolidated Statements of Sto7
Consolidated Statements of Stockholders' Equity (Parentheticals) - Common Stock [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2014USD ($) | |
Underwriting discounts and commissions | $ 2,415 |
Offering expenses | $ 376 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 10,733 | $ (39,119) | $ 4,410 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 2,078 | 565 | 545 |
Stock-based compensation expense | 2,457 | 2,948 | 3,523 |
Gain on sale of fixed assets | (296) | (2) | (110) |
Impairment of Intangible Assets (Excluding Goodwill) | 0 | 0 | 2,676 |
Paid in-kind interest | 765 | 0 | 0 |
Non-cash interest expense | 38 | 0 | 0 |
Deferred income tax | 1,811 | (133) | (989) |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | (4,600) | 1,600 | 1,500 |
Acqusition of subsidiary escrow shares returned | 0 | 0 | (82) |
Changes in assets and liabilities: | |||
Accounts receivable | (1,322) | (3,415) | 2,770 |
Other current assets | 1,314 | (3,058) | (572) |
Other assets | (778) | (1,535) | |
Accounts payable | 243 | (202) | (435) |
Accrued expenses | 6,581 | 2,354 | 493 |
Deferred tax and other current liabilities | (158) | (60) | 0 |
Other liabilities | 343 | (80) | (3) |
Net cash provided by (used in) operating activities | 19,209 | (40,137) | 13,726 |
Cash flows from investing activities: | |||
Acquisition of subsidiary, net of cash acquired | 0 | (6,202) | 0 |
Purchases of property and equipment | (4,286) | (370) | (714) |
Proceeds from sale of fixed assets | 347 | 48 | 143 |
Proceeds from redemption of auction rate securities | 0 | 0 | 2,400 |
Net cash (used in) provided by investing activities | (3,939) | (6,524) | 1,829 |
Cash flows from financing activities: | |||
Net proceeds from issuance of long-term debt | 48,650 | 0 | 0 |
Net proceeds from public offering of common stock | 0 | 0 | 37,459 |
Proceeds from exercise of stock options | 1,340 | 1,737 | 428 |
Purchase of noncontrolling interests | (368) | (292) | |
Net cash provided by financing activities | 49,622 | 1,445 | 37,887 |
Effect of currency rate changes on cash and cash equivalents | (86) | 17 | 0 |
Net increase (decrease) in cash and cash equivalents | 64,806 | (45,199) | 53,442 |
Cash and cash equivalents at beginning of period | 74,103 | 119,302 | 65,860 |
Cash and cash equivalents at end of period | $ 138,909 | $ 74,103 | $ 119,302 |
Note 1 - Organization and Busin
Note 1 - Organization and Business | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Business Progenics Pharmaceuticals, Inc. and its subsidiaries (“the Company,” “Progenics,” “we” or “us”) develop innovative medicines and other technologies to target and treat cancer. Our pipeline includes: 1) ® 1095), 2) (1404 TM 3) In February 2011, first ® September 2014 July 19, 2016, $50.0 third 2016. third may Our current principal sources of revenue from operations are royalty, development and commercial milestones, and sublicense revenue-sharing payments from Valeant relating to RELISTOR. Royalty and further milestone payments from RELISTOR depend on success in development and commercialization, which is dependent on many factors, such as Valeant’s efforts, decisions by the FDA and other regulatory bodies, competition from drugs for the same or similar indications, and the outcome of clinical and other testing of RELISTOR. We commenced principal operations in 1988, 1997, Liquidity At December 31, 2016, $138.9 $64.8 $74.1 December 31, 2015. one 10 may 2014, $37.5 8.75 $4.60 2016, $48.7 Note 9. may |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Business Description and Accounting Policies [Text Block] | 2. Basis of Presentation The consolidated financial statements have been prepared on the basis of accounting principles generally accepted in the U.S. (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. On an ongoing basis, we evaluate our estimates, including but not limited to those related to collectability of receivables, intangible assets and contingencies. As additional information becomes available or actual amounts become determinable, the recorded estimates are revised and reflected in the operating results. Actual results could differ from those estimates. Certain expense amounts have been combined in prior periods’ financial statements to conform to the current year presentation. Principles of Consolidation The condensed consolidated financial statements include the accounts of Progenics as well as its wholly-owned and controlled subsidiaries. All material intercompany transactions and balances have been eliminated in consolidation. Foreign Currency Translation Each of our international subsidiaries generally considers their respective local currency to be their functional currency. Assets and liabilities of these international subsidiaries are translated into U.S. dollars at quarter-end exchange rates and revenues and expenses are translated at average exchange rates during the quarter and year-to-date period. Foreign currency translation adjustments for the reported periods are included in accumulated other comprehensive loss (“AOCL”) in our condensed consolidated statements of comprehensive income (loss), and the cumulative effect is included in the stockholders' equity section of our condensed consolidated balance sheets. Realized gains and losses denominated in foreign currencies are recorded in operating expenses in our condensed consolidated statements of operations and were not material to our consolidated results of operations for the three December 31, 2016. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results may Revenue Recognition We recognize revenue from all sources based on the provisions of the U.S. Securities and Exchange Commission (“SEC”) Staff Accounting Bulletin (“SAB”) No. 104 104”) 605 605, Revenue Recognition 605, 605 If we are involved in a steering or other committee as part of a multiple-deliverable arrangement, we assess whether our involvement constitutes a performance obligation or a right to participate. For those committees that are deemed obligations, we will evaluate our participation along with other obligations in the arrangement and will attribute revenue to our participation through the period of our committee responsibilities. We recognize revenue for payments that are contingent upon performance solely by our collaborator immediately upon the achievement of the defined event if we have no related performance obligations. Reimbursement of costs is recognized as revenue provided the provisions of ASC 605 Amounts received prior to satisfying the above revenue recognition criteria are recorded as deferred revenue. Amounts not expected to be recognized within one Royalty revenue is recognized in the period the sales occur, provided the royalty amounts are fixed or determinable, collection of the related receivable is reasonably assured and we have no remaining performance obligations under the arrangement providing for the royalty. Royalty loss is recognized based upon reported sales deductions in excess of gross sales resulting in net sales (losses) and is recognized in the period net sales (losses) occur. Royalty loss is classified in royalty income in the consolidated statements of operations and the related accrued royalty loss liability is classified in accounts payable and accrued expenses in the consolidated balance sheets. During the past three Under the agreement with Bayer, we are entitled to receive an upfront payment of $4.0 $49.0 $130.0 2016, $7.0 $4.0 $3.0 During 2015, $1.5 first 3 140. During 2014, $40.0 $1.0 first 1 1404 In 2014, second 2016, $720 Research and Development Expenses Research and development expenses include costs directly attributable to the conduct of research and development programs, including the cost of salaries, payroll taxes, employee benefits, materials, supplies, maintenance of research equipment, costs related to research collaboration and licensing agreements, the purchase of in-process research and development, the cost of services provided by outside contractors, including services related to our clinical trials, the full cost of manufacturing drug for use in research, pre-clinical development and clinical trials. All costs associated with research and development are expensed as incurred. At each period end, we evaluate the accrued expense balance related to these activities based upon information received from the suppliers and estimated progress towards completion of the research or development objectives to ensure that the balance is reasonably stated. Such estimates are subject to change as additional information becomes available. Patents As a result of research and development efforts conducted by us, we have applied, or are applying, for a number of patents to protect proprietary inventions. All costs associated with patents are expensed as incurred. Net Income (Loss) Per Share We prepare earnings per share (EPS) data in accordance with ASC 260 260, Earnings Per Share 2015, 2016 2014, Concentrations of Credit Risk Financial instruments which potentially subject Progenics to concentrations of risk consist principally of cash, cash equivalents and receivables. We invest our excess cash in money market funds, which are classified as cash and cash equivalents. We have established guidelines that relate to credit quality, diversification and maturity and that limit exposure to any one Cash and Cash Equivalents We consider all highly liquid investments which have maturities of three December 31, 2016 2015, $137.3 $68.1 one $1.6 $6.0 three Accounts Receivable We estimate the level of accounts receivable which ultimately will be uncollectable based on a review of specific receivable balances, industry experience and the current economic environment. We reserve for affected accounts receivable an allowance for doubtful accounts, which at December 31, 2015 2014 $10 2016, $10 December 31, 2016, In-Process Research and Development, Other Identified Intangible Assets and Goodwill The fair values of in-process research and development (“IPR&D”) and other identified intangible assets acquired in business combinations are capitalized. The Company utilizes the “income method”, which applies a probability weighting that considers the risk of development and commercialization to the estimated future net cash flows that are derived from projected sales revenues and estimated costs or “replacement costs”, whichever is greater. These projections are based on factors such as relevant market size, patent protection, historical pricing of similar products and expected industry trends. The estimated future net cash flows are then discounted to the present value using an appropriate discount rate. This analysis is performed for each IPR&D project and other identified intangible assets independently. IPR&D assets are treated as indefinite-lived intangible assets until completion or abandonment of the projects, at which time the assets are amortized over the remaining useful life or written off, as appropriate. Other identified intangible assets are amortized over the relevant estimated useful life. The IPR&D assets are tested at least annually or when a triggering event occurs that could indicate a potential impairment and any impairment loss is recognized in our consolidated statements of operations. Goodwill represents excess consideration in a business combination over the fair value of identifiable net assets acquired. Goodwill is not amortized, but is subject to impairment testing at least annually or when a triggering event occurs that could indicate a potential impairment. The Company determines whether goodwill may one December 31, 2016 2015. Fair Value Measurements In accordance with ASC 820 820, Fair Value Measurements and Disclosures three 820 three ● Level 1 ● Level 2 1 ● Level 3 Recurring Fair Value Measurements We believe the carrying amounts of our cash equivalents, accounts receivable, other current assets, other assets, accounts payable, and accrued expenses approximated their fair values as of December 31, 2016 2015. The fair value of the contingent consideration liability represents future potential milestone payments related to the Molecular Insight acquisition. The fair value of the contingent consideration liability is categorized as a Level 3 4. Nonrecurring Fair Value Measurements Our non-financial assets, such as intangible assets and property and equipment, are measured and recorded at fair value on the acquisition date, and if indicators of impairment exist, we assess recoverability by measuring the amount of any impairment by comparing the carrying value of the asset to its then-current estimated fair value (for intangible assets) or to market prices for similar assets (for property and equipment). If the carrying value is not recoverable we record an impairment charge in our consolidated statements of operations. No impairments occurred for the year ended December 31, 2016. $2.7 2014. 3 2021 2024 20% 13.5% 1095 third 2014 TM Other current assets are comprised of prepaid expenses, interest, amount held in escrow for former employee litigation, which is restricted, and other receivables of $4.3 $5.6 December 31, 2016 2015, one $2.0 $1.7 December 31, 2016 2015, 1 Fixed Assets Leasehold improvements, furniture and fixtures, and equipment are stated at cost. Furniture, fixtures and equipment are depreciated on a straight-line basis over their estimated useful lives. Leasehold improvements are amortized on a straight-line basis over the life of the lease or of the improvement, whichever is shorter. Costs of construction of long-lived assets are capitalized but are not depreciated until the assets are placed in service. Expenditures for maintenance and repairs which do not materially extend the useful lives of the assets are charged to expense as incurred. The cost and accumulated depreciation of assets retired or sold are removed from the respective accounts and any gain or loss is recognized in operations. The estimated useful lives of fixed assets are as follows: Computer equipment (years) 3 Machinery and equipment (years) 5 - 7 Furniture and fixtures (years) 5 Leasehold improvements Earlier of life of improvement or lease Deferred L ease L iability and Incentive Our lease agreements include fixed escalations of minimum annual lease payments and we recognize rental expense on a straight-line basis over the lease terms and record the difference between rent expense and current rental payments as deferred lease liability. Deferred lease incentive includes a construction allowance from our landlord which is amortized as a reduction to rental expense on a straight-line basis over the lease term. As of December 31, 2016 2015, 2016 2015 Other current liabilities: Deferred lease incentive $ 26 $ 115 Other liabilities: Deferred lease liability $ 876 $ 402 Deferred lease incentive $ 328 $ 460 Income Taxes We account for income taxes in accordance with the provisions of ASC 740 740, Income Taxes In accordance with ASC 718 718, Compensation – Stock Compensation 505 505, Equity Uncertain tax positions are accounted for in accordance with ASC 740, 740 740 may may 50% 740. 50% 740 twelve Note 13. Risks and Uncertainties We have to date relied principally on external funding, license agreements with Valeant, Bayer and others, out-licensing and asset sale arrangements, royalty and product revenue to finance our operations. There can be no assurance that our research and development will be successfully completed, that any products developed will obtain necessary marketing approval by regulatory authorities or that any approved products will be commercially viable. In addition, we operate in an environment of rapid change in technology, and we are dependent upon satisfactory relationships with our partners and the continued services of our current employees, consultants and subcontractors. We are also dependent upon Valeant and Fuji fulfilling their manufacturing obligations, either on their own or through third 2016, 2015, 2014, December 31, 2016 2015 Comprehensive Income (Loss) Comprehensive income (loss) represents the change in net assets of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. Our comprehensive income (loss) includes net income (loss) adjusted for the changes in foreign currency translation adjustment and net change in unrealized loss on auction rate securities. The disclosures required by ASC 220 220, Comprehensive Income 2016, 2015, 2014 Note 10. Legal Proceedings From time to time, we may Impact of Recently Issued and Adopted Accounting Standards Recently Adopted In September 2015, 2015 16 2015 16”), Business Combinations (Topic 805): March 31, 2016. 2015 16 In August 2014, 2014 15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern December 31, 2016. Not Yet Adopted In January 2017, 2017 04 2017 04”), Intangibles - Goodwill and Other (Topic 350): 2 2 2017 04 December 15, 2019. January 1, 2017. In November 2016, 2016 18 2016 18”), Statement of Cash Flows (Topic 230) 2016 18 2016 18 December 15, 2017, In August 2016, 2016 15 2016 15”), Statement of Cash Flows (Topic 230): eight (8) (1) (2) zero (3) (4) (5) (6) (7) (8) 2016 15 2016 15 December 15, 2017 In March 2016, 2016 09, Compensation – Stock Compensation (Topic 718) 2016 09"). 2016 09 December 15, 2016; In February 2016, 2016 02, Leases (Topic 842) 2016 02") . 2016 02 2016 02 December 15, 2018. In January 2016, 2016 01, Recognition and Measurement of Financial Assets and Financial Liabilities 2016 01"). 2016 01 2016 01 December 15, 2017. In May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606) 2014 09"). (1) (2) (3) (4) (5) 2014 09 December 15, 2017. December 15, 2016 2016, may first 2018 |
Note 3 - Acquisitions, Goodwill
Note 3 - Acquisitions, Goodwill, and Acquired Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 3. Acquisition of EXINI Diagnostics AB On November 12, 2015, 92.45% November 12, 2015, November 27, 2015, 96.81%. December 4, 2015. December 8, 2016, 100% Goodwill and Acquired Intangible Assets In connection with the 2015 2013 Third and fourth 2014 $2.7 $16 The following table summarizes the activity related to goodwill and intangible assets: Other Intangible Goodwill IPR&D Assets Balance at January 1, 2015 $ 7,702 $ 28,700 $ - Increase related to EXINI acquisition 5,372 - 2,120 Amortization expense - - (27 ) Impairment - - - Balance at December 31, 2015 13,074 28,700 2,093 Amortization expense - - (212 ) Balance at December 31, 2016 $ 13,074 $ 28,700 $ 1,881 The following table reflects the components of the finite-lived intangible assets as of December 31, 2016: Gross Amount Accumulated Amortization Net Carrying Value Finite lived intangible assets $ 2,120 $ 239 $ 1,881 Total $ 2,120 $ 239 $ 1,881 The weighted-average remaining life of the finite-lived intangible assets was approximately nine December 31, 2016. Amortization expense was calculated on a straight-line basis over the estimated useful life of the asset and was $212 $27 December 31, 2016 2015, $212 five (2017 2021) . |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 4. We record the contingent consideration liability resulting from the Molecular Insight acquisition at fair value in accordance with ASC 820 10 50. The following tables present our money market funds, included in cash and cash equivalents, and contingent consideration liability measured at fair value on a recurring basis as of the dates indicated, classified by valuation hierarchy: Fair Value Measurements at December 31, 2016 Quoted Prices in Significant Other Significant Balance at Active Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs 2016 (Level 1) (Level 2) (Level 3) Assets: Money market funds $ 137,340 $ 137,340 $ - $ - Total assets $ 137,340 $ 137,340 $ - $ - Liabilities: Contingent consideration liability $ 14,200 $ - $ - $ 14,200 Total liabilities $ 14,200 $ - $ - $ 14,200 Fair Value Measurements at December 31, 2015 Quoted Prices in Significant Other Significant Balance at Active Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs 2015 (Level 1) (Level 2) (Level 3) Assets: Money market funds $ 68,140 $ 68,140 $ - $ - Total assets $ 68,140 $ 68,140 $ - $ - Liabilities: Contingent consideration liability $ 18,800 $ - $ - $ 18,800 Total liabilities $ 18,800 $ - $ - $ 18,800 Under the terms of the terms of the acquisition agreement, we agreed to pay to the former stockholders potential milestones, in cash or our common stock at our option, of up to $23.0 $70.0 3 (one $14.2 December 31, 2016, Significant changes in any of the probabilities of success would result in a significantly higher or lower fair value measurement. Significant changes in the probabilities as to the periods in which milestones will be achieved would result in a significantly lower or higher fair value measurement. We record the contingent consideration liability at fair value with changes in estimated fair values recorded in change in contingent consideration liability in our consolidated statements of operations. The following tables present quantitative information pertaining to the December 31, 2016 2015 3 2016 $4.6 Fair Value at December 31, Range 2016 Valuation Technique Unobservable Input (Weighted-Average) Contingent Consideration Liability: AZEDRA commercialization $ 3,800 Probability adjusted Probability of success 54% discounted cash flow model Period of expected milestone achievement 2018 Discount rate 10% 1404 commercialization 4,700 Probability adjusted Probability of success 59% discounted cash flow model Period of expected milestone achievement 2019 Discount rate 10% 1095 commercialization 400 Probability adjusted Probability of success 16% discounted cash flow model Period of expected milestone achievement 2024 Discount rate 10% Net sales targets 5,300 Monte-Carlo simulation Probability of success 16% - 59% Discount rate 10% Total $ 14,200 Fair Value at December 31, Range 2015 Valuation Technique Unobservable Input (Weighted-Average) Contingent Consideration Liability: AZEDRA commercialization $ 2,500 Probability adjusted Probability of success 40% discounted cash flow model Period of expected milestone achievement Discount rate 10% 1404 commercialization 4,200 Probability adjusted Probability of success 59% discounted cash flow model Period of expected milestone achievement 2019 Discount rate 10% 1095 commercialization 500 Probability adjusted Probability of success 19% discounted cash flow model Period of expected milestone achievement 2023 Discount rate 10% Net sales targets 11,600 Monte-Carlo simulation Probability of success 19% - 59% (37%) Discount rate (1) 12% / 4% Total $ 18,800 (1) 12% 4% For those financial instruments with significant Level 3 Liability - Contingent Consideration Fair Value Measurements Using Significant Unobservable Inputs (Level 3) 2016 2015 Balance at beginning of period $ 18,800 $ 17,200 Fair value change included in net income (loss) (4,600 ) 1,600 Balance at end of period $ 14,200 $ 18,800 Changes in unrealized gains or losses for the period included in earnings (or changes in net assets) for liabilities held at the end of the reporting period $ (4,600 ) $ 1,600 |
Note 5 - Accounts Receivable
Note 5 - Accounts Receivable | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 5 . Accounts Receivable Our accounts receivable represent amounts due to us from collaborators, royalties, and sales of research reagents, and consisted of the following at December 31, 2016 2015: 2016 2015 Royalties $ 2,407 $ 3,463 Collaborators 2,000 63 Other 457 27 Accounts receivable, gross 4,864 3,553 Less - Allowance for doubtful accounts - (10 ) Accounts receivable, net $ 4,864 $ 3,543 |
Note 6 - Fixed Assets
Note 6 - Fixed Assets | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 6. Fixed assets as of December 31, 2016 2015 2016 2015 Machinery and equipment $ 1,493 $ 5,706 Leasehold improvements 1,640 5,027 Computer equipment 695 1,727 Furniture and fixtures 877 131 Construction in progress 893 87 Property and equipment, gross 5,598 12,678 Less - accumulated depreciation (838 ) (10,271 ) Property and equipment, net $ 4,760 $ 2,407 At December 31, 2016 2015, $1.6 $1.5 13.8 6.4 10.8 September 30, 2030 December 31, 2020, $1.9 $0.5 $0.5 2016, 2015, 2014, |
Note 7 - Accrued Expenses
Note 7 - Accrued Expenses | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 7. The carrying value of our accrued expenses approximates fair value as it represents amounts that will be satisfied within one December 31, 2016 2015: 2016 2015 Loss contingency for litigation $ 4,000 $ 2,516 Accrued legal and professional fees 1,123 1,089 Accrued consulting and clinical trial costs 6,933 2,844 Accrued payroll and related costs 1,957 1,961 Other 1,751 802 Accrued expenses $ 15,764 $ 9,212 |
Note 8 - Commitments and Contin
Note 8 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 8. a. Operating Leases At December 31, 2016, September 2030 December 2018. Rental payments are recognized as rent expense on a straight-line basis over the term of the lease. In addition to rents due under these agreements, we are obligated to pay additional facilities charges, including utilities, taxes and operating expenses. As of December 31, 2016, Years ending Minimum Annual December 31, Payments 2017 $ 1,835 2018 1,868 2019 1,818 2020 1,852 2021 1,886 Thereafter 20,682 Total $ 29,941 Rental expense totaled approximately $1.2 $1.9 $1.9 2016, 2015, 2014, 2016, $210 2015 2014, $49 $3 2016, 2015, 2014 $1.1 $2.5 $2.1 b. Licensing, Service and Supply Agreements We have entered into intellectual property-based license and service agreements in connection with product development programs, and have incurred milestone, license and sublicense fees and supply costs, included in research and development expenses, totaling approximately $324 $388 $498 2016, 2015, 2014, Paid from inception/acquisition to December 31, 2016 Future Commitments (1) Terms Seattle Genetics, Inc. $ 4,701 $ 13,700 Milestone and periodic maintenance payments to use ADC technology to link chemotherapeutic agents to monoclonal antibodies that target prostate specific membrane antigen. ADC technology is based in part on technology licensed by SGI from third parties. Amgen Fremont, Inc. (formerly Abgenix) $ 1,350 $ 5,750 Milestones and royalties to use XenoMouse ® A antigen. Former member of PSMA LLC $ 391 $ 52,188 Annual minimum royalty payments and milestones to use technology related to PSMA. University of Zurich and the Paul Scherrer Institute $ 335 $ 1,005 Annual maintenance and license fee payments, milestones and royalties in respect of licensed technology related to 1404. University of Western Ontario $ 38 $ 275 Annual minimum royalty, administration and milestone payments in respect of licensed technology related to AZEDRA. Johns Hopkins University Technology $ 150 $ 2,760 Annual minimum royalty payments and milestones to use technology related to PyL. Selexis Commercial License Agreement $ 59 $ 1,802 Milestones and royalties to use Selexis technology related to PSMA Antibodies. (1) In addition, we are planning to out-license or terminate non-germane licenses and service agreements, as to which we have paid $301 December 31, 2016, $14.3 c. Consulting Agreements As part of our research and development efforts, we have from time to time entered into consulting agreements with external scientific specialists. These agreements contain various terms and provisions, including fees to be paid by us and royalties, in the event of future sales, and milestone payments, upon achievement of defined events, payable by us. Certain of these scientists are advisors to us, and some have purchased our common stock or received stock options which are subject to vesting provisions. We have recognized expenses with regard to the consulting agreements of $164 $54 $67 2016, 2015, 2014, d. Legal Proceedings On January 4, 2017, 2010 $4.0 December 31, 2016. $1.7 December 31, 2016. On October 7, 2015 ® On October 28, 2015, second In October 2016, In accordance with the Drug Price Competition and Patent Term Restoration Act (commonly referred to as the Hatch-Waxman Act), Progenics and Valeant timely commenced litigation against each of these ANDA filers in order to obtain an automatic stay of FDA approval of the ANDA until the earlier of (i) 30 In addition to the above described ANDA notifications, in October 2015 three Each of the above-described proceedings is in its early stages and Progenics and Valeant continue to cooperate closely to vigorously defend and enforce RELISTOR intellectual property rights. Pursuant to the RELISTOR license agreement between Progenics and Valeant, Valeant has the first We are or may In the third 2014, 2013, October 2008 $7.25 |
Note 9 - Non-recourse Long-term
Note 9 - Non-recourse Long-term Debt, Net | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. On November 4, 2016, $100.0 $50.0 $50.0 twelve 9.5%. Under the terms of the loan agreement, payments of interest and principal, if any, under the loan will be made on the last day of each calendar quarter out of RELISTOR royalty payments received since the immediately preceding payment date. On each payment date prior to March 31, 2018, March 31, 2018, 50 September 30, 2021, June 30, 2025. January 1, 2018, In connection with the Royalty-Backed Loan, the debt issuance costs have been recorded as a debt discount in our consolidated balance sheets and are being amortized and recorded as interest expense throughout the life of the loan using the effective interest method. The Loan Agreement contains customary defined events of default, upon which any outstanding principal and unpaid interest shall be immediately due and payable. These include: failure to pay any principal or interest when due; any uncured breach of a representation, warranty or covenant; any uncured failure to perform or observe covenants; any uncured cross default under a material contract; any uncured breach of our representations, warranties or covenants under a contribution and servicing agreement with MNTX Royalties; any termination of the RELISTOR license agreement; certain bankruptcy or insolvency events; and the occurrence of a material adverse effect. As of December 31, 2016, Future principal, based upon estimated sales projections, under the Royalty-Backed Loan as of December 31, 2016, 2017 $ -- 2018 2,626 2019 3,678 2020 4,795 2021 8,068 Thereafter 31,598 Total payments $ 50,765 PROGENICS PHARMACEUTICALS, INC NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — continued (amounts in thousands, except per share amounts or as otherwise noted) Interest expense, including amortization of debt discount, related to the Royalty-Backed Loan for the year ended December 31, 2016 $0.8 December 31, 2016, $0.7 |
Note 10 - Stockholders' Equity
Note 10 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 10 . Stockholders’ Equity Common Stock and Preferred Stock We are authorized to issue 160 $.0013, 20 $.001. Shelf Registration During the first 2017, $250.0 $150.0 February 2014, 8.75 $4.60 $37.5 3 Accumulated Other Comprehensive Loss (“AOCL”) The following table summarizes the components of AOCL at December 31, 2016: Foreign Currency Translation AOCL Balance at January 1, 2016 $ (26 ) $ (26 ) Foreign currency translation adjustment (59 ) (59 ) Balance at December 31, 2016 $ (85 ) $ (85 ) We did not 2016. |
Note 11 - Stock-based Compensat
Note 11 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 11. Equity Incentive Plans We adopted the following stockholder-approved equity incentive plans: ● The 1996 "1996 5,000,000 1996 2006. 1996 ● The 2005 "2005 11,450,000 2005 March 25, 2024. The stock option plans provide that options may 100% may ten three five Stock Options The following table summarizes stock options activity for the year ended December 31, 2016: Weighted Weighted Average Number Average Remaining of Shares Exercise Price Contractual Life Outstanding at January 1, 2016 5,134 $ 9.05 5.69 Granted 1,229 $ 4.77 Exercised (244 ) $ 5.50 Cancelled (926 ) $ 6.86 Expired (306 ) $ 24.88 Outstanding at December 31, 2016 4,887 $ 7.57 5.81 Exercisable at December 31, 2016 3,517 $ 8.46 4.65 Vested and expected to vest at December 31, 2016 4,668 $ 7.67 5.66 The weighted average fair value of options granted during 2016, 2015, 2014 $3.24, $5.02, $3.41 The total intrinsic value (the excess of the market price over the exercise price) was approximately $12.1 $7.5 $11.4 December 31, 2016. 2016, 2015, 2014 $476 $465 $102 We typically do not expect to realize any tax benefits from our stock option activity or the recognition of stock-based compensation expense, because we currently have net operating losses and have a full valuation allowance against our deferred tax assets. Accordingly, no amounts related to windfall tax benefits have been reported in cash flows from operations or cash flows from financing activities for 2016, 2015 2014. Stock-Based Compensa tion Expense We account for stock-based awards issued to employees in accordance with the provisions of ASC 718 718, Compensation – Stock Compensation three five 718 505 50 50 505, Equity 718, We estimated the fair value of the stock options granted on the date of grant using a Black-Scholes valuation model that used the weighted average assumptions noted in the following table. The risk-free interest rate assumption we use is based upon U.S. Treasury interest rates appropriate for the expected life of the awards. The expected life (estimated period of time that we expect employees, directors, and consultants to hold their stock options) was estimated based on historical rates for three zero The following table presents assumptions used in computing the fair value of option grants during 2016, 2015, 2014: 2016 2015 2014 Risk-free interest rate 1.53 % 2.00 % 2.13 % Expected life (in years) 6.77 6.97 6.84 Expected volatility 74 % 81 % 82 % Expected dividend yield -- -- -- Stock-based compensation expense for the three December 31, 2016 2016 2015 2014 Research and development expenses $ 843 $ 1,099 $ 1,843 General and administrative expenses 1,614 1,849 1,680 Total stock-based compensation expense $ 2,457 $ 2,948 $ 3,523 At December 31, 2016, $2.8 2.6 |
Note 12 - Employee Savings Plan
Note 12 - Employee Savings Plan | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | 12. The terms of the amended and restated Progenics Pharmaceuticals 401(k) “401(k) 401(k) 50% 1% 10% two December 31, 2016 50% 5% 8% December 31, 2014, 401(k) may $281 $327 $276 401(k) 2016, 2015, 2014, No |
Note 13 - Income Taxes
Note 13 - Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 13. We account for income taxes using the liability method in accordance with ASC 740 740, Income Taxes In 2016, $1.8 $133 $989 2015 2014, June 30, 2016, 382, June 30, 2016, may The components of the provision for (benefit from) income taxes during 2016, 2015, 2014 2016 2015 2014 Current taxes: United States $ 11 $ - $ - Foreign - - - State 22 - - Total current taxes $ 33 $ - $ - Deferred taxes: United States $ - $ - $ - Foreign - - - State 1,811 (133 ) (989 ) Total deferred taxes $ 1,811 $ (133 ) $ (989 ) Provision for (benefit from) income taxes $ 1,844 $ (133 ) $ (989 ) Deferred tax assets and liabilities as of December 31, 2016 2015, 2016 2015 Deferred tax assets: Depreciation and amortization $ 788 $ 2,215 Research & Experimental and Orphan Drug tax credit carry-forwards 27,361 19,284 NYS investment tax credit carry-forwards 933 1,087 AMT credit carry-forwards 221 211 Net operation loss carry-forwards 227,171 226,639 Capitalized research and development expenditures 11,915 15,149 Stock compensation 12,343 12,250 Other items 4,513 2,562 Total gross deferred tax assets 285,245 279,397 Less valuation allowance (285,245 ) (279,397 ) Deferred tax assets - - Deferred tax liability (13,010 ) (11,199 ) Net deferred tax liability $ (13,010 ) $ (11,199 ) We maintain a full valuation allowance on deferred tax assets considering our history of taxable losses and the uncertainty regarding our ability to generate sufficient taxable income in the future to utilize these deferred tax assets. For 2015 2014, December 31, 2016 2015. 2016 2015, $13.0 $11.2 The following is a reconciliation of income taxes computed at the Federal statutory income tax rate to the actual effective income tax provision during 2016, 2015, 2014: 2016 2015 2014 U.S. Federal statutory rate 34.0 % 34.0 % 34.0 % State income taxes, net of Federal benefit 10.8 % 4.8 % 8.0 % Foreign rate differential 2.6 % (0.1 %) 0.0 % Research and experimental and Orphan Drug tax credit (63.0 %) 1.7 % (16.0 %) Effect of federal and state tax rate changes (43.0 %) (4.8 %) 1.6 % Permanent differences 0.1 % (1.4 %) 15.1 % Stock option shortfalls 22.3 % (6.1 %) 38.1 % Change in valuation allowance 50.9 % (27.8 %) (109.6 %) Income tax expense/benefit 14.7 % 0.3 % (28.8 %) As of December 31, 2016, $599.7 2018 2035, $18.7 January 1, 2006 $11.2 January 1, 2006. $554.0 2030 2035. We have reviewed our nexus in various tax jurisdictions and our tax positions related to all open tax years for events that could change the status of our tax liability under ASC 740, 740 10 As of December 31, 2016, 1997. December 31, 2016, 2015, 2014. Our R&E tax credit carry-forwards of approximately $28 December 31, 2016 2018 2036. As of December 31, 2016 2015, The following is a tabular reconciliation of the total amounts of unrecognized tax benefits for the years ended December 31, 2016 2015. 2016 2015 Beginning uncertain tax benefits $ 2,661 $ 2,661 Current year - increases - - Current year - decreases - - Settlements - - Expired statuses - - Ending uncertain tax benefits $ 2,661 $ 2,661 |
Note 14 - Net Income (Loss) Per
Note 14 - Net Income (Loss) Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 14 . Net Income (Loss) Per Share Our basic net income (loss) per share attributable to Progenics amounts have been computed by dividing net income (loss) attributable to Progenics by the weighted-average number of common shares outstanding during the period. For 2016 2014, 2015 2015. In applying the treasury stock method for the calculation of diluted EPS, amounts of unrecognized compensation expense and windfall tax benefits are required to be included in the assumed proceeds in the denominator of the diluted EPS calculation unless they are anti-dilutive. We have made an accounting policy decision to calculate windfall tax benefits/shortfalls, for purposes of diluted EPS calculation, excluding the impact of deferred tax assets. This policy decision will apply when we have net income and windfall tax benefits/shortfalls are realizable. The calculations of net income (loss) per share, basic and diluted, are as follows: Net income (loss) Weighted-average attributable shares to Progenics outstanding Per share (Numerator) (Denominator) amount 2016 Basic $ 10,806 70,003 $ 0.15 Dilutive effect of stock options - 152 Diluted $ 10,806 70,155 $ 0.15 2015 Basic and diluted $ (39,112 ) 69,716 $ (0.56 ) 2014 Basic $ 4,410 68,185 $ 0.06 Dilutive effect of stock options - 58 Diluted $ 4,410 68,243 $ 0.06 The following table summarizes anti-dilutive common shares or common shares where performance conditions have not been met, that were excluded from the calculation of the diluted net income (loss) per share: 2016 2015 2014 Stock options 3,577 6,381 5,036 Contingent consideration liability 1,644 2,827 3,457 Total securities excluded 5,221 9,208 8,493 |
Note 15 - Unaudited Quarterly R
Note 15 - Unaudited Quarterly Results (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 1 5 . Unaudited Quarterly Results (unaudited) Summarized quarterly financial data during 2016 2015 2016 Quarter Ended March 31 June 30 September 30 December 31 Revenues (1) $ 2,450 $ 8,476 $ 53,850 $ 4,653 Net (loss) income $ (12,673 ) $ (5,657 ) $ 36,282 $ (7,219 ) Net loss attributable to noncontrolling interests $ (18 ) $ (19 ) $ (21 ) $ (15 ) Net (loss) income attributable to Progenics $ (12,655 ) $ (5,638 ) $ 36,303 $ (7,204 ) Net (loss) income per share attributable to Progenics - basic $ (0.18 ) $ (0.08 ) $ 0.52 $ (0.10 ) Net (loss) income per share attributable to Progenics - diluted $ (0.18 ) $ (0.08 ) $ 0.52 $ (0.10 ) 2015 Quarter Ended March 31 June 30 September 30 December 31 Revenues (2) $ 248 $ 1,937 $ 1,396 $ 5,095 Net loss $ (10,254 ) $ (11,697 ) $ (10,014 ) $ (7,154 ) Net loss attributable to noncontrolling interests $ - $ - $ - $ (7 ) Net loss attributable to Progenics $ (10,254 ) $ (11,697 ) $ (10,014 ) $ (7,147 ) Net loss per share attributable to Progenics - basic $ (0.15 ) $ (0.17 ) $ (0.14 ) $ (0.10 ) Net loss per share attributable to Progenics - diluted $ (0.15 ) $ (0.17 ) $ (0.14 ) $ (0.10 ) (1) second fourth 2016 $5.0 $2.0 third 2016 $50.0 (2) fourth 2015 $1.5 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS Allowance for Doubtful Accounts Year ended December 31, Beginning Balance Additions Charged to General and Administrative Expenses Deductions Accounts Written Off During Period Ending Balance (in thousands) 2016 $ 10 $ - $ (10 ) $ - 2015 $ 10 $ - $ - $ 10 2014 $ 7 $ 3 $ - $ 10 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The consolidated financial statements have been prepared on the basis of accounting principles generally accepted in the U.S. (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. On an ongoing basis, we evaluate our estimates, including but not limited to those related to collectability of receivables, intangible assets and contingencies. As additional information becomes available or actual amounts become determinable, the recorded estimates are revised and reflected in the operating results. Actual results could differ from those estimates. Certain expense amounts have been combined in prior periods’ financial statements to conform to the current year presentation. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The condensed consolidated financial statements include the accounts of Progenics as well as its wholly-owned and controlled subsidiaries. All material intercompany transactions and balances have been eliminated in consolidation. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation Each of our international subsidiaries generally considers their respective local currency to be their functional currency. Assets and liabilities of these international subsidiaries are translated into U.S. dollars at quarter-end exchange rates and revenues and expenses are translated at average exchange rates during the quarter and year-to-date period. Foreign currency translation adjustments for the reported periods are included in accumulated other comprehensive loss (“AOCL”) in our condensed consolidated statements of comprehensive income (loss), and the cumulative effect is included in the stockholders' equity section of our condensed consolidated balance sheets. Realized gains and losses denominated in foreign currencies are recorded in operating expenses in our condensed consolidated statements of operations and were not material to our consolidated results of operations for the three December 31, 2016. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results may |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition We recognize revenue from all sources based on the provisions of the U.S. Securities and Exchange Commission (“SEC”) Staff Accounting Bulletin (“SAB”) No. 104 104”) 605 605, Revenue Recognition 605, 605 If we are involved in a steering or other committee as part of a multiple-deliverable arrangement, we assess whether our involvement constitutes a performance obligation or a right to participate. For those committees that are deemed obligations, we will evaluate our participation along with other obligations in the arrangement and will attribute revenue to our participation through the period of our committee responsibilities. We recognize revenue for payments that are contingent upon performance solely by our collaborator immediately upon the achievement of the defined event if we have no related performance obligations. Reimbursement of costs is recognized as revenue provided the provisions of ASC 605 Amounts received prior to satisfying the above revenue recognition criteria are recorded as deferred revenue. Amounts not expected to be recognized within one Royalty revenue is recognized in the period the sales occur, provided the royalty amounts are fixed or determinable, collection of the related receivable is reasonably assured and we have no remaining performance obligations under the arrangement providing for the royalty. Royalty loss is recognized based upon reported sales deductions in excess of gross sales resulting in net sales (losses) and is recognized in the period net sales (losses) occur. Royalty loss is classified in royalty income in the consolidated statements of operations and the related accrued royalty loss liability is classified in accounts payable and accrued expenses in the consolidated balance sheets. During the past three Under the agreement with Bayer, we are entitled to receive an upfront payment of $4.0 $49.0 $130.0 2016, $7.0 $4.0 $3.0 During 2015, $1.5 first 3 140. During 2014, $40.0 $1.0 first 1 1404 In 2014, second 2016, $720 |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Expenses Research and development expenses include costs directly attributable to the conduct of research and development programs, including the cost of salaries, payroll taxes, employee benefits, materials, supplies, maintenance of research equipment, costs related to research collaboration and licensing agreements, the purchase of in-process research and development, the cost of services provided by outside contractors, including services related to our clinical trials, the full cost of manufacturing drug for use in research, pre-clinical development and clinical trials. All costs associated with research and development are expensed as incurred. At each period end, we evaluate the accrued expense balance related to these activities based upon information received from the suppliers and estimated progress towards completion of the research or development objectives to ensure that the balance is reasonably stated. Such estimates are subject to change as additional information becomes available. |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Patents As a result of research and development efforts conducted by us, we have applied, or are applying, for a number of patents to protect proprietary inventions. All costs associated with patents are expensed as incurred. |
Earnings Per Share, Policy [Policy Text Block] | Net Income (Loss) Per Share We prepare earnings per share (EPS) data in accordance with ASC 260 260, Earnings Per Share 2015, 2016 2014, |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk Financial instruments which potentially subject Progenics to concentrations of risk consist principally of cash, cash equivalents and receivables. We invest our excess cash in money market funds, which are classified as cash and cash equivalents. We have established guidelines that relate to credit quality, diversification and maturity and that limit exposure to any one |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents We consider all highly liquid investments which have maturities of three December 31, 2016 2015, $137.3 $68.1 one $1.6 $6.0 three |
Receivables, Policy [Policy Text Block] | Accounts Receivable We estimate the level of accounts receivable which ultimately will be uncollectable based on a review of specific receivable balances, industry experience and the current economic environment. We reserve for affected accounts receivable an allowance for doubtful accounts, which at December 31, 2015 2014 $10 2016, $10 December 31, 2016, |
Goodwill and Intangible Assets, Policy [Policy Text Block] | In-Process Research and Development, Other Identified Intangible Assets and Goodwill The fair values of in-process research and development (“IPR&D”) and other identified intangible assets acquired in business combinations are capitalized. The Company utilizes the “income method”, which applies a probability weighting that considers the risk of development and commercialization to the estimated future net cash flows that are derived from projected sales revenues and estimated costs or “replacement costs”, whichever is greater. These projections are based on factors such as relevant market size, patent protection, historical pricing of similar products and expected industry trends. The estimated future net cash flows are then discounted to the present value using an appropriate discount rate. This analysis is performed for each IPR&D project and other identified intangible assets independently. IPR&D assets are treated as indefinite-lived intangible assets until completion or abandonment of the projects, at which time the assets are amortized over the remaining useful life or written off, as appropriate. Other identified intangible assets are amortized over the relevant estimated useful life. The IPR&D assets are tested at least annually or when a triggering event occurs that could indicate a potential impairment and any impairment loss is recognized in our consolidated statements of operations. Goodwill represents excess consideration in a business combination over the fair value of identifiable net assets acquired. Goodwill is not amortized, but is subject to impairment testing at least annually or when a triggering event occurs that could indicate a potential impairment. The Company determines whether goodwill may one December 31, 2016 2015. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements In accordance with ASC 820 820, Fair Value Measurements and Disclosures three 820 three ● Level 1 ● Level 2 1 ● Level 3 Recurring Fair Value Measurements We believe the carrying amounts of our cash equivalents, accounts receivable, other current assets, other assets, accounts payable, and accrued expenses approximated their fair values as of December 31, 2016 2015. The fair value of the contingent consideration liability represents future potential milestone payments related to the Molecular Insight acquisition. The fair value of the contingent consideration liability is categorized as a Level 3 4. Nonrecurring Fair Value Measurements Our non-financial assets, such as intangible assets and property and equipment, are measured and recorded at fair value on the acquisition date, and if indicators of impairment exist, we assess recoverability by measuring the amount of any impairment by comparing the carrying value of the asset to its then-current estimated fair value (for intangible assets) or to market prices for similar assets (for property and equipment). If the carrying value is not recoverable we record an impairment charge in our consolidated statements of operations. No impairments occurred for the year ended December 31, 2016. $2.7 2014. 3 2021 2024 20% 13.5% 1095 third 2014 TM Other current assets are comprised of prepaid expenses, interest, amount held in escrow for former employee litigation, which is restricted, and other receivables of $4.3 $5.6 December 31, 2016 2015, one $2.0 $1.7 December 31, 2016 2015, 1 |
Property, Plant and Equipment, Policy [Policy Text Block] | Fixed Assets Leasehold improvements, furniture and fixtures, and equipment are stated at cost. Furniture, fixtures and equipment are depreciated on a straight-line basis over their estimated useful lives. Leasehold improvements are amortized on a straight-line basis over the life of the lease or of the improvement, whichever is shorter. Costs of construction of long-lived assets are capitalized but are not depreciated until the assets are placed in service. Expenditures for maintenance and repairs which do not materially extend the useful lives of the assets are charged to expense as incurred. The cost and accumulated depreciation of assets retired or sold are removed from the respective accounts and any gain or loss is recognized in operations. The estimated useful lives of fixed assets are as follows: Computer equipment (years) 3 Machinery and equipment (years) 5 - 7 Furniture and fixtures (years) 5 Leasehold improvements Earlier of life of improvement or lease |
Lease, Policy [Policy Text Block] | Deferred L ease L iability and Incentive Our lease agreements include fixed escalations of minimum annual lease payments and we recognize rental expense on a straight-line basis over the lease terms and record the difference between rent expense and current rental payments as deferred lease liability. Deferred lease incentive includes a construction allowance from our landlord which is amortized as a reduction to rental expense on a straight-line basis over the lease term. As of December 31, 2016 2015, 2016 2015 Other current liabilities: Deferred lease incentive $ 26 $ 115 Other liabilities: Deferred lease liability $ 876 $ 402 Deferred lease incentive $ 328 $ 460 |
Income Tax, Policy [Policy Text Block] | Income Taxes We account for income taxes in accordance with the provisions of ASC 740 740, Income Taxes In accordance with ASC 718 718, Compensation – Stock Compensation 505 505, Equity Uncertain tax positions are accounted for in accordance with ASC 740, 740 740 may may 50% 740. 50% 740 twelve Note 13. |
Risk and Uncertainties, Policy [Policy Text Block] | Risks and Uncertainties We have to date relied principally on external funding, license agreements with Valeant, Bayer and others, out-licensing and asset sale arrangements, royalty and product revenue to finance our operations. There can be no assurance that our research and development will be successfully completed, that any products developed will obtain necessary marketing approval by regulatory authorities or that any approved products will be commercially viable. In addition, we operate in an environment of rapid change in technology, and we are dependent upon satisfactory relationships with our partners and the continued services of our current employees, consultants and subcontractors. We are also dependent upon Valeant and Fuji fulfilling their manufacturing obligations, either on their own or through third 2016, 2015, 2014, December 31, 2016 2015 |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income (Loss) Comprehensive income (loss) represents the change in net assets of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. Our comprehensive income (loss) includes net income (loss) adjusted for the changes in foreign currency translation adjustment and net change in unrealized loss on auction rate securities. The disclosures required by ASC 220 220, Comprehensive Income 2016, 2015, 2014 Note 10. |
Legal Costs, Policy [Policy Text Block] | Legal Proceedings From time to time, we may |
New Accounting Pronouncements, Policy [Policy Text Block] | Impact of Recently Issued and Adopted Accounting Standards Recently Adopted In September 2015, 2015 16 2015 16”), Business Combinations (Topic 805): March 31, 2016. 2015 16 In August 2014, 2014 15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern December 31, 2016. Not Yet Adopted In January 2017, 2017 04 2017 04”), Intangibles - Goodwill and Other (Topic 350): 2 2 2017 04 December 15, 2019. January 1, 2017. In November 2016, 2016 18 2016 18”), Statement of Cash Flows (Topic 230) 2016 18 2016 18 December 15, 2017, In August 2016, 2016 15 2016 15”), Statement of Cash Flows (Topic 230): eight (8) (1) (2) zero (3) (4) (5) (6) (7) (8) 2016 15 2016 15 December 15, 2017 In March 2016, 2016 09, Compensation – Stock Compensation (Topic 718) 2016 09"). 2016 09 December 15, 2016; In February 2016, 2016 02, Leases (Topic 842) 2016 02") . 2016 02 2016 02 December 15, 2018. In January 2016, 2016 01, Recognition and Measurement of Financial Assets and Financial Liabilities 2016 01"). 2016 01 2016 01 December 15, 2017. In May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606) 2014 09"). (1) (2) (3) (4) (5) 2014 09 December 15, 2017. December 15, 2016 2016, may first 2018 |
Note 2 - Summary of Significa26
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Estimated Useful Lives of Fixed Assets [Table Text Block] | Computer equipment (years) 3 Machinery and equipment (years) 5 - 7 Furniture and fixtures (years) 5 Leasehold improvements Earlier of life of improvement or lease |
Deferred Lease [Table Text Block] | 2016 2015 Other current liabilities: Deferred lease incentive $ 26 $ 115 Other liabilities: Deferred lease liability $ 876 $ 402 Deferred lease incentive $ 328 $ 460 |
Note 3 - Acquisitions, Goodwi27
Note 3 - Acquisitions, Goodwill, and Acquired Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Other Intangible Goodwill IPR&D Assets Balance at January 1, 2015 $ 7,702 $ 28,700 $ - Increase related to EXINI acquisition 5,372 - 2,120 Amortization expense - - (27 ) Impairment - - - Balance at December 31, 2015 13,074 28,700 2,093 Amortization expense - - (212 ) Balance at December 31, 2016 $ 13,074 $ 28,700 $ 1,881 |
Components of Finite Lived Intangible Assets [Table Text Block] | Gross Amount Accumulated Amortization Net Carrying Value Finite lived intangible assets $ 2,120 $ 239 $ 1,881 Total $ 2,120 $ 239 $ 1,881 |
Note 4 - Fair Value Measureme28
Note 4 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Measurements at December 31, 2016 Quoted Prices in Significant Other Significant Balance at Active Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs 2016 (Level 1) (Level 2) (Level 3) Assets: Money market funds $ 137,340 $ 137,340 $ - $ - Total assets $ 137,340 $ 137,340 $ - $ - Liabilities: Contingent consideration liability $ 14,200 $ - $ - $ 14,200 Total liabilities $ 14,200 $ - $ - $ 14,200 Fair Value Measurements at December 31, 2015 Quoted Prices in Significant Other Significant Balance at Active Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs 2015 (Level 1) (Level 2) (Level 3) Assets: Money market funds $ 68,140 $ 68,140 $ - $ - Total assets $ 68,140 $ 68,140 $ - $ - Liabilities: Contingent consideration liability $ 18,800 $ - $ - $ 18,800 Total liabilities $ 18,800 $ - $ - $ 18,800 |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Table Text Block] | Fair Value at December 31, Range 2016 Valuation Technique Unobservable Input (Weighted-Average) Contingent Consideration Liability: AZEDRA commercialization $ 3,800 Probability adjusted Probability of success 54% discounted cash flow model Period of expected milestone achievement 2018 Discount rate 10% 1404 commercialization 4,700 Probability adjusted Probability of success 59% discounted cash flow model Period of expected milestone achievement 2019 Discount rate 10% 1095 commercialization 400 Probability adjusted Probability of success 16% discounted cash flow model Period of expected milestone achievement 2024 Discount rate 10% Net sales targets 5,300 Monte-Carlo simulation Probability of success 16% - 59% Discount rate 10% Total $ 14,200 Fair Value at December 31, Range 2015 Valuation Technique Unobservable Input (Weighted-Average) Contingent Consideration Liability: AZEDRA commercialization $ 2,500 Probability adjusted Probability of success 40% discounted cash flow model Period of expected milestone achievement Discount rate 10% 1404 commercialization 4,200 Probability adjusted Probability of success 59% discounted cash flow model Period of expected milestone achievement 2019 Discount rate 10% 1095 commercialization 500 Probability adjusted Probability of success 19% discounted cash flow model Period of expected milestone achievement 2023 Discount rate 10% Net sales targets 11,600 Monte-Carlo simulation Probability of success 19% - 59% (37%) Discount rate (1) 12% / 4% Total $ 18,800 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Liability - Contingent Consideration Fair Value Measurements Using Significant Unobservable Inputs (Level 3) 2016 2015 Balance at beginning of period $ 18,800 $ 17,200 Fair value change included in net income (loss) (4,600 ) 1,600 Balance at end of period $ 14,200 $ 18,800 Changes in unrealized gains or losses for the period included in earnings (or changes in net assets) for liabilities held at the end of the reporting period $ (4,600 ) $ 1,600 |
Note 5 - Accounts Receivable (T
Note 5 - Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | 2016 2015 Royalties $ 2,407 $ 3,463 Collaborators 2,000 63 Other 457 27 Accounts receivable, gross 4,864 3,553 Less - Allowance for doubtful accounts - (10 ) Accounts receivable, net $ 4,864 $ 3,543 |
Note 6 - Fixed Assets (Tables)
Note 6 - Fixed Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2016 2015 Machinery and equipment $ 1,493 $ 5,706 Leasehold improvements 1,640 5,027 Computer equipment 695 1,727 Furniture and fixtures 877 131 Construction in progress 893 87 Property and equipment, gross 5,598 12,678 Less - accumulated depreciation (838 ) (10,271 ) Property and equipment, net $ 4,760 $ 2,407 |
Note 7 - Accrued Expenses (Tabl
Note 7 - Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | 2016 2015 Loss contingency for litigation $ 4,000 $ 2,516 Accrued legal and professional fees 1,123 1,089 Accrued consulting and clinical trial costs 6,933 2,844 Accrued payroll and related costs 1,957 1,961 Other 1,751 802 Accrued expenses $ 15,764 $ 9,212 |
Note 8 - Commitments and Cont32
Note 8 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Years ending Minimum Annual December 31, Payments 2017 $ 1,835 2018 1,868 2019 1,818 2020 1,852 2021 1,886 Thereafter 20,682 Total $ 29,941 |
Licensing Service and Supply Agreements [Table Text Block] | Paid from inception/acquisition to December 31, 2016 Future Commitments (1) Terms Seattle Genetics, Inc. $ 4,701 $ 13,700 Milestone and periodic maintenance payments to use ADC technology to link chemotherapeutic agents to monoclonal antibodies that target prostate specific membrane antigen. ADC technology is based in part on technology licensed by SGI from third parties. Amgen Fremont, Inc. (formerly Abgenix) $ 1,350 $ 5,750 Milestones and royalties to use XenoMouse ® A antigen. Former member of PSMA LLC $ 391 $ 52,188 Annual minimum royalty payments and milestones to use technology related to PSMA. University of Zurich and the Paul Scherrer Institute $ 335 $ 1,005 Annual maintenance and license fee payments, milestones and royalties in respect of licensed technology related to 1404. University of Western Ontario $ 38 $ 275 Annual minimum royalty, administration and milestone payments in respect of licensed technology related to AZEDRA. Johns Hopkins University Technology $ 150 $ 2,760 Annual minimum royalty payments and milestones to use technology related to PyL. Selexis Commercial License Agreement $ 59 $ 1,802 Milestones and royalties to use Selexis technology related to PSMA Antibodies. |
Note 9 - Non-recourse Long-te33
Note 9 - Non-recourse Long-term Debt, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2017 $ -- 2018 2,626 2019 3,678 2020 4,795 2021 8,068 Thereafter 31,598 Total payments $ 50,765 |
Note 10 - Stockholders' Equity
Note 10 - Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Foreign Currency Translation AOCL Balance at January 1, 2016 $ (26 ) $ (26 ) Foreign currency translation adjustment (59 ) (59 ) Balance at December 31, 2016 $ (85 ) $ (85 ) |
Note 11 - Stock-based Compens35
Note 11 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted Weighted Average Number Average Remaining of Shares Exercise Price Contractual Life Outstanding at January 1, 2016 5,134 $ 9.05 5.69 Granted 1,229 $ 4.77 Exercised (244 ) $ 5.50 Cancelled (926 ) $ 6.86 Expired (306 ) $ 24.88 Outstanding at December 31, 2016 4,887 $ 7.57 5.81 Exercisable at December 31, 2016 3,517 $ 8.46 4.65 Vested and expected to vest at December 31, 2016 4,668 $ 7.67 5.66 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2016 2015 2014 Risk-free interest rate 1.53 % 2.00 % 2.13 % Expected life (in years) 6.77 6.97 6.84 Expected volatility 74 % 81 % 82 % Expected dividend yield -- -- -- |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | 2016 2015 2014 Research and development expenses $ 843 $ 1,099 $ 1,843 General and administrative expenses 1,614 1,849 1,680 Total stock-based compensation expense $ 2,457 $ 2,948 $ 3,523 |
Note 13 - Income Taxes (Tables)
Note 13 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2016 2015 2014 Current taxes: United States $ 11 $ - $ - Foreign - - - State 22 - - Total current taxes $ 33 $ - $ - Deferred taxes: United States $ - $ - $ - Foreign - - - State 1,811 (133 ) (989 ) Total deferred taxes $ 1,811 $ (133 ) $ (989 ) Provision for (benefit from) income taxes $ 1,844 $ (133 ) $ (989 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2016 2015 Deferred tax assets: Depreciation and amortization $ 788 $ 2,215 Research & Experimental and Orphan Drug tax credit carry-forwards 27,361 19,284 NYS investment tax credit carry-forwards 933 1,087 AMT credit carry-forwards 221 211 Net operation loss carry-forwards 227,171 226,639 Capitalized research and development expenditures 11,915 15,149 Stock compensation 12,343 12,250 Other items 4,513 2,562 Total gross deferred tax assets 285,245 279,397 Less valuation allowance (285,245 ) (279,397 ) Deferred tax assets - - Deferred tax liability (13,010 ) (11,199 ) Net deferred tax liability $ (13,010 ) $ (11,199 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2016 2015 2014 U.S. Federal statutory rate 34.0 % 34.0 % 34.0 % State income taxes, net of Federal benefit 10.8 % 4.8 % 8.0 % Foreign rate differential 2.6 % (0.1 %) 0.0 % Research and experimental and Orphan Drug tax credit (63.0 %) 1.7 % (16.0 %) Effect of federal and state tax rate changes (43.0 %) (4.8 %) 1.6 % Permanent differences 0.1 % (1.4 %) 15.1 % Stock option shortfalls 22.3 % (6.1 %) 38.1 % Change in valuation allowance 50.9 % (27.8 %) (109.6 %) Income tax expense/benefit 14.7 % 0.3 % (28.8 %) |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 2016 2015 Beginning uncertain tax benefits $ 2,661 $ 2,661 Current year - increases - - Current year - decreases - - Settlements - - Expired statuses - - Ending uncertain tax benefits $ 2,661 $ 2,661 |
Note 14 - Net Income (Loss) P37
Note 14 - Net Income (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Net income (loss) Weighted-average attributable shares to Progenics outstanding Per share (Numerator) (Denominator) amount 2016 Basic $ 10,806 70,003 $ 0.15 Dilutive effect of stock options - 152 Diluted $ 10,806 70,155 $ 0.15 2015 Basic and diluted $ (39,112 ) 69,716 $ (0.56 ) 2014 Basic $ 4,410 68,185 $ 0.06 Dilutive effect of stock options - 58 Diluted $ 4,410 68,243 $ 0.06 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | 2016 2015 2014 Stock options 3,577 6,381 5,036 Contingent consideration liability 1,644 2,827 3,457 Total securities excluded 5,221 9,208 8,493 |
Note 15 - Unaudited Quarterly38
Note 15 - Unaudited Quarterly Results (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | 2016 Quarter Ended March 31 June 30 September 30 December 31 Revenues (1) $ 2,450 $ 8,476 $ 53,850 $ 4,653 Net (loss) income $ (12,673 ) $ (5,657 ) $ 36,282 $ (7,219 ) Net loss attributable to noncontrolling interests $ (18 ) $ (19 ) $ (21 ) $ (15 ) Net (loss) income attributable to Progenics $ (12,655 ) $ (5,638 ) $ 36,303 $ (7,204 ) Net (loss) income per share attributable to Progenics - basic $ (0.18 ) $ (0.08 ) $ 0.52 $ (0.10 ) Net (loss) income per share attributable to Progenics - diluted $ (0.18 ) $ (0.08 ) $ 0.52 $ (0.10 ) 2015 Quarter Ended March 31 June 30 September 30 December 31 Revenues (2) $ 248 $ 1,937 $ 1,396 $ 5,095 Net loss $ (10,254 ) $ (11,697 ) $ (10,014 ) $ (7,154 ) Net loss attributable to noncontrolling interests $ - $ - $ - $ (7 ) Net loss attributable to Progenics $ (10,254 ) $ (11,697 ) $ (10,014 ) $ (7,147 ) Net loss per share attributable to Progenics - basic $ (0.15 ) $ (0.17 ) $ (0.14 ) $ (0.10 ) Net loss per share attributable to Progenics - diluted $ (0.15 ) $ (0.17 ) $ (0.14 ) $ (0.10 ) |
Schedule II - Valuation and Q39
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Valuation and Qualifying Accounts Disclosure [Table Text Block] | Year ended December 31, Beginning Balance Additions Charged to General and Administrative Expenses Deductions Accounts Written Off During Period Ending Balance (in thousands) 2016 $ 10 $ - $ (10 ) $ - 2015 $ 10 $ - $ - $ 10 2014 $ 7 $ 3 $ - $ 10 |
Note 1 - Organization and Bus40
Note 1 - Organization and Business (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Licenses Revenue | $ 59,081 | $ 1,955 | $ 41,196 | ||
Cash and Cash Equivalents, at Carrying Value | 138,909 | 74,103 | 119,302 | $ 65,860 | |
Cash and Cash Equivalents, Period Increase (Decrease) | 64,806 | (45,199) | 53,442 | ||
Proceeds from Issuance of Common Stock | 0 | 0 | $ 37,459 | ||
Stock Issued During Period, Shares, New Issues | 8,750 | ||||
Shares Issued, Price Per Share | $ 4.60 | ||||
Proceeds from Issuance of Long-term Debt | $ 48,650 | $ 0 | $ 0 | ||
RELISTOR Developement Milestone [Member] | |||||
Licenses Revenue | $ 50,000 |
Note 2 - Summary of Significa41
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Number of Years Cash is Sufficient to Fund Operations | 1 year | |||||||
Licenses Revenue | $ 59,081 | $ 1,955 | $ 41,196 | |||||
Allowance for Doubtful Accounts Receivable, Current | $ 0 | $ 10 | 0 | 10 | 10 | |||
Impairment of Intangible Assets (Excluding Goodwill) | 0 | 0 | $ 2,676 | |||||
Indefinite Lived Intangible Assets, DiscountRate | 13.50% | 20.00% | ||||||
Other Assets, Current | 4,328 | 5,639 | 4,328 | 5,639 | ||||
Restricted Cash and Cash Equivalents | 2,000 | 1,700 | 2,000 | 1,700 | ||||
Other Comprehensive Income (Loss), Tax | 0 | |||||||
Money Market Funds [Member] | ||||||||
Cash Equivalents, at Carrying Value | 137,300 | 68,100 | 137,300 | 68,100 | ||||
Bank Time Deposits [Member] | ||||||||
Cash Equivalents, at Carrying Value | 1,600 | 6,000 | 1,600 | 6,000 | ||||
Bayer [Member] | ||||||||
Upfront Payment Receivable | 4,000 | 4,000 | ||||||
Potential Clinical and Regulatory Development Milestones | 49,000 | 49,000 | ||||||
Potential Net Sales Milestones | 130,000 | 130,000 | ||||||
Licenses Revenue | 2,000 | $ 5,000 | 7,000 | |||||
Accrued Fees and Other Revenue Receivable | $ 3,000 | $ 3,000 | ||||||
CytoDyn's Dosing Milestone [Member] | ||||||||
Revenue Recognition, Milestone Method, Revenue Recognized | $ 1,500 | $ 1,500 | ||||||
RELISTOR Developement Milestone [Member] | ||||||||
Licenses Revenue | $ 50,000 | |||||||
Revenue Recognition, Milestone Method, Revenue Recognized | $ 40,000 | |||||||
FUJIFILM Milestone [Member] | ||||||||
Revenue Recognition, Milestone Method, Revenue Recognized | $ 1,000 | |||||||
Lupin Distribution Agreement [Member] | ||||||||
Licenses Revenue | $ 720 |
Note 2 - Summary of Significa42
Note 2 - Summary of Significant Accounting Policies - Estimated Useful Lives of Fixed Assets (Details) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Computer Equipment [Member] | ||
Estimated useful life (Year) | 3 years | |
Machinery and Equipment [Member] | Minimum [Member] | ||
Estimated useful life (Year) | 5 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Estimated useful life (Year) | 7 years | |
Furniture and Fixtures [Member] | ||
Estimated useful life (Year) | 5 years | |
Leasehold Improvements [Member] | ||
Estimated useful life (Year) | 13 years 292 days | |
Useful life | Earlier of life of improvement or lease | |
Leasehold Improvements [Member] | Minimum [Member] | ||
Estimated useful life (Year) | 6 years 146 days | |
Leasehold Improvements [Member] | Maximum [Member] | ||
Estimated useful life (Year) | 10 years 292 days |
Note 2 - Summary of Significa43
Note 2 - Summary of Significant Accounting Policies - Deferred Lease Liability and Incentive (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred lease incentive | $ 26 | $ 115 |
Deferred lease liability | 876 | 402 |
Deferred lease incentive | $ 328 | $ 460 |
Note 3 - Acquisitions, Goodwi44
Note 3 - Acquisitions, Goodwill, and Acquired Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 08, 2016 | Nov. 27, 2015 | Nov. 12, 2015 | |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 2,700 | $ 0 | ||||
Impairment of Intangible Assets, Finite-lived | $ 16 | 0 | ||||
Finite-Lived Intangible Asset, Useful Life | 9 years | |||||
Amortization of Intangible Assets | $ 212 | $ 27 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 212 | |||||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 212 | |||||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 212 | |||||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 212 | |||||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 212 | |||||
EXINI Diagnostics AB [Member] | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | 96.81% | 92.45% |
Note 3 - Acquisitions, Goodwi45
Note 3 - Acquisitions, Goodwill, and Acquired Intangible Assets - Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill | $ 13,074 | $ 7,702 | |
Indefinite-lived intangible assets | 28,700 | 28,700 | |
Finite-lived intangible assets, net | 2,093 | 0 | |
Goodwill acquired | 5,372 | ||
Indefinite-lived intangible assets acquired | 0 | ||
Finite-lived intangible assets acquired | 2,120 | ||
Finite-lived intangible assets, amortization expense | (212) | (27) | |
Goodwill impairment | 0 | ||
Indefinite-lived intangible assets impairment | $ 2,700 | 0 | |
Finite-lived intangible assets, impairment | 16 | 0 | |
Goodwill | 7,702 | 13,074 | 13,074 |
Indefinite-lived intangible assets | 28,700 | 28,700 | 28,700 |
Finite-lived intangible assets, net | $ 0 | $ 1,881 | $ 2,093 |
Note 3 - Acquisitions, Goodwi46
Note 3 - Acquisitions, Goodwill, and Acquired Intangible Assets - Components of Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Finite lived intangible assets, gross | $ 2,120 | ||
Finite lived intangible assets, accumulated amortization | 239 | ||
Finite lived intangible assets, net | $ 1,881 | $ 2,093 | $ 0 |
Note 4 - Fair Value Measureme47
Note 4 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Business Combination, Contingent Consideration, Liability, Noncurrent | $ 14,200 | $ 18,800 | ||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ (4,600) | $ 1,600 | $ 1,500 | |
Net sales targets [Member] | ||||
Fair Value Inputs, Discount Rate | 10.00% | |||
Minimum [Member] | Net sales targets [Member] | ||||
Fair Value Inputs, Discount Rate | 12.00% | 12.00% | [1] | |
Maximum [Member] | Net sales targets [Member] | ||||
Fair Value Inputs, Discount Rate | 4.00% | 4.00% | [1] | |
Molecular Insight [Member] | Commercialization Milestones [Member] | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 23,000 | |||
Molecular Insight [Member] | Sales Target Milestones [Member] | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 70,000 | |||
[1] | The contingent consideration liability related to the net sales targets was derived from a model under a risk neutral framework resulting in the application of 12% and 4% discount rates to estimated cash flows. |
Note 4 - Fair Value Measureme48
Note 4 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Money market funds | $ 137,340 | $ 68,140 |
Total assets | 137,340 | 68,140 |
Business Combination, Contingent Consideration, Liability, Noncurrent | 14,200 | 18,800 |
Total liabilities | 14,200 | 18,800 |
Fair Value, Inputs, Level 1 [Member] | ||
Money market funds | 137,340 | 68,140 |
Total assets | 137,340 | 68,140 |
Business Combination, Contingent Consideration, Liability, Noncurrent | ||
Total liabilities | ||
Fair Value, Inputs, Level 2 [Member] | ||
Money market funds | ||
Total assets | ||
Business Combination, Contingent Consideration, Liability, Noncurrent | ||
Total liabilities | ||
Fair Value, Inputs, Level 3 [Member] | ||
Money market funds | ||
Total assets | ||
Business Combination, Contingent Consideration, Liability, Noncurrent | 14,200 | 18,800 |
Total liabilities | $ 14,200 | $ 18,800 |
Note 4 - Fair Value Measureme49
Note 4 - Fair Value Measurements - Quantitative Information for Fair Value Measurement of Level 3 (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Fair value | $ 14.2 | $ 18.8 | |
AZEDRA commercialization [Member] | |||
Fair value | $ 3.8 | $ 2.5 | |
Valuation technique | Probability adjusted | Probability adjusted | |
Probability of success | 54.00% | 40.00% | |
Discount rate | 10.00% | 10.00% | |
Probability of success | (54.00%) | (40.00%) | |
MIP - 1404 Commercialization [Member] | |||
Fair value | $ 4.7 | $ 4.2 | |
Valuation technique | Probability adjusted | Probability adjusted | |
Probability of success | 59.00% | 59.00% | |
Discount rate | 10.00% | 10.00% | |
Probability of success | (59.00%) | (59.00%) | |
MIP-1095 Commercialization [Member] | |||
Fair value | $ 0.4 | $ 0.5 | |
Valuation technique | Probability adjusted | Probability adjusted | |
Probability of success | 16.00% | 19.00% | |
Discount rate | 10.00% | 10.00% | |
Probability of success | (16.00%) | (19.00%) | |
Net sales targets [Member] | |||
Fair value | $ 5.3 | $ 11.6 | |
Valuation technique | Monte-Carlo simulation | Monte-Carlo simulation | |
Discount rate | 10.00% | ||
Net sales targets [Member] | Minimum [Member] | |||
Probability of success | 16.00% | 19.00% | |
Discount rate | 12.00% | 12.00% | [1] |
Probability of success | (16.00%) | (19.00%) | |
Net sales targets [Member] | Maximum [Member] | |||
Probability of success | 59.00% | 59.00% | |
Discount rate | 4.00% | 4.00% | [1] |
Probability of success | (59.00%) | (59.00%) | |
Net sales targets [Member] | Weighted Average [Member] | |||
Probability of success | 37.00% | ||
Probability of success | (37.00%) | ||
[1] | The contingent consideration liability related to the net sales targets was derived from a model under a risk neutral framework resulting in the application of 12% and 4% discount rates to estimated cash flows. |
Note 4 - Fair Value Measureme50
Note 4 - Fair Value Measurements - Summary of Activities in Financial Instruments With Level 3 Inputs (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Balance | $ 18.8 | $ 17.2 |
Fair value change included in net income (loss) | (4.6) | 1.6 |
Balance | 14.2 | 18.8 |
Changes in unrealized gains or losses for the period included in earnings (or changes in net assets) for liabilities held at the end of the reporting period | $ (4.6) | $ 1.6 |
Note 5 - Accounts Receivable -
Note 5 - Accounts Receivable - Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts receivable, Current | $ 4,864 | $ 3,553 | |
Less - Allowance for doubtful accounts | 0 | (10) | $ (10) |
Accounts receivable, net | 4,864 | 3,543 | |
Royalties [Member] | |||
Accounts receivable, Current | 2,407 | 3,463 | |
Collaborators [Member] | |||
Accounts receivable, Current | 2,000 | 63 | |
Other [Member] | |||
Accounts receivable, Current | $ 457 | $ 27 |
Note 6 - Fixed Assets (Details
Note 6 - Fixed Assets (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Leasehold Improvements, Net | $ 1.6 | $ 1.5 | |
Depreciation | $ 1.9 | $ 0.5 | $ 0.5 |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment, Useful Life | 13 years 292 days | ||
Leasehold Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life | 6 years 146 days | ||
Leasehold Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life | 10 years 292 days |
Note 6 - Fixed Assets - Propert
Note 6 - Fixed Assets - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment (gross) | $ 5,598 | $ 12,678 |
Less - accumulated depreciation | (838) | (10,271) |
Property and equipment, net | 4,760 | 2,407 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment (gross) | 1,493 | 5,706 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment (gross) | 1,640 | 5,027 |
Computer Equipment [Member] | ||
Property, Plant and Equipment (gross) | 695 | 1,727 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment (gross) | 877 | 131 |
Construction in Progress [Member] | ||
Property, Plant and Equipment (gross) | $ 893 | $ 87 |
Note 7 - Accrued Expenses - Sch
Note 7 - Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Loss contingency for litigation | $ 4,000 | $ 2,516 |
Accrued legal and professional fees | 1,123 | 1,089 |
Accrued consulting and clinical trial costs | 6,933 | 2,844 |
Accrued payroll and related costs | 1,957 | 1,961 |
Other | 1,751 | 802 |
Accrued expenses | $ 15,764 | $ 9,212 |
Note 8 - Commitments and Cont55
Note 8 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Jan. 04, 2017 | Sep. 30, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Operating Leases, Rent Expense, Net | $ 1,200 | $ 1,900 | $ 1,900 | ||
Adjustments to Rent Expense Due to Escalation Clause and Lease Incentives | 210 | 49 | 3 | ||
Additional Facility Charges | 1,100 | 2,500 | 2,100 | ||
License Fees and Supply Costs | 324 | 388 | 498 | ||
Professional Fees | 164 | 54 | 67 | ||
Loss Contingency, Damages Awarded, Value | 1,700 | ||||
Other Operating Income | $ 7,250 | 0 | $ 0 | $ 7,250 | |
Subsequent Event [Member] | Settled Litigation [Member] | Anti-Retaliation Termination [Member] | |||||
Litigation Settlement, Amount | $ (4,000) | ||||
Pending Termination [Member] | |||||
Commitments Paid from Inception | 301 | ||||
Significant Contracts Future Commitments | $ 14,300 |
Note 8 - Commitments and Cont56
Note 8 - Commitments and Contingencies - Minimum Annual Payments Under Operating Lease Agreements (Details) $ in Thousands | Dec. 31, 2016USD ($) |
2,017 | $ 1,835 |
2,018 | 1,868 |
2,019 | 1,818 |
2,020 | 1,852 |
2,021 | 1,886 |
Thereafter | 20,682 |
Total | $ 29,941 |
Note 8 - Commitments and Cont57
Note 8 - Commitments and Contingencies - Licensing, Service and Supply Agreements (Details) | Dec. 31, 2016USD ($) | |
Seattle Genetics, Inc. [Member] | ||
Commitments, paid from inception | $ 4,701 | |
Future Commitments | 13,700 | [1] |
Amgen Fremont, Inc. Formerly Abgenix [Member] | ||
Commitments, paid from inception | 1,350 | |
Future Commitments | 5,750 | [1] |
Former Member of PSMA LLC [Member] | ||
Commitments, paid from inception | 391 | |
Future Commitments | 52,188 | [1] |
University of Zurich and Paul Scherrer Institute [Member] | ||
Commitments, paid from inception | 335 | |
Future Commitments | 1,005 | [1] |
University of Western Ontario [Member] | ||
Commitments, paid from inception | 38 | |
Future Commitments | 275 | [1] |
Johns Hopkins University Technology [Member] | ||
Commitments, paid from inception | 150 | |
Future Commitments | 2,760 | [1] |
Selexis Commercial License Agreement [Member] | ||
Commitments, paid from inception | 59 | |
Future Commitments | $ 1,802 | [1] |
[1] | Amounts based on known contractual obligations as specified in the respective license agreements, which are dependent on the achievement or occurrence of future milestones or events and exclude amounts for royalties which are dependent on future sales and are unknown. |
Note 9 - Non-recourse Long-te58
Note 9 - Non-recourse Long-term Debt, Net (Details Textual) - USD ($) $ in Thousands | Nov. 04, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Proceeds from Issuance of Long-term Debt | $ 48,650 | $ 0 | $ 0 | |
Royalty-backed Loans [Member] | ||||
Debt Agreement, Maximum Borrowing Capacity | $ 100,000 | |||
Proceeds from Issuance of Long-term Debt | 50,000 | |||
Debt Agreement, Remaining Bowrrowing Capacity | $ 50,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 9.50% | |||
Interest Expense, Debt | 800 | |||
Accured Interest, Accreted as Principal | $ 700 |
Note 9 - Non-recourse Long-te59
Note 9 - Non-recourse Long-term Debt, Net - Future Principal and Interest Payments on Debt (Details) - Royalty-backed Loans [Member] $ in Thousands | Dec. 31, 2016USD ($) |
2,017 | |
2,018 | 2,626 |
2,019 | 3,678 |
2,020 | 4,795 |
2,021 | 8,068 |
Thereafter | 31,598 |
Total payments | $ 50,765 |
Note 10 - Stockholders' Equit60
Note 10 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, shares in Thousands | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2014 | Dec. 31, 2016 | Mar. 31, 2017 | Dec. 31, 2015 | |
Common Stock, Shares Authorized | 160,000 | 160,000 | ||
Common Stock, Par or Stated Value Per Share | $ 0.0013 | $ 0.0013 | ||
Preferred Stock, Shares Authorized | 20,000 | 20,000 | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | ||
Replacement Shelf Registration | $ 150,000,000 | |||
Common Stock Sold in Public Offering, in Shares | 8,750,000 | |||
Common Stock Offering Price | 4.60 | |||
Proceeds from Public Offering of Common Stock Net of Underwriting Discounts and Commissions and Offering Expenses | $ 37,500,000 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ 0 | |||
Subsequent Event [Member] | ||||
Replacement Shelf Registration | $ 250,000,000 |
Note 10 - Stockholders' Equit61
Note 10 - Stockholders' Equity - Components of Accumulated Other Comprehensive Loss (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Balance | $ (26) |
Balance | (85) |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |
Balance | (26) |
Foreign currency translation adjustment | (59) |
Balance | (85) |
AOCI Attributable to Parent [Member] | |
Balance | (26) |
Foreign currency translation adjustment | (59) |
Balance | $ (85) |
Note 11 - Stock-based Compens62
Note 11 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 3.24 | $ 5.02 | $ 3.41 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 12,100 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 7,500 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | 11,400 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 476 | $ 465 | $ 102 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 2,800 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 219 days | ||
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Employee Stock Option [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Employee Stock Option [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||
The 1996 Amended Stock Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 5,000,000 | ||
The 2005 Stock Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 11,450,000 |
Note 11 - Stock-based Compens63
Note 11 - Stock-based Compensation - Summary of Option Activity Under the Plans (Details) - $ / shares shares in Thousands | Dec. 31, 2015 | Dec. 31, 2016 |
Outstanding, shares (in shares) | 5,134 | |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 9.05 | |
Outstanding, Weighted Average Remaining Contractual Life (Year) | 5 years 251 days | 5 years 295 days |
Granted, shares (in shares) | 1,229 | |
Granted, Weighted Average Exercise Price (in dollars per share) | $ 4.77 | |
Exercised, shares (in shares) | (244) | |
Exercised, Weighted Average Exercise Price (in dollars per share) | $ 5.50 | |
Cancelled, shares (in shares) | (926) | |
Cancelled, Weighted Average Exercise Price (in dollars per share) | $ 6.86 | |
Expired, shares (in shares) | (306) | |
Expired, Weighted Average Exercise Price (in dollars per share) | $ 24.88 | |
Outstanding, shares (in shares) | 5,134 | 4,887 |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 9.05 | $ 7.57 |
Exercisable, shares (in shares) | 3,517 | |
Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 8.46 | |
Exercisable, Weighted Average Remaining Contractual Life (Year) | 4 years 237 days | |
Vested and expected to vest, shares (in shares) | 4,668 | |
Vested and expected to vest, Weighted Average Exercise Price (in dollars per share) | $ 7.67 | |
Vested and expected to vest, Weighted Average Remaining Contractual Life (Year) | 5 years 240 days |
Note 11 - Stock-based Compens64
Note 11 - Stock-based Compensation - Assumptions Used in Computing the Fair Value of Option Grants (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Risk-free interest rate | 1.53% | 2.00% | 2.13% |
Expected life (in years) (Year) | 6 years 281 days | 6 years 354 days | 6 years 306 days |
Expected volatility | 74.00% | 81.00% | 82.00% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Note 11 - Stock-based Compens65
Note 11 - Stock-based Compensation - Allocation of Recognized Period Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Total compensation expense recognized | $ 2,457 | $ 2,948 | $ 3,523 |
Research and Development Expense [Member] | |||
Total compensation expense recognized | 843 | 1,099 | 1,843 |
General and Administrative Expense [Member] | |||
Total compensation expense recognized | $ 1,614 | $ 1,849 | $ 1,680 |
Note 12 - Employee Savings Pl66
Note 12 - Employee Savings Plan (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 50.00% | 50.00% | 50.00% |
Defined Contribution Plan, Minimum Annual Contribution Per Employee, Percent | 1.00% | 1.00% | 5.00% |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 10.00% | 10.00% | 8.00% |
Defined Contribution Plan, Cost Recognized | $ 281 | $ 327 | $ 276 |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 0 | $ 0 | $ 0 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Expense (Benefit) | $ 1,844 | $ (133) | $ (989) |
Deferred Tax Liabilities, Net | 13,010 | 11,199 | |
Operating Loss Carryforwards, Valuation Allowance | 11,200 | ||
Tax Credit Carryforward, Amount | 28,000 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 0 | 0 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 0 | $ 0 | $ 0 |
Post January 1, 2006 [Member] | |||
Operating Loss Carryforwards | 18,700 | ||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |||
Operating Loss Carryforwards | 599,700 | ||
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards | $ 554,000 |
Note 13 - Income Taxes - Compon
Note 13 - Income Taxes - Components of the Provision for (Benefit From) Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current taxes: | |||
United States | $ 11 | $ 0 | $ 0 |
Foreign | 0 | 0 | 0 |
State | 22 | 0 | 0 |
Total current taxes | 33 | 0 | 0 |
Deferred taxes: | |||
United States | 0 | 0 | 0 |
Foreign | 0 | 0 | 0 |
State | 1,811 | (133) | (989) |
Total deferred taxes | 1,811 | (133) | (989) |
Provision for (benefit from) income taxes | $ 1,844 | $ (133) | $ (989) |
Note 13 - Income Taxes - Deferr
Note 13 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets: | ||
Depreciation and amortization | $ 788 | $ 2,215 |
Research & Experimental and Orphan Drug tax credit carry-forwards | 27,361 | 19,284 |
NYS investment tax credit carry-forwards | 933 | 1,087 |
AMT credit carry-forwards | 221 | 211 |
Net operation loss carry-forwards | 227,171 | 226,639 |
Capitalized research and development expenditures | 11,915 | 15,149 |
Stock compensation | 12,343 | 12,250 |
Other items | 4,513 | 2,562 |
Total gross deferred tax assets | 285,245 | 279,397 |
Less valuation allowance | (285,245) | (279,397) |
Deferred tax assets | 0 | 0 |
Deferred tax liability | (13,010) | (11,199) |
Net deferred tax liability | $ (13,010) | $ (11,199) |
Note 13 - Income Taxes - Reconc
Note 13 - Income Taxes - Reconciliation of Income Taxes Computed (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
U.S. Federal statutory rate | 34.00% | 34.00% | 34.00% |
State income taxes, net of Federal benefit | 10.80% | 4.80% | 8.00% |
Foreign rate differential | 2.60% | (0.10%) | 0.00% |
Research and experimental and Orphan Drug tax credit | (63.00%) | 1.70% | (16.00%) |
Effect of federal and state tax rate changes | (43.00%) | (4.80%) | 1.60% |
Permanent differences | 0.10% | (1.40%) | 15.10% |
Stock option shortfalls | 22.30% | (6.10%) | 38.10% |
Change in valuation allowance | 50.90% | (27.80%) | (109.60%) |
Income tax expense/benefit | 14.70% | 0.30% | (28.80%) |
Note 13 - Income Taxes - Unreco
Note 13 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Beginning uncertain tax benefits | $ 2,661 | $ 2,661 |
Current year - increases | 0 | 0 |
Current year - decreases | 0 | 0 |
Settlements | 0 | 0 |
Expired statuses | 0 | 0 |
Ending uncertain tax benefits | $ 2,661 | $ 2,661 |
Note 14 - Net Income (Loss) P72
Note 14 - Net Income (Loss) Per Share - Earnings Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Basic | $ 10,806 | $ 4,410 | |||||||||
Basic (in shares) | 70,003 | 69,716 | 68,185 | ||||||||
Net (loss) income per share attributable to Progenics - basic (in dollars per share) | $ (0.10) | $ 0.52 | $ (0.08) | $ (0.18) | $ (0.10) | $ (0.14) | $ (0.17) | $ (0.15) | $ 0.15 | $ (0.56) | $ 0.06 |
Dilutive effect of stock options (in shares) | 152 | 58 | |||||||||
Diluted | $ 10,806 | $ 4,410 | |||||||||
Diluted (in shares) | 70,155 | 69,716 | 68,243 | ||||||||
Net (loss) income per share attributable to Progenics - diluted (in dollars per share) | $ (0.10) | $ 0.52 | $ (0.08) | $ (0.18) | $ (0.10) | $ (0.14) | $ (0.17) | $ (0.15) | $ 0.15 | $ (0.56) | $ 0.06 |
Net (loss) income attributable to Progenics | $ (7,204) | $ 36,303 | $ (5,638) | $ (12,655) | $ (7,147) | $ (10,014) | $ (11,697) | $ (10,254) | $ 10,806 | $ (39,112) | $ 4,410 |
Basic and diluted (in shares) | 69,716 | ||||||||||
Basic and diluted (in dollars per share) | $ (0.56) |
Note 14 - Net Income (Loss) P73
Note 14 - Net Income (Loss) Per Share - Net Loss Per Share (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stock options (in shares) | 5,221 | 9,208 | 8,493 |
Stock Options [Member] | |||
Stock options (in shares) | 3,577 | 6,381 | 5,036 |
Contingent Consideration Liability [Member] | |||
Stock options (in shares) | 1,644 | 2,827 | 3,457 |
Note 15 - Unaudited Quarterly74
Note 15 - Unaudited Quarterly Results (Unaudited) (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Licenses Revenue | $ 59,081 | $ 1,955 | $ 41,196 | ||||
Bayer [Member] | |||||||
Licenses Revenue | $ 2,000 | $ 5,000 | $ 7,000 | ||||
Valeant [Member] | |||||||
Licenses Revenue | $ 50,000 | ||||||
CytoDyn's Dosing Milestone [Member] | |||||||
Revenue Recognition, Milestone Method, Revenue Recognized | $ 1,500 | $ 1,500 |
Note 15 - Unaudited Quarterly75
Note 15 - Unaudited Quarterly Results (Unaudited) - Summarized Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||||||
Revenues | $ 4,653 | [1] | $ 53,850 | [1] | $ 8,476 | [1] | $ 2,450 | [1] | $ 5,095 | [2] | $ 1,396 | [2] | $ 1,937 | [2] | $ 248 | [2] | $ 69,429 | $ 8,676 | $ 44,377 |
Net (loss) income | (7,219) | 36,282 | (5,657) | (12,673) | (7,154) | (10,014) | (11,697) | (10,254) | 10,733 | (39,119) | 4,410 | ||||||||
Net loss attributable to noncontrolling interests | (15) | (21) | (19) | (18) | (7) | (73) | (7) | 0 | |||||||||||
Net (loss) income attributable to Progenics | $ (7,204) | $ 36,303 | $ (5,638) | $ (12,655) | $ (7,147) | $ (10,014) | $ (11,697) | $ (10,254) | $ 10,806 | $ (39,112) | $ 4,410 | ||||||||
Net (loss) income per share attributable to Progenics - basic (in dollars per share) | $ (0.10) | $ 0.52 | $ (0.08) | $ (0.18) | $ (0.10) | $ (0.14) | $ (0.17) | $ (0.15) | $ 0.15 | $ (0.56) | $ 0.06 | ||||||||
Net (loss) income per share attributable to Progenics - diluted (in dollars per share) | $ (0.10) | $ 0.52 | $ (0.08) | $ (0.18) | $ (0.10) | $ (0.14) | $ (0.17) | $ (0.15) | $ 0.15 | $ (0.56) | $ 0.06 | ||||||||
[1] | Revenues in the second and fourth quarters of 2016 included $5.0 million and $2.0 million license revenue from Bayer, respectively, and revenues in the third quarter of 2016 included $50.0 million milestone payment received from Valeant. | ||||||||||||||||||
[2] | Revenues in the fourth quarter of 2015 included $1.5 million milestone payment received from CytoDyn. |
Schedule II - Valuation and Q76
Schedule II - Valuation and Qualifying Accounts - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Beginning Balance | $ 10 | $ 10 | $ 7 |
Additions Charged to General and Administrative Expenses | 0 | 0 | 3 |
Deductions Accounts Written Off During Period | (10) | 0 | 0 |
Ending Balance | $ 0 | $ 10 | $ 10 |