Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 17, 2014 | Jun. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'OXIGENE INC | ' | ' |
Entity Central Index Key | '0000908259 | ' | ' |
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 | 'Smaller Reporting Company | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 15,236,069 | ' |
Entity Public Float | ' | ' | $5,982,000 |
Balance_Sheets
Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash | $7,005 | $4,946 |
Restricted cash | ' | 20 |
Prepaid expenses | 93 | 135 |
Other current assets | 67 | 142 |
Total current assets | 7,165 | 5,243 |
Property and equipment, net of accumulated depreciation of $268 and $357 at December 31, 2013 and December 31, 2012, respectively | 36 | 13 |
License agreements, net of accumulated amortization of $1,406 and $1,309 at December 31, 2013 and December 31, 2012, respectively | 93 | 191 |
Total assets | 7,294 | 5,447 |
Current liabilities: | ' | ' |
Accounts payable | 476 | 416 |
Accrued research and development | 317 | 181 |
Accrued other | 458 | 304 |
Total current liabilities | 1,251 | 901 |
Commitments and contingencies | ' | ' |
Stockholders' equity | ' | ' |
Preferred stock, $.01 par value, 15,000 shares authorized; No shares issued and outstanding | ' | ' |
Common stock, $.01 par value, 70,000 and 100,000 shares authorized at December 31, 2013 and December 31, 2012 respectively; 5,586 and 1,746 shares issued and outstanding at December 31, 2013 and December 31, 2012, respectively | 56 | 17 |
Additional paid-in capital | 244,495 | 229,961 |
Accumulated deficit | -238,508 | -225,432 |
Total stockholders' equity | 6,043 | 4,546 |
Total liabilities and stockholders' equity | $7,294 | $5,447 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Accumulated depreciation | $268 | $357 |
Accumulated amortization on license agreements | $1,406 | $1,309 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 15,000,000 | 15,000,000 |
Preferred stock, shares issued | ' | ' |
Preferred stock, shares outstanding | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 70,000,000 | 100,000,000 |
Common stock, shares issued | 5,586,000 | 1,746,000 |
Common stock, shares outstanding | 5,586,000 | 1,746,000 |
Statements_of_Comprehensive_Lo
Statements of Comprehensive Loss (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Product revenues | $95 | $156 | ' |
Operating expenses: | ' | ' | ' |
Research and development | 3,636 | 3,523 | 5,291 |
General and administrative | 4,739 | 4,690 | 5,375 |
Restructuring (Note 4) | ' | 15 | 1,226 |
Total operating expenses | 8,375 | 8,228 | 11,892 |
Loss from operations | -8,280 | -8,072 | -11,892 |
Change in fair value of warrants | ' | 6 | 2,222 |
Investment income | 4 | 12 | 7 |
Other (expense) income, net | -1 | -25 | 10 |
Net loss and comprehensive loss | -8,277 | -8,079 | -9,653 |
Non-cash deemed dividend to preferred stock | -4,799 | ' | ' |
Net loss attributable to common stock | ($13,076) | ($8,079) | ($9,653) |
Basic and diluted net loss per share attributable to common stock | ($4.67) | ($5.48) | ($10.37) |
Weighted-average number of common shares outstanding | 2,803 | 1,473 | 931 |
Statements_of_Stockholders_Equ
Statements of Stockholders' Equity (Deficit) (USD $) | Total | Common Stock [Member] | Preferred Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] |
USD ($) | USD ($) | USD ($) | USD ($) | ||
Beginning Balance at Dec. 31, 2010 | ($5,255,000) | $5,000 | ' | $202,440,000 | ($207,700,000) |
Beginning Balance, shares at Dec. 31, 2010 | ' | 458,000 | ' | ' | ' |
Net loss and comprehensive loss | -9,653,000 | ' | ' | ' | -9,653,000 |
Issuance of common stock in connection with the private placement warrant exchange | 5,383,000 | 1,000 | ' | 5,382,000 | ' |
Issuance of common stock in connection with the private placement warrant exchange, shares | ' | 130,000 | ' | ' | ' |
Issuance of common stock under ATM, net of expenses of $1,013, $137 and $72 in 2011, 2012 and 2013 respectively | 17,146,000 | 7,000 | ' | 17,139,000 | ' |
Issuance of common stock under ATM, net of expenses of $1,013, $137 and $72 in 2011, 2012 and 2013 respectively, shares | ' | 650,000 | ' | ' | ' |
Issuance of common stock for the initial commitment fee in connection with the LPC purchase agreement | 314,000 | ' | ' | 314,000 | ' |
Issuance of common stock for the initial commitment fee in connection with the LPC purchase agreement, shares | ' | 25,000 | ' | ' | ' |
Issuance of common stock under employee stock purchase plan | 8,000 | ' | ' | 8,000 | ' |
Reclassification of CEFF warrants to equity from derivative liability due to warrant exchange | 3,000 | ' | ' | 3,000 | ' |
Stock based compensation expense | 851,000 | ' | ' | 851,000 | ' |
Stock based compensation expense, shares | ' | 2,000 | ' | ' | ' |
Ending Balance at Dec. 31, 2011 | 8,797,000 | 13,000 | ' | 226,137,000 | -217,353,000 |
Ending Balance, shares at Dec. 31, 2011 | ' | 1,265,000 | ' | ' | ' |
Net loss and comprehensive loss | -8,079,000 | ' | ' | ' | -8,079,000 |
Issuance of common stock under ATM, net of expenses of $1,013, $137 and $72 in 2011, 2012 and 2013 respectively | 1,270,000 | 1,000 | ' | 1,269,000 | ' |
Issuance of common stock under ATM, net of expenses of $1,013, $137 and $72 in 2011, 2012 and 2013 respectively, shares | ' | 178,000 | ' | ' | ' |
Issuance of common stock to LPC, net of expenses of $552/ Issuance of preferred stock in connection with the private placement, net of expenses of $1,703 | 2,047,000 | 3,000 | ' | 2,044,000 | ' |
Issuance of common stock to LPC, net of expenses of $552, shares/ Issuance of preferred stock in connection with the private placement, net of expenses of $1,703, shares | ' | 294,000 | ' | ' | ' |
Additional shares due to reverse stock split, shares | ' | 7,000 | ' | ' | ' |
Stock based compensation expense | 511,000 | ' | ' | 511,000 | ' |
Stock based compensation expense, shares | ' | 2,000 | ' | ' | ' |
Ending Balance at Dec. 31, 2012 | 4,546,000 | 17,000 | ' | 229,961,000 | -225,432,000 |
Ending Balance, shares at Dec. 31, 2012 | ' | 1,746,000 | ' | ' | ' |
Net loss and comprehensive loss | -8,277,000 | ' | ' | ' | -8,277,000 |
Issuance of common stock under ATM, net of expenses of $1,013, $137 and $72 in 2011, 2012 and 2013 respectively | 1,936,000 | 4,000 | ' | 1,932,000 | ' |
Issuance of common stock under ATM, net of expenses of $1,013, $137 and $72 in 2011, 2012 and 2013 respectively, shares | ' | 422,000 | ' | ' | ' |
Issuance of common stock to LPC, net of expenses of $552/ Issuance of preferred stock in connection with the private placement, net of expenses of $1,703 | 9,097,000 | ' | ' | 9,097,000 | ' |
Issuance of common stock to LPC, net of expenses of $552, shares/ Issuance of preferred stock in connection with the private placement, net of expenses of $1,703, shares | ' | ' | 11,000 | ' | ' |
Redemption of preferred stock in connection with the private placement | -2,802,000 | ' | ' | -2,802,000 | ' |
Redemption of preferred stock in connection with the private placement, shares | ' | ' | -3,000 | ' | ' |
Non-cash deemed dividend to preferred stock in connection with the private placement | ' | ' | ' | 4,799,000 | -4,799,000 |
Conversion of preferred stock to common stock | ' | 31,000 | ' | -31,000 | ' |
Conversion of preferred stock to common stock, shares | ' | 3,058,000 | -8,000 | ' | ' |
Issuance of common stock in connection with the exercise of Series B warrants, net of expenses of $55 | 864,000 | 3,000 | ' | 861,000 | ' |
Issuance of common stock in connection with the exercise of Series B warrants, net of expenses of $55, shares | ' | 270,000 | ' | ' | ' |
Stock based compensation expense | 679,000 | 1,000 | ' | 678,000 | ' |
Stock based compensation expense, shares | ' | 90,000 | ' | ' | ' |
Ending Balance at Dec. 31, 2013 | $6,043,000 | $56,000 | ' | $244,495,000 | ($238,508,000) |
Ending Balance, shares at Dec. 31, 2013 | ' | 5,586,000 | ' | ' | ' |
Statements_of_Stockholders_Equ1
Statements of Stockholders' Equity (Deficit) (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Expenses with issuance of common stock | $72 | $137 | $1,013 |
Expenses with private placement financing | 1,703 | ' | ' |
Lincoln Park Capital Fund, LLC [Member] | ' | ' | ' |
Expenses with issuance of common stock | ' | 552 | ' |
Common Stock [Member] | ' | ' | ' |
Expenses with issuance of common stock | 72 | 137 | 1,013 |
Expenses with issuance of common stock | 55 | ' | ' |
Common Stock [Member] | Lincoln Park Capital Fund, LLC [Member] | ' | ' | ' |
Expenses with issuance of common stock | ' | 552 | ' |
Preferred Stock [Member] | ' | ' | ' |
Expenses with private placement financing | $1,703 | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flow (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating activities: | ' | ' | ' |
Net loss | ($8,277) | ($8,079) | ($9,653) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' |
Change in fair value of warrants | ' | -6 | -2,222 |
Depreciation | 12 | 29 | 53 |
Amortization of license agreement | 98 | 98 | 97 |
Stock-based compensation | 679 | 511 | 851 |
Changes in operating assets and liabilities: | ' | ' | ' |
Restricted cash | 20 | ' | 55 |
Prepaid expenses and other current assets | 117 | 464 | -9 |
Accounts payable and accrued expenses | 350 | -1,352 | -956 |
Net cash used in operating activities | -7,001 | -8,335 | -11,784 |
Investing activities: | ' | ' | ' |
Purchases of furniture, fixtures, equipment and other assets | -35 | -8 | ' |
Net cash used in investing activities | -35 | -8 | ' |
Financing activities: | ' | ' | ' |
Proceeds from issuance of preferred stock, net of issuance costs | 6,295 | ' | ' |
Proceeds from issuance of common stock, net of issuance costs | 1,936 | 3,317 | 17,146 |
Proceeds from exercise of Series B warrants into common stock, net of issuance costs | 864 | ' | ' |
Proceeds from exercise of employee stock plans | ' | ' | 8 |
Net cash provided by financing activities | 9,095 | 3,317 | 17,154 |
Increase (decrease) in cash and cash equivalents | 2,059 | -5,026 | 5,370 |
Cash at beginning of period | 4,946 | 9,972 | 4,602 |
Cash at end of period | 7,005 | 4,946 | 9,972 |
Non-Cash investing and financing activities: | ' | ' | ' |
Conversion of preferred stock to common stock | 7,998 | ' | ' |
Redemption of preferred stock in connection with the private placement | 2,802 | ' | ' |
Non-cash deemed dividend to preferred stock | 4,799 | ' | ' |
Issuance of common stock in connection with the private placement warrant exchange | ' | ' | 5,383 |
Issuance of common stock for the initial commitment fee in connection with the LPC purchase agreement | ' | ' | 314 |
Reclassification of CEFF warrants to equity from derivative liability due to warrant exchange | ' | ' | $3 |
Description_of_Business_and_Si
Description of Business and Significant Accounting Policies | 12 Months Ended | ||
Dec. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Description of Business and Significant Accounting Policies | ' | ||
1. Description of Business and Significant Accounting Policies | |||
Description of Business | |||
OXiGENE, Inc. (the “Company”), is incorporated in the state of Delaware, and is a clinical-stage, biopharmaceutical company developing novel therapeutics primarily to treat cancer. The Company’s major focus is developing vascular disrupting agents (VDAs) that selectively disrupt abnormal blood vessels associated with solid tumor progression. The Company is dedicated to leveraging its intellectual property and therapeutic development expertise to bring life-extending and life-enhancing medicines to patients. The Company has two VDA drug candidates currently being tested in clinical trials, ZYBRESTAT® and OXi4503. | |||
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 split by a shareholder vote on December 21, 2012. The reverse 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 split. | |||
In February 2011, the Company’s board of directors voted unanimously to implement a 1:20 reverse stock split of the Company’s common stock, following authorization of the reverse split by a shareholder vote on December 21, 2010. The reverse split became effective on February 22, 2011. 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 split. | |||
The Company has experienced net losses every year since inception and, as of December 31, 2013, had an accumulated deficit of approximately $238,508,000. The Company expects to incur significant additional operating losses over at least the next several years, principally as a result of the Company’s continuing clinical trials and anticipated research and development 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 lesser extent the exercise of warrants and stock options. The Company currently has no recurring material amount of licensing or other income. As of December 31, 2013, the Company had approximately $7.0 million in cash. The Company also raised $12.0 million in gross proceeds in a public offering of common stock and warrants in February 2014, as described in Note 11. | |||
After the recent financing in February 2014 and subsequent exercises of warrants to purchase our common stock, and based on the Company’s limited ongoing programs and planned new programs and operations, the Company expects its existing cash to support its operations through at least the end of 2015. The Company expects this level of cash utilization to allow it to continue its ongoing programs, including wrap up costs of completing the GOG 186I trial, initial startup costs of planning for a pivotal Phase 3 study in ZYBRESTAT® for the treatment of advanced relapsed ovarian cancer, initiation of a Phase 2 clinical trial of ZYBRESTAT® in patients with recurrent GI-NETs with elevated biomarkers and, if it finalizes an agreement with a non-profit collaborator, to initiate and share in the costs of a Phase 1b/2 trial of ZYBRESTAT® in relapsed ovarian cancer in combination with Votrient®. However it does not allow for a pivotal clinical trial of ZYBRESTAT® in ovarian cancer. 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 its existing financing arrangements. | |||
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 | |||
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. | |||
Concentration of Credit Risk | |||
The Company has no significant off balance sheet concentrations of credit risk. Financial instruments that potentially subject the Company to concentrations of credit risk primarily consist of cash and cash equivalents. The Company holds its cash and cash equivalents at one financial institution. | |||
Cash and Restricted Cash | |||
The Company has $0 and $20,000 of restricted cash as of December 31, 2013 and 2012, respectively that is used to secure financing through a Company credit card. This amount is classified apart from cash on the Balance Sheets. | |||
Fair Value | |||
The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. Fair value hierarchy is now established that prioritizes valuation inputs based on the observable nature of those inputs. The fair value hierarchy applies only to the valuation inputs used in determining the reported fair value of the Company’s investments and is not a measure of the investment credit quality. The hierarchy defines three levels of valuation inputs: | |||
Level 1 inputs | Quoted prices in active markets; | ||
Level 2 inputs | Generally include inputs with other observable qualities, such as quoted prices in active markets for similar assets or quoted prices for identical assets in inactive markets; and | ||
Level 3 inputs | Valuations based on unobservable inputs. | ||
As of December 31, 2013 and 2012, the Company did not hold any assets or liabilities subject to measurement on a recurring basis, except the derivative liabilities and other financial instruments discussed below in “Accounting for Derivative Financial Instruments Indexed to and Potentially Settled in the Company’s Common Stock” which are valued using level 3 inputs. The Company was required to measure, on a non-recurring basis, the fair value of its convertible preferred stock and warrants issued in the April 2013 and September 2013 financing transactions. The methods and assumptions used to value those instruments is disclosed in Note 6 to the financial statements. | |||
Furniture and Fixtures, Equipment and Leasehold Improvements | |||
Furniture and fixtures, equipment and leasehold improvements are recorded at cost. Depreciation is recorded using the straight-line method over the lesser of the estimated useful lives of the assets, which range from three to five years, or the applicable lease term. | |||
License Agreements | |||
The carrying value of the license agreement with Arizona State University (ASU) is being amortized over the term of the agreement, which is approximately 15.5 years (see Note 3). The technology licensed from ASU is related to the Company’s ZYBRESTAT® and OXi4503 programs. The Company is required to perform an impairment analysis of its long-lived assets if triggering events occur. The Company reviews for such triggering events, such as a going concern opinion and continuing losses, periodically. Both the ZYBRESTAT® and OXi4503 programs utilize intellectual property under the license agreement, demonstrating alternative future use in other research and development projects. The Company determined that there are no indicators of impairment of the asset as of December 31, 2013. The license agreement provides for additional payments in connection with the license arrangement upon the initiation of certain clinical trials or the completion of certain regulatory approvals, which payments could be accelerated upon the achievement of certain financial milestones as defined in the agreement. The Company expenses these payments to research and development in the period the obligation becomes both probable and estimable. | |||
Accrued Research and Development | |||
The Company charges all research and development expenses, both internal and external costs, to operations as incurred. The Company’s research and development costs represent expenses incurred from the engagement of outside professional service organizations, product manufacturers and consultants associated with the development of the Company’s potential product candidates. The Company recognizes expenses associated with these arrangements based on the completion of activities as specified in the applicable contracts. Costs incurred under fixed-fee contracts are expensed ratably over the contract period absent any knowledge that the services will be performed other than ratably. Costs incurred under contracts with clinical trial sites and principal investigators are generally accrued on a patient-treated basis consistent with the terms outlined in the contract. In determining costs incurred on some of these programs, the Company takes into consideration a number of factors, including estimates and input provided by internal program managers. Upon termination of such contracts, the Company is normally only liable for costs incurred and committed to date. As a result, accrued research and development expenses represent the Company’s reasonably estimated contractual liability to outside service providers at any particular point in time. | |||
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. | |||
Comprehensive Net Loss | |||
The Company’s comprehensive loss consists of net loss and other comprehensive income (loss). Comprehensive income (loss) may include changes in the unrealized gains or losses on available-for-sale securities. For the periods presented, there are no components of other comprehensive income or accumulated comprehensive income and net loss is equal to comprehensive loss. | |||
Stock-based Compensation | |||
The Company expenses the estimated fair value of all share-based payments issued to employees over the vesting period. The Company has a 2005 Stock Plan (“2005 Plan”), which superseded its 1996 Stock Option Plan that provides for the award of stock options, restricted stock and stock appreciation rights to employees, directors and consultants to the Company. The Company also has a 2009 Employee Stock Purchase Plan (“2009 ESPP”) which was suspended in 2012. | |||
Patents and Patent Applications | |||
The Company has filed applications for patents in connection with technologies being developed. The patent applications and any patents issued as a result of these applications are important to the protection of the Company’s technologies that may result from its research and development efforts. Costs associated with patent applications and maintaining patents are expensed as general and administrative expense as incurred. | |||
Income Taxes | |||
The Company accounts for income taxes based upon the provisions of ASC 740 Income Taxes. Under ASC 740, deferred taxes are recognized using the liability method whereby tax rates are applied to cumulative temporary differences between carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes based on when and how they are expected to affect the tax return. | |||
Subsequent Events | |||
The Company reviews all activity subsequent to year end but prior to the issuance of the financial statements for events that could require disclosure or which could impact the carrying value of assets or liabilities as of the balance sheet date. |
Furniture_and_Fixtures_Equipme
Furniture and Fixtures, Equipment and Leasehold Improvements | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Furniture and Fixtures, Equipment and Leasehold Improvements | ' | ||||||||
2. Furniture and Fixtures, Equipment and Leasehold Improvements | |||||||||
Furniture and fixtures, equipment and leasehold improvements consisted of the following at the dates indicated below (in thousands): | |||||||||
Years ended December 31, | |||||||||
2013 | 2012 | ||||||||
Leasehold improvements | $ | 6 | $ | 24 | |||||
Equipment | 262 | 297 | |||||||
Furniture and fixtures | 36 | 49 | |||||||
Total gross assets | 304 | 370 | |||||||
Less accumulated depreciation | (268 | ) | (357 | ) | |||||
Total furniture and fixtures, equipment and leasehold improvements | $ | 36 | $ | 13 | |||||
License_Agreements
License Agreements | 12 Months Ended |
Dec. 31, 2013 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ' |
License Agreements | ' |
3. License Agreements | |
In August 1999, the Company entered into an exclusive license agreement for the commercial development, use and sale of products or services covered by certain patent rights owned by Arizona State University. From the inception of the agreement through December 31, 2013, the Company has paid a total of $2,500,000 in connection with this license. The Company capitalized the net present value of the total amount paid under the initial terms of the license, or $1,500,000, and is amortizing this amount over the patent life or 15.5 years. | |
The Company expects to record amortization expense related to this license agreement of approximately $7,800 per month through December 2014. The net book value at December 31, 2013 and 2012 was $93,000 and $191,000 respectively. |
Restructuring
Restructuring | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Restructuring And Related Activities [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||
Restructuring | ' | ||||||||||||||||||||||||||||||||||||||||
4. Restructuring | |||||||||||||||||||||||||||||||||||||||||
On September 1, 2011, the Company announced a restructuring plan designed to focus the Company’s capital resources on its most promising early-stage clinical programs and further reduce its cash utilization. In connection with this restructuring, the Company recognized approximately $721,000 of research and development restructuring expenses and approximately $505,000 of general and administrative restructuring expenses in the year ended December 31, 2011. In the year ended 2012, the Company made adjustments to the accrual of approximately $20,000 to increase the restructuring charge for general and administrative expenses and approximately $5,000 to decrease research and development expenses. The restructuring expenses include severance payments, health and medical benefits and related taxes. Activities under the 2011 restructuring plan were complete as of November 2012, therefore there were no further restructuring expenses recorded in the year ended December 31, 2013. | |||||||||||||||||||||||||||||||||||||||||
The following table sets forth the components of the Company’s restructuring for the years ended December 31, 2012 and 2011 (in thousands): | |||||||||||||||||||||||||||||||||||||||||
Amounts | Foreign | Amount | Amounts | Adjust- | Foreign | Amount | |||||||||||||||||||||||||||||||||||
Paid | Currency | Accrued | Paid | ment | Currency | Accrued | |||||||||||||||||||||||||||||||||||
Adjust- | Adjust- | ||||||||||||||||||||||||||||||||||||||||
ment | ment | ||||||||||||||||||||||||||||||||||||||||
Original | Adjust- | Charges | Years ended December 31, | ||||||||||||||||||||||||||||||||||||||
Charges | ment | to date | 2011 | 2012 | |||||||||||||||||||||||||||||||||||||
G&A | $ | 425 | $ | 80 | $ | 505 | $ | (373 | ) | $ | — | $ | 132 | $ | (152 | ) | $ | 20 | $ | — | $ | — | |||||||||||||||||||
R&D | 721 | 721 | (178 | ) | (22 | ) | 521 | (526 | ) | (5 | ) | 10 | — | ||||||||||||||||||||||||||||
Total restructuring | $ | 1,146 | $ | 80 | $ | 1,226 | $ | (551 | ) | $ | (22 | ) | $ | 653 | $ | (678 | ) | $ | 15 | $ | 10 | $ | — | ||||||||||||||||||
Accrued_Other
Accrued Other | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Accrued Other | ' | ||||||||
5. Accrued Other | |||||||||
Accrued other consisted of the following at the dates indicated below (in thousands): | |||||||||
Years ended December 31, | |||||||||
2013 | 2012 | ||||||||
Accounting and Legal | $ | 154 | $ | 131 | |||||
Payroll | 116 | 79 | |||||||
Other | 188 | 94 | |||||||
Total accrued other | $ | 458 | $ | 304 | |||||
Stockholders_Equity_Common_and
Stockholders' Equity - Common and Preferred Shares | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Stockholders' Equity - Common and Preferred Shares | ' | ||||||||||||||||
6. Stockholders’ Equity – Common and Preferred Shares | |||||||||||||||||
Private Placements of Preferred Shares and Warrants | |||||||||||||||||
April 2013 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 dividend right, nor did it have any preferences over the common stock, including liquidation rights. | |||||||||||||||||
During the year ended December 31, 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. | |||||||||||||||||
In connection with the September 2013 private placement, the Company agreed to redeem 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 2013 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 Series A Warrants and Series B 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. In addition, upon certain changes in control of our Company, the holder of Series A Warrants or Series B Warrants can elect to receive, subject to certain limitations and assumptions, securities in a successor entity equal to the value of the warrant, or if holders of common stock are given a choice of cash or property, then cash or property equal to the value of the outstanding warrants. In connection with the April 2013 private placement, we filed a registration statement on Form S-3 with the SEC on April 24, 2013, pursuant to the terms of a Registration Rights Agreement with the investors, to register the shares of our common stock issuable upon conversion of the Series A Preferred Stock and upon exercise of the Series A Warrants and the Series B Warrants. After deducting costs associated with the offering, the net proceeds of this offering were approximately $4,192,000. | |||||||||||||||||
During the year ended December 31, 2013, the investor in the private placement exercised 270,390 Series B Warrants into 270,390 shares of the Company’s common stock for net proceeds of approximately $864,166. In the months of January through March 2014, the investor in the private placement exercised 350,000 Series B Warrants into 350,000 shares of the Company’s common stock for net proceeds of approximately $1,119,000. 757,022 Series B Warrants remain outstanding at an exercise price of $3.40 as of March 17, 2014. | |||||||||||||||||
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: | |||||||||||||||||
Private Placement | Private Placement | ||||||||||||||||
Weighted Average Assumptions | 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 2013 Private Placement | |||||||||||||||||
On September 23, 2013, the Company closed on another 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. On September 23, 2013, we also agreed to redeem the remaining outstanding balance of the Series A Preferred Stock of 2,802 shares which had a redemption value of approximately $2,802,000. Subject to certain ownership limitations, shares of Series B Preferred Stock were convertible, at the option of the holder thereof, into an aggregate of up to 2,452,431 shares of the Company’s common stock. The Series B 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. 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. | |||||||||||||||||
During year ended December 31, 2013, the investor in the private placement converted 5,800 shares of Series B Preferred Stock into 2,452,431 shares of our common stock. | |||||||||||||||||
Also included in the offering were warrants to purchase 2,452,431 shares of the Company’s common stock, which were 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 warrants contain limitations that prevent the holders of the warrants from acquiring shares upon 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. In addition, upon certain changes in control of our Company, the holder of a warrant can elect to receive, subject to certain limitations and assumptions, securities in a successor entity equal to the value of the warrant or if holders of common stock are given a choice of cash or property, then cash or property equal to the value of the outstanding warrants. In connection with the September 2013 private placement, we filed a registration statement on Form S-3 on October 2, 2013, pursuant to the terms of a Registration Rights Agreement with the investors, to register the shares of our common stock issuable upon conversion of the Series B Preferred Stock and upon exercise of the warrants. | |||||||||||||||||
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. | |||||||||||||||||
In the months of January through March 2014, the investor in the private placement exercised 2,452,431 warrants into 2,452,431 shares of the Company’s common stock for net proceeds of approximately $5,500,000. No five-year term warrants remain outstanding at an exercise price of $2.24 as of March 17, 2014. | |||||||||||||||||
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: | |||||||||||||||||
Private Placement | Private Placement | ||||||||||||||||
Weighted Average Assumptions | 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 | % | |||||||||||||
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 March 17, 2014, 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. However, the Company is restricted from making sales under this agreement until November 2014 due to the previous agreements the Company entered into for the sale of common and preferred stock. 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 year ended December 31, 2013. Additionally, the Company issued 178,000 shares of common stock for proceeds of approximately $1,270,000 net of issuance costs under this agreement, during the year ended December 31, 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 294,000 shares of common stock for proceeds of approximately $2,047,000, net of issuance costs, during the year ended December 31, 2012, including 6,493 shares issued as a commitment fee. No shares of common stock were issued under this agreement during the year ended December 31, 2013. | |||||||||||||||||
Warrants | |||||||||||||||||
The following is a summary of the Company’s outstanding common stock warrants as of December 31, 2013 and December 31, 2012: | |||||||||||||||||
Number of Warrants | |||||||||||||||||
as of December 31: | |||||||||||||||||
Warrants Issued in | Date of Issuance | Exercise Price | (In thousands) | ||||||||||||||
Connection with: | 2013 | 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 | 1,107 | — | ||||||||||||
2013 Private Placement Warrants | 9/23/13 | $ | 2.24 | 2,452 | — | ||||||||||||
2013 Private Placement Warrants | 9/23/13 | $ | 2.8 | 147 | — | ||||||||||||
Total Warrants Outstanding | 5,178 | 13 | |||||||||||||||
Effective with a warrant exchange, the Committed Equity Financing Facility warrants, issued by the Company on February 19, 2008, were reclassified as equity in January 2011. Previously they were recorded as a liability at their fair value in March 2010 and were last recorded as a liability on December 31, 2010. These warrants expired on February 19, 2013. | |||||||||||||||||
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 December 31, 2013 and December 31, 2012, respectively. 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 1,107,022 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. In the months of January through March 2014, the investor in the April private placement exercised 350,000 Series B Warrants into 350,000 shares of the Company’s common stock for net proceeds of approximately $1,119,000. 757,022 Series B Warrants remain outstanding at an exercise price of $3.40 as of March 17, 2014. | |||||||||||||||||
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. In the months of January through March 2014, the investor in the September 2013 private placement exercised 2,452,431 warrants into 2,452,431 shares of the Company’s common stock for net proceeds of approximately $5,500,000. No five-year term warrants remain outstanding at an exercise price of $2.24 as of March 17, 2014. | |||||||||||||||||
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. | |||||||||||||||||
The gain (loss) from the change in fair value of warrants and other financial instruments for the years ended December 31, 2013, 2012 and 2011 is summarized below (in thousands): | |||||||||||||||||
Years ended | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Committed Equity Financing Facility Warrants | $ | — | $ | — | $ | 3 | |||||||||||
Direct Registration Warrants | — | 6 | 102 | ||||||||||||||
Gain recognized in connection with warrant exchange agreements | — | — | 690 | ||||||||||||||
2010 Private Placement Warrants | — | — | 1,427 | ||||||||||||||
Total gain (loss) on change in fair market value of derivatives | $ | — | $ | 6 | $ | 2,222 | |||||||||||
In connection with the warrant exchange, the Company also amended its Stockholder Rights Agreement with American Stock Transfer & Trust Company, LLC, dated as of March 24, 2005, as amended as of October 1, 2008, October 14, 2009 and March 10, 2010, to provide that the provisions of the Stockholder Rights Agreement shall not apply to the transactions contemplated by the Warrant Exchange Agreements. Refer to Private Issuance of Public Equity “PIPE” Warrants below for further discussion of this exchange. | |||||||||||||||||
The following is a summary of the Company’s derivative liability activity for the years ended December 31, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||
Years ended December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Derivative liability oustanding at beginning of period | $ | — | $ | 6 | |||||||||||||
Net decrease in fair value of all warrants | — | (6 | ) | ||||||||||||||
Derivative liability outstanding at end of period | $ | — | $ | — | |||||||||||||
Private Issuance of Public Equity “PIPE” Warrants | |||||||||||||||||
On March 11, 2010, the Company completed a definitive agreement with certain institutional investors to sell shares of its common stock and four separate series of warrants to purchase common stock in a private placement. Gross proceeds of the financing were approximately $7,500,000, before deducting placement agent fees and estimated offering expenses, and excluding the subsequent exercises of the warrants. | |||||||||||||||||
The four separate series of warrants consisted of the following: | |||||||||||||||||
(A) Series A Warrants to initially purchase 27,412 shares of common stock, which were exercisable immediately after issuance, had a 5-year term and had an initial per share exercise price of $364.80; | |||||||||||||||||
(B) Series B Warrants to initially purchase 27,412 shares of common stock, which were initially exercisable at a per share exercise price of $273.60, on the earlier of the six month anniversary of the closing date or the date on which the Company’s stockholders approved the issuance of shares in the transaction, and expired on the later of three months from the effective date of the resale registration statement covering such shares and seven months from the closing date. These warrants expired on October 12, 2010; | |||||||||||||||||
(C) Series C Warrants to initially purchase 27,412 shares of common stock, and which would be exercisable upon the exercise of the Series B Warrants and on the earlier of the six month anniversary of the closing date or the date on which the Company’s stockholders approved the issuance of shares in the transaction, would expire five years after the date on which they become exercisable, and had an initial per share exercise price of $273.60; and | |||||||||||||||||
(D) Series D Warrants to purchase shares of common stock. The Series D Warrants were not immediately exercisable. The Company registered for resale 28,146 shares of common stock issuable upon exercise of the Series D Warrants pursuant to an agreement with the warrant holders. All of the Series D Warrants were exercised by November 4, 2010 and there are no Series D Warrants outstanding after that date. | |||||||||||||||||
The Series A, B and C warrants listed above contained full ratchet anti-dilution features based on the price and terms of any financings completed after March 11, 2010 as described in the warrant agreements. All of the warrants listed above contained a cashless exercise feature as described in the warrant agreements. | |||||||||||||||||
The Company determined that in accordance with Accounting Standards Codification (ASC) 480, Distinguishing Liabilities from Equity, the Series A, B, and C warrants qualified for treatment as liabilities due to provisions of the related warrant agreements that call for the number of warrants and their exercise price to be adjusted in the event that the Company issues additional shares of common stock, options or convertible instruments at a price that is less than the initial exercise price of the warrants. The Company also determined that, in accordance with ASC 815, Derivatives and Hedging, the Series D Warrants met the definition of a derivative. The issuance date fair market value of the Series A, B, C and D warrants of $11,868,000 was recorded as a liability. The approximately $4,933,000 excess of the fair value of the liability recorded for these warrants over the net proceeds received was recorded as a charge to earnings and is included in “Change in fair value of warrants” within the Statements of Comprehensive Loss. Changes in the fair market value from the date of issuance to the exercise date and reporting date, until exercised or cancelled were recorded as a gain or loss in the Statements of Comprehensive Loss. | |||||||||||||||||
As of December 31, 2010, all Series B and D warrants had either been exercised or expired. | |||||||||||||||||
On January 18, 2011, the Company entered into separate Warrant Exchange Agreements with each of the holders of Series A and Series C warrants to purchase shares of common stock, issued in March 2010, pursuant to which, at the initial closing, the warrant holders exchanged their outstanding Series A and Series C warrants having “ratchet” price-based anti-dilution protections for (A) an aggregate of 91,411 shares of common stock and (B) Series E Warrants to purchase an aggregate of 101,885 shares of common stock. The Series E Warrants were not exercisable for six months, had an exercise price of $55.20 per share (reflecting the market value of the shares of common stock as of the close of trading on January 18, 2011, prior to the entry into the Warrant Exchange Agreements), and did not contain any price-based anti-dilution protections. In addition, the Company agreed to seek shareholder approval to issue, in exchange for the Series E Warrants, up to 38,128 additional shares of common stock to the warrant holders in a subsequent closing. The Series E Warrants were accounted for as a liability from the date of issuance to the date of exchange, all of which occurred during the first quarter of fiscal 2011. The initial closing occurred on January 20, 2011, and the subsequent closing took place on March 21, 2011, following the stockholder meeting on March 18, 2011. The Company determined that in accordance with Accounting Standards Codification (ASC) 480, Distinguishing Liabilities from Equity, the Series E warrants qualified for treatment as a liability during the period that they were outstanding due to provisions of the related warrant agreement that allow for the warrants to be net settled in shares of the Company’s common stock under certain circumstances as described in the agreement. As a result, there were no Series A, Series C or Series E warrants outstanding as of the subsequent closing date nor for any period thereafter. Similar to the Series A and Series C warrants, the Series E Warrants were classified as a liability during the period that they were outstanding. | |||||||||||||||||
On January 20, 2011, the date of the initial closing of the Warrant Exchange Agreements, the Company marked the existing Series A and C warrants to market at a combined fair value of $6,633,000. These warrants were exchanged for Series E warrants, valued at $1,555,000, and shares of common stock valued at $4,388,000. The difference between these items was recorded as a gain on the transaction of $690,000. On the date of the subsequent closing, the fair value of the Series E warrants was equal to the value of the 38,128 shares of common stock issued in the exchange, and therefore there was no gain or loss on this component of the transaction. | |||||||||||||||||
The table below summarizes the factors used to determine the value of the Series A and C warrants outstanding during the year ended December 31, 2011. The Company established the fair value of the Series A and C warrants using the Black-Scholes option valuation model: | |||||||||||||||||
Warrant Valuation on date of Warrant Exchange | Total Fair | ||||||||||||||||
January 19, 2011 | Market | ||||||||||||||||
Series A | Series C | Value | |||||||||||||||
Stock Price | $ | 51.84 | $ | 51.84 | |||||||||||||
Exercise Price | $ | 67.2 | $ | 67.2 | |||||||||||||
Contractual life (in Years) | 4.1 years | 4.5 years | |||||||||||||||
Expected volatility | 82 | % | 79 | % | |||||||||||||
Risk-free interest rate | 1.53 | % | 1.68 | % | |||||||||||||
Fair market value (in thousands) | $ | 3,663 | $ | 2,970 | $ | 6,633 | |||||||||||
Warrant Valuation as of | Total Fair | ||||||||||||||||
December 31, 2010 | Market | ||||||||||||||||
Series A | Series C | Value | |||||||||||||||
Stock Price | $ | 55.2 | $ | 55.2 | |||||||||||||
Exercise Price | $ | 67.2 | $ | 67.2 | |||||||||||||
Contractual life (in Years) | 4.2 years | 4.5 years | |||||||||||||||
Expected volatility | 81 | % | 80 | % | |||||||||||||
Risk-free interest rate | 2.01 | % | 2.01 | % | |||||||||||||
Fair market value (in thousands) | $ | 4,143 | $ | 3,355 | $ | 7,498 | |||||||||||
Management determined the fair value of the Series E Warrants on the date of the initial closing to be $1,555,000. This fair value was estimated based upon the $48.00 per share fair value of the 38,128 shares of common stock expected to be exchanged for the Series E Warrants upon shareholder approval adjusted for a 15% discount for lack of marketability which existed until the expected shareholder vote. Management determined the fair value of the Series E warrants on the date of the subsequent closing to be $993,000. This fair value was estimated based upon the $26.04 per share fair value of the 38,128 shares of common stock exchanged for the Series E Warrants. | |||||||||||||||||
Direct Registration Warrants | |||||||||||||||||
On July 20, 2009, the Company raised approximately $10,000,000 in gross proceeds, before deducting placement agents’ fees and other offering expenses, in a registered direct offering (the “Offering”) relating to the sale of 26,041 units, each unit consisting of (i) one share of common stock, (ii) a five-year warrant (“Direct Registration Series I”) to purchase 0.45 shares of common stock at an exercise price of $504.00 per share of common stock and (iii) a short-term warrant (“Direct Registration Series II”) to purchase 0.45 shares of common stock at an exercise price of $384.00 per share of common stock (the “Units”). The short-term warrants expired on September 24, 2010 consistent with the terms of the warrant, without being exercised. | |||||||||||||||||
The Company determined that the Direct Registration Series I warrants should be classified as a liability as they require delivery of registered shares of common stock and thus could require net-cash settlement in certain circumstances. Accordingly, these warrants were recorded as a liability at their fair value as of the date of their issuance and are revalued at each subsequent reporting date. | |||||||||||||||||
The fair value of the direct registration warrants was determined using the Black-Scholes option valuation model applying the following assumptions: | |||||||||||||||||
Warrant Valuation as of | |||||||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | |||||||||||||||
Stock Price | $ | 2.52 | $ | 5.35 | $ | 11.88 | |||||||||||
Exercise Price | $ | 504 | $ | 504 | $ | 504 | |||||||||||
Contractual life (in Years) | 0.6 years | 1.6 years | 2.6 years | ||||||||||||||
Expected volatility | 91 | % | 101 | % | 107 | % | |||||||||||
Risk-free interest rate | 0.13 | % | 0.25 | % | 0.36 | % | |||||||||||
Fair market value (in thousands) | $ | 0 | $ | 0 | $ | 6 | |||||||||||
Committed Equity Financing Facility (“CEFF”) with Kingsbridge Capital Limited | |||||||||||||||||
In February 2008, the Company entered into a Committed Equity Financing Facility (“CEFF”) with Kingsbridge Capital Limited (“Kingsbridge”), which was subsequently amended in February 2010 to increase the commitment period, increase the draw down discount price and increase the maximum draw period. Effective October 14, 2011, the CEFF was terminated by the Company. | |||||||||||||||||
Under the terms of the amended CEFF, Kingsbridge committed to purchase, subject to certain conditions, up to 23,783 shares of the Company’s common stock during the period ending May 15, 2012. While the CEFF was effective, the Company was able to draw down in tranches at discounts as described in detail in the common stock purchase agreement. In connection with the CEFF, the Company issued a warrant to Kingsbridge to purchase 1,041 shares of its common stock at a price of $657.60 per share exercisable beginning six months after February 19, 2008 and for a period of five years thereafter. The CEFF was terminated during 2011. As a result, shares of the Company’s common stock are no longer available for sale under this facility. | |||||||||||||||||
Due to the initially indeterminate number of shares of common stock underlying the warrants issued in connection with the Company’s private placement on March 11, 2010, the Company concluded that the CEFF warrants should be recorded as a liability effective with the date of the private placement. The fair value of the warrants on this date was reclassified from equity to derivative liabilities. Changes in the fair market value from the date of the private placement to the reporting date were recorded as a gain or loss in “Change in fair value of warrants” in the Statements of Comprehensive Loss. Effective with the warrant exchange agreements executed in January 2011 as described above, the number of shares underlying the warrants issued in connection with the Company’s private placement was no longer indeterminable, and the CEFF warrants were reclassified to equity. The Company revalued these warrants on the effective date of the exchange and recorded the gain in the Statements of Comprehensive Loss. The Company established the fair value of the CEFF warrants using the Black-Scholes option valuation model as reflected in the table below: | |||||||||||||||||
Warrant Valuation as of | |||||||||||||||||
Date of Warrant Exchange | |||||||||||||||||
January 19, 2011 | December 31, 2010 | ||||||||||||||||
Stock Price | $ | 51.84 | $ | 55.2 | |||||||||||||
Exercise Price | $ | 657.6 | $ | 657.6 | |||||||||||||
Contractual life (in Years) | 2.6 years | 2.6 years | |||||||||||||||
Expected volatility | 87 | % | 96 | % | |||||||||||||
Risk-free interest rate | 0.82 | % | 1.02 | % | |||||||||||||
Fair market value (in thousands) | $ | 3 | $ | 6 | |||||||||||||
Options and restricted stock | |||||||||||||||||
The Company’s 2005 Stock Plan, as amended at the 2012 Annual Meeting of Stockholders in May 2012 (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 years ended December 31, 2011, 2012 and 2013: | |||||||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Life | |||||||||||||||||
(In thousands) | (Years) | (In thousands) | |||||||||||||||
Options outstanding at December 31, 2010 | 27 | $ | 340 | 8.64 | |||||||||||||
Granted | 70 | $ | 12.62 | ||||||||||||||
Forfeited and expired | (14 | ) | $ | 304.52 | |||||||||||||
Options outstanding at December 31, 2011 | 83 | $ | 70.06 | 9.23 | |||||||||||||
Granted | 124 | $ | 9.83 | ||||||||||||||
Forfeited and expired | (64 | ) | $ | 66.21 | |||||||||||||
Options outstanding at December 31, 2012 | 143 | $ | 19.73 | 8.64 | |||||||||||||
Granted | 107 | $ | 3.9 | ||||||||||||||
Forfeited and expired | (58 | ) | $ | 14.38 | |||||||||||||
Options outstanding at December 31, 2013 | 192 | $ | 12.54 | 7.61 | $ | — | |||||||||||
Options exercisable at December 31, 2013 | 108 | $ | 16.56 | 6.67 | $ | — | |||||||||||
Options vested or expected to vest at December 31, 2013 | 157 | $ | 13.68 | 7.35 | $ | — | |||||||||||
As of December 31, 2013 there was approximately $95,000 of unrecognized compensation cost related to stock option awards that is expected to be recognized as expense over a weighted average period of approximately 2.61 years. | |||||||||||||||||
The following stock options were granted during the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||
Years ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Options Granted (In thousands) | 107 | 124 | 70 | ||||||||||||||
Weighted average fair value | $ | 2.77 | $ | 6.94 | $ | 7.42 | |||||||||||
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 three years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||
Years ended December 31, | |||||||||||||||||
Weighted Average Assumptions | 2013 | 2012 | 2011 | ||||||||||||||
Risk-free interest rate | 0.95 | % | 0.85 | % | 0.26 | % | |||||||||||
Expected life (years) | 4 | 4 | 2 | ||||||||||||||
Expected volatility | 100 | % | 102 | % | 112 | % | |||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||
In calculating the estimated fair value of its stock options, the Company used the Black-Scholes option pricing model which requires the consideration of the following six variables for purposes of estimating fair value: | |||||||||||||||||
Ÿ | the stock option exercise price, | ||||||||||||||||
Ÿ | the expected term of the option, | ||||||||||||||||
Ÿ | the grant date price of the Company’s common stock, which is issuable upon exercise of the option, | ||||||||||||||||
Ÿ | the expected volatility of the Company’s common stock, | ||||||||||||||||
Ÿ | the expected dividends on the Company’s common stock (the Company does not anticipate paying dividends in the foreseeable future), and | ||||||||||||||||
Ÿ | the risk-free interest rate for the expected option term. | ||||||||||||||||
Stock Option Exercise Price and Grant Date Price of the Company’s common stock — The closing market price of its common stock on the date of grant. | |||||||||||||||||
Expected Term — The expected term of options represents the period of time for which the options are expected to be outstanding and is based on an analysis of historical behavior of participants over time. | |||||||||||||||||
Expected Volatility — The expected volatility is a measure of the amount by which the Company’s stock price is expected to fluctuate during the term of the option granted. The Company determines the expected volatility based on the historical volatility of its common stock over a period commensurate with the option’s expected term. | |||||||||||||||||
Expected Dividends — Because the Company has never declared or paid any cash dividends on any of its common stock and does not expect to do so in the foreseeable future, the Company uses an expected dividend yield of zero to calculate the grant date fair value of a stock option. | |||||||||||||||||
Risk-Free Interest Rate — The risk-free interest rate is the implied yield available on U.S. Treasury issues with a remaining life consistent with the option’s expected term on the date of grant. | |||||||||||||||||
The Company is required to estimate the level of award forfeitures expected to occur and record compensation expense only for those awards that are ultimately expected to vest. This requirement applies to all awards that are not yet vested, including awards granted prior to January 1, 2006. Accordingly, the Company performed a historical analysis of option awards that were forfeited prior to vesting, and ultimately recorded total stock option expense that reflected this estimated forfeiture rate. | |||||||||||||||||
The Company recorded an expense of $259,913 during the year ended December 31, 2013 related to restricted stock awards granted from the Company’s 2005 Stock Plan. 16,769 shares granted to board of directors as board compensation were valued at $60,000, while 72,993 shares granted to an officer related to a restricted stock award were valued at $199,913. The restricted stock awards were valued based on the closing price of the Company’s common stock on the grant date and the shares were fully vested upon grant. In 2012 and 2011, the Company recorded expenses of $0 and $20,000 related to restricted stock awards. | |||||||||||||||||
As of December 31, 2013, the Company did not have any non-vested restricted common stock outstanding. | |||||||||||||||||
Employee Stock Purchase Plan (2009 ESPP) | |||||||||||||||||
The Company has an Employee Stock Purchase Plan which was suspended in 2012. Under the 2009 Employee Stock Purchase Plan (the “2009 ESPP”), employees have the option to purchase shares of the Company’s common stock at 85% of the closing price on the first day of each purchase period or the last day of each purchase period (as defined in the 2009 ESPP), whichever is lower, up to specified limits. Eligible employees are given the option to purchase shares of the Company’s common stock, on a tax-favored basis, through regular payroll deductions in compliance with Section 423 of the Internal Revenue Code of 1986, as amended (the “Code”). Currently, an aggregate of 10,417 shares of common stock may be issued under the 2009 ESPP, subject to adjustment each year pursuant to the terms of the 2009 ESPP. |
Net_Loss_Per_Share
Net Loss Per Share | 12 Months Ended |
Dec. 31, 2013 | |
Earnings Per Share [Abstract] | ' |
Net Loss Per Share | ' |
7. Net Loss Per Share | |
Basic and diluted net loss per share was calculated by dividing the net loss per share 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 approximately 192,000, 143,000, and 83,000 stock options and 5,178,000, 13,000 and 13,000 warrants at December 31, 2013, 2012 and 2011, respectively, were excluded from the calculation of weighted average shares for diluted net loss per share. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Income Taxes | ' | ||||||||
8. Income Taxes | |||||||||
The components of the Company’s deferred tax assets at December 31, 2013 and 2012 are as follows: (Amounts in thousands): | |||||||||
Years ended December 31, | |||||||||
2013 | 2012 | ||||||||
Net operating loss carryforwards | $ | 74,533 | $ | 72,072 | |||||
Research and development credits | 2,171 | 1,978 | |||||||
Stock based compensation | 434 | 263 | |||||||
Capital loss carryforwards | 1,360 | 1,593 | |||||||
Accruals and reserves | 83 | 33 | |||||||
Total Deferred tax assets | 78,581 | 75,939 | |||||||
Valuation allowance | (78,581 | ) | (75,939 | ) | |||||
Net deferred tax asset | $ | — | $ | — | |||||
After consideration of the available evidence, both positive and negative, the Company has determined that a full valuation allowance at December 31, 2013 and 2012, is necessary to reduce the deferred tax assets to the amount that will more likely than not be realized. The valuation allowance increased by approximately $2,642,000 and decreased by approximately $195,000 for the years ended December 31, 2013 and 2012, respectively. For the year ended December 31, 2013, the increase was due primarily to the increase in the federal net operating loss. For the year ended December 31, 2012 the decrease was due primarily to the decrease in Massachusetts research and development credit carry-forwards and decrease in Massachusetts net operating loss carry-forwards due to discontinued operations in the state. | |||||||||
At December 31, 2013, the Company had net operating loss carry-forwards of approximately $212,591,000 for U.S. income tax purposes, which will begin to expire in 2020 and state operating loss carry-forwards of $38,606,000 in California that will begin to expire in 2017. The Company also had tax credits of $2,371,000 related to federal research and development activities which begin to expire in 2021. The Company also had tax credits of $794,000 related to state research and development activities which have no expiration. The Company recorded a capital loss carryover of approximately $4,000,000 in 2009 that generated a deferred tax asset of $1,360,000, which will expire at the end of 2014 if not utilized. | |||||||||
The future utilization of the net operating loss carry-forwards and credit carry-forwards may be subject to an annual limitation due to ownership changes that could have occurred in the past or that may occur in the future under the provisions of IRC Section 382 or 383 of the internal revenue code. | |||||||||
The Company provides for income taxes under the liability method in accordance with the FASB’s guidance on accounting for income taxes. As all of the Company’s deferred tax assets have been reserved for in a valuation allowance, no provision for (benefit from) income taxes have been recorded in the accompanying financial statements. | |||||||||
A reconciliation of the federal statutory rate to the Company’s effective tax rate is as follows: | |||||||||
Years ended | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Federal Statutory Rate | 34 | % | 34 | % | |||||
State Income taxes | 0.31 | 1.46 | |||||||
Warrants | 0 | 0.02 | |||||||
Federal NOL adjustment | (0.48 | ) | (0.01 | ) | |||||
State NOL expired or adjusted | — | (29.83 | ) | ||||||
Permanent Items: Capital Loss | — | — | |||||||
Permanent Items | 0.16 | (1.03 | ) | ||||||
Stock Compensation | (0.31 | ) | (0.54 | ) | |||||
Federal Research Credits | 1.64 | (7.01 | ) | ||||||
State rate change | (3.38 | ) | — | ||||||
Miscellaneous | (0.03 | ) | 0.51 | ||||||
(Increase)/ Decrease In Valuation Allowance | (31.91 | ) | 2.43 | ||||||
Provision for income taxes | 0 | % | 0 | % | |||||
The provisions of ASC 740 clarifies the accounting for income taxes, by prescribing a minimum recognition threshold that a tax position is required to meet before being recognized in the financial statements. ASC 740 also provides guidance on de-recognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. At December 31, 2013, the Company had unrecognized tax benefits of $748,036. | |||||||||
The change in unrecognized tax benefits from December 31, 2011 is as follows: | |||||||||
Unrecognized tax benefits as of 12/31/11 | $ | — | |||||||
Increase in prior year unrecognized tax benefits | 654,701 | ||||||||
Increase in current year unrecognized tax benefits | 19,179 | ||||||||
Unrecognized tax benefits as of 12/31/12 | 673,880 | ||||||||
Increase in prior year unrecognized tax benefits | 40,472 | ||||||||
Increase in current year unrecognized tax benefits | 33,684 | ||||||||
Unrecognized tax benefits as of 12/31/13 | $ | 748,036 | |||||||
The Company does not expect its unrecognized tax benefits to change significantly over the next twelve months. | |||||||||
There are currently no federal or state audits in progress, tax years still subject to examination for Federal and the State authorities include all prior years due to the existence of net operating loss carry-forwards. | |||||||||
It is the Company’s practice to recognize interest and penalties related to income tax matters in income tax expense. As of December 31, 2013 the Company has no accrued interest and penalties related to uncertain tax positions. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Commitments and Contingencies | ' | ||||||||||||||||||||||||
9. 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. The lease is for a total of 5,275 square feet of office space located in South San Francisco, California. Rent expense for the years ended December 31, 2013, 2012 and 2011 was $212,473, $516,257 and $582,676 respectively. | |||||||||||||||||||||||||
Manufacturing Commitments | |||||||||||||||||||||||||
The Company has begun initial drug manufacturing activities associated with the potential EMA filing for a European Marketing Authorization for ZYBRESTAT® in ATC. As of December 31, 2013, the Company has a balance of unapplied purchase orders for expenditures related to drug manufacturing activities of approximately $2,077,000, of which approximately $162,000 was estimated and accrued at December 31, 2013 for services performed, leaving approximately $1,345,000 to be incurred. Of the $1,345,000 to be incurred, the Company expects to incur approximately $1,260,000 over the next twelve months, of which approximately $570,000 is committed under non-cancelable contracts. | |||||||||||||||||||||||||
The following table presents information regarding our contractual obligations as of December 31, 2013 in thousands: | |||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 and | Total | ||||||||||||||||||||
thereafter | |||||||||||||||||||||||||
Clinical development and related commitments | $ | 590 | $ | 20 | $ | — | $ | — | $ | — | $ | 610 | |||||||||||||
Operating leases | 100 | — | — | — | — | 100 | |||||||||||||||||||
Total contractual obligations | $ | 690 | $ | 20 | $ | — | $ | — | $ | — | $ | 710 | |||||||||||||
Clinical development and related commitments include certain contractual obligations under contracts related to clinical activities. |
Retirement_Savings_Plan
Retirement Savings Plan | 12 Months Ended |
Dec. 31, 2013 | |
Postemployment Benefits [Abstract] | ' |
Retirement Savings Plan | ' |
10. Retirement Savings Plan | |
The Company sponsors a savings plan available to all domestic employees, which qualifies under Section 401(k) of the Internal Revenue Code. Employees may contribute to the plan from 1% to 20% of their pre-tax salary subject to statutory limitations. Annually the Board of Directors determines the amount, if any, of a Company match. The Company has not provided a match for the years ended December 31, 2013, 2012 or 2011. |
Subsequent_EventPublic_Offerin
Subsequent Event-Public Offering of Common Stock and Warrants | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Event-Public Offering of Common Stock and Warrants | ' |
11. Subsequent Event-Public Offering of Common Stock and Warrants | |
Public Offering of Common Stock and Warrants | |
On February 18, 2014, the Company closed on a public offering of common stock and warrants, in which the Company raised approximately $11,106,000 in net proceeds, after deducting placement agents’ fees and before other offering expenses. Investors purchased an aggregate of approximately $12 million of units, in a registered public offering, at a price per unit of $2.05. Each unit consisted of one share of common stock and 0.5 of a warrant to purchase a share of the Company’s common stock. A total of 5,853,657 shares of common stock were issued and warrants for the purchase of 2,926,829 common stock were issued. The warrants are exercisable immediately after issuance, have a five-year term and an exercise price of $2.75 per share. Also, in connection with the offering, the Company issued to its placement agent and related persons warrants to purchase 292,682 shares of the Company’s common stock, which are exercisable 180 days after issuance, have a five-year term and an exercise price of $2.56 per share. | |
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. In addition, upon certain changes in control of our Company, the holder of a warrant can elect to receive, subject to certain limitations and assumptions, securities in a successor entity equal to the value of the warrant or if holders of common stock are given a choice of cash or property, then cash or property equal to the value of the outstanding warrants. | |
As of March 17, 2014, investors in the public offering exercised 989,874 warrants into 989,874 shares of the Company’s common stock for net proceeds of approximately $2,722,000. |
Description_of_Business_and_Si1
Description of Business and Significant Accounting Policies (Policies) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Description of Business | ' | ||
Description of Business | |||
OXiGENE, Inc. (the “Company”), is incorporated in the state of Delaware, and is a clinical-stage, biopharmaceutical company developing novel therapeutics primarily to treat cancer. The Company’s major focus is developing vascular disrupting agents (VDAs) that selectively disrupt abnormal blood vessels associated with solid tumor progression. The Company is dedicated to leveraging its intellectual property and therapeutic development expertise to bring life-extending and life-enhancing medicines to patients. The Company has two VDA drug candidates currently being tested in clinical trials, ZYBRESTAT® and OXi4503. | |||
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 split by a shareholder vote on December 21, 2012. The reverse 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 split. | |||
In February 2011, the Company’s board of directors voted unanimously to implement a 1:20 reverse stock split of the Company’s common stock, following authorization of the reverse split by a shareholder vote on December 21, 2010. The reverse split became effective on February 22, 2011. 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 split. | |||
The Company has experienced net losses every year since inception and, as of December 31, 2013, had an accumulated deficit of approximately $238,508,000. The Company expects to incur significant additional operating losses over at least the next several years, principally as a result of the Company’s continuing clinical trials and anticipated research and development 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 lesser extent the exercise of warrants and stock options. The Company currently has no recurring material amount of licensing or other income. As of December 31, 2013, the Company had approximately $7.0 million in cash. The Company also raised $12.0 million in gross proceeds in a public offering of common stock and warrants in February 2014, as described in Note 11. | |||
After the recent financing in February 2014 and subsequent exercises of warrants to purchase our common stock, and based on the Company’s limited ongoing programs and planned new programs and operations, the Company expects its existing cash to support its operations through at least the end of 2015. The Company expects this level of cash utilization to allow it to continue its ongoing programs, including wrap up costs of completing the GOG 186I trial, initial startup costs of planning for a pivotal Phase 3 study in ZYBRESTAT® for the treatment of advanced relapsed ovarian cancer, initiation of a Phase 2 clinical trial of ZYBRESTAT® in patients with recurrent GI-NETs with elevated biomarkers and, if it finalizes an agreement with a non-profit collaborator, to initiate and share in the costs of a Phase 1b/2 trial of ZYBRESTAT® in relapsed ovarian cancer in combination with Votrient®. However it does not allow for a pivotal clinical trial of ZYBRESTAT® in ovarian cancer. 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 its existing financing arrangements. | |||
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 | |||
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. | |||
Concentration of Credit Risk | ' | ||
Concentration of Credit Risk | |||
The Company has no significant off balance sheet concentrations of credit risk. Financial instruments that potentially subject the Company to concentrations of credit risk primarily consist of cash and cash equivalents. The Company holds its cash and cash equivalents at one financial institution. | |||
Cash and Restricted Cash | ' | ||
Cash and Restricted Cash | |||
The Company has $0 and $20,000 of restricted cash as of December 31, 2013 and 2012, respectively that is used to secure financing through a Company credit card. This amount is classified apart from cash on the Balance Sheets. | |||
Fair Value | ' | ||
Fair Value | |||
The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. Fair value hierarchy is now established that prioritizes valuation inputs based on the observable nature of those inputs. The fair value hierarchy applies only to the valuation inputs used in determining the reported fair value of the Company’s investments and is not a measure of the investment credit quality. The hierarchy defines three levels of valuation inputs: | |||
Level 1 inputs | Quoted prices in active markets; | ||
Level 2 inputs | Generally include inputs with other observable qualities, such as quoted prices in active markets for similar assets or quoted prices for identical assets in inactive markets; and | ||
Level 3 inputs | Valuations based on unobservable inputs. | ||
As of December 31, 2013 and 2012, the Company did not hold any assets or liabilities subject to measurement on a recurring basis, except the derivative liabilities and other financial instruments discussed below in “Accounting for Derivative Financial Instruments Indexed to and Potentially Settled in the Company’s Common Stock” which are valued using level 3 inputs. The Company was required to measure, on a non-recurring basis, the fair value of its convertible preferred stock and warrants issued in the April 2013 and September 2013 financing transactions. The methods and assumptions used to value those instruments is disclosed in Note 6 to the financial statements. | |||
Furniture and Fixtures, Equipment and Leasehold Improvements | ' | ||
Furniture and Fixtures, Equipment and Leasehold Improvements | |||
Furniture and fixtures, equipment and leasehold improvements are recorded at cost. Depreciation is recorded using the straight-line method over the lesser of the estimated useful lives of the assets, which range from three to five years, or the applicable lease term. | |||
License Agreements | ' | ||
License Agreements | |||
The carrying value of the license agreement with Arizona State University (ASU) is being amortized over the term of the agreement, which is approximately 15.5 years (see Note 3). The technology licensed from ASU is related to the Company’s ZYBRESTAT® and OXi4503 programs. The Company is required to perform an impairment analysis of its long-lived assets if triggering events occur. The Company reviews for such triggering events, such as a going concern opinion and continuing losses, periodically. Both the ZYBRESTAT® and OXi4503 programs utilize intellectual property under the license agreement, demonstrating alternative future use in other research and development projects. The Company determined that there are no indicators of impairment of the asset as of December 31, 2013. The license agreement provides for additional payments in connection with the license arrangement upon the initiation of certain clinical trials or the completion of certain regulatory approvals, which payments could be accelerated upon the achievement of certain financial milestones as defined in the agreement. The Company expenses these payments to research and development in the period the obligation becomes both probable and estimable. | |||
Accrued Research and Development | ' | ||
Accrued Research and Development | |||
The Company charges all research and development expenses, both internal and external costs, to operations as incurred. The Company’s research and development costs represent expenses incurred from the engagement of outside professional service organizations, product manufacturers and consultants associated with the development of the Company’s potential product candidates. The Company recognizes expenses associated with these arrangements based on the completion of activities as specified in the applicable contracts. Costs incurred under fixed-fee contracts are expensed ratably over the contract period absent any knowledge that the services will be performed other than ratably. Costs incurred under contracts with clinical trial sites and principal investigators are generally accrued on a patient-treated basis consistent with the terms outlined in the contract. In determining costs incurred on some of these programs, the Company takes into consideration a number of factors, including estimates and input provided by internal program managers. Upon termination of such contracts, the Company is normally only liable for costs incurred and committed to date. As a result, accrued research and development expenses represent the Company’s reasonably estimated contractual liability to outside service providers at any particular point in time. | |||
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. | |||
Comprehensive Net Loss | ' | ||
Comprehensive Net Loss | |||
The Company’s comprehensive loss consists of net loss and other comprehensive income (loss). Comprehensive income (loss) may include changes in the unrealized gains or losses on available-for-sale securities. For the periods presented, there are no components of other comprehensive income or accumulated comprehensive income and net loss is equal to comprehensive loss. | |||
Stock-Based Compensation | ' | ||
Stock-based Compensation | |||
The Company expenses the estimated fair value of all share-based payments issued to employees over the vesting period. The Company has a 2005 Stock Plan (“2005 Plan”), which superseded its 1996 Stock Option Plan that provides for the award of stock options, restricted stock and stock appreciation rights to employees, directors and consultants to the Company. The Company also has a 2009 Employee Stock Purchase Plan (“2009 ESPP”) which was suspended in 2012. | |||
Patents and Patent Applications | ' | ||
Patents and Patent Applications | |||
The Company has filed applications for patents in connection with technologies being developed. The patent applications and any patents issued as a result of these applications are important to the protection of the Company’s technologies that may result from its research and development efforts. Costs associated with patent applications and maintaining patents are expensed as general and administrative expense as incurred. | |||
Income Taxes | ' | ||
Income Taxes | |||
The Company accounts for income taxes based upon the provisions of ASC 740 Income Taxes. Under ASC 740, deferred taxes are recognized using the liability method whereby tax rates are applied to cumulative temporary differences between carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes based on when and how they are expected to affect the tax return. | |||
Subsequent Events | ' | ||
Subsequent Events | |||
The Company reviews all activity subsequent to year end but prior to the issuance of the financial statements for events that could require disclosure or which could impact the carrying value of assets or liabilities as of the balance sheet date. |
Furniture_and_Fixtures_Equipme1
Furniture and Fixtures, Equipment and Leasehold Improvements (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Schedule of Furniture and Fixtures, Equipment and Leasehold Improvements | ' | ||||||||
Furniture and fixtures, equipment and leasehold improvements consisted of the following at the dates indicated below (in thousands): | |||||||||
Years ended December 31, | |||||||||
2013 | 2012 | ||||||||
Leasehold improvements | $ | 6 | $ | 24 | |||||
Equipment | 262 | 297 | |||||||
Furniture and fixtures | 36 | 49 | |||||||
Total gross assets | 304 | 370 | |||||||
Less accumulated depreciation | (268 | ) | (357 | ) | |||||
Total furniture and fixtures, equipment and leasehold improvements | $ | 36 | $ | 13 | |||||
Restructuring_Tables
Restructuring (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Restructuring And Related Activities [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||
Schedule of Activity Relating to Company's Accrued Restructuring | ' | ||||||||||||||||||||||||||||||||||||||||
The following table sets forth the components of the Company’s restructuring for the years ended December 31, 2012 and 2011 (in thousands): | |||||||||||||||||||||||||||||||||||||||||
Amounts | Foreign | Amount | Amounts | Adjust- | Foreign | Amount | |||||||||||||||||||||||||||||||||||
Paid | Currency | Accrued | Paid | ment | Currency | Accrued | |||||||||||||||||||||||||||||||||||
Adjust- | Adjust- | ||||||||||||||||||||||||||||||||||||||||
ment | ment | ||||||||||||||||||||||||||||||||||||||||
Original | Adjust- | Charges | Years ended December 31, | ||||||||||||||||||||||||||||||||||||||
Charges | ment | to date | 2011 | 2012 | |||||||||||||||||||||||||||||||||||||
G&A | $ | 425 | $ | 80 | $ | 505 | $ | (373 | ) | $ | — | $ | 132 | $ | (152 | ) | $ | 20 | $ | — | $ | — | |||||||||||||||||||
R&D | 721 | 721 | (178 | ) | (22 | ) | 521 | (526 | ) | (5 | ) | 10 | — | ||||||||||||||||||||||||||||
Total restructuring | $ | 1,146 | $ | 80 | $ | 1,226 | $ | (551 | ) | $ | (22 | ) | $ | 653 | $ | (678 | ) | $ | 15 | $ | 10 | $ | — | ||||||||||||||||||
Accrued_Other_Tables
Accrued Other (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Schedule of Other Accrued Liabilities | ' | ||||||||
Accrued other consisted of the following at the dates indicated below (in thousands): | |||||||||
Years ended December 31, | |||||||||
2013 | 2012 | ||||||||
Accounting and Legal | $ | 154 | $ | 131 | |||||
Payroll | 116 | 79 | |||||||
Other | 188 | 94 | |||||||
Total accrued other | $ | 458 | $ | 304 | |||||
Stockholders_Equity_Common_and1
Stockholders' Equity - Common and Preferred Shares (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
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: | |||||||||||||||||
Private Placement | Private Placement | ||||||||||||||||
Weighted Average Assumptions | 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: | |||||||||||||||||
Private Placement | Private Placement | ||||||||||||||||
Weighted Average Assumptions | 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 | % | |||||||||||||
Summary of Company's Outstanding Common Stock Warrants | ' | ||||||||||||||||
The following is a summary of the Company’s outstanding common stock warrants as of December 31, 2013 and December 31, 2012: | |||||||||||||||||
Number of Warrants | |||||||||||||||||
as of December 31: | |||||||||||||||||
Warrants Issued in | Date of Issuance | Exercise Price | (In thousands) | ||||||||||||||
Connection with: | 2013 | 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 | 1,107 | — | ||||||||||||
2013 Private Placement Warrants | 9/23/13 | $ | 2.24 | 2,452 | — | ||||||||||||
2013 Private Placement Warrants | 9/23/13 | $ | 2.8 | 147 | — | ||||||||||||
Total Warrants Outstanding | 5,178 | 13 | |||||||||||||||
Summary of Gain (Loss) From the Change in Fair Value of Warrants and Other Financial Instruments | ' | ||||||||||||||||
The gain (loss) from the change in fair value of warrants and other financial instruments for the years ended December 31, 2013, 2012 and 2011 is summarized below (in thousands): | |||||||||||||||||
Years ended | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Committed Equity Financing Facility Warrants | $ | — | $ | — | $ | 3 | |||||||||||
Direct Registration Warrants | — | 6 | 102 | ||||||||||||||
Gain recognized in connection with warrant exchange agreements | — | — | 690 | ||||||||||||||
2010 Private Placement Warrants | — | — | 1,427 | ||||||||||||||
Total gain (loss) on change in fair market value of derivatives | $ | — | $ | 6 | $ | 2,222 | |||||||||||
Summary of Company's Derivative Liability Activity | ' | ||||||||||||||||
The following is a summary of the Company’s derivative liability activity for the years ended December 31, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||
Years ended December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Derivative liability oustanding at beginning of period | $ | — | $ | 6 | |||||||||||||
Net decrease in fair value of all warrants | — | (6 | ) | ||||||||||||||
Derivative liability outstanding at end of period | $ | — | $ | — | |||||||||||||
Summary of Factors Used to Determine the Value of Outstanding Series A and C Warrants /Summary of Fair Value of CEFF Warrants Valuation/ The Fair Value of the Direct Registration Warrants Valuation | ' | ||||||||||||||||
The table below summarizes the factors used to determine the value of the Series A and C warrants outstanding during the year ended December 31, 2011. The Company established the fair value of the Series A and C warrants using the Black-Scholes option valuation model: | |||||||||||||||||
Warrant Valuation on date of Warrant Exchange | Total Fair | ||||||||||||||||
January 19, 2011 | Market | ||||||||||||||||
Series A | Series C | Value | |||||||||||||||
Stock Price | $ | 51.84 | $ | 51.84 | |||||||||||||
Exercise Price | $ | 67.2 | $ | 67.2 | |||||||||||||
Contractual life (in Years) | 4.1 years | 4.5 years | |||||||||||||||
Expected volatility | 82 | % | 79 | % | |||||||||||||
Risk-free interest rate | 1.53 | % | 1.68 | % | |||||||||||||
Fair market value (in thousands) | $ | 3,663 | $ | 2,970 | $ | 6,633 | |||||||||||
Warrant Valuation as of | Total Fair | ||||||||||||||||
December 31, 2010 | Market | ||||||||||||||||
Series A | Series C | Value | |||||||||||||||
Stock Price | $ | 55.2 | $ | 55.2 | |||||||||||||
Exercise Price | $ | 67.2 | $ | 67.2 | |||||||||||||
Contractual life (in Years) | 4.2 years | 4.5 years | |||||||||||||||
Expected volatility | 81 | % | 80 | % | |||||||||||||
Risk-free interest rate | 2.01 | % | 2.01 | % | |||||||||||||
Fair market value (in thousands) | $ | 4,143 | $ | 3,355 | $ | 7,498 | |||||||||||
Summary of the 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 years ended December 31, 2011, 2012 and 2013: | |||||||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Life | |||||||||||||||||
(In thousands) | (Years) | (In thousands) | |||||||||||||||
Options outstanding at December 31, 2010 | 27 | $ | 340 | 8.64 | |||||||||||||
Granted | 70 | $ | 12.62 | ||||||||||||||
Forfeited and expired | (14 | ) | $ | 304.52 | |||||||||||||
Options outstanding at December 31, 2011 | 83 | $ | 70.06 | 9.23 | |||||||||||||
Granted | 124 | $ | 9.83 | ||||||||||||||
Forfeited and expired | (64 | ) | $ | 66.21 | |||||||||||||
Options outstanding at December 31, 2012 | 143 | $ | 19.73 | 8.64 | |||||||||||||
Granted | 107 | $ | 3.9 | ||||||||||||||
Forfeited and expired | (58 | ) | $ | 14.38 | |||||||||||||
Options outstanding at December 31, 2013 | 192 | $ | 12.54 | 7.61 | $ | — | |||||||||||
Options exercisable at December 31, 2013 | 108 | $ | 16.56 | 6.67 | $ | — | |||||||||||
Options vested or expected to vest at December 31, 2013 | 157 | $ | 13.68 | 7.35 | $ | — | |||||||||||
Summary of Valuation of Granted Stock Options | ' | ||||||||||||||||
The following stock options were granted during the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||
Years ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Options Granted (In thousands) | 107 | 124 | 70 | ||||||||||||||
Weighted average fair value | $ | 2.77 | $ | 6.94 | $ | 7.42 | |||||||||||
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 three years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||
Years ended December 31, | |||||||||||||||||
Weighted Average Assumptions | 2013 | 2012 | 2011 | ||||||||||||||
Risk-free interest rate | 0.95 | % | 0.85 | % | 0.26 | % | |||||||||||
Expected life (years) | 4 | 4 | 2 | ||||||||||||||
Expected volatility | 100 | % | 102 | % | 112 | % | |||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||
Direct Registration Series I Warrants [Member] | ' | ||||||||||||||||
Summary of Factors Used to Determine the Value of Outstanding Series A and C Warrants /Summary of Fair Value of CEFF Warrants Valuation/ The Fair Value of the Direct Registration Warrants Valuation | ' | ||||||||||||||||
The fair value of the direct registration warrants was determined using the Black-Scholes option valuation model applying the following assumptions: | |||||||||||||||||
Warrant Valuation as of | |||||||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | |||||||||||||||
Stock Price | $ | 2.52 | $ | 5.35 | $ | 11.88 | |||||||||||
Exercise Price | $ | 504 | $ | 504 | $ | 504 | |||||||||||
Contractual life (in Years) | 0.6 years | 1.6 years | 2.6 years | ||||||||||||||
Expected volatility | 91 | % | 101 | % | 107 | % | |||||||||||
Risk-free interest rate | 0.13 | % | 0.25 | % | 0.36 | % | |||||||||||
Fair market value (in thousands) | $ | 0 | $ | 0 | $ | 6 | |||||||||||
Committed Equity Financing Facility [Member] | ' | ||||||||||||||||
Summary of Factors Used to Determine the Value of Outstanding Series A and C Warrants /Summary of Fair Value of CEFF Warrants Valuation/ The Fair Value of the Direct Registration Warrants Valuation | ' | ||||||||||||||||
The Company established the fair value of the CEFF warrants using the Black-Scholes option valuation model as reflected in the table below: | |||||||||||||||||
Warrant Valuation as of | |||||||||||||||||
Date of Warrant Exchange | |||||||||||||||||
January 19, 2011 | December 31, 2010 | ||||||||||||||||
Stock Price | $ | 51.84 | $ | 55.2 | |||||||||||||
Exercise Price | $ | 657.6 | $ | 657.6 | |||||||||||||
Contractual life (in Years) | 2.6 years | 2.6 years | |||||||||||||||
Expected volatility | 87 | % | 96 | % | |||||||||||||
Risk-free interest rate | 0.82 | % | 1.02 | % | |||||||||||||
Fair market value (in thousands) | $ | 3 | $ | 6 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Deferred Tax Assets | ' | ||||||||
The components of the Company’s deferred tax assets at December 31, 2013 and 2012 are as follows: (Amounts in thousands): | |||||||||
Years ended December 31, | |||||||||
2013 | 2012 | ||||||||
Net operating loss carryforwards | $ | 74,533 | $ | 72,072 | |||||
Research and development credits | 2,171 | 1,978 | |||||||
Stock based compensation | 434 | 263 | |||||||
Capital loss carryforwards | 1,360 | 1,593 | |||||||
Accruals and reserves | 83 | 33 | |||||||
Total Deferred tax assets | 78,581 | 75,939 | |||||||
Valuation allowance | (78,581 | ) | (75,939 | ) | |||||
Net deferred tax asset | $ | — | $ | — | |||||
Reconciliation of the Federal Statutory Rate to the Company's Effective Tax Rate | ' | ||||||||
A reconciliation of the federal statutory rate to the Company’s effective tax rate is as follows: | |||||||||
Years ended | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Federal Statutory Rate | 34 | % | 34 | % | |||||
State Income taxes | 0.31 | 1.46 | |||||||
Warrants | 0 | 0.02 | |||||||
Federal NOL adjustment | (0.48 | ) | (0.01 | ) | |||||
State NOL expired or adjusted | — | (29.83 | ) | ||||||
Permanent Items: Capital Loss | — | — | |||||||
Permanent Items | 0.16 | (1.03 | ) | ||||||
Stock Compensation | (0.31 | ) | (0.54 | ) | |||||
Federal Research Credits | 1.64 | (7.01 | ) | ||||||
State rate change | (3.38 | ) | — | ||||||
Miscellaneous | (0.03 | ) | 0.51 | ||||||
(Increase)/ Decrease In Valuation Allowance | (31.91 | ) | 2.43 | ||||||
Provision for income taxes | 0 | % | 0 | % | |||||
Changes in Unrecognized Tax Benefits | ' | ||||||||
The change in unrecognized tax benefits from December 31, 2011 is as follows: | |||||||||
Unrecognized tax benefits as of 12/31/11 | $ | — | |||||||
Increase in prior year unrecognized tax benefits | 654,701 | ||||||||
Increase in current year unrecognized tax benefits | 19,179 | ||||||||
Unrecognized tax benefits as of 12/31/12 | 673,880 | ||||||||
Increase in prior year unrecognized tax benefits | 40,472 | ||||||||
Increase in current year unrecognized tax benefits | 33,684 | ||||||||
Unrecognized tax benefits as of 12/31/13 | $ | 748,036 | |||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Summary of Contractual Obligations | ' | ||||||||||||||||||||||||
The following table presents information regarding our contractual obligations as of December 31, 2013 in thousands: | |||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 and | Total | ||||||||||||||||||||
thereafter | |||||||||||||||||||||||||
Clinical development and related commitments | $ | 590 | $ | 20 | $ | — | $ | — | $ | — | $ | 610 | |||||||||||||
Operating leases | 100 | — | — | — | — | 100 | |||||||||||||||||||
Total contractual obligations | $ | 690 | $ | 20 | $ | — | $ | — | $ | — | $ | 710 | |||||||||||||
Description_of_Business_and_Si2
Description of Business and Significant Accounting Policies - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||
Dec. 31, 2012 | Feb. 28, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2010 | Feb. 18, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | |
Candidate | Subsequent Event [Member] | Minimum [Member] | Maximum [Member] | |||||
Subsidiary, Sale of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Number of VDA drug candidates tested | ' | ' | 2 | ' | ' | ' | ' | ' |
Reverse stock split of the Company's common stock | 0.083 | 0.05 | ' | ' | ' | ' | ' | ' |
Accumulated deficit | $225,432,000 | ' | $238,508,000 | ' | ' | ' | ' | ' |
Cash | 4,946,000 | ' | 7,005,000 | 9,972,000 | 4,602,000 | ' | ' | ' |
Gross proceeds in a public offering of common stock and warrants | ' | ' | ' | ' | ' | 12,000,000 | ' | ' |
Restricted cash | $20,000 | ' | $0 | ' | ' | ' | ' | ' |
Estimated useful lives of the assets | ' | ' | ' | ' | ' | ' | '3 years | '5 years |
Term of license agreement | ' | ' | '15 years 6 months | ' | ' | ' | ' | ' |
Period of inspection of product | ' | ' | '30 days | ' | ' | ' | ' | ' |
Percentage payment on gross margin of distributor's sales | ' | ' | 20.00% | ' | ' | ' | ' | ' |
Furniture_and_Fixtures_Equipme2
Furniture and Fixtures, Equipment and Leasehold Improvements - Schedule of Furniture and Fixtures, Equipment and Leasehold Improvements (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Total gross assets | $304 | $370 |
Less accumulated depreciation | -268 | -357 |
Total furniture and fixtures, equipment and leasehold improvements | 36 | 13 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total gross assets | 6 | 24 |
Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total gross assets | 262 | 297 |
Furniture and Fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total gross assets | $36 | $49 |
License_Agreements_Additional_
License Agreements - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Total amount paid in connection with license | $2,500,000 | ' |
Capitalized net present value of total amount paid under initial terms of license | 1,500,000 | ' |
Amortization expense related to license agreement | 7,800 | ' |
Net book value | $93,000 | $191,000 |
Patents [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Patent life | '15 years 6 months | ' |
Restructuring_Additional_Infor
Restructuring - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Original Charges | ' | $15,000 | $1,226,000 |
R&D [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Original Charges | ' | ' | 721,000 |
Charges to date | ' | ' | 721,000 |
Adjustment | ' | -5,000 | ' |
G&A [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Original Charges | ' | ' | 425,000 |
Charges to date | ' | ' | 505,000 |
Adjustment | ' | $20,000 | $80,000 |
Restructuring_Schedule_of_Acti
Restructuring - Schedule of Activity Relating to Company's Accrued Restructuring (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Original Charges | ' | $15,000 | $1,226,000 |
G&A [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Original Charges | ' | ' | 425,000 |
Adjustment | ' | 20,000 | 80,000 |
Charges to date | ' | ' | 505,000 |
Amounts Paid | ' | -152,000 | -373,000 |
Foreign Currency Adjustment | ' | ' | ' |
Amount Accrued | ' | ' | 132,000 |
R&D [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Original Charges | ' | ' | 721,000 |
Adjustment | ' | -5,000 | ' |
Charges to date | ' | ' | 721,000 |
Amounts Paid | ' | -526,000 | -178,000 |
Foreign Currency Adjustment | ' | 10,000 | -22,000 |
Amount Accrued | ' | ' | 521,000 |
Original Restructuring Charges [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Original Charges | ' | ' | 1,146,000 |
Adjustment | ' | 15,000 | 80,000 |
Charges to date | ' | ' | 1,226,000 |
Amounts Paid | ' | -678,000 | -551,000 |
Foreign Currency Adjustment | ' | 10,000 | -22,000 |
Amount Accrued | ' | ' | $653,000 |
Accrued_Other_Schedule_of_Othe
Accrued Other - Schedule of Other Accrued Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Accrued Liabilities [Abstract] | ' | ' |
Accounting and Legal | $154 | $131 |
Payroll | 116 | 79 |
Other | 188 | 94 |
Total accrued other | $458 | $304 |
Stockholders_EquityCommon_and_
Stockholders' Equity-Common and Preferred Shares - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||
Sep. 23, 2013 | Apr. 24, 2013 | Apr. 16, 2013 | 15-May-12 | 11-May-10 | Jan. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 31, 2013 | Jun. 30, 2013 | Jan. 20, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Apr. 16, 2013 | Dec. 31, 2013 | Jan. 18, 2011 | Dec. 31, 2013 | Apr. 16, 2013 | Dec. 31, 2013 | Jul. 20, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 18, 2011 | Dec. 31, 2013 | Jul. 20, 2009 | Jul. 20, 2009 | Dec. 31, 2013 | Mar. 17, 2014 | Feb. 18, 2014 | Mar. 31, 2014 | Apr. 16, 2013 | Dec. 31, 2013 | Sep. 23, 2013 | Sep. 23, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 23, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Feb. 18, 2014 | Mar. 31, 2014 | Mar. 17, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2011 | Dec. 31, 2013 | |
Warrant | 2005 Plan [Member] | Kings Bridge [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Board of Directors Chairman [Member] | Officer [Member] | Private Placement Series A Warrants [Member] | Private Placement Series A Warrants [Member] | Private Placement Series A Warrants [Member] | April Private Placement Series B Warrants [Member] | Private Placement Series A Warrants [Member] | Series A and Series B Warrants [Member] | Direct Registration Series I Warrants [Member] | Direct Registration Series I Warrants [Member] | Direct Registration Series I Warrants [Member] | Committed Equity Financing Facility [Member] | Committed Equity Financing Facility [Member] | Private Placement Series B Two Year Term Warrants [Member] | Private Placement Warrants [Member] | Private Placement Warrants One [Member] | Private Placement Series B Warrants [Member] | Private Placement Series C Warrants [Member] | Private Placement Series D Warrants [Member] | Private Placement Series E Warrants [Member] | Private Placement Series E Warrants [Member] | Five Year Warrant [Member] | Short-term warrant [Member] | Placement Agent and Related Persons [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | MLV & Co. LLC [Member] | MLV & Co. LLC [Member] | Lincoln Park Capital Fund, LLC [Member] | Lincoln Park Capital Fund, LLC [Member] | Lincoln Park Capital Fund, LLC [Member] | Private Issuance of Public Equity Warrant [Member] | ||||||||||||
Participant | 2005 Plan [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Subsequent Event [Member] | April Private Placement Series B Warrants [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Series A Preferred Stock [Member] | Series B Preferred Stock [Member] | Common Stock [Member] | Private Placement Series B Warrants [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
April Private Placement Series B Warrants [Member] | April Private Placement Series B Warrants [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity - Common and Preferred Shares [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross proceeds | $5,800,000 | ' | $5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, new shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,853,657 | ' | 5,000 | ' | ' | 5,800 | ' | ' | 294,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 422,206 | 178,000 | 0 | 294,000 | ' | ' |
Number of common stock issued upon conversion | ' | ' | 1,377,412 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,452,431 | ' | ' | ' | ' | ' | ' | ' | 2,452,431 | 605,422 | ' | ' | ' | ' | ' | ' |
Number of preferred stock converted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,198 | 5,800 | ' | ' | ' | ' | ' | ' | ' |
Redemption shares of outstanding balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,802 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redeemable value of outstanding balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,802,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate number of shares warrants to purchase | 2,452,431 | ' | ' | ' | ' | ' | 2,452,431 | ' | ' | ' | ' | ' | ' | 1,041 | ' | ' | ' | ' | ' | 1,377,412 | 27,412 | 91,411 | 1,377,412 | ' | ' | ' | ' | ' | ' | ' | 1,107,022 | 2,452,431 | 147,145 | ' | 27,412 | 28,146 | 101,885 | ' | 0.45 | 0.45 | ' | 989,874 | 2,926,829 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,452,431 | 270,390 | ' | 292,682 | 350,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,412 |
Exercisable period of warrant | '5 years | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise Price | 2.24 | ' | ' | ' | ' | ' | 2.24 | ' | ' | ' | ' | ' | ' | 657.6 | ' | ' | ' | ' | ' | 3.4 | 364.8 | ' | 3.4 | ' | ' | ' | 504 | ' | ' | 657.6 | 3.4 | 2.24 | 2.8 | 3.4 | ' | ' | 55.2 | ' | 384 | 504 | 2.8 | 2.24 | 2.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.56 | ' | 3.4 | ' | ' | ' | ' | ' | ' | ' | ' | 273.6 |
Purchase of common stock at closing | ' | ' | ' | ' | ' | ' | 147,145 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 82,645 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of warrants owned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.99% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.99% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds of offering private placement | ' | 4,192,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from warrant exercises | ' | ' | ' | ' | ' | ' | 864,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,722,000 | ' | 5,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 864,166 | ' | ' | 1,119,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant exercised | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 270,390 | ' | ' | 350,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants outstanding after date | ' | ' | ' | ' | ' | ' | 5,178,000 | 13,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,000 | 12,000 | 1,000 | ' | ' | 2,452,000 | 147,000 | 1,107,000 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 757,022 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-cash deemed dividend to preferred stock | ' | ' | ' | ' | ' | ' | 4,799,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,480,000 | ' | ' | 2,310,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of warrant exercised | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 989,874 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,452,431 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized | ' | ' | ' | ' | ' | ' | 70,000,000 | 100,000,000 | ' | 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 | 3,317,000 | 17,146,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,936,000 | 1,270,000 | ' | 2,047,000 | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,493 | ' | ' |
Value of warrants recorded on the company's balance sheet | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant closing date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Dec-13 | ' | 31-Dec-12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24-Sep-10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12-Oct-10 |
Term of warrants issued | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross proceeds from issuance of common stock | ' | ' | ' | ' | 7,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of series warrants issued | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of warrants issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant exercise period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 months |
Warrant expiration period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 months |
Fair market value of warrants | ' | ' | ' | ' | ' | ' | 11,868,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 993,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excess of fair market value of warrants | ' | ' | ' | ' | ' | ' | 4,933,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional shares of common stock issued in exchange | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38,128 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Combined fair value of warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,633,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of series E issued in exchange for series B warrants | ' | ' | ' | ' | ' | ' | 1,555,000 | ' | ' | ' | ' | 1,555,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of common shares issued in exchange for series B warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,388,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on the transaction of warrant exchange agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 690,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common stock shares issued in exchange | ' | ' | ' | ' | ' | 38,128 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value per common shares issued in exchange for series B warrants | ' | ' | ' | ' | ' | ' | $48 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of discount | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in fair value per common shares issued in exchange | ' | ' | ' | ' | ' | ' | $26.04 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross proceeds from common stock and warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | 11,106,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common stock and warrants sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,041 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Committed equity financing facility | ' | ' | ' | 23,783 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of participant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average period for recognizing unrecognized compensation cost as expense | ' | ' | ' | ' | ' | ' | '2 years 7 months 10 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost related to stock option awards | ' | ' | ' | ' | ' | ' | 95,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend yield | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expense related to stock awards | ' | ' | ' | ' | ' | ' | 679,000 | 511,000 | 851,000 | ' | ' | ' | ' | ' | ' | ' | 259,913 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of restricted stock granted during period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,769 | 72,993 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock granted during period value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,000 | 199,913 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expenses related to restricted common stock outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $20,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of common stock at closing price | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued under the 2009 ESPP | ' | ' | ' | ' | ' | ' | 10,417 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_EquityCommon_and_1
Stockholders' Equity-Common and Preferred Shares - Fair Value Measurements on Recurring and Nonrecurring Basis (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Private Placement Series A Warrants [Member] | April 2013 Private Placement [Member] | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' |
Risk-free interest rate | 0.24% |
Expected life (years) | '2 years 3 months 18 days |
Expected volatility | 87.00% |
Dividend yield | 0.00% |
Private Placement Series A Warrants [Member] | September 2013 Private Placement [Member] | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' |
Risk-free interest rate | 0.24% |
Expected life (years) | '2 years 3 months 18 days |
Expected volatility | 87.00% |
Dividend yield | 0.00% |
Private Placement Series B Warrants [Member] | April 2013 Private Placement [Member] | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' |
Risk-free interest rate | 0.24% |
Expected life (years) | '1 year 10 months 24 days |
Expected volatility | 87.00% |
Dividend yield | 0.00% |
Private Placement Series B Warrants [Member] | September 2013 Private Placement [Member] | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' |
Risk-free interest rate | 0.24% |
Expected life (years) | '1 year 10 months 24 days |
Expected volatility | 87.00% |
Dividend yield | 0.00% |
Stockholders_EquityCommon_and_2
Stockholders' Equity-Common and Preferred Shares - Summary of Company's Outstanding Common Stock Warrants (Detail) | Dec. 31, 2013 | Sep. 23, 2013 | Dec. 31, 2012 |
Class of Warrant or Right [Line Items] | ' | ' | ' |
Exercise Price | 2.24 | 2.24 | ' |
Total Number of Warrants Outstanding | 5,178,000 | ' | 13,000 |
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 | ' | ' | 1,000 |
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 | 12,000 | ' | 12,000 |
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 | 1,460,000 | ' | ' |
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 | 1,107,000 | ' | ' |
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 | 2,452,000 | ' | ' |
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 | 147,000 | ' | ' |
Stockholders_EquityCommon_and_3
Stockholders' Equity-Common and Preferred Shares - Summary of Gain (Loss) from the Change in Fair Value of Warrants and Other Financial Instruments (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Gain Loss From Change In Fair Value Of Warrants And Other Financial Instruments [Line Items] | ' | ' | ' |
Total gain (loss) on change in fair market value of derivatives | ' | $6 | $2,222 |
Committed Equity Financing Facility [Member] | ' | ' | ' |
Gain Loss From Change In Fair Value Of Warrants And Other Financial Instruments [Line Items] | ' | ' | ' |
Total gain (loss) on change in fair market value of derivatives | ' | ' | 3 |
Direct Registration Series I Warrants [Member] | ' | ' | ' |
Gain Loss From Change In Fair Value Of Warrants And Other Financial Instruments [Line Items] | ' | ' | ' |
Total gain (loss) on change in fair market value of derivatives | ' | 6 | 102 |
Gain Recognized in Connection with Warrant Exchange Agreements [Member] | ' | ' | ' |
Gain Loss From Change In Fair Value Of Warrants And Other Financial Instruments [Line Items] | ' | ' | ' |
Total gain (loss) on change in fair market value of derivatives | ' | ' | 690 |
Private Placement Warrants [Member] | ' | ' | ' |
Gain Loss From Change In Fair Value Of Warrants And Other Financial Instruments [Line Items] | ' | ' | ' |
Total gain (loss) on change in fair market value of derivatives | ' | ' | $1,427 |
Stockholders_EquityCommon_and_4
Stockholders' Equity-Common and Preferred Shares - Summary of Company's Derivative Liability Activity (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ' |
Derivative liability outstanding at beginning of period | $6 | ' |
Net decrease in fair value of all warrants | -6 | ' |
Derivative liability outstanding at end of period | ' | ' |
Stockholders_EquityCommon_and_5
Stockholders' Equity-Common and Preferred Shares - Summary of Factors Used to Determine the Value of Outstanding Series A and C Warrants /Summary of Fair Value of CEFF Warrants Valuation/ the Fair Value of the Direct Registration Warrants Valuation (Detail) (USD $) | Jan. 19, 2011 | Dec. 31, 2010 | Jan. 19, 2011 | Dec. 31, 2010 | Jan. 19, 2011 | Dec. 31, 2010 | Jan. 19, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, except Per Share data, unless otherwise specified | Committed Equity Financing Facility [Member] | Committed Equity Financing Facility [Member] | Series A [Member] | Series A [Member] | Series C [Member] | Series C [Member] | Direct Registration Series I Warrants [Member] | Direct Registration Series I Warrants [Member] | Direct Registration Series I Warrants [Member] | ||
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Price | ' | ' | $51.84 | $55.20 | $51.84 | $55.20 | $51.84 | $55.20 | $2.52 | $5.35 | $11.88 |
Exercise Price | ' | ' | $658 | $658 | $67.20 | $67.20 | $67.20 | $67.20 | $504 | $504 | $504 |
Contractual life (in Years) | ' | ' | '2 years 7 months 6 days | '2 years 7 months 6 days | '4 years 1 month 6 days | '4 years 2 months 12 days | '4 years 6 months | '4 years 6 months | '7 months 6 days | '1 year 7 months 6 days | '2 years 7 months 6 days |
Expected volatility | ' | ' | 87.00% | 96.00% | 82.00% | 81.00% | 79.00% | 80.00% | 91.00% | 101.00% | 107.00% |
Risk-free interest rate | ' | ' | 0.82% | 1.02% | 1.53% | 2.01% | 1.68% | 2.01% | 0.13% | 0.25% | 0.36% |
Fair market value | $6,633 | $7,498 | $3 | $6 | $3,663 | $4,143 | $2,970 | $3,355 | $0 | $0 | $6 |
Stockholders_EquityCommon_and_6
Stockholders' Equity-Common and Preferred Shares - Summary of the Company's Stock Option Activity under its 2005 Plan (Detail) (USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' | ' |
Shares, Options outstanding, Beginning Balance | 143 | 83 | 27 | ' |
Shares, Granted | 107 | 124 | 70 | ' |
Shares, Forfeited and expired | -58 | -64 | -14 | ' |
Shares, Options outstanding, Ending Balance | 192 | 143 | 83 | 27 |
Weighted Average Exercise Price, Options outstanding, Beginning Balance | $19.73 | $70.06 | $340 | ' |
Shares, Options exercisable Ending Balance | 108 | ' | ' | ' |
Weighted Average Exercise Price, Granted | $3.90 | $9.83 | $12.62 | ' |
Shares, Options vested or expected to vest Ending Balance | 157 | ' | ' | ' |
Weighted Average Exercise Price, Forfeited and expired | $14.38 | $66.21 | $304.52 | ' |
Weighted Average Exercise Price, Options outstanding, Ending Balance | $12.54 | $19.73 | $70.06 | $340 |
Weighted Average Exercise Price, Options exercisable Ending Balance | $16.56 | ' | ' | ' |
Weighted Average Exercise Price, Options vested or expected to vest Ending Balance | $13.68 | ' | ' | ' |
Weighted Average Remaining Contractual Life, Options Outstanding Beginning Balance | '7 years 7 months 10 days | '8 years 7 months 21 days | '9 years 2 months 23 days | '8 years 7 months 21 days |
Weighted Average Remaining Contractual Life, Options exercisable Ending Balance | '6 years 8 months 1 day | ' | ' | ' |
Weighted Average Remaining Contractual Life, Options vested or expected to vest Ending Balance | '7 years 4 months 6 days | ' | ' | ' |
Aggregate Intrinsic Value, Options outstanding, Ending balance | ' | ' | ' | ' |
Aggregate Intrinsic Value, Options exercisable Ending Balance | ' | ' | ' | ' |
Aggregate Intrinsic Value, Options vested or expected to vest Ending Balance | ' | ' | ' | ' |
Stockholders_EquityCommon_and_7
Stockholders' Equity-Common and Preferred Shares - Summary of Valuation of Granted Stock Options (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Equity [Abstract] | ' | ' | ' |
Options Granted | 107 | 124 | 70 |
Weighted average fair value | $2.77 | $6.94 | $7.42 |
Stockholders_EquityCommon_and_8
Stockholders' Equity-Common and Preferred Shares - Weighted-Average Assumptions (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Risk-free interest rate | 0.95% | 0.85% | 0.26% |
Expected life (years) | '4 years | '4 years | '2 years |
Expected volatility | 100.00% | 102.00% | 112.00% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Net_Loss_Per_Share_Additional_
Net Loss Per Share - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock Options [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 | 192,000 | 143,000 | 83,000 |
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 | 5,178,000 | 13,000 | 13,000 |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2009 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Net operating loss carryforwards | $74,533,000 | $72,072,000 | ' |
Research and development credits | 2,171,000 | 1,978,000 | ' |
Stock based compensation | 434,000 | 263,000 | ' |
Capital loss carryforwards | 1,360,000 | 1,593,000 | 1,360,000 |
Accruals and reserves | 83,000 | 33,000 | ' |
Total Deferred tax assets | 78,581,000 | 75,939,000 | ' |
Valuation allowance | -78,581,000 | -75,939,000 | ' |
Net deferred tax asset | ' | ' | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2009 | |
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Change in valuation allowance | $2,642,000 | ($195,000) | ' | ' |
Expiry year of operating loss carry-forwards related to federal and state research and development activities | '2021 | ' | ' | ' |
Recorded capital loss carryover | ' | ' | ' | 4,000,000 |
Deferred tax asset | 1,360,000 | 1,593,000 | ' | 1,360,000 |
Deferred tax asset, expiration period | '2014 | ' | ' | ' |
Provision for (benefit from) income taxes | 0 | ' | ' | ' |
Unrecognized tax benefits | 748,036 | 673,880 | ' | ' |
Accrued interest and penalties related to uncertain tax | 0 | ' | ' | ' |
Domestic Tax Authority [Member] | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Operating loss carry-forwards | 212,591,000 | ' | ' | ' |
Expiry year of operating loss carry-forwards | '2020 | ' | ' | ' |
Tax credits related to federal and state research and development | 2,371,000 | ' | ' | ' |
State and Local Jurisdiction [Member] | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Tax credits related to federal and state research and development | 794,000 | ' | ' | ' |
California [Member] | State and Local Jurisdiction [Member] | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Operating loss carry-forwards | $38,606,000 | ' | ' | ' |
Expiry year of operating loss carry-forwards | '2017 | ' | ' | ' |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of the Federal Statutory Rate to the Company's Effective Tax Rate (Detail) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' |
Federal Statutory Rate | 34.00% | 34.00% |
State Income taxes | 0.31% | 1.46% |
Warrants | 0.00% | 0.02% |
Federal NOL adjustment | -0.48% | -0.01% |
State NOL expired or adjusted | ' | -29.83% |
Permanent Items: Capital Loss | ' | ' |
Permanent Items | 0.16% | -1.03% |
Stock Compensation | -0.31% | -0.54% |
Federal Research Credits | 1.64% | -7.01% |
State rate change | -3.38% | ' |
Miscellaneous | -0.03% | 0.51% |
(Increase)/ Decrease In Valuation Allowance | -31.91% | 2.43% |
Provision for income taxes | 0.00% | 0.00% |
Income_Taxes_Changes_in_Unreco
Income Taxes - Changes in Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' |
Unrecognized tax benefits, Beginning Balance | $673,880 | ' |
Increase in prior year unrecognized tax benefits | 40,472 | 654,701 |
Increase in current year unrecognized tax benefits | 33,684 | 19,179 |
Unrecognized tax benefits, Ending Balance | $748,036 | $673,880 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
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 | ' | ' |
Area of facility lease | 5,275 | ' | ' |
Rent expense | 212,473 | 516,257 | 582,676 |
Unapplied purchase commitment due | 2,077,000 | ' | ' |
Unapplied purchase commitment estimated and accrued | 162,000 | ' | ' |
Purchase commitment due | 1,345,000 | ' | ' |
Unapplied purchase commitment due in next twelve months | 1,260,000 | ' | ' |
Unapplied purchase commitment non cancelable contracts | $570,000 | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies - Summary of Contractual Obligations (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Clinical development and related commitments, 2014 | $590 |
Clinical development and related commitments, 2015 | 20 |
Clinical development and related commitments, 2016 | ' |
Clinical development and related commitments, 2017 | ' |
Clinical development and related commitments, 2018 and thereafter | ' |
Total | 610 |
Operating Leases, 2014 | 100 |
Operating Leases, 2015 | ' |
Operating Leases, 2016 | ' |
Operating Leases, 2017 | ' |
Operating Leases, 2018 and thereafter | ' |
Total | 100 |
Total contractual obligations, 2014 | 690 |
Total contractual obligations, 2015 | 20 |
Total contractual obligations, 2016 | ' |
Total contractual obligations, 2017 | ' |
Total contractual obligations, 2018 and thereafter | ' |
Total | $710 |
Retirement_Savings_Plan_Additi
Retirement Savings Plan - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Compensation And Retirement Disclosure [Abstract] | ' |
Employee's contribute maximum | 20.00% |
Employee's contribute minimum | 1.00% |
Subsequent_EventPublic_Offerin1
Subsequent Event-Public Offering of Common Stock and Warrants - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | ||
Dec. 31, 2013 | Sep. 23, 2013 | Mar. 17, 2014 | Feb. 18, 2014 | Mar. 31, 2014 | Feb. 18, 2014 | Mar. 31, 2014 | |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||
Private Placement [Member] | Private Placement [Member] | ||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from issuance of common stock and warrant | ' | ' | ' | $11,106,000 | ' | ' | ' |
Issuance of common stock and warrant value under public offering | ' | ' | ' | 12,000,000 | ' | ' | ' |
Share price of common stock and warrant issued under public offering | ' | ' | ' | $2.05 | ' | ' | ' |
Number of warrants issued for each unit issued under public offering | ' | ' | ' | 0.5 | ' | ' | ' |
Common stock issued during period under public offering | ' | ' | ' | 5,853,657 | ' | ' | ' |
Number of securities issued for warrants | 2,452,431 | 2,452,431 | 989,874 | 2,926,829 | ' | 292,682 | ' |
Term of warrants | '5 years | ' | ' | '5 years | ' | ' | ' |
Exercise Price | 2.24 | 2.24 | 2.24 | 2.75 | ' | 2.56 | ' |
Warrant exercisable period | ' | ' | ' | ' | ' | '180 days | ' |
Percentage of warrant owned | ' | ' | ' | 9.99% | ' | ' | ' |
Number of warrant exercised | ' | ' | 989,874 | ' | ' | ' | 2,452,431 |
Proceeds from warrant exercises | $864,000 | ' | $2,722,000 | ' | $5,500,000 | ' | ' |