Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 06, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'OXIGENE INC | ' |
Entity Central Index Key | '0000908259 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 3,134,092 |
Condensed_Balance_Sheets
Condensed Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash | $8,777 | $4,946 |
Restricted cash | 20 | 20 |
Prepaid expenses | 172 | 135 |
Other current assets | 129 | 142 |
Total current assets | 9,098 | 5,243 |
Furniture and fixtures, equipment and leasehold improvements | 365 | 370 |
Accumulated depreciation | -360 | -357 |
Net furniture and fixtures, equipment and leasehold improvements | 5 | 13 |
License agreements, net of accumulated amortization of $1,382 and $1,309 at September 30, 2013 and December 31, 2012, respectively | 118 | 191 |
Total assets | 9,221 | 5,447 |
Current liabilities: | ' | ' |
Accounts payable | 733 | 416 |
Accrued research and development | 202 | 181 |
Accrued other | 580 | 304 |
Total current liabilities | 1,515 | 901 |
Commitments and contingencies | ' | ' |
Stockholders' equity | ' | ' |
Preferred stock, $.01 par value, 15,000 shares authorized; 6 and 0 shares issued and outstanding at September 30, 2013 and December 31, 2012, respectively | ' | ' |
Common stock, $.01 par value, 70,000 shares authorized; 2,999 and 1,746 shares issued and outstanding at September 30, 2013 and December 31, 2012, respectively | 30 | 17 |
Additional paid-in capital | 244,087 | 229,961 |
Accumulated deficit | -236,411 | -225,432 |
Total stockholders' equity | 7,706 | 4,546 |
Total liabilities and stockholders' equity | $9,221 | $5,447 |
Condensed_Balance_Sheets_Paren
Condensed Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Accumulated amortization on license agreements | $1,382 | $1,309 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 15,000,000 | 15,000,000 |
Preferred stock, shares issued | 6,000 | 0 |
Preferred stock, shares outstanding | 6,000 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 70,000,000 | 70,000,000 |
Common stock, shares issued | 2,999,000 | 1,746,000 |
Common stock, shares outstanding | 2,999,000 | 1,746,000 |
Condensed_Statements_of_Compre
Condensed Statements of Comprehensive Loss (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Product revenues | $95 | ' | $95 | $114 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 1,165 | 1,015 | 2,514 | 2,749 |
General and administrative | 1,577 | 1,220 | 3,764 | 3,751 |
Restructuring | ' | 4 | ' | 15 |
Total operating expenses | 2,742 | 2,239 | 6,278 | 6,515 |
Loss from operations | -2,647 | -2,239 | -6,183 | -6,401 |
Change in fair value of warrants | ' | ' | ' | 5 |
Investment income | 1 | 2 | 3 | 10 |
Other (expense) income, net | ' | -10 | ' | -18 |
Net loss | -2,646 | -2,247 | -6,180 | -6,404 |
Non-cash deemed dividend to preferred stock | -2,318 | ' | -4,799 | ' |
Net loss attributable to common stock | -4,964 | -2,247 | -10,979 | -6,404 |
Comprehensive loss | ($2,646) | ($2,247) | ($6,180) | ($6,404) |
Basic and diluted net loss per share attributable to common stock | ($1.88) | ($1.56) | ($4.84) | ($4.56) |
Weighted-average number of common shares outstanding | 2,640 | 1,485 | 2,268 | 1,390 |
Condensed_Statements_of_Cash_F
Condensed Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating activities: | ' | ' |
Net loss | ($6,180) | ($6,404) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Change in fair value of warrants | ' | -5 |
Depreciation | 8 | 12 |
Amortization of license agreement | 73 | 74 |
Stock-based compensation | 638 | 429 |
Changes in operating assets and liabilities: | ' | ' |
Prepaid expenses and other current assets | -24 | 434 |
Accounts payable and accrued expenses | 614 | -1,003 |
Net cash used in operating activities | -4,871 | -6,463 |
Financing activities: | ' | ' |
Proceeds from issuance of preferred stock, net of issuance costs | 6,334 | ' |
Proceeds from issuance of common stock, net of issuance costs | 1,936 | 2,794 |
Proceeds from exercise of Series B warrants into common stock, net of issuance costs | 432 | ' |
Net cash provided by financing activities | 8,702 | 2,794 |
Increase (decrease) in cash and cash equivalents | 3,831 | -3,669 |
Cash at beginning of period | 4,946 | 9,972 |
Cash at end of period | 8,777 | 6,303 |
Non-Cash investing and financing activities: | ' | ' |
Conversion of preferred stock to common stock | 2,198 | ' |
Non-cash deemed dividend to preferred stock | $4,799 | ' |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
1. Summary of Significant Accounting Policies | |
Basis of Presentation | |
The accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They have been prepared on a basis which assumes that OXiGENE, Inc. (“OXiGENE” or the “Company”) will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The financial statements do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, however, all adjustments (consisting primarily of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. | |
The balance sheet at December 31, 2012 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. For further information, refer to the financial statements and footnotes thereto included in the Annual Report on Form 10-K for the Company for the year ended December 31, 2012. | |
Capital Resources | |
In December 2012, the Company’s board of directors voted unanimously to implement a 1:12 reverse stock split of the Company’s common stock, following authorization of the reverse stock split by a shareholder vote on December 21, 2012. The reverse stock split became effective on December 28, 2012. All of the share and per share amounts discussed and shown in the financial statements and notes have been adjusted to reflect the effect of this reverse stock split. | |
The Company has experienced net losses every year since inception and, as of September 30, 2013 had an accumulated deficit of approximately $236,411,000. The Company expects to incur significant additional operating losses over at least the next several years, principally as a result of its continuing clinical trials and anticipated research and development and manufacturing expenditures. The principal source of the Company’s working capital to date has been the proceeds of private and public equity financings and to a significantly lesser extent the exercise of warrants and stock options. The Company currently has no recurring material amount of licensing or other income. As of September 30, 2013, the Company had approximately $8,797,000 in cash and restricted cash. | |
Based on the Company’s limited ongoing programs and operations, the Company expects its existing cash to support its operations through the third quarter of 2014. However, while this level of cash utilization does not allow for the initiation of any significant projects, including clinical trials, to further the development of the Company’s most advanced product candidates, it does include provisions for initial drug manufacturing activities that the Company has undertaken in connection with the planned filing of a European Marketing Authorization application for ZYBRESTAT® in anaplastic thyroid cancer, or ATC. Any significant further development of ZYBRESTAT® or other capital intensive activities will be contingent upon the Company’s ability to raise additional capital in addition to the Company’s existing financing arrangements (as described in detail in Note 2 below). | |
Additional funding may not be available to OXiGENE on acceptable terms, or at all. If the Company is unable to access additional funds when needed, it may not be able to continue the development of its product candidates or the Company could be required to delay, scale back or eliminate some or all of its development programs and other operations. Any additional equity financing, if available to the Company, may not be available on favorable terms, would most likely be dilutive to its current stockholders and debt financing, if available, and may involve restrictive covenants. If the Company accesses funds through collaborative or licensing arrangements, it may be required to relinquish rights to some of its technologies or product candidates that it would otherwise seek to develop or commercialize on its own, on terms that are not favorable to the Company. The Company’s ability to access capital when needed is not assured and, if not achieved on a timely basis, will materially harm its business, financial condition and results of operations. The Company’s ability to raise additional capital could also be impaired if it is unable to comply with the listing standards of The NASDAQ Capital Market and instead has to trade its common shares in the over-the-counter market. These uncertainties create substantial doubt about the Company’s ability to continue as a going concern. The Report of Independent Registered Accounting Firm at the beginning of the Consolidated Financial Statements section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2012 includes a going concern explanatory paragraph. | |
The accompanying financial statements have been prepared on a basis which assumes that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. | |
Significant Accounting Policies | |
Use of Estimates | |
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. | |
Revenue Recognition | |
In December 2011, the Company established a distribution agreement to provide access to ZYBRESTAT® for the treatment of patients with ATC in certain specified territories on a compassionate use basis. The agreement provides that upon the receipt of ZYBRESTAT® by the distributor for distribution and sale to compassionate use patients, the distributor has 30 days to inspect the product for defects and to ensure that the product conforms to the warranties made by the Company. If the distributor does not notify the Company of any defective products within the 30-day period it will be deemed to have accepted the products. Revenue is recognized based on products accepted at the conclusion of the 30-day inspection period. Also, the distributor will pay to the Company, on a quarterly basis, an amount equal to 20% of the distributor’s gross margin, as defined in the agreement, on its sales of ZYBRESTAT® in the preceding quarter, less the cost of introductory drug provided at no cost. This revenue will be recognized upon notification from the distributor of the gross margin earned. ZYBRESTAT® was expensed at the time it was manufactured, because it is in the development stage and there was not an alternative future use. As a result, the product provided to the distributor has a zero cost basis, and therefore no cost-of-goods-sold has been recorded. | |
Stockholders_Equity_Common_and
Stockholders' Equity - Common and Preferred Shares | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Stockholders' Equity - Common and Preferred Shares | ' | ||||||||||||||||
2. Stockholders’ Equity — Common and Preferred Shares | |||||||||||||||||
Private Placements of Preferred Shares and Warrants | |||||||||||||||||
April Private Placement | |||||||||||||||||
On April 16, 2013, the Company closed on an offering pursuant to the terms of a private placement agreement, in which the Company raised $5,000,000 in gross proceeds, before deducting placement agents’ fees and other offering expenses, in a private placement of 5,000 shares of the Company’s Series A Preferred Stock. Subject to certain ownership limitations, shares of Series A Preferred Stock were convertible, at the option of the holder thereof, into an aggregate of up to 1,377,412 shares of the Company’s common stock. The Series A Preferred Stock was not redeemable or contingently redeemable, did not have a preferential dividend right, nor did it have any preferences over the common stock, including liquidation rights. | |||||||||||||||||
During the nine months ended September 30, 2013, the investor in the private placement converted 2,198 shares of Series A Preferred Stock into 605,422 shares of the Company’s common stock. | |||||||||||||||||
On September 23, 2013, the Company agreed to redeem the 2,802 shares of Series A Preferred Stock that remained outstanding as of that date, which had a redemption value of approximately $2,802,000. See below under September Private Placement. | |||||||||||||||||
Also included in the April 16, 2013 offering were warrants to purchase common stock, as follows: | |||||||||||||||||
(A) Series A Warrants to purchase 1,377,412 shares of the Company’s common stock, which are exercisable immediately after issuance, have a five-year term and a per share exercise price of $3.40; and | |||||||||||||||||
(B) Series B Warrants to purchase 1,377,412 shares of the Company’s common stock, which are exercisable immediately after issuance, have a two-year term and a per share exercise price of $3.40. | |||||||||||||||||
At the closing on April 16, 2013, the Company also issued to its placement agent and related persons Series A Warrants to purchase 82,645 shares of the Company’s common stock. | |||||||||||||||||
The warrants contain limitations that prevent the holders of the warrants from acquiring shares upon exercise of the warrants that would result in the number of shares beneficially owned by it and its affiliates exceeding 9.99% of the total number of shares of the Company’s common stock then issued and outstanding. | |||||||||||||||||
During the nine months ended September 30, 2013, the investor in the private placement exercised 135,390 Series B Warrants into 135,390 shares of the Company’s common stock for proceeds of $460,326. In October 2013, the investor in the private placement exercised 135,000 Series B Warrants into 135,000 shares of the Company’s common stock for proceeds of $459,000. | |||||||||||||||||
The Series A Preferred Stock issued in the offering had a beneficial conversion feature and, as a result, the Company recognized approximately $2.48 million as a non-cash deemed dividend. In order to calculate the amount of the deemed dividend, the Company estimated the relative fair value of the Series A Preferred Stock, the Series A Warrants and the Series B Warrants issued in order to determine the amount of the beneficial conversion feature present in the Series A Preferred Stock. The Series A Preferred Stock was valued using Level 2 inputs by reference to the market value of the Company’s common stock into which the Series A Preferred Stock is convertible. The Series A Warrants and Series B Warrants granted were valued using the Black-Scholes valuation model and the following Level 3 input assumptions: | |||||||||||||||||
Weighted Average Assumptions | Private Placement | Private Placement | |||||||||||||||
Series A Warrants | Series B Warrants | ||||||||||||||||
Risk-free interest rate | 0.24 | % | 0.24 | % | |||||||||||||
Expected life (years) | 2.3 | 1.9 | |||||||||||||||
Expected volatility | 87 | % | 87 | % | |||||||||||||
Dividend yield | 0 | % | 0 | % | |||||||||||||
September Private Placement | |||||||||||||||||
On September 23, 2013, the Company closed on an offering pursuant to the terms of a private placement agreement, in which the Company raised $5,800,000 in gross proceeds, before deducting placement agents’ fees and other offering expenses, in a private placement of 5,800 shares of the Company’s Series B Preferred Stock. The Series B Preferred Stock is not redeemable or contingently redeemable, does not have a preferential dividend right, nor does it have any preferences over the common stock, including liquidation rights. Subject to certain ownership limitations, shares of Series B Preferred Stock are convertible, at the option of the holder thereof, into an aggregate of up to 2,452,431 shares of the Company’s common stock. Also included in the offering were warrants to purchase 2,452,431 shares of the Company’s common stock, which are exercisable immediately after issuance, have a five-year term and a per share exercise price of $2.24. | |||||||||||||||||
At the closing, the Company also issued to its placement agent and related persons warrants to purchase 147,145 shares of the Company’s common stock, which are exercisable immediately after issuance, have a five-year term and a per share exercise price of $2.80. | |||||||||||||||||
The Series B Preferred Stock and warrants contain limitations that prevent the holders of the preferred stock and warrants from acquiring shares upon conversion of preferred stock or exercise of warrants that would result in the number of shares beneficially owned by a holder and its affiliates exceeding 9.99% of the total number of shares of the Company’s common stock then issued and outstanding. | |||||||||||||||||
The Company used the proceeds of this offering in part to redeem the outstanding shares of Series A Preferred Stock issued in April 2013. On September 23, 2013, the Company agreed to redeem the remaining outstanding balance of the Series A Preferred Stock of 2,802 shares for $2,802,000. | |||||||||||||||||
As a result of the redemption, the excess of the fair value of the consideration transferred to the holders of the Series B Preferred Stock over the carrying amount of the Series A Preferred Stock in the Company’s balance sheet (net of issuance costs) was treated as a non-cash deemed dividend to the shareholders of the Series B Preferred Stock. The Company recognized approximately $2.31 million as a non-cash deemed dividend. In order to calculate the amount of the deemed dividend, the Company first calculated the amount of the consideration transferred to the holders of the Series B Preferred Stock which included the cash used to redeem the Series A Preferred Stock, and the estimated value of the Series B Preferred Stock and warrants. The Series B Preferred Stock was valued using Level 2 inputs by reference to the market value of the Company’s common stock into which the Series B Preferred Stock is convertible. The warrants granted were valued using the Black-Scholes valuation model and the following Level 3 input assumptions: | |||||||||||||||||
Weighted Average Assumptions | Private Placement Warrants | ||||||||||||||||
Risk-free interest rate | 0.24 | % | |||||||||||||||
Expected life (years) | 1.9 | ||||||||||||||||
Expected volatility | 79 | % | |||||||||||||||
Dividend yield | 0 | % | |||||||||||||||
In October 2013, the investor converted 135,000 shares of Series B Preferred Stock into 135,000 shares of the Company’s common stock. | |||||||||||||||||
Common Stock | |||||||||||||||||
At the 2013 Annual Meeting of Stockholders in July 2013, the stockholders approved a decrease in the Company’s authorized common stock from 100,000,000 to 70,000,000. | |||||||||||||||||
On July 21, 2010, the Company entered into an “at the market” equity offering sales agreement (the ATM Agreement) with MLV & Co. LLC, or MLV, pursuant to which the Company may issue and sell shares of its common stock from time to time through MLV acting as sales agent and underwriter. The Company is limited as to how many shares it can sell under the ATM Agreement due to SEC limitations on the number of shares issuable pursuant to a Form S-3 registration statement in a primary offering by smaller reporting companies such as the Company. As of October 31, 2013 the total dollar amount of common stock that the Company could sell under the ATM Agreement during the next twelve months is approximately $264,000 under the current registration statement. The Company may be able to sell more shares under this agreement over the next twelve months depending on several factors including the Company’s stock price, number of shares outstanding, and when the sales occur. | |||||||||||||||||
In connection with the ATM Agreement, the Company issued 422,206 shares of common stock for proceeds of approximately $1,936,000 net of issuance costs, during the nine months ended September 30, 2013. Additionally, the Company issued 152,020 shares of common stock for proceeds of approximately $1,146,000 net of issuance costs under this agreement, during the nine months ended September 30, 2012. | |||||||||||||||||
In November 2011, the Company entered into a purchase agreement, or the LPC Purchase Agreement, for the sale, from time to time, of up to $20,000,000 of its common stock to Lincoln Park Capital Fund, LLC, or LPC, over a 36 month term. The Company can only sell shares under this arrangement if it maintains a minimum stock price of $6.00 and maintains the effectiveness of a registration statement filed with the Securities and Exchange Commission. Subject to this restriction, if the Company’s stock price rises above $6.00 and the other conditions of the arrangement are met, the Company can generally control the timing and amount of any sales to LPC in accordance with the purchase agreement. LPC has no right to require the Company to sell any shares to LPC, but LPC is obligated to make purchases as the Company directs, subject to certain conditions including the minimum stock price of $6.00 and the continuing effectiveness of a registration statement filed with the Securities and Exchange Commission covering the resale of the shares that may be issued to LPC. There are no upper limits to the price LPC may pay to purchase the Company’s common stock and the purchase price of the shares related to any future sales will be based on the prevailing market prices of the Company’s shares immediately preceding the notice of sale to LPC without any fixed discount. The agreement may be terminated by the Company at any time, at its sole discretion, without any cost or penalty. Assuming that the purchase price per share is $6.00 or greater, the total dollar amount of common stock that the Company could sell under the LPC Purchase Agreement during the next twelve months is approximately $17,400,000, provided that the Company would be required to file and have declared effective an additional registration statement in order to sell more than an additional 66,862 shares of its common stock under the LPC Purchase Agreement. | |||||||||||||||||
In connection with the LPC Purchase Agreement, the Company issued 227,539 shares of common stock for proceeds of approximately $2,123,000, net of issuance costs, during the nine months ended September 30, 2012, including 5,495 shares issued as a commitment fee. No shares were issued under this agreement during the nine months ended September 30, 2013. | |||||||||||||||||
Warrants | |||||||||||||||||
Warrant Summary Information | |||||||||||||||||
The following is a summary of the Company’s outstanding common stock warrants as of September 30, 2013 and December 31, 2012: | |||||||||||||||||
Warrants Issued in Connection with: | Date of | Exercise | Number of Warrants outstanding as of: | ||||||||||||||
Issuance | Price | (In thousands) | |||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
Committed Equity Financing Facility | 2/19/08 | $ | 657.6 | — | 1 | ||||||||||||
Direct Registration Series I Warrants | 7/20/09 | $ | 504 | 12 | 12 | ||||||||||||
Private Placement Series A Warrants | 4/16/13 | $ | 3.4 | 1,460 | — | ||||||||||||
Private Placement Series B Warrants | 4/16/13 | $ | 3.4 | 1,242 | — | ||||||||||||
Private Placement Warrants | 9/23/13 | $ | 2.24 | 2,452 | — | ||||||||||||
Private Placement Warrants | 9/23/13 | $ | 2.8 | 147 | — | ||||||||||||
Total Warrants Outstanding | 5,313 | 13 | |||||||||||||||
The Direct Registration Series I warrants, issued by the Company on July 20, 2009, were recorded as a liability at their fair value as of the date of their issuance in July 2009 and are revalued at each subsequent reporting date. The value of these warrants recorded on the Company’s balance sheet was approximately $0 at both September 30, 2013 and December 31, 2012. These warrants have a five-year term. | |||||||||||||||||
The Private Placement Series A Warrants include warrants to purchase 1,377,412 shares of the Company’s common stock and warrants issued to the Company’s placement agent and related persons to purchase 82,645 shares of the Company’s common stock. The Series A Warrants became exercisable immediately after issuance, have a five-year term and a per share exercise price of $3.40. | |||||||||||||||||
The Private Placement Series B Warrants to purchase 1,242,022 shares of the Company’s common stock became exercisable immediately after issuance, have a two-year term and a per share exercise price of $3.40. | |||||||||||||||||
The Private Placement Warrants issued to purchase 2,452,431 shares of the Company’s common stock became exercisable immediately after issuance, have a five-year term and a per share exercise price of $2.24. | |||||||||||||||||
The Private Placement Warrants issued to purchase 147,145 shares of the Company’s common stock became exercisable immediately after issuance, have a five-year term and a per share exercise price of $2.80. | |||||||||||||||||
Options and restricted stock | |||||||||||||||||
The Company’s 2005 Stock Plan, as amended at the 2013 Annual Meeting of Stockholders in July 2013 (the “2005 Plan”) provides for the award of options, restricted stock and stock appreciation rights to acquire up to 833,333 shares of the Company’s common stock in the aggregate. Currently, the 2005 Plan allows for awards of up to 200,000 shares that may be granted to any one participant in any fiscal year. For options subject to graded vesting, the Company elected the straight-line method of expensing these awards over the service period. | |||||||||||||||||
The following is a summary of the Company’s stock option activity under its 2005 Plan for the nine months ended September 30, 2013: | |||||||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Life | |||||||||||||||||
(In thousands) | (Years) | (In thousands) | |||||||||||||||
Options outstanding at December 31, 2012 | 143 | $ | 19.73 | 8.64 | $ | — | |||||||||||
Granted | 107 | $ | 3.9 | $ | — | ||||||||||||
Forfeited and expired | (45 | ) | $ | 16.48 | $ | — | |||||||||||
Options outstanding at September 30, 2013 | 205 | $ | 12.19 | 7.38 | $ | — | |||||||||||
Options exercisable at September 30, 2013 | 119 | $ | 15.18 | 6.17 | $ | — | |||||||||||
Options vested or expected to vest at September 30, 2013 | 169 | $ | 13.09 | 7.03 | $ | — | |||||||||||
As of September 30, 2013 there was approximately $116,988 of unrecognized compensation cost related to stock option awards that is expected to be recognized as expense over a weighted average period of approximately 2.57 years. | |||||||||||||||||
The fair values for the stock options granted were estimated at the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions for the nine months ended September 30, 2013: | |||||||||||||||||
Weighted Average Assumptions | |||||||||||||||||
Risk-free interest rate | 0.95 | % | |||||||||||||||
Expected life (years) | 4 | ||||||||||||||||
Expected volatility | 100 | % | |||||||||||||||
Dividend yield | 0 | % | |||||||||||||||
The Company recorded an expense of $199,913 during the three-month period ended September 30, 2013, related to the grant of a restricted stock award of 72,993 shares to an officer from the Company’s 2005 Stock Plan. The restricted stock award was valued based on the closing price of the Company’s common stock on the grant date and the shares were fully vested upon grant. | |||||||||||||||||
Net_Loss_Per_Share
Net Loss Per Share | 9 Months Ended |
Sep. 30, 2013 | |
Earnings Per Share [Abstract] | ' |
Net Loss Per Share | ' |
3. Net Loss Per Share | |
Basic and diluted net loss per common share was calculated by dividing the net loss attributed to the Company’s common shares by the weighted-average number of common shares outstanding. Diluted net loss per share includes the effect of all dilutive, potentially issuable common equivalent shares as defined using the treasury stock method. All of the Company’s common stock equivalents are anti-dilutive due to the Company’s net loss position for all periods presented. Accordingly, common stock equivalents of 5,800 shares of preferred stock convertible into 2,452,431 shares of common stock, 205,000 stock options and 5,313,000 warrants at September 30, 2013 and 150,000 stock options and 13,000 warrants at September 30, 2012, were excluded from the calculation of weighted average shares for diluted net loss per share. | |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
4. Commitments and Contingencies | |
Facility Lease | |
The Company has amended its current facility lease to extend the term to June 30, 2014 and adjust the base monthly rent from July 1, 2013 to June 30, 2014 to $16,616.25. The lease is for a total of 5,275 square feet of office space located in South San Francisco, California. | |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They have been prepared on a basis which assumes that OXiGENE, Inc. (“OXiGENE” or the “Company”) will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The financial statements do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, however, all adjustments (consisting primarily of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. | |
The balance sheet at December 31, 2012 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. For further information, refer to the financial statements and footnotes thereto included in the Annual Report on Form 10-K for the Company for the year ended December 31, 2012. | |
Capital Resources | ' |
Capital Resources | |
In December 2012, the Company’s board of directors voted unanimously to implement a 1:12 reverse stock split of the Company’s common stock, following authorization of the reverse stock split by a shareholder vote on December 21, 2012. The reverse stock split became effective on December 28, 2012. All of the share and per share amounts discussed and shown in the financial statements and notes have been adjusted to reflect the effect of this reverse stock split. | |
The Company has experienced net losses every year since inception and, as of September 30, 2013 had an accumulated deficit of approximately $236,411,000. The Company expects to incur significant additional operating losses over at least the next several years, principally as a result of its continuing clinical trials and anticipated research and development and manufacturing expenditures. The principal source of the Company’s working capital to date has been the proceeds of private and public equity financings and to a significantly lesser extent the exercise of warrants and stock options. The Company currently has no recurring material amount of licensing or other income. As of September 30, 2013, the Company had approximately $8,797,000 in cash and restricted cash. | |
Based on the Company’s limited ongoing programs and operations, the Company expects its existing cash to support its operations through the third quarter of 2014. However, while this level of cash utilization does not allow for the initiation of any significant projects, including clinical trials, to further the development of the Company’s most advanced product candidates, it does include provisions for initial drug manufacturing activities that the Company has undertaken in connection with the planned filing of a European Marketing Authorization application for ZYBRESTAT® in anaplastic thyroid cancer, or ATC. Any significant further development of ZYBRESTAT® or other capital intensive activities will be contingent upon the Company’s ability to raise additional capital in addition to the Company’s existing financing arrangements (as described in detail in Note 2 below). | |
Additional funding may not be available to OXiGENE on acceptable terms, or at all. If the Company is unable to access additional funds when needed, it may not be able to continue the development of its product candidates or the Company could be required to delay, scale back or eliminate some or all of its development programs and other operations. Any additional equity financing, if available to the Company, may not be available on favorable terms, would most likely be dilutive to its current stockholders and debt financing, if available, and may involve restrictive covenants. If the Company accesses funds through collaborative or licensing arrangements, it may be required to relinquish rights to some of its technologies or product candidates that it would otherwise seek to develop or commercialize on its own, on terms that are not favorable to the Company. The Company’s ability to access capital when needed is not assured and, if not achieved on a timely basis, will materially harm its business, financial condition and results of operations. The Company’s ability to raise additional capital could also be impaired if it is unable to comply with the listing standards of The NASDAQ Capital Market and instead has to trade its common shares in the over-the-counter market. These uncertainties create substantial doubt about the Company’s ability to continue as a going concern. The Report of Independent Registered Accounting Firm at the beginning of the Consolidated Financial Statements section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2012 includes a going concern explanatory paragraph. | |
The accompanying financial statements have been prepared on a basis which assumes that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. | |
Revenue Recognition | ' |
Revenue Recognition | |
In December 2011, the Company established a distribution agreement to provide access to ZYBRESTAT® for the treatment of patients with ATC in certain specified territories on a compassionate use basis. The agreement provides that upon the receipt of ZYBRESTAT® by the distributor for distribution and sale to compassionate use patients, the distributor has 30 days to inspect the product for defects and to ensure that the product conforms to the warranties made by the Company. If the distributor does not notify the Company of any defective products within the 30-day period it will be deemed to have accepted the products. Revenue is recognized based on products accepted at the conclusion of the 30-day inspection period. Also, the distributor will pay to the Company, on a quarterly basis, an amount equal to 20% of the distributor’s gross margin, as defined in the agreement, on its sales of ZYBRESTAT® in the preceding quarter, less the cost of introductory drug provided at no cost. This revenue will be recognized upon notification from the distributor of the gross margin earned. ZYBRESTAT® was expensed at the time it was manufactured, because it is in the development stage and there was not an alternative future use. As a result, the product provided to the distributor has a zero cost basis, and therefore no cost-of-goods-sold has been recorded. |
Stockholders_Equity_Common_and1
Stockholders' Equity - Common and Preferred Shares (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Fair Value Measurements on Recurring and Nonrecurring Basis | ' | ||||||||||||||||
The Series A Preferred Stock was valued using Level 2 inputs by reference to the market value of the Company’s common stock into which the Series A Preferred Stock is convertible. The Series A Warrants and Series B Warrants granted were valued using the Black-Scholes valuation model and the following Level 3 input assumptions: | |||||||||||||||||
Weighted Average Assumptions | Private Placement | Private Placement | |||||||||||||||
Series A Warrants | Series B Warrants | ||||||||||||||||
Risk-free interest rate | 0.24 | % | 0.24 | % | |||||||||||||
Expected life (years) | 2.3 | 1.9 | |||||||||||||||
Expected volatility | 87 | % | 87 | % | |||||||||||||
Dividend yield | 0 | % | 0 | % | |||||||||||||
The Series B Preferred Stock was valued using Level 2 inputs by reference to the market value of the Company’s common stock into which the Series B Preferred Stock is convertible. The warrants granted were valued using the Black-Scholes valuation model and the following Level 3 input assumptions: | |||||||||||||||||
Weighted Average Assumptions | Private Placement Warrants | ||||||||||||||||
Risk-free interest rate | 0.24 | % | |||||||||||||||
Expected life (years) | 1.9 | ||||||||||||||||
Expected volatility | 79 | % | |||||||||||||||
Dividend yield | 0 | % | |||||||||||||||
Summary of Company's Outstanding Common Stock Warrants | ' | ||||||||||||||||
The following is a summary of the Company’s outstanding common stock warrants as of September 30, 2013 and December 31, 2012: | |||||||||||||||||
Warrants Issued in Connection with: | Date of | Exercise | Number of Warrants outstanding as of: | ||||||||||||||
Issuance | Price | (In thousands) | |||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
Committed Equity Financing Facility | 2/19/08 | $ | 657.6 | — | 1 | ||||||||||||
Direct Registration Series I Warrants | 7/20/09 | $ | 504 | 12 | 12 | ||||||||||||
Private Placement Series A Warrants | 4/16/13 | $ | 3.4 | 1,460 | — | ||||||||||||
Private Placement Series B Warrants | 4/16/13 | $ | 3.4 | 1,242 | — | ||||||||||||
Private Placement Warrants | 9/23/13 | $ | 2.24 | 2,452 | — | ||||||||||||
Private Placement Warrants | 9/23/13 | $ | 2.8 | 147 | — | ||||||||||||
Total Warrants Outstanding | 5,313 | 13 | |||||||||||||||
Summary of Company's Stock Option Activity Under its 2005 Plan | ' | ||||||||||||||||
The following is a summary of the Company’s stock option activity under its 2005 Plan for the nine months ended September 30, 2013: | |||||||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Life | |||||||||||||||||
(In thousands) | (Years) | (In thousands) | |||||||||||||||
Options outstanding at December 31, 2012 | 143 | $ | 19.73 | 8.64 | $ | — | |||||||||||
Granted | 107 | $ | 3.9 | $ | — | ||||||||||||
Forfeited and expired | (45 | ) | $ | 16.48 | $ | — | |||||||||||
Options outstanding at September 30, 2013 | 205 | $ | 12.19 | 7.38 | $ | — | |||||||||||
Options exercisable at September 30, 2013 | 119 | $ | 15.18 | 6.17 | $ | — | |||||||||||
Options vested or expected to vest at September 30, 2013 | 169 | $ | 13.09 | 7.03 | $ | — | |||||||||||
Weighted-Average Assumptions | ' | ||||||||||||||||
The fair values for the stock options granted were estimated at the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions for the nine months ended September 30, 2013: | |||||||||||||||||
Weighted Average Assumptions | |||||||||||||||||
Risk-free interest rate | 0.95 | % | |||||||||||||||
Expected life (years) | 4 | ||||||||||||||||
Expected volatility | 100 | % | |||||||||||||||
Dividend yield | 0 | % |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | |
Dec. 28, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ' | ' |
Reverse stock split of the Company's common stock | 0.083 | ' | ' |
Accumulated deficit | ' | ($236,411,000) | ($225,432,000) |
Cash and restricted cash | ' | 8,797,000 | ' |
Period of inspection of product | ' | '30 days | ' |
Percentage payment on gross margin of distributor's, sales | ' | 20.00% | ' |
Cost of goods sold | ' | $0 | ' |
Stockholders_EquityCommon_and_
Stockholders' Equity-Common and Preferred Shares - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | |||||||||||||||||||
Sep. 23, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Jul. 31, 2013 | Jun. 30, 2013 | Apr. 16, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Nov. 30, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Oct. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 31, 2013 | Apr. 16, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 23, 2013 | Sep. 30, 2013 | Sep. 23, 2013 | Sep. 30, 2013 | Oct. 31, 2013 | Sep. 23, 2013 | Sep. 30, 2013 | Oct. 31, 2013 | |
2005 Plan [Member] | Lincoln Park Capital Fund, LLC [Member] | Lincoln Park Capital Fund, LLC [Member] | Lincoln Park Capital Fund, LLC [Member] | MLV & Co. LLC [Member] | MLV & Co. LLC [Member] | Subsequent Event [Member] | Private Placement Series A Warrants [Member] | April Private Placement Series B Warrants [Member] | April Private Placement Series B Warrants [Member] | April Private Placement Series B Warrants [Member] | Private Placement Series A Warrants [Member] | Private Placement Series B Two Year Term Warrants [Member] | Private Placement Warrants [Member] | Private Placement Warrants One [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | |||||||||
Private Placement [Member] | Subsequent Event [Member] | Private Placement [Member] | Private Placement [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||||
Private Placement [Member] | Private Placement [Member] | |||||||||||||||||||||||||||||||
Stockholders' Equity - Common and Preferred Shares [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross proceeds | $5,800,000 | ' | $5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, new shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 227,539 | ' | 422,206 | 152,020 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000 | ' | ' | ' | ' | ' | 5,800 | ' | ' |
Number of common stock issued upon conversion | ' | ' | ' | ' | ' | ' | ' | 1,377,412 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,452,431 | 605,422 | 135,000 | ' | ' | ' |
Number of preferred stock converted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,198 | ' | ' | ' | ' | ' | 135,000 |
Redemption shares of outstanding balance | ' | 6,000 | 6,000 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,802 | ' | ' | ' | ' | ' | ' | ' |
Redeemable value of outstanding balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,802,000 | ' | ' | ' | ' | ' | ' | ' |
Exercise of warrants, shares of company's common stock converted | ' | 2,452,431 | 2,452,431 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,377,412 | 1,377,412 | 135,390 | 135,000 | ' | 1,242,022 | 2,452,431 | 147,145 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable period of warrant | '5 years | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '2 years | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise Price | 2.8 | 2.24 | 2.24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.4 | 3.4 | ' | ' | ' | 3.4 | 2.24 | 2.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase of common stock at closing | 147,145 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 82,645 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of warrants owned | ' | 9.99% | 9.99% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from warrant exercises | ' | ' | 432,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 460,326 | 459,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-cash deemed dividend to preferred stock | ' | 2,318,000 | 4,799,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,480,000 | ' | ' | ' | ' | ' | ' | 2,310,000 | ' |
Common stock, shares authorized | ' | 70,000,000 | 70,000,000 | ' | 70,000,000 | 70,000,000 | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total dollar amount of common stock company could sell under the ATM | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 264,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of common stock, net of issuance costs | ' | ' | 1,936,000 | 2,794,000 | ' | ' | ' | ' | ' | ' | 2,123,000 | ' | 1,936,000 | 1,146,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of purchase agreement for the sale with Lincoln Park Capital Fund, LLC | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase agreement period | ' | ' | ' | ' | ' | ' | ' | ' | ' | '36 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum purchase price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional value of purchase agreement for the sale with Lincoln Park Capital Fund, LLC | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, additional shares issued in connection with Lincoln Park Capital Fund, LLC | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66,862 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued as a commitment fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,495 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of warrants recorded on the company's balance sheet | ' | 0 | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of warrants | ' | ' | '5 years | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum number of shares acquired for the award of options, restricted stock and stock appreciation | ' | ' | ' | ' | ' | ' | ' | ' | 833,333 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum number of shares granted to any one participant in any fiscal year | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average period for recognizing unrecognized compensation cost as expense | ' | ' | '2 years 6 months 26 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost related to stock option awards | ' | 116,988 | 116,988 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expenses related to restricted common stock outstanding | ' | $199,913 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum number of shares granted to any one participant in any fiscal year | ' | 72,993 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_EquityCommon_and_1
Stockholders' Equity-Common and Preferred Shares - Fair Value Measurements on Recurring and Nonrecurring Basis (Detail) | 9 Months Ended | 1 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2013 | Sep. 23, 2013 | |
Private Placement Series A Warrants [Member] | Private Placement Series B Warrants [Member] | Private Placement Warrants [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ' |
Risk-free interest rate | 0.24% | 0.24% | 0.24% |
Expected life (years) | '2 years 3 months 18 days | '1 year 10 months 24 days | '1 year 10 months 24 days |
Expected volatility | 87.00% | 87.00% | 79.00% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Stockholders_EquityCommon_and_2
Stockholders' Equity-Common and Preferred Shares - Summary of Company's Outstanding Common Stock Warrants (Detail) | Sep. 30, 2013 | Sep. 23, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Class of Warrant or Right [Line Items] | ' | ' | ' |
Exercise Price | 2.24 | 2.8 | ' |
Total Number of Warrants Outstanding | 5,313 | ' | 13 |
Committed Equity Financing Facility [Member] | ' | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' | ' |
Date of Issuance | 19-Feb-08 | ' | ' |
Exercise Price | 657.6 | ' | ' |
Total Number of Warrants Outstanding | ' | ' | 1 |
Direct Registration Series I Warrants [Member] | ' | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' | ' |
Date of Issuance | 20-Jul-09 | ' | ' |
Exercise Price | 504 | ' | ' |
Total Number of Warrants Outstanding | 12 | ' | 12 |
Private Placement Series A Warrants [Member] | ' | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' | ' |
Date of Issuance | 16-Apr-13 | ' | ' |
Exercise Price | 3.4 | ' | ' |
Total Number of Warrants Outstanding | 1,460 | ' | ' |
Private Placement Series B Warrants [Member] | ' | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' | ' |
Date of Issuance | 16-Apr-13 | ' | ' |
Exercise Price | 3.4 | ' | ' |
Total Number of Warrants Outstanding | 1,242 | ' | ' |
Private Placement Warrants [Member] | ' | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' | ' |
Date of Issuance | 23-Sep-13 | ' | ' |
Exercise Price | 2.24 | ' | ' |
Total Number of Warrants Outstanding | 2,452 | ' | ' |
Private Placement Warrants One [Member] | ' | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' | ' |
Date of Issuance | 23-Sep-13 | ' | ' |
Exercise Price | 2.8 | ' | ' |
Total Number of Warrants Outstanding | 147 | ' | ' |
Stockholders_EquityCommon_and_3
Stockholders' Equity-Common and Preferred Shares - Summary of Company's Stock Option Activity Under its 2005 Plan (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Equity [Abstract] | ' | ' |
Shares, Options outstanding, Beginning balance | 143 | ' |
Shares, Granted | 107 | ' |
Shares, Forfeited and expired | -45 | ' |
Shares, Options outstanding, Ending balance | 205 | 143 |
Shares, Options exercisable at September 30, 2013 | 119 | ' |
Shares, Options vested or expected to vest at September 30, 2013 | 169 | ' |
Weighted Average Exercise Price, Options outstanding, Beginning balance | $19.73 | ' |
Weighted Average Exercise Price, Granted | $3.90 | ' |
Weighted Average Exercise Price, Forfeited and expired | $16.48 | ' |
Weighted Average Exercise Price, Options outstanding, Ending balance | $12.19 | $19.73 |
Weighted Average Exercise Price, Options exercisable at September 30, 2013 | $15.18 | ' |
Weighted Average Exercise Price, Options vested or expected to vest at September 30, 2013 | $13.09 | ' |
Weighted Average Remaining Contractual Life, Options outstanding | '7 years 4 months 17 days | '8 years 7 months 21 days |
Weighted Average Remaining Contractual Life, Options exercisable at September 30, 2013 | '6 years 2 months 1 day | ' |
Weighted Average Remaining Contractual Life, Options vested or expected to vest at September 30, 2013 | '7 years 11 days | ' |
Aggregate Intrinsic Value, Options outstanding, Beginning balance | ' | ' |
Aggregate Intrinsic Value, Options granted | ' | ' |
Aggregate Intrinsic Value, Options forfeited and expired | ' | ' |
Aggregate Intrinsic Value, Options outstanding, Ending balance | ' | ' |
Aggregate Intrinsic Value, Options exercisable at September 30, 2013 | ' | ' |
Aggregate Intrinsic Value, Options vested or expected to vest at September 30, 2013 | ' | ' |
Stockholders_EquityCommon_and_4
Stockholders' Equity-Common and Preferred Shares - Weighted-Average Assumptions (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Equity [Abstract] | ' |
Risk-free interest rate | 0.95% |
Expected life (years) | '4 years |
Expected volatility | 100.00% |
Dividend yield | 0.00% |
Net_Loss_Per_Share_Additional_
Net Loss Per Share - Additional Information (Detail) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Convertible Preferred Stock [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Common stock excluded from the calculation of weighted average shares for diluted net loss per share | 5,800 | ' |
Common Stock [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Common stock excluded from the calculation of weighted average shares for diluted net loss per share | 2,452,431 | ' |
Stock Option [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Common stock excluded from the calculation of weighted average shares for diluted net loss per share | 205,000 | 150,000 |
Warrant [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Common stock excluded from the calculation of weighted average shares for diluted net loss per share | 5,313,000 | 13,000 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
sqft | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Lease expiration date | 30-Jun-14 |
Monthly base rent payment starting date | 1-Jul-13 |
Monthly base rent payment ending date | 30-Jun-14 |
Adjusted base monthly rent under facility lease | $16,616.25 |
Area of facility lease | 5,275 |