Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 25, 2015 | Jun. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | OXGN | ||
Entity Registrant Name | OXIGENE INC | ||
Entity Central Index Key | 908259 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Common Stock, Shares Outstanding | 26,544,934 | ||
Entity Public Float | $53,551,000 |
Balance_Sheets
Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash | $30,031 | $7,005 |
Prepaid expenses | 318 | 93 |
Other current assets | 4 | 67 |
Total current assets | 30,353 | 7,165 |
Property and equipment, net of accumulated depreciation of $242 and $268 at December 31, 2014 and December 31, 2013, respectively | 37 | 36 |
License agreements, net of accumulated amortization of $1,500 and $1,406 at December 31, 2014 and December 31, 2013, respectively | 0 | 93 |
Other assets | 33 | |
Total assets | 30,423 | 7,294 |
Current liabilities: | ||
Accounts payable | 335 | 476 |
Accrued compensation and benefits | 841 | 116 |
Accrued research and development | 36 | 317 |
Accrued other | 207 | 342 |
Total current liabilities | 1,419 | 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; 20,705 and 5,586 shares issued and outstanding at December 31, 2014 and December 31, 2013, respectively | 207 | 56 |
Additional paid-in capital | 279,952 | 244,495 |
Accumulated deficit | -251,155 | -238,508 |
Total stockholders' equity | 29,004 | 6,043 |
Total liabilities and stockholders' equity | $30,423 | $7,294 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Accumulated depreciation | $242 | $268 |
Accumulated amortization on license agreements | $1,500 | $1,406 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 15,000,000 | 15,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 70,000,000 | 70,000,000 |
Common stock, shares issued | 20,705,000 | 5,586,000 |
Common stock, shares outstanding | 20,705,000 | 5,586,000 |
Statements_of_Comprehensive_Lo
Statements of Comprehensive Loss (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Product revenues | $95 | $156 | |
Operating expenses: | |||
Research and development | 7,408 | 3,636 | 3,523 |
General and administrative | 5,242 | 4,739 | 4,690 |
Restructuring (Note 4) | 15 | ||
Total operating expenses | 12,650 | 8,375 | 8,228 |
Loss from operations | -12,650 | -8,280 | -8,072 |
Change in fair value of warrants | 6 | ||
Investment income | 6 | 4 | 12 |
Other (expense) income, net | -3 | -1 | -25 |
Net loss and comprehensive loss | -12,647 | -8,277 | -8,079 |
Non-cash deemed dividend to preferred stockholders | -4,799 | ||
Net loss attributable to common stock | ($12,647) | ($13,076) | ($8,079) |
Basic and diluted net loss per share attributable to common stock | ($0.75) | ($4.67) | ($5.48) |
Weighted-average number of common shares outstanding | 16,973 | 2,803 | 1,473 |
Statements_of_Stockholders_Equ
Statements of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Preferred Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] |
USD ($) | USD ($) | USD ($) | USD ($) | ||
Beginning Balance at Dec. 31, 2011 | $8,797,000 | $13,000 | $226,137,000 | ($217,353,000) | |
Beginning Balance, shares at Dec. 31, 2011 | 1,265,000 | ||||
Net loss and comprehensive loss | -8,079,000 | -8,079,000 | |||
Issuance of common stock under ATM, net of expenses of $137 | 1,270,000 | 1,000 | 1,269,000 | ||
Issuance of common stock under ATM, net of expenses of $137, Shares | 178,000 | ||||
Issuance of common stock to LPC, net of expenses of $552 | 2,047,000 | 3,000 | 2,044,000 | ||
Issuance of common stock to LPC, net of expenses of $552, Shares | 294,000 | ||||
Additional shares due to reverse stock split, shares | 7,000 | ||||
Stock based compensation expense | 511,000 | 511,000 | |||
Stock based compensation expense, Shares | 2,000 | ||||
Ending Balance at Dec. 31, 2012 | 4,546,000 | 17,000 | 229,961,000 | -225,432,000 | |
Ending Balance, shares at Dec. 31, 2012 | 1,746,000 | ||||
Net loss and comprehensive loss | -8,277,000 | -8,277,000 | |||
Issuance of common stock under ATM, net of expenses of $137 | 1,936,000 | 4,000 | 1,932,000 | ||
Issuance of common stock under ATM, net of expenses of $137, Shares | 422,000 | ||||
Issuance of common stock to LPC, net of expenses of $552 | 9,097,000 | 9,097,000 | |||
Issuance of common stock to LPC, net of expenses of $552, Shares | 11,000 | ||||
Redemption of preferred stock in connection with the private placement | -2,802,000 | -2,802,000 | |||
Redemption of preferred stock in connection with the private placement, Shares | -3,000 | ||||
Non-cash deemed dividend to preferred stock in connection with the private placement | 4,799,000 | -4,799,000 | |||
Conversion of preferred stock to common stock | 31,000 | -31,000 | |||
Conversion of preferred stock to common stock, Shares | 3,058,000 | -8,000 | |||
Issuance of common stock in connection with the exercise of Series B warrants, net of expenses of $55 | 864,000 | 3,000 | 861,000 | ||
Issuance of common stock in connection with the exercise of Series B warrants, net of expenses of $55, Shares | 270,000 | ||||
Stock based compensation expense | 679,000 | 1,000 | 678,000 | ||
Stock based compensation expense, Shares | 90,000 | ||||
Ending Balance at Dec. 31, 2013 | 6,043,000 | 56,000 | 244,495,000 | -238,508,000 | |
Ending Balance, shares at Dec. 31, 2013 | 5,586,000 | ||||
Net loss and comprehensive loss | -12,647,000 | -12,647,000 | |||
Issuance of common stock in connection with the public offering, net of expenses of $1,140 | 10,860,000 | 59,000 | 10,801,000 | ||
Issuance of common stock in connection with the public offering, net of expenses of $1,140, Shares | 5,854,000 | ||||
Issuance of common stock in connection with the private placement, net of expenses of $1,178 | 14,822,000 | 54,000 | 14,768,000 | ||
Issuance of common stock in connection with the private placement, net of expenses of $1,178, Shares | 5,401,000 | ||||
Issuance of common stock in connection with the exercise of Series B warrants under Private Placement, net of expenses of $71 | 1,118,000 | 3,000 | 1,115,000 | ||
Issuance of common stock in connection with the exercise of Series B warrants under Private Placement, net of expenses of $71, Shares | 350,000 | ||||
Issuance of common stock in connection with the exercise of warrants under 2013 Private Placement, net of expenses of $0 | 5,493,000 | 24,000 | 5,469,000 | ||
Issuance of common stock in connection with the exercise of warrants under 2013 Private Placement, net of expenses of $0, Shares | 2,452,000 | ||||
Issuance of common stock in connection with the exercise of warrants under 2014 Public Offering, net of expenses of $0 | 2,901,000 | 11,000 | 2,890,000 | ||
Issuance of common stock in connection with the exercise of warrants under 2014 Public Offering, net of expenses of $0, Shares | 1,055,000 | ||||
Stock based compensation expense | 414,000 | 414,000 | |||
Stock based compensation expense, Shares | 7,000 | ||||
Ending Balance at Dec. 31, 2014 | $29,004,000 | $207,000 | $279,952,000 | ($251,155,000) | |
Ending Balance, shares at Dec. 31, 2014 | 20,705,000 |
Statements_of_Stockholders_Equ1
Statements of Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Expenses with issuance of common stock | $72,000 | $137,000 | |
Expenses with private placement financing | 1,703,000 | ||
Expenses with issuance of common stock | 55,000 | ||
Expenses with public offering | 1,140,000 | ||
Expenses with private placement | 1,178,000 | ||
Expenses with private placement | 71,000 | ||
Expenses with private placement | 0 | ||
Expenses with public offering | 0 | ||
Common Stock [Member] | |||
Expenses with issuance of common stock | 72,000 | 137,000 | |
Expenses with issuance of common stock | 55,000 | ||
Expenses with public offering | 1,140,000 | ||
Expenses with private placement | 1,178,000 | ||
Expenses with private placement | 71,000 | ||
Expenses with private placement | 0 | ||
Expenses with public offering | 0 | ||
Preferred Stock [Member] | |||
Expenses with private placement financing | 1,703,000 | ||
Lincoln Park Capital Fund, LLC [Member] | |||
Expenses with issuance of common stock | 552,000 | ||
Lincoln Park Capital Fund, LLC [Member] | Common Stock [Member] | |||
Expenses with issuance of common stock | $552,000 |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating activities: | |||
Net loss | ($12,647) | ($8,277) | ($8,079) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Change in fair value of warrants | -6 | ||
Depreciation | 16 | 12 | 29 |
Amortization of license agreement | 93 | 98 | 98 |
Stock-based compensation | 414 | 679 | 511 |
Changes in operating assets and liabilities: | |||
Restricted cash | 20 | ||
Prepaid expenses and other current assets | -195 | 117 | 464 |
Accounts payable and accrued expenses | 168 | 350 | -1,352 |
Net cash used in operating activities | -12,151 | -7,001 | -8,335 |
Investing activities: | |||
Purchases of furniture, fixtures, equipment and other assets | -17 | -35 | -8 |
Net cash used in investing activities | -17 | -35 | -8 |
Financing activities: | |||
Proceeds from issuance of preferred stock, net of issuance costs | 6,295 | ||
Proceeds from issuance of common stock, net of issuance costs | 25,682 | 1,936 | 3,317 |
Proceeds from exercise of warrants into common stock, net of issuance costs | 9,512 | 864 | |
Net cash provided by financing activities | 35,194 | 9,095 | 3,317 |
Increase (decrease) in cash and cash equivalents | 23,026 | 2,059 | -5,026 |
Cash at beginning of period | 7,005 | 4,946 | 9,972 |
Cash at end of period | 30,031 | 7,005 | 4,946 |
Non-Cash investing and financing activities: | |||
Conversion of preferred stock to common stock | 7,998 | ||
Redemption of preferred stock in connection with the private placement | 2,802 | ||
Non-cash deemed dividend to preferred stock | $4,799 |
Description_of_Business_and_Si
Description of Business and Significant Accounting Policies | 12 Months Ended | ||
Dec. 31, 2014 | |||
Accounting Policies [Abstract] | |||
Description of Business and Significant Accounting Policies | 1. Description of Business and Significant Accounting Policies | ||
Description of Business | |||
OXiGENE, Inc. (the “Company”), is incorporated in the state of Delaware, and is a clinical-stage, biopharmaceutical company developing novel therapeutics primarily to treat cancer. The Company’s major focus is developing vascular disrupting agents (VDAs) that selectively disrupt abnormal blood vessels associated with solid tumor progression. The Company is dedicated to leveraging its intellectual property and therapeutic development expertise to bring life-extending and life-enhancing medicines to patients. The Company has two VDA drug candidates currently being tested in clinical trials, fosbretabulin and OXi4503. | |||
Capital Resources | |||
The Company has experienced net losses every year since inception and, as of December 31, 2014, had an accumulated deficit of approximately $251,155,000 the Company expects to incur significant additional operating losses over at least the next several years, principally as a result of the Company’s continuing clinical trials and anticipated research and development expenditures. The principal source of the Company’s working capital to date has been the proceeds of private and public equity financings and to a lesser extent the exercise of warrants and stock options. The Company currently has no recurring material amount of income. As of December 31, 2014, the Company had approximately $30,031,000 in cash. The company also raised $10.0 million in gross proceeds, or approximately $9.35 million in net proceeds after deducting placement agents’ fees, and before deducting other offering expenses, in a registered direct offering of common stock and warrants in March 2015, as described in Note 11 to the financial statements. | |||
The Company expects its existing cash to support its operations through approximately the end of 2017. The Company expects this level of cash utilization to allow it to continue its ongoing programs, including completion of a Phase 2 clinical trial of fosbretabulin in patients with recurrent GI-NETs with elevated biomarkers, including a rollover clinical trial designed to treat patients for one year after they complete the Phase 2 clinical trial if they have responded to fosbretabulin, the initiation and completion of the Phase 1 portion, and initiation of the Phase 2 portion, of an open label clinical trial of OXi4503 in patients with AML to be sponsored by the Company; and supporting a Phase 1b/2 trial of fosbretabulin in relapsed ovarian cancer in combination with Votrient® (pazopanib), being sponsored by two UK-based nonprofit organizations. While the Company’s existing cash will support the planning for a follow-on clinical program in fosbretabulin for the treatment of ovarian cancer, any significant further development of fosbretabulin in advanced recurrent ovarian cancer, including the potential development of a special protocol assessment with the FDA, and conducting follow-on clinical studies or other capital intensive activities, will be contingent upon the Company’s ability to raise additional capital in addition to its existing financing arrangements or from a collaborative research agreement with a third-party, as to which the Company can give no assurance. | |||
Additional funding may not be available to OXiGENE on acceptable terms, or at all. If the Company is unable to access additional funds when needed, it may not be able to continue the development of its product candidates or the Company could be required to delay, scale back or eliminate some or all of its development programs and other operations. Any additional equity financing, if available to the Company, may not be available on favorable terms, would most likely be dilutive to its current stockholders and debt financing, if available, and may involve restrictive covenants. If the Company accesses funds through collaborative or licensing arrangements, it may be required to relinquish rights to some of its technologies or product candidates that it would otherwise seek to develop or commercialize on its own, on terms that are not favorable to the Company. The Company’s ability to access capital when needed is not assured and, if not achieved on a timely basis, will materially harm its business, financial condition and results of operations. The Company’s ability to raise additional capital could also be impaired if it is unable to comply with the listing standards of The NASDAQ Capital Market and instead has to trade its common shares in the over-the-counter market. | |||
Significant Accounting Policies | |||
Use of Estimates | |||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. | |||
Concentration of Credit Risk | |||
The Company has no significant off balance sheet concentrations of credit risk. Financial instruments that potentially subject the Company to concentrations of credit risk primarily consist of cash. The Company holds its cash and cash equivalents at one financial institution. | |||
Fair Value | |||
The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. Fair value hierarchy is now established that prioritizes valuation inputs based on the observable nature of those inputs. The fair value hierarchy applies only to the valuation inputs used in determining the reported fair value of the Company’s investments and is not a measure of the investment credit quality. The hierarchy defines three levels of valuation inputs: | |||
Level 1 inputs | Quoted prices in active markets; | ||
Level 2 inputs | Generally include inputs with other observable qualities, such as quoted prices in active markets for similar assets or quoted prices for identical assets in inactive markets; and | ||
Level 3 inputs | Valuations based on unobservable inputs. | ||
As of December 31, 2014 and 2013, the Company did not hold any assets or liabilities subject to measurement on a recurring basis. The Company was required to measure, on a non-recurring basis, the fair value of its convertible preferred stock and warrants issued in the April 2013 and September 2013 financing transactions. The methods and assumptions used to value those instruments are disclosed in Note 6 to the financial statements. | |||
Furniture and Fixtures, Equipment and Leasehold Improvements | |||
Furniture and fixtures, equipment and leasehold improvements are recorded at cost. Depreciation is recorded using the straight-line method over the lesser of the estimated useful lives of the assets, which range from three to five years, or the applicable lease term. | |||
License Agreements | |||
The carrying value of the license agreement with Arizona State University (ASU) was amortized over the term of the agreement, which was approximately 15.5 years (see Note 3), and now has a carrying value of $0. The technology licensed from ASU is related to the Company’s fosbretabulin and OXi4503 programs. The Company is required to perform an impairment analysis of its long-lived assets if triggering events occur. The Company reviews for such triggering events, such as a going concern opinion and continuing losses, periodically. Both the fosbretabulin and OXi4503 programs utilize intellectual property under the license agreement, demonstrating alternative future use in other research and development projects. The license agreement provides for additional payments in connection with the license arrangement upon the initiation of certain clinical trials or the completion of certain regulatory approvals, which payments could be accelerated upon the achievement of certain financial milestones as defined in the agreement. The Company expenses these payments to research and development in the period the obligation becomes both probable and estimable. | |||
Accrued Research and Development | |||
The Company charges all research and development expenses, both internal and external costs, to operations as incurred. The Company’s research and development costs represent expenses incurred from the engagement of outside professional service organizations, product manufacturers and consultants associated with the development of the Company’s potential product candidates. The Company recognizes expenses associated with these arrangements based on the completion of activities as specified in the applicable contracts. Costs incurred under fixed-fee contracts are expensed ratably over the contract period absent any knowledge that the services will be performed other than ratably. Costs incurred under contracts with clinical trial sites and principal investigators are generally accrued on a patient-treated basis consistent with the terms outlined in the contract. In determining costs incurred on some of these programs, the Company takes into consideration a number of factors, including estimates and input provided by internal program managers. Upon termination of such contracts, the Company is normally only liable for costs incurred and committed to date. As a result, accrued research and development expenses represent the Company’s reasonably estimated contractual liability to outside service providers at any particular point in time. | |||
Revenue Recognition | |||
In December 2011, the Company established a distribution agreement to provide access to fosbretabulin for the treatment of patients with ATC in certain specified territories on a compassionate use basis. This agreement was terminated effective December 31, 2014. The agreement provided that upon the receipt of fosbretabulin by the distributor for distribution and sale to compassionate use patients, the distributor had 30 days to inspect the product for defects and to ensure that the product conformed to the warranties made by the Company. If the distributor did not notify the Company of any defective products within the 30-day period it was deemed to have accepted the products. Revenue was recognized based on products being accepted at the conclusion of the 30-day inspection period. Also, the distributor was obligated to 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 fosbretabulin in the preceding quarter, less the cost of introductory drug provided at no cost. This revenue was recognized upon notification from the distributor of the gross margin earned. Fosbretabulin was expensed at the time it was manufactured, because it is in the development stage and there was not an alternative future use. As a result, the product provided to the distributor has a zero cost basis, and therefore no cost-of-goods-sold has been recorded. | |||
Comprehensive Net Loss | |||
For the periods presented, there are no components of other comprehensive income or accumulated comprehensive income and net loss is equal to comprehensive loss. | |||
Stock-based Compensation | |||
The Company expenses the estimated fair value of all share-based payments issued to employees on a straight-line basis over the vesting period. The Company has a 2005 Stock Plan (“2005 Plan”), which superseded its 1996 Stock Option Plan that provides for the award of stock options, restricted stock and stock appreciation rights to employees, directors and consultants to the Company. The Company also has a 2009 Employee Stock Purchase Plan (“2009 ESPP”) which was suspended in 2012. | |||
Patents and Patent Applications | |||
The Company has filed applications for patents in connection with technologies being developed. The patent applications and any patents issued as a result of these applications are important to the protection of the Company’s technologies that may result from its research and development efforts. Costs associated with patent applications and maintaining patents are expensed as general and administrative expense as incurred. | |||
Income Taxes | |||
The Company accounts for income taxes based upon the provisions of ASC 740, Income Taxes. Under ASC 740, deferred taxes are recognized using the liability method whereby tax rates are applied to cumulative temporary differences between carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes based on when and how they are expected to affect the tax return. | |||
Subsequent Events | |||
The Company reviews all activity subsequent to year end but prior to the issuance of the financial statements for events that could require disclosure or which could impact the carrying value of assets or liabilities as of the balance sheet date. |
Furniture_and_Fixtures_Equipme
Furniture and Fixtures, Equipment and Leasehold Improvements | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Furniture and Fixtures, Equipment and Leasehold Improvements | 2. Furniture and Fixtures, Equipment and Leasehold Improvements | ||||||||
Furniture and fixtures, equipment and leasehold improvements consisted of the following at the dates indicated below (in thousands): | |||||||||
Years ended December 31, | |||||||||
2014 | 2013 | ||||||||
Leasehold improvements | $ | 6 | $ | 6 | |||||
Equipment | 237 | 262 | |||||||
Furniture and fixtures | 36 | 36 | |||||||
Total gross assets | 279 | 304 | |||||||
Less accumulated depreciation | (242 | ) | (268 | ) | |||||
Total furniture and fixtures, equipment and leasehold improvements | $ | 37 | $ | 36 |
License_Agreements
License Agreements | 12 Months Ended |
Dec. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
License Agreements | 3. License Agreements |
In August 1999, the Company entered into an exclusive license agreement for the commercial development, use and sale of products or services covered by certain patent rights owned by Arizona State University. From the inception of the agreement through December 31, 2014, the Company has paid a total of $2,600,000 in connection with this license. The Company capitalized the net present value of the total amount paid under the initial terms of the license, or $1,500,000, and amortized this amount over the patent life or 15.5 years. | |
The Company has recorded all amortization expense related to this license agreement of approximately $1,500,000 as of December 31, 2014. The net book value at December 31, 2014 and 2013 was $0 and $93,000, respectively. | |
Restructuring
Restructuring | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Restructuring | 4. Restructuring | ||||||||||||||||||||||||||||||||||||||||
On September 1, 2011, the Company announced a restructuring plan designed to focus the Company’s capital resources on its most promising early-stage clinical programs and further reduce its cash utilization. In connection with this restructuring, the Company recognized approximately $721,000 of research and development restructuring expenses and approximately $505,000 of general and administrative restructuring expenses in the year ended December 31, 2011. In the year ended December 31, 2012, the Company made net adjustments to the accrual of approximately $15,000. Activities under the 2011 restructuring plan were complete as of November 2012. | |||||||||||||||||||||||||||||||||||||||||
Amounts | Foreign | Amount | Amounts | Adjust- | Foreign | Amount | |||||||||||||||||||||||||||||||||||
Paid | Currency | Accrued | Paid | ment | Currency | Accrued | |||||||||||||||||||||||||||||||||||
Adjust- | Adjust- | ||||||||||||||||||||||||||||||||||||||||
ment | ment | ||||||||||||||||||||||||||||||||||||||||
Original | Adjust- | Charges | Years ended December 31, | ||||||||||||||||||||||||||||||||||||||
Charges | ment | to date | 2011 | 2012 | |||||||||||||||||||||||||||||||||||||
G&A | $ | 425 | $ | 80 | $ | 505 | $ | (373 | ) | $ | — | $ | 132 | $ | (152 | ) | $ | 20 | $ | — | $ | — | |||||||||||||||||||
R&D | 721 | 721 | (178 | ) | (22 | ) | 521 | (526 | ) | (5 | ) | 10 | — | ||||||||||||||||||||||||||||
Total restructuring | $ | 1,146 | $ | 80 | $ | 1,226 | $ | (551 | ) | $ | (22 | ) | $ | 653 | $ | (678 | ) | $ | 15 | $ | 10 | $ | — |
Accrued_Other
Accrued Other | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Text Block [Abstract] | |||||||||
Accrued Other | 5. Accrued Other | ||||||||
Accrued other consisted of the following at the dates indicated below (in thousands): | |||||||||
Years ended December 31, | |||||||||
2014 | 2013 | ||||||||
Accounting and Legal | $ | 179 | $ | 154 | |||||
Deferred Rent | $ | 21 | $ | — | |||||
Other | 7 | 188 | |||||||
Total accrued other | $ | 207 | $ | 342 | |||||
Stockholders_Equity_Common_and
Stockholders' Equity - Common and Preferred Shares | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||
Stockholders' Equity - Common and Preferred Shares | 6. Stockholders’ Equity – Common and Preferred Shares | ||||||||||||||||||
As of December 31, 2014 and 2013 the Company has 70,000,000 common stock authorized. | |||||||||||||||||||
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 year ended December 31, 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 the warrants from acquiring shares upon exercise of the warrants that would result in the number of shares beneficially owned by it and its affiliates exceeding 9.99% of the total number of shares of the Company’s common stock then issued and outstanding. In addition, upon certain changes in control of the Company, each holder of a warrant can elect to receive, subject to certain limitations and assumptions, securities in a successor entity. | |||||||||||||||||||
During the year ended December 31, 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 $2,901,000. | |||||||||||||||||||
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 (the “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 any preferential 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 described below, 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) 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 (the “Series A Warrants”); and | |||||||||||||||||||
(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 (the “Series B Warrants”). | |||||||||||||||||||
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 year ended December 31, 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 $1,118,000. | |||||||||||||||||||
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 “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, 2014. | |||||||||||||||||||
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 year ended December 31, 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 December 31, 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 ( “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. The Company may be able to sell more shares under this agreement depending on several factors including the Company’s stock price, number of shares outstanding, and when the sales occur. The Company will be required to file a new Form S-3 registration statement before June 14, 2015, as its current Form S-3 will be expiring on that date pursuant to SEC rules. In addition, the Company is restricted for 90 days under the terms of its last financing which closed on March 25, 2015, and in the future it may be restricted by the terms of other financing arrangements that it may enter into from making sales under the ATM Agreement. | |||||||||||||||||||
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 year ended December 31, 2013. Additionally, the Company issued approximately 178,000 shares of common stock for proceeds of approximately $1,270,000 net of issuance costs, during the year ended December 31, 2012. No shares of common stock were issued under this agreement during the year ended December 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 of its common stock to Lincoln Park Capital Fund, LLC (“LPC”), which expired on January 11, 2015. The Company could only sell shares under this arrangement if it maintained a minimum stock price of $6.00. The facility has expired pursuant to its terms and accordingly is no longer available to the Company. | |||||||||||||||||||
In connection with the LPC Purchase Agreement, the Company issued 294,000 shares of common stock for proceeds of approximately $2,047,000, net of issuance costs, during the year ended December 31, 2012, including 6,493 shares issued as a commitment fee. No shares of common stock were issued under this agreement during the year ended December 31, 2013 or 2014. | |||||||||||||||||||
Warrants | |||||||||||||||||||
The following is a summary of the Company’s outstanding common stock warrants as of December 31, 2014 and December 31, 2013: | |||||||||||||||||||
Number of Warrants | |||||||||||||||||||
outstanding | |||||||||||||||||||
as of December 31, | |||||||||||||||||||
Date of | Warrant Term | Exercise | (In thousands) | ||||||||||||||||
Warrants Issued in | Issuance | Price | 2014 | 2013 | |||||||||||||||
Connection with: | |||||||||||||||||||
Direct Registration Series I Warrants | 7/20/09 | 5years | $ | 504 | — | 12 | |||||||||||||
Private Placement Series A Warrants | 4/16/13 | 5years | $ | 3.4 | 1,460 | 1,460 | |||||||||||||
Private Placement Series B Warrants | 4/16/13 | 2years | $ | 3.4 | 757 | 1,107 | |||||||||||||
2013 Private Placement Warrants | 9/23/13 | 5years | $ | 2.24 | — | 2,452 | |||||||||||||
2013 Private Placement Warrants | 9/23/13 | 5years | $ | 2.8 | 147 | 147 | |||||||||||||
2014 Public Offering Warrants | 2/18/14 | 5years | $ | 2.75 | 1,872 | — | |||||||||||||
2014 Public Offering Warrants | 2/18/14 | 5years | $ | 2.56 | 293 | — | |||||||||||||
2014 Private Placement Warrants | 5/28/14 | 5 years & 3 months | $ | 2.9 | 2,700 | — | |||||||||||||
2014 Private Placement Warrants | 5/28/14 | 5 years & 3 months | $ | 3.7031 | 216 | — | |||||||||||||
Total Warrants Outstanding | 7,445 | 5,178 | |||||||||||||||||
Options and restricted stock | |||||||||||||||||||
The Company’s 2005 Stock Plan, as amended at the 2012 Annual Meeting of Stockholders in May 2012 (the “2005 Plan”) provides for the award of options, restricted stock and stock appreciation rights to acquire up to 833,333 shares of the Company’s common stock in the aggregate. Currently, the 2005 Plan allows for awards of up to 200,000 shares that may be granted to any one participant in any fiscal year. For options subject to graded vesting, the Company elected the straight-line method of expensing these awards over the service period. | |||||||||||||||||||
The following is a summary of the Company’s stock option activity under its 2005 Plan for the years ended December 31, 2012, 2013 and 2014: | |||||||||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||||||||
Average | Average | Intrinsic | |||||||||||||||||
Exercise | Remaining | Value | |||||||||||||||||
Price | Contractual | ||||||||||||||||||
Life | |||||||||||||||||||
(In thousands) | (Years) | (In thousands) | |||||||||||||||||
Options outstanding at December 31, 2011 | 83 | $ | 70.06 | 9.23 | |||||||||||||||
Granted | 124 | $ | 9.83 | ||||||||||||||||
Forfeited and expired | (64 | ) | $ | 66.21 | |||||||||||||||
Options outstanding at December 31, 2012 | 143 | $ | 19.73 | 8.64 | |||||||||||||||
Granted | 107 | $ | 3.9 | ||||||||||||||||
Forfeited and expired | (58 | ) | $ | 14.38 | |||||||||||||||
Options outstanding at December 31, 2013 | 192 | $ | 12.54 | 7.61 | |||||||||||||||
Granted | 521 | $ | 2.67 | ||||||||||||||||
Forfeited and expired | (41 | ) | $ | 33.4 | |||||||||||||||
Options outstanding at December 31, 2014 | 672 | $ | 3.63 | 8.49 | $ | — | |||||||||||||
Options exercisable at December 31, 2014 | 244 | $ | 4.51 | 7.15 | $ | — | |||||||||||||
Options vested or expected to vest at December 31, 2014 | 565 | $ | 3.73 | 8.34 | $ | — | |||||||||||||
As of December 31, 2014 there was approximately $515,000 of unrecognized compensation cost related to stock option awards that is expected to be recognized as expense over a weighted average period of approximately 2.68 years. | |||||||||||||||||||
The following stock options were granted during the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||||||
Years ended December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Options Granted (In thousands) | 521 | 107 | 124 | ||||||||||||||||
Weighted average fair value | $ | 1.87 | $ | 2.77 | $ | 6.94 | |||||||||||||
The fair values for the stock options granted were estimated at the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions for the three years ended December 31, 2014, 2013 and 2012: | |||||||||||||||||||
Years ended December 31, | |||||||||||||||||||
Weighted Average Assumptions | 2014 | 2013 | 2012 | ||||||||||||||||
Risk-free interest rate | 1.55 | % | 0.95 | % | 0.85 | % | |||||||||||||
Expected life (years) | 4 | 4 | 4 | ||||||||||||||||
Expected volatility | 99 | % | 100 | % | 102 | % | |||||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||||
In calculating the estimated fair value of its stock options, the Company used the Black-Scholes option pricing model which requires the consideration of the following six variables for purposes of estimating fair value: | |||||||||||||||||||
Ÿ | the stock option exercise price, | ||||||||||||||||||
Ÿ | the expected term of the option, | ||||||||||||||||||
Ÿ | the grant date price of the Company’s common stock, which is issuable upon exercise of the option, | ||||||||||||||||||
Ÿ | the expected volatility of the Company’s common stock, | ||||||||||||||||||
Ÿ | the expected dividends on the Company’s common stock (the Company does not anticipate paying dividends in the foreseeable future), and | ||||||||||||||||||
Ÿ | the risk-free interest rate for the expected option term. | ||||||||||||||||||
Stock Option Exercise Price and Grant Date Price of the Company’s common stock — The closing market price of its common stock on the date of grant. | |||||||||||||||||||
Expected Term — The expected term of options represents the period of time for which the options are expected to be outstanding and is based on an analysis of historical behavior of participants over time. | |||||||||||||||||||
Expected Volatility — The expected volatility is a measure of the amount by which the Company’s stock price is expected to fluctuate during the term of the option granted. The Company determines the expected volatility based on the historical volatility of its common stock over a period commensurate with the option’s expected term. | |||||||||||||||||||
Expected Dividends — Because the Company has never declared or paid any cash dividends on any of its common stock and does not expect to do so in the foreseeable future, the Company uses an expected dividend yield of zero to calculate the grant date fair value of a stock option. | |||||||||||||||||||
Risk-Free Interest Rate — The risk-free interest rate is the implied yield available on U.S. Treasury issues with a remaining life consistent with the option’s expected term on the date of grant. | |||||||||||||||||||
The Company is required to estimate the level of award forfeitures expected to occur and record compensation expense only for those awards that are ultimately expected to vest. This requirement applies to all awards that are not yet vested, including awards granted prior to January 1, 2006. Accordingly, the Company performed a historical analysis of option awards that were forfeited prior to vesting, and ultimately recorded total stock option expense that reflected this estimated forfeiture rate. | |||||||||||||||||||
The Company recorded expenses of $20,000, $259,913 and $0 during the years ended December 31, 2014, 2013 and 2012, respectively, related to restricted stock awards granted from the Company’s 2005 Stock Plan. In 2013 an officer was granted a restricted stock award of 72,933 shares valued at $199,913 as compensation and all other grants of restricted stock were granted to board of directors as board compensation The restricted stock awards were valued based on the closing price of the Company’s common stock on the grant date and the shares were fully vested upon grant. | |||||||||||||||||||
As of December 31, 2014, the Company did not have any non-vested restricted common stock outstanding. | |||||||||||||||||||
Employee Stock Purchase Plan (2009 ESPP) | |||||||||||||||||||
The Company has an Employee Stock Purchase Plan which was suspended in 2012. Under the 2009 Employee Stock Purchase Plan (the “2009 ESPP”), employees have the option to purchase shares of the Company’s common stock at 85% of the closing price on the first day of each purchase period or the last day of each purchase period (as defined in the 2009 ESPP), whichever is lower, up to specified limits. Eligible employees are given the option to purchase shares of the Company’s common stock, on a tax-favored basis, through regular payroll deductions in compliance with Section 423 of the Internal Revenue Code of 1986, as amended (the “Code”). Currently, an aggregate of 10,417 shares of common stock may be issued under the 2009 ESPP, subject to adjustment each year pursuant to the terms of the 2009 ESPP. |
Net_Loss_Per_Share
Net Loss Per Share | 12 Months Ended |
Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 7. Net Loss Per Share |
Basic and diluted net loss per share was calculated by dividing the net loss per share attributed to the Company’s common shares by the weighted-average number of common shares outstanding. Diluted net loss per share includes the effect of all dilutive, potentially issuable common equivalent shares as defined using the treasury stock method. All of the Company’s common stock equivalents are anti-dilutive due to the Company’s net loss position for all periods presented. Accordingly, common stock equivalents of approximately 672,000, 192,000, and 143,000 stock options and 7,445,000, 5,178,000, and 13,000 warrants at December 31, 2014, 2013 and 2012, respectively, were excluded from the calculation of weighted average shares for diluted net loss per share. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Income Taxes | 8. Income Taxes | ||||||||
The components of the Company’s deferred tax assets at December 31, 2014 and 2013 are as follows: (Amounts in thousands): | |||||||||
Years ended December 31, | |||||||||
2014 | 2013 | ||||||||
Net operating loss carryforwards | $ | 79,194 | $ | 74,533 | |||||
Research and development credits | 2,301 | 2,171 | |||||||
Stock based compensation | 667 | 434 | |||||||
Capital loss carryforwards | — | 1,360 | |||||||
Accruals and reserves | 297 | 83 | |||||||
Total Deferred tax assets | 82,459 | 78,581 | |||||||
Valuation allowance | (82,459 | ) | (78,581 | ) | |||||
Net deferred tax asset | $ | — | $ | — | |||||
After consideration of the available evidence, both positive and negative, the Company has determined that a full valuation allowance at December 31, 2014 and 2013, is necessary to reduce the deferred tax assets to the amount that will more likely than not be realized. The valuation allowance increased by approximately $3,878,000 and $2,642,000 for the years ended December 31, 2014 and 2013, respectively. The increase for both 2013 and 2014 was due primarily to the increase in the federal net operating loss. | |||||||||
At December 31, 2014, the Company had net operating loss carry-forwards of approximately $224,291,000 for U.S. income tax purposes, which will begin to expire in 2020 and state operating loss carry-forwards of $55,365,000 in California that will begin to expire in 2017. The Company also had tax credits of $2,491,000 related to federal research and development activities which begin to expire in 2021. The Company also had tax credits of $873,000 related to state research and development activities which have no expiration. The Company recorded a capital loss carryover of approximately $4,000,000 in 2009 that generated a deferred tax asset of $1,360,000, which have expired at the end of 2014 since not utilized. | |||||||||
The future utilization of the net operating loss carry-forwards and credit carry-forwards may be subject to an annual limitation due to ownership changes that could have occurred in the past or that may occur in the future under the provisions of IRC Section 382 or 383 of the internal revenue code. | |||||||||
The Company provides for income taxes under the liability method in accordance with the FASB’s guidance on accounting for income taxes. As all of the Company’s deferred tax assets have been reserved for in a valuation allowance, no provision for (benefit from) income taxes have been recorded in the accompanying financial statements. | |||||||||
A reconciliation of the federal statutory rate to the Company’s effective tax rate is as follows: | |||||||||
Years ended | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Federal Statutory Rate | 34 | % | 34 | % | |||||
State Income taxes | — | 0.31 | |||||||
Federal NOL adjustment | — | (0.48 | ) | ||||||
Permanent Items: Capital Loss | (10.82 | ) | — | ||||||
Permanent Items | — | 0.16 | |||||||
Stock Compensation | (0.05 | ) | (0.31 | ) | |||||
Federal Research Credits | 0.71 | 1.64 | |||||||
State rate change | 6.82 | (3.38 | ) | ||||||
Miscellaneous | — | (0.03 | ) | ||||||
(Increase)/ Decrease in Valuation Allowance | (30.66 | ) | (31.91 | ) | |||||
Provision for income taxes | — | % | — | % | |||||
ASC 740-10-50 clarifies the accounting for income taxes by prescribing a minimum recognition threshold that a tax position is required to meet before being recognized in the financial statements. ASC 740-10-50 also provides guidance on de-recognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. At December 31, 2014, the Company had unrecognized tax benefits of $797,869 related to research and development credits and $295,038 related to California 2013 net operating losses. | |||||||||
The change in unrecognized tax benefits from December 31, 2012 is as follows: | |||||||||
Unrecognized tax benefits as of 12/31/12 | $ | 673,880 | |||||||
Increase in prior year unrecognized tax benefits | 40,472 | ||||||||
Increase in current year unrecognized tax benefits | 33,684 | ||||||||
Unrecognized tax benefits as of 12/31/13 | 748,036 | ||||||||
Increase in prior year unrecognized tax benefits | 295,038 | ||||||||
Increase in current year unrecognized tax benefits | 49,834 | ||||||||
Unrecognized tax benefits as of 12/31/14 | $ | 1,092,908 | |||||||
The Company does not expect its unrecognized tax benefits to change significantly over the next twelve months. As of December 31, 2014, due to a valuation allowance against the Company’s deferred tax assets, none of the unrecognized tax benefits, if recognized, would affect the Company’s effective tax rate. | |||||||||
There are currently no federal or state audits in progress, tax years still subject to examination for Federal and the State authorities include all prior years due to the existence of net operating loss carry-forwards. | |||||||||
It is the Company’s practice to recognize interest and penalties related to income tax matters in income tax expense. As of December 31, 2014 the Company has no accrued interest and penalties related to uncertain tax positions. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||
Commitments and Contingencies | 9. Commitments and Contingencies | ||||||||||||||||||||||||
Facility Lease | |||||||||||||||||||||||||
The Company has a lease for its current facility which was amended in April 2014 to extend the term to June 30, 2019. The lease is for a total of 5,275 square feet of office space located in South San Francisco, California. Rent expense for the years ended December 31, 2014, 2013 and 2012 was $206,168, $212,473 and $516,257 respectively. The future minimum lease payments under the lease, as amended, are as follows: | |||||||||||||||||||||||||
Amount | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
2015 | 202 | ||||||||||||||||||||||||
2016 | 209 | ||||||||||||||||||||||||
2017 | 215 | ||||||||||||||||||||||||
2018 | 221 | ||||||||||||||||||||||||
Thereafter | 112 | ||||||||||||||||||||||||
Total lease obligations | $ | 959 | |||||||||||||||||||||||
Clinical Research Organization and Manufacturing Commitments | |||||||||||||||||||||||||
As of December 31, 2014, the Company has a balance of unapplied purchase orders for expenditures related to clinical research activities and outsourced drug manufacturing of approximately $4,803,000, of which approximately $92,000 was estimated and accrued at December 31, 2014 for services performed, leaving approximately $4,711,000 to be incurred. Of the $4,711,000 to be incurred, the Company expects to incur approximately $2,353,000 over the next twelve months. | |||||||||||||||||||||||||
The following table presents information regarding our contractual obligations as of December 31, 2014 in thousands: | |||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | Thereafter | Total | ||||||||||||||||||||
Clinical development and related commitments | $ | 2,353 | $ | 1,480 | $ | 138 | $ | 37 | $ | 24 | $ | 4,032 | |||||||||||||
Operating leases | 202 | 209 | 215 | 221 | 112 | 959 | |||||||||||||||||||
Total contractual obligations | $ | 2,555 | $ | 1,689 | $ | 353 | $ | 258 | $ | 136 | $ | 4,991 | |||||||||||||
Clinical development and related commitments include certain contractual obligations under contracts related to clinical activities. |
Retirement_Savings_Plan
Retirement Savings Plan | 12 Months Ended |
Dec. 31, 2014 | |
Postemployment Benefits [Abstract] | |
Retirement Savings Plan | 10. Retirement Savings Plan |
The Company sponsors a savings plan available to all domestic employees, which qualifies under Section 401(k) of the Internal Revenue Code. Employees may contribute to the plan from 1% to 20% of their pre-tax salary subject to statutory limitations. Annually the Board of Directors determines the amount, if any, of a Company match. The Company has not provided a match for the years ended December 31, 2014, 2013 or 2012. |
Subsequent_Event_Registered_Of
Subsequent Event - Registered Offering of Common Stock and Warrants | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Event - Registered Offering of Common Stock and Warrants | 11. Subsequent Event – Registered Offering of Common Stock and Warrants |
On March 25, 2015, the Company closed a financing with institutional investors in which it raised approximately $10,000,000 in gross proceeds or approximately $9,350,000 in net proceeds, after deducting placement agents’ fees and before deducting other offering expenses. Investors purchased shares of the Company’s common stock, at a price per share of $1.7125. For each share of common stock purchased, investors received one warrant to purchase one half of a share of the Company’s common stock. A total of 5,839,420 shares of common stock were issued and warrants for the purchase of 2,919,710 shares of common stock were issued. The warrants are exercisable immediately, expire 5 years from the date of issuance, and have an exercise price of $1.7125 per share. Also, in connection with the offering, the Company issued to its placement agent and related persons warrants to purchase 233,577 shares of the Company’s common stock. The warrants issued to the placement agent and related persons are exercisable immediately after issuance, have an exercise price of $2.13 per share and terminate on June 14, 2017. | |
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 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. None of the warrants issued on March 25, 2015 have been exercised. |
Description_of_Business_and_Si1
Description of Business and Significant Accounting Policies (Policies) | 12 Months Ended | ||
Dec. 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, fosbretabulin and OXi4503. | |||
Capital Resources | Capital Resources | ||
The Company has experienced net losses every year since inception and, as of December 31, 2014, had an accumulated deficit of approximately $251,155,000 the Company expects to incur significant additional operating losses over at least the next several years, principally as a result of the Company’s continuing clinical trials and anticipated research and development expenditures. The principal source of the Company’s working capital to date has been the proceeds of private and public equity financings and to a lesser extent the exercise of warrants and stock options. The Company currently has no recurring material amount of income. As of December 31, 2014, the Company had approximately $30,031,000 in cash. The company also raised $10.0 million in gross proceeds, or approximately $9.35 million in net proceeds after deducting placement agents’ fees, and before deducting other offering expenses, in a registered direct offering of common stock and warrants in March 2015, as described in Note 11 to the financial statements. | |||
The Company expects its existing cash to support its operations through approximately the end of 2017. The Company expects this level of cash utilization to allow it to continue its ongoing programs, including completion of a Phase 2 clinical trial of fosbretabulin in patients with recurrent GI-NETs with elevated biomarkers, including a rollover clinical trial designed to treat patients for one year after they complete the Phase 2 clinical trial if they have responded to fosbretabulin, the initiation and completion of the Phase 1 portion, and initiation of the Phase 2 portion, of an open label clinical trial of OXi4503 in patients with AML to be sponsored by the Company; and supporting a Phase 1b/2 trial of fosbretabulin in relapsed ovarian cancer in combination with Votrient® (pazopanib), being sponsored by two UK-based nonprofit organizations. While the Company’s existing cash will support the planning for a follow-on clinical program in fosbretabulin for the treatment of ovarian cancer, any significant further development of fosbretabulin in advanced recurrent ovarian cancer, including the potential development of a special protocol assessment with the FDA, and conducting follow-on clinical studies or other capital intensive activities, will be contingent upon the Company’s ability to raise additional capital in addition to its existing financing arrangements or from a collaborative research agreement with a third-party, as to which the Company can give no assurance. | |||
Additional funding may not be available to OXiGENE on acceptable terms, or at all. If the Company is unable to access additional funds when needed, it may not be able to continue the development of its product candidates or the Company could be required to delay, scale back or eliminate some or all of its development programs and other operations. Any additional equity financing, if available to the Company, may not be available on favorable terms, would most likely be dilutive to its current stockholders and debt financing, if available, and may involve restrictive covenants. If the Company accesses funds through collaborative or licensing arrangements, it may be required to relinquish rights to some of its technologies or product candidates that it would otherwise seek to develop or commercialize on its own, on terms that are not favorable to the Company. The Company’s ability to access capital when needed is not assured and, if not achieved on a timely basis, will materially harm its business, financial condition and results of operations. The Company’s ability to raise additional capital could also be impaired if it is unable to comply with the listing standards of The NASDAQ Capital Market and instead has to trade its common shares in the over-the-counter market. | |||
Use of Estimates | Use of Estimates | ||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. | |||
Concentration of Credit Risk | Concentration of Credit Risk | ||
The Company has no significant off balance sheet concentrations of credit risk. Financial instruments that potentially subject the Company to concentrations of credit risk primarily consist of cash. The Company holds its cash and cash equivalents at one financial institution. | |||
Fair Value | Fair Value | ||
The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. Fair value hierarchy is now established that prioritizes valuation inputs based on the observable nature of those inputs. The fair value hierarchy applies only to the valuation inputs used in determining the reported fair value of the Company’s investments and is not a measure of the investment credit quality. The hierarchy defines three levels of valuation inputs: | |||
Level 1 inputs | Quoted prices in active markets; | ||
Level 2 inputs | Generally include inputs with other observable qualities, such as quoted prices in active markets for similar assets or quoted prices for identical assets in inactive markets; and | ||
Level 3 inputs | Valuations based on unobservable inputs. | ||
As of December 31, 2014 and 2013, the Company did not hold any assets or liabilities subject to measurement on a recurring basis. The Company was required to measure, on a non-recurring basis, the fair value of its convertible preferred stock and warrants issued in the April 2013 and September 2013 financing transactions. The methods and assumptions used to value those instruments are disclosed in Note 6 to the financial statements. | |||
Furniture and Fixtures, Equipment and Leasehold Improvements | Furniture and Fixtures, Equipment and Leasehold Improvements | ||
Furniture and fixtures, equipment and leasehold improvements are recorded at cost. Depreciation is recorded using the straight-line method over the lesser of the estimated useful lives of the assets, which range from three to five years, or the applicable lease term. | |||
License Agreements | License Agreements | ||
The carrying value of the license agreement with Arizona State University (ASU) was amortized over the term of the agreement, which was approximately 15.5 years (see Note 3), and now has a carrying value of $0. The technology licensed from ASU is related to the Company’s fosbretabulin and OXi4503 programs. The Company is required to perform an impairment analysis of its long-lived assets if triggering events occur. The Company reviews for such triggering events, such as a going concern opinion and continuing losses, periodically. Both the fosbretabulin and OXi4503 programs utilize intellectual property under the license agreement, demonstrating alternative future use in other research and development projects. The license agreement provides for additional payments in connection with the license arrangement upon the initiation of certain clinical trials or the completion of certain regulatory approvals, which payments could be accelerated upon the achievement of certain financial milestones as defined in the agreement. The Company expenses these payments to research and development in the period the obligation becomes both probable and estimable. | |||
Accrued Research and Development | Accrued Research and Development | ||
The Company charges all research and development expenses, both internal and external costs, to operations as incurred. The Company’s research and development costs represent expenses incurred from the engagement of outside professional service organizations, product manufacturers and consultants associated with the development of the Company’s potential product candidates. The Company recognizes expenses associated with these arrangements based on the completion of activities as specified in the applicable contracts. Costs incurred under fixed-fee contracts are expensed ratably over the contract period absent any knowledge that the services will be performed other than ratably. Costs incurred under contracts with clinical trial sites and principal investigators are generally accrued on a patient-treated basis consistent with the terms outlined in the contract. In determining costs incurred on some of these programs, the Company takes into consideration a number of factors, including estimates and input provided by internal program managers. Upon termination of such contracts, the Company is normally only liable for costs incurred and committed to date. As a result, accrued research and development expenses represent the Company’s reasonably estimated contractual liability to outside service providers at any particular point in time. | |||
Revenue Recognition | Revenue Recognition | ||
In December 2011, the Company established a distribution agreement to provide access to fosbretabulin for the treatment of patients with ATC in certain specified territories on a compassionate use basis. This agreement was terminated effective December 31, 2014. The agreement provided that upon the receipt of fosbretabulin by the distributor for distribution and sale to compassionate use patients, the distributor had 30 days to inspect the product for defects and to ensure that the product conformed to the warranties made by the Company. If the distributor did not notify the Company of any defective products within the 30-day period it was deemed to have accepted the products. Revenue was recognized based on products being accepted at the conclusion of the 30-day inspection period. Also, the distributor was obligated to 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 fosbretabulin in the preceding quarter, less the cost of introductory drug provided at no cost. This revenue was recognized upon notification from the distributor of the gross margin earned. Fosbretabulin was expensed at the time it was manufactured, because it is in the development stage and there was not an alternative future use. As a result, the product provided to the distributor has a zero cost basis, and therefore no cost-of-goods-sold has been recorded. | |||
Comprehensive Net Loss | Comprehensive Net Loss | ||
For the periods presented, there are no components of other comprehensive income or accumulated comprehensive income and net loss is equal to comprehensive loss. | |||
Stock-based Compensation | Stock-based Compensation | ||
The Company expenses the estimated fair value of all share-based payments issued to employees on a straight-line basis over the vesting period. The Company has a 2005 Stock Plan (“2005 Plan”), which superseded its 1996 Stock Option Plan that provides for the award of stock options, restricted stock and stock appreciation rights to employees, directors and consultants to the Company. The Company also has a 2009 Employee Stock Purchase Plan (“2009 ESPP”) which was suspended in 2012. | |||
Patents and Patent Applications | Patents and Patent Applications | ||
The Company has filed applications for patents in connection with technologies being developed. The patent applications and any patents issued as a result of these applications are important to the protection of the Company’s technologies that may result from its research and development efforts. Costs associated with patent applications and maintaining patents are expensed as general and administrative expense as incurred. | |||
Income Taxes | Income Taxes | ||
The Company accounts for income taxes based upon the provisions of ASC 740, Income Taxes. Under ASC 740, deferred taxes are recognized using the liability method whereby tax rates are applied to cumulative temporary differences between carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes based on when and how they are expected to affect the tax return. | |||
Subsequent Events | Subsequent Events | ||
The Company reviews all activity subsequent to year end but prior to the issuance of the financial statements for events that could require disclosure or which could impact the carrying value of assets or liabilities as of the balance sheet date. |
Furniture_and_Fixtures_Equipme1
Furniture and Fixtures, Equipment and Leasehold Improvements (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Schedule of Furniture and Fixtures, Equipment and Leasehold Improvements | Furniture and fixtures, equipment and leasehold improvements consisted of the following at the dates indicated below (in thousands): | ||||||||
Years ended December 31, | |||||||||
2014 | 2013 | ||||||||
Leasehold improvements | $ | 6 | $ | 6 | |||||
Equipment | 237 | 262 | |||||||
Furniture and fixtures | 36 | 36 | |||||||
Total gross assets | 279 | 304 | |||||||
Less accumulated depreciation | (242 | ) | (268 | ) | |||||
Total furniture and fixtures, equipment and leasehold improvements | $ | 37 | $ | 36 | |||||
Restructuring_Tables
Restructuring (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Schedule of Activity Relating to Company's Accrued Restructuring | |||||||||||||||||||||||||||||||||||||||||
Amounts | Foreign | Amount | Amounts | Adjust- | Foreign | Amount | |||||||||||||||||||||||||||||||||||
Paid | Currency | Accrued | Paid | ment | Currency | Accrued | |||||||||||||||||||||||||||||||||||
Adjust- | Adjust- | ||||||||||||||||||||||||||||||||||||||||
ment | ment | ||||||||||||||||||||||||||||||||||||||||
Original | Adjust- | Charges | Years ended December 31, | ||||||||||||||||||||||||||||||||||||||
Charges | ment | to date | 2011 | 2012 | |||||||||||||||||||||||||||||||||||||
G&A | $ | 425 | $ | 80 | $ | 505 | $ | (373 | ) | $ | — | $ | 132 | $ | (152 | ) | $ | 20 | $ | — | $ | — | |||||||||||||||||||
R&D | 721 | 721 | (178 | ) | (22 | ) | 521 | (526 | ) | (5 | ) | 10 | — | ||||||||||||||||||||||||||||
Total restructuring | $ | 1,146 | $ | 80 | $ | 1,226 | $ | (551 | ) | $ | (22 | ) | $ | 653 | $ | (678 | ) | $ | 15 | $ | 10 | $ | — |
Accrued_Other_Tables
Accrued Other (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Text Block [Abstract] | |||||||||
Schedule of Other Accrued Liabilities | Accrued other consisted of the following at the dates indicated below (in thousands): | ||||||||
Years ended December 31, | |||||||||
2014 | 2013 | ||||||||
Accounting and Legal | $ | 179 | $ | 154 | |||||
Deferred Rent | $ | 21 | $ | — | |||||
Other | 7 | 188 | |||||||
Total accrued other | $ | 207 | $ | 342 |
Stockholders_Equity_Common_and1
Stockholders' Equity - Common and Preferred Shares (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 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 December 31, 2014 and December 31, 2013: | ||||||||||||||||||
Number of Warrants | |||||||||||||||||||
outstanding | |||||||||||||||||||
as of December 31, | |||||||||||||||||||
Date of | Warrant Term | Exercise | (In thousands) | ||||||||||||||||
Warrants Issued in | Issuance | Price | 2014 | 2013 | |||||||||||||||
Connection with: | |||||||||||||||||||
Direct Registration Series I Warrants | 7/20/09 | 5years | $ | 504 | — | 12 | |||||||||||||
Private Placement Series A Warrants | 4/16/13 | 5years | $ | 3.4 | 1,460 | 1,460 | |||||||||||||
Private Placement Series B Warrants | 4/16/13 | 2years | $ | 3.4 | 757 | 1,107 | |||||||||||||
2013 Private Placement Warrants | 9/23/13 | 5years | $ | 2.24 | — | 2,452 | |||||||||||||
2013 Private Placement Warrants | 9/23/13 | 5years | $ | 2.8 | 147 | 147 | |||||||||||||
2014 Public Offering Warrants | 2/18/14 | 5years | $ | 2.75 | 1,872 | — | |||||||||||||
2014 Public Offering Warrants | 2/18/14 | 5years | $ | 2.56 | 293 | — | |||||||||||||
2014 Private Placement Warrants | 5/28/14 | 5 years &3 months | $ | 2.9 | 2,700 | — | |||||||||||||
2014 Private Placement Warrants | 5/28/14 | 5 years & 3 months | $ | 3.7031 | 216 | — | |||||||||||||
Total Warrants Outstanding | 7,445 | 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 years ended December 31, 2012, 2013 and 2014: | ||||||||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||||||||
Average | Average | Intrinsic | |||||||||||||||||
Exercise | Remaining | Value | |||||||||||||||||
Price | Contractual | ||||||||||||||||||
Life | |||||||||||||||||||
(In thousands) | (Years) | (In thousands) | |||||||||||||||||
Options outstanding at December 31, 2011 | 83 | $ | 70.06 | 9.23 | |||||||||||||||
Granted | 124 | $ | 9.83 | ||||||||||||||||
Forfeited and expired | (64 | ) | $ | 66.21 | |||||||||||||||
Options outstanding at December 31, 2012 | 143 | $ | 19.73 | 8.64 | |||||||||||||||
Granted | 107 | $ | 3.9 | ||||||||||||||||
Forfeited and expired | (58 | ) | $ | 14.38 | |||||||||||||||
Options outstanding at December 31, 2013 | 192 | $ | 12.54 | 7.61 | |||||||||||||||
Granted | 521 | $ | 2.67 | ||||||||||||||||
Forfeited and expired | (41 | ) | $ | 33.4 | |||||||||||||||
Options outstanding at December 31, 2014 | 672 | $ | 3.63 | 8.49 | $ | — | |||||||||||||
Options exercisable at December 31, 2014 | 244 | $ | 4.51 | 7.15 | $ | — | |||||||||||||
Options vested or expected to vest at December 31, 2014 | 565 | $ | 3.73 | 8.34 | $ | — | |||||||||||||
Summary of Valuation of Granted Stock Options | The following stock options were granted during the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||||
Years ended December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Options Granted (In thousands) | 521 | 107 | 124 | ||||||||||||||||
Weighted average fair value | $ | 1.87 | $ | 2.77 | $ | 6.94 | |||||||||||||
Weighted-Average Assumptions | The fair values for the stock options granted were estimated at the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions for the three years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||||
Years ended December 31, | |||||||||||||||||||
Weighted Average Assumptions | 2014 | 2013 | 2012 | ||||||||||||||||
Risk-free interest rate | 1.55 | % | 0.95 | % | 0.85 | % | |||||||||||||
Expected life (years) | 4 | 4 | 4 | ||||||||||||||||
Expected volatility | 99 | % | 100 | % | 102 | % | |||||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Deferred Tax Assets | The components of the Company’s deferred tax assets at December 31, 2014 and 2013 are as follows: (Amounts in thousands): | ||||||||
Years ended December 31, | |||||||||
2014 | 2013 | ||||||||
Net operating loss carryforwards | $ | 79,194 | $ | 74,533 | |||||
Research and development credits | 2,301 | 2,171 | |||||||
Stock based compensation | 667 | 434 | |||||||
Capital loss carryforwards | — | 1,360 | |||||||
Accruals and reserves | 297 | 83 | |||||||
Total Deferred tax assets | 82,459 | 78,581 | |||||||
Valuation allowance | (82,459 | ) | (78,581 | ) | |||||
Net deferred tax asset | $ | — | $ | — | |||||
Reconciliation of the Federal Statutory Rate to the Company's Effective Tax Rate | A reconciliation of the federal statutory rate to the Company’s effective tax rate is as follows: | ||||||||
Years ended | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Federal Statutory Rate | 34 | % | 34 | % | |||||
State Income taxes | — | 0.31 | |||||||
Federal NOL adjustment | — | (0.48 | ) | ||||||
Permanent Items: Capital Loss | (10.82 | ) | — | ||||||
Permanent Items | — | 0.16 | |||||||
Stock Compensation | (0.05 | ) | (0.31 | ) | |||||
Federal Research Credits | 0.71 | 1.64 | |||||||
State rate change | 6.82 | (3.38 | ) | ||||||
Miscellaneous | — | (0.03 | ) | ||||||
(Increase)/ Decrease in Valuation Allowance | (30.66 | ) | (31.91 | ) | |||||
Provision for income taxes | — | % | — | % | |||||
Changes in Unrecognized Tax Benefits | The change in unrecognized tax benefits from December 31, 2012 is as follows: | ||||||||
Unrecognized tax benefits as of 12/31/12 | $ | 673,880 | |||||||
Increase in prior year unrecognized tax benefits | 40,472 | ||||||||
Increase in current year unrecognized tax benefits | 33,684 | ||||||||
Unrecognized tax benefits as of 12/31/13 | 748,036 | ||||||||
Increase in prior year unrecognized tax benefits | 295,038 | ||||||||
Increase in current year unrecognized tax benefits | 49,834 | ||||||||
Unrecognized tax benefits as of 12/31/14 | $ | 1,092,908 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 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) | |||||||||||||||||||||||||
2015 | 202 | ||||||||||||||||||||||||
2016 | 209 | ||||||||||||||||||||||||
2017 | 215 | ||||||||||||||||||||||||
2018 | 221 | ||||||||||||||||||||||||
Thereafter | 112 | ||||||||||||||||||||||||
Total lease obligations | $ | 959 | |||||||||||||||||||||||
Summary of Contractual Obligations | The following table presents information regarding our contractual obligations as of December 31, 2014 in thousands: | ||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | Thereafter | Total | ||||||||||||||||||||
Clinical development and related commitments | $ | 2,353 | $ | 1,480 | $ | 138 | $ | 37 | $ | 24 | $ | 4,032 | |||||||||||||
Operating leases | 202 | 209 | 215 | 221 | 112 | 959 | |||||||||||||||||||
Total contractual obligations | $ | 2,555 | $ | 1,689 | $ | 353 | $ | 258 | $ | 136 | $ | 4,991 | |||||||||||||
Description_of_Business_and_Si2
Description of Business and Significant Accounting Policies - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||
28-May-14 | Feb. 18, 2014 | Dec. 31, 2014 | Mar. 25, 2015 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Candidate | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Number of VDA drug candidates tested | 2 | ||||||
Accumulated earnings (deficit) | ($251,155,000) | ($238,508,000) | |||||
Cash | 30,031,000 | 7,005,000 | 4,946,000 | 9,972,000 | |||
Gross proceeds from issuance of common stock and warrants | 16,000,000 | 12,000,000 | |||||
Net proceeds from issuance of common stock and warrants | 14,822,000 | 10,860,000 | |||||
Term of license agreement | 15 years 6 months | ||||||
License agreement, carrying value | 0 | 93,000 | |||||
Period of inspection of product | 30 days | ||||||
Percentage payment on gross margin of distributor's sales | 20.00% | ||||||
Subsequent Event [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Gross proceeds from issuance of common stock and warrants | 10,000,000 | ||||||
Net proceeds from issuance of common stock and warrants | $9,350,000 | ||||||
Minimum [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Estimated useful lives of the assets | 3 years | ||||||
Maximum [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Estimated useful lives of the assets | 5 years |
Furniture_and_Fixtures_Equipme2
Furniture and Fixtures, Equipment and Leasehold Improvements - Schedule of Furniture and Fixtures, Equipment and Leasehold Improvements (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Total gross assets | $279 | $304 |
Less accumulated depreciation | -242 | -268 |
Total furniture and fixtures, equipment and leasehold improvements | 37 | 36 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total gross assets | 6 | 6 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total gross assets | 237 | 262 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total gross assets | $36 | $36 |
License_Agreements_Additional_
License Agreements - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | ||
Total amount paid in connection with license | $2,600,000 | |
Capitalized net present value of total amount paid under initial terms of license | 1,500,000 | |
Amortization expense related to license agreement | 1,500,000 | |
Net book value | $0 | $93,000 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Patent life | 15 years 6 months |
Restructuring_Additional_Infor
Restructuring - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 |
Restructuring Cost and Reserve [Line Items] | ||
Original Charges | $15 | $1,146 |
Charges to date | 1,226 | |
Adjustment | 15 | 80 |
R&D [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Original Charges | 721 | |
Charges to date | 721 | |
Adjustment | -5 | |
G&A [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Original Charges | 425 | |
Charges to date | 505 | |
Adjustment | $20 | $80 |
Restructuring_Schedule_of_Acti
Restructuring - Schedule of Activity Relating to Company's Accrued Restructuring (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
Restructuring Cost and Reserve [Line Items] | |||
Original Charges | $15 | $1,146 | |
Adjustment | 15 | 80 | |
Charges to date | 1,226 | ||
Amounts Paid | -678 | -551 | |
Foreign Currency Adjustment | 10 | -22 | |
Amount Accrued | 653 | ||
G&A [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Original Charges | 425 | ||
Adjustment | 20 | 80 | |
Charges to date | 505 | ||
Amounts Paid | -152 | -373 | |
Foreign Currency Adjustment | |||
Amount Accrued | 132 | ||
R&D [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Original Charges | 721 | ||
Adjustment | -5 | ||
Charges to date | 721 | ||
Amounts Paid | -526 | -178 | |
Foreign Currency Adjustment | 10 | -22 | |
Amount Accrued | $521 |
Accrued_Other_Schedule_of_Othe
Accrued Other - Schedule of Other Accrued Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Accrued Liabilities [Abstract] | ||
Accounting and Legal | $179 | $154 |
Deferred Rent | 21 | |
Other | 7 | 188 |
Total accrued other | $207 | $342 |
Stockholders_Equity_Common_and2
Stockholders' Equity - Common and Preferred Shares - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 3 Months Ended | |||||||
28-May-14 | Feb. 18, 2014 | Sep. 23, 2013 | Apr. 16, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Sep. 30, 2013 | Nov. 30, 2011 | |
Stockholders' Equity - Common and Preferred Shares [Line Items] | ||||||||||
Common stock authorized | 70,000,000 | 70,000,000 | ||||||||
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 | ||||||||
Exercise of warrants, shares of Company's common stock converted | 1,054,625 | |||||||||
Term of warrants | 5 years 3 months 18 days | 5 years | ||||||||
Exercise Price | $2.90 | $2.75 | $2.24 | |||||||
Percentage of warrants owned | 4.99% | 9.99% | ||||||||
Increase in percentage of warrants owned | 9.99% | |||||||||
Number of warrant exercised | 1,054,625 | |||||||||
Proceeds from warrant exercises | 9,512,000 | 864,000 | ||||||||
Gross proceeds | 5,800,000 | 5,000,000 | ||||||||
Net proceeds | 4,905,000 | 4,192,000 | ||||||||
Number of common stock issued upon conversion | 1,377,412 | |||||||||
Number of preferred stock outstanding | 0 | 0 | ||||||||
Exercisable period of warrants | 5 years | |||||||||
Purchase of common stock at closing | 147,145 | |||||||||
Non-cash deemed dividend to preferred stock | 4,799,000 | |||||||||
Proceeds from issuance of common stock, net of issuance costs | 25,682,000 | 1,936,000 | 3,317,000 | |||||||
Issuance of common stock | 20,705,000 | 5,586,000 | ||||||||
Weighted average period for recognizing unrecognized compensation cost as expense | 2 years 8 months 5 days | |||||||||
Unrecognized compensation cost related to stock option awards | 515,000 | |||||||||
Dividend yield | 0.00% | 0.00% | 0.00% | |||||||
Expense related to stock awards | 414,000 | 679,000 | 511,000 | |||||||
Percentage of common stock at closing price | 85.00% | |||||||||
Common stock issued under the 2009 ESPP | 10,417 | |||||||||
Officer [Member] | Restricted Stock [Member] | ||||||||||
Stockholders' Equity - Common and Preferred Shares [Line Items] | ||||||||||
Number of restricted stock granted during period | 72,933 | |||||||||
Restricted stock granted during period value | 199,913 | |||||||||
2005 Plan [Member] | ||||||||||
Stockholders' Equity - Common and Preferred Shares [Line Items] | ||||||||||
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 | |||||||||
2005 Plan [Member] | Restricted Stock [Member] | ||||||||||
Stockholders' Equity - Common and Preferred Shares [Line Items] | ||||||||||
Expense related to stock awards | 20,000 | 259,913 | 0 | |||||||
Placement Agent and Related Persons [Member] | ||||||||||
Stockholders' Equity - Common and Preferred Shares [Line Items] | ||||||||||
Exercise Price | $2.80 | |||||||||
Series A Preferred Stock [Member] | ||||||||||
Stockholders' Equity - Common and Preferred Shares [Line Items] | ||||||||||
Common stock issued during period | 5,000 | |||||||||
Net proceeds | 2,103,000 | |||||||||
Number of preferred stock outstanding | 2,802 | 0 | 2,802 | |||||||
Redeemable value of outstanding balance | 2,802,000 | 2,802,000 | ||||||||
Non-cash deemed dividend to preferred stock | 2,480,000 | |||||||||
Series B Preferred Stock [Member] | ||||||||||
Stockholders' Equity - Common and Preferred Shares [Line Items] | ||||||||||
Common stock issued during period | 5,800 | |||||||||
Non-cash deemed dividend to preferred stock | 2,310,000 | |||||||||
Private Placement Series A Warrants [Member] | ||||||||||
Stockholders' Equity - Common and Preferred Shares [Line Items] | ||||||||||
Exercise of warrants, shares of Company's common stock converted | 1,377,412 | |||||||||
Exercise Price | $3.40 | $3.40 | ||||||||
Exercisable period of warrants | 5 years | |||||||||
Purchase of common stock at closing | 82,645 | |||||||||
Private Placement Series B Warrants [Member] | ||||||||||
Stockholders' Equity - Common and Preferred Shares [Line Items] | ||||||||||
Exercise of warrants, shares of Company's common stock converted | 1,377,412 | |||||||||
Exercise Price | $3.40 | $3.40 | ||||||||
Proceeds from warrant exercises | 1,118,000 | 864,000 | ||||||||
Exercisable period of warrants | 2 years | |||||||||
Warrant exercised | 350,000 | 270,390 | ||||||||
Public Offering [Member] | ||||||||||
Stockholders' Equity - Common and Preferred Shares [Line Items] | ||||||||||
Share price of common stock and warrants issued | $2.05 | |||||||||
Number of warrants issued for each unit issued | 0.5 | |||||||||
Common stock issued during period | 5,853,657 | |||||||||
Exercise of warrants, shares of Company's common stock converted | 2,926,829 | |||||||||
Proceeds from warrant exercises | 2,901,000 | |||||||||
Common Stock [Member] | ||||||||||
Stockholders' Equity - Common and Preferred Shares [Line Items] | ||||||||||
Common stock issued during period | 294,000 | |||||||||
Exercise of warrants, shares of Company's common stock converted | 2,452,431 | |||||||||
Proceeds from warrant exercises | 5,493,000 | |||||||||
Number of common stock issued upon conversion | 2,452,431 | |||||||||
Expense related to stock awards | 1,000 | |||||||||
Common Stock [Member] | Private Placement Series B Warrants [Member] | ||||||||||
Stockholders' Equity - Common and Preferred Shares [Line Items] | ||||||||||
Common stock issued during period | 350,000 | 270,390 | ||||||||
Registered Offering [Member] | ||||||||||
Stockholders' Equity - Common and Preferred Shares [Line Items] | ||||||||||
Share price of common stock and warrants issued | $2.96 | |||||||||
Number of warrants issued for each unit issued | 0.5 | |||||||||
Common stock issued during period | 5,400,847 | |||||||||
Exercise of warrants, shares of Company's common stock converted | 2,700,424 | |||||||||
Private Placement [Member] | ||||||||||
Stockholders' Equity - Common and Preferred Shares [Line Items] | ||||||||||
Exercise of warrants, shares of Company's common stock converted | 0 | |||||||||
Exercise Price | $3.70 | $2.56 | ||||||||
Number of warrant exercised | 2,452,431 | |||||||||
Private Placement [Member] | Series A Preferred Stock [Member] | ||||||||||
Stockholders' Equity - Common and Preferred Shares [Line Items] | ||||||||||
Number of preferred stock converted | 2,198 | |||||||||
Private Placement [Member] | Series B Preferred Stock [Member] | ||||||||||
Stockholders' Equity - Common and Preferred Shares [Line Items] | ||||||||||
Number of common stock issued upon conversion | 2,452,431 | |||||||||
Number of preferred stock converted | 5,800 | |||||||||
Number of preferred stock outstanding | 0 | |||||||||
Private Placement [Member] | Public Offering [Member] | ||||||||||
Stockholders' Equity - Common and Preferred Shares [Line Items] | ||||||||||
Exercise of warrants, shares of Company's common stock converted | 292,682 | |||||||||
Private Placement [Member] | Common Stock [Member] | ||||||||||
Stockholders' Equity - Common and Preferred Shares [Line Items] | ||||||||||
Number of common stock issued upon conversion | 605,422 | |||||||||
Private Placement [Member] | Registered Offering [Member] | ||||||||||
Stockholders' Equity - Common and Preferred Shares [Line Items] | ||||||||||
Exercise of warrants, shares of Company's common stock converted | 216,033 | |||||||||
MLV & Co. LLC [Member] | ||||||||||
Stockholders' Equity - Common and Preferred Shares [Line Items] | ||||||||||
Common stock issued during period | 0 | 422,000 | 178,000 | |||||||
Proceeds from issuance of common stock, net of issuance costs | 1,936,000 | 1,270,000 | ||||||||
Lincoln Park Capital Fund, LLC [Member] | ||||||||||
Stockholders' Equity - Common and Preferred Shares [Line Items] | ||||||||||
Common stock issued during period | 294,000 | |||||||||
Proceeds from issuance of common stock, net of issuance costs | 2,047,000 | |||||||||
Value of purchase agreement for the sale with Lincoln Park Capital Fund, LLC | $20,000,000 | |||||||||
Purchase agreement date of expiration | 11-Jan-15 | |||||||||
Minimum purchase price per share | $6 | |||||||||
Shares issued as a commitment fee | 6,493 | |||||||||
Issuance of common stock | 0 | 0 |
Stockholders_Equity_Common_and3
Stockholders' Equity - Common and Preferred Shares - Fair Value Measurements on Recurring and Nonrecurring Basis (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
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% |
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% |
Stockholders_Equity_Common_and4
Stockholders' Equity - Common and Preferred Shares - Summary of Company's Outstanding Common Stock Warrants (Detail) (USD $) | 12 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | 28-May-14 | Feb. 18, 2014 | Dec. 31, 2013 | Apr. 16, 2013 |
Class of Warrant or Right [Line Items] | |||||
Exercise Price | $2.24 | $2.90 | $2.75 | ||
Number of Warrants Outstanding | 7,445 | 5,178 | |||
Direct Registration Series I Warrants [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Date of Issuance | 20-Jul-09 | ||||
Warrant Term | 5 years | ||||
Exercise Price | $504 | ||||
Number of Warrants Outstanding | 12 | ||||
Private Placement Series A Warrants [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Date of Issuance | 16-Apr-13 | ||||
Warrant Term | 5 years | ||||
Exercise Price | $3.40 | $3.40 | |||
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 | ||||
Warrant Term | 2 years | ||||
Exercise Price | $3.40 | $3.40 | |||
Number of Warrants Outstanding | 757 | 1,107 | |||
Private Placement Warrants [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Date of Issuance | 23-Sep-13 | ||||
Warrant Term | 5 years | ||||
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 | ||||
Warrant Term | 5 years | ||||
Exercise Price | $2.80 | ||||
Number of Warrants Outstanding | 147 | 147 | |||
Public Offering Warrants [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Date of Issuance | 18-Feb-14 | ||||
Warrant Term | 5 years | ||||
Exercise Price | $2.75 | ||||
Number of Warrants Outstanding | 1,872 | ||||
Public Offering Warrants One [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Date of Issuance | 18-Feb-14 | ||||
Warrant Term | 5 years | ||||
Exercise Price | $2.56 | ||||
Number of Warrants Outstanding | 293 | ||||
Private Placement Warrants Two [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Date of Issuance | 28-May-14 | ||||
Warrant Term | 5 years 3 months | ||||
Exercise Price | $2.90 | ||||
Number of Warrants Outstanding | 2,700 | ||||
Private Placement Warrants Three [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Date of Issuance | 28-May-14 | ||||
Warrant Term | 5 years 3 months | ||||
Exercise Price | $3.70 | ||||
Number of Warrants Outstanding | 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 $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Share Options outstanding, Beginning Balance | 192 | 143 | 83 |
Share options, Granted | 521 | 107 | 124 |
Share options, Forfeited and expired | -41 | -58 | -64 |
Share options outstanding, Ending Balance | 672 | 192 | 143 |
Share options exercisable, Ending Balance | 244 | ||
Share options vested or expected to vest, Ending Balance | 565 | ||
Weighted Average Exercise Price, Options outstanding, Beginning Balance | $12.54 | $19.73 | $70.06 |
Weighted Average Exercise Price, Granted | $2.67 | $3.90 | $9.83 |
Weighted Average Exercise Price, Forfeited and expired | $33.40 | $14.38 | $66.21 |
Weighted Average Exercise Price, Options outstanding, Ending Balance | $3.63 | $12.54 | $19.73 |
Weighted Average Remaining Contractual Life, Options Outstanding, Beginning Balance | 9 years 2 months 23 days | ||
Weighted Average Remaining Contractual Life, Options Outstanding, Ending Balance | 8 years 5 months 27 days | 7 years 7 months 10 days | 8 years 7 months 21 days |
Weighted Average Remaining Contractual Life, Options exercisable, Ending Balance | 7 years 1 month 24 days | ||
Weighted Average Remaining Contractual Life, Options vested or expected to vest, Ending Balance | 8 years 4 months 2 days | ||
Weighted Average Exercise Price, Options exercisable, Ending Balance | $4.51 | ||
Weighted Average Exercise Price, Options vested or expected to vest, Ending Balance | $3.73 | ||
Aggregate Intrinsic Value, Options outstanding, Ending Balance | $0 | ||
Aggregate Intrinsic Value, Options exercisable outstanding, Ending Balance | 0 | ||
Aggregate Intrinsic Value, Options vested or expected to vest, Ending Balance | $0 |
Stockholders_EquityCommon_and_
Stockholders' Equity-Common and Preferred Shares - Summary of Valuation of Granted Stock Options (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Equity [Abstract] | |||
Options Granted | 521 | 107 | 124 |
Weighted average fair value | $1.87 | $2.77 | $6.94 |
Stockholders_Equity_Common_and6
Stockholders' Equity - Common and Preferred Shares - Weighted-Average Assumptions (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Risk-free interest rate | 1.55% | 0.95% | 0.85% |
Expected life (years) | 4 years | 4 years | 4 years |
Expected volatility | 99.00% | 100.00% | 102.00% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Net_Loss_Per_Share_Additional_
Net Loss Per Share - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
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 | 672,000 | 192,000 | 143,000 |
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 | 7,445,000 | 5,178,000 | 13,000 |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2009 |
Income Tax Disclosure [Abstract] | |||
Net operating loss carryforwards | $79,194,000 | $74,533,000 | |
Research and development credits | 2,301,000 | 2,171,000 | |
Stock based compensation | 667,000 | 434,000 | |
Capital loss carryforwards | 1,360,000 | 1,360,000 | |
Accruals and reserves | 297,000 | 83,000 | |
Total Deferred tax assets | 82,459,000 | 78,581,000 | |
Valuation allowance | -82,459,000 | -78,581,000 | |
Net deferred tax asset | $0 | $0 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2009 | |
Income Tax Contingency [Line Items] | ||||
Change in valuation allowance | $3,878,000 | $2,642,000 | ||
Expiry year of operating loss carry-forwards related to federal and state research and development activities | 2021 | |||
Recorded capital loss carryover | 4,000,000 | |||
Deferred tax asset | 1,360,000 | 1,360,000 | ||
Deferred tax asset, expiration period | 2014 | |||
Provision for (benefit from) income taxes | 0 | |||
Unrecognized tax benefits | 1,092,908 | 748,036 | 673,880 | |
Accrued interest expense and penalties related to uncertain tax positions | 0 | |||
Research And Development Credit [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Unrecognized tax benefits | 797,869 | |||
California 2013 Net Operating Losses [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Unrecognized tax benefits | 295,038 | |||
Domestic Tax Authority [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Operating loss carry-forwards | 224,291,000 | |||
Expiry year of operating loss carry-forwards | 2020 | |||
Tax credits related to federal and state research and development | 2,491,000 | |||
State and Local Jurisdiction [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Tax credits related to federal and state research and development | 873,000 | |||
California [Member] | State and Local Jurisdiction [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Operating loss carry-forwards | $55,365,000 | |||
Expiry year of operating loss carry-forwards | 2017 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of the Federal Statutory Rate to the Company's Effective Tax Rate (Detail) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ||
Federal Statutory Rate | 34.00% | 34.00% |
State Income taxes | 0.31% | |
Federal NOL adjustment | -0.48% | |
Permanent Items: Capital Loss | -10.82% | |
Permanent Items | 0.16% | |
Stock Compensation | -0.05% | -0.31% |
Federal Research Credits | 0.71% | 1.64% |
State rate change | 6.82% | -3.38% |
Miscellaneous | -0.03% | |
(Increase)/ Decrease in Valuation Allowance | -30.66% | -31.91% |
Provision for income taxes | 0.00% | 0.00% |
Income_Taxes_Changes_in_Unreco
Income Taxes - Changes in Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefits, Beginning Balance | $748,036 | $673,880 |
Increase in prior year unrecognized tax benefits | 295,038 | 40,472 |
Increase in current year unrecognized tax benefits | 49,834 | 33,684 |
Unrecognized tax benefits, Ending Balance | $1,092,908 | $748,036 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
sqft | |||
Commitments and Contingencies Disclosure [Abstract] | |||
Lease expiration date | 30-Jun-19 | ||
Area of facility lease | 5,275 | ||
Rent expense | $206,168 | $212,473 | $516,257 |
Unapplied purchase commitment due | 4,803,000 | ||
Unapplied purchase commitment estimated and accrued | 92,000 | ||
Purchase commitment due | 4,711,000 | ||
Unapplied purchase commitment due over the next twelve months | $2,353,000 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Future Minimum Lease Payments Under Lease (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
2015 | $202 |
2016 | 209 |
2017 | 215 |
2018 | 221 |
Thereafter | 112 |
Total lease obligations | $959 |
Commitments_and_Contingencies_3
Commitments and Contingencies - Summary of Contractual Obligations (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
Clinical development and related commitments, 2015 | $2,353 |
Clinical development and related commitments, 2016 | 1,480 |
Clinical development and related commitments, 2017 | 138 |
Clinical development and related commitments, 2018 | 37 |
Clinical development and related commitments,Thereafter | 24 |
Total | 4,032 |
Operating Leases, 2015 | 202 |
Operating Leases, 2016 | 209 |
Operating Leases, 2017 | 215 |
Operating Leases, 2018 | 221 |
Operating Leases, Thereafter | 112 |
Total | 959 |
Total contractual obligations, 2015 | 2,555 |
Total contractual obligations, 2016 | 1,689 |
Total contractual obligations, 2017 | 353 |
Total contractual obligations, 2018 | 258 |
Total contractual obligations, Thereafter | 136 |
Total | $4,991 |
Retirement_Savings_Plan_Additi
Retirement Savings Plan - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee's contribute maximum | 20.00% |
Employee's contribute minimum | 1.00% |
Subsequent_Event_Registered_Of1
Subsequent Event - Registered Offering of Common Stock and Warrants - Additional Information (Detail) (USD $) | 0 Months Ended | |||
28-May-14 | Feb. 18, 2014 | Mar. 25, 2015 | Dec. 31, 2014 | |
Subsequent Event [Line Items] | ||||
Gross proceeds from issuance of common stock and warrants | $16,000,000 | $12,000,000 | ||
Net proceeds from issuance of common stock and warrants | 14,822,000 | 10,860,000 | ||
Warrants exercised | 1,054,625 | |||
Term of warrants | 5 years 3 months 18 days | 5 years | ||
Exercise Price | $2.90 | $2.75 | $2.24 | |
Percentage of warrants owned | 4.99% | 9.99% | ||
Increase in percentage of warrants owned | 9.99% | |||
Registered Offering [Member] | ||||
Subsequent Event [Line Items] | ||||
Share price of common stock and warrants issued | $2.96 | |||
Common stock issued during period | 5,400,847 | |||
Warrants exercised | 2,700,424 | |||
Private Placement [Member] | ||||
Subsequent Event [Line Items] | ||||
Warrants exercised | 0 | |||
Exercise Price | $3.70 | $2.56 | ||
Private Placement [Member] | Registered Offering [Member] | ||||
Subsequent Event [Line Items] | ||||
Warrants exercised | 216,033 | |||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Gross proceeds from issuance of common stock and warrants | 10,000,000 | |||
Net proceeds from issuance of common stock and warrants | $9,350,000 | |||
Term of warrants | 5 years | |||
Exercise Price | $1.71 | |||
Percentage of warrants owned | 4.99% | |||
Increase in percentage of warrants owned | 9.99% | |||
Subsequent Event [Member] | Registered Offering [Member] | ||||
Subsequent Event [Line Items] | ||||
Share price of common stock and warrants issued | $1.71 | |||
Common stock issued during period | 5,839,420 | |||
Warrants exercised | 2,919,710 | |||
Subsequent Event [Member] | Private Placement [Member] | ||||
Subsequent Event [Line Items] | ||||
Warrants exercised | 0 | |||
Exercise Price | $2.13 | |||
Subsequent Event [Member] | Private Placement [Member] | Registered Offering [Member] | ||||
Subsequent Event [Line Items] | ||||
Warrants exercised | 233,577 |