Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 5-May-14 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Entity Registrant Name | 'OXIGENE INC | ' |
Entity Central Index Key | '0000908259 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 15,300,820 |
Condensed_Balance_Sheets_Unaud
Condensed Balance Sheets (Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash | $24,735 | $7,005 |
Prepaid expenses | 368 | 93 |
Other current assets | 41 | 67 |
Total current assets | 25,144 | 7,165 |
Property and equipment, net of accumulated depreciation of $272 and $268 at March 31, 2014 and December 31, 2013, respectively | 32 | 36 |
License agreements, net of accumulated amortization of $1,430 and $1,406 at March 31, 2014 and December 31, 2013, respectively | 70 | 93 |
Total assets | 25,246 | 7,294 |
Current liabilities: | ' | ' |
Accounts payable | 432 | 476 |
Accrued research and development | 515 | 317 |
Accrued other | 448 | 458 |
Total current liabilities | 1,395 | 1,251 |
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 shares authorized; 15,294 and 5,586 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively | 153 | 56 |
Additional paid-in capital | 264,836 | 244,495 |
Accumulated deficit | -241,138 | -238,508 |
Total stockholders' equity | 23,851 | 6,043 |
Total liabilities and stockholders' equity | $25,246 | $7,294 |
Condensed_Balance_Sheets_Unaud1
Condensed Balance Sheets (Unaudited) (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Accumulated depreciation | $272 | $268 |
Accumulated amortization on license agreements | $1,430 | $1,406 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 15,000 | 15,000 |
Preferred stock, shares issued | ' | ' |
Preferred stock, shares outstanding | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 70,000 | 70,000 |
Common stock, shares issued | 15,294 | 5,586 |
Common stock, shares outstanding | 15,294 | 5,586 |
Condensed_Statements_of_Compre
Condensed Statements of Comprehensive Loss (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating expenses: | ' | ' |
Research and development | $1,387 | $746 |
General and administrative | 1,241 | 1,135 |
Total operating expenses | 2,628 | 1,881 |
Loss from operations | -2,628 | -1,881 |
Investment income | 1 | 1 |
Other (expense) income, net | -3 | ' |
Net loss and comprehensive loss | ($2,630) | ($1,880) |
Basic and diluted net loss per share attributable to common stock | ($0.29) | ($0.97) |
Weighted-average number of common shares outstanding | 9,054 | 1,940 |
Condensed_Statements_of_Cash_F
Condensed Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating activities: | ' | ' |
Net loss | ($2,630) | ($1,880) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation | 4 | 3 |
Amortization of license agreement | 23 | 24 |
Stock-based compensation | 84 | 173 |
Changes in operating assets and liabilities: | ' | ' |
Prepaid expenses and other current assets | -249 | -146 |
Accounts payable and accrued expenses | 144 | -68 |
Net cash used in operating activities | -2,624 | -1,894 |
Financing activities: | ' | ' |
Proceeds from issuance of common stock, net of issuance costs | 10,860 | 1,510 |
Proceeds from exercise of warrants into common stock, net of issuance costs | 9,494 | ' |
Net cash provided by financing activities | 20,354 | 1,510 |
Increase (decrease) in cash and cash equivalents | 17,730 | -384 |
Cash at beginning of period | 7,005 | 4,946 |
Cash at end of period | $24,735 | $4,562 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
1. Summary of 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® (fosbretabulin tromethamine) and OXi4503. | |
Basis of Presentation | |
The accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They have been prepared on a basis which assumes that OXiGENE, Inc. (“OXiGENE” or the “Company”) will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The financial statements do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, however, all adjustments (consisting primarily of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. | |
The balance sheet at December 31, 2013 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. For further information, refer to the financial statements and footnotes thereto included in the Annual Report on Form 10-K for the Company for the year ended December 31, 2013. | |
Capital Resources | |
The Company has experienced net losses every year since inception and, as of March 31, 2014, had an accumulated deficit of approximately $241,138,000. The Company expects to incur significant additional operating losses over at least the next several years, principally as a result of the Company’s 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, the exercise of warrants and, to a lesser extent, the exercise of stock options. The Company currently has no recurring material amount of income. As of March 31, 2014, the Company had approximately $24,735,000 in cash. Based on the Company’s ongoing programs, planned new programs and operations, the Company expects its existing cash to support its operations through at least the end of 2015. | |
Significant Accounting Policies | |
Use of Estimates | |
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. | |
Revenue Recognition | |
In December 2011, the Company established a distribution agreement to provide access to ZYBRESTAT® (fosbretabulin tromethamine) for the treatment of patients with anaplastic thyroid cancer (ATC) in certain specified territories on a compassionate use basis. The agreement provides that upon the receipt of ZYBRESTAT® (fosbretabulin tromethamine) 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® (fosbretabulin tromethamine) 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® (fosbretabulin tromethamine) was expensed at the time it was manufactured, because it is in the development stage and there was not an alternative future use. As a result, the product provided to the distributor has a zero cost basis, and therefore no cost-of-goods-sold has been recorded. |
Stockholders_EquityCommon_and_
Stockholders' Equity-Common and Preferred Shares | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Stockholders' Equity-Common and Preferred Shares | ' | ||||||||||||||||
2. Stockholders’ Equity—Common and Preferred Shares | |||||||||||||||||
Public Offering of Common Stock and Warrants | |||||||||||||||||
On February 18, 2014, the Company closed a registered public offering of units of common stock and warrants, in which the Company raised approximately $12,000,000 in gross proceeds or approximately $10,860,000 in net proceeds, after deducting placement agents’ fees and other offering expenses. Investors purchased units, at a price per unit of $2.05, which 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 shares of 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 each holder of 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 the Company, each 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. | |||||||||||||||||
During the quarter ended March 31, 2014, the investors in the public offering exercised 1,048,125 warrants for the purchase of 1,048,125 shares of the Company’s common stock for net proceeds of approximately $2,882,000. | |||||||||||||||||
Private Placements of Preferred Shares and Warrants | |||||||||||||||||
April 2013 Private Placement | |||||||||||||||||
On April 16, 2013, the Company closed an offering pursuant to the terms of a private placement agreement, in which the Company raised $5,000,000 in gross proceeds, or approximately $4,192,000 in net proceeds after 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 investors 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, and therefore no shares of Series A Preferred Stock remain outstanding as of December 31, 2013. 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. | |||||||||||||||||
During the year ended December 31, 2013, the investors in the private placement exercised 270,390 Series B Warrants for the purchase of 270,390 shares of the Company’s common stock for net proceeds of approximately $864,000. During the quarter ended March 31, 2014, the investors 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. | |||||||||||||||||
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 the quarter ended June 30, 2013. In order to calculate the amount of the deemed dividend, the Company estimated the relative fair value of the Series A Preferred Stock, the Series A Warrants and the Series B Warrants issued in order to determine the amount of the beneficial conversion feature present in the Series A Preferred Stock. The Series A Preferred Stock was valued using Level 2 inputs by reference to the market value of the Company’s common stock into which the Series A Preferred Stock is convertible. The Series A Warrants and Series B Warrants granted were valued using the Black-Scholes valuation model and the following Level 3 input assumptions: | |||||||||||||||||
Weighted Average Assumptions | |||||||||||||||||
April 2013 | April 2013 | ||||||||||||||||
Private Placement | Private Placement | ||||||||||||||||
Series A Warrants | Series B Warrants | ||||||||||||||||
Risk-free interest rate | 0.24 | % | 0.24 | % | |||||||||||||
Expected life (years) | 2.3 | 1.9 | |||||||||||||||
Expected volatility | 87 | % | 87 | % | |||||||||||||
Dividend yield | 0 | % | 0 | % | |||||||||||||
September 2013 Private Placement | |||||||||||||||||
On September 23, 2013, the Company closed an offering pursuant to the terms of a private placement agreement, in which the Company raised $5,800,000 in gross proceeds, or approximately $4,905,000 in net proceeds after deducting placement agents’ fees and other offering expenses, in a private placement of 5,800 shares of the Company’s Series B Preferred Stock. The Company used the proceeds of this offering in part to redeem the remaining outstanding balance of 2,802 shares of the Series A Preferred Stock, issued in April 2013, for a redemption value of approximately $2,802,000. After further deducting the amount to redeem the outstanding shares of Series A Preferred Stock, the net proceeds of this offering were approximately $2,103,000. | |||||||||||||||||
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. | |||||||||||||||||
The investors in the private placement converted all of the 5,800 shares of Series B Preferred Stock into 2,452,431 shares of our common stock during the year ended December 31, 2013 and therefore no shares of Series B Preferred Stock remain outstanding as of December 31, 2013. | |||||||||||||||||
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. | |||||||||||||||||
During the quarter ended March 31, 2014, the investors in the private placement exercised 2,452,431 warrants for the purchase of 2,452,431 shares of the Company’s common stock for net proceeds of approximately $5,493,000. As of March 31, 2014, no five-year term warrants remain outstanding. | |||||||||||||||||
As a result of the Company’s redemption of the outstanding balance of the Series A Preferred Stock, 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 the quarter ended September 30, 2013. In order to calculate the amount of the deemed dividend, the Company first calculated the amount of the consideration transferred to the holders of the Series B Preferred Stock which included the cash used to redeem the Series A Preferred Stock, and the estimated value of the Series B Preferred Stock and warrants. The Series B Preferred Stock was valued using Level 2 inputs by reference to the market value of the Company’s common stock into which the Series B Preferred Stock is convertible. The warrants granted were valued using the Black-Scholes valuation model and the following Level 3 input assumptions: | |||||||||||||||||
Weighted Average Assumptions | |||||||||||||||||
September 2013 | |||||||||||||||||
Private Placement Warrants | |||||||||||||||||
Risk-free interest rate | 0.24 | % | |||||||||||||||
Expected life (years) | 1.9 | ||||||||||||||||
Expected volatility | 79 | % | |||||||||||||||
Dividend yield | 0 | % | |||||||||||||||
Common Stock | |||||||||||||||||
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. Further, the Company is restricted from using this facility until November 2014 pursuant to the terms of the purchase agreement entered into with the purchasers in the February 2014 registered public offering. Subject to these restrictions, as of May 5, 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 its current registration statement. The Company may be able to sell more shares under this agreement over the next twelve months depending on several factors including the Company’s stock price, number of shares outstanding, and when the sales occur. | |||||||||||||||||
In connection with the ATM Agreement, the Company issued approximately 323,000 shares of common stock for proceeds of approximately $1,510,000 net of issuance costs, during the three months ended March 31, 2013 and issued no shares of common stock under this agreement during the three months ended March 31, 2014. | |||||||||||||||||
In November 2011, the Company entered into a purchase agreement (the LPC Purchase Agreement) for the sale, from time to time, of up to $20,000,000 (with a remaining balance of $17,400,000) of its common stock to Lincoln Park Capital Fund, LLC or LPC, which expires on January 11, 2015. The Company can only sell shares under this arrangement if it maintains a minimum stock price of $6.00 and furthermore the Company is restricted from using this facility until November 2014 pursuant to the terms of the purchase agreement entered into with the purchasers in the February 2014 registered public offering. Accordingly, the facility is not available to the Company at this time. | |||||||||||||||||
Warrants | |||||||||||||||||
Warrant Summary Information | |||||||||||||||||
The following is a summary of the Company’s outstanding common stock warrants as of March 31, 2014 and December 31, 2013: | |||||||||||||||||
Date of | Exercise | Number of Warrants outstanding as of: | |||||||||||||||
Issuance | Price | (In thousands) | |||||||||||||||
Warrants Issued in Connection with: | March 31, 2014 | December 31, 2013 | |||||||||||||||
Direct Registration Series I Warrants | 7/20/09 | $ | 504 | 12 | 12 | ||||||||||||
Private Placement Series A Warrants | 4/16/13 | $ | 3.4 | 1,460 | 1,460 | ||||||||||||
Private Placement Series B Warrants | 4/16/13 | $ | 3.4 | 757 | 1,107 | ||||||||||||
2013 Private Placement Warrants | 9/23/13 | $ | 2.24 | — | 2,452 | ||||||||||||
2013 Private Placement Warrants | 9/23/13 | $ | 2.8 | 147 | 147 | ||||||||||||
2014 Public Offering Warrants | 2/18/14 | $ | 2.75 | 1,879 | — | ||||||||||||
2014 Public Offering Warrants | 2/18/14 | $ | 2.56 | 293 | — | ||||||||||||
Total Warrants Outstanding | 4,548 | 5,178 | |||||||||||||||
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 March 31, 2014 and December 31, 2013, respectively. These warrants have a five-year term and expire on July 20, 2014. | |||||||||||||||||
Options | |||||||||||||||||
The Company’s 2005 Stock Plan, as amended at the 2013 Annual Meeting of Stockholders in July 2013 (the “2005 Plan”) provides for the award of options, restricted stock and stock appreciation rights to acquire up to 833,333 shares of the Company’s common stock in the aggregate. Currently, the 2005 Plan allows for awards of up to 200,000 shares that may be granted to any one participant in any fiscal year. For options subject to graded vesting, the Company elected the straight-line method of expensing these awards over the service period. | |||||||||||||||||
The following is a summary of the Company’s stock option activity under its 2005 Plan for the three months ended March 31, 2014: | |||||||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Life | |||||||||||||||||
(In thousands) | (Years) | (In thousands) | |||||||||||||||
Options outstanding at December 31, 2013 | 192 | $ | 12.54 | 7.61 | |||||||||||||
Granted | 56 | $ | 2.74 | ||||||||||||||
Options outstanding at March 31, 2014 | 248 | $ | 10.33 | 7.55 | $ | 86 | |||||||||||
Options exercisable at March 31, 2014 | 143 | $ | 13.59 | 6.51 | $ | 51 | |||||||||||
Options vested or expected to vest at March 31, 2014 | 222 | $ | 10.86 | 7.38 | $ | 78 | |||||||||||
As of March 31, 2014 there was approximately $202,795 of unrecognized compensation cost related to stock option awards that is expected to be recognized as expense over a weighted average period of approximately 2.6 years. | |||||||||||||||||
The fair values for the stock options granted were estimated at the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions for the three months ended March 31, 2014: | |||||||||||||||||
Weighted Average Assumptions | |||||||||||||||||
Risk-free interest rate | 1.7 | % | |||||||||||||||
Expected life (years) | 4 | ||||||||||||||||
Expected volatility | 97 | % | |||||||||||||||
Dividend yield | 0 | % |
Net_Loss_Per_Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2014 | |
Earnings Per Share [Abstract] | ' |
Net Loss Per Share | ' |
3. 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 248,000 stock options and 4,548,000 warrants at March 31, 2014 and 190,000 stock options and 13,000 warrants at March 31, 2013, were excluded from the calculation of weighted average shares for diluted net loss per share. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
4. Commitments and Contingencies | |||||
Facility Lease | |||||
The Company has a lease for its current facility in South San Francisco, California, which was amended in April 2014 to extend the term to June 30, 2019. The future minimum lease payments under the lease, as amended, are as follows: | |||||
Amount | |||||
(In thousands) | |||||
2014 (remaining 9 months) | $ | 133 | |||
2015 | 202 | ||||
2016 | 208 | ||||
2017 | 215 | ||||
2018 | 221 | ||||
Thereafter | 112 | ||||
Total lease obligations | $ | 1,091 | |||
Manufacturing Commitments | |||||
As of March 31, 2014, the Company has a balance of unapplied purchase orders for expenditures related to drug manufacturing activities of approximately $1,617,000, of which approximately $444,000 was estimated and accrued at March 31, 2014 for services performed, leaving approximately $1,173,000 to be incurred. Of the $1,173,000 to be incurred, the Company expects to incur approximately $1,089,000 over the next twelve months, of which approximately $191,000 is committed under non-cancelable contracts. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
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® (fosbretabulin tromethamine) and OXi4503. | |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They have been prepared on a basis which assumes that OXiGENE, Inc. (“OXiGENE” or the “Company”) will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The financial statements do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, however, all adjustments (consisting primarily of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. | |
The balance sheet at December 31, 2013 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. For further information, refer to the financial statements and footnotes thereto included in the Annual Report on Form 10-K for the Company for the year ended December 31, 2013. | |
Capital Resources | ' |
Capital Resources | |
The Company has experienced net losses every year since inception and, as of March 31, 2014, had an accumulated deficit of approximately $241,138,000. The Company expects to incur significant additional operating losses over at least the next several years, principally as a result of the Company’s 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, the exercise of warrants and, to a lesser extent, the exercise of stock options. The Company currently has no recurring material amount of income. As of March 31, 2014, the Company had approximately $24,735,000 in cash. Based on the Company’s ongoing programs, planned new programs and operations, the Company expects its existing cash to support its operations through at least the end of 2015. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. | |
Revenue Recognition | ' |
Revenue Recognition | |
In December 2011, the Company established a distribution agreement to provide access to ZYBRESTAT® (fosbretabulin tromethamine) for the treatment of patients with anaplastic thyroid cancer (ATC) in certain specified territories on a compassionate use basis. The agreement provides that upon the receipt of ZYBRESTAT® (fosbretabulin tromethamine) 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® (fosbretabulin tromethamine) 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® (fosbretabulin tromethamine) was expensed at the time it was manufactured, because it is in the development stage and there was not an alternative future use. As a result, the product provided to the distributor has a zero cost basis, and therefore no cost-of-goods-sold has been recorded. |
Stockholders_EquityCommon_and_1
Stockholders' Equity-Common and Preferred Shares (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Fair Value Measurements on Recurring and Nonrecurring Basis | ' | ||||||||||||||||
The Series A Warrants and Series B Warrants granted were valued using the Black-Scholes valuation model and the following Level 3 input assumptions: | |||||||||||||||||
Weighted Average Assumptions | |||||||||||||||||
April 2013 | April 2013 | ||||||||||||||||
Private Placement | Private Placement | ||||||||||||||||
Series A Warrants | Series B Warrants | ||||||||||||||||
Risk-free interest rate | 0.24 | % | 0.24 | % | |||||||||||||
Expected life (years) | 2.3 | 1.9 | |||||||||||||||
Expected volatility | 87 | % | 87 | % | |||||||||||||
Dividend yield | 0 | % | 0 | % | |||||||||||||
The Series B Preferred Stock was valued using Level 2 inputs by reference to the market value of the Company’s common stock into which the Series B Preferred Stock is convertible. The warrants granted were valued using the Black-Scholes valuation model and the following Level 3 input assumptions: | |||||||||||||||||
Weighted Average Assumptions | |||||||||||||||||
September 2013 | |||||||||||||||||
Private Placement Warrants | |||||||||||||||||
Risk-free interest rate | 0.24 | % | |||||||||||||||
Expected life (years) | 1.9 | ||||||||||||||||
Expected volatility | 79 | % | |||||||||||||||
Dividend yield | 0 | % | |||||||||||||||
Summary of the Company's Outstanding Common Stock Warrants | ' | ||||||||||||||||
The following is a summary of the Company’s outstanding common stock warrants as of March 31, 2014 and December 31, 2013: | |||||||||||||||||
Date of | Exercise | Number of Warrants outstanding as of: | |||||||||||||||
Issuance | Price | (In thousands) | |||||||||||||||
Warrants Issued in Connection with: | March 31, 2014 | December 31, 2013 | |||||||||||||||
Direct Registration Series I Warrants | 7/20/09 | $ | 504 | 12 | 12 | ||||||||||||
Private Placement Series A Warrants | 4/16/13 | $ | 3.4 | 1,460 | 1,460 | ||||||||||||
Private Placement Series B Warrants | 4/16/13 | $ | 3.4 | 757 | 1,107 | ||||||||||||
2013 Private Placement Warrants | 9/23/13 | $ | 2.24 | — | 2,452 | ||||||||||||
2013 Private Placement Warrants | 9/23/13 | $ | 2.8 | 147 | 147 | ||||||||||||
2014 Public Offering Warrants | 2/18/14 | $ | 2.75 | 1,879 | — | ||||||||||||
2014 Public Offering Warrants | 2/18/14 | $ | 2.56 | 293 | — | ||||||||||||
Total Warrants Outstanding | 4,548 | 5,178 | |||||||||||||||
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 three months ended March 31, 2014: | |||||||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Life | |||||||||||||||||
(In thousands) | (Years) | (In thousands) | |||||||||||||||
Options outstanding at December 31, 2013 | 192 | $ | 12.54 | 7.61 | |||||||||||||
Granted | 56 | $ | 2.74 | ||||||||||||||
Options outstanding at March 31, 2014 | 248 | $ | 10.33 | 7.55 | $ | 86 | |||||||||||
Options exercisable at March 31, 2014 | 143 | $ | 13.59 | 6.51 | $ | 51 | |||||||||||
Options vested or expected to vest at March 31, 2014 | 222 | $ | 10.86 | 7.38 | $ | 78 | |||||||||||
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 months ended March 31, 2014: | |||||||||||||||||
Weighted Average Assumptions | |||||||||||||||||
Risk-free interest rate | 1.7 | % | |||||||||||||||
Expected life (years) | 4 | ||||||||||||||||
Expected volatility | 97 | % | |||||||||||||||
Dividend yield | 0 | % |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Future Minimum Lease Payments Under Lease | ' | ||||
The future minimum lease payments under the lease, as amended, are as follows: | |||||
Amount | |||||
(In thousands) | |||||
2014 (remaining 9 months) | $ | 133 | |||
2015 | 202 | ||||
2016 | 208 | ||||
2017 | 215 | ||||
2018 | 221 | ||||
Thereafter | 112 | ||||
Total lease obligations | $ | 1,091 | |||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2014 | Dec. 31, 2011 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | |
Candidate | |||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ' | ' | ' | ' |
Number of VDA drug candidates tested | 2 | ' | ' | ' | ' |
Accumulated earnings (deficit) | ($241,138,000) | ' | ($238,508,000) | ' | ' |
Cash | 24,735,000 | ' | 7,005,000 | 4,562,000 | 4,946,000 |
Period of inspection of product | '30 days | ' | ' | ' | ' |
Percentage payment on gross margin of distributor's sales | 20.00% | ' | ' | ' | ' |
Cost-of-goods-sold | ' | $0 | ' | ' | ' |
Stockholders_EquityCommon_and_2
Stockholders' Equity-Common and Preferred Shares - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||||||||||||
Feb. 18, 2014 | Sep. 23, 2013 | Apr. 16, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Apr. 16, 2013 | Mar. 31, 2014 | Apr. 16, 2013 | Mar. 31, 2014 | 5-May-14 | Sep. 23, 2013 | Apr. 16, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 23, 2013 | Sep. 30, 2013 | Mar. 31, 2014 | Sep. 23, 2013 | Mar. 31, 2014 | Feb. 18, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Nov. 30, 2011 | |
2005 Plan [Member] | Private Placement Series A Warrants [Member] | April Private Placement Series B Warrants [Member] | Private Placement Series A Warrants [Member] | Placement Agent and Related Persons [Member] | Scenario, Forecast [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [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] | Public Offering [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] | |||||||
Participant | April Private Placement Series B Warrants [Member] | April Private Placement Series B Warrants [Member] | Series A Preferred Stock [Member] | Series B Preferred Stock [Member] | Common Stock [Member] | |||||||||||||||||||||||||||
Stockholders' Equity - Common and Preferred Shares [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from issuance of common stock and warrants | $10,860,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross proceeds from issuance of common stock and warrants | 12,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share price of common stock and warrants 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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000 | ' | ' | ' | 5,800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 323,000 | ' | ' |
Exercise of warrants, shares of Company's common stock converted | 2,926,829 | ' | ' | 1,048,125 | ' | ' | ' | 1,377,412 | 1,377,412 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,452,431 | ' | ' | 292,682 | ' | 350,000 | 270,390 | ' | ' | ' | ' | ' | ' |
Term of warrants | '5 years | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price | 2.75 | ' | ' | 2.24 | ' | ' | ' | 3.4 | 3.4 | ' | 2.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.56 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant exercisable period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '180 days | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of warrants owned | 9.99% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of warrant exercised | ' | ' | ' | 1,048,125 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,452,431 | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from warrant exercises | ' | ' | ' | 9,494,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,493,000 | ' | 2,882,000 | ' | ' | 1,119,000 | 864,000 | ' | ' | ' | ' | ' | ' |
Gross proceeds | ' | 5,800,000 | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds | ' | ' | 4,192,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' |
Number of preferred stock outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,802 | ' | ' | 0 | 2,802 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' |
Redeemable value of outstanding balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,802,000 | ' | ' | ' | 2,802,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable period of warrants | ' | ' | ' | '5 years | ' | ' | ' | '5 years | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase of common stock at closing | ' | ' | ' | 147,145 | ' | ' | ' | ' | ' | 82,645 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant exercised | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350,000 | 270,390 | ' | ' | ' | ' | ' | ' |
Non-cash deemed dividend to preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,480,000 | ' | ' | ' | 2,310,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds | ' | 4,905,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,103,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total dollar amount of common stock company could sell under the ATM | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 264,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of common stock, net of issuance costs | ' | ' | ' | 10,860,000 | 1,510,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,510,000 | ' | ' |
Issuance of common stock | ' | ' | ' | 15,294,000 | ' | 5,586,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Value of purchase agreement for the sale with Lincoln Park Capital Fund, LLC | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 |
Purchase agreement date of expiration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'January 11, 2015 |
Minimum purchase price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6 |
Additional value of purchase agreement for the sale with Lincoln Park Capital Fund, LLC | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,400,000 |
Value of warrants recorded on the Company's balance sheet | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant closing date | ' | ' | ' | 20-Jul-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 6 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost related to stock option awards | ' | ' | ' | $202,795 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_EquityCommon_and_3
Stockholders' Equity-Common and Preferred Shares - Fair Value Measurements on Recurring and Nonrecurring Basis (Detail) | 3 Months Ended |
Mar. 31, 2014 | |
September 2013 Private Placement Warrants [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 | 79.00% |
Dividend yield | 0.00% |
April 2013 Private Placement [Member] | Private Placement Series A Warrants [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% |
April 2013 Private Placement [Member] | Private Placement Series B Warrants [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_4
Stockholders' Equity-Common and Preferred Shares - Summary of Company's Outstanding Common Stock Warrants (Detail) | Mar. 31, 2014 | Feb. 18, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |||
Class of Warrant or Right [Line Items] | ' | ' | ' |
Exercise price | 2.24 | 2.75 | ' |
Number of Warrants Outstanding | 4,548 | ' | 5,178 |
Direct Registration Series I Warrants [Member] | ' | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' | ' |
Date of Issuance | 20-Jul-09 | ' | ' |
Exercise price | 504 | ' | ' |
Number of Warrants Outstanding | 12 | ' | 12 |
Private Placement Series A Warrants [Member] | ' | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' | ' |
Date of Issuance | 16-Apr-13 | ' | ' |
Exercise price | 3.4 | ' | ' |
Number of Warrants Outstanding | 1,460 | ' | 1,460 |
Private Placement Series B Warrants [Member] | ' | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' | ' |
Date of Issuance | 16-Apr-13 | ' | ' |
Exercise price | 3.4 | ' | ' |
Number of Warrants Outstanding | 757 | ' | 1,107 |
Private Placement Warrants [Member] | ' | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' | ' |
Date of Issuance | 23-Sep-13 | ' | ' |
Exercise price | 2.24 | ' | ' |
Number of Warrants Outstanding | ' | ' | 2,452 |
Private Placement Warrants One [Member] | ' | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' | ' |
Date of Issuance | 23-Sep-13 | ' | ' |
Exercise price | 2.8 | ' | ' |
Number of Warrants Outstanding | 147 | ' | 147 |
Public Offering Warrants [Member] | ' | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' | ' |
Date of Issuance | 18-Feb-14 | ' | ' |
Exercise price | 2.75 | ' | ' |
Number of Warrants Outstanding | 1,879 | ' | ' |
Public Offering Warrants One [Member] | ' | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' | ' |
Date of Issuance | 18-Feb-14 | ' | ' |
Exercise price | 2.56 | ' | ' |
Number of Warrants Outstanding | 293 | ' | ' |
Stockholders_EquityCommon_and_5
Stockholders' Equity-Common and Preferred Shares - Summary of the Company's Stock Option Activity under its 2005 Plan (Detail) (USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Shares, Options outstanding, Beginning Balance | 192 |
Shares, Granted | 56 |
Shares, Options outstanding, Ending Balance | 248 |
Shares, Options exercisable, Ending Balance | 143 |
Shares, Options vested or expected to vest, Ending Balance | 222 |
Weighted Average Exercise Price, Options outstanding, Beginning Balance | $12.54 |
Weighted Average Exercise Price, Granted | $2.74 |
Weighted Average Exercise Price, Options outstanding, Ending Balance | $10.33 |
Weighted Average Exercise Price, Options exercisable, Ending Balance | $13.59 |
Weighted Average Exercise Price, Options vested or expected to vest, Ending Balance | $10.86 |
Weighted Average Remaining Contractual Life, Options Outstanding, Beginning Balance | '7 years 7 months 10 days |
Weighted Average Remaining Contractual Life, Options Outstanding, Ending Balance | '7 years 6 months 18 days |
Weighted Average Remaining Contractual Life, Options exercisable, Ending Balance | '6 years 6 months 4 days |
Weighted Average Remaining Contractual Life, Options vested or expected to vest, Ending Balance | '7 years 4 months 17 days |
Aggregate Intrinsic Value, Options outstanding, Ending Balance | $86 |
Aggregate Intrinsic Value, Options exercisable outstanding, Ending Balance | 51 |
Aggregate Intrinsic Value, Options vested or expected to vest, Ending Balance | $78 |
Stockholders_EquityCommon_and_6
Stockholders' Equity-Common and Preferred Shares - Weighted-Average Assumptions (Detail) | 3 Months Ended |
Mar. 31, 2014 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Risk-free interest rate | 1.70% |
Expected life (years) | '4 years |
Expected volatility | 97.00% |
Dividend yield | 0.00% |
Net_Loss_Per_Share_Additional_
Net Loss Per Share - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
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 | 248,000 | 190,000 |
Warrants [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 | 4,548,000 | 13,000 |
Future_Minimum_Lease_Payment_D
Future Minimum Lease Payment (Detail) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | ' |
2014 (remaining 9 months) | $133 |
2015 | 202 |
2016 | 208 |
2017 | 215 |
2018 | 221 |
Thereafter | 112 |
Total lease obligations | $1,091 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Unapplied purchase commitment due | $1,617,000 |
Unapplied purchase commitment estimated and accrued | 444,000 |
Purchase commitment due | 1,173,000 |
Unapplied purchase commitment due in next twelve months | 1,089,000 |
Unapplied purchase commitment non-cancelable contracts | $191,000 |