Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 5-May-15 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | OXGN | |
Entity Registrant Name | OXIGENE INC | |
Entity Central Index Key | 908259 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 26,544,934 |
Condensed_Balance_Sheets_Unaud
Condensed Balance Sheets (Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash | $35,735 | $30,031 |
Prepaid expenses | 755 | 318 |
Other current assets | 4 | |
Total current assets | 36,490 | 30,353 |
Property and equipment, net of accumulated depreciation of $247 and $242 at March 31, 2015 and December 31, 2014, respectively | 32 | 37 |
Other assets | 33 | 33 |
Total assets | 36,555 | 30,423 |
Current liabilities: | ||
Accounts payable | 189 | 335 |
Accrued compensation and benefits | 414 | 841 |
Accrued research and development | 224 | 36 |
Accrued other | 202 | 207 |
Total current liabilities | 1,029 | 1,419 |
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; 26,545 and 20,705 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively | 265 | 207 |
Additional paid-in capital | 289,188 | 279,952 |
Accumulated deficit | -253,927 | -251,155 |
Total stockholders' equity | 35,526 | 29,004 |
Total liabilities and stockholders' equity | $36,555 | $30,423 |
Condensed_Balance_Sheets_Unaud1
Condensed Balance Sheets (Unaudited) (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Accumulated depreciation | $247 | $242 |
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 | 26,545,000 | 20,705,000 |
Common stock, shares outstanding | 26,545,000 | 20,705,000 |
Condensed_Statements_of_Compre
Condensed Statements of Comprehensive Loss (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating expenses: | ||
Research and development | $1,669 | $1,387 |
General and administrative | 1,108 | 1,241 |
Total operating expenses | 2,777 | 2,628 |
Loss from operations | -2,777 | -2,628 |
Investment income | 3 | 1 |
Other (expense) income, net | 2 | -3 |
Net loss and comprehensive loss | ($2,772) | ($2,630) |
Basic and diluted net loss per share attributable to common stock | ($0.13) | ($0.29) |
Weighted-average number of common shares outstanding | 21,095 | 9,054 |
Condensed_Statements_of_Cash_F
Condensed Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating activities: | ||
Net loss | ($2,772) | ($2,630) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 5 | 4 |
Amortization of license agreement | 23 | |
Stock-based compensation | 88 | 84 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | -434 | -249 |
Accounts payable and accrued expenses | -390 | 144 |
Net cash used in operating activities | -3,503 | -2,624 |
Financing activities: | ||
Proceeds from issuance of common stock, net of issuance costs | 9,207 | 10,860 |
Proceeds from exercise of warrants into common stock, net of issuance costs | 9,494 | |
Net cash provided by financing activities | 9,207 | 20,354 |
Increase (decrease) in cash and cash equivalents | 5,704 | 17,730 |
Cash at beginning of period | 30,031 | 7,005 |
Cash at end of period | $35,735 | $24,735 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Accounting Policies [Abstract] | ||||
Summary of Significant Accounting Policies | 1 | Summary of Significant Accounting Policies | ||
Description of Business | ||||
OXiGENE, Inc. (“OXiGENE” or the “Company”), is incorporated in the state of Delaware, and is a clinical-stage, biopharmaceutical company developing novel therapeutics primarily to treat cancer. The Company’s major focus is developing vascular disrupting agents (VDAs) that selectively disrupt abnormal blood vessels associated with solid tumor progression. The Company is dedicated to leveraging its intellectual property and therapeutic development expertise to bring life-extending and life-enhancing medicines to patients. The Company has two VDA drug candidates currently being tested in clinical trials, fosbretabulin tromethamine, or fosbretabulin, and OXi4503. | ||||
Basis of Presentation | ||||
The accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They have been prepared on a basis which assumes that OXiGENE will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The financial statements do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, however, all adjustments (consisting primarily of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. | ||||
The balance sheet at December 31, 2014 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. For further information, refer to the financial statements and footnotes thereto included in the Annual Report on Form 10-K for the Company for the year ended December 31, 2014. | ||||
Capital Resources | ||||
The Company has experienced net losses every year since inception and, as of March 31, 2015, had an accumulated deficit of approximately $253,927,000. 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 March 31, 2015, the Company had approximately $35,735,000 in cash. | ||||
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 the following: | ||||
• | Completion of a Phase 2 clinical trial of fosbretabulin in patients with recurrent gastrointestinal neuroendocrine tumors (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; | |||
• | 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 acute myeloid leukemia (AML) to be sponsored by the Company; and | |||
• | Supporting a Phase 1b/2 trial of fosbretabulin in recurrent 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, 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. |
Stockholders_Equity_Common_and
Stockholders' Equity - Common and Preferred Shares | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Stockholders' Equity - Common and Preferred Shares | 2 | Stockholders’ Equity — Common and Preferred Shares | |||||||||||||||
Registered Offering of Common Stock and Private Placement of Warrants | |||||||||||||||||
March 2015 Registered Offering | |||||||||||||||||
On March 25, 2015, the Company closed a financing with institutional investors in which it raised approximately $10,000,000 in gross proceeds or $9,207,000 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 $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 March 20, 2020. | |||||||||||||||||
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 during the quarter. | |||||||||||||||||
Warrants | |||||||||||||||||
The following is a summary of the Company’s outstanding common stock warrants as of March 31, 2015 and December 31, 2014: | |||||||||||||||||
Number of warrants | |||||||||||||||||
(In thousands) | |||||||||||||||||
Warrants Issued in Connection with: | Date of | Warrant Term | Exercise | March 31, | December 31, | ||||||||||||
Issuance | Price | 2015 | 2014 | ||||||||||||||
Private Placement Series A Warrants | 4/16/13 | 5 years | $ | 3.4 | 1,460 | 1,460 | |||||||||||
Private Placement Series B Warrants * | 4/16/13 | 2 years | $ | 3.4 | 757 | 757 | |||||||||||
2013 Private Placement Warrants | 9/23/13 | 5 years | $ | 2.24 | — | — | |||||||||||
2013 Private Placement Warrants | 9/23/13 | 5 years | $ | 2.8 | 147 | 147 | |||||||||||
2014 Public Offering Warrants | 2/18/14 | 5 years | $ | 2.75 | 1,872 | 1,872 | |||||||||||
2014 Public Offering Warrants | 2/18/14 | 5 years | $ | 2.56 | 293 | 293 | |||||||||||
2014 Private Placement Warrants | 5/28/14 | 5 years & 3 months | $ | 2.9 | 2,700 | 2,700 | |||||||||||
2014 Private Placement Warrants | 5/28/14 | 5 years & 3 months | $ | 3.7 | 216 | 216 | |||||||||||
2015 Private Placement Warrants | 3/25/15 | 5 years | $ | 1.71 | 2,920 | — | |||||||||||
2015 Private Placement Warrants | 3/25/15 | 2 years & 3 months | $ | 2.13 | 234 | — | |||||||||||
Total Warrants Outstanding | 10,599 | 7,445 | |||||||||||||||
* | The Private Placement Series B warrants expired on April 16, 2015. | ||||||||||||||||
Options and restricted stock | |||||||||||||||||
The Company’s 2005 Stock Plan, as amended (the “2005 Plan”) provides for the award of options, restricted stock and stock appreciation rights to acquire up to 833,333 shares of the Company’s common stock in the aggregate. Currently, the 2005 Plan allows for awards of up to 200,000 shares that may be granted to any one participant in any fiscal year. For options subject to graded vesting, the Company elected the straight-line method of expensing these awards over the service period. | |||||||||||||||||
The following is a summary of the Company’s stock option activity under its 2005 Plan for the three months ended March 31, 2015: | |||||||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Life | |||||||||||||||||
(In thousands) | (Years) | (In thousands) | |||||||||||||||
Options outstanding at December 31, 2014 | 672 | $ | 3.63 | 8.49 | |||||||||||||
Granted | 25 | $ | 1.74 | ||||||||||||||
Forfeited and expired | (8 | ) | $ | 3.28 | |||||||||||||
Options outstanding at March 31, 2015 | 689 | $ | 3.57 | 8.3 | $ | — | |||||||||||
Options exercisable at March 31, 2015 | 272 | $ | 4.5 | 7.06 | $ | — | |||||||||||
Options vested or expected to vest at March 31, 2015 | 585 | $ | 3.67 | 8.15 | $ | — | |||||||||||
As of March 31, 2015 there was approximately $560,000 of unrecognized compensation cost related to stock option awards that is expected to be recognized as expense over a weighted average period of approximately 2.5 years. | |||||||||||||||||
The fair values for the stock options granted were estimated at the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions for the three months ended March 31, 2015: | |||||||||||||||||
Weighted Average Assumptions | |||||||||||||||||
Risk-free interest rate | 1.47 | % | |||||||||||||||
Expected life (years) | 4 | ||||||||||||||||
Expected volatility | 94.5 | % | |||||||||||||||
Dividend yield | 0 | % |
Net_Loss_Per_Share
Net Loss Per Share | 3 Months Ended | |
Mar. 31, 2015 | ||
Earnings Per Share [Abstract] | ||
Net Loss Per Share | 3 | Net Loss Per Share |
Basic and diluted net loss per share was calculated by dividing the net loss per share attributed to the Company’s common shares by the weighted-average number of common shares outstanding. Diluted net loss per share includes the effect of all dilutive, potentially issuable common equivalent shares as defined using the treasury stock method. All of the Company’s common stock equivalents are anti-dilutive due to the Company’s net loss position for all periods presented. Accordingly, common stock equivalents of approximately 689,000 stock options and 10,599,000 warrants at March 31, 2015 and 248,000 stock options and 4,548,000 warrants at March 31, 2014, were excluded from the calculation of weighted average shares for diluted net loss per share. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | |
Mar. 31, 2015 | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and Contingencies | 4 | Commitments and Contingencies |
Clinical Research Organization and Manufacturing Commitments | ||
As of March 31, 2015, the Company has a balance of unapplied purchase orders for expenditures related to clinical research activities and outsourced drug manufacturing activities of approximately $4,100,000, of which approximately $73,000 was estimated and accrued at March 31, 2015 for services performed, leaving approximately $4,027,000 to be incurred. Of the $4,027,000 to be incurred, the Company expects to incur approximately $2,303,000 over the next nine months. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Accounting Policies [Abstract] | ||||
Description of Business | Description of Business | |||
OXiGENE, Inc. (“OXiGENE” or the “Company”), is incorporated in the state of Delaware, and is a clinical-stage, biopharmaceutical company developing novel therapeutics primarily to treat cancer. The Company’s major focus is developing vascular disrupting agents (VDAs) that selectively disrupt abnormal blood vessels associated with solid tumor progression. The Company is dedicated to leveraging its intellectual property and therapeutic development expertise to bring life-extending and life-enhancing medicines to patients. The Company has two VDA drug candidates currently being tested in clinical trials, fosbretabulin and OXi4503. | ||||
Basis of Presentation | Basis of Presentation | |||
The accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They have been prepared on a basis which assumes that OXiGENE will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The financial statements do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, however, all adjustments (consisting primarily of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. | ||||
The balance sheet at December 31, 2014 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. For further information, refer to the financial statements and footnotes thereto included in the Annual Report on Form 10-K for the Company for the year ended December 31, 2014. | ||||
Capital Resources | Capital Resources | |||
The Company has experienced net losses every year since inception and, as of March 31, 2015, had an accumulated deficit of approximately $253,927,000. 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 March 31, 2015, the Company had approximately $35,735,000 in cash. | ||||
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 the following: | ||||
• | Completion of a Phase 2 clinical trial of fosbretabulin in patients with recurrent gastrointestinal neuroendocrine tumors (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; | |||
• | 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 acute myeloid leukemia (AML) to be sponsored by the Company; and | |||
• | Supporting a Phase 1b/2 trial of fosbretabulin in recurrent 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, 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. |
Stockholders_Equity_Common_and1
Stockholders' Equity - Common and Preferred Shares (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Summary of the Company's Outstanding Common Stock Warrants | The following is a summary of the Company’s outstanding common stock warrants as of March 31, 2015 and December 31, 2014: | ||||||||||||||||
Number of warrants | |||||||||||||||||
(In thousands) | |||||||||||||||||
Warrants Issued in Connection with: | Date of | Warrant Term | Exercise | March 31, | December 31, | ||||||||||||
Issuance | Price | 2015 | 2014 | ||||||||||||||
Private Placement Series A Warrants | 4/16/13 | 5 years | $ | 3.4 | 1,460 | 1,460 | |||||||||||
Private Placement Series B Warrants * | 4/16/13 | 2 years | $ | 3.4 | 757 | 757 | |||||||||||
2013 Private Placement Warrants | 9/23/13 | 5 years | $ | 2.24 | — | — | |||||||||||
2013 Private Placement Warrants | 9/23/13 | 5 years | $ | 2.8 | 147 | 147 | |||||||||||
2014 Public Offering Warrants | 2/18/14 | 5 years | $ | 2.75 | 1,872 | 1,872 | |||||||||||
2014 Public Offering Warrants | 2/18/14 | 5 years | $ | 2.56 | 293 | 293 | |||||||||||
2014 Private Placement Warrants | 5/28/14 | 5 years & 3 months | $ | 2.9 | 2,700 | 2,700 | |||||||||||
2014 Private Placement Warrants | 5/28/14 | 5 years & 3 months | $ | 3.7 | 216 | 216 | |||||||||||
2015 Private Placement Warrants | 3/25/15 | 5 years | $ | 1.71 | 2,920 | — | |||||||||||
2015 Private Placement Warrants | 3/25/15 | 2 years & 3 months | $ | 2.13 | 234 | — | |||||||||||
Total Warrants Outstanding | 10,599 | 7,445 | |||||||||||||||
Summary of the Company's Stock Option Activity under its 2005 Plan | The following is a summary of the Company’s stock option activity under its 2005 Plan for the three months ended March 31, 2015: | ||||||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Life | |||||||||||||||||
(In thousands) | (Years) | (In thousands) | |||||||||||||||
Options outstanding at December 31, 2014 | 672 | $ | 3.63 | 8.49 | |||||||||||||
Granted | 25 | $ | 1.74 | ||||||||||||||
Forfeited and expired | (8 | ) | $ | 3.28 | |||||||||||||
Options outstanding at March 31, 2015 | 689 | $ | 3.57 | 8.3 | $ | — | |||||||||||
Options exercisable at March 31, 2015 | 272 | $ | 4.5 | 7.06 | $ | — | |||||||||||
Options vested or expected to vest at March 31, 2015 | 585 | $ | 3.67 | 8.15 | $ | — | |||||||||||
Weighted-Average Assumptions | The fair values for the stock options granted were estimated at the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions for the three months ended March 31, 2015: | ||||||||||||||||
Weighted Average Assumptions | |||||||||||||||||
Risk-free interest rate | 1.47 | % | |||||||||||||||
Expected life (years) | 4 | ||||||||||||||||
Expected volatility | 94.5 | % | |||||||||||||||
Dividend yield | 0 | % |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Candidate | ||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Number of VDA drug candidates tested | 2 | |||
Accumulated earnings (deficit) | ($253,927) | ($251,155) | ||
Cash | $35,735 | $30,031 | $24,735 | $7,005 |
Stockholders_Equity_Common_and2
Stockholders' Equity - Common and Preferred Shares - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | |
Mar. 25, 2015 | Mar. 31, 2015 | Mar. 25, 2015 | |
Stockholders' Equity - Common and Preferred Shares [Line Items] | |||
Gross proceeds from issuance of common stock and warrants | $10,000,000 | ||
Net proceeds from issuance of common stock and warrants | 9,207,000 | ||
Term of warrants | 5 years | ||
Exercise Price | $1.71 | $1.71 | |
Percentage of warrants owned | 4.99% | 4.99% | |
Increase in percentage of warrants owned | 9.99% | ||
Weighted average period for recognizing unrecognized compensation cost as expense | 2 years 6 months | ||
Unrecognized compensation cost related to stock option awards | $560,000 | ||
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 | ||
Registered Offering [Member] | |||
Stockholders' Equity - Common and Preferred Shares [Line Items] | |||
Share price of common stock and warrants issued | $1.71 | $1.71 | |
Number of warrants issued for each unit issued | 0.5 | 0.5 | |
Common stock issued during period | 5,839,420 | ||
Warrants exercised | 2,919,710 | 2,919,710 | |
Private Placement [Member] | |||
Stockholders' Equity - Common and Preferred Shares [Line Items] | |||
Warrants exercised | 0 | 0 | |
Exercise Price | $2.13 | $2.13 | |
Private Placement [Member] | Registered Offering [Member] | |||
Stockholders' Equity - Common and Preferred Shares [Line Items] | |||
Warrants exercised | 233,577 | 233,577 |
Stockholders_Equity_Common_and3
Stockholders' Equity - Common and Preferred Shares - Summary of Company's Outstanding Common Stock Warrants (Detail) (USD $) | 3 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 25, 2015 | Dec. 31, 2014 |
Class of Warrant or Right [Line Items] | |||
Exercise Price | $1.71 | ||
Number of warrants | 10,599 | 7,445 | |
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 | ||
Number of warrants | 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 | ||
Number of warrants | 757 | 757 | |
2013 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 | ||
2013 Private Placement Warrants [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 | 147 | 147 | |
2014 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 | 1,872 | 1,872 | |
2014 Public Offering Warrants [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 | 293 | 293 | |
2014 Private Placement Warrants [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 | 2,700 | 2,700 | |
2014 Private Placement Warrants [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 | 216 | 216 | |
2015 Private Placement Warrants [Member] | |||
Class of Warrant or Right [Line Items] | |||
Date of Issuance | 25-Mar-15 | ||
Warrant Term | 5 years | ||
Exercise Price | $1.71 | ||
Number of warrants | 2,920 | ||
2015 Private Placement Warrants [Member] | |||
Class of Warrant or Right [Line Items] | |||
Date of Issuance | 25-Mar-15 | ||
Warrant Term | 2 years 3 months | ||
Exercise Price | $2.13 | ||
Number of warrants | 234 |
Stockholders_Equity_Common_and4
Stockholders' Equity - Common and Preferred Shares - Summary of Company's Outstanding Common Stock Warrants (Parenthetical) (Detail) (Private Placement Series B Warrants [Member]) | 3 Months Ended |
Mar. 31, 2015 | |
Private Placement Series B Warrants [Member] | |
Class of Warrant or Right [Line Items] | |
Warrant expiration date | 16-Apr-15 |
Stockholders_Equity_Common_and5
Stockholders' Equity - Common and Preferred Shares - Summary of the Company's Stock Option Activity under its 2005 Plan (Detail) (USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share Options outstanding, Beginning Balance | 672 |
Share options, Granted | 25 |
Share options, Forfeited and expired | -8 |
Share options outstanding, Ending Balance | 689 |
Share options exercisable, Ending Balance | 272 |
Share options vested or expected to vest, Ending Balance | 585 |
Weighted Average Exercise Price, Options outstanding, Beginning Balance | $3.63 |
Weighted Average Exercise Price, Granted | $1.74 |
Weighted Average Exercise Price, Forfeited and expired | $3.28 |
Weighted Average Exercise Price, Options outstanding, Ending Balance | $3.57 |
Weighted Average Exercise Price, Options exercisable, Ending Balance | $4.50 |
Weighted Average Exercise Price, Options vested or expected to vest, Ending Balance | $3.67 |
Weighted Average Remaining Contractual Life, Options Outstanding, Beginning Balance | 8 years 5 months 27 days |
Weighted Average Remaining Contractual Life, Options Outstanding, Ending Balance | 8 years 3 months 18 days |
Weighted Average Remaining Contractual Life, Options exercisable, Ending Balance | 7 years 22 days |
Weighted Average Remaining Contractual Life, Options vested or expected to vest, Ending Balance | 8 years 1 month 24 days |
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_Equity_Common_and6
Stockholders' Equity - Common and Preferred Shares - Weighted-Average Assumptions (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Risk-free interest rate | 1.47% |
Expected life (years) | 4 years |
Expected volatility | 94.50% |
Dividend yield | 0.00% |
Net_Loss_Per_Share_Additional_
Net Loss Per Share - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
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 | 689,000 | 248,000 |
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 | 10,599,000 | 4,548,000 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Unapplied purchase commitment due | $4,100,000 |
Unapplied purchase commitment estimated and accrued | 73,000 |
Purchase commitment due | 4,027,000 |
Unapplied purchase commitment due over the next nine months | $2,303,000 |