Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 15, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | IDRA | |
Entity Registrant Name | IDERA PHARMACEUTICALS, INC. | |
Entity Central Index Key | 861,838 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 118,122,662 |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 36,369 | $ 19,971 |
Short-term investments | 39,368 | 21,256 |
Prepaid expenses and other current assets | 1,602 | 1,203 |
Total current assets | 77,339 | 42,430 |
Long-term investments | 30,567 | 7,344 |
Property and equipment, net | 1,575 | 1,306 |
Restricted cash and other assets | 350 | 346 |
Total assets | 109,831 | 51,426 |
Current liabilities: | ||
Accounts payable | 2,845 | 2,458 |
Accrued expenses | 3,411 | 4,460 |
Current portion of note payable | 247 | 128 |
Total current liabilities | 6,503 | 7,046 |
Note payable, net of current portion | 636 | 742 |
Other liabilities | 183 | 236 |
Total liabilities | $ 7,322 | $ 8,024 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $0.01 par value, Authorized - 5,000 shares | ||
Common stock, $0.001 par value, Authorized - 280,000 shares; Issued and outstanding - 118,110 ' and 94,829 shares at June 30, 2015 and December 31, 2014, respectively | $ 118 | $ 95 |
Additional paid-in capital | 579,194 | 494,850 |
Accumulated deficit | (476,726) | (451,526) |
Accumulated other comprehensive loss | (77) | (17) |
Total stockholders' equity | 102,509 | 43,402 |
Total liabilities and stockholders' equity | 109,831 | 51,426 |
Series E Preferred Stock [Member] | ||
Stockholders' equity: | ||
Preferred stock, $0.01 par value | 0 | 0 |
Series A Preferred Stock [Member] | ||
Stockholders' equity: | ||
Preferred stock, $0.01 par value | $ 0 | $ 0 |
Condensed Balance Sheets (Unau3
Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 280,000,000 | 280,000,000 |
Common stock, shares issued | 118,110,000 | 94,829,000 |
Common stock, shares outstanding | 118,110,000 | 94,829,000 |
Series E Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares designated | 0 | 424,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Series A Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares designated | 1,500,000 | 1,500,000 |
Preferred stock, shares issued | 1,000 | 1,000 |
Preferred stock, shares outstanding | 1,000 | 1,000 |
Condensed Statements of Operati
Condensed Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Alliance revenue | $ 5 | $ 38 | $ 39 | $ 41 |
Operating expenses: | ||||
Research and development | 8,960 | 5,637 | 17,680 | 12,570 |
General and administrative | 3,821 | 2,730 | 7,658 | 4,773 |
Total operating expenses | 12,781 | 8,367 | 25,338 | 17,343 |
Loss from operations | (12,776) | (8,329) | (25,299) | (17,302) |
Other income (expense): | ||||
Investment income, net | 48 | 16 | 62 | 31 |
Foreign currency exchange gain | 9 | 5 | 37 | 2 |
Net loss | (12,719) | (8,308) | (25,200) | (17,269) |
Preferred stock dividends | 118 | 303 | ||
Net loss applicable to common stockholders | $ (12,719) | $ (8,426) | $ (25,200) | $ (17,572) |
Basic and diluted net loss per common share applicable to common stockholders (Note 13) | $ (0.11) | $ (0.10) | $ (0.23) | $ (0.22) |
Shares used in computing basic and diluted net loss per common share applicable to common stockholders | 118,002 | 82,961 | 111,570 | 79,509 |
Net loss | $ (12,719) | $ (8,308) | $ (25,200) | $ (17,269) |
Unrealized (loss) gain on available-for-sale securities | (78) | (1) | (60) | 10 |
Comprehensive loss | $ (12,797) | $ (8,309) | $ (25,260) | $ (17,259) |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash Flows from Operating Activities: | ||
Net loss | $ (25,200) | $ (17,269) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 2,869 | 1,320 |
Depreciation and amortization expense | 213 | 78 |
Amortization of investment premiums | 199 | 96 |
Issuance of common stock for services rendered | 60 | 36 |
Non-employee stock option expense | 495 | (3) |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (399) | 38 |
Accounts payable, accrued expenses, and other liabilities | (806) | 1,947 |
Net cash used in operating activities | (22,569) | (13,757) |
Cash Flows from Investing Activities: | ||
Purchases of available-for-sale securities | (56,196) | (2,619) |
Maturities of available-for-sale securities | 13,602 | 2,000 |
Sales of available-for-sale securities | 999 | |
Purchases of property and equipment | (376) | (533) |
Net cash used in investing activities | (41,971) | (1,152) |
Cash Flows from Financing Activities: | ||
Proceeds from equity financings, net of issuance costs | 80,599 | 37,202 |
Dividends paid | (463) | |
Proceeds from exercise of common stock warrants and options and employee stock purchases | 343 | 6,780 |
Payments on capital lease | (4) | (2) |
Net cash provided by financing activities | 80,938 | 43,517 |
Net increase in cash and cash equivalents | 16,398 | 28,608 |
Cash and cash equivalents, beginning of period | 19,971 | 26,278 |
Cash and cash equivalents, end of period | $ 36,369 | $ 54,886 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | (1) Organization Idera Pharmaceuticals, Inc. (“Idera” or the “Company”) is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for oncology and rare diseases. The Company uses two distinct proprietary drug discovery technology platforms to design and develop drug candidates, its Toll-like receptor (“TLR”) targeting technology and its third-generation antisense program, which was previously referred to as its GSO program. The Company developed these platforms based on its scientific expertise and pioneering work with synthetic oligonucleotides as therapeutic agents. Using its TLR targeting technology, the Company designs synthetic oligonucleotide-based drug candidates to act by modulating the activity of specific TLRs. In addition, using its third-generation antisense technology, the Company is developing drug candidates to turn off the messenger RNA (“mRNA”) associated with disease causing genes. The Company believes that its third-generation antisense technology may potentially reduce the immunotoxicity and increase the potency of earlier generation antisense and RNA interference (“RNAi”) technologies. Idera is currently conducting a Phase 1/2 clinical trial of IMO-8400 in patients with Waldenström’s macroglobulinemia and Phase 1/2 clinical trial of IMO-8400 in patients with diffuse large B-cell lymphoma (“DLBCL”) who harbor the MYD88 L265P oncogenic mutation. The Company is planning to initiate clinical development of IMO-8400 for the treatment of rare diseases and has selected dermatomyositis and Duchenne muscular dystrophy (“DMD”) as the first non-cancer rare diseases for which it plans to develop IMO-8400. The Company believes it can develop and commercialize therapies on its own in these disease indications, which are characterized by small, well-defined patient populations with serious unmet medical needs. The Company is also evaluating a second novel synthetic oligonucleotide antagonist of TLR7, TLR8 and TLR9, IMO-9200, as a drug candidate for potential use in inflammatory bowel disease (IBD). The Company has conducted a Phase 1 clinical trial of subcutaneously injected IMO-9200 in healthy subjects and preclinical studies using an oral administration of IMO-9200 in mouse models of colitis. The company is currently reviewing its strategic options in relation to the advancement of IMO-9200, as IBD falls outside of the core focus of oncology and rare diseases. The Company is also planning to initiate a clinical trial of IMO-2125, administered intra-tumorally, in combination with ipilimumab, a CTLA4 antibody, in patients with metastatic melanoma, and a Phase 1/2 clinical trial involving either IMO-2055 or IMO-2125 in combination with a checkpoint inhibitor for a selected oncology target. IMO-2125 and IMO-2055 are novel synthetic oligonucleotide agonists of TLR-9. The Company is also developing its third-generation antisense drug candidates to specifically address challenges associated with earlier generation antisense and RNAi technologies. Although currently used technologies to silence RNA have demonstrated the ability to inhibit the expression of disease-associated proteins, the Company believes that to reach their full therapeutic potential, gene silencing technologies need to achieve an improved therapeutic index with efficient systemic delivery without using a delivery technology, reduced immunotoxicity and increased potency. The Company is currently undertaking an analysis of oncology and rare disease indications for development of drug candidates generated from its third-generation antisense technology. The Company is currently conducting disease model studies and plans to begin investigational new drug application (“IND”)-enabling development programs in each of the first two disease indications selected for further development in its third-generation antisense program in the second half of 2015. As of June 30, 2015, the Company had an accumulated deficit of $476,726,000. The Company expects to incur substantial operating losses in future periods. The Company does not expect to generate significant product revenue, sales-based milestones or royalties until the Company successfully completes development and obtains marketing approval for drug candidates, either alone or in collaborations with third parties, which the Company expects will take a number of years. In order to commercialize its drug candidates, the Company needs to complete clinical development and 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. |
New Accounting Pronouncements -
New Accounting Pronouncements - Recently Issued | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements - Recently Issued | (2) New Accounting Pronouncements - Recently Issued In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09 – Revenue from Contracts with Customers (Topic 606). This ASU requires an entity to recognize revenue from the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In particular, this ASU addresses contracts with more than one performance obligation, as well as the accounting for some costs to obtain or fulfill a contract with a customer, and provides for additional disclosures with respect to revenues and cash flows arising from contracts with customers. This ASU will be effective for fiscal years beginning after December 15, 2016. Early adoption of this ASU is not permitted. The Company is currently evaluating the effect that the adoption of this ASU will have on its financial statements. In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). ASU 2014-15 amends FASB ASC 205-40 Presentation of Financial Statements – Going Concern, by providing guidance on determining when and how reporting entities must disclose going-concern uncertainties in their financial statements, including requiring management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date of issuance of the entity’s financial statements and providing certain disclosures if there is substantial doubt about the entity’s ability to continue as a going concern. ASU 2014-15 will be effective for fiscal years beginning after December 15, 2016 and for interim periods thereafter. Early adoption of ASU 2014-15 is permitted. The Company is currently evaluating the effect that the adoption of ASU 2014-15 will have on its financial statements. |
Unaudited Interim Financial Sta
Unaudited Interim Financial Statements | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Unaudited Interim Financial Statements | (3) 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 six months ended June 30, 2015 are not necessarily indicative of results that may be expected for the year ending December 31, 2015. 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, 2014, which was filed with the SEC on March 12, 2015. |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2015 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments | (4) Financial Instruments The fair value of the Company’s financial instruments is determined and disclosed in accordance with the three-tier fair value hierarchy specified in Note 6, “Fair Value of Assets and Liabilities.” The Company is required to disclose the estimated fair values of its financial instruments. The Company’s financial instruments consist of cash, cash equivalents, available-for-sale investments, receivables and a note payable. The estimated fair values of these financial instruments approximate their carrying values as of June 30, 2015 and December 31, 2014. As of June 30, 2015 and December 31, 2014, the Company did not have any derivatives, hedging instruments or other similar financial instruments except for the note issued under the Company’s loan and security agreement, which is discussed in Note 5(a) to the financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, including put and call features which the Company determined are clearly and closely associated with the debt host and do not require bifurcation as a derivative liability, or the fair value of the feature is immaterial. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 6 Months Ended |
Jun. 30, 2015 | |
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 June 30, 2015 and December 31, 2014 consisted of cash, commercial paper and money market funds. As of June 30, 2015, the Company had an unsettled investment purchase trade amounting to approximately $938,000 included in long-term investments and accounts payable because the cash was not deducted from the Company’s account until July 2015. |
Fair Value of Assets and Liabil
Fair Value of Assets and Liabilities | 6 Months Ended |
Jun. 30, 2015 | |
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 ASU No. 2011-04, “Fair Value Measurement (Topic 820),” in its fair value measurements and disclosures. The table below presents the assets and liabilities measured and recorded in the financial statements at fair value on a recurring basis at June 30, 2015 and December 31, 2014 categorized by the level of inputs used in the valuation of each asset and liability. (In thousands) Total Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) June 30, 2015 Assets Money market funds $ 29,773 $ 29,773 $ — $ — Other cash equivalents – commercial paper 5,498 — 5,498 — Short-term investments – commercial paper 13,957 — 13,957 — Short-term investments – corporate bonds 19,097 — 19,097 — Short-term investments – municipal bonds 6,314 — 6,314 — Long-term investments – corporate bonds 28,161 — 28,161 — Long-term investments – municipal bonds 2,406 — 2,406 — Total Assets $ 105,206 $ 29,773 $ 75,433 $ — Total Liabilities $ — $ — $ — $ — December 31, 2014 Assets Money market funds $ 17,156 $ 17,156 $ — $ — Other cash equivalents – commercial paper 2,500 — 2,500 — Short-term investments – commercial paper 4,494 — 4,494 — Short-term investments – certificate of deposit 500 — 500 — Short-term investments – corporate bonds 14,357 — 14,357 — Short-term investments – municipal bonds 1,905 — 1,905 — Long-term investments –corporate bonds 7,344 — 7,344 — Total Assets $ 48,256 $ 17,156 $ 31,100 $ — Total Liabilities $ — $ — $ — $ — The Level 1 assets consist of money market funds, which are actively traded daily. The Level 2 assets consist of corporate bond, commercial paper, certificate of deposit and municipal bond investments whose fair value may not represent actual transactions of identical securities. The fair value of corporate and municipal bonds 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. The fair value of commercial paper is generally determined based on the relationship between the investment’s discount rate and the discount rates of the same issuer’s commercial paper available in the market which may not be actively traded daily. The fair value of certificates of deposit approximates carrying value. Since these fair values may not be based upon 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 at June 30, 2015 or December 31, 2014. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | (7) Investments The Company’s available-for-sale investments at fair value consisted of the following at June 30, 2015 and December 31, 2014: June 30, 2015 Cost Gross Unrealized (Losses) Gross Unrealized Gains Estimated Fair Value (In thousands) Short-term investments – commercial paper $ 13,949 $ — $ 8 $ 13,957 Short-term investments – corporate bonds 19,102 (9 ) 4 19,097 Short-term investments – municipal bonds 6,317 (3 ) — 6,314 Total short-term investments 39,368 (12 ) 12 39,368 Long-term investments – corporate bonds 28,238 (77 ) — 28,161 Long-term investments – municipal bonds 2,406 — — 2,406 Total long-term investments 30,644 (77 ) — 30,567 Total investments $ 70,012 $ (89 ) $ 12 $ 69,935 December 31, 2014 Cost Gross Unrealized (Losses) Gross Unrealized Gains Estimated Fair Value (In thousands) Short-term investments – commercial paper $ 4,493 $ — $ 1 $ 4,494 Short-term investments – certificate of deposit 500 — — 500 Short-term investments – corporate bonds 14,364 (7 ) — 14,357 Short-term investments – municipal bonds 1,906 (1 ) — 1,905 Total short-term investments 21,263 (8 ) 1 21,256 Long-term investments – corporate bonds 7,354 (10 ) — 7,344 Total long-term investments 7,354 (10 ) — 7,344 Total investments $ 28,617 $ (18 ) $ 1 $ 28,600 The Company had no realized gains or losses from available-for-sale securities in the three months ended June 30, 2015 and 2014. There were no losses or other-than-temporary declines in value included in “Investment income, net” on the Company’s condensed statements of operations and comprehensive loss for any securities for the six months ended June 30, 2015 and 2014. The Company had no auction rate securities as of June 30, 2015 and December 31, 2014. See Note 4, “Financial Instruments,” and Note 6, “Fair Value of Assets and Liabilities” for additional information related to the Company’s investments. |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jun. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | (8) Property and Equipment At June 30, 2015 and December 31, 2014, net property and equipment at cost consisted of the following: (In thousands) June 30, 2015 December 31, 2014 Leasehold improvements $ 581 $ 525 Laboratory equipment and other 4,197 3,884 Total property and equipment, at cost 4,778 4,409 Less: accumulated depreciation 3,203 3,103 Property and equipment, net $ 1,575 $ 1,306 Depreciation and amortization expense on property and equipment was approximately $110,000 and $47,000 in the three months ended June 30, 2015 and 2014, respectively, and approximately $203,000 and $78,000 in the six months ended June 30, 2015 and 2014, respectively. |
Restricted Cash
Restricted Cash | 6 Months Ended |
Jun. 30, 2015 | |
Cash and Cash Equivalents [Abstract] | |
Restricted Cash | (9) Restricted Cash As part of the Company’s lease arrangement for its office and laboratory facility in Cambridge, Massachusetts, the Company is required to restrict cash held in a certificate of deposit securing a line of credit for the lessor. As of June 30, 2015 and December 31, 2014, the restricted cash amounted to $311,000 held in certificates of deposit securing a line of credit for the lessor. |
Exton Office Lease
Exton Office Lease | 6 Months Ended |
Jun. 30, 2015 | |
Leases [Abstract] | |
Exton Office Lease | (10) Exton Office Lease On April 1, 2015, the Company entered into a lease of approximately 4,300 square feet of office space in Exton, Pennsylvania. The term of the lease ends on April 30, 2020, with one five-year renewal option exercisable by the Company. The Company classifies the lease as an operating lease. Future minimum commitments as of June 30, 2015 under the Company’s Exton office lease agreement are approximately: December 31, Operating Lease (In thousands) 2015 $ 50 2016 76 2017 78 2018 81 2019 83 2020 28 $ 396 |
Comprehensive Loss
Comprehensive Loss | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Comprehensive Loss | (11) Comprehensive Loss Comprehensive income (loss) is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. Comprehensive loss for the six months ended June 30, 2015 and 2014 is comprised of reported net loss and any change in net unrealized gains and losses on investments during each period, which is included in accumulated other comprehensive gain (loss) on the accompanying balance sheets. The Company applies ASU No. 2011-05, “Comprehensive Income” by presenting the components of net income and other comprehensive income as one continuous statement. The following table includes the changes in the accumulated balance of the component of other comprehensive gain (loss) for the six months ended June 30, 2015 and 2014: (In thousands) Six Months Six Months Accumulated unrealized loss on available-for-sale securities at beginning of period $ (17 ) $ (7 ) Change during the period (60 ) 10 Accumulated unrealized (loss) gain on available-for-sale securities at end of period $ (77 ) $ 3 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | (12) Stock-Based Compensation The Company recognizes all stock-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. The Company recorded charges of $1,523,000 and $785,000 in its statements of operations and comprehensive loss for the three months ended June 30, 2015 and 2014, respectively, and $2,869,000 and $1,320,000 in its statements of operations and comprehensive loss for the six months ended June 30, 2015 and 2014, respectively, for stock-based compensation expense attributable to stock-based payments made to employees and directors. The stock-based compensation for the three and six months ended June 30, 2015 includes approximately $329,000 for the recognition of additional cost associated with the acceleration of vesting and extension of the exercise period of a retiring director’s stock options due to a modification. 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 2,034,000 and 2,116,000 shares of common stock granted to employees and directors during the six months ended June 30, 2015 and 2014, respectively: Six Months Ended June 30, 2015 2014 Average risk free interest rate 1.3 % 1.6 % Expected dividend yield — — Expected lives (years) 4.3 4.8 Expected volatility 92.0 % 83.0 % Weighted average grant date fair value of options granted during the period (per share) $ 2.61 $ 2.61 Weighted average exercise price of options granted during the period (per share) $ 3.92 $ 4.01 The expected lives and the expected volatility of the options granted during the six months ended June 30, 2015 and 2014 are based on historical experience. All options granted during the six months ended June 30, 2015 and 2014 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 Appli
Net Loss per Common Share Applicable to Common Stockholders | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Net Loss per Common Share Applicable to Common Stockholders | (13) Net Loss per Common Share Applicable to Common Stockholders For the three and six months ended June 30, 2015 and 2014, 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 74,628,647 and 80,016,676 for the six months ended June 30, 2015 and 2014, respectively, and consist of stock options, preferred stock and warrants. For the three months ended June 30, 2014, net loss per common share applicable to common stockholders reflects $118,000 in dividends accrued on shares of the Series E convertible preferred stock (“Series E preferred stock”). For the six months ended June 30, 2014, net loss per common share applicable to common stockholders reflects $303,000 in dividends accrued on shares of the Company’s Series D convertible preferred stock (“Series D preferred stock”) and the Series E preferred stock. There were no dividends accrued on the Series D preferred stock and Series E preferred stock during the three and six months ended June 30, 2015 because the Series D preferred stock and Series E preferred stock were converted to common stock during February 2014 and December 2014, respectively. |
Common Stock Warrant and Option
Common Stock Warrant and Option Exercises and Employee Stock Purchases | 6 Months Ended |
Jun. 30, 2015 | |
Text Block [Abstract] | |
Common Stock Warrant and Option Exercises and Employee Stock Purchases | (14) Common Stock Warrant and Option Exercises and Employee Stock Purchases The Company issued 265,558 and 3,364,033 shares of common stock and received total proceeds of $343,000 and $6,780,000 for warrant and stock option exercises and employee stock purchases under the Company’s 1995 Employee Stock Purchase Plan during the six months ended June 30, 2015 and June 30, 2014, respectively, as follows: Six Months Ended June 30, 2015 Six Months Ended (In thousands) Shares Proceeds Shares Proceeds Warrant exercises — $ — 3,044 $ 5,990 Stock option exercises 255 311 315 780 Employee stock purchases 11 32 5 10 Total 266 $ 343 3,364 $ 6,780 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | (15) Related Party Transactions February 2014 Conversion of Series D Preferred Stock On January 10, 2014, the Company notified Pillar Pharmaceuticals I, L.P. (“Pillar I”), an investment partnership managed by one of the Company’s directors and significant stockholders and the holder of all 1,124,260 shares of the Company’s issued and outstanding Series D preferred stock, of its intention to redeem the Series D preferred stock on February 10, 2014 in accordance with the terms of the Certificate of Designations, Preferences and Rights of Series D Preferred Stock (the “Series D Certificate of Designations”). Following this notice, Pillar I had the right to convert its Series D preferred stock into shares of the Company’s common stock at any time prior to the close of business on February 9, 2014. On February 6, 2014, Pillar I converted such shares into 6,266,175 shares of the Company’s common stock in accordance with the terms of the Series D Certificate of Designations. As a result of the conversion, no shares of the Company’s Series D preferred stock remain outstanding. On March 28, 2014, the Company filed a Certificate of Elimination of Number of Shares of Preferred Stock Designated as Series D Convertible Preferred Stock with the State of Delaware Secretary of State which eliminated the designation of the shares of Series D preferred stock. December 2014 Conversion of Series E Preferred Stock In December 2014, the holders of Series E preferred stock converted such shares into 8,484,840 shares of common stock in accordance with the terms of the Certificate of Designations, Preferences and Rights of Series E Preferred Stock. As a result of this conversion, no shares of Series E preferred stock remain outstanding. On March 12, 2015, the Company filed a Certificate of Elimination of Number of Shares of Preferred Stock Designated as Series E Convertible Preferred Stock with the State of Delaware Secretary of State which eliminated the designation of the shares of Series E preferred stock. Director Stock Purchases The Company issued 15,472 and 8,546 shares of common stock in lieu of director board and committee fees of approximately $60,000 and $36,000 pursuant to the Company’s director compensation program during the six months ended June 30, 2015 and 2014, respectively. See also Note 16, “Registration Rights Agreement,” and Note 17, “Financing” for additional information on related party transactions. |
Registration Rights Agreement
Registration Rights Agreement | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Registration Rights Agreement | (16) Registration Rights Agreement On February 9, 2015, the Company entered into a registration rights agreement with investment funds (the “Selling Stockholders”) affiliated with Baker Bros. Advisors LP and two members of the Company’s board of directors, relating to the registration for resale of the shares of the Company’s common stock held by the Selling Stockholders, including the shares of the Company’s common stock that may be issued upon the exercise of warrants held by the Selling Stockholders (collectively, the “Registrable Shares”). Under the registration rights agreement, the Company has agreed to file a registration statement on Form S-3 with the SEC within 60 days after demand by any of the Selling Stockholders, to register for resale the Registrable Shares. The Company has agreed to use its reasonable best efforts to cause the registration statement to become effective as promptly as practicable after filing, and to remain effective until the shares being registered thereunder have been sold or may be sold freely without limitations or restrictions as to volume or manner of sale pursuant to Rule 144. The registration rights agreement contains customary covenants and agreements by the Company and customary indemnification obligations of the Company and the Selling Stockholders. |
Financing
Financing | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Financing | (17) Financing February 19, 2015 Follow-on Underwritten Public Offering On February 19, 2015, the Company closed a follow-on underwritten public offering, in which it sold 23,000,000 shares of common stock at a price to the public of $3.75 per share for aggregate gross proceeds of $86.3 million. The net proceeds to the Company from the offering, after deducting underwriters’ discounts and commissions and other offering costs and expenses were $80.6 million. Investment funds affiliated with Baker Bros. Advisors LP and two members of the Company’s board of directors purchased 5,333,333 shares in this offering at the $3.75 per share purchase price. On February 19, 2015, Baker Bros. Advisors LP and certain of its affiliated funds (which include the Selling Stockholders) (collectively, “Baker Brothers”) held 6,965,432 shares of the Company’s common stock, warrants to purchase up to 20,316,327 shares of the Company’s common stock at an exercise price of $0.47 per share and pre-funded warrants to purchase up to 22,151,052 shares of the Company’s common stock at an exercise price of $0.01 per share. February 10, 2014 Follow-on Underwritten Public Offering On February 10, 2014, the Company closed a follow-on underwritten public offering, in which it sold 7,867,438 shares of common stock at a price to the public of $4.00 per share and pre-funded warrants to purchase up to 2,158,750 shares of common stock at a price to the public of $3.99 per share for aggregate gross proceeds of $40.1 million. The pre-funded warrants have an exercise price of $0.01 per share and will expire if not exercised by February 10, 2021. The 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 pre-funded warrants, if any, were approximately $37.2 million. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | (18) Subsequent Events The Company considers events or transactions that occur after the balance sheet date but prior to the issuance of the financial statements to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. |
New Accounting Pronouncements24
New Accounting Pronouncements - Recently Issued (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements - Recently Issued | In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09 – Revenue from Contracts with Customers (Topic 606). This ASU requires an entity to recognize revenue from the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In particular, this ASU addresses contracts with more than one performance obligation, as well as the accounting for some costs to obtain or fulfill a contract with a customer, and provides for additional disclosures with respect to revenues and cash flows arising from contracts with customers. This ASU will be effective for fiscal years beginning after December 15, 2016. Early adoption of this ASU is not permitted. The Company is currently evaluating the effect that the adoption of this ASU will have on its financial statements. In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”). ASU 2014-15 amends FASB ASC 205-40 Presentation of Financial Statements – Going Concern, by providing guidance on determining when and how reporting entities must disclose going-concern uncertainties in their financial statements, including requiring management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date of issuance of the entity’s financial statements and providing certain disclosures if there is substantial doubt about the entity’s ability to continue as a going concern. ASU 2014-15 will be effective for fiscal years beginning after December 15, 2016 and for interim periods thereafter. Early adoption of ASU 2014-15 is permitted. The Company is currently evaluating the effect that the adoption of ASU 2014-15 will have on its financial statements. |
Fair Value of Assets and Liab25
Fair Value of Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on a 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 June 30, 2015 and December 31, 2014 categorized by the level of inputs used in the valuation of each asset and liability. (In thousands) Total Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) June 30, 2015 Assets Money market funds $ 29,773 $ 29,773 $ — $ — Other cash equivalents – commercial paper 5,498 — 5,498 — Short-term investments – commercial paper 13,957 — 13,957 — Short-term investments – corporate bonds 19,097 — 19,097 — Short-term investments – municipal bonds 6,314 — 6,314 — Long-term investments – corporate bonds 28,161 — 28,161 — Long-term investments – municipal bonds 2,406 — 2,406 — Total Assets $ 105,206 $ 29,773 $ 75,433 $ — Total Liabilities $ — $ — $ — $ — December 31, 2014 Assets Money market funds $ 17,156 $ 17,156 $ — $ — Other cash equivalents – commercial paper 2,500 — 2,500 — Short-term investments – commercial paper 4,494 — 4,494 — Short-term investments – certificate of deposit 500 — 500 — Short-term investments – corporate bonds 14,357 — 14,357 — Short-term investments – municipal bonds 1,905 — 1,905 — Long-term investments –corporate bonds 7,344 — 7,344 — Total Assets $ 48,256 $ 17,156 $ 31,100 $ — Total Liabilities $ — $ — $ — $ — |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Available-for-Sale Investments at Fair Value | The Company’s available-for-sale investments at fair value consisted of the following at June 30, 2015 and December 31, 2014: June 30, 2015 Cost Gross Unrealized (Losses) Gross Unrealized Gains Estimated Fair Value (In thousands) Short-term investments – commercial paper $ 13,949 $ — $ 8 $ 13,957 Short-term investments – corporate bonds 19,102 (9 ) 4 19,097 Short-term investments – municipal bonds 6,317 (3 ) — 6,314 Total short-term investments 39,368 (12 ) 12 39,368 Long-term investments – corporate bonds 28,238 (77 ) — 28,161 Long-term investments – municipal bonds 2,406 — — 2,406 Total long-term investments 30,644 (77 ) — 30,567 Total investments $ 70,012 $ (89 ) $ 12 $ 69,935 December 31, 2014 Cost Gross Unrealized (Losses) Gross Unrealized Gains Estimated Fair Value (In thousands) Short-term investments – commercial paper $ 4,493 $ — $ 1 $ 4,494 Short-term investments – certificate of deposit 500 — — 500 Short-term investments – corporate bonds 14,364 (7 ) — 14,357 Short-term investments – municipal bonds 1,906 (1 ) — 1,905 Total short-term investments 21,263 (8 ) 1 21,256 Long-term investments – corporate bonds 7,354 (10 ) — 7,344 Total long-term investments 7,354 (10 ) — 7,344 Total investments $ 28,617 $ (18 ) $ 1 $ 28,600 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Tabular Disclosure of Major Components of Property and Equipment and Related Accumulated Depreciation | At June 30, 2015 and December 31, 2014, net property and equipment at cost consisted of the following: (In thousands) June 30, 2015 December 31, 2014 Leasehold improvements $ 581 $ 525 Laboratory equipment and other 4,197 3,884 Total property and equipment, at cost 4,778 4,409 Less: accumulated depreciation 3,203 3,103 Property and equipment, net $ 1,575 $ 1,306 |
Exton Office Lease (Tables)
Exton Office Lease (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Leases [Abstract] | |
Schedule of Future Minimum Commitments | Future minimum commitments as of June 30, 2015 under the Company’s Exton office lease agreement are approximately: December 31, Operating Lease (In thousands) 2015 $ 50 2016 76 2017 78 2018 81 2019 83 2020 28 $ 396 |
Comprehensive Loss (Tables)
Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Changes in Accumulated Balance of the Component of Other Comprehensive Gain (Loss) | The following table includes the changes in the accumulated balance of the component of other comprehensive gain (loss) for the six months ended June 30, 2015 and 2014: (In thousands) Six Months Six Months Accumulated unrealized loss on available-for-sale securities at beginning of period $ (17 ) $ (7 ) Change during the period (60 ) 10 Accumulated unrealized (loss) gain on available-for-sale securities at end of period $ (77 ) $ 3 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Assumptions Used to Determine Fair Value of Stock Options Granted During Period | 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 2,034,000 and 2,116,000 shares of common stock granted to employees and directors during the six months ended June 30, 2015 and 2014, respectively: Six Months Ended June 30, 2015 2014 Average risk free interest rate 1.3 % 1.6 % Expected dividend yield — — Expected lives (years) 4.3 4.8 Expected volatility 92.0 % 83.0 % Weighted average grant date fair value of options granted during the period (per share) $ 2.61 $ 2.61 Weighted average exercise price of options granted during the period (per share) $ 3.92 $ 4.01 |
Common Stock Warrant and Opti31
Common Stock Warrant and Option Exercises and Employee Stock Purchases (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Text Block [Abstract] | |
Schedule of Common Stock Warrant and Option Exercises and Employee Stock Purchases | The Company issued 265,558 and 3,364,033 shares of common stock and received total proceeds of $343,000 and $6,780,000 for warrant and stock option exercises and employee stock purchases under the Company’s 1995 Employee Stock Purchase Plan during the six months ended June 30, 2015 and June 30, 2014, respectively, as follows: Six Months Ended June 30, 2015 Six Months Ended (In thousands) Shares Proceeds Shares Proceeds Warrant exercises — $ — 3,044 $ 5,990 Stock option exercises 255 311 315 780 Employee stock purchases 11 32 5 10 Total 266 $ 343 3,364 $ 6,780 |
Organization - Additional Infor
Organization - Additional Information (Detail) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015USD ($)Platform | Dec. 31, 2014USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Number of technology platform to develop drug candidates | Platform | 2 | |
Accumulated deficit | $ (476,726) | $ (451,526) |
Cash and Cash Equivalents - Add
Cash and Cash Equivalents - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Cash and Cash Equivalents [Abstract] | |
Unsettled investment purchase trade | $ 938,000 |
Fair Value of Assets and Liab34
Fair Value of Assets and Liabilities - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total Assets | $ 105,206 | $ 48,256 |
Total Liabilities | 0 | 0 |
Money Market Funds [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total Assets | 29,773 | 17,156 |
Commercial Paper [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total Assets | 5,498 | 2,500 |
Long-term Investments - Municipal Bonds [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total Assets | 2,406 | |
Short-term Investments [Member] | Commercial Paper [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total Assets | 13,957 | 4,494 |
Short-term Investments [Member] | Certificates of Deposit [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total Assets | 500 | |
Short-term Investments [Member] | Corporate Bonds [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total Assets | 19,097 | 14,357 |
Short-term Investments [Member] | Municipal Bonds [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total Assets | 6,314 | 1,905 |
Long-term Investments - Corporate Bonds [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total Assets | 28,161 | 7,344 |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total Assets | 29,773 | 17,156 |
Total Liabilities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Money Market Funds [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total Assets | 29,773 | 17,156 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total Assets | 75,433 | 31,100 |
Total Liabilities | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Commercial Paper [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total Assets | 5,498 | 2,500 |
Significant Other Observable Inputs (Level 2) [Member] | Long-term Investments - Municipal Bonds [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total Assets | 2,406 | |
Significant Other Observable Inputs (Level 2) [Member] | Short-term Investments [Member] | Commercial Paper [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total Assets | 13,957 | 4,494 |
Significant Other Observable Inputs (Level 2) [Member] | Short-term Investments [Member] | Certificates of Deposit [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total Assets | 500 | |
Significant Other Observable Inputs (Level 2) [Member] | Short-term Investments [Member] | Corporate Bonds [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total Assets | 19,097 | 14,357 |
Significant Other Observable Inputs (Level 2) [Member] | Short-term Investments [Member] | Municipal Bonds [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total Assets | 6,314 | 1,905 |
Significant Other Observable Inputs (Level 2) [Member] | Long-term Investments - Corporate Bonds [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total Assets | 28,161 | 7,344 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total Assets | 0 | 0 |
Total Liabilities | $ 0 | $ 0 |
Investments - Summary of Availa
Investments - Summary of Available-for-Sale Investments at Fair Value (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | $ 70,012 | $ 28,617 |
Gross Unrealized (Losses) | (89) | (18) |
Gross Unrealized Gains | 12 | 1 |
Estimated Fair Value | 69,935 | 28,600 |
Short-term Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 39,368 | 21,263 |
Gross Unrealized (Losses) | (12) | (8) |
Gross Unrealized Gains | 12 | 1 |
Estimated Fair Value | 39,368 | 21,256 |
Short-term Investments [Member] | Commercial Paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 13,949 | 4,493 |
Gross Unrealized Gains | 8 | 1 |
Estimated Fair Value | 13,957 | 4,494 |
Short-term Investments [Member] | Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 19,102 | 14,364 |
Gross Unrealized (Losses) | (9) | (7) |
Gross Unrealized Gains | 4 | |
Estimated Fair Value | 19,097 | 14,357 |
Short-term Investments [Member] | Municipal Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 6,317 | 1,906 |
Gross Unrealized (Losses) | (3) | (1) |
Estimated Fair Value | 6,314 | 1,905 |
Short-term Investments [Member] | Certificates of Deposit [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 500 | |
Estimated Fair Value | 500 | |
Long-term Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 30,644 | 7,354 |
Gross Unrealized (Losses) | (77) | (10) |
Estimated Fair Value | 30,567 | 7,344 |
Long-term Investments [Member] | Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 28,238 | 7,354 |
Gross Unrealized (Losses) | (77) | (10) |
Estimated Fair Value | 28,161 | $ 7,344 |
Long-term Investments [Member] | Municipal Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 2,406 | |
Estimated Fair Value | $ 2,406 |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Investments, Debt and Equity Securities [Abstract] | |||||
Realized gains or losses from available-for-sale securities | $ 0 | $ 0 | |||
Auction rate securities, noncurrent | $ 0 | $ 0 | $ 0 | ||
Losses from investments | $ 0 | $ 0 |
Property and Equipment - Tabula
Property and Equipment - Tabular Disclosure of Major Components of Property and Equipment and Related Accumulated Depreciation (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Abstract] | ||
Leasehold improvements | $ 581 | $ 525 |
Laboratory equipment and other | 4,197 | 3,884 |
Total property and equipment, at cost | 4,778 | 4,409 |
Less: accumulated depreciation | 3,203 | 3,103 |
Property and equipment, net | $ 1,575 | $ 1,306 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation and amortization expense on property and equipment | $ 110,000 | $ 47,000 | $ 203,000 | $ 78,000 |
Restricted Cash - Additional In
Restricted Cash - Additional Information (Detail) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Restricted Cash [Abstract] | ||
Total restricted cash | $ 311,000 | $ 311,000 |
Exton Office Lease - Additional
Exton Office Lease - Additional Information (Detail) - Apr. 01, 2015 - Exton [Member] - ft² | Total |
Operating Leased Assets [Line Items] | |
Area of leased office space | 4,300 |
Lease maturity date | Apr. 30, 2020 |
Operating lease renewal term | 5 years |
Exton Office Lease - Schedule o
Exton Office Lease - Schedule of Future Minimum Commitments (Detail) - Exton [Member] $ in Thousands | Jun. 30, 2015USD ($) |
Operating Leases Future Minimum Payments Due [Line Items] | |
2,015 | $ 50 |
2,016 | 76 |
2,017 | 78 |
2,018 | 81 |
2,019 | 83 |
2,020 | 28 |
Total | $ 396 |
Comprehensive Loss - Change in
Comprehensive Loss - Change in Accumulated Balance of the Component of Other Comprehensive Gain (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Comprehensive Income (Loss) After Tax [Abstract] | ||||
Accumulated unrealized loss on available-for-sale securities at beginning of period | $ (17) | $ (7) | ||
Change during the period | $ (78) | $ (1) | (60) | 10 |
Accumulated unrealized (loss) gain on available-for-sale securities at end of period | $ (77) | $ 3 | $ (77) | $ 3 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Recorded charges in statement of operations | $ 1,523 | $ 785 | $ 2,869 | $ 1,320 |
Options to purchase common stock granted to employees and directors | 2,034,000 | 2,116,000 | ||
Employees [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options vesting period | 4 years | |||
Directors [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options vesting period | 3 years | |||
Retiring Director's Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Recorded charges in statement of operations | $ 329 | $ 329 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Assumptions Used to Determine Fair Value of Stock Options Granted During Period (Detail) - $ / shares | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Average risk free interest rate | 1.30% | 1.60% |
Expected dividend yield | 0.00% | 0.00% |
Expected lives (years) | 4 years 3 months 18 days | 4 years 9 months 18 days |
Expected volatility | 92.00% | 83.00% |
Weighted average grant date fair value of options granted during the period (per share) | $ 2.61 | $ 2.61 |
Weighted average exercise price of options granted during the period (per share) | $ 3.92 | $ 4.01 |
Net Loss per Common Share App45
Net Loss per Common Share Applicable to Common Stockholders - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Total antidilutive securities | 74,628,647 | 80,016,676 | ||
Preferred stock dividends | $ 118,000 | $ 303,000 | ||
Series E Preferred Stock [Member] | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Preferred stock dividends | $ 118,000 | |||
Series D and E Preferred Stock [Member] | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Preferred stock dividends | $ 0 | $ 0 | $ 303,000 |
Common Stock Warrant and Opti46
Common Stock Warrant and Option Exercises and Employee Stock Purchases - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Warrant and Option Exercises and Employee Stock Purchases [Line Items] | ||
Number of shares of common stock issued for stock warrant and stock options exercised and ESPP purchases | 266,000 | 3,364,000 |
Proceeds from stock issued for warrant and option exercises & ESPP purchases | $ 343 | $ 6,780 |
Common Stock Warrant and Option Exercises and Employee Stock Purchases [Member] | ||
Warrant and Option Exercises and Employee Stock Purchases [Line Items] | ||
Number of shares of common stock issued for stock warrant and stock options exercised and ESPP purchases | 265,558 | 3,364,033 |
Proceeds from stock issued for warrant and option exercises & ESPP purchases | $ 343 | $ 6,780 |
Common Stock Warrant and Opti47
Common Stock Warrant and Option Exercises and Employee Stock Purchases - Schedule of Common Stock Warrant and Option Exercises and Employee Stock Purchases (Detail) - USD ($) shares in Thousands, $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Warrant and Option Exercises and Employee Stock Purchases [Line Items] | ||
Total, Shares | 266 | 3,364 |
Total, Proceeds | $ 343 | $ 6,780 |
Warrant Exercises [Member] | ||
Warrant and Option Exercises and Employee Stock Purchases [Line Items] | ||
Total, Shares | 3,044 | |
Total, Proceeds | $ 5,990 | |
Stock Option Exercises [Member] | ||
Warrant and Option Exercises and Employee Stock Purchases [Line Items] | ||
Total, Shares | 255 | 315 |
Total, Proceeds | $ 311 | $ 780 |
Employee Stock Purchases [Member] | ||
Warrant and Option Exercises and Employee Stock Purchases [Line Items] | ||
Total, Shares | 11 | 5 |
Total, Proceeds | $ 32 | $ 10 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | Feb. 06, 2014 | Dec. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jan. 10, 2014 |
Directors [Member] | |||||
Related Party Transaction [Line Items] | |||||
Common stock issued in lieu of board fees | 15,472 | 8,546 | |||
Value of common stock issued | $ 60,000 | $ 36,000 | |||
Series D Preferred Stock [Member] | |||||
Related Party Transaction [Line Items] | |||||
Preferred stock, shares issued | 1,124,260 | ||||
Preferred stock, shares outstanding | 0 | 1,124,260 | |||
Shares of common stock issued upon conversion | 6,266,175 | ||||
Series E Preferred Stock [Member] | |||||
Related Party Transaction [Line Items] | |||||
Preferred stock, shares issued | 0 | 0 | |||
Preferred stock, shares outstanding | 0 | 0 | |||
Shares of common stock issued upon conversion | 8,484,840 |
Registration Rights Agreement -
Registration Rights Agreement - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Registration rights agreement date | Feb. 9, 2015 |
Registration statement filing with SEC Period | 60 days |
Financing - Additional Informat
Financing - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Feb. 19, 2015 | Feb. 10, 2014 |
Class of Stock [Line Items] | ||
Stock issued, shares | 23,000,000 | |
Common stock, price per share | $ 3.75 | |
Gross proceeds from offering of common stock | $ 86.3 | |
Net proceeds from offering of common stock | $ 80.6 | |
Gross proceeds from sale of common stock and warrants excluding the proceeds from exercise of the warrants, if any | $ 40.1 | |
Sales price per share of pre-funded warrants | $ 3.99 | |
Estimated net proceeds from sale of common stock and warrants excluding the proceeds from exercise of the warrants, if any | $ 37.2 | |
Investment Funds [Member] | Directors [Member] | ||
Class of Stock [Line Items] | ||
Stock issued, shares | 5,333,333 | |
Common stock, price per share | $ 3.75 | |
Baker Bros. Advisors LP [Member] | ||
Class of Stock [Line Items] | ||
Common stock held, shares | 6,965,432 | |
Shares of common stock that may be purchased upon exercise of warrants | 20,316,327 | |
Exercise price of warrants | $ 0.47 | |
Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Stock issued, shares | 7,867,438 | |
Price to the public per share of common stock | $ 4 | |
Pre-funded Warrants [Member] | ||
Class of Stock [Line Items] | ||
Shares of common stock that may be purchased upon exercise of warrants | 2,158,750 | |
Exercise price of warrants | $ 0.01 | |
Pre-funded warrants expiration date | Feb. 10, 2021 | |
Pre-funded Warrants [Member] | Baker Bros. Advisors LP [Member] | ||
Class of Stock [Line Items] | ||
Shares of common stock that may be purchased upon exercise of warrants | 22,151,052 | |
Exercise price of warrants | $ 0.01 |