Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'IDERA PHARMACEUTICALS, INC. | ' |
Entity Central Index Key | '0000861838 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 63,690,084 |
Condensed_Balance_Sheets_Unaud
Condensed Balance Sheets (Unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $38,749 | $10,096 |
Restricted cash | 311 | ' |
Prepaid expenses and other current assets | 397 | 198 |
Total current assets | 39,457 | 10,294 |
Property and equipment, net | 116 | 218 |
Restricted cash | ' | 311 |
Total assets | 39,573 | 10,823 |
Current liabilities: | ' | ' |
Accounts payable | 254 | 1,129 |
Accrued expenses | 2,204 | 3,002 |
Total current liabilities | 2,458 | 4,131 |
Other liabilities | 6 | 65 |
Total liabilities | 2,464 | 4,196 |
Commitments and contingencies | ' | ' |
Series D Redeemable Convertible Preferred Stock, $0.01 par value, Designated, issued and outstanding - 1,124 shares at December 31, 2012 | ' | 5,921 |
Non-redeemable preferred stock, common stock, and other stockholders' equity: | ' | ' |
Preferred stock, $0.01 par value | ' | ' |
Common stock, $0.001 par value, Authorized - 280,000 and 140,000 shares at September 30, 2013 and December 31, 2012, respectively; Issued and outstanding - 62,682 and 27,643 shares at September 30, 2013 and December 31, 2012, respectively | 63 | 28 |
Additional paid-in capital | 432,848 | 391,635 |
Accumulated deficit | -406,794 | -394,658 |
Total stockholders' equity | 37,109 | 706 |
Total liabilities, redeemable preferred stock and stockholders' equity | 39,573 | 10,823 |
Series E Preferred Stock [Member] | ' | ' |
Non-redeemable preferred stock, common stock, and other stockholders' equity: | ' | ' |
Preferred stock, $0.01 par value | 5,528 | 3,701 |
Series D Preferred Stock [Member] | ' | ' |
Non-redeemable preferred stock, common stock, and other stockholders' equity: | ' | ' |
Preferred stock, $0.01 par value | 5,464 | ' |
Series A Preferred Stock [Member] | ' | ' |
Non-redeemable preferred stock, common stock, and other stockholders' equity: | ' | ' |
Preferred stock, $0.01 par value | ' | ' |
Condensed_Balance_Sheets_Unaud1
Condensed Balance Sheets (Unaudited) (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
Preferred stock, shares authorized | 5,000 | 5,000 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 280,000 | 140,000 |
Shares issued | 62,682 | 27,643 |
Common stock, shares outstanding | 62,682 | 27,643 |
Series D Convertible Redeemable Preferred Stock [Member] | ' | ' |
Series D Redeemable convertible preferred stock, par value | ' | $0.01 |
Series D Redeemable convertible preferred stock, shares designated | ' | 1,124 |
Series D Redeemable convertible preferred stock, shares issued | ' | 1,124 |
Series D Redeemable convertible preferred stock, shares outstanding | ' | 1,124 |
Series E Preferred Stock [Member] | ' | ' |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares designated | 424 | 424 |
Preferred stock, shares issued | 424 | 424 |
Preferred Stock, shares outstanding | 424 | 424 |
Series D Preferred Stock [Member] | ' | ' |
Preferred stock, par value | $0.01 | ' |
Preferred stock, shares designated | 1,124 | ' |
Preferred stock, shares issued | 1,124 | ' |
Preferred Stock, shares outstanding | 1,124 | ' |
Series A Preferred Stock [Member] | ' | ' |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares designated | 1,500 | 1,500 |
Preferred stock, shares issued | 1 | 1 |
Preferred Stock, shares outstanding | 1 | 1 |
Condensed_Statements_of_Operat
Condensed Statements of Operations and Comprehensive Loss (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Alliance revenue | $7 | $3 | $43 | $40 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 2,510 | 3,278 | 6,835 | 10,595 |
General and administrative | 2,179 | 1,477 | 5,305 | 5,014 |
Total operating expenses | 4,689 | 4,755 | 12,140 | 15,609 |
Loss from operations | -4,682 | -4,752 | -12,097 | -15,569 |
Other income (expense): | ' | ' | ' | ' |
Decrease in fair value of warrant liability | ' | 109 | ' | 106 |
Investment income, net | 2 | 2 | 6 | 8 |
Foreign currency exchange (loss) gain | -58 | -28 | -45 | 13 |
Net loss | -4,738 | -4,669 | -12,136 | -15,442 |
Loss on extinguishment of convertible preferred stock and preferred stock dividends | 278 | 160 | 2,587 | 480 |
Net loss applicable to common stockholders | -5,016 | -4,829 | -14,723 | -15,922 |
Basic and diluted net loss per common share applicable to common stockholders (Note 11) | ($0.11) | ($0.17) | ($0.40) | ($0.58) |
Shares used in computing basic and diluted net loss per common share applicable to common stockholders | 45,720 | 27,640 | 37,203 | 27,639 |
Comprehensive loss | ($4,738) | ($4,669) | ($12,136) | ($15,442) |
Condensed_Statements_of_Cash_F
Condensed Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash Flows from Operating Activities: | ' | ' |
Net loss | ($12,136) | ($15,442) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Stock-based compensation | 994 | 1,628 |
Decrease in fair value of warrant liability | ' | -106 |
Non-employee stock option expense | 41 | 2 |
Depreciation expense | 106 | 201 |
Other | 18 | 5 |
Changes in operating assets and liabilities: | ' | ' |
Prepaid expenses and other current assets | -199 | 111 |
Accounts payable, accrued expenses, and other liabilities | -1,499 | -2,194 |
Net cash used in operating activities | -12,675 | -15,795 |
Cash Flows from Investing Activities: | ' | ' |
Purchases of property and equipment | -4 | ' |
Net cash used in investing activities | -4 | ' |
Cash Flows from Financing Activities: | ' | ' |
Proceeds from equity financings | 40,538 | ' |
Dividends paid | -1,067 | -423 |
Proceeds from exercise of common stock options and warrants and employee stock purchases | 1,864 | 3 |
Payments on capital lease | -3 | -4 |
Net cash provided by (used in) financing activities | 41,332 | -424 |
Net increase (decrease) in cash and cash equivalents | 28,653 | -16,219 |
Cash and cash equivalents, beginning of period | 10,096 | 24,571 |
Cash and cash equivalents, end of period | $38,749 | $8,352 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Organization | ' |
(1) Organization | |
Idera Pharmaceuticals, Inc. (“Idera” or the “Company”) is a clinical stage biotechnology company using its proprietary technology to create novel nucleic acid therapeutics designed to inhibit over-activation of Toll-like Receptors, or TLRs. The Company plans to develop and commercialize these therapeutics for the treatment of genetically defined forms of B-cell lymphoma and for orphan autoimmune diseases with serious unmet medical needs. The Company believes that clinical proof of concept of its approach of targeting specific TLRs for the treatment of psoriasis and potentially other autoimmune and inflammatory diseases has been established in a Phase 2 trial of one of its drug candidates. | |
The Company’s lead drug candidate is IMO-8400, an antagonist for TLR7, TLR8, and TLR9 that is designed to block over-activation of the targeted TLRs. In a completed Phase 1 clinical trial of IMO-8400 in 42 healthy subjects, IMO-8400 was well tolerated and showed inhibition of TLR7, TLR8, and TLR9. The Company is conducting a randomized, double-blinded, placebo-controlled Phase 2 clinical trial of IMO-8400 in patients with moderate to severe plaque psoriasis. | |
The Company has initiated plans for clinical development of IMO-8400 for the treatment of genetically defined forms of B-cell lymphoma. The Company has submitted an Investigational New Drug application, or IND, to the United States Food and Drug Administration, or FDA, to conduct a Phase 1/2 clinical trial of IMO-8400 in patients with Waldenström’s macroglobulinemia. The Company anticipates initiating this trial in the first quarter of 2014. The Company also plans to submit to the FDA in the first quarter of 2014 a protocol for a Phase 1/2 clinical trial of IMO-8400 in patients with diffuse large B-cell lymphoma, or DLBCL, that it expects to initiate in the first quarter of 2014. | |
The Company has also selected IMO-9200, a second novel antagonist of TLR7, TLR8, and TLR9, for development as a drug candidate for potential use in selected autoimmune disease indications. The Company has initiated IND-enabling studies of IMO-9200 and expects to submit an IND for IMO-9200 in the third quarter of 2014. | |
The Company had cash and cash equivalents of approximately $38,749,000 at September 30, 2013. The Company believes that its existing cash and cash equivalents will be sufficient to fund its operations at least through the second quarter of 2015. | |
At September 30, 2013, the Company had an accumulated deficit of $406,794,000. The Company expects to incur substantial operating losses in future periods. The Company does not expect to generate product revenue or sales-based milestones or royalties until it successfully completes development and obtains marketing approval for drug candidates, either alone or in collaborations with third parties, which it expects will take a number of years. In order to commercialize its drug candidates, the Company needs to complete clinical development and to comply with comprehensive regulatory requirements. | |
The Company is subject to a number of risks and uncertainties similar to those of other companies of the same size within the biotechnology industry, such as uncertainty of clinical trial outcomes, uncertainty of additional funding, and history of operating losses. |
Unaudited_Interim_Financial_St
Unaudited Interim Financial Statements | 9 Months Ended |
Sep. 30, 2013 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' |
Unaudited Interim Financial Statements | ' |
(2) Unaudited Interim Financial Statements | |
The accompanying unaudited financial statements included herein have been prepared by the Company in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, all adjustments, consisting of normal recurring adjustments, and disclosures considered necessary for a fair presentation of interim period results have been included. Interim results for the nine months ended September 30, 2013 are not necessarily indicative of results that may be expected for the year ended December 31, 2013. For further information, refer to the financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012, which was filed with the SEC on March 11, 2013. |
April_2013_Pillar_Agreements
April 2013 Pillar Agreements | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
April 2013 Pillar Agreements | ' | ||||||||
(3) April 2013 Pillar Agreements | |||||||||
In April 2013, the Company entered into two agreements (the “Pillar Agreements”) with Pillar Pharmaceuticals I, L.P. (“Pillar I”), Pillar Pharmaceuticals II, L.P. (“Pillar II”) and an entity affiliated with Pillar I and Pillar II (together with Pillar I and Pillar II, the “Pillar Entities”). The agreements, including the Company’s obligations to issue the warrants under the Pillar Agreements, became effective upon the consummation of the follow-on underwritten public offering of the Company’s securities on May 7, 2013. Mr. El Zein, a member of the Company’s board of directors, is a director and controlling stockholder of Pillar Invest Corporation (“Pillar Invest”), which is the general partner of Pillar I and Pillar II, and is a limited partner of Pillar I and Pillar II. Mr. El Zein has voting and investment control over the securities beneficially owned by the Pillar Entities. In addition, Abdul-Wahab Umari, also a member of the Company’s board of directors, is a managing partner of Pillar Invest. | |||||||||
Under the first agreement entered into with Pillar I and Pillar II (the “April 22, 2013 Pillar Agreement”), Pillar I, as the sole holder of the Company’s Series D preferred stock, irrevocably waived and agreed to not exercise the rights, powers, preferences and other terms of the Series D preferred stock under Section 6 of the Certificate of Designations, Preferences and Rights of Series D Preferred Stock (the “Series D Certificate of Designations”), including without limitation the right to require the Company to purchase all or any portion of the shares of its Series D preferred stock at a price equal to the original Series D preferred stock purchase price per share plus all accrued or declared but unpaid dividends thereon upon the occurrence of specified fundamental changes such as mergers, consolidations, business combinations, stock purchases or similar transactions resulting in a person or group unaffiliated with any holder of Series D preferred stock owning 66.67% or more of the outstanding voting securities of the Company or successor entity, the “Series D Redemption Rights.” | |||||||||
Under the April 22, 2013 Pillar Agreement, the Company agreed to seek approval and each of Pillar I and Pillar II agreed to vote in favor, of the following proposals at the Company’s 2013 annual meeting of stockholders (the “Annual Meeting”): | |||||||||
• | amendments to the Series D Certificate of Designations for the Series D preferred stock to: | ||||||||
• | modify the dividend provisions of the Series D Certificate of Designations to change the date after which the Company may elect to pay dividends in shares of its common stock from December 31, 2014 to October 1, 2013, and to allow for the payment of such dividends in shares of a to-be-created new series of non-voting preferred stock in the event that payment of such dividends may not be made in shares of its common stock as a result of the application of the beneficial ownership and voting power limitations set forth the Series D Certificate of Designations; and | ||||||||
• | modify the Series D Certificate of Designations to provide, in the event of a sale of the Company, for the distribution of any assets that remain available for distribution to its stockholders, after payment to the holders of its Series A convertible preferred stock and any other class of its capital stock that ranks senior to its Series D preferred stock, to the holders of our Series D preferred stock on a pro rata basis with the holders of its common stock, Series E preferred stock and such new series of non-voting preferred stock; and | ||||||||
• | amendments to the Certificate of Designations, Preferences and Rights of Series E Preferred Stock (the “Series E Certificate of Designations”) to: | ||||||||
• | modify the dividend provisions of the Series E Certificate of Designations to allow for the payment of dividends in shares of its common stock commencing October 1, 2013; and | ||||||||
• | allow for the payment of dividends in shares of a to-be-created new series of non-voting preferred stock in the event that payment of such dividends may not be made in shares of its common stock as a result of the application of the beneficial ownership and voting power limitations set forth in the Series E Certificate of Designations. | ||||||||
Under the second agreement with the Pillar Entities (the “April 30, 2013 Pillar Agreement”), Pillar I irrevocably waived the right of the holders of the Series D preferred stock under Section 2.1 of the Series D Certificate of Designations to receive, in the event of a voluntary or involuntary liquidation, dissolution or winding up of the Company (a “Liquidation”), an amount per share of Series D preferred stock equal to the original issue price of such share of Series D preferred stock plus any dividends accrued or declared but unpaid thereon to the extent such amount is greater than the amount that would have been payable with respect to such share had all shares of Series D preferred stock been converted into shares of the Company’s common stock immediately prior to such Liquidation, and that upon a Liquidation the holders of the Series D preferred stock will receive an amount per share of Series D preferred stock equal to the amount that would be payable with respect to such share had all shares of Series D preferred stock been converted into shares of common stock immediately prior to such Liquidation. | |||||||||
In addition, under the April 30, 2013 Pillar Agreement, Pillar II and the entity affiliated with Pillar I and Pillar II, as the holders of 100% of the Company’s Series E preferred stock, irrevocably waived the right of the holders of the Series E preferred stock under Section 2.1.1 of the Series E Certificate of Designations to receive, in the event of a Liquidation, an amount per share of Series E preferred stock equal to the original issue price of such share of Series E preferred stock plus any dividends accrued or declared but unpaid thereon to the extent such amount is greater than the amount that would have been payable with respect to such share had all shares of Series E preferred stock been converted into shares of common stock immediately prior to such Liquidation, and that upon a Liquidation the holders of the Series E preferred stock will receive under Section 2.1 of the Series E Certificate of Designations an amount per share of Series E preferred stock equal to the amount that would be payable with respect to such share had all shares of Series E preferred stock been converted into shares of common stock immediately prior to such Liquidation. | |||||||||
In accordance with the terms of the Pillar Agreements, the Company sought approval from its stockholders of amendments to the Series D Certificate of Designations and Series E Certificate of Designations to effect the changes described above to the dividend and liquidation provisions of the Company’s Series D preferred stock and Series E preferred stock, the redemption rights of the holders of its Series D preferred stock and the rights of the holders of its Series D preferred stock to distributions in the event of a sale of the Company. These matters were approved at the Annual Meeting that took place on July 26, 2013. Additional information on the amendments to the Series D Certificate of Designations and Series E Certificate of Designations that were approved by the Company’s stockholders at the Annual Meeting is included in Note 14. | |||||||||
Under the April 22, 2013 Pillar Agreement, in consideration of the agreements of Pillar I and II under the April 22, 2013 Pillar Agreement and the delivery of the waiver by Pillar I, and for no additional cash consideration, the Company issued to Pillar I warrants, the Pillar I Warrants, to purchase up to 1,000,000 shares of the Company’s common stock at an exercise price of $0.61 per share. | |||||||||
In addition, under the April 30, 2013 Pillar Agreement, in consideration of the agreements of the Pillar Entities under the April 30, 2013 Pillar Agreement and the delivery of the waivers by the Pillar Entities, and for no additional cash consideration, the Company issued to the Pillar Entities warrants (the “Additional Pillar Warrants,” and together with the Pillar I Warrants, the “Pillar Warrants”), to purchase up to an aggregate of 1,000,000 shares of the Company’s common stock at an exercise price of $0.79 per share. | |||||||||
The Pillar Warrants became exercisable immediately upon issuance. The Pillar I Warrants will expire if not exercised on or prior to the fifth anniversary from the date of issuance and the Additional Pillar Warrants will expire if not exercised on or prior to June 1, 2014. The Pillar I Warrants provide that, after the second anniversary of the date of issuance, the Company may redeem such Pillar I Warrants for $0.01 per share of common stock issuable on exercise of such Pillar I Warrants following notice to the holder thereof if the closing price of its common stock for 20 or more trading days in a period of 30 consecutive trading days is greater than or equal to $2.80 per share. | |||||||||
In connection with the Pillar Agreements, the Company filed a registration statement that became effective on July 10, 2013, registering the resale of the shares of common stock issuable upon exercise of the Pillar Warrants. | |||||||||
The amendments to the Series D Certificate of Designations and Series E Certificate of Designations did not become effective until the amendments were approved by our stockholders at the Annual Meeting, which occurred during the Company’s fiscal quarter that began on July 1, 2013. | |||||||||
Since Pillar I irrevocably waived and agreed to not exercise the Series D Redemption Rights, the Company reassessed its accounting in May 2013 for the Series D preferred stock, which had been classified as temporary equity in the Company’s condensed balance sheet because the Series D Redemption Rights represented a contingent put feature that was outside the Company’s control. Since Pillar I irrevocably waived the Series D Redemption Rights, the contingent put feature ceased to exist at the time that Pillar I’s waiver of the Series D Redemption Rights became effective. In addition, the Pillar Entities irrevocably waived the liquidation preferences of both the Series D preferred stock and the Series E preferred stock. The Company concluded that these irrevocable waivers of the Series D Redemption Rights and the Series D and Series E liquidation preferences, which became effective when the Company consummated a follow-on underwritten public offering of its common stock on May 7, 2013, represented changes to the fundamental terms of both the Series D preferred stock and the Series E preferred stock. As a result, the Company has accounted for these irrevocable waivers as an extinguishment of the Series D preferred stock and the Series E preferred stock and changed the classification of the Series D preferred stock from temporary equity to permanent equity. The Company compared (1) the sum of the fair values of the Series D preferred stock, the Series E preferred stock and the Pillar Warrants immediately after the effectiveness of the waivers to (2) the sum of the carrying values of the Series D preferred stock and Series E preferred stock immediately prior to the effectiveness of the waivers on May 7, 2013. The Company recorded the excess of the aggregate fair value of the preferred stock plus the Pillar Warrants immediately after the effectiveness of the waivers over the aggregate carrying value of the preferred stock immediately prior to May 7, 2013 as a loss on extinguishment and classified the fair values, immediately after the effectiveness of the waivers, of the Series D preferred stock, the Series E preferred stock and the Pillar Warrants within permanent equity on its condensed balance sheet. | |||||||||
The effect of this extinguishment accounting on the Company’s financial statements was to (1) remove the $5,921,000 carrying value of the Series D preferred stock immediately prior to the extinguishment from temporary equity; (2) record the $5,464,000 fair value of the Series D preferred stock immediately after the extinguishment in permanent equity (“equity”); (3) remove the $3,701,000 carrying value of the Series E preferred stock immediately prior to the extinguishment from equity; (4) record the $5,528,000 fair value of the Series E preferred stock immediately after the extinguishment in equity; (5) record the $380,000 fair value of the Pillar Warrants in equity; and (6) record a $1,750,000 extinguishment loss to net loss applicable to common stockholders. These accounting entries resulted in a $5,921,000 net increase in stockholders’ equity on its condensed balance sheet. | |||||||||
The Company determined the fair value of the Series D preferred stock and the Series E preferred stock as of May 7, 2013, the date the above described waivers became effective, based on the Option Pricing Method (“OPM”) which is a market based approach to imply the aggregate equity value of the Company by using the closing price of the Company’s publicly traded common stock as of the May 7, 2013 valuation date. Under the OPM, the fair value of preferred stock and common stock are determined based on the net value of a series of call options representing the present value of the expected future returns to each shareholder class. Essentially, the rights of the common stock are equivalent to a call option on any value of the Company above any cumulative preferred stock liquidation preference. The analysis involves calculating the equity value breakeven points at which the various equity classes would participate, or convert in the case of preferred stock, or exercise in the case of stock options and warrants. | |||||||||
The Company used the Black-Scholes Model to compute the fair value of the Pillar Warrants as of the May 7, 2013 effective date on which the Pillar Warrants were issued based on the following assumptions and other inputs: | |||||||||
Pillar I | Additional | ||||||||
Warrants | Pillar | ||||||||
Warrants | |||||||||
Common stock price | $ | 0.57 | $ | 0.57 | |||||
Warrant exercise price | $ | 0.61 | $ | 0.79 | |||||
Term of warrant (years) | 5 | 1.1 | |||||||
Expected volatility | 62 | % | 67 | % | |||||
Average risk free interest rate | 0.8 | % | 0.1 | % | |||||
Expected dividend yield | — | — | |||||||
Expected percentage of warrants to be exercised | 100 | % | 100 | % | |||||
The closing price of the Company’s common stock is readily determinable since it is publicly traded. The warrant exercise prices and the warrant terms are readily determinable from the warrant agreements. The expected volatility is based on the actual stock-price volatility over a period equal to the greater of the term of the warrant or three years. The assumed risk-free interest rate is based on the U.S. Treasury security rate with a term equal to the term of the warrant. The assumed dividend yield of zero is based on the fact that the Company has never paid cash dividends to common stockholders and has no present intention to pay cash dividends to common stockholders. The Company assumed that future financings would dilute the warrant holder’s ownership in the Company such that the 19.99% ownership limitation would not prevent the warrant holder from exercising all of the warrants during the term of the warrants. |
Financings
Financings | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Financings | ' | ||||||||||||||||
(4) Financings | |||||||||||||||||
September 30, 2013 Follow-on Underwritten Public Offering | |||||||||||||||||
On September 30, 2013, the Company closed a follow-on underwritten public offering, in which it sold 13,727,251 shares of common stock at $1.55 per share and pre-funded warrants to purchase up to 4,175,975 shares of common stock at $1.54 per share for aggregate gross proceeds of $27.7 million. The pre-funded warrants have an exercise price of $0.01 per share and will expire if not exercised by September 30, 2020. The estimated net proceeds to the Company from the offering, after deducting underwriters’ discounts and commissions and other offering costs and expenses and excluding the proceeds of the exercise of the warrants, if any, were approximately $25.6 million. | |||||||||||||||||
May 7, 2013 Follow-on Underwritten Public Offering | |||||||||||||||||
On May 7, 2013, the Company closed a follow-on underwritten public offering, in which it sold 17,500,000 shares of common stock, together with warrants to purchase up to 17,500,000 shares of common stock, and pre-funded warrants to purchase up to 15,816,327 shares of common stock, together with warrants to purchase up to 15,816,327 shares of common stock, for aggregate gross proceeds of $16.5 million as follows: | |||||||||||||||||
Combined Price | Common | Pre-funded | Matching | ||||||||||||||
(per common | Stock | Warrants | Warrants | ||||||||||||||
share) | |||||||||||||||||
Common stock and matching warrants sold (shares) | $ | 0.5 | 17,500,000 | — | 17,500,000 | ||||||||||||
Pre-funded warrants and matching warrants sold (shares) | $ | 0.49 | — | 15,816,327 | 15,816,327 | ||||||||||||
Total (shares) | 17,500,000 | 15,816,327 | 33,316,327 | ||||||||||||||
Warrant exercise price (per share) | — | — | $ | 0.01 | $ | 0.47 | |||||||||||
Term of warrant (years) | — | — | 7 | 5 | |||||||||||||
The estimated net proceeds to the Company from the offering, after deducting underwriters’ discounts and commissions and other offering costs and expenses and excluding the proceeds of the exercise of the warrants, if any, were approximately $14.6 million. | |||||||||||||||||
The warrants and the pre-funded warrants each provide that, after the second anniversary of the date of issuance, the Company may redeem the warrants for $0.01 per share of common stock issuable on exercise of the warrants following 30 days’ prior written notice to the holder if the closing price of the common stock for 20 or more trading days in a period of 30 consecutive trading days is greater than or equal to $2.80. | |||||||||||||||||
The Company received approximately $1,713,000 in proceeds from the exercise of warrants issued on May 7, 2013 to purchase 3,645,000 shares of common stock at an exercise price of $0.47 per share during the three and nine months ended September 30, 2013. |
Cash_and_Cash_Equivalents
Cash and Cash Equivalents | 9 Months Ended |
Sep. 30, 2013 | |
Cash And Cash Equivalents [Abstract] | ' |
Cash and Cash Equivalents | ' |
(5) Cash and Cash Equivalents | |
The Company considers all highly liquid investments with maturities of 90 days or less when purchased to be cash equivalents. Cash and cash equivalents at September 30, 2013 and December 31, 2012 consisted of cash and money market |
Fair_Value_of_Assets_and_Liabi
Fair Value of Assets and Liabilities | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value of Assets and Liabilities | ' | ||||||||||||||||
(6) Fair Value of Assets and Liabilities | |||||||||||||||||
The Company measures fair value at the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date using assumptions that market participants would use in pricing the asset or liability (the “inputs”) into a three-tier fair value hierarchy. This fair value hierarchy gives the highest priority (Level 1) to quoted prices in active markets for identical assets or liabilities and the lowest priority (Level 3) to unobservable inputs in which little or no market data exists, requiring companies to develop their own assumptions. Observable inputs that do not meet the criteria of Level 1, and include quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets and liabilities in markets that are not active, are categorized as Level 2. Level 3 inputs are those that reflect the Company’s estimates about the assumptions market participants would use in pricing the asset or liability, based on the best information available in the circumstances. Valuation techniques for assets and liabilities measured using Level 3 inputs may include unobservable inputs such as projections, estimates and management’s interpretation of current market data. These unobservable Level 3 inputs are only utilized to the extent that observable inputs are not available or cost-effective to obtain. | |||||||||||||||||
The Company applies Accounting Standards Update No. 2011-04, “Fair Value Measurement (Topic 820)” (ASU No. 2011-04), which updated the previous fair value measurement guidance that had been included in the Accounting Standards Codification (ASC) to achieve common fair value measurement and disclosure requirements in U.S. GAAP and International Financial Reporting Standards. | |||||||||||||||||
The table below presents the assets and liabilities measured and recorded in the financial statements at fair value on a recurring basis at September 30, 2013 and December 31, 2012 categorized by the level of inputs used in the valuation of each asset and liability. | |||||||||||||||||
(In thousands) | Total | Quoted | Significant | Significant | |||||||||||||
Prices | Other | Unobservable | |||||||||||||||
in Active | Observable | Inputs | |||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||
for Identical | (Level 2) | ||||||||||||||||
Assets or | |||||||||||||||||
Liabilities | |||||||||||||||||
(Level 1) | |||||||||||||||||
September 30, 2013 | |||||||||||||||||
Assets | |||||||||||||||||
Money market fund | $ | 38,720 | $ | 38,720 | $ | — | $ | — | |||||||||
Total assets | $ | 38,720 | $ | 38,720 | $ | — | $ | — | |||||||||
Total liabilities | $ | — | $ | — | $ | — | $ | — | |||||||||
December 31, 2012 | |||||||||||||||||
Assets | |||||||||||||||||
Money market fund | $ | 9,990 | $ | 9,990 | $ | — | $ | — | |||||||||
Total assets | $ | 9,990 | $ | 9,990 | $ | — | $ | — | |||||||||
Total liabilities | $ | — | $ | — | $ | — | $ | — | |||||||||
The Level 1 assets consist of money market funds, which are actively traded daily. Although the Company did not have any Level 2 assets at September 30, 2013 or December 31, 2012, Level 2 assets typically consist of corporate bond investments whose fair value is generally determined from quoted market prices received from pricing services based upon quoted prices from active markets and/or other significant observable market transactions at fair value. Since these prices may not represent actual transactions of identical securities, they are classified as Level 2. Since any investments are classified as available-for-sale securities, any unrealized gains or losses are recorded in accumulated other comprehensive income or loss within stockholders’ equity on the balance sheet. The Company did not elect to measure any other financial assets or liabilities at fair value. |
Property_and_Equipment
Property and Equipment | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Property and Equipment | ' | ||||||||
(7) Property and Equipment | |||||||||
At September 30, 2013 and December 31, 2012, net property and equipment at cost consisted of the following: | |||||||||
(In thousands) | September 30, | December 31, | |||||||
2013 | 2012 | ||||||||
Leasehold improvements | $ | 525 | $ | 525 | |||||
Laboratory equipment and other | 2,850 | 2,856 | |||||||
Total property and equipment, at cost | 3,375 | 3,381 | |||||||
Less: accumulated depreciation | 3,259 | 3,163 | |||||||
Property and equipment, net | $ | 116 | $ | 218 | |||||
Depreciation expense was approximately $31,000 and $51,000 in the three months ended September 30, 2013 and 2012, respectively, and approximately $106,000 and $201,000 in the nine months ended September 30, 2013 and 2012, respectively. |
Restricted_Cash
Restricted Cash | 9 Months Ended |
Sep. 30, 2013 | |
Cash And Cash Equivalents [Abstract] | ' |
Restricted Cash | ' |
(8) Restricted Cash | |
As part of the Company’s lease arrangement for its office and laboratory facility, the Company is required to restrict $311,000 of cash held in a certificate of deposit securing a line of credit for the lessor. During 2013, the $311,000 was transferred from non-current assets to other current assets since the Company’s lease term expires on May 31, 2014. |
Collaboration_and_License_Agre
Collaboration and License Agreement | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | |||
Collaboration and License Agreement | ' | |||
(9) Collaboration and License Agreement | ||||
In December 2006, the Company entered into an exclusive, worldwide license and research collaboration agreement with Merck & Co. to research, develop, and commercialize vaccine products containing the Company’s TLR7, TLR8, and TLR9 agonists in the fields of cancer, infectious diseases, and Alzheimer’s disease. Under the terms of the agreement, the Company granted Merck & Co. exclusive rights to a number of the Company’s TLR7, TLR8, and TLR9 agonists for use in combination with Merck & Co.’s therapeutic and prophylactic vaccines under development in the fields of cancer, infectious diseases, and Alzheimer’s disease. There is no limit under the agreement to the number of vaccines to which Merck & Co. can apply the Company’s agonists within these fields. The Company also agreed with Merck & Co. to engage in a two-year research collaboration to generate novel agonists targeting TLR7 and TLR8 incorporating both Merck & Co. and the Company’s chemistry for use in vaccines in the defined fields. Under the terms of the agreement, Merck & Co. extended the research collaboration for two additional years to December 2010. Under the terms of the agreement: | ||||
• | Merck & Co. paid the Company a $20.0 million upfront license fee; | |||
• | Merck & Co. purchased $10.0 million of the Company’s common stock at $5.50 per share; | |||
• | Merck & Co. agreed to fund the research and development collaboration through its term; | |||
• | Merck & Co. agreed to pay the Company milestone payments as follows: | |||
• | up to $165.0 million if vaccines containing the Company’s TLR9 agonist compounds are successfully developed and marketed in each of the oncology, infectious disease, and Alzheimer’s disease fields; | |||
• | up to $260.0 million if vaccines containing the Company’s TLR9 agonist compounds are successfully developed and marketed for follow-on indications in the oncology field and if vaccines containing the Company’s TLR7 or TLR8 agonists are successfully developed and marketed in each of the oncology, infectious disease, and Alzheimer’s disease fields; and | |||
• | if Merck & Co. develops and commercializes additional vaccines using the Company’s agonists, the Company would be entitled to receive additional milestone payments; and | |||
• | Merck & Co. agreed to pay the Company mid to upper single-digit royalties on net product sales of vaccines using the Company’s TLR agonist technology that are developed and marketed, with the royalty rates being dependent on disease indication and the TLR agonist employed. | |||
The Company recognized the $20.0 million upfront payment as revenue over four years, including the initial two-year research term and the two-year extension period that ended in December 2010, which was the Company’s period of continuing involvement under the research collaboration. The Company has recognized a total of $1.0 million of milestone revenue under the license and collaboration agreement, which related to the achievement of a preclinical milestone with one of its TLR9 agonists used as an adjuvant in cancer vaccines. | ||||
In December 2006, in connection with the execution of the license and collaboration agreement, the Company entered into a stock purchase agreement with Merck & Co. Pursuant to such stock purchase agreement, the Company issued and sold to Merck & Co. 1,818,182 shares of the Company’s common stock for a price of $5.50 per share resulting in aggregate gross proceeds of $10.0 million. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||
Stock-Based Compensation | ' | ||||||||
(10) Stock-Based Compensation | |||||||||
The Company recognizes all share-based payments to employees and directors as expense in the statements of operations and comprehensive loss based on their fair values. The Company records compensation expense over an award’s requisite service period, or vesting period, based on the award’s fair value at the date of grant. The Company’s policy is to charge the fair value of stock options as an expense, adjusted for forfeitures, on a straight-line basis over the vesting period, which is generally four years for employees and three years for directors. Prior to December 2011, the vesting of all of the Company’s stock options was based on the passage of time and the employees’ continued service. In December 2011 and January 2012, the Company granted performance-based stock options to purchase 697,500 shares of common stock to employees. As of the grant date of such options, options to purchase 174,375 shares were to vest immediately upon the achievement of various performance conditions and options to purchase 523,125 shares were to vest over a three year service period upon the achievement of the same performance conditions. During 2012, three of the specified performance conditions were achieved. As a result, options to purchase 80,213 shares vested immediately, and options to purchase 240,640 shares began vesting over a three-year period in accordance with the terms of the performance-based options. As of June 30, 2013, the remaining performance-based options were forfeited as the remaining performance conditions had not been met by their deadlines. The Company recognizes expense over the implicit and explicit service periods for awards with performance conditions when the Company determines the achievement of the performance conditions to be probable. | |||||||||
The Company recorded charges of $476,000 and $505,000 in its statements of operations and comprehensive loss for the three months ended September 30, 2013 and 2012, respectively, and $994,000 and $1,628,000 in its statements of operations and comprehensive loss for the nine months ended September 30, 2013 and 2012, respectively, for stock-based compensation expense attributable to share-based payments made to employees and directors. The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model. The following assumptions apply to the options to purchase 3,130,083 and 157,500 shares of common stock granted to employees and directors during the nine months ended September 30, 2013 and 2012, respectively: | |||||||||
Nine Months Ended September 30, | |||||||||
2013 | 2012 | ||||||||
Average risk free interest rate | 1.3 | % | 0.9 | % | |||||
Expected dividend yield | — | — | |||||||
Expected lives (years) | 5.2 | 5.6 | |||||||
Expected volatility | 62 | % | 63 | % | |||||
Weighted average grant date fair value of options granted during the period (per share) | $ | 0.49 | $ | 0.54 | |||||
Weighted average exercise price of options granted during the period (per share) | $ | 0.92 | $ | 0.97 | |||||
The expected lives and the expected volatility of the options are based on historical experience. All options granted during the nine months ended September 30, 2013 and 2012 were granted at exercise prices equal to the fair market value of the common stock on the dates of grant. |
Net_Loss_per_Common_Share_Appl
Net Loss per Common Share Applicable to Common Stockholders | 9 Months Ended |
Sep. 30, 2013 | |
Earnings Per Share [Abstract] | ' |
Net Loss per Common Share Applicable to Common Stockholders | ' |
(11) Net Loss per Common Share Applicable to Common Stockholders | |
For the three and nine months ended September 30, 2013 and 2012, basic and diluted net loss per common share applicable to common stockholders is computed using the weighted average number of shares of common stock outstanding during the period. Diluted net loss per common share applicable to common stockholders is the same as basic net loss per common share applicable to common stockholders as the effects of the Company’s potential common stock equivalents are antidilutive. Total antidilutive securities were 87,624,124 and 16,021,649 for the nine months ended September 30, 2013 and 2012, respectively, and consist of stock options, preferred stock and warrants. | |
For the three and nine months ended September 30, 2013, net loss per common share applicable to common stockholders reflects $278,000 and $837,000, respectively, in dividends accrued on shares of Series D preferred stock and Series E preferred stock. For the nine months ended September 30, 2013, net loss per common share applicable to common stockholders reflects $1,750,000 related to the loss on extinguishment of the Series D preferred stock and the Series E preferred stock that the Company issued in November 2011 and November 2012, respectively, that has been charged to net loss applicable to common stockholders as a preferred stock dividend. For the three and nine months ended September 30, 2012, net loss per common share applicable to common stockholders reflects $160,000 and $480,000, respectively, in dividends accrued on shares of Series D preferred stock. |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2013 | |
Equity [Abstract] | ' |
Stockholders' Equity | ' |
(12) Stockholders’ Equity | |
During the nine months ended September 30, 2013, the Company issued 3,780,945 shares of common stock in connection with purchases under the Company’s 1995 Employee Stock Purchase Plan (the “ESPP”) and warrant and stock option exercises resulting in total proceeds to the Company of $1,864,000. | |
During the nine months ended September 30, 2012, the Company issued 3,006 shares of common stock in connection with employee stock purchases under the ESPP, which resulted in total proceeds to the Company of $3,000. | |
See Notes 3, 4 and 13 for more information on changes in stockholders’ equity during the nine months ended September 30, 2013. |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
(13) Related Party Transactions | |
In connection with the Company’s follow-on underwritten public offering on May 7, 2013, the Company sold 5,000,000 shares of common stock and warrants to purchase 5,000,000 shares of common stock at $0.47 per share for an aggregate purchase price of $2,500,000 to Pillar Pharmaceuticals III, L.P. (“Pillar III”) and an entity affiliated with Pillar III (together with Pillar III, the “Pillar III Entities”). | |
In connection with the Company’s follow-on underwritten public offering on September 30, 2013, the Company sold 1,774,193 shares of common stock for an aggregate purchase price of $2,750,000 to Pillar Pharmaceuticals IV, L.P. (“Pillar IV”) and an entity affiliated with Pillar IV (together with Pillar IV, the “Pillar IV Entities”). | |
Mr. El Zein, a member of the Company’s board of directors, is a director and controlling stockholder of Pillar Invest Corporation (“Pillar Invest”), which is the general partner of Pillar III and Pillar IV. Mr. El Zein has voting and investment control over the securities beneficially owned by the Pillar III Entities and the Pillar IV Entities. In addition, Abdul-Wahab Umari, also a member of the Company’s board of directors, is a managing partner of Pillar Invest. | |
The Company issued 31,117 and 1,216 shares of common stock in lieu of director board and committee fees of approximately $18,000 and $1,000 pursuant to the Company’s director compensation program during the nine months ended September 30, 2013 and 2012, respectively. | |
The Company paid a director consulting fees of approximately $1,000 in the nine months ended September 30, 2012 for services performed in 2011. The Company did not pay consulting fees to directors during the three and nine months ended September 30, 2013 or the three months ended September 30, 2012. | |
See Note 3 for more information on related party transactions during the nine months ended September 30, 2013. |
2013_Annual_Meeting_of_Stockho
2013 Annual Meeting of Stockholders | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Text Block [Abstract] | ' | |||
2013 Annual Meeting of Stockholders | ' | |||
(14) 2013 Annual Meeting of Stockholders | ||||
At the Annual Meeting that took place on July 26, 2013, the Company’s stockholders approved the following: | ||||
• | an amendment to the Company’s restated certificate of incorporation to increase the number of authorized shares of common stock from 140,000,000 to 280,000,000; | |||
• | a non-binding, advisory proposal on the compensation of the Company’s named executive officers; | |||
• | the Company’s 2013 Stock Incentive Plan; | |||
• | the ratification of the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Company for the fiscal year ending December 31, 2013; | |||
• | amendments (collectively the “Series D Proposals”) to the Company’s restated certificate of incorporation amending the Series D Certificate of Designations to: | |||
• | provide that (a) the beneficial ownership limitation that prohibits the Company from paying a holder of the Company’s Series D preferred stock dividends payable in shares of the Company’s common stock to the extent the issuance of such shares would result in the holder of the Series D preferred stock and its affiliates beneficially owning more than 19.99% of the outstanding common stock (including shares of common stock issuable upon conversion of the Series D preferred stock) would be increased from 19.99% to 35% in the event that the Nasdaq Proposal (as defined below) was approved by the Company’s stockholders and (b) the beneficial ownership limitation that prohibits a holder of Series D preferred stock from converting its shares to the extent such conversion would result in the holder and its affiliates beneficially owning more than 19.99% of the outstanding common stock (including shares of common stock issuable upon conversion of the Series D preferred stock) would be increased from 19.99% to 35% in the event that the Nasdaq Proposal was approved by the Company’s stockholders; | |||
• | eliminate the requirement that the Company pay corresponding dividends to the holders of Series D preferred stock upon payment of dividends to holders of the Company’s Series E preferred stock; | |||
• | change the date after which the Company may elect to pay dividends in shares of common stock from December 31, 2014 to October 1, 2013, and to allow for the payment of such dividends in shares of a to-be-created new series of non-voting preferred stock in the event that payment of such dividends may not be made in shares of common stock as a result of the application of the beneficial ownership limitation set forth in the Series D Certificate of Designations; | |||
• | eliminate the right of holders of Series D preferred stock to receive, in the event of a liquidation, dissolution or winding up of the Company (a “Liquidation”), an amount per share of Series D preferred stock equal to the original issue price of such share of Series D preferred stock plus any dividends accrued or declared but unpaid thereon to the extent such amount is greater than the amount that would have been payable with respect to such share had all shares of Series D preferred stock been converted into shares of common stock immediately prior to such Liquidation, such that upon a Liquidation the holders of Series D preferred stock will receive an amount per share of Series D preferred stock equal to the amount that would be payable with respect to such share had all shares of Series D preferred stock been converted into shares of common stock immediately prior to such Liquidation; and | |||
• | provide, in the event of a sale of the Company, for the distribution of any assets that remain available for distribution to the Company’s stockholders, after payment to the holders of the Company’s Series A preferred stock and any other class of the Company’s capital stock that ranks senior to the Series D preferred stock, to the holders of Series D preferred stock on a pro rata basis with the holders of common stock, Series E preferred stock and such new series of non-voting preferred stock that was pari passu with the Series D preferred stock; and | |||
• | amendments (collectively the “Series E Proposals”) to the Company’s restated certificate of incorporation amending the Series E Certificate of Designations to: | |||
• | permit the Company to elect to pay dividends to the holders of Series E preferred stock in shares of common stock in lieu of cash beginning October 1, 2013, and to allow for the payment of such dividends in shares of a to-be-created new series of non-voting preferred stock in the event that payment of such dividends may not be made in shares of common stock as a result of the application of the beneficial ownership limitation set forth in the Series E Certificate of Designations; and | |||
• | eliminate the right of the holders of Series E preferred stock to receive, in the event of a Liquidation, an amount per share of Series E preferred stock equal to the original issue price of such share of Series E preferred stock plus any dividends accrued or declared but unpaid thereon to the extent such amount is greater than the amount that would have been payable with respect to such share had all shares of Series E preferred stock been converted into shares of common stock immediately prior to such Liquidation, such that upon a Liquidation the holders of Series E preferred stock will receive an amount per share of Series E preferred stock equal to the amount that would be payable with respect to such share had all shares of Series E preferred stock been converted into shares of common stock immediately prior to such Liquidation. | |||
The proposals submitted to the Company’s stockholders at the Annual Meeting to (i) amend the Company’s restated certificate of incorporation and bylaws to (a) declassify the Company’s board of directors, (b) provide that the Company’s stockholders may remove directors with or without cause following declassification of the Company’s board of directors and (c) eliminate the supermajority voting requirement for amending or repealing Article ELEVENTH of the Company’s restated certificate of incorporation (collectively, the “Declassification Proposal”) and (ii) approve the issuance and sale by the Company to certain affiliates of Pillar Invest Corporation (including prior issuances and sales of the Company’s securities to such affiliates in November 2011 and November 2012) of a number of shares of the Company’s common stock (including securities convertible into or exercisable for shares of the Company’s common stock) that is greater than 19.99% of the total number of issued and outstanding shares of common stock and of the outstanding voting power of the Company’s securities after such issuance and sale in accordance with Nasdaq Listing Rule 5635(b) (the “Nasdaq Proposal”), were not approved by the Company’s stockholders at the Annual Meeting. | ||||
As a result of the approval by the Company’s stockholders of the Series D Proposals and Series E Proposals, certificates of amendment to the Series D Certificate of Designations and Series E Certificate of Designations were filed by the Company with the Delaware Secretary of State on July 26, 2013. Because the Nasdaq Proposal was not approved by the Company’s stockholders, the beneficial ownership limitation applicable to the Series D preferred stock and Series E preferred stock set forth in the Series D Certificate of Designations and Series E Certificate of Designations, each as amended, will remain at 19.99% and the threshold above which the holders of the Series D preferred stock and Series E preferred stock must vote any shares held by them in the same manner and percentage as the holders of the Company’s common stock vote on such matter, will remain at 19.99 %. |
Fair_Value_of_Assets_and_Liabi1
Fair Value of Assets and Liabilities (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value Measurement | ' |
The Company applies Accounting Standards Update No. 2011-04, “Fair Value Measurement (Topic 820)” (ASU No. 2011-04), which updated the previous fair value measurement guidance that had been included in the Accounting Standards Codification (ASC) to achieve common fair value measurement and disclosure requirements in U.S. GAAP and International Financial Reporting Standards. |
April_2013_Pillar_Agreements_T
April 2013 Pillar Agreements (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Schedule of Assumptions and Other Inputs Used to Compute Fair Value of Agreement Warrants | ' | ||||||||
The Company used the Black-Scholes Model to compute the fair value of the Pillar Warrants as of the May 7, 2013 effective date on which the Pillar Warrants were issued based on the following assumptions and other inputs: | |||||||||
Pillar I | Additional | ||||||||
Warrants | Pillar | ||||||||
Warrants | |||||||||
Common stock price | $ | 0.57 | $ | 0.57 | |||||
Warrant exercise price | $ | 0.61 | $ | 0.79 | |||||
Term of warrant (years) | 5 | 1.1 | |||||||
Expected volatility | 62 | % | 67 | % | |||||
Average risk free interest rate | 0.8 | % | 0.1 | % | |||||
Expected dividend yield | — | — | |||||||
Expected percentage of warrants to be exercised | 100 | % | 100 | % |
Financings_Tables
Financings (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Follow-on Underwritten Public Offering | ' | ||||||||||||||||
On May 7, 2013, the Company closed a follow-on underwritten public offering, in which it sold 17,500,000 shares of common stock, together with warrants to purchase up to 17,500,000 shares of common stock, and pre-funded warrants to purchase up to 15,816,327 shares of common stock, together with warrants to purchase up to 15,816,327 shares of common stock, for aggregate gross proceeds of $16.5 million as follows: | |||||||||||||||||
Combined Price | Common | Pre-funded | Matching | ||||||||||||||
(per common | Stock | Warrants | Warrants | ||||||||||||||
share) | |||||||||||||||||
Common stock and matching warrants sold (shares) | $ | 0.5 | 17,500,000 | — | 17,500,000 | ||||||||||||
Pre-funded warrants and matching warrants sold (shares) | $ | 0.49 | — | 15,816,327 | 15,816,327 | ||||||||||||
Total (shares) | 17,500,000 | 15,816,327 | 33,316,327 | ||||||||||||||
Warrant exercise price (per share) | — | — | $ | 0.01 | $ | 0.47 | |||||||||||
Term of warrant (years) | — | — | 7 | 5 |
Fair_Value_of_Assets_and_Liabi2
Fair Value of Assets and Liabilities (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Assets and Liabilities Measured and Recorded in Financial Statements at Fair Value on Recurring Basis | ' | ||||||||||||||||
The table below presents the assets and liabilities measured and recorded in the financial statements at fair value on a recurring basis at September 30, 2013 and December 31, 2012 categorized by the level of inputs used in the valuation of each asset and liability. | |||||||||||||||||
(In thousands) | Total | Quoted | Significant | Significant | |||||||||||||
Prices | Other | Unobservable | |||||||||||||||
in Active | Observable | Inputs | |||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||
for Identical | (Level 2) | ||||||||||||||||
Assets or | |||||||||||||||||
Liabilities | |||||||||||||||||
(Level 1) | |||||||||||||||||
September 30, 2013 | |||||||||||||||||
Assets | |||||||||||||||||
Money market fund | $ | 38,720 | $ | 38,720 | $ | — | $ | — | |||||||||
Total assets | $ | 38,720 | $ | 38,720 | $ | — | $ | — | |||||||||
Total liabilities | $ | — | $ | — | $ | — | $ | — | |||||||||
December 31, 2012 | |||||||||||||||||
Assets | |||||||||||||||||
Money market fund | $ | 9,990 | $ | 9,990 | $ | — | $ | — | |||||||||
Total assets | $ | 9,990 | $ | 9,990 | $ | — | $ | — | |||||||||
Total liabilities | $ | — | $ | — | $ | — | $ | — | |||||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Tabular Disclosure of Major Components of Property and Equipment and Related Accumulated Depreciation | ' | ||||||||
At September 30, 2013 and December 31, 2012, net property and equipment at cost consisted of the following: | |||||||||
(In thousands) | September 30, | December 31, | |||||||
2013 | 2012 | ||||||||
Leasehold improvements | $ | 525 | $ | 525 | |||||
Laboratory equipment and other | 2,850 | 2,856 | |||||||
Total property and equipment, at cost | 3,375 | 3,381 | |||||||
Less: accumulated depreciation | 3,259 | 3,163 | |||||||
Property and equipment, net | $ | 116 | $ | 218 | |||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||
Schedule of Assumptions Used to Determine Fair Value of Stock Options Granted During Period | ' | ||||||||
The following assumptions apply to the options to purchase 3,130,083 and 157,500 shares of common stock granted to employees and directors during the nine months ended September 30, 2013 and 2012, respectively: | |||||||||
Nine Months Ended September 30, | |||||||||
2013 | 2012 | ||||||||
Average risk free interest rate | 1.3 | % | 0.9 | % | |||||
Expected dividend yield | — | — | |||||||
Expected lives (years) | 5.2 | 5.6 | |||||||
Expected volatility | 62 | % | 63 | % | |||||
Weighted average grant date fair value of options granted during the period (per share) | $ | 0.49 | $ | 0.54 | |||||
Weighted average exercise price of options granted during the period (per share) | $ | 0.92 | $ | 0.97 |
Organization_Additional_Inform
Organization - Additional Information (Detail) (USD $) | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ' | ' | ' |
Cash and cash equivalents | $38,749 | $10,096 | $8,352 | $24,571 |
Accumulated deficit | ($406,794) | ($394,658) | ' | ' |
Quarter to which operations can be funded with current cash and cash equivalents | 'Second quarter of 2015 | ' | ' | ' |
April_2013_Pillar_Agreements_A
April 2013 Pillar Agreements - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | |||||||||||||
7-May-13 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | 7-May-13 | Dec. 31, 2012 | Sep. 30, 2013 | 7-May-13 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Apr. 22, 2013 | Apr. 30, 2013 | Apr. 30, 2013 | Apr. 30, 2013 | Apr. 30, 2013 | |
Series D Preferred Stock [Member] | Series D Preferred Stock [Member] | Series D Preferred Stock [Member] | Series E Preferred Stock [Member] | Series E Preferred Stock [Member] | Series D Preferred Stock [Member] | Series E Preferred Stock [Member] | Series E Preferred Stock [Member] | Extinguishment Loss [Member] | Pillar I Warrants [Member] | Additional Pillar Warrants [Member] | April 2013 Pillar Agreements [Member] | April 2013 Pillar Agreements [Member] | April 2013 Pillar Agreements [Member] | ||||
Agreement | Series D Preferred Stock [Member] | Series E Preferred Stock [Member] | |||||||||||||||
Effects of Agreements [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Unaffiliated ownership % that would trigger the right to require the Company to repurchase the Series D preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66.67% | ' |
Percentage of preferred stock holders who waived right to receive specified amount in liquidation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% |
Number of Shares of Common Stock Callable By Pillar Warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | 1,000,000 | ' | ' | ' |
Class of Warrant or Right Exercise Price Per Share of Warrants or Rights | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.61 | 0.79 | ' | ' | ' |
Minimum closing price to redeem the warrants | 2.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.8 | ' | ' | ' | ' |
Final exercise date of warrant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Jun-14 | ' | ' | ' |
Redemption price per share of warrants | 0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.01 | ' | ' | ' | ' |
Carrying value of preferred stock prior to extinguishment | ' | ' | ' | ' | $5,921,000 | ' | ' | $3,701,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible Redeemable Preferred Stock | ' | ' | 5,921,000 | ' | ' | 5,921,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value of preferred stock | ' | ' | ' | 5,464,000 | ' | ' | 5,528,000 | ' | 5,464,000 | 5,528,000 | 3,701,000 | ' | ' | ' | ' | ' | ' |
Fair value of the Pillar Warrants in equity at May 7, 2013 | ' | 380,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extinguishment loss which was immediately charged to net loss applicable to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,750,000 | ' | ' | ' | ' | ' |
Increase in stockholders equity resulting from preferred stock extinguishment and warrant issuance | ' | $5,921,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected volatility | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage at which affiliates may not exercise warrants | ' | 19.99% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
April_2013_Pillar_Agreements_B
April 2013 Pillar Agreements - Black-Scholes Model to Compute Fair Value of Pillar Warrants (Detail) (USD $) | Sep. 30, 2013 | 7-May-13 | 7-May-13 |
Pillar I Warrants [Member] | Additional Pillar Warrants [Member] | ||
Assumptions used to compute fair value of Pillar warrants [Line Items] | ' | ' | ' |
Common stock price | $1.55 | $0.57 | $0.57 |
Warrant exercise price | ' | 0.61 | 0.79 |
Term of warrant (years) | ' | '5 years | '1 year 1 month 6 days |
Expected volatility | ' | 62.00% | 67.00% |
Average risk free interest rate | ' | 0.80% | 0.10% |
Expected dividend yield | ' | ' | ' |
Expected percentage of warrants to be exercised | ' | 100.00% | 100.00% |
Financings_Additional_Informat
Financings - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2013 | 7-May-13 | Sep. 30, 2013 | Sep. 30, 2013 | |
Equity [Line Items] | ' | ' | ' | ' |
Common stock sold | 13,727,251 | 17,500,000 | ' | ' |
Gross proceeds from sale of common stock and warrants excluding the proceeds from exercise of the warrants, if any | $27,700,000 | $16,500,000 | ' | ' |
Common Stock price per share | $1.55 | ' | $1.55 | $1.55 |
Estimated net proceeds from sale of common stock and warrants excluding the proceeds from exercise of the warrants, if any | 25,600,000 | 14,600,000 | ' | ' |
Issuance of warrants to purchase common stock | ' | 17,500,000 | ' | ' |
Redemption price per share of warrants | ' | 0.01 | ' | ' |
Notice period to holder prior to redemption of warrants by Company | ' | '30 days | ' | ' |
Minimum trading days considered to redeem warrants | ' | '20 days | ' | ' |
Minimum closing price to redeem the warrants | ' | 2.8 | ' | ' |
Proceeds from exercise of warrants | ' | ' | $1,713,000 | $1,713,000 |
Exercise price of warrants exercised during the period | ' | ' | $0.47 | $0.47 |
Shares issued on exercise of warrants during the period | ' | ' | 3,645,000 | 3,645,000 |
Pre-funded Warrants [Member] | ' | ' | ' | ' |
Equity [Line Items] | ' | ' | ' | ' |
Shares of common stock that may be purchased upon exercise of the warrants | 4,175,975 | 15,816,327 | 4,175,975 | 4,175,975 |
Prefunded Warrants Exercise price per share | 0.01 | 0.01 | 0.01 | 0.01 |
Sales price per share of prefunded warrants | $1.54 | ' | $1.54 | $1.54 |
Pre-funded warrants Expiration Date | 30-Sep-20 | ' | ' | ' |
Matching Warrants Two [Member] | ' | ' | ' | ' |
Equity [Line Items] | ' | ' | ' | ' |
Shares of common stock that may be purchased upon exercise of the warrants | ' | 15,816,327 | ' | ' |
Financings_Followon_Underwritt
Financings - Follow-on Underwritten Public Offering (Detail) (USD $) | 1 Months Ended | |
7-May-13 | Sep. 30, 2013 | |
Equity [Line Items] | ' | ' |
Combined price per share | ' | $1.55 |
Common Stock [Member] | ' | ' |
Equity [Line Items] | ' | ' |
Number of shares of common stock sold in financing | 17,500,000 | ' |
Common Stock and Matching Warrants Sold [Member] | ' | ' |
Equity [Line Items] | ' | ' |
Combined price per share | $0.50 | ' |
Common Stock and Matching Warrants Sold [Member] | Common Stock [Member] | ' | ' |
Equity [Line Items] | ' | ' |
Number of shares of common stock sold in financing | 17,500,000 | ' |
Pre-funded Warrants and Matching Warrants Sold [Member] | ' | ' |
Equity [Line Items] | ' | ' |
Combined price per share | $0.49 | ' |
Matching Warrants [Member] | ' | ' |
Equity [Line Items] | ' | ' |
Total (shares) | 33,316,327 | ' |
Warrant exercise price (per share) | 0.47 | ' |
Term of warrant (years) | '5 years | ' |
Matching Warrants [Member] | Common Stock and Matching Warrants Sold [Member] | ' | ' |
Equity [Line Items] | ' | ' |
Total (shares) | 17,500,000 | ' |
Matching Warrants [Member] | Pre-funded Warrants and Matching Warrants Sold [Member] | ' | ' |
Equity [Line Items] | ' | ' |
Total (shares) | 15,816,327 | ' |
Pre-funded Warrants [Member] | ' | ' |
Equity [Line Items] | ' | ' |
Total (shares) | 15,816,327 | 4,175,975 |
Warrant exercise price (per share) | 0.01 | 0.01 |
Term of warrant (years) | '7 years | ' |
Pre-funded Warrants [Member] | Pre-funded Warrants and Matching Warrants Sold [Member] | ' | ' |
Equity [Line Items] | ' | ' |
Total (shares) | 15,816,327 | ' |
Cash_and_Cash_Equivalents_Addi
Cash and Cash Equivalents - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Cash And Cash Equivalents [Abstract] | ' |
Maximum period to maturity to be considered a cash equivalent | '90 days |
Fair_Value_of_Assets_and_Liabi3
Fair Value of Assets and Liabilities - Assets and Liabilities Measured and Recorded in Financial Statements at Fair Value on Recurring Basis (Detail) (Fair Value, Measurements, Recurring [Member], USD $) | Sep. 30, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | $38,720 | $9,990 |
Total liabilities | ' | ' |
Money Market Fund [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 38,720 | 9,990 |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 38,720 | 9,990 |
Total liabilities | ' | ' |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Money Market Fund [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 38,720 | 9,990 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | ' | ' |
Total liabilities | ' | ' |
Significant Other Observable Inputs (Level 2) [Member] | Money Market Fund [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | ' | ' |
Total liabilities | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | Money Market Fund [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | ' | ' |
Property_and_Equipment_Tabular
Property and Equipment - Tabular Disclosure of Major Components of Property and Equipment and Related Accumulated Depreciation (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property Plant And Equipment [Abstract] | ' | ' |
Leasehold improvements | $525 | $525 |
Laboratory equipment and other | 2,850 | 2,856 |
Total property and equipment, at cost | 3,375 | 3,381 |
Less: accumulated depreciation | 3,259 | 3,163 |
Property and equipment, net | $116 | $218 |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Property Plant And Equipment [Abstract] | ' | ' | ' | ' |
Depreciation expense | $31 | $51 | $106 | $201 |
Restricted_Cash_Additional_Inf
Restricted Cash - Additional Information (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Restricted Cash [Abstract] | ' |
Restricted cash, Current | $311 |
Expiration date of lease term | 31-May-14 |
Collaboration_and_License_Agre1
Collaboration and License Agreement - Additional Information (Detail) | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2006 | Sep. 30, 2013 | Dec. 31, 2010 | Jun. 30, 2010 | Feb. 29, 2008 | Sep. 30, 2013 | Sep. 30, 2013 | Nov. 30, 2011 |
USD ($) | EUR (€) | Exchange Rate [Member] | Merck Sharp [Member] | Merck Sharp [Member] | Merck Sharp [Member] | Merck KGaA [Member] | Merck KGaA [Member] | Merck KGaA [Member] | Merck KGaA [Member] | Merck KGaA [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | November 30, 2011 Exchange Rate [Member] | |||||
Installment | USD ($) | ||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
License fee paid to company | ' | ' | ' | $20,000,000 | ' | ' | ' | $40,000,000 | ' | ' | ' |
Proceeds from the sale of common stock under Stock Purchase Agreement | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' |
Common stock price | $1.55 | ' | ' | $5.50 | ' | ' | ' | ' | ' | ' | ' |
Aggregate potential milestones to be received under collaboration - one | ' | ' | ' | ' | 165,000,000 | ' | ' | ' | ' | ' | ' |
Aggregate potential milestones to be received under collaboration - two | ' | ' | ' | ' | 260,000,000 | ' | ' | ' | ' | ' | ' |
Extended revenue recognition period | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' |
Revenue Recognition Period | ' | ' | ' | ' | ' | '4 years | ' | ' | ' | ' | ' |
Research collaboration agreement, period | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' |
Maximum cumulative milestone revenue recognized in relation to the initiation of clinical trials or the achievement of preclinical milestones | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | 12,100,000 | ' |
Shares of common stock issued under stock purchase agreement | ' | ' | ' | 1,818,182 | ' | ' | ' | ' | ' | ' | ' |
License fee received after foreign currency exchange rate in effect by company | ' | ' | ' | ' | ' | ' | ' | 39,700,000 | ' | ' | ' |
Period of upfront payment revenue recognition | ' | ' | ' | ' | ' | ' | '28 months | ' | ' | ' | ' |
Aggregate payments under agreement excluding potential milestones | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | 2,500,000 | ' |
Number of monthly installments | ' | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' |
Payments under agreement using exchange rate | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | 1,300,000 | ' |
Amount agreed to pay by the company on achievement of milestones | ' | 1,000,000 | 1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Final monthly installment | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' |
Maximum reimbursement agreed by the company | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | ' | 2,400,000 |
Payable termination agreement reimbursement | $1,100,000 | € 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 2 Months Ended | 12 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jan. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | |
Performance Shares [Member] | Performance Shares [Member] | Director [Member] | Employees [Member] | |||||
Condition | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options generally vest over | ' | ' | ' | ' | '3 years | ' | '3 years | '4 years |
Stock options granted | ' | ' | ' | ' | 697,500 | ' | ' | ' |
Performance based stock options granted - vest upon goal achievement | ' | ' | ' | ' | 174,375 | ' | ' | ' |
Performance based stock options granted - time vest beginning upon goal achievement | ' | ' | ' | ' | 523,125 | ' | ' | ' |
Number of specified performance conditions achieved | ' | ' | ' | ' | ' | 3 | ' | ' |
Options to purchase shares vested immediately | ' | ' | ' | ' | ' | 80,213 | ' | ' |
Options to purchase shares began vesting | ' | ' | ' | ' | ' | 240,640 | ' | ' |
Recorded charges for stock-based compensation expense | $476,000 | $505,000 | $994,000 | $1,628,000 | ' | ' | ' | ' |
Option to purchase common stock granted to employees and directors | ' | ' | 3,130,083 | 157,500 | ' | ' | ' | ' |
StockBased_Compensation_Schedu
Stock-Based Compensation - Schedule of Assumptions Used to Determine Fair Value of Stock Options Granted During Period (Detail) (Stock Options [Member], USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Stock Options [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Average risk free interest rate | 1.30% | 0.90% |
Expected dividend yield | ' | ' |
Expected lives (years) | '5 years 2 months 12 days | '5 years 7 months 6 days |
Expected volatility | 62.00% | 63.00% |
Weighted average grant date fair value of options granted during the period (per share) | $0.49 | $0.54 |
Weighted average exercise price of options granted during the period (per share) | $0.92 | $0.97 |
Net_Loss_per_Common_Share_Appl1
Net Loss per Common Share Applicable to Common Stockholders - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Total antidilutive securities | ' | ' | 87,624,124 | 16,021,649 |
Preferred stock extinguishment loss and dividends | $278,000 | $160,000 | $2,587,000 | $480,000 |
Series D and E Preferred Stock [Member] | ' | ' | ' | ' |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Preferred stock extinguishment loss and dividends | 278,000 | ' | 837,000 | ' |
Loss on extinguishment of convertible preferred stock | ' | ' | 1,750,000 | ' |
Series D Convertible Redeemable Preferred Stock [Member] | ' | ' | ' | ' |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Preferred stock extinguishment loss and dividends | ' | $160,000 | ' | $480,000 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (Stockholders' Equity [Member], USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Stockholders' Equity [Member] | ' | ' |
Changes In Equity [Line Items] | ' | ' |
Shares of common stock issued under employee stock purchase plan, and warrant and stock option exercises during the period | 3,780,945 | 3,006 |
Proceeds from common stock issued under employee stock purchase plan, and warrant and stock option exercises during the period | $1,864,000 | $3,000 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | 7-May-13 | Sep. 30, 2013 | |
Pillar Three Entities [Member] | Pillar Four Entities [Member] | |||||
Related Party Transaction Due From To Related Party [Line Items] | ' | ' | ' | ' | ' | ' |
Number of shares of common stock sold in financing | ' | ' | ' | ' | 5,000,000 | 1,774,193 |
Warrant to purchase common stock | ' | ' | ' | ' | 5,000,000 | ' |
Exercise price of warrants | ' | ' | ' | ' | 0.47 | ' |
Aggregate purchase price | ' | ' | ' | ' | $2,500,000 | $2,750,000 |
Common stock in lieu of board fees | ' | ' | 31,117 | 1,216 | ' | ' |
Common stock issued | ' | ' | 18,000 | 1,000 | ' | ' |
Directors consulting fees | $0 | $0 | $0 | $1,000 | ' | ' |
2013_Annual_Meeting_of_Stockho1
2013 Annual Meeting of Stockholders - Additional Information (Detail) | 9 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2012 | |
Stockholder Equity [Line Items] | ' | ' |
Shares of common stock authorized before the amendment | 140,000,000 | ' |
Common stock shares authorized | 280,000,000 | 140,000,000 |
Percentage of holding by affiliates upon which warrants may not be exercised | 19.99% | ' |
Minimum [Member] | ' | ' |
Stockholder Equity [Line Items] | ' | ' |
Percentage of holding by affiliates upon which warrants may not be exercised | 19.99% | ' |
Series D and E Preferred Stock [Member] | ' | ' |
Stockholder Equity [Line Items] | ' | ' |
Voting power limit prior to shareholder approval | 19.99% | ' |
Series D and Series E Voting Power Limit | 19.99% | ' |
Series D Preferred Stock [Member] | ' | ' |
Stockholder Equity [Line Items] | ' | ' |
Beneficial Ownership of Series D and affiliates at which dividends may not be paid in voting shares | 19.99% | ' |
Beneficial Ownership % (in the event that it was approved by stockholders) of Series D and affiliates at which dividends may not be paid in voting shares | 35.00% | ' |
Percentage of holding by affiliates upon which holder might not convert shares | 19.99% | ' |
Percentage of holding by affiliates in the event that it was approved by stockholders upon which holder might not convert preferred shares into common shares | 35.00% | ' |