Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 28, 2014 | Jun. 28, 2013 | |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'DYAX | ' | ' |
Entity Registrant Name | 'DYAX CORP | ' | ' |
Entity Central Index Key | '0000907562 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 126,065,222 | ' |
Entity Public Float | ' | ' | $318,530,901 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $68,085 | $20,018 |
Short-term investments | 43,296 | 9,028 |
Accounts receivable, net | 6,506 | 7,507 |
Inventory | 2,827 | 4,085 |
Other current assets | 1,618 | 2,159 |
Total current assets | 122,332 | 42,797 |
Fixed assets, net | 4,960 | 5,329 |
Restricted cash | 1,100 | 1,100 |
Other assets | 5,815 | 6,260 |
Total assets | 134,207 | 55,486 |
Current liabilities: | ' | ' |
Accounts payable and accrued expenses | 12,542 | 12,472 |
Current portion of deferred revenue | 2,686 | 5,449 |
Current portion of long-term obligations | 468 | 445 |
Other current liabilities | 1,812 | ' |
Total current liabilities | 17,508 | 18,366 |
Deferred revenue | 5,335 | 6,402 |
Note payable | 81,516 | 78,061 |
Long-term obligations | 463 | 931 |
Deferred rent and other long-term liabilities | 3,063 | 3,286 |
Total liabilities | 107,885 | 107,046 |
Commitments and Contingencies | ' | ' |
Stockholders' equity (deficit): | ' | ' |
Preferred stock, $0.01 par value; 1,000,000 shares authorized; 41,418 and 0 shares issued and outstanding at December 31, 2013 and 2012, respectively | ' | ' |
Common stock, $0.01 par value; 200,000,000 shares authorized; 121,704,480 and 99,482,629 shares issued and outstanding at December 31, 2013 and 2012, respectively | 1,217 | 995 |
Additional paid-in capital | 559,065 | 453,625 |
Accumulated deficit | -533,963 | -506,186 |
Accumulated other comprehensive income | 3 | 6 |
Total stockholders' equity (deficit) | 26,322 | -51,560 |
Total liabilities and stockholders' equity (deficit) | $134,207 | $55,486 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 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 | 121,704,480 | 99,482,629 |
Common stock, shares outstanding | 121,704,480 | 99,482,629 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Loss (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues: | ' | ' | ' |
Product sales, net | $40,526 | $39,783 | $22,884 |
Development and license fees | 13,400 | 14,867 | 25,853 |
Total revenues | 53,926 | 54,650 | 48,737 |
Costs and expenses: | ' | ' | ' |
Cost of product sales | 2,688 | 2,152 | 1,223 |
Research and development | 29,695 | 30,028 | 34,676 |
Selling, general and administrative | 38,742 | 39,915 | 37,740 |
Restructuring | ' | 1,440 | ' |
Total costs and expenses | 71,125 | 73,535 | 73,639 |
Loss from operations | -17,199 | -18,885 | -24,902 |
Other income (expense): | ' | ' | ' |
Interest and other income | 214 | 111 | 554 |
Interest expense | -10,792 | -10,491 | -10,251 |
Total other expense, net | -10,578 | -10,380 | -9,697 |
Net loss | -27,777 | -29,265 | -34,599 |
Other comprehensive loss: | ' | ' | ' |
Unrealized loss on investments | -3 | -1 | -37 |
Comprehensive loss | ($27,780) | ($29,266) | ($34,636) |
Basic and diluted net loss per share: | ' | ' | ' |
Net loss per share attributable to common stockholders | ($0.26) | ($0.30) | ($0.35) |
Shares used in computing basic and diluted net loss per share | 108,539,613 | 98,991,056 | 98,731,289 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (Deficit) (USD $) | Total | Common Stock | Preferred Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income |
In Thousands, except Share data | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |
Beginning Balance at Dec. 31, 2010 | $2,633 | $985 | ' | $443,926 | ($442,322) | $44 |
Beginning Balance (in shares) at Dec. 31, 2010 | ' | 98,508,487 | ' | ' | ' | ' |
Issuance of common stock under the Equity Incentive plan (in shares) | ' | 138,063 | ' | ' | ' | ' |
Issuance of common stock under the Equity Incentive plan | 219 | 1 | ' | 218 | ' | ' |
Sale of common and preferred stock (in shares) | ' | 151,515 | ' | ' | ' | ' |
Sale of common and preferred stock | 323 | 2 | ' | 321 | ' | ' |
Share-based compensation expense | 4,062 | ' | ' | 4,062 | ' | ' |
Unrealized loss on investments | -37 | ' | ' | ' | ' | -37 |
Net loss | -34,599 | ' | ' | ' | -34,599 | ' |
Ending Balance at Dec. 31, 2011 | -27,399 | 988 | ' | 448,527 | -476,921 | 7 |
Ending Balance (in shares) at Dec. 31, 2011 | ' | 98,798,065 | ' | ' | ' | ' |
Issuance of common stock under the Equity Incentive plan (in shares) | ' | 684,564 | ' | ' | ' | ' |
Issuance of common stock under the Equity Incentive plan | 1,442 | 7 | ' | 1,435 | ' | ' |
Share-based compensation expense | 3,663 | ' | ' | 3,663 | ' | ' |
Unrealized loss on investments | -1 | ' | ' | ' | ' | -1 |
Net loss | -29,265 | ' | ' | ' | -29,265 | ' |
Ending Balance at Dec. 31, 2012 | -51,560 | 995 | ' | 453,625 | -506,186 | 6 |
Ending Balance (in shares) at Dec. 31, 2012 | ' | 99,482,629 | ' | ' | ' | ' |
Issuance of common stock under the Equity Incentive plan (in shares) | ' | 2,199,688 | ' | ' | ' | ' |
Issuance of common stock under the Equity Incentive plan | 5,360 | 22 | ' | 5,338 | ' | ' |
Sale of common and preferred stock (in shares) | ' | 19,517,060 | 41,418 | ' | ' | ' |
Sale of common and preferred stock | 93,775 | 195 | ' | 93,580 | ' | ' |
Exercise of warrants (in shares) | ' | 233,438 | ' | ' | ' | ' |
Exercise of warrants | ' | 2 | ' | -2 | ' | ' |
Other issuance of common stock (in shares) | ' | 271,665 | ' | ' | ' | ' |
Other issuance of common stock | 1,076 | 3 | ' | 1,073 | ' | ' |
Share-based compensation expense | 5,451 | ' | ' | 5,451 | ' | ' |
Unrealized loss on investments | -3 | ' | ' | ' | ' | -3 |
Net loss | -27,777 | ' | ' | ' | -27,777 | ' |
Ending Balance at Dec. 31, 2013 | $26,322 | $1,217 | ' | $559,065 | ($533,963) | $3 |
Ending Balance (in shares) at Dec. 31, 2013 | ' | 121,704,480 | 41,418 | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net loss | ($27,777) | ($29,265) | ($34,599) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' |
Amortization of investment premium/discount | 30 | 64 | 229 |
Depreciation and amortization of fixed assets and intangible assets | 861 | 1,060 | 1,417 |
Non-cash interest expense | 3,455 | 2,784 | 1,955 |
Gain on disposal of fixed assets | ' | -110 | ' |
Share-based compensation expense | 5,441 | 3,640 | 4,030 |
Provision for doubtful accounts | ' | -80 | 35 |
Non-cash stock issuance | 1,076 | ' | ' |
Non-cash other income | ' | -68 | ' |
Changes in operating assets and liabilities | ' | ' | ' |
Accounts receivable | 1,001 | -1,335 | -810 |
Other current assets | 541 | 2,809 | -1,720 |
Inventory | 1,637 | -2,916 | -5,201 |
Accounts payable and accrued expenses | 1,900 | -2,113 | 1,426 |
Deferred revenue | -3,830 | -4,051 | -5,434 |
Long-term deferred rent | -123 | 685 | 1,417 |
Other | -28 | 414 | 803 |
Net cash used in operating activities | -15,816 | -28,482 | -36,452 |
Cash flows from investing activities: | ' | ' | ' |
Purchase of investments | -43,301 | -6,057 | -3,021 |
Proceeds from maturity of investments | 9,000 | 23,000 | 35,502 |
Purchase of fixed assets | -507 | -4,066 | -1,694 |
Proceeds from sale of fixed assets | ' | 200 | ' |
Restricted cash | ' | 1,266 | -178 |
Net cash (used in) provided by investing activities | -34,808 | 14,343 | 30,609 |
Cash flows from financing activities: | ' | ' | ' |
Gross proceeds from common stock offerings | 99,000 | ' | 323 |
Fees associated with common stock offerings | -5,225 | ' | ' |
Proceeds from issuance of note payable | ' | 1,382 | 19,850 |
Repayment of long-term obligations | -445 | -135 | -1,682 |
Proceeds from the issuance of common stock under employee stock purchase plan and exercise of stock options | 5,361 | 1,442 | 219 |
Net cash provided by financing activities | 98,691 | 2,689 | 18,710 |
Net increase (decrease) in cash and cash equivalents | 48,067 | -11,450 | 12,867 |
Cash and cash equivalents at beginning of the period | 20,018 | 31,468 | 18,601 |
Cash and cash equivalents at end of the period | 68,085 | 20,018 | 31,468 |
Supplemental disclosure of cash flow information: | ' | ' | ' |
Issuance of common shares on exercise of warrants - see Note 8 | 2,093 | ' | ' |
Interest paid | $5,525 | $9,364 | $9,108 |
Nature_of_Business
Nature of Business | 12 Months Ended | |
Dec. 31, 2013 | ||
Nature of Business | ' | |
1. Nature of Business | ||
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 and to identify other disorders that are mediated by plasma kallikrein. | ||
The Company developed KALBITOR on its own, and since 2010, has been selling it in the United States for the treatment of acute attacks of HAE. The Company is also developing DX-2930, a fully human monoclonal antibody inhibitor of plasma kallikrein, which is believed to be a candidate to treat HAE prophylactically. | ||
The Company has also completed development of a biomarker assay that should assist in detecting the activation of plasma kallikrein in patient blood. It intends to use this assay to potentially expedite the development of DX-2930 and to potentially determine if plasma kallikrein activation occurs with other PKM disorders. | ||
● | Licensing and Funded Research Portfolio | |
The Company has a portfolio of product candidates being developed by licensees using its phage display technology. This portfolio currently includes multiple product candidates in various stages of clinical development, including three in Phase 3 trials, for which the Company is eligible to receive future royalties and/or milestone payments. |
Accounting_Policies
Accounting Policies | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Accounting Policies | ' | ||||||||||||||||||||
2. Accounting Policies | |||||||||||||||||||||
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, product sales allowances, effective interest rate calculation, useful lives with respect to long lived assets, valuation of stock options, 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 December 31, 2013 and 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. Concentrations of credit risk with respect to trade receivable balances associated the Company’s development and license fee revenue are usually limited on an ongoing basis, due to the diverse number of licensees and collaborators comprising the Company's customer base. Trade receivable balances associated with the Company’s product sales are comprised of a few customers due to the Company’s limited distribution network. The Company completes ongoing credit evaluations of their customers. As of December 31, 2013, two customers accounted for 35% (US Bio) and 26% (Walgreens) of the accounts receivable balance. Two customers accounted for approximately 50% (Walgreens) and 34% (US Bio), of the Company's accounts receivable balance as of December 31, 2012. | |||||||||||||||||||||
The Company’s two largest distributors of KABITOR are Walgreens and US Bio. During the years ended December 31, 2013, 2012 and 2011, sales to Walgreens were 47%, 53% and 16% of revenue, respectively. During the years ended December 31, 2013, 2012 and 2011, sales to US Bio were 31%, 39% and 69% of revenue, respectively. | |||||||||||||||||||||
Revenues from customers outside the United States were approximately 13%, 13% and 28% of the Company's total revenus for the years ended December 31, 2013, 2012 and 2011, respectively, principally related to development and license agreements. | |||||||||||||||||||||
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 has also classified its investments with maturities beyond one year as short-term, based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations. The Company considers its investment portfolio of investments available-for-sale. Accordingly, these investments are recorded at fair value, which is based on quoted market prices. As of December 31, 2013, the Company's investments consisted of U.S. Treasury notes and bills with an amortized cost and estimated fair value of $43.3 million, and had an unrealized gain of $3,000. 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 on the accompanying consolidated balance sheet. | |||||||||||||||||||||
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 consolidated 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. The 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 reviews its long-lived assets 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 or asset group. 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 to the customer. Product sales are recorded net of applicable reserves for trade prompt pay and other discounts, government rebates, patient financial 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 financial 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 because these services could be provided by separate third-party vendors. Accordingly, these costs are classified as selling, general and administrative expense. | |||||||||||||||||||||
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 sales during the period. | |||||||||||||||||||||
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 commercially insured KALBITOR patients in order to defray patients’ out-of-pocket expenses, including co-payments, to aid patients’ access to KALBITOR. The Company estimates its liability for this program based on actual 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, 2011 | $ | 170 | $ | 193 | $ | 283 | $ | 49 | $ | 695 | |||||||||||
Current provisions relating to sales in current year | 1,726 | 408 | 856 | 502 | 3,492 | ||||||||||||||||
Adjustments relating to prior years | — | (60 | ) | (22 | ) | — | (82 | ) | |||||||||||||
Payments relating to sales in current year | (1,338 | ) | (243 | ) | (398 | ) | — | (1,979 | ) | ||||||||||||
Payments/returns relating to sales in prior years | (170 | ) | (133 | ) | (154 | ) | — | (457 | ) | ||||||||||||
Balance, as of December 31, 2012 | 388 | 165 | 565 | 551 | 1,669 | ||||||||||||||||
Current provisions relating to sales in current year | 2,565 | 498 | 2,806 | 145 | 6,014 | ||||||||||||||||
Adjustments relating to prior years | 23 | (38 | ) | (79 | ) | (141 | ) | (235 | ) | ||||||||||||
Payments relating to sales in current year | (2,165 | ) | (378 | ) | (1,380 | ) | — | (3,923 | ) | ||||||||||||
Payments/returns relating to sales in prior years | (327 | ) | (157 | ) | (278 | ) | (232 | ) | (994 | ) | |||||||||||
Balance, as of December 31, 2013 | $ | 484 | $ | 90 | $ | 1,634 | $ | 323 | $ | 2,531 | |||||||||||
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 VOE 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, we attempt to establish the selling price of the elements of a license arrangement based on VOE. VOE 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 VOE. | |||||||||||||||||||||
When we are unable to establish the selling price of an element using VSOE or VOE, management determines BESP for that element. The objective of BESP is to determine the price at which we would transact a sale if the element within the license agreement was sold on a stand-alone basis. Our 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 proportional performance (i.e. straight-line) 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. Milestones that are tied to regulatory approval are not considered probable of being achieved until such approval was received. All milestones 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 as revenue 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. If the Company has no remaining performance obligations under the patent license agreement, 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 LFRP, the Company 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 in the LFRP developed using its technology and through intellectual property rights granted, it is estimated that the Company could receive up to $78 million in development milestones, $66 million in regulatory filing milestones and $95 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 $3.1 million, $3.3 million and $3.3 million related to milestones under the LFRP for the years ended December 31, 2013, 2012 and 2011, 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 years ended December 31, 2012 and 2011, the Company recognized revenue of approximately $327,000 and $588,000, respectively, for technical milestones. There was no amount recognized during the year ended December 31, 2013. 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 years ended December 31, 2012 and 2011 do not include the full cost of drug manufacturing. For the year ended December 31, 2013, KALBITOR sales were comprised of a combination of product manufactured both prior to and following FDA approval. Accordingly, cost of product sales for the year ended December 31, 2013 does 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. 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. | |||||||||||||||||||||
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 December 31, 2013 and 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 and comprehensive loss. The Company recorded other income of $14,000 and $15,000, for the years ended December 31, 2013 and 2012, respectively, and other expense of $3,000 for the year ended December 31, 2011. | |||||||||||||||||||||
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, basic and diluted in accordance with ASC 260. Basic earnings or loss per share is computed using the weighted average number of shares of common stock outstanding. Diluted net loss per share does not differ from basic net loss per share since potential common shares from the exercise of stock options, warrants or rights under the Purchase Plan are anti-dilutive for the years ended December 31, 2013, 2012 and 2011, and therefore, are excluded from the calculation of diluted net loss per share. | |||||||||||||||||||||
The weighted average of stock options and warrants outstanding totaled 12,185,724, 12,278,657 and 11,456,758 at December 31, 2013, 2012, and 2011, 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 requires that all components of comprehensive income (loss) be reported in a financial statement that is displayed with the same prominence as other financial statements. | |||||||||||||||||||||
Accumulated other comprehensive income (loss) consists entirely of changes in unrealized gains (losses) on investments. | |||||||||||||||||||||
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. | |||||||||||||||||||||
Recent Accounting Pronouncements | |||||||||||||||||||||
From time to time, new accounting pronouncements are issued by the 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 recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption. |
SIGNIFICANT_TRANSACTIONS
SIGNIFICANT TRANSACTIONS | 12 Months Ended |
Dec. 31, 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 and was eligible to receive development and sales milestones for ecallantide in HAE and other angioedema indications and royalties on net product sales. CMIC was solely responsible for all costs associated with development, regulatory activities, and commercialization of ecallantide for all angioedema indications in Japan. In December, 2013, CMIC provided the Company written notice of CMIC’s intent to terminate the agreement. The termination will take effect in June 2014, at which time all of the rights to develop ecallantide in Japan will return to the Company. The Company has no obligations to CMIC in connection with, or following the termination. | |
Upon the commencement of the agreement in 2010, 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 included the product license, the committed future development services and the steering committee involvement. The second unit of accounting relates to the manufacturing services. As 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, the Company could not reasonably estimate the level of effort required to fulfill its obligations under the first unit of accounting, and, as a result, the Company was 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. Upon receiving notification of CMIC’s irrevocable intent to terminate, it was determined the Company had no further obligations under this arrangement, and therefore, the full amount of deferred revenue of $2.0 million was recognized in the quarter ending December 31, 2013. | |
The Company recognized revenue of approximately $2.6 million, $755,000 and $595,000 related to this agreement for the years ended December 31, 2013, 2012 and 2011, respectively. As of December 31, 2012, the Company had deferred approximately $2.5 million, of revenue related to this arrangement, which was recorded in deferred revenue on the accompanying consolidated balance sheets. There was no deferred balance related to this arrangement as of December 31, 2013. | |
CVie | |
In 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 its 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 accounted for if and when 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 in the CVie territories through mid-2018. | |
The Company recognized revenue of $172,000 for the year ended December 31, 2013. As of December 31, 2013, the Company has deferred $828,000 of revenue related to this arrangement, which is recorded in deferred revenue on the accompanying consolidated balance sheets. | |
Novellus | |
In 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 was entitled to receive payments totaling $800,000 in 2013, of which $500,000 was received through year-end. 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 for the year ended December 31, 2013, and the Company has deferred $800,000 of revenue related to this arrangement, which is recorded in deferred revenue on the accompanying consolidated balance sheet at December 31, 2013. | |
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, and payments of $3.8 million for reimbursement associated with development services, and it 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 year ended December 31, 2013. No additional revenue is expected to be recognized in future periods. For the years ended December 31, 2012 and 2011, revenue recognized under this arrangement totaled $204,000 and $10.5 million, respectively. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 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 December 31, 2013 and 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 | December | Quoted | Significant | Significant | |||||||||||||
31, | Prices in | Other | Unobservable | ||||||||||||||
2013 | Active | Observable | Inputs | ||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
(in thousands) | |||||||||||||||||
Assets: | |||||||||||||||||
Money Market Funds | $ | 55,569 | $ | 55,569 | $ | — | $ | — | |||||||||
US Treasury Bills and Notes | 43,296 | — | 43,296 | — | |||||||||||||
Total | $ | 98,865 | $ | 55,569 | $ | 43,296 | $ | — | |||||||||
Description | December | Quoted | Significant | Significant | |||||||||||||
31, | Prices in | Other | Unobservable | ||||||||||||||
2012 | Active | Observable | Inputs | ||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
(in thousands) | |||||||||||||||||
Assets: | |||||||||||||||||
Money Market Funds | $ | 15,910 | $ | 15,910 | $ | — | $ | — | |||||||||
US Treasury Bills and Notes | 9,028 | — | 9,028 | — | |||||||||||||
Total | $ | 24,938 | $ | 15,910 | $ | 9,028 | $ | — | |||||||||
The following tables summarize the Company’s marketable securities at December 31, 2013 and 2012: | |||||||||||||||||
31-Dec-13 | |||||||||||||||||
Description | Amortized | Gross | Gross | Fair Value | |||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||
Gains | Losses | ||||||||||||||||
(in thousands) | |||||||||||||||||
US Treasury Bills and Notes (due within 1 year) | $ | 2,001 | $ | 1 | $ | — | $ | 2,002 | |||||||||
US Treasury Bills and Notes (due after 1 year through 2 years) | 41,292 | 2 | — | 41,294 | |||||||||||||
Total | $ | 43,293 | $ | 3 | $ | — | $ | 43,296 | |||||||||
31-Dec-12 | |||||||||||||||||
Description | Amortized | Gross | Gross | Fair Value | |||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||
Gains | Losses | ||||||||||||||||
(in thousands) | |||||||||||||||||
US Treasury Bills and Notes (due within 1 year) | $ | 9,022 | $ | 6 | $ | — | $ | 9,028 | |||||||||
US Treasury Bills and Notes (due after 1 year through 2 years) | — | — | — | — | |||||||||||||
Total | $ | 9,022 | $ | 6 | $ | — | $ | 9,028 | |||||||||
As of December 31, 2013 and 2012, the Company's cash equivalents which are invested in money market funds are valued based on Level 1 inputs. As of December 31, 2013 and 2012, the Company’s short-term investments consisted of United States Treasury notes and bills which are valued based on Level 2 inputs. The Company has also classified its investments with maturities beyond one year as short-term, based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations. | |||||||||||||||||
The carrying amounts reflected in the consolidated balance sheets for cash, cash equivalents, accounts receivable, other current assets, accounts payable and accrued expenses and other current liabilities approximate fair value due to their short-term maturities. |
Inventory
Inventory | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory | ' | ||||||||
5. Inventory | |||||||||
Costs associated with the manufacture of KALBITOR prior to regulatory approval by the FDA in 2009 were expensed when incurred, and therefore were not capitalized as inventory. The supply of KALBITOR produced prior to FDA approval met commercial needs into 2013. 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 December 31, 2013 and 2012, approximately $5.5 million and $5.9 million of inventory, respectively, is classified as non-current. | |||||||||
Inventory consists of the following: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Raw Materials | $ | 1,116 | $ | 1,116 | |||||
Work in Progress | 5,965 | 8,274 | |||||||
Finished Goods | 1,281 | 599 | |||||||
Total | $ | 8,362 | $ | 9,989 |
Fixed_Assets
Fixed Assets | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Fixed Assets | ' | ||||||||
6. Fixed Assets | |||||||||
Fixed assets consist of the following: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Laboratory equipment | $ | 3,932 | $ | 7,628 | |||||
Furniture and office equipment | 815 | 1,619 | |||||||
Software and computers | 2,958 | 4,763 | |||||||
Leasehold improvements | 4,510 | 4,502 | |||||||
Construction in process | — | 197 | |||||||
Total | 12,215 | 18,709 | |||||||
Less: accumulated depreciation and amortization | (7,255 | ) | (13,380 | ) | |||||
$ | 4,960 | $ | 5,329 | ||||||
Depreciation expense for the years ended December 31, 2013, 2012, and 2011 was approximately $859,000, $1.1 million and $1.4 million, respectively. | |||||||||
During 2013, the Company retired fixed assets of $7.0 million with no remaining net book value. During 2012, the Company retired fixed assets of $6.8 million with no remaining net book value. Additionally in 2012 the Company sold fixed assets totaling $1.5 million with a remaining net book value of $90,000. Proceeds from this sale totaled $200,000, resulting in a gain on sale of fixed assets of $110,000. |
Accounts_Payable_and_Accrued_E
Accounts Payable and Accrued Expenses | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounts Payable and Accrued Expenses | ' | ||||||||
7. Accounts Payable and Accrued Expenses | |||||||||
Accounts payable and accrued expenses consist of the following: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Accounts payable | $ | 1,407 | $ | 3,557 | |||||
Accrued employee compensation and related taxes | 4,609 | 4,018 | |||||||
Accrued external research and development and sales expense | 1,778 | 1,652 | |||||||
Accrued legal | 456 | 518 | |||||||
Accrued sales allowances | 1,918 | 1,052 | |||||||
Other accrued liabilities | 2,374 | 1,675 | |||||||
$ | 12,542 | $ | 12,472 |
Longterm_Obligations
Long-term Obligations | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Long-term Obligations | ' | ||||||||
8. Long-term Obligations | |||||||||
Long-term obligations and note payable consists of the following (in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Note payable | $ | 81,516 | $ | 78,061 | |||||
Obligations under equipment loan | 931 | 1,376 | |||||||
Total | $ | 82,447 | $ | 79,437 | |||||
Less: current portion | (468 | ) | (445 | ) | |||||
Long-term obligations | $ | 81,979 | $ | 78,992 | |||||
Estimated future payments under the Company's long-term obligations and note payable as of December 31, 2013 are as follows: | |||||||||
(In thousands) | |||||||||
2014 | $ | 10,652 | |||||||
2015 | 11,638 | ||||||||
2016 | 10,435 | ||||||||
2017 | 27,192 | ||||||||
2018 | 71,428 | ||||||||
Thereafter | — | ||||||||
Total estimated future payments | 131,345 | ||||||||
Less: amount representing interest | (45,941 | ) | |||||||
Present value of estimated future payments | 85,404 | ||||||||
Less: current portion | (468 | ) | |||||||
Less: unamortized portion of discount and deferred interest expense | (2,957 | ) | |||||||
Long-term obligations and note payable | $ | 81,979 | |||||||
Note Payable: | |||||||||
HealthCare Royalty Partners | |||||||||
In August 2012, the Company completed the second closing under an agreement with an affiliate of HealthCare Royalty Partners, formerly Cowen Healthcare Partners (HC Royalty), which the Company entered into in December 2011 to refinance its existing loans from HC Royalty. At December 31, 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 (defined below) were determined to be modified under ASC 470. During the years ended December 31, 2013 and 2012, interest expense on the Loan is being recorded in the Company’s financial statements at an effective interest rate of 12.6 and 13.0%, respectively. | |||||||||
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 under the agreement that refinanced on the same terms as the Tranche A Loan approximately $57.6 million outstanding under the March 2009 Loan (Tranche B Loan). | |||||||||
Original Loans | |||||||||
In 2008 and 2009, the Company entered into loan agreements with an affiliate of HC Royalty that provided aggregate loan proceeds of $65.0 million (the Original Loans), which had an outstanding principal and accrued interest balance of $57.6 million at the time of their refinancing in August 2012. The Original Loans bore interest at an annual rate of 17.4%, payable quarterly, and were secured by the Company’s LFRP. | |||||||||
In connection with the Original Loans, the Company issued affiliates of HC Royalty warrants to purchase shares of the Company’s common stock. In August 2008, the Company issued warrants to purchase 250,000 shares of the Company’s common stock at an exercise price of $5.50 per share. This warrant became exercisable in August 2009 and could be exercised through August 2016. The Company estimated the relative fair value of the warrant to be $853,000 on the date of issuance, using the Black-Scholes valuation model, assuming a volatility factor of 83.64%, risk-free interest rate of 4.07%, an eight-year expected term and an expected dividend yield of zero. In March 2009, the Company issued HC Royalty a second warrant to purchase 250,000 shares of the Company’s common stock at an exercise price of $2.87 per share. This warrant became exercisable in March 2010 and could be exercised through August 2016. The Company estimated the relative fair value of the warrant to be $477,000 on the date of issuance, using the Black-Scholes valuation model, assuming a volatility factor of 85.98%, risk-free interest rate of 2.77%, a seven-year, four-month expected term and an expected dividend yield of zero. The relative fair values of the warrants as of the date of issuance are recorded in additional paid-in capital on the Company's consolidated balance sheets. In November 2013, HC Royalty executed their right to complete a cashless exercise of their warrants to purchase shares of the Company's common stock issued in conjunction with the loan. As a result, 233,438 shares were issued to HC Royalty and no further warrants remain outstanding under this agreement. | |||||||||
The cash proceeds from the Original Loans were recorded as a note payable on the Company's consolidated balance sheet. The note payable balance was reduced by $1.3 million for the fair value of the warrants issued, and by $580,000 for payment of HC Royalty’s legal fees in conjunction with the Original Loan. Prior to the December 2011 issuance of the Tranche A Loan, each of these amounts was being accreted over the life of the note through August 2016. Subsequent to the modification of the debt arrangement in December 2011, the unamortized portion of these amounts is being accreted over the life of the Loan through August 2018. | |||||||||
The Loan principal balance at December 31, 2013 and 2012 was $84.5 million and $81.2 million, respectively. For financial reporting purposes, the Loan is adjusted for discounts associated with the debt issuance, including warrants and fees. | |||||||||
Activity under the Loan is presented for financial reporting purposes, as follows: | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Balance, January 1 | $ | 78,061 | $ | 75,372 | |||||
Accretion of discount | 198 | 198 | |||||||
Loan activity: | |||||||||
Discount on Tranche A Loan | — | (43 | ) | ||||||
Interest Expense | 10,447 | 10,199 | |||||||
Payments applied to principal | — | (96 | ) | ||||||
Payments applied to interest | (5,378 | ) | (7,569 | ) | |||||
Accrued interest payable | (1,812 | ) | — | ||||||
Balance, December 31 | $ | 81,516 | $ | 78,061 | |||||
The estimated fair value of the note payable was $83.2 million at December 31, 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. | |||||||||
Obligations Under Equipment Loan Arrangements | |||||||||
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, which will be financed over a 3-year term. The outstanding balance of this loan was $931,000 and $1.4 million, as of December 31, 2013 and 2012, respectively. | |||||||||
Operating Leases | |||||||||
In 2011, the Company entered into a lease agreement for new premises located in Burlington, Massachusetts and in January 2012, the Company relocated its operations to the new facility. The new premises, consisting of approximately 45,000 rentable square feet of office and laboratory facilities, serves as the Company’s principal offices and corporate headquarters. The term of the 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, which is classified as restricted cash on the Company’s balance sheet at December 31, 2013 and 2012. | |||||||||
Under the terms of the 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. Through December 31, 2012, the Company 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. All rent payments due over the term of the lease are being expensed on a straight-line basis in the Company’s statement of operations. | |||||||||
In January 2012, the Company’s lease agreement associated with its former facility terminated and the $1.3 million Letter of Credit which secured the Company’s obligations under the lease was released. This Letter of Credit was classified on the Company’s balance sheet as restricted cash at December 31, 2011. | |||||||||
Gross minimum future lease payments under the Company's non-cancelable operating leases as of December 31, 2013 are as follows: | |||||||||
(In thousands) | |||||||||
2014 | $ | 1,605 | |||||||
2015 | 1,615 | ||||||||
2016 | 1,581 | ||||||||
2017 | 1,588 | ||||||||
2018 | 1,670 | ||||||||
Thereafter | 5,352 | ||||||||
Total | $ | 13,411 | |||||||
Rent expense for the years ended December 31, 2013, 2012, and 2011 was approximately $1.5 million, $1.6 million and $3.4 million, respectively. Rent expense for the year ended December 31, 2011 is reflected as net of sublease payments of $194,000. |
Restructuring_Charges
Restructuring Charges | 12 Months Ended |
Dec. 31, 2013 | |
Restructuring Charges | ' |
9. Restructuring Charges | |
In 2012, the Company realigned its business structure and implemented a number of strategic and operational initiatives. As part of these initiatives, a workforce reduction was implemented. As a result of the restructuring, during the year ended December 31, 2012, the Company recorded 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 $55,000 for amendments to the exercise schedules to certain options and other exit costs of $90,000. All restructuring costs were paid as of December 31, 2012. |
Stockholders_Deficit
Stockholders' Deficit | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Stockholders' Deficit | ' | ||||||||||||||||
10. Stockholders' Equity (Deficit) | |||||||||||||||||
Sale of Common and Preferred Stock | |||||||||||||||||
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. | |||||||||||||||||
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 the Company’s common stock then issued and outstanding. The Company may not pay any dividends on shares of its 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, after deducting offering expenses. | |||||||||||||||||
In February 2014, 41,418 shares of preferred stock outstanding was converted into 4,141,800 shares of common stock. The Company has no remaining preferred stock outstanding. | |||||||||||||||||
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: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
Compensation expense related to: | 2013 | 2012 | 2011 | ||||||||||||||
(in thousands) | |||||||||||||||||
Equity incentive plan | $ | 5,131 | $ | 3,549 | $ | 3,984 | |||||||||||
Employee stock purchase plan | 310 | 91 | 46 | ||||||||||||||
$ | 5,441 | $ | 3,640 | $ | 4,030 | ||||||||||||
Stock-based compensation expense charged to: | |||||||||||||||||
Research and development | $ | 1,671 | $ | 839 | $ | 1,193 | |||||||||||
General and administrative | $ | 3,770 | $ | 2,746 | $ | 2,837 | |||||||||||
Restructuring charges | $ | — | $ | 55 | $ | — | |||||||||||
Stock-based compensation of $9,000, $23,000 and $31,000 was capitalized into inventory for the each of the years ended December 31, 2013, 2012 and 2011, respectively. Capitalized stock-based compensation is recognized into cost of product sales when the related product is sold. | |||||||||||||||||
Stock-based compensation expense for the year ended December 31, 2013, 2012 and 2011 included $1.6 million, $467,000 and $273,000, respectively, related to the modification of certain stock options. The 2013 expense included $1.1 million recognized in relation to the extension of exercisability and vesting of options held by a former executive officer. | |||||||||||||||||
Valuation Assumptions for Stock Options | |||||||||||||||||
For the years ended December 31, 2013, 2012 and 2011, 3,617,150, 5,897,221 and 2,624,160 stock options were granted, respectively. The fair value of each option was estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Expected Option Term (in years) | 6 – 8 | 6 – 8 | 5.5 – 6 | ||||||||||||||
Risk-free interest rate | 0.99% - 2.21% | 0.86% - 1.37% | 1.28% - 2.39% | ||||||||||||||
Expected dividend yield | 0 | 0 | 0 | ||||||||||||||
Volatility factor | 70% - 73% | 70% - 73% | 74% - 75% | ||||||||||||||
Valuation Assumptions for Employee Stock Purchase Plans | |||||||||||||||||
The fair value of shares issued under the employee stock purchase plan was estimated on the commencement date of each offering period using the Black-Scholes option-pricing model with the following assumptions: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Expected Option Term (in years) | 0.5 | 0.5 | 0.5 | ||||||||||||||
Risk-free interest rate | 0.06% - 0.10% | 0.09% - 0.12% | 0.07% - 0.11% | ||||||||||||||
Expected dividend yield | 0 | 0 | 0 | ||||||||||||||
Volatility factor | 46% - 81% | 45% - 54% | 37% - 72% | ||||||||||||||
Expected volatilities are based on historical volatilities of our common stock; the expected life represents the weighted average period of time that options granted are expected to be outstanding giving consideration to vesting schedules and our historical exercise and cancellation patterns; and the risk-free rate is based on the United States Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the option. | |||||||||||||||||
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 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 the Annual Meeting of Stockholders held in May 2012 (the Annual Meeting), the Company’s shareholders approved a stock option exchange program for employees, executive officers and non-employee directors. Under this option exchange program, outstanding options to purchase an aggregate of 4,192,310 shares of the Company’s common stock were exchanged for new options to purchase an aggregate of 2,473,596 shares of the Company’s common stock at an exercise price equal to $2.06 per share, which was the closing price of the Company’s common stock on the grant date of June 20, 2012. All new options issued in the option exchange program are subject to a new, extended vesting schedule, the terms of which differ depending on the holder’s status as an executive, director or non-executive employee. The new options have a term equal to the greater of (i) the term of the original options for which they were exchanged, or (ii) five years from date of grant. The new options had a fair value approximately equal to the fair value of the surrendered options, based on a Black-Scholes option pricing model applied immediately prior to commencement of the exchange program. Accordingly, approximately $46,000 of expense was recorded during the year ended December 31, 2012 related to the modification of the exchanged options. | |||||||||||||||||
Also at the Annual Meeting, the Company’s shareholders approved an amendment to the Equity Plan to increase the number of shares of common stock available for issuance under the plan by 5,000,000 shares less the net number of shares, if any, returned to the Equity Plan for issuance following the option exchange program. Accordingly, 3,281,286 additional shares of common stock, constituting the approved 5,000,000 share increase net of the 1,718,714 shares that were returned to the Equity Plan as a result of the option exchange program, became available for issuance under the plan. | |||||||||||||||||
At December 31, 2013, a total of 4,114,886 shares were available for future grants under the Equity Plan. | |||||||||||||||||
Stock Option Activity | |||||||||||||||||
The following table summarizes stock option activity for the year ended December 31, 2013: | |||||||||||||||||
Number of | Weighted-Avg. | Weighted-Avg. | Aggregate | ||||||||||||||
Options | Exercise Price | Remaining Contractual Life | Intrinsic Value | ||||||||||||||
(in thousands) | |||||||||||||||||
Outstanding as of December 31, 2012 | 10 528,474 | $ | 2.28 | 6.84 | $ | 13,864 | |||||||||||
Granted at fair market value | 3,617,150 | $ | 3.22 | ||||||||||||||
Exercised | (2,043,466 | ) | $ | 2.5 | |||||||||||||
Forfeited | (1,152,738 | ) | $ | 2.33 | |||||||||||||
Expired | (320,541 | ) | $ | 5.04 | |||||||||||||
Outstanding as of December 31, 2013 | 10,628,879 | $ | 2.47 | 6.99 | $ | 53,978 | |||||||||||
Exercisable as of December 31, 2013 | 4,546,646 | $ | 2.52 | 6.32 | $ | 22,960 | |||||||||||
Vested and unvested expected to vest as of December 31, 2013 | 10,587,985 | $ | 2.48 | 7 | $ | 53,731 | |||||||||||
The aggregate intrinsic value in the table above represents the total intrinsic value of the options outstanding, options exercisable and options vested and unvested which are expected to vest, based on the Company’s common stock closing price of $7.54 as of December 31, 2013, which would have been received by the option holders had all option holders exercised their options and sold the underlying common stock as of that date. The total number of in-the-money options exercisable as of December 31, 2013 was 4,516,135. | |||||||||||||||||
The weighted average grant date fair values of options, as determined under ASC 718, granted during the years ended December 31, 2013, 2012 and 2011 were $2.06, $1.00 and $1.17 per share, respectively. The total intrinsic value of options exercised during years ended December 31, 2013, 2012 and 2011 was approximately $5.4 million, $375,000, and $0, respectively. The total cash received from employees as a result of employee stock option exercises during the years ended December 31, 2013, 2012 and 2011 was approximately $5.1 million, $1.3 million, and $2,000, respectively. | |||||||||||||||||
As of December 31, 2013 future compensation cost related to non-vested stock options is approximately $8.8 million and will be recognized over an estimated weighted average period of approximately 1.98 years. | |||||||||||||||||
The following table summarizes unvested stock option activity for the year ended December 31, 2013: | |||||||||||||||||
Non-vested | |||||||||||||||||
Number of | |||||||||||||||||
Options | |||||||||||||||||
Unvested balance at December 31, 2012 | 6,252,662 | ||||||||||||||||
Granted at fair market value | 3,617,150 | ||||||||||||||||
Vested | (2,635,583 | ) | |||||||||||||||
Forfeited | (1,151,996 | ) | |||||||||||||||
Unvested balance at December 31, 2013 | 6,082,233 | ||||||||||||||||
The total fair value of options vested during the years ended December 31, 2013, 2012 and 2011 were $3.4 million, $3.0 million and $3.7 million, respectively. | |||||||||||||||||
Restricted Stock Unit Activity | |||||||||||||||||
The fair market value of restricted stock units is expensed over the period of vesting. Restricted stock units generally vest over a four year period in equal installments on each anniversary of the grant date. The fair value of restricted stock units was determined based on the closing market price of the underlying stock on the grant date. | |||||||||||||||||
The following table summarizes our RSU activity: | |||||||||||||||||
Shares | Weighted-Avg | ||||||||||||||||
Fair Value | |||||||||||||||||
Unvested balance at December 31, 2012 | 373,749 | $ | 1.48 | ||||||||||||||
Granted at fair market value | — | $ | — | ||||||||||||||
Vested | (61,250 | ) | $ | 1.48 | |||||||||||||
Forfeited | (59,375 | ) | $ | 1.48 | |||||||||||||
Unvested balance at December 31, 2013 | 253,124 | $ | 1.48 | ||||||||||||||
As of December 31, 2013, there was $213,000 of total unrecognized compensation cost related to non-vested restricted stock units. This expense, net of forfeitures is expected to be recognized over a weighted average period of approximately 2.15 years. Of the 253,124 unvested shares, the Company estimates that 227,714 will vest. | |||||||||||||||||
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 for the years ended December 31, 2013, 2012 and 2011 was approximately $310,000, $91,000 and $46,000, respectively. There were 94,979, 93,974 and 137,167 shares purchased under the Plan during the years ended December 31, 2013, 2012 and 2011, respectively. At December 31, 2013, a total of 267,960 shares were reserved and available for issuance under this Plan. |
Employee_Savings_and_Retiremen
Employee Savings and Retirement Plans | 12 Months Ended |
Dec. 31, 2013 | |
Employee Savings and Retirement Plans | ' |
11. Employee Savings and Retirement Plans | |
The Company has an employee savings and retirement plan (the "Retirement Plan"), qualified under Section 401(k) of the Internal Revenue Code, covering substantially all of the Company's employees. Employees may elect to contribute a portion of their pretax compensation to the Retirement Plan up to the annual maximum allowed under the Retirement Plan. Employees are 100% vested in company matching contributions which have been 50% of employee contributions up to 6% of eligible pay. For the years ended December 31, 2013, 2012 and 2011, the Company's matching contributions amounted to $451,000, $440,000 and $431,000, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Taxes | ' | ||||||||||||
12. 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. | |||||||||||||
The provision for income taxes for continuing operations was calculated at rates different from the United States federal statutory income tax rate for the following reasons: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Statutory federal income taxes | 34 | % | 34 | % | 34 | % | |||||||
State income taxes, net of federal benefit | (4.7 | %) | (3.3 | %) | (2.0 | %) | |||||||
General business credit | 4.5 | % | 3.8 | % | 5.9 | % | |||||||
Stock compensation cancellations | (0.8 | %) | (6.8 | %) | — | ||||||||
Other | 1.6 | % | (1.7 | %) | (1.2 | %) | |||||||
Federal true up and expiring NOLs and research credits | 0.4 | % | (8.6 | %) | (3.7 | %) | |||||||
Valuation allowance | (35.0 | %) | (17.4 | %) | (33.0 | %) | |||||||
Effective income tax rate | — | % | — | % | — | % | |||||||
The principal components of the Company's deferred tax assets and liabilities at December 31, 2013, 2012 and 2011, respectively are as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Net Deferred Tax Asset: | |||||||||||||
Allowance for doubtful accounts | $ | — | $ | — | $ | 44 | |||||||
Depreciation and amortization | 228 | 255 | 2,023 | ||||||||||
Accrued expenses | 642 | 303 | 173 | ||||||||||
Capitalized research and development costs | 23,603 | 8,192 | — | ||||||||||
Other | 1,339 | 1,394 | 861 | ||||||||||
Stock based compensation | 2,575 | 2,127 | 3,615 | ||||||||||
Deferred revenue | 2,928 | 4,223 | 5,898 | ||||||||||
Research credit carryforwards | 67,088 | 63,259 | 61,999 | ||||||||||
Net operating loss carryforwards | 115,531 | 124,507 | 124,558 | ||||||||||
Total gross deferred tax asset | 213,934 | 204,260 | 199,171 | ||||||||||
Valuation allowance | (213,934 | ) | (204,260 | ) | (199,171 | ) | |||||||
Net deferred tax asset | $ | — | $ | — | $ | — | |||||||
As of December 31, 2013 and 2012, the Company had federal tax net operating loss carryforwards (NOLs) of $329.2 million and $344.9 million, respectively, available to reduce future taxable income, which expire at various times beginning in 2018 through 2033. The Company also had federal research and experimentation and orphan drug credit carryforwards of approximately $61.6 million and $58.1 million as of December 31 2013 and 2012, respectively, available to reduce future tax liabilities which will expire at various dates beginning in 2018 through 2033. The Company had state tax net operating loss carryforwards of approximately $93.8 million and $138.1 million as of December 31, 2013 and 2012, respectively, available to reduce future state taxable income, which will expire at various dates beginning in 2014 through 2033. The Company also had state research and development and investment tax credit carryforwards of approximately $8.3 million and $7.8 million as of December 31, 2013 and 2012, respectively, available to reduce future tax liabilities which expire at various dates beginning in 2015 through 2028. | |||||||||||||
Included in the NOL carryforward of $329.2 million and $344.9 million are approximately $8.2 million and $4.9 million of tax deductions from the exercise of stock options at December 31, 2013 and 2012, respectively. The Company has also recorded a deferred tax asset of approximately $1.8 million at both December 31, 2013 and 2012 reflecting the benefit of the deduction from the exercise of stock options which has been fully reserved until it is more likely than not that the benefit will be realized. The benefit from these deductions will be recorded as a credit to additional paid-in capital if and when realized through a reduction of taxes paid in cash. | |||||||||||||
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 NOL carryforwards, 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 $213.9 million and $204.3 million has been established at December 31, 2013 and 2012, respectively. | |||||||||||||
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, 2013, 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 NOLs 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. During 2012, the Company completed a study through December 31, 2012, to determine whether any ownership change has occurred since the Company's formation and has determined that 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 NOLs and tax credit carryforwards that the Company can utilize. | |||||||||||||
As of December 31, 2012, the Company’s federal tax NOLs available to reduce future taxable income without limitation are $252.3 million, which expire at various times beginning in 2024 through 2032. The Company’s federal research and experimentation and orphan drug credit carryforward as of December 31, 2012 available to reduce future tax liabilities without limitation are $54.9 million, which will expire at various dates beginning in 2024 through 2032. In addition the Company has NOLs 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. Ownership changes after December 31, 2012 could further restrict the use of these NOLs and federal tax credits. | |||||||||||||
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 1999 through 2013 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. | |||||||||||||
Business_Segments
Business Segments | 12 Months Ended |
Dec. 31, 2013 | |
Business Segments | ' |
13. Business Segments | |
The Company discloses business segments under ASC 280, Segment Reporting. The statement established standards for reporting information about operating segments in annual financial statements of public enterprises and in interim financial reports issued to shareholders. It also established standards for related disclosures about products and services, geographic areas and major customers. The Company operates as one business segment in one geographic area. |
Litigation
Litigation | 12 Months Ended |
Dec. 31, 2013 | |
Litigation | ' |
14. Litigation | |
As of December 31, 2013, there were no active legal proceedings that were expected to be material to the Company. The Company makes provisions for claims specifically identified for which it believes the likelihood of an unfavorable outcome is probable and reasonably estimable. The Company records at least the minimum estimated liability related to claims where there is a range of loss and the loss is considered probable and no estimate within the range is better than any other. As additional information becomes available, the Company assesses the potential liability related to its pending claims and revises its estimates. Future revisions in the estimates of the potential liability could materially impact the results of operations and financial position. The Company maintains insurance coverage that limits the exposure for any single claim as well as total amounts incurred per policy year, and it believes that its insurance coverage is adequate. The Company makes every effort to use the best information available in determining the level of liability reserves. |
Unaudited_Quarterly_Operating_
Unaudited Quarterly Operating Results | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Unaudited Quarterly Operating Results | ' | ||||||||||||||||||||
15. Unaudited Quarterly Operating Results | |||||||||||||||||||||
The following is a summary of unaudited quarterly and annual results of operations for the years ended December 31, 2013 and 2012: | |||||||||||||||||||||
Year ended December 31, 2013 | First | Second | Third | Fourth | Total Year | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||
(in thousands, except share and per share) | |||||||||||||||||||||
Revenue | $ | 12,040 | $ | 11,336 | $ | 13,691 | $ | 16,859 | $ | 53,926 | |||||||||||
Income (loss) from operations | $ | (8,463 | ) | $ | (5,850 | ) | $ | (3,641 | ) | $ | 755 | $ | (17,199 | ) | |||||||
Net loss | $ | (11,193 | ) | $ | (8,432 | ) | $ | (6,188 | ) | $ | (1,964 | ) | $ | (27,777 | ) | ||||||
Shares used in computing basic and diluted net loss per share | 99,644,227 | 104,977,247 | 109,731,276 | 119,573,601 | 108,539,613 | ||||||||||||||||
Basic and diluted net loss per share: | $ | (0.11 | ) | $ | (0.08 | ) | $ | (0.06 | ) | $ | (0.02 | ) | $ | (0.26 | ) | ||||||
Year ended December 31, 2012 | First | Second | Third | Fourth | Total Year | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||
(in thousands, except share and per share) | |||||||||||||||||||||
Revenue | $ | 11,489 | $ | 14,030 | $ | 13,101 | $ | 16,030 | $ | 54,650 | |||||||||||
Income (loss) from operations | $ | (8,747 | ) | $ | (5,389 | ) | $ | (2,667 | ) | $ | (2,082 | ) | $ | (18,885 | ) | ||||||
Net loss | $ | (11,282 | ) | $ | (7,939 | ) | $ | (5,210 | ) | $ | (4,834 | ) | $ | (29,265 | ) | ||||||
Shares used in computing basic and diluted net loss per share | 98,798,426 | 98,820,699 | 99,069,928 | 99,271,225 | 98,991,056 | ||||||||||||||||
Basic and diluted net loss per share: | $ | (0.11 | ) | $ | (0.08 | ) | $ | (0.05 | ) | $ | (0.05 | ) | $ | (0.30 | ) | ||||||
Accounting_Policies_Policies
Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||||||
Dec. 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, product sales allowances, effective interest rate calculation, useful lives with respect to long lived assets, valuation of stock options, 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 December 31, 2013 and 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. Concentrations of credit risk with respect to trade receivable balances associated the Company’s development and license fee revenue are usually limited on an ongoing basis, due to the diverse number of licensees and collaborators comprising the Company's customer base. Trade receivable balances associated with the Company’s product sales are comprised of a few customers due to the Company’s limited distribution network. The Company completes ongoing credit evaluations of their customers. As of December 31, 2013, two customers accounted for 35% (US Bio) and 26% (Walgreens) of the accounts receivable balance. Two customers accounted for approximately 50% (Walgreens) and 34% (US Bio), of the Company's accounts receivable balance as of December 31, 2012. | |||||||||||||||||||||
The Company’s two largest distributors of KABITOR are Walgreens and US Bio. During the years ended December 31, 2013, 2012 and 2011, sales to Walgreens were 47%, 53% and 16% of revenue, respectively. During the years ended December 31, 2013, 2012 and 2011, sales to US Bio were 31%, 39% and 69% of revenue, respectively. | |||||||||||||||||||||
Revenues from customers outside the United States were approximately 13%, 13% and 28% of the Company's total revenus for the years ended December 31, 2013, 2012 and 2011, respectively, principally related to development and license agreements. | |||||||||||||||||||||
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 has also classified its investments with maturities beyond one year as short-term, based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations. The Company considers its investment portfolio of investments available-for-sale. Accordingly, these investments are recorded at fair value, which is based on quoted market prices. As of December 31, 2013, the Company's investments consisted of U.S. Treasury notes and bills with an amortized cost and estimated fair value of $43.3 million, and had an unrealized gain of $3,000. 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 on the accompanying consolidated balance sheet. | |||||||||||||||||||||
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 consolidated 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. The 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 reviews its long-lived assets 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 or asset group. 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 to the customer. Product sales are recorded net of applicable reserves for trade prompt pay and other discounts, government rebates, patient financial 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 financial 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 because these services could be provided by separate third-party vendors. Accordingly, these costs are classified as selling, general and administrative expense. | |||||||||||||||||||||
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 sales during the period. | |||||||||||||||||||||
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 commercially insured KALBITOR patients in order to defray patients’ out-of-pocket expenses, including co-payments, to aid patients’ access to KALBITOR. The Company estimates its liability for this program based on actual 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, 2011 | $ | 170 | $ | 193 | $ | 283 | $ | 49 | $ | 695 | |||||||||||
Current provisions relating to sales in current year | 1,726 | 408 | 856 | 502 | 3,492 | ||||||||||||||||
Adjustments relating to prior years | — | (60 | ) | (22 | ) | — | (82 | ) | |||||||||||||
Payments relating to sales in current year | (1,338 | ) | (243 | ) | (398 | ) | — | (1,979 | ) | ||||||||||||
Payments/returns relating to sales in prior years | (170 | ) | (133 | ) | (154 | ) | — | (457 | ) | ||||||||||||
Balance, as of December 31, 2012 | 388 | 165 | 565 | 551 | 1,669 | ||||||||||||||||
Current provisions relating to sales in current year | 2,565 | 498 | 2,806 | 145 | 6,014 | ||||||||||||||||
Adjustments relating to prior years | 23 | (38 | ) | (79 | ) | (141 | ) | (235 | ) | ||||||||||||
Payments relating to sales in current year | (2,165 | ) | (378 | ) | (1,380 | ) | — | (3,923 | ) | ||||||||||||
Payments/returns relating to sales in prior years | (327 | ) | (157 | ) | (278 | ) | (232 | ) | (994 | ) | |||||||||||
Balance, as of December 31, 2013 | $ | 484 | $ | 90 | $ | 1,634 | $ | 323 | $ | 2,531 | |||||||||||
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 VOE 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, we attempt to establish the selling price of the elements of a license arrangement based on VOE. VOE 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 VOE. | |||||||||||||||||||||
When we are unable to establish the selling price of an element using VSOE or VOE, management determines BESP for that element. The objective of BESP is to determine the price at which we would transact a sale if the element within the license agreement was sold on a stand-alone basis. Our 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 proportional performance (i.e. straight-line) 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. Milestones that are tied to regulatory approval are not considered probable of being achieved until such approval was received. All milestones 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 as revenue 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. If the Company has no remaining performance obligations under the patent license agreement, 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 LFRP, the Company 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 in the LFRP developed using its technology and through intellectual property rights granted, it is estimated that the Company could receive up to $78 million in development milestones, $66 million in regulatory filing milestones and $95 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 $3.1 million, $3.3 million and $3.3 million related to milestones under the LFRP for the years ended December 31, 2013, 2012 and 2011, 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 years ended December 31, 2012 and 2011, the Company recognized revenue of approximately $327,000 and $588,000, respectively, for technical milestones. There was no amount recognized during the year ended December 31, 2013. 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 years ended December 31, 2012 and 2011 do not include the full cost of drug manufacturing. For the year ended December 31, 2013, KALBITOR sales were comprised of a combination of product manufactured both prior to and following FDA approval. Accordingly, cost of product sales for the year ended December 31, 2013 does 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. 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. | |||||||||||||||||||||
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 December 31, 2013 and 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 and comprehensive loss. The Company recorded other income of $14,000 and $15,000, for the years ended December 31, 2013 and 2012, respectively, and other expense of $3,000 for the year ended December 31, 2011. | |||||||||||||||||||||
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, basic and diluted in accordance with ASC 260. Basic earnings or loss per share is computed using the weighted average number of shares of common stock outstanding. Diluted net loss per share does not differ from basic net loss per share since potential common shares from the exercise of stock options, warrants or rights under the Purchase Plan are anti-dilutive for the years ended December 31, 2013, 2012 and 2011, and therefore, are excluded from the calculation of diluted net loss per share. | |||||||||||||||||||||
The weighted average of stock options and warrants outstanding totaled 12,185,724, 12,278,657 and 11,456,758 at December 31, 2013, 2012, and 2011, 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 requires that all components of comprehensive income (loss) be reported in a financial statement that is displayed with the same prominence as other financial statements. | |||||||||||||||||||||
Accumulated other comprehensive income (loss) consists entirely of changes in unrealized gains (losses) on investments. | |||||||||||||||||||||
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. | |||||||||||||||||||||
Recent Accounting Pronouncements | ' | ||||||||||||||||||||
Recent Accounting Pronouncements | |||||||||||||||||||||
From time to time, new accounting pronouncements are issued by the 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 recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption. |
Accounting_Policies_Tables
Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 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, 2011 | $ | 170 | $ | 193 | $ | 283 | $ | 49 | $ | 695 | |||||||||||
Current provisions relating to sales in current year | 1,726 | 408 | 856 | 502 | 3,492 | ||||||||||||||||
Adjustments relating to prior years | — | (60 | ) | (22 | ) | — | (82 | ) | |||||||||||||
Payments relating to sales in current year | (1,338 | ) | (243 | ) | (398 | ) | — | (1,979 | ) | ||||||||||||
Payments/returns relating to sales in prior years | (170 | ) | (133 | ) | (154 | ) | — | (457 | ) | ||||||||||||
Balance, as of December 31, 2012 | 388 | 165 | 565 | 551 | 1,669 | ||||||||||||||||
Current provisions relating to sales in current year | 2,565 | 498 | 2,806 | 145 | 6,014 | ||||||||||||||||
Adjustments relating to prior years | 23 | (38 | ) | (79 | ) | (141 | ) | (235 | ) | ||||||||||||
Payments relating to sales in current year | (2,165 | ) | (378 | ) | (1,380 | ) | — | (3,923 | ) | ||||||||||||
Payments/returns relating to sales in prior years | (327 | ) | (157 | ) | (278 | ) | (232 | ) | (994 | ) | |||||||||||
Balance, as of December 31, 2013 | $ | 484 | $ | 90 | $ | 1,634 | $ | 323 | $ | 2,531 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 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 | December | Quoted | Significant | Significant | |||||||||||||
31, | Prices in | Other | Unobservable | ||||||||||||||
2013 | Active | Observable | Inputs | ||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
(in thousands) | |||||||||||||||||
Assets: | |||||||||||||||||
Money Market Funds | $ | 55,569 | $ | 55,569 | $ | — | $ | — | |||||||||
US Treasury Bills and Notes | 43,296 | — | 43,296 | — | |||||||||||||
Total | $ | 98,865 | $ | 55,569 | $ | 43,296 | $ | — | |||||||||
Description | December | Quoted | Significant | Significant | |||||||||||||
31, | Prices in | Other | Unobservable | ||||||||||||||
2012 | Active | Observable | Inputs | ||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
(in thousands) | |||||||||||||||||
Assets: | |||||||||||||||||
Money Market Funds | $ | 15,910 | $ | 15,910 | $ | — | $ | — | |||||||||
US Treasury Bills and Notes | 9,028 | — | 9,028 | — | |||||||||||||
Total | $ | 24,938 | $ | 15,910 | $ | 9,028 | $ | — | |||||||||
Marketable Securities | ' | ||||||||||||||||
The following tables summarize the Company’s marketable securities at December 31, 2013 and 2012: | |||||||||||||||||
31-Dec-13 | |||||||||||||||||
Description | Amortized | Gross | Gross | Fair Value | |||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||
Gains | Losses | ||||||||||||||||
(in thousands) | |||||||||||||||||
US Treasury Bills and Notes (due within 1 year) | $ | 2,001 | $ | 1 | $ | — | $ | 2,002 | |||||||||
US Treasury Bills and Notes (due after 1 year through 2 years) | 41,292 | 2 | — | 41,294 | |||||||||||||
Total | $ | 43,293 | $ | 3 | $ | — | $ | 43,296 | |||||||||
31-Dec-12 | |||||||||||||||||
Description | Amortized | Gross | Gross | Fair Value | |||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||
Gains | Losses | ||||||||||||||||
(in thousands) | |||||||||||||||||
US Treasury Bills and Notes (due within 1 year) | $ | 9,022 | $ | 6 | $ | — | $ | 9,028 | |||||||||
US Treasury Bills and Notes (due after 1 year through 2 years) | — | — | — | — | |||||||||||||
Total | $ | 9,022 | $ | 6 | $ | — | $ | 9,028 |
Inventory_Tables
Inventory (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Components of Inventory | ' | ||||||||
Inventory consists of the following: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Raw Materials | $ | 1,116 | $ | 1,116 | |||||
Work in Progress | 5,965 | 8,274 | |||||||
Finished Goods | 1,281 | 599 | |||||||
Total | $ | 8,362 | $ | 9,989 |
Fixed_Assets_Tables
Fixed Assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Components of Fixed Assets | ' | ||||||||
Fixed assets consist of the following: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Laboratory equipment | $ | 3,932 | $ | 7,628 | |||||
Furniture and office equipment | 815 | 1,619 | |||||||
Software and computers | 2,958 | 4,763 | |||||||
Leasehold improvements | 4,510 | 4,502 | |||||||
Construction in process | — | 197 | |||||||
Total | 12,215 | 18,709 | |||||||
Less: accumulated depreciation and amortization | (7,255 | ) | (13,380 | ) | |||||
$ | 4,960 | $ | 5,329 |
Accounts_Payable_and_Accrued_E1
Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Components of Accounts Payable and Accrued Expenses | ' | ||||||||
Accounts payable and accrued expenses consist of the following: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Accounts payable | $ | 1,407 | $ | 3,557 | |||||
Accrued employee compensation and related taxes | 4,609 | 4,018 | |||||||
Accrued external research and development and sales expense | 1,778 | 1,652 | |||||||
Accrued legal | 456 | 518 | |||||||
Accrued sales allowances | 1,918 | 1,052 | |||||||
Other accrued liabilities | 2,374 | 1,675 | |||||||
$ | 12,542 | $ | 12,472 |
Longterm_Obligations_Tables
Long-term Obligations (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Long-Term Obligations and Note Payable | ' | ||||||||
Long-term obligations and note payable consists of the following (in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Note payable | $ | 81,516 | $ | 78,061 | |||||
Obligations under equipment loan | 931 | 1,376 | |||||||
Total | $ | 82,447 | $ | 79,437 | |||||
Less: current portion | (468 | ) | (445 | ) | |||||
Long-term obligations | $ | 81,979 | $ | 78,992 | |||||
Minimum Future Payments under Long-Term Obligations and Note Payable | ' | ||||||||
Estimated future payments under the Company's long-term obligations and note payable as of December 31, 2013 are as follows: | |||||||||
(In thousands) | |||||||||
2014 | $ | 10,652 | |||||||
2015 | 11,638 | ||||||||
2016 | 10,435 | ||||||||
2017 | 27,192 | ||||||||
2018 | 71,428 | ||||||||
Thereafter | — | ||||||||
Total estimated future payments | 131,345 | ||||||||
Less: amount representing interest | (45,941 | ) | |||||||
Present value of estimated future payments | 85,404 | ||||||||
Less: current portion | (468 | ) | |||||||
Less: unamortized portion of discount and deferred interest expense | (2,957 | ) | |||||||
Long-term obligations and note payable | $ | 81,979 | |||||||
Activity under Loan Presented for Financial Reporting Purposes | ' | ||||||||
Activity under the Loan is presented for financial reporting purposes, as follows: | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Balance, January 1 | $ | 78,061 | $ | 75,372 | |||||
Accretion of discount | 198 | 198 | |||||||
Loan activity: | |||||||||
Discount on Tranche A Loan | — | (43 | ) | ||||||
Interest Expense | 10,447 | 10,199 | |||||||
Payments applied to principal | — | (96 | ) | ||||||
Payments applied to interest | (5,378 | ) | (7,569 | ) | |||||
Accrued interest payable | (1,812 | ) | — | ||||||
Balance, December 31 | $ | 81,516 | $ | 78,061 | |||||
Gross Minimum Future Lease Payments under Non-Cancelable Operating Leases | ' | ||||||||
Gross minimum future lease payments under the Company's non-cancelable operating leases as of December 31, 2013 are as follows: | |||||||||
(In thousands) | |||||||||
2014 | $ | 1,605 | |||||||
2015 | 1,615 | ||||||||
2016 | 1,581 | ||||||||
2017 | 1,588 | ||||||||
2018 | 1,670 | ||||||||
Thereafter | 5,352 | ||||||||
Total | $ | 13,411 |
Stockholders_Deficit_Tables
Stockholders' Deficit (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Stock Compensation Expense | ' | ||||||||||||||||
The following table reflects stock compensation expense recorded, net of amounts capitalized into inventory: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
Compensation expense related to: | 2013 | 2012 | 2011 | ||||||||||||||
(in thousands) | |||||||||||||||||
Equity incentive plan | $ | 5,131 | $ | 3,549 | $ | 3,984 | |||||||||||
Employee stock purchase plan | 310 | 91 | 46 | ||||||||||||||
$ | 5,441 | $ | 3,640 | $ | 4,030 | ||||||||||||
Stock-based compensation expense charged to: | |||||||||||||||||
Research and development | $ | 1,671 | $ | 839 | $ | 1,193 | |||||||||||
General and administrative | $ | 3,770 | $ | 2,746 | $ | 2,837 | |||||||||||
Restructuring charges | $ | — | $ | 55 | $ | — | |||||||||||
Fair Value of Option | ' | ||||||||||||||||
The fair value of each option was estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Expected Option Term (in years) | 6 – 8 | 6 – 8 | 5.5 – 6 | ||||||||||||||
Risk-free interest rate | 0.99% - 2.21% | 0.86% - 1.37% | 1.28% - 2.39% | ||||||||||||||
Expected dividend yield | 0 | 0 | 0 | ||||||||||||||
Volatility factor | 70% - 73% | 70% - 73% | 74% - 75% | ||||||||||||||
Fair Value of Shares Issued under Employee Stock Purchase Plan | ' | ||||||||||||||||
The fair value of shares issued under the employee stock purchase plan was estimated on the commencement date of each offering period using the Black-Scholes option-pricing model with the following assumptions: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Expected Option Term (in years) | 0.5 | 0.5 | 0.5 | ||||||||||||||
Risk-free interest rate | 0.06% - 0.10% | 0.09% - 0.12% | 0.07% - 0.11% | ||||||||||||||
Expected dividend yield | 0 | 0 | 0 | ||||||||||||||
Volatility factor | 46% - 81% | 45% - 54% | 37% - 72% | ||||||||||||||
Stock Options Activity | ' | ||||||||||||||||
The following table summarizes stock option activity for the year ended December 31, 2013: | |||||||||||||||||
Number of | Weighted-Avg. | Weighted-Avg. | Aggregate | ||||||||||||||
Options | Exercise Price | Remaining Contractual Life | Intrinsic Value | ||||||||||||||
(in thousands) | |||||||||||||||||
Outstanding as of December 31, 2012 | 10 528,474 | $ | 2.28 | 6.84 | $ | 13,864 | |||||||||||
Granted at fair market value | 3,617,150 | $ | 3.22 | ||||||||||||||
Exercised | (2,043,466 | ) | $ | 2.5 | |||||||||||||
Forfeited | (1,152,738 | ) | $ | 2.33 | |||||||||||||
Expired | (320,541 | ) | $ | 5.04 | |||||||||||||
Outstanding as of December 31, 2013 | 10,628,879 | $ | 2.47 | 6.99 | $ | 53,978 | |||||||||||
Exercisable as of December 31, 2013 | 4,546,646 | $ | 2.52 | 6.32 | $ | 22,960 | |||||||||||
Vested and unvested expected to vest as of December 31, 2013 | 10,587,985 | $ | 2.48 | 7 | $ | 53,731 | |||||||||||
Unvested Stock Option Activity | ' | ||||||||||||||||
The following table summarizes unvested stock option activity for the year ended December 31, 2013: | |||||||||||||||||
Non-vested | |||||||||||||||||
Number of | |||||||||||||||||
Options | |||||||||||||||||
Unvested balance at December 31, 2012 | 6,252,662 | ||||||||||||||||
Granted at fair market value | 3,617,150 | ||||||||||||||||
Vested | (2,635,583 | ) | |||||||||||||||
Forfeited | (1,151,996 | ) | |||||||||||||||
Unvested balance at December 31, 2013 | 6,082,233 | ||||||||||||||||
Restricted Stock Unit Activity | ' | ||||||||||||||||
The following table summarizes our RSU activity: | |||||||||||||||||
Shares | Weighted-Avg | ||||||||||||||||
Fair Value | |||||||||||||||||
Unvested balance at December 31, 2012 | 373,749 | $ | 1.48 | ||||||||||||||
Granted at fair market value | — | $ | — | ||||||||||||||
Vested | (61,250 | ) | $ | 1.48 | |||||||||||||
Forfeited | (59,375 | ) | $ | 1.48 | |||||||||||||
Unvested balance at December 31, 2013 | 253,124 | $ | 1.48 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Provision for Income Taxes for Continuing Operations | ' | ||||||||||||
The provision for income taxes for continuing operations was calculated at rates different from the United States federal statutory income tax rate for the following reasons: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Statutory federal income taxes | 34 | % | 34 | % | 34 | % | |||||||
State income taxes, net of federal benefit | (4.7 | %) | (3.3 | %) | (2.0 | %) | |||||||
General business credit | 4.5 | % | 3.8 | % | 5.9 | % | |||||||
Stock compensation cancellations | (0.8 | %) | (6.8 | %) | — | ||||||||
Other | 1.6 | % | (1.7 | %) | (1.2 | %) | |||||||
Federal true up and expiring NOLs and research credits | 0.4 | % | (8.6 | %) | (3.7 | %) | |||||||
Valuation allowance | (35.0 | %) | (17.4 | %) | (33.0 | %) | |||||||
Effective income tax rate | — | % | — | % | — | % | |||||||
Components of Deferred Tax Assets and Liabilities | ' | ||||||||||||
The principal components of the Company's deferred tax assets and liabilities at December 31, 2013, 2012 and 2011, respectively are as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Net Deferred Tax Asset: | |||||||||||||
Allowance for doubtful accounts | $ | — | $ | — | $ | 44 | |||||||
Depreciation and amortization | 228 | 255 | 2,023 | ||||||||||
Accrued expenses | 642 | 303 | 173 | ||||||||||
Capitalized research and development costs | 23,603 | 8,192 | — | ||||||||||
Other | 1,339 | 1,394 | 861 | ||||||||||
Stock based compensation | 2,575 | 2,127 | 3,615 | ||||||||||
Deferred revenue | 2,928 | 4,223 | 5,898 | ||||||||||
Research credit carryforwards | 67,088 | 63,259 | 61,999 | ||||||||||
Net operating loss carryforwards | 115,531 | 124,507 | 124,558 | ||||||||||
Total gross deferred tax asset | 213,934 | 204,260 | 199,171 | ||||||||||
Valuation allowance | (213,934 | ) | (204,260 | ) | (199,171 | ) | |||||||
Net deferred tax asset | $ | — | $ | — | $ | — |
Unaudited_Quarterly_Operating_1
Unaudited Quarterly Operating Results (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Summary of Unaudited Quarterly and Annual Results of Operations | ' | ||||||||||||||||||||
The following is a summary of unaudited quarterly and annual results of operations for the years ended December 31, 2013 and 2012: | |||||||||||||||||||||
Year ended December 31, 2013 | First | Second | Third | Fourth | Total Year | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||
(in thousands, except share and per share) | |||||||||||||||||||||
Revenue | $ | 12,040 | $ | 11,336 | $ | 13,691 | $ | 16,859 | $ | 53,926 | |||||||||||
Income (loss) from operations | $ | (8,463 | ) | $ | (5,850 | ) | $ | (3,641 | ) | $ | 755 | $ | (17,199 | ) | |||||||
Net loss | $ | (11,193 | ) | $ | (8,432 | ) | $ | (6,188 | ) | $ | (1,964 | ) | $ | (27,777 | ) | ||||||
Shares used in computing basic and diluted net loss per share | 99,644,227 | 104,977,247 | 109,731,276 | 119,573,601 | 108,539,613 | ||||||||||||||||
Basic and diluted net loss per share: | $ | (0.11 | ) | $ | (0.08 | ) | $ | (0.06 | ) | $ | (0.02 | ) | $ | (0.26 | ) | ||||||
Year ended December 31, 2012 | First | Second | Third | Fourth | Total Year | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||
(in thousands, except share and per share) | |||||||||||||||||||||
Revenue | $ | 11,489 | $ | 14,030 | $ | 13,101 | $ | 16,030 | $ | 54,650 | |||||||||||
Income (loss) from operations | $ | (8,747 | ) | $ | (5,389 | ) | $ | (2,667 | ) | $ | (2,082 | ) | $ | (18,885 | ) | ||||||
Net loss | $ | (11,282 | ) | $ | (7,939 | ) | $ | (5,210 | ) | $ | (4,834 | ) | $ | (29,265 | ) | ||||||
Shares used in computing basic and diluted net loss per share | 98,798,426 | 98,820,699 | 99,069,928 | 99,271,225 | 98,991,056 | ||||||||||||||||
Basic and diluted net loss per share: | $ | (0.11 | ) | $ | (0.08 | ) | $ | (0.05 | ) | $ | (0.05 | ) | $ | (0.30 | ) | ||||||
Nature_of_Business_Additional_
Nature of Business - Additional Information (Detail) (LFRP, Phase 3 Trials) | 12 Months Ended |
Dec. 31, 2013 | |
Product | |
LFRP | Phase 3 Trials | ' |
Product Information [Line Items] | ' |
Number of products to be developed | 3 |
Accounting_Policies_Additional
Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Location | Customer | Customer | |||||||||
Segment | |||||||||||
Location | |||||||||||
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of major customers | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 2 | ' |
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 | $16,859,000 | $13,691,000 | $11,336,000 | $12,040,000 | $16,030,000 | $13,101,000 | $14,030,000 | $11,489,000 | $53,926,000 | $54,650,000 | $48,737,000 |
Unrecognized tax benefits | 0 | 0 | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' |
Stock options and warrants purchase | ' | ' | ' | ' | ' | ' | ' | ' | 12,185,724 | 12,278,657 | 11,456,758 |
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 | ' | ' | ' | ' | ' | ' | ' | ' | 14,000 | 15,000 | ' |
Not Substantive Milestones | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 3,100,000 | 3,300,000 | 3,300,000 |
Substantive Milestones | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 327,000 | 588,000 |
Development Milestones | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Milestones payment receipt | ' | ' | ' | ' | ' | ' | ' | ' | 78,000,000 | ' | ' |
Regulatory Filing Milestones | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Milestones payment receipt | ' | ' | ' | ' | ' | ' | ' | ' | 66,000,000 | ' | ' |
Marketing Approval Milestones | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Milestones payment receipt | ' | ' | ' | ' | ' | ' | ' | ' | 95,000,000 | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration risk percentage | ' | ' | ' | ' | ' | ' | ' | ' | 89.00% | 86.00% | ' |
Number of financial institution in which financial instruments invested | 1 | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' |
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 | 43,293,000 | ' | ' | ' | 9,022,000 | ' | ' | ' | 43,293,000 | 9,022,000 | ' |
Available-for-sale estimated fair value | 43,296,000 | ' | ' | ' | 9,028,000 | ' | ' | ' | 43,296,000 | 9,028,000 | ' |
Unrealized gain on available-for-sale investments | $3,000 | ' | ' | ' | $6,000 | ' | ' | ' | $3,000 | $6,000 | ' |
Walgreens Infusion Services, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of single significant customer balance to total Accounts Receivables | 26.00% | ' | ' | ' | 50.00% | ' | ' | ' | 26.00% | 50.00% | ' |
Walgreens Infusion Services, Inc. | Sales Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration risk percentage | ' | ' | ' | ' | ' | ' | ' | ' | 47.00% | 53.00% | 16.00% |
US Bioservices Corporation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of single significant customer balance to total Accounts Receivables | 35.00% | ' | ' | ' | 34.00% | ' | ' | ' | 35.00% | 34.00% | ' |
US Bioservices Corporation | Sales Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration risk percentage | ' | ' | ' | ' | ' | ' | ' | ' | 31.00% | 39.00% | 69.00% |
Foreign Countries | Sales Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration risk percentage | ' | ' | ' | ' | ' | ' | ' | ' | 13.00% | 13.00% | 28.00% |
Reserves_Related_to_Sales_Allo
Reserves Related to Sales Allowances (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Valuation Allowance [Line Items] | ' | ' |
Beginning balance | $1,669 | $695 |
Current provisions relating to sales in current year | 6,014 | 3,492 |
Adjustments relating to prior years | -235 | -82 |
Payments relating to sales in current year | -3,923 | -1,979 |
Payments/returns relating to sales in prior years | -994 | -457 |
Ending balance | 2,531 | 1,669 |
Prompt pay and other discounts | ' | ' |
Valuation Allowance [Line Items] | ' | ' |
Beginning balance | 388 | 170 |
Current provisions relating to sales in current year | 2,565 | 1,726 |
Adjustments relating to prior years | 23 | ' |
Payments relating to sales in current year | -2,165 | -1,338 |
Payments/returns relating to sales in prior years | -327 | -170 |
Ending balance | 484 | 388 |
Patient financial assistance | ' | ' |
Valuation Allowance [Line Items] | ' | ' |
Beginning balance | 165 | 193 |
Current provisions relating to sales in current year | 498 | 408 |
Adjustments relating to prior years | -38 | -60 |
Payments relating to sales in current year | -378 | -243 |
Payments/returns relating to sales in prior years | -157 | -133 |
Ending balance | 90 | 165 |
Government rebates and chargebacks | ' | ' |
Valuation Allowance [Line Items] | ' | ' |
Beginning balance | 565 | 283 |
Current provisions relating to sales in current year | 2,806 | 856 |
Adjustments relating to prior years | -79 | -22 |
Payments relating to sales in current year | -1,380 | -398 |
Payments/returns relating to sales in prior years | -278 | -154 |
Ending balance | 1,634 | 565 |
Returns | ' | ' |
Valuation Allowance [Line Items] | ' | ' |
Beginning balance | 551 | 49 |
Current provisions relating to sales in current year | 145 | 502 |
Adjustments relating to prior years | -141 | ' |
Payments/returns relating to sales in prior years | -232 | ' |
Ending balance | $323 | $551 |
Significant_Transactions_Addit
Significant Transactions - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 31, 2013 | 31-May-13 | |
Significant Transactions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $16,859,000 | $13,691,000 | $11,336,000 | $12,040,000 | $16,030,000 | $13,101,000 | $14,030,000 | $11,489,000 | $53,926,000 | $54,650,000 | $48,737,000 | ' | ' |
Common stock purchase price | 121,704,480 | ' | ' | ' | 99,482,629 | ' | ' | ' | 121,704,480 | 99,482,629 | ' | 10,615,385 | 8,901,675 |
CMIC Co., Ltd, (CMIC) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Transactions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | 2,600,000 | 755,000 | 595,000 | ' | ' |
Deferred revenue | 0 | ' | ' | ' | 2,500,000 | ' | ' | ' | 0 | 2,500,000 | ' | ' | ' |
CMIC Co., Ltd, (CMIC) | Up-front Payment Arrangement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Transactions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collaboration arrangement payment | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | ' |
Sigma Tau | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Transactions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction to development and license fee revenue | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000 | ' | ' | ' | ' |
Deferred revenue, revenue recognized | ' | ' | ' | ' | ' | ' | ' | ' | 85,000 | 204,000 | 10,500,000 | ' | ' |
Sigma Tau | Contract Termination | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Transactions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock purchase price | 271,665 | ' | ' | ' | ' | ' | ' | ' | 271,665 | ' | ' | ' | ' |
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 | ' | ' | ' | ' |
Sigma Tau | Development Services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Transactions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collaboration arrangement payment | ' | ' | ' | ' | ' | ' | ' | ' | 7,000,000 | ' | ' | ' | ' |
Reimbursement from collaboration arrangement | ' | ' | ' | ' | ' | ' | ' | ' | 3,800,000 | ' | ' | ' | ' |
Common stock purchase price | 787,647 | ' | ' | ' | ' | ' | ' | ' | 787,647 | ' | ' | ' | ' |
Common stock aggregate purchase price | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' |
CVie Therapeutics | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Transactions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 172,000 | ' | ' | ' | ' |
Deferred revenue | 828,000 | ' | ' | ' | ' | ' | ' | ' | 828,000 | ' | ' | ' | ' |
CVie Therapeutics | Up-front Payment Arrangement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Transactions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collaboration arrangement payment | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' |
CVie Therapeutics | Up-front Payment Arrangement | Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Transactions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collaboration arrangement receivable | ' | ' | ' | ' | ' | ' | ' | ' | 11,000,000 | ' | ' | ' | ' |
Novellus Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Transactions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred revenue | 800,000 | ' | ' | ' | ' | ' | ' | ' | 800,000 | ' | ' | ' | ' |
Collaboration arrangement receivable | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | ' | ' | ' | ' |
Novellus Plan | Up-front Payment Arrangement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Transactions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collaboration arrangement payment | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' |
Novellus Plan | Up-front Payment Arrangement | Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Transactions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collaboration arrangement receivable | ' | ' | ' | ' | ' | ' | ' | ' | $5,200,000 | ' | ' | ' | ' |
Financial_Assets_Measured_at_F
Financial Assets Measured at Fair Value (Detail) (Fair Value, Measurements, Recurring, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financial Assets Measured at Fair Value [Line Items] | ' | ' |
Assets fair value disclosure Recurring | $98,865 | $24,938 |
Quoted Prices in Active Markets (Level 1) | ' | ' |
Financial Assets Measured at Fair Value [Line Items] | ' | ' |
Assets fair value disclosure Recurring | 55,569 | 15,910 |
Significant Other Observable Inputs (Level 2) | ' | ' |
Financial Assets Measured at Fair Value [Line Items] | ' | ' |
Assets fair value disclosure Recurring | 43,296 | 9,028 |
Money Market Funds | ' | ' |
Financial Assets Measured at Fair Value [Line Items] | ' | ' |
Assets fair value disclosure Recurring | 55,569 | 15,910 |
Money Market Funds | Quoted Prices in Active Markets (Level 1) | ' | ' |
Financial Assets Measured at Fair Value [Line Items] | ' | ' |
Assets fair value disclosure Recurring | 55,569 | 15,910 |
US Treasury Bills and Notes | ' | ' |
Financial Assets Measured at Fair Value [Line Items] | ' | ' |
Assets fair value disclosure Recurring | 43,296 | 9,028 |
US Treasury Bills and Notes | Significant Other Observable Inputs (Level 2) | ' | ' |
Financial Assets Measured at Fair Value [Line Items] | ' | ' |
Assets fair value disclosure Recurring | $43,296 | $9,028 |
Marketable_Securities_Detail
Marketable Securities (Detail) (US Treasury Bills and Notes, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Marketable Securities [Line Items] | ' | ' |
Amortized Cost | $43,293 | $9,022 |
Gross Unrealized Gains | 3 | 6 |
Gross Unrealized Losses | ' | ' |
Fair Value | 43,296 | 9,028 |
Due In One Year Or Less | ' | ' |
Marketable Securities [Line Items] | ' | ' |
Amortized Cost | 2,001 | 9,022 |
Gross Unrealized Gains | 1 | 6 |
Gross Unrealized Losses | ' | ' |
Fair Value | 2,002 | 9,028 |
Due After One Year Through Two Years | ' | ' |
Marketable Securities [Line Items] | ' | ' |
Amortized Cost | 41,292 | ' |
Gross Unrealized Gains | 2 | ' |
Gross Unrealized Losses | ' | ' |
Fair Value | $41,294 | ' |
Inventory_Additional_Informati
Inventory - Additional Information (Detail) (Other Noncurrent Assets, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Other Noncurrent Assets | ' | ' |
Inventory [Line Items] | ' | ' |
Inventory classified as non-current | $5.50 | $5.90 |
Components_of_Inventory_Detail
Components of Inventory (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Raw Materials | $1,116 | $1,116 |
Work in Progress | 5,965 | 8,274 |
Finished Goods | 1,281 | 599 |
Total | $8,362 | $9,989 |
Components_of_Fixed_Assets_Det
Components of Fixed Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fixed Assets [Line Items] | ' | ' |
Laboratory equipment | $3,932 | $7,628 |
Furniture and office equipment | 815 | 1,619 |
Software and computers | 2,958 | 4,763 |
Leasehold improvements | 4,510 | 4,502 |
Construction in process | ' | 197 |
Total | 12,215 | 18,709 |
Less: accumulated depreciation and amortization | -7,255 | -13,380 |
Property, plant and equipment, Net | $4,960 | $5,329 |
Fixed_Assets_Additional_Inform
Fixed Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Fixed Assets [Line Items] | ' | ' | ' |
Depreciation expense | $859,000 | $1,100,000 | $1,400,000 |
Fixed assets retirement | 7,000,000 | 6,800,000 | ' |
Sale of fixed assets | ' | 1,500,000 | ' |
Net gain on retirement | ' | 110,000 | ' |
Proceeds from sale of fixed assets | ' | 200,000 | ' |
Remaining net book value | $0 | $90,000 | ' |
Components_of_Accounts_Payable
Components of Accounts Payable and Accrued Expenses (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts Payable and Accrued Liabilities [Line Items] | ' | ' |
Accounts payable | $1,407 | $3,557 |
Accrued employee compensation and related taxes. | 4,609 | 4,018 |
Accrued legal | 456 | 518 |
Accounts payable and accrued expenses | 12,542 | 12,472 |
Research and Development Operations | ' | ' |
Accounts Payable and Accrued Liabilities [Line Items] | ' | ' |
Accrued liabilities | 1,778 | 1,652 |
Sales Allowances | ' | ' |
Accounts Payable and Accrued Liabilities [Line Items] | ' | ' |
Accrued liabilities | 1,918 | 1,052 |
Other Accrued Liabilities | ' | ' |
Accounts Payable and Accrued Liabilities [Line Items] | ' | ' |
Accrued liabilities | $2,374 | $1,675 |
LongTerm_Obligations_and_Note_
Long-Term Obligations and Note Payable (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Debt Instrument [Line Items] | ' | ' | ' |
Note payable | $81,516 | $78,061 | $75,372 |
Obligations under equipment loan | 931 | 1,376 | ' |
Total | 82,447 | 79,437 | ' |
Less: current portion | -468 | -445 | ' |
Long-term obligations | $81,979 | $78,992 | ' |
Minimum_Future_Payments_Under_
Minimum Future Payments Under Long-Term Obligations and Note Payables (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
2014 | $10,652 | ' |
2015 | 11,638 | ' |
2016 | 10,435 | ' |
2017 | 27,192 | ' |
2018 | 71,428 | ' |
Thereafter | ' | ' |
Total estimated future payments | 131,345 | ' |
Less: amount representing interest | -45,941 | ' |
Present value of estimated future payments | 85,404 | ' |
Less: current portion | -468 | -445 |
Less: unamortized portion of discount and deferred interest expense | -2,957 | ' |
Long-term obligations and note payable | $81,979 | ' |
LongTerm_Obligations_Additiona
Long-Term Obligations - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 24 Months Ended | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Nov. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2009 | Dec. 31, 2013 | Jul. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
sqft | Maximum | Operating Leases | Operating Leases | Operating Leases | Operating Leases | Extended Term | Warrant | Refinanced Term Loan | 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 | 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 B Loan | Legal Fee | Tranche B Loan | Tranche B Loan | Tranche B 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) | Tranche A and Tranche B Loans (Original Loan) | Refinanced Term Loan | Refinanced Term Loan | Refinanced Term Loan | Refinanced Term Loan | Refinanced Term Loan | Refinanced Term Loan | Refinanced Term Loan | LFRP | LFRP | LFRP | LFRP | Equipment lease | Equipment lease | Equipment lease | ||||||||||||
Loan One | Loan Two | Phase 3 Trials | Group Two | Group Two | Tranche A Loan | Tranche A Loan | Tranche A Loan | Tranche A Loan | Tranche B Loan | Tranche B Loan | Tranche B Loan | Tranche A Loan | Tranche B Loan | Tranche A and Tranche B Loans (Original Loan) | Negotiable Order of Withdrawal Accounts | ||||||||||||||||||||
Minimum | Legal Fee | Second Affiliated | Second Affiliated | Second Affiliated | Second Affiliated | Second Affiliated | Second Affiliated | ||||||||||||||||||||||||||||
Debt Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured Loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $84,500,000 | $22,800,000 | $61,700,000 | ' | ' | ' | ' |
Debt maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2018-08 | ' | ' | ' |
Interest on lease | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13.00% | ' | ' | ' | 17.40% | ' | ' | ' | ' | 12.00% | 6.00% | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 57,600,000 | ' | 21,700,000 | 58,800,000 | ' | ' | ' | ' |
Proceed from unsecured loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 57,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | 65,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.60% | 13.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decrease in note payable | ' | 198,000 | 198,000 | ' | ' | ' | ' | ' | ' | 1,300,000 | ' | ' | ' | 580,000 | ' | ' | ' | ' | ' | ' | ' | 193,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of warrants to purchase common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 250,000 | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant exercise price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.5 | 2.87 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant right expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2016-08 | '2016-08 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated fair value of warrant at issuance date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 853,000 | 477,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Volatility factor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 83.64% | 85.98% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk-free interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.07% | 2.77% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '8 years | '7 years 4 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected dividend yield | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock issued in exercise of warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 233,438 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan principal balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 84,500,000 | 81,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of note payable | ' | 83,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' |
Line of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,400,000 |
Lease agreement term | '10 years | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' |
Line of credit, outstanding balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,400,000 | 931,000 | ' |
Rentable square feet of office and laboratory facilities | 45,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate minimum lease commitment over payment lease term | 15,000,000 | 13,411,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letter of Credit given to landlord to secure lease obligation | 1,100,000 | ' | ' | ' | ' | ' | ' | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tenant improvement allowance | ' | ' | ' | 2,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized leasehold improvements | ' | 4,510,000 | 4,502,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rent expense | ' | ' | ' | ' | 1,500,000 | 1,600,000 | 3,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
sublease rental income | ' | ' | ' | ' | ' | ' | $194,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Activity_under_Loan_Presented_
Activity under Loan Presented for Financial Reporting Purposes (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | ' | ' |
Beginning balance | $78,061,000 | $75,372,000 |
Accretion of discount | 198,000 | 198,000 |
Loan activity: | ' | ' |
Interest Expense | 10,447,000 | 10,199,000 |
Payments applied to principal | ' | -96,000 |
Payments applied to interest | -5,378,000 | -7,569,000 |
Accrued interest payable | -1,812,000 | ' |
Ending balance | 81,516,000 | 78,061,000 |
Tranche A Loan | ' | ' |
Loan activity: | ' | ' |
Discount on Tranche A Loan | ' | ($43,000) |
Gross_Minimum_Future_Lease_Pay
Gross Minimum Future Lease Payments under Non-Cancelable Operating Leases (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
2014 | $1,605 | ' |
2015 | 1,615 | ' |
2016 | 1,581 | ' |
2017 | 1,588 | ' |
2018 | 1,670 | ' |
Thereafter | 5,352 | ' |
Total | $13,411 | $15,000 |
Restructuring_Charges_Addition
Restructuring Charges - Additional Information (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2012 | |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring charges | $1,440,000 |
Date of completion of restructuring costs | 31-Dec-12 |
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 | 55,000 |
Other Exit Costs | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring charges | $90,000 |
Stockholders_Deficit_Additiona
Stockholders' Deficit - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||
Oct. 31, 2013 | 31-May-13 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 31, 2013 | Feb. 28, 2014 | 31-May-12 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Over-allotment Option Exercise By Underwriters | Subsequent Event | 1995 Equity Incentive Plan (the Equity Plan) | 1995 Equity Incentive Plan (the Equity Plan) | 1995 Equity Incentive Plan (the Equity Plan) | 1995 Equity Incentive Plan (the Equity Plan) | Employee Stock Purchase Plans | Employee Stock Purchase Plans | Employee Stock Purchase Plans | Stock Compensation Plan | Stock Compensation Plan | Stock Compensation Plan | Stock Compensation Plan | Stock Options | Stock Options | Stock Options | Restricted Stock | Restricted Stock | Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | Non Vested Restricted Stock | ||||||
Former Executive Officer | 1995 Equity Incentive Plan (the Equity Plan) | 1995 Equity Incentive Plan (the Equity Plan) | ||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares issued | 10,615,385 | 8,901,675 | 121,704,480 | 99,482,629 | ' | 1,384,615 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, per share | $6.50 | $2.30 | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceed from offering | $64,700,000 | $29,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible preferred stock, shares issued | ' | 41,418 | ' | ' | ' | ' | 4,141,800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible preferred stock, per share | ' | $230 | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issuable on conversion of preferred stock | ' | 100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage equity ownership by holder, together with affiliates | ' | 9.99% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of preferred stock converted to common stock | ' | ' | ' | ' | ' | ' | 41,418 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock outstanding | ' | ' | 41,418 | 0 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock based compensation capitalized into inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,000 | 23,000 | 31,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense related to modification of certain stock options | ' | ' | 5,441,000 | 3,640,000 | 4,030,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,600,000 | 467,000 | 273,000 | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock option granted | ' | ' | 3,617,150 | 5,897,221 | 2,624,160 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,617,150 | ' | ' | ' | ' | ' | ' | ' |
Vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '48 months | '4 years | '4 years | ' | ' | ' |
Contractual life of option | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' |
Number of shares purchased in period | ' | ' | ' | ' | ' | ' | ' | 4,192,310 | ' | ' | ' | 94,979 | 93,974 | 137,167 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Newly issued options in period | ' | ' | ' | ' | ' | ' | ' | 2,473,596 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Option exercise price at grant date | ' | ' | ' | ' | ' | ' | ' | $2.06 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.47 | $2.28 | ' | ' | ' | ' | ' | ' |
Option grant date | ' | ' | ' | ' | ' | ' | ' | 20-Jun-12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expense related to modification of exchanged options | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares available for future grants | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | 4,114,886 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional number of shares of common stock available for issuance | ' | ' | ' | ' | ' | ' | ' | 3,281,286 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares of common stock available for issuance, increase | ' | ' | ' | ' | ' | ' | ' | 1,718,714 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock closing price | ' | ' | $7.54 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total number of in-the-money options exercisable | ' | ' | 4,516,135 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average grant date fair values of options | ' | ' | $2.06 | $1 | $1.17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intrinsic value of options exercised | ' | ' | 5,400,000 | 375,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash received from employee stock option exercises | ' | ' | 5,100,000 | 1,300,000 | 2,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation cost related to non-vested stock options | ' | ' | 8,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated weighted average period | ' | ' | '1 year 11 months 23 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years 1 month 24 days |
Total fair value of options vested | ' | ' | 3,400,000 | 3,000,000 | 3,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 213,000 | ' | ' |
Unvested shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 253,124 | 373,749 | 253,124 |
Unvested shares expected to be vest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 227,714 |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation expense | ' | ' | $5,441,000 | $3,640,000 | $4,030,000 | ' | ' | ' | $5,131,000 | $3,549,000 | $3,984,000 | $310,000 | $91,000 | $46,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares reserved and available for issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 267,960 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock_Compensation_Expense_Det
Stock Compensation Expense (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Compensation expenses | $5,441,000 | $3,640,000 | $4,030,000 |
Research and Development | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Allocation of stock-based compensation expense | 1,671,000 | 839,000 | 1,193,000 |
Selling, General and Administrative | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Allocation of stock-based compensation expense | 3,770,000 | 2,746,000 | 2,837,000 |
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 | 5,131,000 | 3,549,000 | 3,984,000 |
Allocation of stock-based compensation expense | ' | 46,000 | ' |
Employee Stock Purchase Plans | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Compensation expenses | $310,000 | $91,000 | $46,000 |
Fair_Value_of_Option_Detail
Fair Value of Option (Detail) (Stock Option) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Risk-free interest rate, minimum | 0.99% | 0.86% | 1.28% |
Risk-free interest rate, maximum | 2.21% | 1.37% | 2.39% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Volatility factor, minimum | 70.00% | 70.00% | 74.00% |
Volatility factor, maximum | 73.00% | 73.00% | 75.00% |
Minimum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected Option Term (in years) | '6 years | '6 years | '5 years 6 months |
Maximum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected Option Term (in years) | '8 years | '8 years | '6 years |
Fair_Value_of_Shares_Issued_un
Fair Value of Shares Issued under Employee Stock Purchase Plan (Detail) (Employee Stock Purchase Plan) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Employee Stock Purchase Plan | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected Option Term (in years) | '6 months | '6 months | '6 months |
Risk-free interest rate, minimum | 0.06% | 0.09% | 0.07% |
Risk-free interest rate, maximum | 0.10% | 0.12% | 0.11% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Volatility factor, minimum | 46.00% | 45.00% | 37.00% |
Volatility factor, maximum | 81.00% | 54.00% | 72.00% |
Stock_Options_Activity_Detail
Stock Options Activity (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Options | ' | ' | ' |
Granted at fair market value | 3,617,150 | 5,897,221 | 2,624,160 |
Stock Options | ' | ' | ' |
Options | ' | ' | ' |
Beginning balance | 10,528,474 | ' | ' |
Granted at fair market value | 3,617,150 | ' | ' |
Exercised | -2,043,466 | ' | ' |
Forfeited | -1,152,738 | ' | ' |
Expired | -320,541 | ' | ' |
Ending balance | 10,628,879 | 10,528,474 | ' |
Exercisable at end of year | 4,546,646 | ' | ' |
Vested and unvested expected to vest at end of year | 10,587,985 | ' | ' |
Weighted Average Exercise Price | ' | ' | ' |
Beginning balance | 2.28 | ' | ' |
Granted at fair market value | 3.22 | ' | ' |
Exercised | 2.5 | ' | ' |
Forfeited | 2.33 | ' | ' |
Expired | 5.04 | ' | ' |
Ending balance | 2.47 | 2.28 | ' |
Exercisable at end of year | 2.52 | ' | ' |
Vested and unvested expected to vest at end of year | 2.48 | ' | ' |
Weighted Average Remaining Contractual Life | ' | ' | ' |
Outstanding at end of period | '6 years 11 months 27 days | '6 years 10 months 2 days | ' |
Exercisable at end of period | '6 years 3 months 26 days | ' | ' |
Vested and unvested expected to vest at end of period | '7 years | ' | ' |
Aggregate Intrinsic Value | ' | ' | ' |
Outstanding at end of period | 13,864 | ' | ' |
Outstanding at end of period | 53,978 | 13,864 | ' |
Exercisable at end of period | 22,960 | ' | ' |
Vested and unvested expected to vest at end of period | 53,731 | ' | ' |
Unvested_Stock_Option_Activity
Unvested Stock Option Activity (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Non-vested number of options | ' |
Beginning balance | 6,252,662 |
Granted at fair market value | 3,617,150 |
Vested | -2,635,583 |
Forfeited | -1,151,996 |
Ending balance | 6,082,233 |
Summary_of_Restricted_Stock_Un
Summary of Restricted Stock Unit Activity (Detail) (Restricted Stock Units (RSUs), USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Restricted Stock Units (RSUs) | ' |
Shares | ' |
Beginning balance | 373,749 |
Granted at fair market value | ' |
Vested | -61,250 |
Forfeited | -59,375 |
Ending balance | 253,124 |
Weighted-Average Grant Date Fair Value | ' |
Unvested at beginning of year | $1.48 |
Granted at fair market value | ' |
Vested | $1.48 |
Forfeited | $1.48 |
Unvested at end of period | $1.48 |
Employee_Savings_and_Retiremen1
Employee Savings and Retirement Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Pension and Other Postretirement Benefits Disclosure [Line Items] | ' | ' | ' |
Employers discretionary matching contributions in percentage | 100.00% | ' | ' |
Company matching contributions in percentage | 50.00% | ' | ' |
Eligible pay in percentage for employee contributions | 6.00% | ' | ' |
Company's matching contributions amount | $451,000 | $440,000 | $431,000 |
Provision_for_Income_Taxes_for
Provision for Income Taxes for Continuing Operations (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Reconciliation of Statutory Federal Tax Rate [Line Items] | ' | ' | ' |
Statutory federal income taxes | 34.00% | 34.00% | 34.00% |
State income taxes, net of federal benefit | -4.70% | -3.30% | -2.00% |
General business credit | 4.50% | 3.80% | 5.90% |
Stock compensation cancellations | -0.80% | -6.80% | ' |
Other | 1.60% | -1.70% | -1.20% |
Federal true up and expiring NOLs and research credits | 0.40% | -8.60% | -3.70% |
Valuation allowance | -35.00% | -17.40% | -33.00% |
Effective income tax rate | ' | ' | ' |
Components_of_Deferred_Tax_Ass
Components of Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Net Deferred Tax Asset: | ' | ' | ' |
Allowance for doubtful accounts | ' | ' | $44 |
Depreciation and amortization | 228 | 255 | 2,023 |
Accrued expenses | 642 | 303 | 173 |
Capitalized research and development costs | 23,603 | 8,192 | ' |
Other | 1,339 | 1,394 | 861 |
Stock based compensation | 2,575 | 2,127 | 3,615 |
Deferred revenue | 2,928 | 4,223 | 5,898 |
Research credit carryforwards | 67,088 | 63,259 | 61,999 |
Net operating loss carryforwards | 115,531 | 124,507 | 124,558 |
Total gross deferred tax asset | 213,934 | 204,260 | 199,171 |
Valuation allowance | -213,934 | -204,260 | -199,171 |
Net deferred tax asset | ' | ' | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2011 | |
Income Taxes [Line Items] | ' | ' | ' | ' |
Federal tax net operating loss carryforward | $329,200,000 | $344,900,000 | ' | ' |
Federal research and experimentation | 61,600,000 | 58,100,000 | ' | ' |
State tax net operating loss carryforward | 93,800,000 | 138,100,000 | ' | ' |
Deferred tax asset, exercise of stock options | 1,800,000 | 1,800,000 | ' | ' |
Deferred tax assets valuation allowance | 213,934,000 | 204,260,000 | ' | 199,171,000 |
Unrecognized tax benefits or liabilities | 0 | 0 | 0 | ' |
Accrued interest or penalties related to uncertain tax positions | 0 | ' | ' | ' |
Research and Development Credit Carryforwards | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' |
Federal research and experimentation | 8,300,000 | 7,800,000 | ' | ' |
Federal Tax | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' |
Federal tax net operating loss carryforward | ' | 252,300,000 | ' | ' |
Federal research and experimentation | ' | 54,900,000 | ' | ' |
Restricted NOLs | ' | 67,200,000 | ' | ' |
Federal tax credits | ' | 4,800,000 | ' | ' |
Stock Option | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' |
Federal tax net operating loss carryforward | $8,200,000 | $4,900,000 | ' | ' |
Minimum | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' |
Tax years open to examination by major taxing jurisdictions | '1999 | ' | ' | ' |
Maximum | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' |
Tax years open to examination by major taxing jurisdictions | '2013 | ' | ' | ' |
Business_Segments_Additional_I
Business Segments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Segment | |
Location | |
Segment Information [Line Items] | ' |
Number of business segment | 1 |
Number of geographic area within which the company operates predominantly | 1 |
Summary_of_Unaudited_Quarterly
Summary of Unaudited Quarterly and Annual Results of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $16,859 | $13,691 | $11,336 | $12,040 | $16,030 | $13,101 | $14,030 | $11,489 | $53,926 | $54,650 | $48,737 |
Income (loss) from operations | 755 | -3,641 | -5,850 | -8,463 | -2,082 | -2,667 | -5,389 | -8,747 | -17,199 | -18,885 | -24,902 |
Net (loss) income | ($1,964) | ($6,188) | ($8,432) | ($11,193) | ($4,834) | ($5,210) | ($7,939) | ($11,282) | ($27,777) | ($29,265) | ($34,599) |
Shares used in computing basic and diluted net loss per share | 119,573,601 | 109,731,276 | 104,977,247 | 99,644,227 | 99,271,225 | 99,069,928 | 98,820,699 | 98,798,426 | 108,539,613 | 98,991,056 | 98,731,289 |
Basic and diluted net loss per share: | ($0.02) | ($0.06) | ($0.08) | ($0.11) | ($0.05) | ($0.05) | ($0.08) | ($0.11) | ($0.26) | ($0.30) | ($0.35) |