Dyax (DYAX) 10-Q 1 Nov 13 2013 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2013	Oct. 25, 2013
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-13	'
Document Fiscal Year Focus	'2013	'
Document Fiscal Period Focus	'Q3	'
Trading Symbol	'DYAX	'
Entity Registrant Name	'DYAX CORP	'
Entity Central Index Key	'0000907562	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	121,049,917

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Current assets:	'	'
Cash and cash equivalents	$43,138	$20,018
Short-term investments	4,005	9,028
Accounts receivable, net	6,215	7,507
Inventory	3,069	4,085
Other current assets	2,078	2,159
Total current assets	58,505	42,797
Fixed assets, net	5,139	5,329
Restricted cash	1,100	1,100
Other assets	5,895	6,260
Total assets	70,639	55,486
Current liabilities:	'	'
Accounts payable and accrued expenses	11,686	12,472
Current portion of deferred revenue	3,683	5,449
Current portion of long-term obligations	465	445
Other current liabilities	1,715	'
Total current liabilities	17,549	18,366
Deferred revenue	6,787	6,402
Notes payable	81,354	78,061
Long-term obligations	579	931
Deferred rent and other long-term liabilities	3,172	3,286
Total liabilities	109,441	107,046
Commitments and contingencies	'	'
Stockholders' deficit:	'	'
Preferred stock, $0.01 par value; 1,000,000 shares authorized; 41,418 and 0 shares issued and outstanding at September 30, 2013 and December 31, 2012, respectively	'	'
Common stock, $0.01 par value; 200,000,000 shares authorized; 110,347,285 and 98,798,065 shares issued and outstanding at September 30, 2013 and December 31, 2012, respectively	1,103	995
Additional paid-in capital	492,091	453,625
Accumulated deficit	-531,999	-506,186
Accumulated other comprehensive income	3	6
Total stockholders' deficit	-38,802	-51,560
Total liabilities and stockholders' deficit	$70,639	$55,486

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Preferred stock, par value	$0.01	$0.01
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	41,418	0
Preferred stock, shares outstanding	41,418	0
Common stock, par value	$0.01	$0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	110,347,285	98,798,065
Common stock, shares outstanding	110,347,285	98,798,065

Consolidated_Statements_of_Ope

Consolidated Statements of Operations and Comprehensive Loss (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Revenues:	'	'	'	'
Product sales, net	$10,772	$10,814	$27,927	$27,988
Development and license fee revenues	2,919	2,287	9,140	10,632
Total revenues, net	13,691	13,101	37,067	38,620
Costs and expenses:	'	'	'	'
Cost of product sales	720	493	1,991	1,447
Research and development	8,105	6,158	23,226	22,664
Selling, general and administrative	8,507	9,117	29,804	29,872
Restructuring costs	'	'	'	1,440
Total costs and expenses	17,332	15,768	55,021	55,423
Loss from operations	-3,641	-2,667	-17,954	-16,803
Other income (expense):	'	'	'	'
Interest and other income	199	5	206	22
Interest and other expenses	-2,746	-2,548	-8,065	-7,650
Total other expense	-2,547	-2,543	-7,859	-7,628
Net loss	-6,188	-5,210	-25,813	-24,431
Other comprehensive income (loss):	'	'	'	'
Unrealized gain (loss) on investments	2	4	-3	-1
Comprehensive loss	-6,186	-5,206	-25,816	-24,432
Net loss attributable to common stockholders	($6,188)	($5,210)	($25,813)	($24,431)
Net loss per share attributable to common stockholders	($0.06)	($0.05)	($0.25)	($0.25)
Shares used in computing basic and diluted net loss per share of common stock	109,731,276	99,069,928	104,821,199	98,896,984

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Cash flows from operating activities:	'	'
Net loss	($25,813)	($24,431)
Adjustments to reconcile net loss to net cash used in operating activities:	'	'
Amortization of purchased premium/discount	23	49
Depreciation of fixed assets	641	824
Non-cash interest expense	3,293	1,915
Compensation expenses associated with stock-based compensation plans	4,353	2,775
Non-cash stock issuance	1,076	'
Provision for doubtful accounts	'	-35
Gain on sale of fixed asset	'	-110
Changes in operating assets and liabilities:	'	'
Accounts receivable	1,292	-1,363
Other current assets	80	2,654
Inventory	1,333	-3,130
Accounts payable and accrued expenses	976	-3,589
Deferred revenue	-1,381	-3,053
Long-term deferred rent	-92	715
Other	32	153
Net cash used in operating activities	-14,187	-26,626
Cash flows from investing activities:	'	'
Purchase of investments	-4,002	-6,057
Proceeds from maturity of investments	9,000	23,000
Purchase of fixed assets	-497	-3,834
Restricted cash	'	1,266
Proceeds from sale of fixed assets	'	200
Net cash provided by investing activities	4,501	14,575
Cash flows from financing activities:	'	'
Net proceeds from the issuance of common and preferred stock	29,068	'
Repayment of long-term obligations	-331	-135
Proceeds from long-term obligations	'	1,382
Proceeds from the issuance of common stock under employee stock purchase plan and exercise of stock options	4,069	682
Net cash provided by financing activities	32,806	1,929
Net increase (decrease) in cash and cash equivalents	23,120	-10,122
Cash and cash equivalents at beginning of the period	20,018	31,468
Cash and cash equivalents at end of the period	43,138	21,346
Supplemental disclosure of cash flow information:	'	'
Interest paid	$3,057	$7,431

Business_Overview

Business Overview	9 Months Ended
	Sep. 30, 2013
Business Overview	'
	1. BUSINESS OVERVIEW
	Dyax Corp. (Dyax or the Company) is a biopharmaceutical company focused on:
	●	Hereditary Angioedema and Other Plasma-Kallikrein-Mediated Disorders
	The principal focus of the Company's efforts is to develop and commercialize treatments for hereditary angioedema (HAE) and to identify other disorders that are mediated by plasma kallikrein, which the Company refers to as PKM disorders.
	The Company developed KALBITOR® (ecallantide) on its own, and since 2010 the Company has been selling it in the United States for the treatment of acute attacks of HAE.  Outside of the United States, the Company has established partnerships to obtain regulatory approval for and to commercialize KALBITOR in certain markets and is evaluating opportunities in others.
	The Company is also developing:
	●	DX-2930, a fully human monoclonal antibody inhibitor of plasma kallikrein, which could be a candidate to treat HAE prophylactically.  In August 2013, the Company commenced the dosing of the first subject in a Phase 1 clinical study evaluating the safety and tolerability of a single subcutaneous administration of DX-2930 in healthy volunteers.
	●	A biomarker assay that will assist in verifying the activation of plasma kallikrein in patient blood.  The Company intends to use this assay to expedite the development of DX-2930 and to potentially identify other PKM disorders.
	●	Phage Display Licensing and Funded Research Program
	The Company leverages its proprietary phage display technology through its Licensing and Funded Research Program, which the Company refers to as the LFRP.  This program has provided the Company a portfolio of product candidates being developed by its licensees, which currently includes 13 product candidates in various stages of clinical development, including three in Phase 3 trials, for which it is eligible to receive future royalties and / or milestone payments.

Summary_of_Significant_Account

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2013

Summary of Significant Accounting Policies

'

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited interim consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information.  It is management’s opinion that the accompanying unaudited interim consolidated financial statements reflect all adjustments (which are normal and recurring) necessary for a fair statement of the results for the interim periods.  The financial statements should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012.  The accompanying December 31, 2012 consolidated balance sheet was derived from audited financial statements, but does not include all disclosures required by GAAP.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the dates of the financial statements and (iii) the reported amounts of revenue and expenses during the reporting periods.  Actual results could differ from those estimates.  The results of operations for the three and nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013.

Basis of Consolidation

The accompanying consolidated financial statements include the accounts of the Company and the Company's European subsidiaries Dyax S.A. and Dyax BV.  All inter-company accounts and transactions have been eliminated.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the amounts of assets and liabilities reported and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods.  The significant estimates and assumptions in these financial statements include revenue recognition for licensing and collaboration agreements, product sales allowances, royalty interest obligations, useful lives with respect to long lived assets, valuation of stock options, clinical trial accruals and other accrued expenses and tax valuation reserves.  Actual results could differ from those estimates.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, short-term investments and trade accounts receivable.  At September 30, 2013 and December 31, 2012, approximately 89% and 86%, respectively, of the Company's cash, cash equivalents and short-term investments were invested in money market funds backed by U.S. Treasury obligations, U.S. Treasury notes and bills, and obligations of United States government agencies held by one financial institution.  The Company maintains balances in various operating accounts in excess of federally insured limits.

The Company provides most of its services and licenses its technology to pharmaceutical and biomedical companies worldwide, and makes all product sales to its distributors.  There is a concentration of credit risk with respect to the trade receivable balance.  As of September 30, 2013, two customers accounted for 53% (Walgreens Infusion Services, Inc., “Walgreens”) and 27% (Eli Lilly and Company) of the accounts receivable balance, respectively.  Two customers also accounted for approximately 50% (Walgreens) and 34% (US Bioservices Corporation) of the Company's accounts receivable balance, respectively, as of December 31, 2012, all of which was collected in the first quarter of 2013.

Cash and Cash Equivalents

All highly liquid investments purchased with an original maturity of ninety days or less are considered to be cash equivalents.  Cash and cash equivalents consist principally of cash, money market and U.S. Treasury funds.

Investments

Short-term investments primarily consist of investments with original maturities greater than ninety days and remaining maturities less than one year at period end.  The Company considers its portfolio of investments as available-for-sale.  Accordingly, these investments are recorded at fair value, which is based on quoted market prices.  As of September 30, 2013, the Company's investments consisted of U.S. Treasury notes and bills with an amortized cost and estimated fair value of $4.0 million, and had an unrealized gain of $3,000, which has been recorded in other comprehensive income.  As of December 31, 2012, the Company's investments consisted of United States Treasury notes and bills with an estimated fair value and amortized cost of $9.0 million, and had an unrealized gain of $6,000, which is recorded in other comprehensive income.

Inventories

Inventories are stated at the lower of cost or market with cost determined under the first-in, first-out, or FIFO, basis. The Company evaluates inventory levels and would write-down inventory that is expected to expire prior to being sold, inventory that has a cost basis in excess of its expected net realizable value, inventory in excess of expected sales requirements, or inventory that fails to meet commercial sale specifications, through a charge to cost of product sales. Included in the cost of inventory are employee stock-based compensation costs capitalized under Accounting Standards Codification (ASC) 718.  Inventory on-hand that will be sold beyond the Company's normal operating cycle is classified as non-current and grouped with other assets on the Company's balance sheet.

Fixed Assets

Property and equipment are recorded at cost and depreciated over the estimated useful lives of the related assets using the straight-line method. Laboratory and production equipment, furniture and office equipment are depreciated over a three to seven year period. Leasehold improvements are stated at cost and are amortized over the lesser of the non-cancelable term of the related lease or their estimated useful lives. Leased equipment is amortized over the lesser of the life of the lease or their estimated useful lives. Maintenance and repairs are charged to expense as incurred. When assets are retired or otherwise disposed of, the cost of these assets and related accumulated depreciation and amortization are eliminated from the balance sheet and any resulting gains or losses are included in operations in the period of disposal.

The Company records all proceeds received from the lessor for tenant improvements under the terms of its operating lease as deferred rent.  These amounts are amortized on a straight-line basis over the term of the lease as an offset to rent expense.

Impairment of Long-Lived Assets

The Company’s long-lived assets, consisting primarily of fixed assets, are reviewed for impairment whenever events or changes in business circumstances indicate that the carrying amount of assets may not be fully recoverable or that the useful lives of these assets are no longer appropriate. Each impairment test is based on a comparison of the undiscounted cash flow to the recorded value of the asset. If impairment is indicated, the asset is written down to its estimated fair value on a discounted cash flow basis.

Revenue Recognition

The Company’s principal sources of revenue are product sales of KALBITOR and license fees, funding for research and development, and milestones and royalties derived from collaboration and license agreements.  In all instances, revenue is recognized only when the price is fixed or determinable, persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, collectability of the resulting receivable is reasonably assured and the Company has no further performance obligations.

Product Sales and Allowances

Product Sales.  Product sales are generated from the sale of KALBITOR to the Company’s customers, primarily wholesale and specialty distributors, and are recorded upon delivery when title and risk of loss have passed.  Product sales are recorded net of applicable reserves for trade prompt pay and other discounts, government rebates, patient assistance programs, product returns and other applicable allowances.

Product Sales Allowances.  The Company establishes reserves for trade distributor, prompt pay and volume discounts, government rebates, patient assistance programs, product returns and other applicable allowances.  Reserves established for these discounts and allowances are classified as a reduction of accounts receivable (if the amount is payable to the customer) or a liability (if the amount is payable to a party other than the customer).

Allowances against receivable balances primarily relate to prompt payment discounts and are recorded at the time of sale, resulting in a reduction in product sales revenue.  Accruals related to government rebates, patient financial assistance programs, product returns and other applicable allowances are recognized at the time of sale, resulting in a reduction in product sales revenue and the recording of an increase in accrued expenses.

The Company maintains service contracts with its distributors. These contracts include services such as inventory maintenance and patient support services, which include on-demand nursing services.  Accounting standards related to consideration given by a vendor to a customer, including a reseller of a vendor’s product, specify that each consideration given by a vendor to a customer is presumed to be a reduction of the selling price.  Consideration should be characterized as a cost if the company receives, or will receive, an identifiable benefit in exchange for the consideration, and fair value of the benefit can be reasonably estimated.  The Company has established that patient support services are at fair value and represent a separate and identifiable benefit as these services could be provided by separate third-party vendors.  Accordingly, these costs are classified as selling, general and administrative expense. Expenses related to services for the periods presented are disclosed in Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations - Selling, General and Administrative.

Inventory maintenance fees are calculated as a percentage of KALBITOR sales price and accordingly, are classified as a reduction in product sales revenue.

Prompt Payment and Other Discounts.  The Company offers a prompt payment discount to its United States distributors.  Since the Company expects that these distributors will take advantage of this discount, the Company accrues 100% of the prompt payment discount that is based on the gross amount of each invoice, at the time of sale.  This accrual is adjusted quarterly to reflect actual earned discounts.  The Company also offers volume discounts to certain distributors which are accrued quarterly based on the period activity.

Government Rebates and Chargebacks.  The Company estimates reductions to product sales for Medicaid and Veterans' Administration (VA) programs and the Medicare Part D Coverage Gap Program, as well as for certain other qualifying federal and state government programs.  The Company estimates the amount of these reductions based on available KALBITOR patient data, actual sales data and rebate claims.  These allowances are adjusted each period based on actual experience.

Medicaid rebate reserves relate to the Company’s estimated obligations to state jurisdictions under the established reimbursement arrangements of each applicable state.  Rebate accruals are recorded during the same period in which the related product sales are recognized.  Actual rebate amounts are determined at the time of claim by the state, and the Company will generally make cash payments for such amounts after receiving billings from the state.

VA rebates or chargeback reserves represent the Company’s estimated obligations resulting from contractual commitments to sell products to qualified healthcare providers at a price lower than the list price charged to the Company’s distributor.  The distributor will charge the Company for the difference between what the distributor pays for the product and the ultimate selling price to the qualified healthcare provider.  Rebate accruals are established during the same period in which the related product sales are recognized. Actual chargeback amounts for Public Health Service are determined at the time of resale to the qualified healthcare provider from the distributor, and the Company will generally issue credits for such amounts after receiving notification from the distributor.

Although allowances and accruals are recorded at the time of product sale, certain rebates are typically paid out, on average, up to six months or longer after the sale.  Reserve estimates are evaluated quarterly and if necessary, adjusted to reflect actual results.  Any such adjustments will be reflected in the Company’s operating results in the period of the adjustment.

Product Returns.  Allowances for product returns are recorded during the period in which the related product sales are recognized, resulting in a reduction to product revenue.  The Company does not provide its distributors with a general right of product return. The Company permits returns if the product is damaged or defective when received by customers or if the product shelf life has expired.  The Company estimates product returns based upon actual returns history and data provided by a distributor.

Patient Financial Assistance.  The Company offers a financial assistance program for qualified KALBITOR patients in order to aid a patient’s access to KALBITOR through use of a patient voucher for co-payment assistance.  The Company estimates its liability for this voucher program based on actual vouchers issued but unpaid, as well as, an estimated reserve for product sold to and held by distributors as of period end, based on the Company’s historical redemption rates.

An analysis of the amount of, and change in, reserves related to sales allowances is summarized as follows:

(In thousands)

Prompt pay

Patient financial assistance

Government

Returns

Total

and other

rebates and chargebacks

discounts

Balance, as of December 31, 2012

$

388

$

165

$

565

$

551

$

1,669

Current provisions relating to sales in current year

1,776

358

2,195

83

4,412

Adjustments relating to prior years

13

(55

)

(298

)

(141

)

(481

)

Payments relating to sales in current year

(1,290

)

(231

)

(910

)

-

(2,431

)

Payments/returns relating to sales in prior years

(327

)

(47

)

(271

)

(191

)

(836

)

Balance, as of September 30, 2013

$

560

$

190

$

1,281

$

302

$

2,333

Development and License Fee Revenues

Collaboration Agreements.  The Company enters into collaboration agreements with other companies for the research and development of therapeutic, diagnostic and separations products. The terms of the agreements may include non-refundable signing and licensing fees, funding for research and development, payments related to manufacturing services, milestone payments and royalties on any product sales derived from collaborations.  These multiple element arrangements are analyzed to determine how the deliverables, which often include license and performance obligations such as research, steering committee and manufacturing services, are separated into units of accounting.

For agreements entered into prior to 2011, the Company evaluated license arrangements with multiple elements in accordance with ASC, 605-25 Revenue Recognition – Multiple-Element Arrangements.  Since 2011, the Company has applied the guidance of ASU 2009-13 to evaluate license arrangements with multiple elements.  This guidance amended the accounting standards for certain multiple element arrangements to:

●

Provide updated guidance on whether multiple elements exist, how the elements in an arrangement should be separated and how the arrangement considerations should be allocated to the separate elements;

●

Require an entity to allocate arrangement consideration to each element based on a selling price hierarchy, also called the relative selling price method, where the selling price for an element is based on vendor-specific objective evidence (VSOE), if available; third-party evidence (TPE), if available and VSOE is not available; or the best estimate of selling price (BESP), if neither VSOE or TPE is available; and

●

Eliminate the use of the residual method and require an entity to allocate arrangement consideration using the selling price hierarchy.

The Company evaluates all deliverables within an arrangement to determine whether or not they provide value to the licensee on a stand-alone basis.  Based on this evaluation, the deliverables are separated into units of accounting.  If VSOE or TPE is not available to determine the fair value of a deliverable, the Company determines the best estimate of selling price associated with the deliverable.  The arrangement consideration, including upfront license fees and funding for research and development, is allocated to the separate units based on relative fair value.

VSOE is based on the price charged when an element is sold separately and represents the actual price charged for that deliverable.  When VSOE cannot be established, the Company attempts to establish the selling price of the elements of a license arrangement based on TPE.  TPE is determined based on third party evidence for similar deliverables when sold separately.  In circumstances when the Company charges a licensee for pass-through costs paid to external vendors for development services, these costs represent TPE.

When the Company is unable to establish the selling price of an element using VSOE or TPE, management determines BESP for that element.  The objective of BESP is to determine the price at which the Company would transact a sale if the element within the license agreement were sold on a stand-alone basis.  The Company’s process for establishing BESP involves management’s judgment and considers multiple factors including discounted cash flows, estimated direct expenses and other costs and available data.

Based on the value allocated to each unit of accounting within an arrangement, upfront fees and other guaranteed payments are allocated to each unit based on relative value.  The appropriate revenue recognition method is applied to each unit and revenue is accordingly recognized as each unit is delivered.

For agreements entered into prior to 2011, revenue related to upfront license fees was spread over the full period of performance under the agreement, unless the license was determined to provide value to the licensee on a stand-alone basis and the fair value of the undelivered performance obligations, typically including research or steering committee services was determinable.

Steering committee services that were not inconsequential or perfunctory and were determined to be performance obligations were combined with other research services or performance obligations required under an arrangement, if any, to determine the level of effort required in an arrangement and the period over which the Company expected to complete its aggregate performance obligations.

Whenever the Company determined that an arrangement should be accounted for as a single unit of accounting, it determined the period over which the performance obligations would be completed. Revenue is recognized using either an efforts-based or time-based (i.e. straight-line) proportional performance method. The Company recognizes revenue using an efforts-based proportional performance method when the level of effort required to complete its performance obligations under an arrangement can be reasonably estimated and such performance obligations are provided on a best-efforts basis. Direct labor hours or full-time equivalents are typically used as the measurement of performance.

If the Company cannot reasonably estimate the level of effort to complete its performance obligations under an arrangement, then revenue under the arrangement is recognized on a straight-line basis over the period the Company is expected to complete its performance obligations.

Many of the Company's collaboration agreements entitle it to additional payments upon the achievement of performance-based milestones. For all milestones achieved prior to 2011, substantive milestones were included in the Company's revenue model when the milestone was achieved. Milestones that were tied to regulatory approval were not considered probable of being achieved until such approval was received. All milestones achieved after January 1, 2011 which are determined to be substantive milestones are recognized as revenue in the period in which they are met in accordance with Accounting Standards Update (ASU) No. 2010-17, Revenue Recognition – Milestone Method.  Milestones tied to counter-party performance are not included in the Company’s revenue model until performance conditions are met.  Milestones determined to be non-substantive are allocated to each unit of accounting within an arrangement when met.  The allocation of the milestone to each unit is based on relative value and revenue related to each unit is recognized accordingly.

Royalty revenue is recognized upon the sale of the related products provided the Company has no remaining performance obligations under the arrangement.

Costs of revenues related to product development and license fees are classified as research and development in the consolidated statements of operations and comprehensive loss.

Phage Display Library Licenses.  Standard terms of the proprietary phage display library agreements generally include non-refundable signing fees, license maintenance fees, development milestone payments, product license payments and royalties on product sales.  Signing fees and maintenance fees are generally recognized on a straight line basis over the term of the agreement as deliverables within these arrangements are determined to not provide the licensee with value on a stand-alone basis and therefore are accounted for as a single unit of accounting. As milestones are achieved under a phage display library license, a portion of the milestone payment, equal to the percentage of the performance period completed when the milestone is achieved, multiplied by the amount of the milestone payment, will be recognized. The remaining portion of the milestone will be recognized over the remaining performance period on a straight-line basis. If the Company has no future obligations under the license, milestone payments under these license arrangements are recognized when the milestone is achieved. Product license payments, which are optional to the licensee, are substantive and therefore are excluded from the initial allocation of the arrangement consideration.  These payments are recognized as revenue when the license is issued upon exercise of the licensee’s option, if the Company has no future obligations under the agreement. If there are future obligations under the agreement, product license payments are recognized as revenue only to the extent of the fair value of the license. Amounts paid in excess of fair value are recognized in a manner similar to milestone payments. Royalty revenue is recognized upon the sale of the related products provided the Company has no remaining performance obligations under the arrangement.

Payments received that have not met the appropriate criteria for revenue recognition are recorded as deferred revenue.

Phage Display Patent Licenses.  The Company previously licensed its phage display patents on a non-exclusive basis to third parties for use in connection with the research and development of therapeutic, diagnostic, and other products.  The core patents in this portfolio expired in November 2012.  Even after patent expiration, the Company generally remains eligible under these patent licenses to receive milestones and/or royalties for products discovered prior to patent expiration, although certain existing patent licenses will no longer have a royalty obligation.  The Company does not expect the expiration of these patents to have a material impact on its LFRP business.

Standard terms of the patent rights agreements include non-refundable signing fees, non-refundable license maintenance fees, development milestone payments and/or royalties on product sales. Signing fees and maintenance fees are generally recognized on a straight line basis over the term of the agreement or through the date of patent expiry, if shorter, except that in the case of perpetual patent licenses for which fees were recognized immediately if it was determined that the Company had no future obligations under the agreement and the payments were made upfront.  As the Company has no remaining performance obligations under their patent license agreements, milestones are recognized as revenue in the period in which the milestone is achieved, and royalty revenue is recognized upon the sale of the related products.

LFRP Milestones

Non-substantive Milestones.  Under the Company’s LFRP, it is eligible to receive clinical development, regulatory filing and marketing approval milestones, which vary from licensee to licensee.  Achievement of these milestones is contingent upon the licensees’ efforts and involves risks and uncertainty related to drug development, regulatory approval and intellectual property which could lead to milestones never being met.

Based on information available to the Company regarding pre-clinical and clinical candidates developed using its technology and through intellectual property rights granted, it is estimated that the Company could receive up to $66 million in development milestones, $58 million in regulatory filing milestones and $80 million in marketing approval milestones.  As achievement of these milestones is outside the control of the Company and is contingent upon the licensees’ efforts, they have been determined to be non-substantive milestones.

The Company recognized revenue of approximately $1.7 million and $3.0 million related to milestones under the LFRP for the three and nine months ended September 30, 2013, respectively, and approximately $244,000 and $2.3 million for the three and nine months ended September 30, 2012, respectively.

Substantive Milestones. Under certain collaboration agreements, the Company performs funded research for various collaborators using its phage display technology and libraries.  These arrangements typically include technical milestones which are based on agreed upon objectives to be met under the research campaign, which are considered to be commensurate with the Company’s performance and therefore have been determined to be substantive milestones.

During the nine months ended September 30, 2012, the Company recognized revenue of approximately $327,000 for technical milestones.  There was no amount recognized during the three months ended September 30, 2012 or for the 2013 periods.  The Company is not eligible to receive any future technical milestones at this time.

Non-LFRP Milestones

In certain countries outside of the U.S., the Company has entered into licensing agreements for the development and commercialization of KALBITOR for the treatment of HAE and other angioedema indications.  Under these agreements, the Company is eligible to receive certain development and sales milestones. See Note 3, Significant Transactions.

Cost of Product Sales

Cost of product sales includes costs to procure, manufacture and distribute KALBITOR and manufacturing royalties. Costs associated with the manufacture of KALBITOR prior to regulatory approval in the United States were expensed when incurred as a research and development cost and accordingly, KALBITOR units sold during the three and nine months ended September 30, 2012 do not include the full cost of drug manufacturing.  For the three months ended September 30, 2013, KALBITOR units sold included the full cost of drug manufacturing.  During the nine months ended September 30, 3013, KALBITOR sales were comprised of a combination of product manufactured both prior to and following FDA approval.  Accordingly, cost of product sales during the nine months ended September 30, 2013 do not reflect the full KALBITOR manufacturing cost.

Research and Development

Research and development costs include all direct costs, including salaries and benefits for research and development personnel, outside consultants, costs of clinical trials, sponsored research, clinical trials insurance, other outside costs, depreciation and facility costs related to the development of drug candidates.

Income Taxes

The Company utilizes the asset and liability method of accounting for income taxes in accordance with ASC 740.  Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities using the enacted statutory tax rates.  At September 30, 2013 and December 31, 2012, there were no unrecognized tax benefits.

The Company accounts for uncertain tax positions using a "more-likely-than-not" threshold for recognizing and resolving uncertain tax positions. The evaluation of uncertain tax positions is based on factors that include, but are not limited to, changes in tax law, the measurement of tax positions taken or expected to be taken in tax returns, the effective settlement of matters subject to audit, new audit activity and changes in facts or circumstances related to a tax position. The Company evaluates uncertain tax positions on a quarterly basis and adjusts the level of the liability to reflect any subsequent changes in the relevant facts surrounding the uncertain positions.

Translation of Foreign Currencies

Assets and liabilities of the Company's foreign subsidiaries are translated at period end exchange rates. Amounts included in the statements of operations are translated at the average exchange rate for the period. All currency translation adjustments are recorded to other income (expense) in the consolidated statement of operations.  For the three and nine months ending September 30, 2013 the Company recorded other income of $11,000 and $9,000, respectively, for the translation of foreign currency.  For the three and nine months ending September 30, 2012 the Company recorded other income of $10,000 and other expense $3,000, respectively, for the translation of foreign currency.

Share-Based Compensation

The Company’s share-based compensation program consists of share-based awards granted to employees in the form of stock options and restricted stock units, as well as its 1998 Employee Stock Purchase Plan, as amended (the Purchase Plan).  The Company’s share-based compensation expense is recorded in accordance with ASC 718.

Income or Loss Per Share

The Company follows the two-class method when computing net loss per share, as it has issued shares that meet the definition of participating securities. The two-class method determines net loss per share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends, as if all income for the period had been distributed. The Company’s convertible preferred stock, issued during May 2013, contractually entitles the holders of such shares to participate in dividends but does not contractually require the holders of such shares to participate in losses of the Company.

The Company presents two earnings or loss per share (EPS) amounts attributable to common stockholders, basic and diluted, in accordance with ASC 260.  Basic earnings or loss per share attributable to common stockholders is computed using the weighted average number of shares of common stock outstanding. Diluted net loss per share attributable to common stockholders does not differ from basic net loss per share attributable to common stockholders since potential common shares from the conversion of preferred stock to common stock, and exercise of stock options, warrants or rights under the Purchase Plan are anti-dilutive for the periods ended September 30, 2013 and 2012 and, therefore, are excluded from the calculation of diluted net loss per share attributable to common stockholders.

The weighted average of preferred stock as converted into common shares, stock options, restricted stock units and warrants outstanding totaled 14,972,977 and 12,905,964 for the nine months ending September 30, 2013, and 2012, respectively.

Comprehensive Income (Loss)

The Company accounts for comprehensive income (loss) under ASC 220, Comprehensive Income, which established standards for reporting and displaying comprehensive income (loss) and its components in a full set of general purpose financial statements. The statement required that all components of comprehensive income (loss) be reported in a financial statement that is displayed with the same prominence as other financial statements.

Business Segments

The Company discloses business segments under ASC 280, Segment Reporting.  The statement established standards for reporting information about operating segments and disclosures about products and services, geographic areas and major customers.  The Company operates as one business segment within predominantly one geographic area.

New Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB) or other standard setting bodies, which are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption.

In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (ASU 2013-02). This newly issued accounting standard requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. This ASU is effective for reporting periods beginning after December 15, 2012. The Company’s only component of other comprehensive income is unrealized gain or loss on investments during the periods presented.  These amounts were not material to our financial statements.  As a result, no additional disclosures have been made.

Significant_Transactions

Significant Transactions	9 Months Ended
	Sep. 30, 2013
Significant Transactions	'
	3. SIGNIFICANT TRANSACTIONS
	CMIC
	In 2010, the Company entered into an agreement with CMIC Co., Ltd. (CMIC) to develop and commercialize subcutaneous ecallantide for the treatment of HAE and other angioedema indications in Japan.
	Under the terms of the agreement, the Company received a $4.0 million upfront payment.  The Company is also eligible to receive up to $102 million in development and sales milestones for ecallantide in HAE and other angioedema indications and royalties of 20%-24% of net product sales. CMIC is solely responsible for all costs associated with development, regulatory activities, and commercialization of ecallantide for all angioedema indications in Japan. CMIC will purchase drug product from the Company on a cost-plus basis for clinical and commercial supply.
	The Company analyzed this multiple element arrangement in accordance with ASC 605 and evaluated whether the performance obligations under this agreement, including the product license, development of ecallantide for the treatment of HAE and other angioedema indications in Japan, steering committee, and manufacturing services should be accounted for as a single unit or multiple units of accounting.  The Company determined that there were two units of accounting.  The first unit of accounting includes the product license, the committed future development services and the steering committee involvement.  The second unit of accounting relates to the manufacturing services.  At this time the scope and timing of the future development of ecallantide for the treatment of HAE and other indications in the CMIC territory are the joint responsibility of the Company and CMIC and therefore, the Company cannot reasonably estimate the level of effort required to fulfill its obligations under the first unit of accounting.  As a result, the Company is recognizing revenue under the first unit of accounting on a straight-line basis over the estimated development period of ecallantide for the treatment of HAE in the CMIC territory through 2016.
	The Company recognized revenue of approximately $192,000 and $589,000 related to this agreement for the three and nine months ended September 30, 2013, respectively, and approximately $189,000 and $566,000 for the three and nine months ended September 30, 2012, respectively.  As of September 30, 2013 and December 31, 2012, the Company has deferred approximately $2.0 million and $2.5 million, respectively, of revenue related to this arrangement, which is recorded in deferred revenue on the accompanying consolidated balance sheets.
	CVie
	In February 2013, the Company entered into an agreement with CVie Therapeutics (CVie), a subsidiary of Lee’s Pharmaceutical Holdings Ltd., to develop and commercialize KALBITOR for the treatment of HAE and other angioedema indications in China, Hong Kong and Macau.  Under the terms of this exclusive license agreement, Dyax received a $1.0 million upfront payment and is eligible to receive up to $11 million in future regulatory and sales milestones.  Additionally, the Company is eligible to receive royalties on net product sales.  CVie is solely responsible for all costs associated with development, regulatory activities and the commercialization of KALBITOR in their licensed territories.  CVie will purchase drug product from the Company on a cost-plus basis for its commercial supply when and if KALBITOR is approved for commercial sale in the CVie territories.
	The Company analyzed this multiple element arrangement in accordance with ASC 605 and evaluated whether the performance obligations under this agreement, including the product license, steering committee, and manufacturing services should be accounted for as a single unit or multiple units of accounting.  Because of the risk associated with obtaining approval for commercial sale in the CVie territories, manufacturing services associated with commercial supply are considered a contingent deliverable and will be accounting for when and if performed.  As CVie is required to obtain all drug product for both clinical development and commercial demand from the Company, all other deliverables under this arrangement were determined to provide no stand- alone value to the licensee.  Accordingly, it was determined that the license, manufacturing services associated with clinical supply and steering committee performance obligations under this agreement represent a single unit of accounting.
	At this time, the Company cannot reasonably estimate the level of effort required to fulfill its obligations and, therefore, is recognizing revenue on a straight-line basis over the estimated development period of ecallantide through mid-2018.
	The Company recognized revenue of $47,000 and $125,000 for the three and nine months ended September 30, 2013, respectively. As of September 30, 2013, the Company has deferred $875,000 of revenue related to this arrangement, which is recorded in deferred revenue on the accompanying consolidated balance sheets.
	Novellus
	In January 2013, the Company entered into an agreement with Novellus Biopharma AG (Novellus) to develop and commercialize KALBITOR for the treatment of HAE and other angioedema indications in select countries in Latin America, including Argentina, Brazil, Chile, Colombia, Mexico and Venezuela.  Under the terms of the exclusive license agreement, the Company is entitled to receive payments totaling $800,000 in 2013, of which $500,000 was received through September 30, 2013.  Additionally, the Company is eligible to receive up to $5.2 million in future regulatory and sales milestones and royalties on net product sales.  Novellus is solely responsible for all costs associated with development, regulatory activities, and the commercialization of KALBITOR in their licensed territories.  Novellus will purchase drug product from the Company on a cost-plus basis for its commercial supply.
	The Company analyzed this multiple element arrangement in accordance with ASC 605 and evaluated whether the performance obligations under this agreement, including the product license, steering committee, and manufacturing services should be accounted for as a single unit or multiple units of accounting.  As Novellus is required to obtain all drug product for both clinical and commercial demand from the Company, all other deliverables under this arrangement were determined to provide no stand- alone value to the licensee.  Accordingly, it was determined that performance obligations under this agreement represent a single unit of accounting.
	The Company will recognize revenue related to this arrangement, including the upfront payments, on a unit output basis, as products under clinical and commercial supply are provided to Novellus.  As no supply has been provided to Novellus to date, no revenue has been recognized during the three and nine months ended September 30, 2013.  As of September 30, 2013, the Company has deferred $800,000 of revenue related to this arrangement, which is recorded in deferred revenue on the accompanying consolidated balance sheets.
	Sigma Tau
	In June 2010, the Company entered into a strategic collaboration agreement with Sigma-Tau Rare Diseases S.A. (as successor-in-interest to Defiante Farmaceutica S.A.) (Sigma Tau) to develop and commercialize subcutaneous ecallantide for the treatment of HAE and other therapeutic indications throughout Europe, North Africa, the Middle East and Russia.  In December 2010, the original agreement was amended to expand the partnership to commercialize KALBITOR for the treatment of HAE in Australia and New Zealand (the first amendment).  In May 2011, the Company further amended its agreement with Sigma-Tau to include development and commercialization rights in Latin America (excluding Mexico), the Caribbean and certain Asian territories (the second amendment).  Three subsequent amendments to this agreement eliminated rights that Dyax had previously granted to Sigma Tau for the Asian territories, the Middle East, North Africa, Latin America and the Caribbean and in March 2013 rights to the remaining territories (Europe, Russia, Australia and New Zealand) were eliminated under a termination agreement between the Company and Sigma Tau.
	Through the date of termination, Sigma Tau made aggregate upfront payments of $7.0 million, payments of $3.8 million for reimbursement associated with development services and purchased 787,647 shares of the Company’s common stock for an aggregate purchase price of $3.0 million.
	Through May 2011, revenue under this arrangement was recognized in accordance with Emerging Issues Task Force Issue 00-21, Revenue Arrangements with Multiple Deliverables.  In May 2011, in conjunction with the second amendment to this agreement, it was determined that the existing arrangement had been materially modified.  As a result, the Company re-evaluated the entire arrangement under ASU No. 2009-13, Revenue Recognition with Multiple Deliverables, as if all modifications since inception were part of the original agreement.  All undelivered items under the agreement were identified and allocated to separate units of accounting based on whether the deliverable provided stand-alone value to the licensee.  The undelivered items as of the date of the second amendment consisted of (i) committed future development services, (ii) steering committee services and (iii) manufacturing services.  Manufacturing services for commercial supply were determined to be a contingent deliverable as the performance of these services were contingent upon Sigma-Tau obtaining regulatory approval in its territories.
	All deferred revenue as of the date of modification and additional proceeds received under the second amendment, determined to be attributable to the license granted based on the Company’s best estimate of selling price (BESP), were recognized during the second quarter of 2011.  Management allocated proceeds as of the date of modification to the steering committee and development services based on BESP which was recognized under the proportional performance model as work was performed.
	The principal terms of the March 2013 termination agreement included provision for (i) the revocation of all licenses granted by the Company to Sigma Tau, (ii) the termination of all other obligations under the license agreement, (iii) the issuance of 271,665 shares of the Company’s common stock to Sigma Tau, and (iv) the right of Sigma Tau to receive $500,000 for every $5.0 million of compensation received by the Company during the next ten years in relation to the potential license or supply of ecallantide exclusively in those territories that had been previously licensed to Sigma Tau.  In accordance with ASC 605-50, the $1.1 million determined to be the fair value of the common stock as of the date of issuance was recorded as a reduction to development and license fee revenue on the Company’s statement of operations and $85,000 of deferred revenue attributable to the JSC services was recognized as revenue for the nine months ended September 30, 2013.  No additional revenue is expected to be recognized in future periods.  For the three and nine months ended September 30, 2012, revenue recognized under this arrangement totaled $69,000 and $156,000, respectively.

Fair_Value_Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2013
Fair Value Measurements	'
	4. FAIR VALUE MEASUREMENTS
	The following tables present information about the Company's financial assets that have been measured at fair value as of September 30, 2013 and December 31, 2012 and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize observable inputs other than Level 1 prices, such as quoted prices, for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability, and includes situations where there is little, if any, market activity for the asset or liability.
	Description    (in thousands)	September 30,		Quoted		Significant		Significant
		2013		Prices in		Other		Unobservable
				Active		Observable		Inputs
				Markets		Inputs		(Level 3)
				(Level 1)		(Level 2)
	Assets:
	Cash equivalents	$	37,952	$	37,952	$	—	$	—
	Marketable debt securities		4,005		—		4,005		—
	Total	$	41,957	$	37,952	$	4,005	$	—
	Description   (in thousands)	December 31,		Quoted		Significant		Significant
		2012		Prices in		Other		Unobservable
				Active		Observable		Inputs
				Markets		Inputs		(Level 3)
				(Level 1)		(Level 2)
	Assets:
	Cash equivalents	$	15,910	$	15,910	$	—	$	—
	Marketable debt securities		9,028		—		9,028		—
	Total	$	24,938	$	15,910	$	9,028	$	—
	The following tables summarize the Company’s marketable securities at September 30, 2013 and December 31, 2012 (in thousands):
		30-Sep-13
	Description	Amortized		Gross		Gross		Fair Value
		Cost		Unrealized		Unrealized
				Gains		Losses
	US Treasury Bills and Notes (due within 1 year)	$	2,002	$	1	$	—	$	2,003
	US Treasury Bills and Notes		2,000		2				2,002
	(due after 1 year through 2 years)
	Total	$	4,002	$	3	$	—	$	4,005
		31-Dec-12
	Description	Amortized		Gross		Gross		Fair Value
		Cost		Unrealized		Unrealized
				Gains		Losses
	US Treasury Bills and Notes (due within 1 year)	$	9,022	$	6	$	—	$	9,028
	Total	$	9,022	$	6	$	—	$	9,028
	As of September 30, 2013 and December 31, 2012, the Company's cash equivalents which are invested in money market funds are valued based on Level 1 inputs.  As of September 30, 2013 and December 31, 2012, the Company’s short-term investments consisted of U.S. Treasury notes and bills valued based on Level 2 inputs. These assets have been initially valued at the transaction price and subsequently valued utilizing a third party pricing service. We validate the prices provided by our third party pricing service by understanding the models used and obtaining market values from other pricing sources.
	The carrying amounts reflected in the consolidated balance sheets for cash, cash equivalents, other current assets, accounts payable and accrued expenses and other current liabilities approximate fair value due to their short-term maturities.

Inventory

Inventory	9 Months Ended
	Sep. 30, 2013
Inventory	'
	5. INVENTORY
	Costs associated with the manufacture of KALBITOR prior to regulatory approval were expensed when incurred, and therefore were not capitalized as inventory.  Subsequent to FDA approval, all costs associated with the manufacture of KALBITOR have been recorded as inventory.
	Inventory on-hand that will be sold beyond the Company's normal operating cycle is classified as non-current and grouped with Other Assets on the Company's balance sheet.  As of September 30, 2013 and December 31, 2012, approximately $5.6 million and $5.9 million of inventory, respectively, is classified as non-current.
	Inventory consists of the following (in thousands):
		September 30,		December 31,
		2013		2012
	Raw Materials	$	1,116	$	1,116
	Work in Progress		5,930		8,274
	Finished Goods		1,618		599
	Total	$	8,664	$	9,989

Fixed_Assets

Fixed Assets	9 Months Ended
	Sep. 30, 2013
Fixed Assets	'
	6. FIXED ASSETS
	Fixed assets consist of the following (in thousands):
		September 30,			December 31,
		2013			2012
	Laboratory equipment	$	7,673		$	7,628
	Furniture and office equipment		1,619			1,619
	Software and computers		5,357			4,763
	Leasehold improvements		4,510			4,502
	Construction in process		—			197
	Total		19,159			18,709
	Less: accumulated depreciation		(14,020	)		(13,380	)
		$	5,139		$	5,329
	Depreciation expense for the three and nine months ended September 30, 2013 was approximately $224,000 and $641,000, respectively and $246,000 and $824,000 for the three and nine months ended September 30, 2012, respectively.

Accounts_Payable_And_Accrued_E

Accounts Payable And Accrued Expenses	9 Months Ended
	Sep. 30, 2013
Accounts Payable And Accrued Expenses	'
	7. ACCOUNTS PAYABLE AND ACCRUED EXPENSES
	Accounts payable and accrued expenses consist of the following (in thousands):
		September 30,		December 31,
		2013		2012
	Accounts payable	$	775	$	3,557
	Accrued employee compensation and related taxes		3,893		4,018
	Accrued external research and development and sales expenses		2,085		1,652
	Accrued license fees		1,500		—
	Accrued legal		891		518
	Accrued sales allowances		1,530		1,052
	Other accrued liabilities		1,012		1,675
	Total	$	11,686	$	12,472

LongTerm_Obligations

Long-Term Obligations	9 Months Ended
	Sep. 30, 2013
Long-Term Obligations	'
	8. LONG-TERM OBLIGATIONS
	Notes Payable - HealthCare Royalty Partners
	In August 2012, the Company completed the second closing under an agreement with an affiliate of HealthCare Royalty Partners (HC Royalty), which the Company entered into in December 2011 to refinance its existing loans from HC Royalty.  At September 30, 2013, the aggregate principal amount of the new loan was $84.5 million, consisting of a $22.8 million Tranche A Loan and a $61.7 million Tranche B Loan (collectively, the “Loan”). The Loan bears interest at a rate of 12% per annum, payable quarterly.  The Loan will mature in August 2018, and can be repaid without penalty beginning in August 2015.
	In connection with the Loan, the Company entered into a security agreement granting HC Royalty a security interest in the intellectual property related to the LFRP, and the revenues generated by the Company through the licenses of the intellectual property related to the LFRP. The security agreement does not apply to the Company's internal drug development or to any of the Company's co-development programs for ecallantide.
	Under the terms of the agreement, the Company is required to repay the Loan based on the annual net LFRP receipts.  Until September 30, 2016, required payments are equal to the sum of 75% of the first $15.0 million in specified annual LFRP receipts and 25% of specified annual LFRP receipts over $15.0 million.  After September 30, 2016, and until the maturity date or the complete repayment of the Loan, HC Royalty will receive 90% of all included LFRP receipts.  If the HC Royalty portion of LFRP receipts for any quarter exceeds the interest for that quarter, then the principal balance will be reduced.  Any unpaid principal will be due upon the maturity of the Loan.  If the HC Royalty portion of LFRP revenues for any quarterly period is insufficient to cover the cash interest due for that period, the deficiency may be added to the outstanding principal or paid in cash by the Company.  After five years from the dates of the Tranche A Loan and the Tranche B Loan, respectively, the Company must repay to HC Royalty all additional accumulated principal above the original loan amounts of $21.7 million and $58.8 million, respectively.
	Tranche A Loan
	Under the terms of the agreement, the Company received a loan of $20 million (Tranche A Loan) in December 2011 and a commitment to refinance the amounts outstanding under the Company’s March 2009 amended and restated loan agreement (the March 2009 Loan) at a reduced interest rate in August 2012.  The Tranche A Loan was unsecured and accrued interest at an annual rate of 13% through August 2012.
	Upon execution of the Tranche A Loan, the terms of the original loans were determined to be modified under ASC 470.  During the quarter ended September 30, 2013, interest expense on the Loan is being recorded in the Company’s financial statements at an effective interest rate of 12.6%.
	Upon modification of the original loans, the note payable balance related to the Tranche A Loan was reduced by $193,000 to reflect payment of the lender’s legal fees in conjunction with the Tranche A Loan; these fees are being accreted over the life of the Loan, through August 2018.
	Tranche B Loan
	In August 2012, the Company completed a second closing with an affiliate of HC Royalty to refinance approximately $57.6 million outstanding under the March 2009 Loan under the same terms as Tranche A Loan (Tranche B Loan).
	The Loan principal balance at September 30, 2013 and December 31, 2012 was $84.5 million and $81.2 million, respectively.
	Activity under the Loan, adjusted for discounts associated with the debt issuance, including warrants and fees, is presented for financial reporting purposes for the nine months ended September 30, 2013 and for the year ended December 31, 2012, as follows (in thousands):
		30-Sep-13			31-Dec-12
	Beginning balance	$	78,061		$	75,372
	Accretion of discount		149			198
	Loan activity:
	Discount on Tranche A Loan		—			(43	)
	Interest Expense		7,800			10,199
	Payments applied to principal		—			(96	)
	Payments applied to interest		(2,941	)		(7,569	)
	Accrued interest payable		(1,715	)		—
	Ending balance	$	81,354		$	78,061
	The estimated fair value of the note payable was $84.5 million at September 30, 2013 which was calculated based on level 3 inputs due to the limited availability of comparable data points.  The note payable was valued using expected cash flows discounted at our estimate of the currently available market interest rate.
	Equipment Loan
	In 2012, the Company entered into an equipment lease line of credit for up to $3 million with Silicon Valley Bank.  When drawn, the note bears interest at a 6% annual rate.  The Company drew down $1.4 million from this line during 2012, which is being financed over a 3-year term.  The outstanding balance of this loan was $1.0 million as of September 30, 2013.
	Facility Lease
	In January 2012, the Company relocated its operations to a new facility in Burlington, Massachusetts.  The new premises, consisting of approximately 45,000 rentable square feet of office and laboratory facilities, serve as the Company’s principal offices and corporate headquarters.  The term of the Burlington lease is ten years, and the Company has rights to extend the term for an additional five years at fair market value subject to specified terms and conditions. The aggregate minimum lease commitment over the ten year term of the new lease is approximately $15.0 million.  The Company has provided the landlord a Letter of Credit of $1.1 million to secure its obligations under the lease.  Under the terms of the Burlington lease agreement, the landlord has provided the Company with a tenant improvement allowance of $2.6 million which was used towards the cost of leasehold improvements.  The Company has capitalized approximately $4.5 million in leasehold improvements associated with the Burlington facility.  Costs reimbursed under the tenant improvement allowance have been recorded as deferred rent and are being amortized as a reduction to rent expense over the lease term.

Restructuring_Charges

Restructuring Charges	9 Months Ended
	Sep. 30, 2013
Restructuring Charges	'
	9. RESTRUCTURING CHARGES
	In February 2012, the Company realigned its business structure and implemented a number of strategic and operational initiatives.  As part of these initiatives, the Company terminated certain early stage, preclinical research and development programs and a workforce reduction was implemented.  As a result of the restructuring, during the nine months ended September 30, 2012, the Company recorded one-time charges of approximately $1.4 million, which included severance and benefits related charges of approximately $1.2 million, outplacement costs of approximately $120,000, stock compensation expense of $56,000 for amendments to the exercise schedules to certain options, and other exit costs of $90,000.  All restructuring costs were paid during 2012.

Stockholders_Equity_Deficit_An

Stockholder's Equity (Deficit) And Stock-Based Compensation	9 Months Ended
	Sep. 30, 2013
Stockholder's Equity (Deficit) And Stock-Based Compensation	'
	10. STOCKHOLDER’S EQUITY (DEFICIT) AND STOCK-BASED COMPENSATION
	Sale of Common and Preferred Stock
	In May 2013, the Company issued 8,901,675 shares of common stock at $2.30 per share and 41,418 shares of Series 1 convertible preferred stock at $230 per share in a registered direct offering.  Each share of Series 1 convertible preferred stock is convertible into 100 shares of common stock provided, however, that the holder is prohibited from converting Series 1 convertible preferred stock into shares of common stock if, as a result of such conversion, the holder, together with affiliates, would own more than 9.99% of the total shares of common stock then issued and outstanding.  The Company may not pay any dividends on shares of common stock (other than dividends in the form of common stock) unless the holders of Series 1 convertible preferred stock shall first receive dividends on shares of Series 1 convertible preferred stock held by them (on an as-if-converted-to-common-stock basis) in an amount equal to and in the same form as any such dividends (other than dividends in the form of common stock) to be paid on shares of the common stock.  Net proceeds from the offering were approximately $29.1 million, net of offering expenses.
	Equity Incentive Plan
	The Company's 1995 Equity Incentive Plan (the Equity Plan), as amended, is an equity plan under which equity awards, including awards of restricted stock, restricted stock units and incentive and nonqualified stock options to purchase shares of common stock may be granted to employees, consultants and directors of the Company by action of the Compensation Committee of the Board of Directors. Options are generally granted at the current fair market value on the date of grant, generally vest ratably over a 48-month period, and expire within ten years from date of grant. Restricted stock units are generally granted at the current fair market value on the date of grant, generally vest over a four-year period in equal installments on each anniversary of the grant date.  The Equity Plan is intended to attract and retain employees and to provide an incentive for employees, consultants and directors to assist the Company to achieve long-range performance goals and to enable them to participate in the long-term growth of the Company.  At September 30, 2013, a total of 4,119,641 shares were available for future grants under the Equity Plan.
	Employee Stock Purchase Plan
	The Company's Purchase Plan allows employees to purchase shares of the Company's common stock at a discount from fair market value.  Under this Plan, eligible employees may purchase shares during six-month offering periods commencing on June 1 and December 1 of each year at a price per share of 85% of the lower of the fair market value price per share on the first or last day of each six-month offering period.  Participating employees may elect to have up to 10% of their base pay withheld and applied toward the purchase of such shares, subject to the limitation of 875 shares per participant per quarter.  The rights of participating employees under the Purchase Plan terminate upon voluntary withdrawal from the Purchase Plan at any time or upon termination of employment.  The compensation expense in connection with the Plan was approximately $114,000 and $165,000 for the three and nine months ended September 30, 2013, respectively, and $15,000 and $32,000, respectively, for the three and nine months ended September 30, 2012.  There were 45,001 and 48,748 shares purchased under the Plan during the nine months ended September 30, 2013 and 2012, respectively.  At September 30, 2013, a total of 317,938 shares were reserved and available for issuance under this Plan.
	Stock-Based Compensation Expense
	The Company measures compensation cost for all stock awards at fair value on date of grant and recognition of compensation over the service period for awards expected to vest.  The fair value of stock options was determined using the Black-Scholes valuation model. Such value is recognized as expense over the service period, net of estimated forfeitures and adjusted for actual forfeitures. The estimation of stock options that will ultimately vest requires significant judgment. The Company considers many factors when estimating expected forfeitures, including historical experience. Actual results and future changes in estimates may differ substantially from the Company's current estimates.
	The following table reflects stock compensation expense recorded, net of amounts capitalized into inventory (in thousands):
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2013		2012		2013		2012
	Compensation expense related to:
	Equity Incentive Plan	$	1,410	$	733	$	4,188	$	2,744
	Employee Stock Purchase Plan		114		15		165		32
		$	1,524	$	748	$	4,353	$	2,776
	Stock-based compensation expense charged to:
	Research and development	$	798	$	198	$	1,306	$	576
	Selling, general and administrative	$	726	$	550	$	3,047	$	2,145
	Restructuring charges	$	—	$	—	$	—	$	55
	Stock-based compensation expense of $1,000 and $8,000 was capitalized into inventory for the three and nine months ended September 30, 2013, respectively, and $9,000 and $15,000 for the three and nine months ended September 30, 2012, respectively.  Capitalized stock-based compensation is recorded in cost of product sales when the related product is sold.
	Stock-based compensation expense for the three and nine months ending September 30, 2013 included $385,000 and $1.6 million, respectively, primarily related to the modification of certain stock options held by a former executive who ceased employment in March 2013.  Stock-based compensation expense for the three and nine months ending September 30, 2012 included $46,000 and $428,000, respectively, related to the modification of certain stock options.

Income_Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2013
Income Taxes	'
	11. INCOME TAXES
	Deferred tax assets and deferred tax liabilities are recognized based on temporary differences between the financial reporting and tax basis of assets and liabilities using future enacted rates. A valuation allowance is recorded against deferred tax assets for which the Company determines that it does not meet the criteria under ASC 740.
	Included in the Company’s NOL deferred tax asset at December 31, 2012 is approximately $1.8 million reflecting the benefit of deductions from the exercise of stock options prior to the adoption of ASC 718 which has been fully reserved until it is more likely than not that the benefit will be realized. The benefit from this deferred tax asset will be recorded as a credit to additional paid-in capital, if and when realized, through a reduction of cash taxes.
	As required by ASC 740, management of the Company has evaluated the positive and negative evidence bearing upon the reliability of its deferred tax assets, which are comprised principally of net operating loss (NOL) carry forwards, research and experimentation credit carry forwards, and capitalized start up expenditures and research and development expenditures amortizable over ten years straight-line.  Management has determined at this time that it is more likely than not that the Company will not recognize the benefits of its federal and state deferred tax assets and, as a result, a valuation allowance of approximately $204.3 million has been established at December 31, 2012.
	The Company accounts for uncertain tax positions using a "more-likely-than-not" threshold for recognizing and resolving uncertain tax positions. The evaluation of uncertain tax positions is based on factors that include, but are not limited to, changes in tax law, the measurement of tax positions taken or expected to be taken in tax returns, the effective settlement of matters subject to audit, new audit activity and changes in facts or circumstances related to a tax position. The Company evaluates uncertain tax positions on a quarterly basis and adjusts the level of the liability to reflect any subsequent changes in the relevant facts surrounding the uncertain positions.  As of December 31, 2012, the Company had no unrecognized tax benefits or liabilities and had no accrued interest or penalties related to uncertain tax positions.
	Utilization of the NOLs and tax credit carryforwards may be subject to a substantial annual limitation due to ownership change limitations that have occurred previously or that could occur in the future, as provided by Section 382 of the Internal Revenue Code of 1986 (Section 382), as well as similar state and foreign provisions.  Ownership changes may limit the amount of NOL and tax credit carryforwards that can be utilized annually to offset future taxable income and tax, respectively.  In general, an ownership change, as defined by Section 382, results from transactions that increase the ownership of 5% shareholders or public groups in the stock of a corporation by more than 50 percent in the aggregate over a three-year period.  The Company completed a study to determine whether any ownership change has occurred since the Company's formation and has determined that through December 31, 2012, transactions have resulted in two ownership changes, as defined by Section 382.  There could be additional ownership changes in the future that could further limit the amount of NOL and tax credit carryforwards that the Company can utilize.
	As of December 31, 2012, the Company’s unrestricted federal tax NOLs available to reduce future taxable income without limitation are $277.7 million, which expire at various times beginning in 2024 through 2032.  The Company’s unrestricted federal research and experimentation and orphan drug credit carryforward as of December 31, 2012 available to reduce future tax liabilities without limitation are $53.3 million, which will expire at various dates beginning in 2024 through 2032.  In addition the Company has NOL and federal tax credits that are restricted and expire at various times beginning in 2018 through 2024.  These restricted NOLs and federal tax credits of $67.2 million and $4.8 million, respectively, may be utilized in part, subject to an annual limitation.
	A full valuation allowance has been provided against the Company's NOL carryforwards and research and development credits and, if an adjustment is required, this adjustment would be offset by an adjustment to the valuation allowance.  Thus there would be no impact to the consolidated balance sheet or statement of operations if an adjustment were required.
	The tax years 1998 through 2012 remain open to examination by major taxing jurisdictions to which the Company is subject, which are primarily in the United States, as carryforward attributes generated in years past may still be adjusted upon examination by the Internal Revenue Service or state tax authorities if they have or will be used in a future period.  The Company is currently not under examination in any jurisdictions for any tax years.

Subsequent_Event

Subsequent Event	9 Months Ended
	Sep. 30, 2013
Subsequent Event	'
	12. SUBSEQUENT EVENT
	In October 2013, the Company issued 10,615,385 shares of common stock at $6.50 per share in an underwritten public offering, which included 1,384,615 shares issued to the underwriters upon exercise in full of their underwriters’ option.  Net proceeds from the offering were approximately $64.7 million, after deducting offering expenses.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2013

Basis of Presentation

'

Basis of Presentation

The accompanying unaudited interim consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information.  It is management’s opinion that the accompanying unaudited interim consolidated financial statements reflect all adjustments (which are normal and recurring) necessary for a fair statement of the results for the interim periods.  The financial statements should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012.  The accompanying December 31, 2012 consolidated balance sheet was derived from audited financial statements, but does not include all disclosures required by GAAP.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the dates of the financial statements and (iii) the reported amounts of revenue and expenses during the reporting periods.  Actual results could differ from those estimates.  The results of operations for the three and nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013.

Basis of Consolidation

'

Basis of Consolidation

The accompanying consolidated financial statements include the accounts of the Company and the Company's European subsidiaries Dyax S.A. and Dyax BV.  All inter-company accounts and transactions have been eliminated.

Use of Estimates

'

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the amounts of assets and liabilities reported and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods.  The significant estimates and assumptions in these financial statements include revenue recognition for licensing and collaboration agreements, product sales allowances, royalty interest obligations, useful lives with respect to long lived assets, valuation of stock options, clinical trial accruals and other accrued expenses and tax valuation reserves.  Actual results could differ from those estimates.

Concentration of Credit Risk

'

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, short-term investments and trade accounts receivable.  At September 30, 2013 and December 31, 2012, approximately 89% and 86%, respectively, of the Company's cash, cash equivalents and short-term investments were invested in money market funds backed by U.S. Treasury obligations, U.S. Treasury notes and bills, and obligations of United States government agencies held by one financial institution.  The Company maintains balances in various operating accounts in excess of federally insured limits.

The Company provides most of its services and licenses its technology to pharmaceutical and biomedical companies worldwide, and makes all product sales to its distributors.  There is a concentration of credit risk with respect to the trade receivable balance.  As of September 30, 2013, two customers accounted for 53% (Walgreens Infusion Services, Inc., “Walgreens”) and 27% (Eli Lilly and Company) of the accounts receivable balance, respectively.  Two customers also accounted for approximately 50% (Walgreens) and 34% (US Bioservices Corporation) of the Company's accounts receivable balance, respectively, as of December 31, 2012, all of which was collected in the first quarter of 2013.

Cash and Cash Equivalents

'

Cash and Cash Equivalents

All highly liquid investments purchased with an original maturity of ninety days or less are considered to be cash equivalents.  Cash and cash equivalents consist principally of cash, money market and U.S. Treasury funds.

Investments

'

Investments

Short-term investments primarily consist of investments with original maturities greater than ninety days and remaining maturities less than one year at period end.  The Company considers its portfolio of investments as available-for-sale.  Accordingly, these investments are recorded at fair value, which is based on quoted market prices.  As of September 30, 2013, the Company's investments consisted of U.S. Treasury notes and bills with an amortized cost and estimated fair value of $4.0 million, and had an unrealized gain of $3,000, which has been recorded in other comprehensive income.  As of December 31, 2012, the Company's investments consisted of United States Treasury notes and bills with an estimated fair value and amortized cost of $9.0 million, and had an unrealized gain of $6,000, which is recorded in other comprehensive income.

Inventories

'

Inventories

Inventories are stated at the lower of cost or market with cost determined under the first-in, first-out, or FIFO, basis. The Company evaluates inventory levels and would write-down inventory that is expected to expire prior to being sold, inventory that has a cost basis in excess of its expected net realizable value, inventory in excess of expected sales requirements, or inventory that fails to meet commercial sale specifications, through a charge to cost of product sales. Included in the cost of inventory are employee stock-based compensation costs capitalized under Accounting Standards Codification (ASC) 718.  Inventory on-hand that will be sold beyond the Company's normal operating cycle is classified as non-current and grouped with other assets on the Company's balance sheet.

Fixed Assets

'

Fixed Assets

Property and equipment are recorded at cost and depreciated over the estimated useful lives of the related assets using the straight-line method. Laboratory and production equipment, furniture and office equipment are depreciated over a three to seven year period. Leasehold improvements are stated at cost and are amortized over the lesser of the non-cancelable term of the related lease or their estimated useful lives. Leased equipment is amortized over the lesser of the life of the lease or their estimated useful lives. Maintenance and repairs are charged to expense as incurred. When assets are retired or otherwise disposed of, the cost of these assets and related accumulated depreciation and amortization are eliminated from the balance sheet and any resulting gains or losses are included in operations in the period of disposal.

The Company records all proceeds received from the lessor for tenant improvements under the terms of its operating lease as deferred rent.  These amounts are amortized on a straight-line basis over the term of the lease as an offset to rent expense.

Impairment of Long-Lived Assets

'

Impairment of Long-Lived Assets

The Company’s long-lived assets, consisting primarily of fixed assets, are reviewed for impairment whenever events or changes in business circumstances indicate that the carrying amount of assets may not be fully recoverable or that the useful lives of these assets are no longer appropriate. Each impairment test is based on a comparison of the undiscounted cash flow to the recorded value of the asset. If impairment is indicated, the asset is written down to its estimated fair value on a discounted cash flow basis.

Revenue Recognition

'

Revenue Recognition

The Company’s principal sources of revenue are product sales of KALBITOR and license fees, funding for research and development, and milestones and royalties derived from collaboration and license agreements.  In all instances, revenue is recognized only when the price is fixed or determinable, persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, collectability of the resulting receivable is reasonably assured and the Company has no further performance obligations.

Product Sales and Allowances

'

Product Sales and Allowances

Product Sales.  Product sales are generated from the sale of KALBITOR to the Company’s customers, primarily wholesale and specialty distributors, and are recorded upon delivery when title and risk of loss have passed.  Product sales are recorded net of applicable reserves for trade prompt pay and other discounts, government rebates, patient assistance programs, product returns and other applicable allowances.

Product Sales Allowances.  The Company establishes reserves for trade distributor, prompt pay and volume discounts, government rebates, patient assistance programs, product returns and other applicable allowances.  Reserves established for these discounts and allowances are classified as a reduction of accounts receivable (if the amount is payable to the customer) or a liability (if the amount is payable to a party other than the customer).

Allowances against receivable balances primarily relate to prompt payment discounts and are recorded at the time of sale, resulting in a reduction in product sales revenue.  Accruals related to government rebates, patient financial assistance programs, product returns and other applicable allowances are recognized at the time of sale, resulting in a reduction in product sales revenue and the recording of an increase in accrued expenses.

The Company maintains service contracts with its distributors. These contracts include services such as inventory maintenance and patient support services, which include on-demand nursing services.  Accounting standards related to consideration given by a vendor to a customer, including a reseller of a vendor’s product, specify that each consideration given by a vendor to a customer is presumed to be a reduction of the selling price.  Consideration should be characterized as a cost if the company receives, or will receive, an identifiable benefit in exchange for the consideration, and fair value of the benefit can be reasonably estimated.  The Company has established that patient support services are at fair value and represent a separate and identifiable benefit as these services could be provided by separate third-party vendors.  Accordingly, these costs are classified as selling, general and administrative expense. Expenses related to services for the periods presented are disclosed in Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations - Selling, General and Administrative.

Inventory maintenance fees are calculated as a percentage of KALBITOR sales price and accordingly, are classified as a reduction in product sales revenue.

Prompt Payment and Other Discounts.  The Company offers a prompt payment discount to its United States distributors.  Since the Company expects that these distributors will take advantage of this discount, the Company accrues 100% of the prompt payment discount that is based on the gross amount of each invoice, at the time of sale.  This accrual is adjusted quarterly to reflect actual earned discounts.  The Company also offers volume discounts to certain distributors which are accrued quarterly based on the period activity.

Government Rebates and Chargebacks.  The Company estimates reductions to product sales for Medicaid and Veterans' Administration (VA) programs and the Medicare Part D Coverage Gap Program, as well as for certain other qualifying federal and state government programs.  The Company estimates the amount of these reductions based on available KALBITOR patient data, actual sales data and rebate claims.  These allowances are adjusted each period based on actual experience.

Medicaid rebate reserves relate to the Company’s estimated obligations to state jurisdictions under the established reimbursement arrangements of each applicable state.  Rebate accruals are recorded during the same period in which the related product sales are recognized.  Actual rebate amounts are determined at the time of claim by the state, and the Company will generally make cash payments for such amounts after receiving billings from the state.

VA rebates or chargeback reserves represent the Company’s estimated obligations resulting from contractual commitments to sell products to qualified healthcare providers at a price lower than the list price charged to the Company’s distributor.  The distributor will charge the Company for the difference between what the distributor pays for the product and the ultimate selling price to the qualified healthcare provider.  Rebate accruals are established during the same period in which the related product sales are recognized. Actual chargeback amounts for Public Health Service are determined at the time of resale to the qualified healthcare provider from the distributor, and the Company will generally issue credits for such amounts after receiving notification from the distributor.

Although allowances and accruals are recorded at the time of product sale, certain rebates are typically paid out, on average, up to six months or longer after the sale.  Reserve estimates are evaluated quarterly and if necessary, adjusted to reflect actual results.  Any such adjustments will be reflected in the Company’s operating results in the period of the adjustment.

Product Returns.  Allowances for product returns are recorded during the period in which the related product sales are recognized, resulting in a reduction to product revenue.  The Company does not provide its distributors with a general right of product return. The Company permits returns if the product is damaged or defective when received by customers or if the product shelf life has expired.  The Company estimates product returns based upon actual returns history and data provided by a distributor.

Patient Financial Assistance.  The Company offers a financial assistance program for qualified KALBITOR patients in order to aid a patient’s access to KALBITOR through use of a patient voucher for co-payment assistance.  The Company estimates its liability for this voucher program based on actual vouchers issued but unpaid, as well as, an estimated reserve for product sold to and held by distributors as of period end, based on the Company’s historical redemption rates.

An analysis of the amount of, and change in, reserves related to sales allowances is summarized as follows:

(In thousands)

Prompt pay

Patient financial assistance

Government

Returns

Total

and other

rebates and chargebacks

discounts

Balance, as of December 31, 2012

$

388

$

165

$

565

$

551

$

1,669

Current provisions relating to sales in current year

1,776

358

2,195

83

4,412

Adjustments relating to prior years

13

(55

)

(298

)

(141

)

(481

)

Payments relating to sales in current year

(1,290

)

(231

)

(910

)

-

(2,431

)

Payments/returns relating to sales in prior years

(327

)

(47

)

(271

)

(191

)

(836

)

Balance, as of September 30, 2013

$

560

$

190

$

1,281

$

302

$

2,333

Development and License Fee Revenues

'

Development and License Fee Revenues

Collaboration Agreements.  The Company enters into collaboration agreements with other companies for the research and development of therapeutic, diagnostic and separations products. The terms of the agreements may include non-refundable signing and licensing fees, funding for research and development, payments related to manufacturing services, milestone payments and royalties on any product sales derived from collaborations.  These multiple element arrangements are analyzed to determine how the deliverables, which often include license and performance obligations such as research, steering committee and manufacturing services, are separated into units of accounting.

For agreements entered into prior to 2011, the Company evaluated license arrangements with multiple elements in accordance with ASC, 605-25 Revenue Recognition – Multiple-Element Arrangements.  Since 2011, the Company has applied the guidance of ASU 2009-13 to evaluate license arrangements with multiple elements.  This guidance amended the accounting standards for certain multiple element arrangements to:

●

Provide updated guidance on whether multiple elements exist, how the elements in an arrangement should be separated and how the arrangement considerations should be allocated to the separate elements;

●

Require an entity to allocate arrangement consideration to each element based on a selling price hierarchy, also called the relative selling price method, where the selling price for an element is based on vendor-specific objective evidence (VSOE), if available; third-party evidence (TPE), if available and VSOE is not available; or the best estimate of selling price (BESP), if neither VSOE or TPE is available; and

●

Eliminate the use of the residual method and require an entity to allocate arrangement consideration using the selling price hierarchy.

The Company evaluates all deliverables within an arrangement to determine whether or not they provide value to the licensee on a stand-alone basis.  Based on this evaluation, the deliverables are separated into units of accounting.  If VSOE or TPE is not available to determine the fair value of a deliverable, the Company determines the best estimate of selling price associated with the deliverable.  The arrangement consideration, including upfront license fees and funding for research and development, is allocated to the separate units based on relative fair value.

VSOE is based on the price charged when an element is sold separately and represents the actual price charged for that deliverable.  When VSOE cannot be established, the Company attempts to establish the selling price of the elements of a license arrangement based on TPE.  TPE is determined based on third party evidence for similar deliverables when sold separately.  In circumstances when the Company charges a licensee for pass-through costs paid to external vendors for development services, these costs represent TPE.

When the Company is unable to establish the selling price of an element using VSOE or TPE, management determines BESP for that element.  The objective of BESP is to determine the price at which the Company would transact a sale if the element within the license agreement were sold on a stand-alone basis.  The Company’s process for establishing BESP involves management’s judgment and considers multiple factors including discounted cash flows, estimated direct expenses and other costs and available data.

Based on the value allocated to each unit of accounting within an arrangement, upfront fees and other guaranteed payments are allocated to each unit based on relative value.  The appropriate revenue recognition method is applied to each unit and revenue is accordingly recognized as each unit is delivered.

For agreements entered into prior to 2011, revenue related to upfront license fees was spread over the full period of performance under the agreement, unless the license was determined to provide value to the licensee on a stand-alone basis and the fair value of the undelivered performance obligations, typically including research or steering committee services was determinable.

Steering committee services that were not inconsequential or perfunctory and were determined to be performance obligations were combined with other research services or performance obligations required under an arrangement, if any, to determine the level of effort required in an arrangement and the period over which the Company expected to complete its aggregate performance obligations.

Whenever the Company determined that an arrangement should be accounted for as a single unit of accounting, it determined the period over which the performance obligations would be completed. Revenue is recognized using either an efforts-based or time-based (i.e. straight-line) proportional performance method. The Company recognizes revenue using an efforts-based proportional performance method when the level of effort required to complete its performance obligations under an arrangement can be reasonably estimated and such performance obligations are provided on a best-efforts basis. Direct labor hours or full-time equivalents are typically used as the measurement of performance.

If the Company cannot reasonably estimate the level of effort to complete its performance obligations under an arrangement, then revenue under the arrangement is recognized on a straight-line basis over the period the Company is expected to complete its performance obligations.

Many of the Company's collaboration agreements entitle it to additional payments upon the achievement of performance-based milestones. For all milestones achieved prior to 2011, substantive milestones were included in the Company's revenue model when the milestone was achieved. Milestones that were tied to regulatory approval were not considered probable of being achieved until such approval was received. All milestones achieved after January 1, 2011 which are determined to be substantive milestones are recognized as revenue in the period in which they are met in accordance with Accounting Standards Update (ASU) No. 2010-17, Revenue Recognition – Milestone Method.  Milestones tied to counter-party performance are not included in the Company’s revenue model until performance conditions are met.  Milestones determined to be non-substantive are allocated to each unit of accounting within an arrangement when met.  The allocation of the milestone to each unit is based on relative value and revenue related to each unit is recognized accordingly.

Royalty revenue is recognized upon the sale of the related products provided the Company has no remaining performance obligations under the arrangement.

Costs of revenues related to product development and license fees are classified as research and development in the consolidated statements of operations and comprehensive loss.

Phage Display Library Licenses.  Standard terms of the proprietary phage display library agreements generally include non-refundable signing fees, license maintenance fees, development milestone payments, product license payments and royalties on product sales.  Signing fees and maintenance fees are generally recognized on a straight line basis over the term of the agreement as deliverables within these arrangements are determined to not provide the licensee with value on a stand-alone basis and therefore are accounted for as a single unit of accounting. As milestones are achieved under a phage display library license, a portion of the milestone payment, equal to the percentage of the performance period completed when the milestone is achieved, multiplied by the amount of the milestone payment, will be recognized. The remaining portion of the milestone will be recognized over the remaining performance period on a straight-line basis. If the Company has no future obligations under the license, milestone payments under these license arrangements are recognized when the milestone is achieved. Product license payments, which are optional to the licensee, are substantive and therefore are excluded from the initial allocation of the arrangement consideration.  These payments are recognized as revenue when the license is issued upon exercise of the licensee’s option, if the Company has no future obligations under the agreement. If there are future obligations under the agreement, product license payments are recognized as revenue only to the extent of the fair value of the license. Amounts paid in excess of fair value are recognized in a manner similar to milestone payments. Royalty revenue is recognized upon the sale of the related products provided the Company has no remaining performance obligations under the arrangement.

Payments received that have not met the appropriate criteria for revenue recognition are recorded as deferred revenue.

Phage Display Patent Licenses.  The Company previously licensed its phage display patents on a non-exclusive basis to third parties for use in connection with the research and development of therapeutic, diagnostic, and other products.  The core patents in this portfolio expired in November 2012.  Even after patent expiration, the Company generally remains eligible under these patent licenses to receive milestones and/or royalties for products discovered prior to patent expiration, although certain existing patent licenses will no longer have a royalty obligation.  The Company does not expect the expiration of these patents to have a material impact on its LFRP business.

Standard terms of the patent rights agreements include non-refundable signing fees, non-refundable license maintenance fees, development milestone payments and/or royalties on product sales. Signing fees and maintenance fees are generally recognized on a straight line basis over the term of the agreement or through the date of patent expiry, if shorter, except that in the case of perpetual patent licenses for which fees were recognized immediately if it was determined that the Company had no future obligations under the agreement and the payments were made upfront.  As the Company has no remaining performance obligations under their patent license agreements, milestones are recognized as revenue in the period in which the milestone is achieved, and royalty revenue is recognized upon the sale of the related products.

LFRP Milestones

Non-substantive Milestones.  Under the Company’s LFRP, it is eligible to receive clinical development, regulatory filing and marketing approval milestones, which vary from licensee to licensee.  Achievement of these milestones is contingent upon the licensees’ efforts and involves risks and uncertainty related to drug development, regulatory approval and intellectual property which could lead to milestones never being met.

Based on information available to the Company regarding pre-clinical and clinical candidates developed using its technology and through intellectual property rights granted, it is estimated that the Company could receive up to $66 million in development milestones, $58 million in regulatory filing milestones and $80 million in marketing approval milestones.  As achievement of these milestones is outside the control of the Company and is contingent upon the licensees’ efforts, they have been determined to be non-substantive milestones.

The Company recognized revenue of approximately $1.7 million and $3.0 million related to milestones under the LFRP for the three and nine months ended September 30, 2013, respectively, and approximately $244,000 and $2.3 million for the three and nine months ended September 30, 2012, respectively.

Substantive Milestones. Under certain collaboration agreements, the Company performs funded research for various collaborators using its phage display technology and libraries.  These arrangements typically include technical milestones which are based on agreed upon objectives to be met under the research campaign, which are considered to be commensurate with the Company’s performance and therefore have been determined to be substantive milestones.

During the nine months ended September 30, 2012, the Company recognized revenue of approximately $327,000 for technical milestones.  There was no amount recognized during the three months ended September 30, 2012 or for the 2013 periods.  The Company is not eligible to receive any future technical milestones at this time.

Non-LFRP Milestones

In certain countries outside of the U.S., the Company has entered into licensing agreements for the development and commercialization of KALBITOR for the treatment of HAE and other angioedema indications.  Under these agreements, the Company is eligible to receive certain development and sales milestones. See Note 3, Significant Transactions.

Cost of Product Sales

'

Cost of Product Sales

Cost of product sales includes costs to procure, manufacture and distribute KALBITOR and manufacturing royalties. Costs associated with the manufacture of KALBITOR prior to regulatory approval in the United States were expensed when incurred as a research and development cost and accordingly, KALBITOR units sold during the three and nine months ended September 30, 2012 do not include the full cost of drug manufacturing.  For the three months ended September 30, 2013, KALBITOR units sold included the full cost of drug manufacturing.  During the nine months ended September 30, 3013, KALBITOR sales were comprised of a combination of product manufactured both prior to and following FDA approval.  Accordingly, cost of product sales during the nine months ended September 30, 2013 do not reflect the full KALBITOR manufacturing cost.

Research and Development

'

Research and Development

Research and development costs include all direct costs, including salaries and benefits for research and development personnel, outside consultants, costs of clinical trials, sponsored research, clinical trials insurance, other outside costs, depreciation and facility costs related to the development of drug candidates.

Income Taxes

'

Income Taxes

The Company utilizes the asset and liability method of accounting for income taxes in accordance with ASC 740.  Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities using the enacted statutory tax rates.  At September 30, 2013 and December 31, 2012, there were no unrecognized tax benefits.

The Company accounts for uncertain tax positions using a "more-likely-than-not" threshold for recognizing and resolving uncertain tax positions. The evaluation of uncertain tax positions is based on factors that include, but are not limited to, changes in tax law, the measurement of tax positions taken or expected to be taken in tax returns, the effective settlement of matters subject to audit, new audit activity and changes in facts or circumstances related to a tax position. The Company evaluates uncertain tax positions on a quarterly basis and adjusts the level of the liability to reflect any subsequent changes in the relevant facts surrounding the uncertain positions.

Translation of Foreign Currencies

'

Translation of Foreign Currencies

Assets and liabilities of the Company's foreign subsidiaries are translated at period end exchange rates. Amounts included in the statements of operations are translated at the average exchange rate for the period. All currency translation adjustments are recorded to other income (expense) in the consolidated statement of operations.  For the three and nine months ending September 30, 2013 the Company recorded other income of $11,000 and $9,000, respectively, for the translation of foreign currency.  For the three and nine months ending September 30, 2012 the Company recorded other income of $10,000 and other expense $3,000, respectively, for the translation of foreign currency.

Share-Based Compensation

'

Share-Based Compensation

The Company’s share-based compensation program consists of share-based awards granted to employees in the form of stock options and restricted stock units, as well as its 1998 Employee Stock Purchase Plan, as amended (the Purchase Plan).  The Company’s share-based compensation expense is recorded in accordance with ASC 718.

Income or Loss Per Share

'

Income or Loss Per Share

The Company follows the two-class method when computing net loss per share, as it has issued shares that meet the definition of participating securities. The two-class method determines net loss per share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends, as if all income for the period had been distributed. The Company’s convertible preferred stock, issued during May 2013, contractually entitles the holders of such shares to participate in dividends but does not contractually require the holders of such shares to participate in losses of the Company.

The Company presents two earnings or loss per share (EPS) amounts attributable to common stockholders, basic and diluted, in accordance with ASC 260.  Basic earnings or loss per share attributable to common stockholders is computed using the weighted average number of shares of common stock outstanding. Diluted net loss per share attributable to common stockholders does not differ from basic net loss per share attributable to common stockholders since potential common shares from the conversion of preferred stock to common stock, and exercise of stock options, warrants or rights under the Purchase Plan are anti-dilutive for the periods ended September 30, 2013 and 2012 and, therefore, are excluded from the calculation of diluted net loss per share attributable to common stockholders.

The weighted average of preferred stock as converted into common shares, stock options, restricted stock units and warrants outstanding totaled 14,972,977 and 12,905,964 for the nine months ending September 30, 2013, and 2012, respectively.

Comprehensive Income (Loss)

'

Comprehensive Income (Loss)

The Company accounts for comprehensive income (loss) under ASC 220, Comprehensive Income, which established standards for reporting and displaying comprehensive income (loss) and its components in a full set of general purpose financial statements. The statement required that all components of comprehensive income (loss) be reported in a financial statement that is displayed with the same prominence as other financial statements.

Business Segments

'

Business Segments

The Company discloses business segments under ASC 280, Segment Reporting.  The statement established standards for reporting information about operating segments and disclosures about products and services, geographic areas and major customers.  The Company operates as one business segment within predominantly one geographic area.

New Accounting Pronouncements

'

New Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB) or other standard setting bodies, which are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption.

In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (ASU 2013-02). This newly issued accounting standard requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. This ASU is effective for reporting periods beginning after December 15, 2012. The Company’s only component of other comprehensive income is unrealized gain or loss on investments during the periods presented.  These amounts were not material to our financial statements.  As a result, no additional disclosures have been made.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2013
Reserves Related to Sales Allowances	'
	An analysis of the amount of, and change in, reserves related to sales allowances is summarized as follows:
	(In thousands)	Prompt pay			Patient financial assistance			Government			Returns			Total
		and other						rebates and chargebacks
		discounts
	Balance, as of December 31, 2012	$	388		$	165		$	565		$	551		$	1,669
	Current provisions relating to sales in current year		1,776			358			2,195			83			4,412
	Adjustments relating to prior years		13			(55	)		(298	)		(141	)		(481	)
	Payments relating to sales in current year		(1,290	)		(231	)		(910	)		-			(2,431	)
	Payments/returns relating to sales in prior years		(327	)		(47	)		(271	)		(191	)		(836	)
	Balance, as of September 30, 2013	$	560		$	190		$	1,281		$	302		$	2,333

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2013
Financial Assets Measured at Fair Value	'
	Fair values determined by Level 3 inputs are unobservable data points for the asset or liability, and includes situations where there is little, if any, market activity for the asset or liability.
	Description    (in thousands)	September 30,		Quoted		Significant		Significant
		2013		Prices in		Other		Unobservable
				Active		Observable		Inputs
				Markets		Inputs		(Level 3)
				(Level 1)		(Level 2)
	Assets:
	Cash equivalents	$	37,952	$	37,952	$	—	$	—
	Marketable debt securities		4,005		—		4,005		—
	Total	$	41,957	$	37,952	$	4,005	$	—
	Description   (in thousands)	December 31,		Quoted		Significant		Significant
		2012		Prices in		Other		Unobservable
				Active		Observable		Inputs
				Markets		Inputs		(Level 3)
				(Level 1)		(Level 2)
	Assets:
	Cash equivalents	$	15,910	$	15,910	$	—	$	—
	Marketable debt securities		9,028		—		9,028		—
	Total	$	24,938	$	15,910	$	9,028	$	—
Marketable Securities	'
	The following tables summarize the Company’s marketable securities at September 30, 2013 and December 31, 2012 (in thousands):
		30-Sep-13
	Description	Amortized		Gross		Gross		Fair Value
		Cost		Unrealized		Unrealized
				Gains		Losses
	US Treasury Bills and Notes (due within 1 year)	$	2,002	$	1	$	—	$	2,003
	US Treasury Bills and Notes		2,000		2				2,002
	(due after 1 year through 2 years)
	Total	$	4,002	$	3	$	—	$	4,005
		31-Dec-12
	Description	Amortized		Gross		Gross		Fair Value
		Cost		Unrealized		Unrealized
				Gains		Losses
	US Treasury Bills and Notes (due within 1 year)	$	9,022	$	6	$	—	$	9,028
	Total	$	9,022	$	6	$	—	$	9,028

Inventory_Tables

Inventory (Tables)	9 Months Ended
	Sep. 30, 2013
Components of Inventory	'
	Inventory consists of the following (in thousands):
		September 30,		December 31,
		2013		2012
	Raw Materials	$	1,116	$	1,116
	Work in Progress		5,930		8,274
	Finished Goods		1,618		599
	Total	$	8,664	$	9,989

Fixed_Assets_Tables

Fixed Assets (Tables)	9 Months Ended
	Sep. 30, 2013
Components of Fixed Assets	'
	Fixed assets consist of the following (in thousands):
		September 30,			December 31,
		2013			2012
	Laboratory equipment	$	7,673		$	7,628
	Furniture and office equipment		1,619			1,619
	Software and computers		5,357			4,763
	Leasehold improvements		4,510			4,502
	Construction in process		—			197
	Total		19,159			18,709
	Less: accumulated depreciation		(14,020	)		(13,380	)
		$	5,139		$	5,329

Accounts_Payable_And_Accrued_E1

Accounts Payable And Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2013
Components of Accounts Payable and Accrued Expenses	'
	Accounts payable and accrued expenses consist of the following (in thousands):
		September 30,		December 31,
		2013		2012
	Accounts payable	$	775	$	3,557
	Accrued employee compensation and related taxes		3,893		4,018
	Accrued external research and development and sales expenses		2,085		1,652
	Accrued license fees		1,500		—
	Accrued legal		891		518
	Accrued sales allowances		1,530		1,052
	Other accrued liabilities		1,012		1,675
	Total	$	11,686	$	12,472

LongTerm_Obligations_Tables

Long-Term Obligations (Tables)	9 Months Ended
	Sep. 30, 2013
Activity under Loan Presented for Financial Reporting Purposes	'
	Activity under the Loan, adjusted for discounts associated with the debt issuance, including warrants and fees, is presented for financial reporting purposes for the nine months ended September 30, 2013 and for the year ended December 31, 2012, as follows (in thousands):
		30-Sep-13			31-Dec-12
	Beginning balance	$	78,061		$	75,372
	Accretion of discount		149			198
	Loan activity:
	Discount on Tranche A Loan		—			(43	)
	Interest Expense		7,800			10,199
	Payments applied to principal		—			(96	)
	Payments applied to interest		(2,941	)		(7,569	)
	Accrued interest payable		(1,715	)		—
	Ending balance	$	81,354		$	78,061

Stockholders_Equity_Deficit_An1

Stockholder's Equity (Deficit) And Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2013
Stock Compensation Expense	'
	The following table reflects stock compensation expense recorded, net of amounts capitalized into inventory (in thousands):
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2013		2012		2013		2012
	Compensation expense related to:
	Equity Incentive Plan	$	1,410	$	733	$	4,188	$	2,744
	Employee Stock Purchase Plan		114		15		165		32
		$	1,524	$	748	$	4,353	$	2,776
	Stock-based compensation expense charged to:
	Research and development	$	798	$	198	$	1,306	$	576
	Selling, general and administrative	$	726	$	550	$	3,047	$	2,145
	Restructuring charges	$	—	$	—	$	—	$	55

Business_Overview_Additional_I

Business Overview - Additional Information (Detail) (LFRP)	9 Months Ended
	Sep. 30, 2013
	Product
Product Information [Line Items]	'
Number of products to be developed	13
Phase 3 Trials	'
Product Information [Line Items]	'
Number of products to be developed	3

Summary_of_Significant_Account3

Summary of Significant Accounting Policies - Additional Information (Detail) (USD $)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
	Location		Segment
	Entity		Location
			Entity
Significant Accounting Policies [Line Items]	'	'	'	'	'
Percentage of cash, cash equivalent and short-term investments invested in money market fund	'	'	89.00%	'	86.00%
Number of financial institution in which financial instruments invested	1	'	1	'	'
Available-for-sale investment amortized cost	$4,002,000	'	$4,002,000	'	$9,022,000
Available-for-sale estimated fair value	4,005,000	'	4,005,000	'	9,028,000
Unrealized gain on available-for-sale investments	3,000	'	3,000	'	6,000
Percentage of prompt payment discount accrued at the time of sale	'	'	100.00%	'	'
Standard product warranty description	'	'	'Although allowances and accruals are recorded at the time of product sale, certain rebates are typically paid out, on average, up to six months or longer after the sale. Reserve estimates are evaluated quarterly and if necessary, adjusted to reflect actual results.	'	'
Revenue	13,691,000	13,101,000	37,067,000	38,620,000	'
Unrecognized tax benefits	0	'	0	'	0
Stock options, restricted stock units and warrants purchase	'	'	14,972,977	12,905,964	'
Number of business segment	'	'	1	'	'
Number of geographic area within which the company operates predominantly	1	'	1	'	'
Foreign Exchange	'	'	'	'	'
Significant Accounting Policies [Line Items]	'	'	'	'	'
Other expense	'	'	'	3,000	'
Other income	11,000	10,000	9,000	'	'
Not Substantive Milestones	'	'	'	'	'
Significant Accounting Policies [Line Items]	'	'	'	'	'
Revenue	1,700,000	244,000	3,000,000	2,300,000	'
Substantive Milestones	'	'	'	'	'
Significant Accounting Policies [Line Items]	'	'	'	'	'
Revenue	0	0	0	327,000	'
Development Milestones	'	'	'	'	'
Significant Accounting Policies [Line Items]	'	'	'	'	'
Milestones payment receipt	'	'	66,000,000	'	'
Regulatory Filing Milestones	'	'	'	'	'
Significant Accounting Policies [Line Items]	'	'	'	'	'
Milestones payment receipt	'	'	58,000,000	'	'
Marketing Approval Milestones	'	'	'	'	'
Significant Accounting Policies [Line Items]	'	'	'	'	'
Milestones payment receipt	'	'	80,000,000	'	'
Maximum	'	'	'	'	'
Significant Accounting Policies [Line Items]	'	'	'	'	'
Estimated useful life of property plant and equipment	'	'	'7 years	'	'
Minimum	'	'	'	'	'
Significant Accounting Policies [Line Items]	'	'	'	'	'
Estimated useful life of property plant and equipment	'	'	'3 years	'	'
Cash and Cash Equivalents | Maximum	'	'	'	'	'
Significant Accounting Policies [Line Items]	'	'	'	'	'
Short term investment maturity period	'	'	'90 days	'	'
Short-term Investments | Maximum	'	'	'	'	'
Significant Accounting Policies [Line Items]	'	'	'	'	'
Short term investment maturity period	'	'	'1 year	'	'
Short-term Investments | Minimum	'	'	'	'	'
Significant Accounting Policies [Line Items]	'	'	'	'	'
Short term investment maturity period	'	'	'90 days	'	'
US Treasury and Government	'	'	'	'	'
Significant Accounting Policies [Line Items]	'	'	'	'	'
Available-for-sale investment amortized cost	4,000,000	'	4,000,000	'	9,000,000
Available-for-sale estimated fair value	4,000,000	'	4,000,000	'	9,000,000
Unrealized gain on available-for-sale investments	$3,000	'	$3,000	'	$6,000
Walgreens Infusion Services, Inc.	'	'	'	'	'
Significant Accounting Policies [Line Items]	'	'	'	'	'
Percentage of single significant customer balance to total Accounts Receivables	53.00%	'	53.00%	'	50.00%
US Bioservices Corporation	'	'	'	'	'
Significant Accounting Policies [Line Items]	'	'	'	'	'
Percentage of single significant customer balance to total Accounts Receivables	'	'	'	'	34.00%
Eli Lilly and Company	'	'	'	'	'
Significant Accounting Policies [Line Items]	'	'	'	'	'
Percentage of single significant customer balance to total Accounts Receivables	27.00%	'	27.00%	'	'

Reserves_Related_to_Sales_Allo

Reserves Related to Sales Allowances (Detail) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013
Valuation Allowance [Line Items]	'
Beginning balance	$1,669
Current provisions relating to sales in current year	4,412
Adjustments relating to prior years	-481
Payments relating to sales in current year	-2,431
Payments/returns relating to sales in prior years	-836
Ending balance	2,333
Prompt pay and other discounts	'
Valuation Allowance [Line Items]	'
Beginning balance	388
Current provisions relating to sales in current year	1,776
Adjustments relating to prior years	13
Payments relating to sales in current year	-1,290
Payments/returns relating to sales in prior years	-327
Ending balance	560
Patient financial assistance	'
Valuation Allowance [Line Items]	'
Beginning balance	165
Current provisions relating to sales in current year	358
Adjustments relating to prior years	-55
Payments relating to sales in current year	-231
Payments/returns relating to sales in prior years	-47
Ending balance	190
Government rebates and chargebacks	'
Valuation Allowance [Line Items]	'
Beginning balance	565
Current provisions relating to sales in current year	2,195
Adjustments relating to prior years	-298
Payments relating to sales in current year	-910
Payments/returns relating to sales in prior years	-271
Ending balance	1,281
Returns	'
Valuation Allowance [Line Items]	'
Beginning balance	551
Current provisions relating to sales in current year	83
Adjustments relating to prior years	-141
Payments/returns relating to sales in prior years	-191
Ending balance	$302

Significant_Transactions_Addit

Significant Transactions - Additional Information (Detail) (USD $)

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

1 Months Ended

9 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

31-May-13

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Feb. 28, 2013

Feb. 28, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

CMIC Co., Ltd, (CMIC)

CMIC Co., Ltd, (CMIC)

CMIC Co., Ltd, (CMIC)

CMIC Co., Ltd, (CMIC)

CMIC Co., Ltd, (CMIC)

CMIC Co., Ltd, (CMIC)

CMIC Co., Ltd, (CMIC)

CMIC Co., Ltd, (CMIC)

Sigma Tau

Sigma Tau

Sigma Tau

Sigma Tau

Sigma Tau

CVie Therapeutics

CVie Therapeutics

CVie Therapeutics

CVie Therapeutics

Novellus Plan

Novellus Plan

Novellus Plan

Maximum

Minimum

Up-front Payment Arrangement

Contract Termination

Development Services

Up-front Payment Arrangement

Up-front Payment Arrangement

Up-front Payment Arrangement

Up-front Payment Arrangement

Maximum

Maximum

Significant Transactions [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Collaboration arrangement payment

'

'

'

'

'

'

'

'

'

'

'

'

'

$4,000,000

'

'

'

'

$7,000,000

'

'

$1,000,000

'

'

$500,000

'

Proceed from development and sales milestones

'

'

'

'

'

'

'

'

'

'

'

102,000,000

'

'

'

'

'

'

'

'

'

'

'

800,000

'

'

Percentage of revenue to receive from development and sales milestones

'

'

'

'

'

'

'

'

'

'

'

24.00%

20.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

Revenue

13,691,000

13,101,000

37,067,000

38,620,000

'

'

192,000

189,000

589,000

566,000

'

'

'

'

'

'

'

'

'

47,000

125,000

'

'

'

'

'

Deferred revenue

'

'

'

'

'

'

2,000,000

'

2,000,000

'

2,500,000

'

'

'

'

'

'

'

'

875,000

875,000

'

'

800,000

'

'

Collaboration arrangement receivable

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

11,000,000

'

'

5,200,000

Reimbursement from collaboration arrangement

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,800,000

'

'

'

'

'

'

'

Common stock purchase price

110,347,285

'

110,347,285

'

8,901,675

98,798,065

'

'

'

'

'

'

'

'

'

'

'

271,665

787,647

'

'

'

'

'

'

'

Common stock aggregate purchase price

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,000,000

'

'

'

'

'

'

'

Consideration contractually obligated to pay contingent upon future sales

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

500,000

'

'

'

'

'

'

'

'

Compensation received during the next ten years in relation to the license or supply of ecallantide

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5,000,000

'

'

'

'

'

'

'

'

Reduction to development and license fee revenue

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,100,000

'

'

'

'

'

'

'

'

'

'

Deferred revenue, revenue recognized

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$69,000

$85,000

$156,000

'

'

'

'

'

'

'

'

'

Financial_Assets_Measured_at_F

Financial Assets Measured at Fair Value (Detail) (Fair Value, Measurements, Recurring, USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Financial Assets Measured at Fair Value [Line Items]	'	'
Assets fair value disclosure Recurring	$41,957	$24,938
Quoted Prices in Active Markets (Level 1)	'	'
Financial Assets Measured at Fair Value [Line Items]	'	'
Assets fair value disclosure Recurring	37,952	15,910
Significant Other Observable Inputs (Level 2)	'	'
Financial Assets Measured at Fair Value [Line Items]	'	'
Assets fair value disclosure Recurring	4,005	9,028
Cash Equivalents	'	'
Financial Assets Measured at Fair Value [Line Items]	'	'
Assets fair value disclosure Recurring	37,952	15,910
Cash Equivalents | Quoted Prices in Active Markets (Level 1)	'	'
Financial Assets Measured at Fair Value [Line Items]	'	'
Assets fair value disclosure Recurring	37,952	15,910
Marketable debt securities	'	'
Financial Assets Measured at Fair Value [Line Items]	'	'
Assets fair value disclosure Recurring	4,005	9,028
Marketable debt securities | Significant Other Observable Inputs (Level 2)	'	'
Financial Assets Measured at Fair Value [Line Items]	'	'
Assets fair value disclosure Recurring	$4,005	$9,028

Marketable_Securities_Detail

Marketable Securities (Detail) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Marketable Securities [Line Items]	'	'
Amortized Cost	$4,002,000	$9,022,000
Gross Unrealized Gains	3,000	6,000
Gross Unrealized Losses	'	'
Fair Value	4,005,000	9,028,000
US Treasury Bills and Notes | Due In One Year Or Less	'	'
Marketable Securities [Line Items]	'	'
Amortized Cost	2,002,000	9,022,000
Gross Unrealized Gains	1,000	6,000
Gross Unrealized Losses	'	'
Fair Value	2,003,000	9,028,000
US Treasury Bills and Notes | Due After One Year Through Two Years	'	'
Marketable Securities [Line Items]	'	'
Amortized Cost	2,000,000	'
Gross Unrealized Gains	2,000	'
Gross Unrealized Losses	'	'
Fair Value	$2,002,000	'

Inventory_Additional_Informati

Inventory - Additional Information (Detail) (Other Noncurrent Assets, USD $)	Sep. 30, 2013	Dec. 31, 2012
In Millions, unless otherwise specified
Other Noncurrent Assets	'	'
Inventory [Line Items]	'	'
Inventory classified as non-current	$5.60	$5.90

Components_of_Inventory_Detail

Components of Inventory (Detail) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Inventory [Line Items]	'	'
Raw Materials	$1,116	$1,116
Work in Progress	5,930	8,274
Finished Goods	1,618	599
Total	$8,664	$9,989

Components_of_Fixed_Assets_Det

Components of Fixed Assets (Detail) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Fixed Assets [Line Items]	'	'
Laboratory equipment	$7,673	$7,628
Furniture and office equipment	1,619	1,619
Software and computers	5,357	4,763
Leasehold improvements	4,510	4,502
Construction in process	'	197
Total	19,159	18,709
Less: accumulated depreciation	-14,020	-13,380
Property, plant and equipment, Net	$5,139	$5,329

Fixed_Assets_Additional_Inform

Fixed Assets - Additional Information (Detail) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Fixed Assets [Line Items]	'	'	'	'
Depreciation expense	$224,000	$246,000	$641,000	$824,000

Components_of_Accounts_Payable

Components of Accounts Payable and Accrued Expenses (Detail) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Accounts Payable and Accrued Liabilities [Line Items]	'	'
Accounts payable	$775	$3,557
Accrued employee compensation and related taxes.	3,893	4,018
Accrued license fees	1,500	'
Accrued legal	891	518
Total	11,686	12,472
Research and Development Operations	'	'
Accounts Payable and Accrued Liabilities [Line Items]	'	'
Accrued liabilities	2,085	1,652
Sales Allowances	'	'
Accounts Payable and Accrued Liabilities [Line Items]	'	'
Accrued liabilities	1,530	1,052
Other Accrued Liabilities	'	'
Accounts Payable and Accrued Liabilities [Line Items]	'	'
Accrued liabilities	$1,012	$1,675

LongTerm_Obligations_Additiona

Long-Term Obligations - Additional Information (Detail) (USD $)

1 Months Ended

9 Months Ended

12 Months Ended

1 Months Ended

9 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

1 Months Ended

Jan. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Jan. 31, 2012

Jan. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Dec. 31, 2011

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Jun. 30, 2012

Sep. 30, 2013

Jun. 30, 2012

sqft

Maximum

Extended Term

Healthcare Royalty Partners

Healthcare Royalty Partners

Healthcare Royalty Partners

Healthcare Royalty Partners

Healthcare Royalty Partners

Healthcare Royalty Partners

Healthcare Royalty Partners

Healthcare Royalty Partners

Healthcare Royalty Partners

Healthcare Royalty Partners

Healthcare Royalty Partners

Healthcare Royalty Partners

Healthcare Royalty Partners

Healthcare Royalty Partners

Silicon Valley Bank

Silicon Valley Bank

Silicon Valley Bank

Tranche A and Tranche B Loans (Original Loan)

Tranche A and Tranche B Loans (Original Loan)

Tranche A and Tranche B Loans (Original Loan)

Tranche A and Tranche B Loans (Original Loan)

Refinanced Term Loan

Refinanced Term Loan

Refinanced Term Loan

Refinanced Term Loan

LFRP

LFRP

LFRP

LFRP

Equipment lease

Equipment lease

Equipment lease

Phase 3 Trials

Group Two

Group Two

Tranche A Loan

Tranche A Loan

Tranche A Loan

Tranche B Loan

Tranche A and Tranche B Loans (Original Loan)

Tranche A Loan

Tranche B Loan

Negotiable Order of Withdrawal Accounts

Minimum

Legal Fee

Second Affiliated

Second Affiliated

Second Affiliated

Debt Disclosure [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Secured Loan

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$61,700,000

'

$84,500,000

$22,800,000

'

'

'

Debt maturity date

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'2018-08

'

'

'

'

'

Interest rate

'

'

'

'

'

'

'

'

'

'

'

'

13.00%

'

'

'

12.00%

'

'

'

'

'

Debt instrument maturity date

'

'

'

'

'

'

'

30-Sep-16

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of required payment for partial repayment of debt

'

'

'

'

'

'

'

90.00%

75.00%

25.00%

'

'

'

'

'

'

'

'

'

'

'

'

Annual net LFRP receipts amount used as a basis for repayment of loan

'

'

'

'

'

'

'

'

15,000,000

'

15,000,000

'

'

'

'

'

'

'

'

'

'

'

Principal amount of Loan

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

21,700,000

58,800,000

'

'

'

Proceed from unsecured loan

'

'

'

'

'

'

'

'

'

'

'

'

20,000,000

'

57,600,000

'

'

'

'

'

'

'

Effective interest rate

'

'

'

'

'

'

'

'

'

'

'

'

'

12.60%

'

'

'

'

'

'

'

'

Decrease in note payable

'

149,000

198,000

'

'

'

'

'

'

'

'

193,000

'

'

'

'

'

'

'

'

'

'

Loan principal balance

'

'

'

'

'

84,500,000

81,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fair value of note payable

'

84,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Line of credit, maximum borrowing capacity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,000,000

'

'

Interest on lease

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6.00%

'

'

Line of credit

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,400,000

Line of credit term

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'3 years

'

'

Line of credit, outstanding balance

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,000,000

'

Rentable square feet of office and laboratory facilities

45,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Lease agreement term

'10 years

'

'

'

'5 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Aggregate minimum lease commitment over payment lease term

15,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Letter of Credit given to landlord to secure lease obligation

1,100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Tenant improvement allowance

'

'

'

2,600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Capitalized leasehold improvements

'

$4,510,000

$4,502,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Activity_under_Loan_Presented_

Activity under Loan Presented for Financial Reporting Purposes (Detail) (USD $)	9 Months Ended	12 Months Ended
	Sep. 30, 2013	Dec. 31, 2012
Debt Instrument [Line Items]	'	'
Beginning balance	$78,061,000	$75,372,000
Accretion of discount	149,000	198,000
Loan activity:	'	'
Interest Expense	7,800,000	10,199,000
Payments applied to principal	'	-96,000
Payments applied to interest	-2,941,000	-7,569,000
Accrued interest payable	-1,715,000	'
Ending balance	81,354,000	78,061,000
Tranche A Loan	'	'
Loan activity:	'	'
Discount on Tranche A Loan	'	($43,000)

Restructuring_Charges_Addition

Restructuring Charges - Additional Information (Detail) (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Restructuring Cost and Reserve [Line Items]	'	'
Restructuring charges	'	$1,440,000
Date of completion of restructuring costs	31-Dec-12	'
One-Time Charges	'	'
Restructuring Cost and Reserve [Line Items]	'	'
Restructuring charges	1,400,000	'
Severance and Benefits	'	'
Restructuring Cost and Reserve [Line Items]	'	'
Restructuring charges	1,200,000	'
Outplacement Costs	'	'
Restructuring Cost and Reserve [Line Items]	'	'
Restructuring charges	120,000	'
Stock Compensation Expense	'	'
Restructuring Cost and Reserve [Line Items]	'	'
Restructuring charges	56,000	'
Other Exit Costs	'	'
Restructuring Cost and Reserve [Line Items]	'	'
Restructuring charges	90,000	'

Recovered_Sheet1

Stockholder's Equity (Deficit) and Stock-Based Compensation - Additional Information (Detail) (USD $)	1 Months Ended	3 Months Ended		9 Months Ended
	31-May-13	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Stockholders Equity Note [Line Items]	'	'	'	'	'	'
Common stock, shares issued	8,901,675	110,347,285	'	110,347,285	'	98,798,065
Common stock, per share	$2.30	$0.01	'	$0.01	'	$0.01
Convertible preferred stock, shares issued	41,418	'	'	'	'	'
Convertible preferred stock, per share	$230	$0.01	'	$0.01	'	$0.01
Common stock issuable on conversion of preferred stock	100	'	'	'	'	'
Percentage equity ownership by holder, together with affiliates	9.99%	'	'	'	'	'
Proceed from offering	$29,100,000	'	'	$29,068,000	'	'
Compensation expense	'	1,524,000	748,000	4,353,000	2,776,000	'
Stock-based compensation expense related to modification of certain stock options	'	'	'	4,353,000	2,775,000	'
1995 Equity Incentive Plan (the Equity Plan)	'	'	'	'	'	'
Stockholders Equity Note [Line Items]	'	'	'	'	'	'
Number of shares available for future grants	'	4,119,641	'	4,119,641	'	'
Compensation expense	'	1,410,000	733,000	4,188,000	2,744,000	'
Employee Stock Purchase Plans	'	'	'	'	'	'
Stockholders Equity Note [Line Items]	'	'	'	'	'	'
Percentage of price per share	'	'	'	85.00%	'	'
Employee stock purchase plan offering period	'	'	'	'6 months	'	'
Contribution of employee in percentage	'	'	'	10.00%	'	'
Contribution of employee in shares	'	875	'	875	'	'
Compensation expense	'	114,000	15,000	165,000	32,000	'
Number of shares purchased in period	'	'	'	45,001	48,748	'
Number of shares reserved and available for issuance	'	317,938	'	317,938	'	'
Stock Options | 1995 Equity Incentive Plan (the Equity Plan)	'	'	'	'	'	'
Stockholders Equity Note [Line Items]	'	'	'	'	'	'
Vesting period	'	'	'	'48 months	'	'
Contractual life of option	'	'	'	'10 years	'	'
Restricted Stock | 1995 Equity Incentive Plan (the Equity Plan)	'	'	'	'	'	'
Stockholders Equity Note [Line Items]	'	'	'	'	'	'
Vesting period	'	'	'	'4 years	'	'
Stock Compensation Plan	'	'	'	'	'	'
Stockholders Equity Note [Line Items]	'	'	'	'	'	'
Stock based compensation capitalized into inventory	'	1,000	9,000	8,000	15,000	'
Stock-based compensation expense related to modification of certain stock options	'	$385,000	$46,000	$1,600,000	$428,000	'

Stock_Compensation_Expense_Det

Stock Compensation Expense (Detail) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'	'	'
Compensation expenses	$1,524,000	$748,000	$4,353,000	$2,776,000
Research and Development	'	'	'	'
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'	'	'
Allocation of stock-based compensation expense	798,000	198,000	1,306,000	576,000
Selling, General and Administrative	'	'	'	'
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'	'	'
Allocation of stock-based compensation expense	726,000	550,000	3,047,000	2,145,000
Restructuring Charges	'	'	'	'
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'	'	'
Allocation of stock-based compensation expense	'	'	'	55,000
1995 Equity Incentive Plan (the Equity Plan)	'	'	'	'
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'	'	'
Compensation expenses	1,410,000	733,000	4,188,000	2,744,000
Employee Stock Purchase Plans	'	'	'	'
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'	'	'
Compensation expenses	$114,000	$15,000	$165,000	$32,000

Income_Taxes_Additional_Inform

Income Taxes - Additional Information (Detail) (USD $)	Sep. 30, 2013	Dec. 31, 2012	Dec. 31, 2012	Sep. 30, 2013	Sep. 30, 2013
			Federal Tax	Minimum	Maximum
Income Taxes [Line Items]	'	'	'	'	'
Deferred tax asset, exercise of stock options	'	$1,800,000	'	'	'
Deferred tax assets valuation allowance	'	204,300,000	'	'	'
Unrecognized tax benefits or liabilities	0	0	'	'	'
Accrued interest or penalties related to uncertain tax positions	'	0	'	'	'
Federal tax net operating loss carryforward	'	'	277,700,000	'	'
Federal research and experimentation and orphan drug credit carryforward	'	'	53,300,000	'	'
Restricted NOLs	'	'	67,200,000	'	'
Federal tax credits	'	'	$4,800,000	'	'
Tax years open to examination by major taxing jurisdictions	'	'	'	'1998	'2012

Subsequent_Event_Additional_In

Subsequent Event - Additional Information (Detail) (USD $)	1 Months Ended	9 Months Ended		1 Months Ended
In Thousands, except Share data, unless otherwise specified	31-May-13	Sep. 30, 2013	Dec. 31, 2012	Oct. 31, 2013	Oct. 31, 2013
				Subsequent Event	Subsequent Event
					Over-allotment Option Exercise By Underwriters
Subsequent Event [Line Items]	'	'	'	'	'
Common stock, shares issued	8,901,675	110,347,285	98,798,065	10,615,385	1,384,615
Common stock, per share	$2.30	$0.01	$0.01	$6.50	'
Proceed from offering	$29,100	$29,068	'	$64,700	'