Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 04, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
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 | ' | 20,705,514 |
Condensed_Balance_Sheets_Unaud
Condensed Balance Sheets (Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash | $36,271 | $7,005 |
Prepaid expenses | 450 | 93 |
Other current assets | 18 | 67 |
Total current assets | 36,739 | 7,165 |
Property and equipment, net of accumulated depreciation of $276 and $268 at June 30, 2014 and December 31, 2013, respectively | 28 | 36 |
License agreements, net of accumulated amortization of $1,453 and $1,406 at June 30, 2014 and December 31, 2013, respectively | 47 | 93 |
Other assets | 33 | ' |
Total assets | 36,847 | 7,294 |
Current liabilities: | ' | ' |
Accounts payable | 849 | 476 |
Accrued compensation and benefits | 764 | 116 |
Accrued research and development | 152 | 317 |
Accrued other | 183 | 342 |
Total current liabilities | 1,948 | 1,251 |
Commitments and contingencies | ' | ' |
Stockholders' equity | ' | ' |
Preferred stock, $.01 par value, 15,000 shares authorized; No shares issued and outstanding | 0 | 0 |
Common stock, $.01 par value, 70,000 shares authorized; 20,702 and 5,586 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively | 207 | 56 |
Additional paid-in capital | 279,759 | 244,495 |
Accumulated deficit | -245,067 | -238,508 |
Total stockholders' equity | 34,899 | 6,043 |
Total liabilities and stockholders' equity | $36,847 | $7,294 |
Condensed_Balance_Sheets_Unaud1
Condensed Balance Sheets (Unaudited) (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Accumulated depreciation | $276 | $268 |
Accumulated amortization on license agreements | $1,453 | $1,406 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 15,000 | 15,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 70,000 | 70,000 |
Common stock, shares issued | 20,702 | 5,586 |
Common stock, shares outstanding | 20,702 | 5,586 |
Condensed_Statements_of_Compre
Condensed Statements of Comprehensive Loss (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Operating expenses: | ' | ' | ' | ' |
Research and development | $2,171 | $603 | $3,558 | $1,349 |
General and administrative | 1,753 | 1,052 | 2,994 | 2,187 |
Total operating expenses | 3,924 | 1,655 | 6,552 | 3,536 |
Loss from operations | -3,924 | -1,655 | -6,552 | -3,536 |
Investment income | 1 | 1 | 2 | 2 |
Other (expense) income, net | -6 | ' | -9 | ' |
Net loss and comprehensive loss | -3,929 | -1,654 | -6,559 | -3,534 |
Non-cash deemed dividend to preferred stock | ' | -2,481 | ' | -2,481 |
Net loss attributable to common stock | ($3,929) | ($4,135) | ($6,559) | ($6,015) |
Basic and diluted net loss per share attributable to common stock | ($0.23) | ($1.86) | ($0.50) | ($2.89) |
Weighted-average number of common shares outstanding | 17,259 | 2,227 | 13,179 | 2,082 |
Condensed_Statements_of_Cash_F
Condensed Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Operating activities: | ' | ' |
Net loss | ($6,559) | ($3,534) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation | 8 | 5 |
Amortization of license agreement | 46 | 49 |
Stock-based compensation | 222 | 274 |
Changes in operating assets and liabilities: | ' | ' |
Prepaid expenses and other current assets | -341 | -126 |
Accounts payable and accrued expenses | 697 | -10 |
Net cash used in operating activities | -5,927 | -3,342 |
Financing activities: | ' | ' |
Proceeds from issuance of preferred stock, net of issuance costs | ' | 4,192 |
Proceeds from issuance of common stock, net of issuance costs | 25,681 | 1,936 |
Proceeds from exercise of warrants into common stock, net of issuance costs | 9,512 | ' |
Net cash provided by financing activities | 35,193 | 6,128 |
Increase (decrease) in cash and cash equivalents | 29,266 | 2,786 |
Cash at beginning of period | 7,005 | 4,946 |
Cash at end of period | 36,271 | 7,732 |
Non-Cash investing and financing activities: | ' | ' |
Conversion of preferred stock to common stock | $0 | $364 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 6 Months Ended | |
Jun. 30, 2014 | ||
Accounting Policies [Abstract] | ' | |
Summary of Significant Accounting Policies | ' | |
1 | Summary of Significant Accounting Policies | |
Description of Business | ||
OXiGENE, Inc. (“OXiGENE” or 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, fosbretabulin tromethamine (also known as ZYBRESTAT®) 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 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 unaudited condensed 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 of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 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 June 30, 2014, had an accumulated deficit of approximately $245,067,000. The Company expects to incur significant additional operating losses over 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 June 30, 2014, the Company had approximately $36,271,000 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 approximately the middle of 2016. | ||
Significant Accounting Policies | ||
Use of Estimates | ||
The preparation of unaudited condensed 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. |
Stockholders_Equity_Common_and
Stockholders' Equity - Common and Preferred Shares | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Stockholders' Equity - Common and Preferred Shares | ' | ||||||||||||||||
2 | Stockholders’ Equity — Common and Preferred Shares | ||||||||||||||||
Registered Offering of Common Stock and Private Placement of Warrants | |||||||||||||||||
On May 28, 2014, the Company closed a financing in which it raised approximately $16,000,000 in gross proceeds or approximately $14,822,000 in net proceeds, after deducting placement agents’ fees and other offering expenses. Investors purchased shares of the Company’s common stock, at a price per share of $2.9625. For each share of common stock purchased, investors received one share of common stock and 0.5 of an unregistered warrant to purchase a share of the Company’s common stock. A total of 5,400,847 shares of common stock were issued and warrants for the purchase of 2,700,424 shares of common stock were issued. The warrants were exercisable immediately after issuance, have a five-year and three-month term, and an exercise price of $2.90 per share. Also, in connection with the offering, the Company issued to its placement agent and related persons warrants to purchase 216,033 shares of the Company’s common stock. The warrants issued to the placement agent and related persons were exercisable immediately after issuance, have an exercise price of $3.7031 per share and terminate on June 14, 2017. The shares of common stock underlying the warrants issued to investors and the placement agent and related persons were subsequently registered pursuant to a registration statement that became effective on June 16, 2014. | |||||||||||||||||
The warrants contain limitations that prevent each holder of warrants from acquiring shares upon exercise of the warrants that would cause the number of shares beneficially owned by it and its affiliates to exceed 4.99% of the total number of shares of the Company’s common stock then issued and outstanding, provided that, upon prior notice to the Company, a holder may increase or decrease this limitation provided any increase does not exceed 9.99% of the total number of shares of our 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. None of the warrants issued on May 28, 2014 were exercised during the six months ended June 30, 2014. | |||||||||||||||||
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 were 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 were exercisable immediately after issuance, have a five-year term and an exercise price of $2.56 per share. | |||||||||||||||||
The warrants issued to the investors and the placement agent and related persons 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. | |||||||||||||||||
During the six months ended June 30, 2014, the investors in the February 2014 public offering exercised 1,054,625 warrants for the purchase of 1,054,625 shares of the Company’s common stock for net proceeds of approximately $2,900,000. | |||||||||||||||||
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 were 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 were 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 April 2013 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 six months ended June 30, 2014, the investors in the April 2013 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 six months ended June 30, 2014, the investors in the September 2013 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 June 30, 2014, no five-year term warrants issued to investors in the September 2013 private placement 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 | % | |||||||||||||||
At The Market Agreement and Purchase Agreement for the sale of 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 December 2014 pursuant to the terms of the securities purchase agreement entered into with the purchasers in the May 2014 financing. 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 422,000 shares of common stock for proceeds of approximately $1,936,000 net of issuance costs, during the six months ended June 30, 2013 and issued no shares of common stock under this agreement during the six months ended June 30, 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 December 2014 pursuant to the terms of the securities purchase agreement entered into with the purchasers in the May 2014 financing. 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 June 30, 2014 and December 31, 2013: | |||||||||||||||||
Number of Warrants outstanding as of: | |||||||||||||||||
Date of | Exercise | (In thousands) | |||||||||||||||
Warrants Issued in Connection with: | Issuance | Price | June 30, 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 | 1,872 | — | ||||||||||||
2014 Public Offering Warrants | 2/18/14 | $ | 2.56 | 293 | — | ||||||||||||
2014 Private Placement Warrants | 5/28/14 | $ | 2.9 | 2,700 | — | ||||||||||||
2014 Private Placement Warrants | 5/28/14 | $ | 3.7 | 216 | — | ||||||||||||
Total Warrants Outstanding | 7,457 | 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 June 30, 2014 and December 31, 2013, respectively. These warrants had a five-year term and expired unexercised on July 20, 2014. | |||||||||||||||||
Options | |||||||||||||||||
The Company’s 2005 Stock Plan, as amended (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 six months ended June 30, 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 | 438 | $ | 2.77 | ||||||||||||||
Forfeited and expired | (15 | ) | $ | 4.45 | |||||||||||||
Options outstanding at June 30, 2014 | 615 | $ | 5.79 | 8.58 | $ | — | |||||||||||
Options exercisable at June 30, 2014 | 207 | $ | 10.51 | 6.49 | $ | — | |||||||||||
Options vested or expected to vest at June 30, 2014 | 513 | $ | 6.26 | 8.37 | $ | — | |||||||||||
As of June 30, 2014 there was approximately $568,000, of unrecognized compensation cost related to stock option awards that is expected to be recognized as expense over a weighted average period of approximately 3 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 six months ended June 30, 2014: | |||||||||||||||||
Weighted Average Assumptions | |||||||||||||||||
Risk-free interest rate | 1.56 | % | |||||||||||||||
Expected life (years) | 4 | ||||||||||||||||
Expected volatility | 101 | % | |||||||||||||||
Dividend yield | 0 | % |
Net_Loss_Per_Share
Net Loss Per Share | 6 Months Ended | |
Jun. 30, 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 615,000 stock options and 7,457,000 warrants at June 30, 2014 and 4,636 shares of preferred stock convertible into 1,277,125 shares of common stock, 178,000 stock options and 2,850,000 warrants at June 30, 2013, were excluded from the calculation of weighted average shares for diluted net loss per share. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended | ||||
Jun. 30, 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 6 months) | $ | 83 | |||
2015 | 202 | ||||
2016 | 208 | ||||
2017 | 215 | ||||
2018 | 221 | ||||
Thereafter | 112 | ||||
Total lease obligations | $ | 1,041 | |||
Manufacturing and Clinical Research Organization Commitments | |||||
As of June 30, 2014, the Company has a balance of unapplied purchase orders for expenditures related to outsourced drug manufacturing and clinical research activities of approximately $2,950,000, of which approximately $110,000 was estimated and accrued at June 30, 2014 for services performed, leaving approximately $2,840,000 to be incurred. Of the $2,840,000 to be incurred, the Company expects to incur approximately $1,510,000 during the remainder of 2014, of which approximately $530,000 is committed under non-cancelable contracts. |
Employee_Severance
Employee Severance | 6 Months Ended | |
Jun. 30, 2014 | ||
Compensation Related Costs [Abstract] | ' | |
Employee Severance | ' | |
5 | Employee Severance | |
During the six months ended June 30, 2014 the Company recorded a charge in general and administrative expense and a related liability in accrued compensation and benefits of $435,000, related to an officer separation agreement. As of June 30, 2014, the Company had a remaining liability balance under this agreement of approximately $387,000 which is payable over the period ending May 2015. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 6 Months Ended | |
Jun. 30, 2014 | ||
Accounting Changes And Error Corrections [Abstract] | ' | |
Recent Accounting Pronouncements | ' | |
6 | Recent Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers. This standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. ASU 2014-09 provides companies with two implementation methods. Companies can choose to apply the standard retrospectively to each prior reporting period presented (full retrospective application) or retrospectively with the cumulative effect of initially applying the standard as an adjustment to the opening balance of retained earnings of the annual reporting period that includes the date of initial application (modified retrospective application). The Company is currently in the process of evaluating this new guidance. This guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, and early application is not permitted. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Description of Business | ' |
Description of Business | |
OXiGENE, Inc. (“OXiGENE” or 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, fosbretabulin tromethamine (also known as ZYBRESTAT®) 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 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 unaudited condensed 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 of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 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 June 30, 2014, had an accumulated deficit of approximately $245,067,000. The Company expects to incur significant additional operating losses over 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 June 30, 2014, the Company had approximately $36,271,000 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 approximately the middle of 2016. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of unaudited condensed 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. | |
Recent Accounting Pronouncements | ' |
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers. This standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. ASU 2014-09 provides companies with two implementation methods. Companies can choose to apply the standard retrospectively to each prior reporting period presented (full retrospective application) or retrospectively with the cumulative effect of initially applying the standard as an adjustment to the opening balance of retained earnings of the annual reporting period that includes the date of initial application (modified retrospective application). The Company is currently in the process of evaluating this new guidance. This guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, and early application is not permitted. |
Stockholders_Equity_Common_and1
Stockholders' Equity - Common and Preferred Shares (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 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 June 30, 2014 and December 31, 2013: | |||||||||||||||||
Number of Warrants outstanding as of: | |||||||||||||||||
Date of | Exercise | (In thousands) | |||||||||||||||
Warrants Issued in Connection with: | Issuance | Price | June 30, 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 | 1,872 | — | ||||||||||||
2014 Public Offering Warrants | 2/18/14 | $ | 2.56 | 293 | — | ||||||||||||
2014 Private Placement Warrants | 5/28/14 | $ | 2.9 | 2,700 | — | ||||||||||||
2014 Private Placement Warrants | 5/28/14 | $ | 3.7 | 216 | — | ||||||||||||
Total Warrants Outstanding | 7,457 | 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 six months ended June 30, 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 | 438 | $ | 2.77 | ||||||||||||||
Forfeited and expired | (15 | ) | $ | 4.45 | |||||||||||||
Options outstanding at June 30, 2014 | 615 | $ | 5.79 | 8.58 | $ | — | |||||||||||
Options exercisable at June 30, 2014 | 207 | $ | 10.51 | 6.49 | $ | — | |||||||||||
Options vested or expected to vest at June 30, 2014 | 513 | $ | 6.26 | 8.37 | $ | — | |||||||||||
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 six months ended June 30, 2014: | |||||||||||||||||
Weighted Average Assumptions | |||||||||||||||||
Risk-free interest rate | 1.56 | % | |||||||||||||||
Expected life (years) | 4 | ||||||||||||||||
Expected volatility | 101 | % | |||||||||||||||
Dividend yield | 0 | % |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 6 Months Ended | ||||
Jun. 30, 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 6 months) | $ | 83 | |||
2015 | 202 | ||||
2016 | 208 | ||||
2017 | 215 | ||||
2018 | 221 | ||||
Thereafter | 112 | ||||
Total lease obligations | $ | 1,041 | |||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
Candidate | ||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ' | ' | ' |
Number of VDA drug candidates tested | 2 | ' | ' | ' |
Accumulated earnings (deficit) | ($245,067) | ($238,508) | ' | ' |
Cash | $36,271 | $7,005 | $7,732 | $4,946 |
Stockholders_Equity_Common_and2
Stockholders' Equity - Common and Preferred Shares - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 6 Months Ended | ||||||||||||||||||||||||||
28-May-14 | Feb. 18, 2014 | Sep. 23, 2013 | Apr. 16, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | 28-May-14 | Feb. 18, 2014 | Dec. 31, 2013 | Apr. 16, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Sep. 23, 2013 | Apr. 16, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 23, 2013 | Sep. 30, 2013 | Apr. 16, 2013 | Jun. 30, 2014 | Apr. 16, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Feb. 18, 2014 | Jun. 30, 2014 | Feb. 18, 2014 | Jun. 30, 2014 | Sep. 23, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | 28-May-14 | 28-May-14 | Jun. 30, 2014 | 28-May-14 | Feb. 18, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 18, 2014 | Dec. 31, 2013 | 28-May-14 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Nov. 30, 2011 | |
2005 Plan [Member] | Placement Agent and Related Persons [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] | Private Placement Series A Warrants [Member] | Private Placement Series A Warrants [Member] | Private Placement Series A Warrants [Member] | Private Placement Series B Warrants [Member] | Private Placement Series B Warrants [Member] | Public Offering [Member] | Public Offering [Member] | Public Offering [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Registered Offering [Member] | Registered Offering [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] | ||||||||||||
Participant | Private Placement Series B Warrants [Member] | Private Placement Series B Warrants [Member] | Series A Preferred Stock [Member] | Series B Preferred Stock [Member] | Public Offering [Member] | Common Stock [Member] | Registered Offering [Member] | |||||||||||||||||||||||||||||||||||||||
Stockholders' Equity - Common and Preferred Shares [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from issuance of common stock and warrants | $14,822,000 | $10,860,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross proceeds from issuance of common stock and warrants | 16,000,000 | 12,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share price of common stock and warrants issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.05 | ' | ' | ' | ' | ' | $2.96 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of warrants issued for each unit issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.5 | ' | ' | ' | ' | ' | 0.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued during period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000 | ' | ' | ' | 5,800 | ' | ' | ' | ' | ' | ' | 5,853,657 | ' | ' | ' | ' | 350,000 | 270,390 | 5,400,847 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 422,000 | ' | ' | ' |
Exercise of warrants, shares of Company's common stock converted | ' | ' | ' | ' | ' | 1,054,625 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,377,412 | 1,377,412 | ' | ' | ' | 2,926,829 | 2,452,431 | ' | ' | ' | ' | 2,700,424 | ' | ' | ' | ' | ' | 292,682 | ' | 216,033 | ' | ' | ' | ' |
Term of warrants | '5 years 3 months 18 days | '5 years | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price | ' | ' | ' | ' | ' | 2.24 | ' | 2.9 | 2.75 | ' | ' | ' | 2.8 | ' | ' | ' | ' | ' | ' | ' | ' | 3.4 | 3.4 | 3.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.7031 | 2.56 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of warrants owned | ' | ' | ' | ' | ' | ' | ' | 4.99% | 9.99% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in percentage of warrants owned | 9.99% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of warrant exercised | ' | ' | ' | ' | ' | 1,054,625 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,452,431 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from warrant exercises | ' | ' | ' | ' | ' | 9,512,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,119,000 | 864,000 | ' | 2,900,000 | ' | 5,493,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross proceeds | ' | ' | 5,800,000 | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds | ' | ' | 4,905,000 | 4,192,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,103,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | 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 | ' | ' | ' | ' | 2,481,000 | ' | 2,481,000 | ' | ' | ' | ' | ' | ' | ' | ' | 2,480,000 | ' | ' | ' | 2,310,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of common stock, net of issuance costs | ' | ' | ' | ' | ' | 25,681,000 | 1,936,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,936,000 | ' | ' | ' |
Issuance of common stock | ' | ' | ' | ' | ' | 20,702,000 | ' | ' | ' | 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 | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost related to stock option awards | ' | ' | ' | ' | ' | $568,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Common_and3
Stockholders' Equity - Common and Preferred Shares - Fair Value Measurements on Recurring and Nonrecurring Basis (Detail) | 6 Months Ended |
Jun. 30, 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_Equity_Common_and4
Stockholders' Equity - Common and Preferred Shares - Summary of Company's Outstanding Common Stock Warrants (Detail) | Jun. 30, 2014 | 28-May-14 | Feb. 18, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Apr. 16, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | Direct Registration Series I Warrants [Member] | Direct Registration Series I Warrants [Member] | Private Placement Series A Warrants [Member] | Private Placement Series A Warrants [Member] | Private Placement Series A Warrants [Member] | Private Placement Series B Warrants [Member] | Private Placement Series B Warrants [Member] | Private Placement Warrants [Member] | Private Placement Warrants [Member] | Private Placement Warrants One [Member] | Private Placement Warrants One [Member] | Public Offering Warrants [Member] | Public Offering Warrants One [Member] | Private Placement Warrants Two [Member] | Private Placement Warrants Three [Member] | ||||
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Date of Issuance | ' | ' | ' | ' | 20-Jul-09 | ' | 16-Apr-13 | ' | ' | 16-Apr-13 | ' | 23-Sep-13 | ' | 23-Sep-13 | ' | 18-Feb-14 | 18-Feb-14 | 28-May-14 | 28-May-14 |
Exercise price | 2.24 | 2.9 | 2.75 | ' | 504 | ' | 3.4 | ' | 3.4 | 3.4 | ' | 2.24 | ' | 2.8 | ' | 2.75 | 2.56 | 2.9 | 3.7 |
Number of Warrants Outstanding | 7,457 | ' | ' | 5,178 | 12 | 12 | 1,460 | 1,460 | ' | 757 | 1,107 | ' | 2,452 | 147 | 147 | 1,872 | 293 | 2,700 | 216 |
Stockholders_Equity_Common_and5
Stockholders' Equity - Common and Preferred Shares - Summary of the Company's Stock Option Activity under its 2005 Plan (Detail) (USD $) | 6 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Shares, Options outstanding, Beginning Balance | 192 |
Shares, Granted | 438 |
Shares, Forfeited and expired | -15 |
Shares, Options outstanding, Ending Balance | 615 |
Shares, Options exercisable, Ending Balance | 207 |
Shares, Options vested or expected to vest, Ending Balance | 513 |
Weighted Average Exercise Price, Options outstanding, Beginning Balance | $12.54 |
Weighted Average Exercise Price, Granted | $2.77 |
Weighted Average Exercise Price, Forfeited and expired | $4.45 |
Weighted Average Exercise Price, Options outstanding, Ending Balance | $5.79 |
Weighted Average Exercise Price, Options exercisable, Ending Balance | $10.51 |
Weighted Average Exercise Price, Options vested or expected to vest, Ending Balance | $6.26 |
Weighted Average Remaining Contractual Life, Options Outstanding, Beginning Balance | '7 years 7 months 10 days |
Weighted Average Remaining Contractual Life, Options Outstanding, Ending Balance | '8 years 6 months 29 days |
Weighted Average Remaining Contractual Life, Options exercisable, Ending Balance | '6 years 5 months 27 days |
Weighted Average Remaining Contractual Life, Options vested or expected to vest, Ending Balance | '8 years 4 months 13 days |
Aggregate Intrinsic Value, Options outstanding, Ending Balance | ' |
Aggregate Intrinsic Value, Options exercisable outstanding, Ending Balance | ' |
Aggregate Intrinsic Value, Options vested or expected to vest, Ending Balance | ' |
Stockholders_Equity_Common_and6
Stockholders' Equity - Common and Preferred Shares - Weighted-Average Assumptions (Detail) | 6 Months Ended |
Jun. 30, 2014 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Risk-free interest rate | 1.56% |
Expected life (years) | '4 years |
Expected volatility | 101.00% |
Dividend yield | 0.00% |
Net_Loss_Per_Share_Additional_
Net Loss Per Share - Additional Information (Detail) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 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 | 615,000 | 178,000 |
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 | 7,457,000 | 2,850,000 |
Convertible Preferred Stock [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Common stock excluded from the calculation of weighted average shares for diluted net loss per share | ' | 4,636 |
Common Stock [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Common stock excluded from the calculation of weighted average shares for diluted net loss per share | ' | 1,277,125 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Future Minimum Lease Payments Under Lease (Detail) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | ' |
2014 (remaining 6 months) | $83 |
2015 | 202 |
2016 | 208 |
2017 | 215 |
2018 | 221 |
Thereafter | 112 |
Total lease obligations | $1,041 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Additional Information (Detail) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Unapplied purchase commitment due | $2,950,000 |
Unapplied purchase commitment estimated and accrued | 110,000 |
Purchase commitment due | 2,840,000 |
Unapplied purchase commitment due during remainder of 2014 | 1,510,000 |
Unapplied purchase commitment non-cancelable contracts | $530,000 |
Employee_Severance_Additional_
Employee Severance - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ' | ' |
Accrued compensation and benefits | $764,000 | $116,000 |
Accrued compensation payable | 387,000 | ' |
Officer Separation Agreement [Member] | ' | ' |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ' | ' |
Accrued compensation and benefits | $435,000 | ' |