Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 23, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | OXGN | ||
Entity Registrant Name | OXIGENE INC | ||
Entity Central Index Key | 908,259 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Common Stock, Shares Outstanding | 26,544,934 | ||
Entity Public Float | $ 37,122,000 |
Balance Sheets
Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash | $ 27,285 | $ 30,031 |
Prepaid expenses and other current assets | 105 | 322 |
Total current assets | 27,390 | 30,353 |
Property and equipment, net | 30 | 37 |
Other assets | 33 | 33 |
Total assets | 27,453 | 30,423 |
Current liabilities: | ||
Accounts payable | 287 | 335 |
Accrued compensation and employee benefits | 636 | 841 |
Accrued clinical trial expenses | 918 | 20 |
Other accrued liabilities | 262 | 223 |
Total current liabilities | $ 2,103 | $ 1,419 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $0.01 par value, 15,000 shares authorized; No shares issued and outstanding | ||
Common stock, $0.01 par value, 70,000 shares authorized; 26,545 and 20,705 shares issued and outstanding at December 31, 2015 and December 31, 2014, respectively | $ 265 | $ 207 |
Additional paid-in capital | 289,894 | 279,952 |
Accumulated deficit | (264,809) | (251,155) |
Total stockholders' equity | 25,350 | 29,004 |
Total liabilities and stockholders' equity | $ 27,453 | $ 30,423 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
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 |
Statements of Comprehensive Los
Statements of Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Operating expenses: | ||
Research and development | $ 9,086 | $ 7,408 |
General and administrative | 4,596 | 5,242 |
Total operating expenses | 13,682 | 12,650 |
Loss from operations | (13,682) | (12,650) |
Interest income | 27 | 6 |
Other income (expense), net | 1 | (3) |
Net loss and comprehensive loss | $ (13,654) | $ (12,647) |
Basic and diluted net loss per share attributable to common stock | $ (0.54) | $ (0.75) |
Weighted-average number of common shares outstanding | 25,201 | 16,973 |
Statements of Stockholders' Equ
Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] |
Beginning Balance at Dec. 31, 2013 | $ 6,043 | $ 56 | $ 244,495 | $ (238,508) |
Beginning Balance, shares at Dec. 31, 2013 | 5,586 | |||
Net loss and comprehensive loss | (12,647) | (12,647) | ||
Issuance of common stock in a public offering, net of issuance costs of $1,140 | 10,860 | $ 59 | 10,801 | |
Issuance of common stock in a public offering, net of issuance costs of $1,140,Shares | 5,854 | |||
Issuance of common stock in a private placement, net of issuance costs of $1,178 | 14,822 | $ 54 | 14,768 | |
Issuance of common stock in a private placement, net of issuance costs of $1,178, Shares | 5,401 | |||
Proceeds from exercise of warrants to purchase common stock, net of issuance costs of $71 | 9,512 | $ 38 | 9,474 | |
Proceeds from exercise of warrants to purchase common stock, net of issuance costs of $71,Shares | 3,857 | |||
Stock based compensation expense | 414 | 414 | ||
Stock based compensation expense, shares | 7 | |||
Ending Balance at Dec. 31, 2014 | 29,004 | $ 207 | 279,952 | (251,155) |
Ending Balance, shares at Dec. 31, 2014 | 20,705 | |||
Net loss and comprehensive loss | (13,654) | (13,654) | ||
Issuance of common stock in a private placement, net of issuance costs of $1,178 | 9,194 | $ 58 | 9,136 | |
Issuance of common stock in a private placement, net of issuance costs of $1,178, Shares | 5,840 | |||
Stock based compensation expense | 806 | 806 | ||
Ending Balance at Dec. 31, 2015 | $ 25,350 | $ 265 | $ 289,894 | $ (264,809) |
Ending Balance, shares at Dec. 31, 2015 | 26,545 |
Statements of Stockholders' Eq6
Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cost with public offering | $ 1,140 | |
Cost with private placement | $ 806 | 1,178 |
Warrants issuance cost | 71 | |
Common Stock [Member] | ||
Cost with public offering | 1,140 | |
Cost with private placement | $ 806 | 1,178 |
Warrants issuance cost | $ 71 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Operating activities: | ||
Net loss | $ (13,654) | $ (12,647) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 20 | 16 |
Amortization of license agreement | 93 | |
Stock-based compensation | 806 | 414 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | 217 | (195) |
Accounts payable and accrued expenses | 684 | 168 |
Net cash used in operating activities | (11,927) | (12,151) |
Investing activities: | ||
Purchase of property and equipment | (13) | (17) |
Net cash used in investing activities | (13) | (17) |
Financing activities: | ||
Proceeds from issuance of common stock, net of issuance costs | 9,194 | 25,682 |
Proceeds from exercise of warrants to purchase common stock, net of issuance costs | 9,512 | |
Net cash provided by financing activities | 9,194 | 35,194 |
(Decrease) increase in cash | (2,746) | 23,026 |
Cash at beginning of year | 30,031 | 7,005 |
Cash at end of year | $ 27,285 | $ 30,031 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Description of Business | 1. Description of Business OXiGENE, Inc. (“OXiGENE” or the “Company”) is incorporated in the state of Delaware, and is a clinical-stage, biopharmaceutical company developing vascular disrupting agents (“VDAs”) to treat cancer. VDAs selectively target the vasculature of cancer tumors and obstruct a tumor’s blood supply without disrupting the blood supply to normal tissues. We have two VDA drug candidates currently being tested in clinical trials, CA4P (combrestatin A4-phosphate, fosbretabulin tromethamine, fosbretabulin or ZYBRESTAT ® |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. 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 at one financial institution. Fair Value The Company discloses information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. A fair value hierarchy is established that prioritizes valuation inputs based on the observable nature of those inputs. As of December 31, 2015 and 2014, the Company did not hold any assets or liabilities subject to fair value measurement on a recurring basis. Property and Equipment Property and equipment, including leasehold improvements are recorded and stated at cost. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, which range from three to five years, or the applicable lease term, whichever is less. Accrued Clinical Trial Expenses The Company utilizes contract research organizations (CROs), independent clinical investigators, and other third-party service providers to assist with the execution of its clinical trials. The Company records costs for clinical trial activities based upon the estimated amount of services provided but not yet invoiced for each clinical trial, and includes these costs in accrued liabilities on its Balance Sheets and within research and development expenses on its Statements of Comprehensive Loss. Contracts for clinical trials vary significantly in length and are usually composed of a fixed management fee, variable indirect reimbursable costs, monthly costs and amounts owed on a per patient basis. The Company monitors both the activity and patient enrollment levels of each clinical trial to the extent possible through communication with each service provider, detailed invoice and task completion review, analysis of actual expenses against budget, pre-approval of any changes in scope, and review of contractual terms. As a result, accrued clinical trial expenses represent the Company’s reasonably estimated contractual liability to outside service providers at any particular point in time. These estimates may or may not match the actual services performed by the service providers as determined by actual patient enrollment levels and other variable activity costs. Research and Development Expenses The Company charges all research and development costs, both internal and external, to expense when incurred. The Company’s research and development expenses consist primarily of personnel costs, including salaries, benefits and stock-based compensation, clinical studies performed by contract research organizations (CROs), costs associated with manufacturing the Company’s drug product for clinical use and required regulatory filings, licenses and fees, and overhead allocations consisting of various support and facility-related costs. Clinical study and manufacturing costs are significant components of the Company’s research and development expenses. A large portion of the costs for the Company’s clinical trials are paid to or through third-party CROs. The Company monitors levels of services provided under each significant contract including the extent of patient enrollment and other activities through communications with its CROs. Costs are accrued for clinical studies performed by CROs over the service periods specified in the contracts and estimates are adjusted, if required, based upon ongoing review of the level of effort and costs actually incurred by the CROs. The manufacturing of the Company’s drug product is outsourced to third-party manufacturers. The cost of the drug product is expensed as manufactured. All material CRO and manufacturing contracts are terminable by the Company upon written notice and amounts paid in advance related to uncompleted services will generally be refunded to the Company. 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 an equity incentive plan that provides for the award of stock options, restricted stock and stock appreciation rights to employees, directors and consultants to the Company. Patents and Patent Applications The Company has filed applications for patents in connection with various product candidates and technologies being developed. 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 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. |
Property and equipment
Property and equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and equipment | 3. Property and equipment Property and equipment consists of the following (in thousands): December 31, 2015 2014 Equipment $ 226 $ 237 Furniture and fixtures 36 36 Leasehold improvements 6 6 Total assets 268 279 Less accumulated depreciation (238 ) (242 ) Total property and equipment, net $ 30 $ 37 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Stockholders' Equity | 4. Stockholders’ Equity March 2015 Financing On March 25, 2015, the Company completed a financing with institutional investors in which it raised $10.0 million, or approximately $9.2 million after deducting placement agent fees and other offering expenses. Investors purchased shares of the Company’s common stock at a price of $1.7125 per share and received one warrant to purchase one half of a share of the Company’s common stock at the same exercise price per share as each share of common stock purchased. A total of 5,839,420 shares of common stock and warrants for the purchase of 2,919,710 shares of common stock were issued. The warrants were exercisable immediately after issuance and expire 5 years from the date of issuance. Also, in connection with the financing, the Company issued to its placement agent and related persons warrants to purchase 233,577 shares of the Company’s common stock, which were exercisable immediately after issuance, have an exercise price of $2.13 per share and expire on March 20, 2020. May 2014 Financing On May 28, 2014, the Company completed a financing in which it raised $16.0 million, or approximately $14.8 million after deducting placement agent fees and other offering expenses. Investors purchased shares of the Company’s common stock at a price of $2.9625 per share and received one warrant to purchase one half of a share of the Company’s common stock at $2.90 per share. A total of 5,400,847 shares of common stock and warrants for the purchase of 2,700,424 shares of common stock were issued. The warrants were exercisable immediately after issuance and expire 5 years and 3 months from the date of issuance. 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, which were exercisable immediately after issuance, have an exercise price of $3.70 per share and expire on June 14, 2017. February 2014 Financing On February 18, 2014, the Company completed a financing in which it raised $12.0 million, or approximately $10.9 million after deducting placement agent fees and other offering expenses. Investors purchased shares of the Company’s common stock at a price of $2.05 per share and received one warrant to purchase one half of a share of the Company’s common stock at $2.75 per share. A total of 5,853,657 shares of common stock and warrants for the purchase of 2,926,829 shares of common stock were issued. The warrants were exercisable immediately after issuance and expire 5 years from the date of issuance. 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 an exercise price of $2.56 per share and expire on February 11, 2019. Warrants The following is a summary of the Company’s outstanding common stock warrants: Expiration Date Exercise Price December 31, 2015 2014 04/16/15 $ 3.40 — 757 06/14/17 3.70 216 216 04/16/18 3.40 1,460 1,460 09/23/18 2.80 147 147 02/11/19 2.56 293 293 02/18/19 2.75 1,872 1,872 08/28/19 2.90 2,700 2,700 03/20/20 2.13 234 — 03/25/20 1.71 2,920 — 9,842 7,445 During the year ended December 31, 2014, investors exercised 3,857,000 warrants for the purchase of 3,857,000 shares of the Company’s common stock for net proceeds of approximately $9.5 million. No warrants were exercised during the year ended December 31, 2015. All warrants outstanding at December 31, 2015 and 2014 were recorded by the Company as equity at the time of issuance. Options and restricted stock On May 28, 2015, the Company’s stockholders approved the 2015 Equity Incentive Plan (the “2015 Plan”). Under the 2015 Plan, up to 4,000,000 shares of the Company’s common stock may be issued pursuant to awards granted in the form of incentive stock options, nonqualified stock options, restricted and unrestricted stock awards, and other stock-based awards to employees, consultants, and directors. The 2015 Plan also allows additional shares of the Company’s common stock to be issued if awards outstanding under the Company’s 2005 Stock Plan (the “2005 Plan”) are cancelled, forfeited, surrendered, or terminated after the April 25, 2015 expiration of the 2005 Plan, provided that no more than 725,781 shares of the Company’s common stock shall be added to the 2015 Plan from the 2005 Plan. The following is a summary of the Company’s stock option activity under its 2015 and 2005 Plans: Options Options Weighted Weighted Aggregate (in thousands) (years) (in thousands) Balance at December 31, 2013 534 192 $ 12.54 7.61 Options granted (521 ) 521 $ 2.67 Options forfeited 41 (41 ) $ 33.40 Balance at December 31, 2014 54 672 $ 3.63 8.49 Options granted (1,842 ) 1,842 $ 1.40 Options forfeited 483 (483 ) $ 1.93 Options authorized 4,000 — $ — Balance at December 31, 2015 2,695 2,031 $ 2.01 8.44 $ — Vested and exercisable at December 31, 2015 536 $ 3.25 7.70 $ — Unvested at December 31, 2015 1,495 $ 1.57 Expected to vest at December 31, 2015 1,009 As of December 31, 2015 there was approximately $980,000 of unrecognized compensation cost related to stock option awards that is expected to be recognized as expense over a weighted average period of approximately 2.8 years. The weighted average fair value of stock options issued in 2015 and 2014 was $1.05 and $1.87, respectively. 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: Years ended December 31, 2015 2014 Risk-free interest rate 1.71 % 1.55 % Expected life (years) 6 4 Expected volatility 92 % 99 % Dividend yield 0.00 % 0.00 % 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: • the stock option exercise price, • the expected term of the option, • the grant date price of the Company’s common stock, which is issuable upon exercise of the option, • the expected volatility of the Company’s common stock, • the expected dividends on the Company’s common stock, and • 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 the Company’s 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 calculated based on the average of the vesting period and the option term. 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 estimates the level of award forfeitures expected to occur and records compensation expense only for those awards that are ultimately expected to vest. The Company recorded expenses of $0 and $20,000 during the years ended December 31, 2015 and 2014, respectively, related to restricted stock awards granted from the Company’s 2005 Stock Plan. 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, 2015, the Company did not have any unvested restricted common stock outstanding. |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 5. 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 2,031,000 and 672,000 options to purchase common stock and 9,842,000 and 7,445,000 warrants to purchase common stock at December 31, 2015 and 2014, 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, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 6. Income Taxes The components of the Company’s deferred tax assets are as follows (in thousands): December 31, 2015 2014 Net operating loss carryforwards $ 83,558 $ 79,194 Stock based compensation 333 667 Research and development credits 2,628 2,301 Accruals and reserves 240 297 Total Deferred tax assets 86,759 82,459 Valuation allowance (86,759 ) (82,459 ) 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, 2015 and 2014 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 $4,300,000 and $3,877,000 for the years ended December 31, 2015 and 2014, respectively. The increase for both 2015 and 2014 was due primarily to the increase in the federal net operating loss. As all of the Company’s deferred tax assets have been reserved for in a valuation allowance, no provision for (benefit from) income taxes has been recorded in the accompanying financial statements. At December 31, 2015, the Company had net operating loss carry-forwards of approximately $237,000,000 for U.S. income tax purposes, which will begin to expire in 2020 and state operating loss carry-forwards in California of $55,000,000 which will begin to expire in 2017. The Company had federal research and development tax credits of $2,830,000 which will begin to expire in 2021. The Company also had state research and development tax credits in California of $1,023,000 which have no expiration. The future utilization of the net operating loss carry-forwards and credit carry-forwards is likely to be subject to an annual limitation due to ownership changes that have occurred in the past or that may occur in the future under the provisions of Section 382 or 383 of the Internal Revenue Code. A reconciliation of the federal statutory rate to the Company’s effective tax rate is as follows: Years ended 2015 2014 Federal statutory rate 34.00 % 34.00 % State income taxes (0.49 ) (0.00 ) Federal NOL adjustment (0.43 ) (0.00 ) State NOL expired or adjusted (0.07 ) Permanent items (3.26 ) (10.82 ) Stock compensation (0.11 ) (0.05 ) Federal research credits 1.86 0.71 State rate change — 6.82 Miscellaneous — — (Increase)/ Decrease in Valuation Allowance (31.50 ) (30.66 ) Provision for income taxes 0.00 % 0.00 % At December 31, 2015, the Company had $1,410,000 of unrecognized tax benefits of which $963,000 relates to research and development credits and $447,000 relates to California net operating losses. The change in unrecognized tax benefits from December 31, 2013 is as follows (in thousands): Unrecognized tax benefits as of 12/31/13 $ 748 Increase in prior year unrecognized tax benefits 295 Increase in current year unrecognized tax benefits 50 Unrecognized tax benefits as of 12/31/14 1,093 Increase in prior year unrecognized tax benefits 195 Increase in current year unrecognized tax benefits 122 Unrecognized tax benefits as of 12/31/15 $ 1,410 The Company does not expect its unrecognized tax benefits to change significantly over the next twelve months. As of December 31, 2015, 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, 2015 the Company has no accrued interest and penalties related to uncertain tax positions. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 7. Commitments and Contingencies The Company has a lease for its corporate headquarters which expires on June 30, 2019. The lease is for a total of 5,275 square feet of office space located in South San Francisco, California. Rental expense for the years ended December 31, 2015 and 2014 was $210,000 and $206,000, respectively. The future minimum lease payments required under the lease are as follows: Amount (in thousands) 2016 209 2017 215 2018 221 2019 112 Total lease obligations $ 757 |
Retirement Savings Plan
Retirement Savings Plan | 12 Months Ended |
Dec. 31, 2015 | |
Postemployment Benefits [Abstract] | |
Retirement Savings Plan | 8. Retirement Savings Plan The Company sponsors a savings plan available to all employees, which qualifies under Section 401(k) of the Internal Revenue Code. Employees may contribute from 1% to 20% of their pre-tax salary to the plan, subject to statutory limitations. The Company is able to match participant contributions, although to date the Company has not provided any matching payments to participants. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 9. Related Party Transactions A portion of the compensation paid to David Chaplin, Ph.D., our Chief Scientific Officer and former Chief Executive Officer, is paid to Aston Biopharma Ltd. for services Dr. Chaplin performs for the Company while in the United Kingdom. The amounts paid to Aston Biopharma Ltd. aggregated $190,000 and $167,000 in 2015 and 2014, respectively. Dr. Chaplin and his spouse beneficially own 33% of Angiogene Pharmaceuticals Ltd. (“Angiogene”), a company from which OXiGENE, Inc. has licensed certain rights to patent applications. In accordance with the terms of the agreement, the Company paid Angiogene $75,000 and $150,000 for the years ended December 31, 2015 and 2014, respectively. |
Significant Accounting Polici17
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
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 at one financial institution. |
Fair Value | Fair Value The Company discloses information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. A fair value hierarchy is established that prioritizes valuation inputs based on the observable nature of those inputs. As of December 31, 2015 and 2014, the Company did not hold any assets or liabilities subject to fair value measurement on a recurring basis. |
Property and Equipment | Property and Equipment Property and equipment, including leasehold improvements are recorded and stated at cost. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, which range from three to five years, or the applicable lease term, whichever is less. |
Accrued Clinical Trial Expenses | Accrued Clinical Trial Expenses The Company utilizes contract research organizations (CROs), independent clinical investigators, and other third-party service providers to assist with the execution of its clinical trials. The Company records costs for clinical trial activities based upon the estimated amount of services provided but not yet invoiced for each clinical trial, and includes these costs in accrued liabilities on its Balance Sheets and within research and development expenses on its Statements of Comprehensive Loss. Contracts for clinical trials vary significantly in length and are usually composed of a fixed management fee, variable indirect reimbursable costs, monthly costs and amounts owed on a per patient basis. The Company monitors both the activity and patient enrollment levels of each clinical trial to the extent possible through communication with each service provider, detailed invoice and task completion review, analysis of actual expenses against budget, pre-approval of any changes in scope, and review of contractual terms. As a result, accrued clinical trial expenses represent the Company’s reasonably estimated contractual liability to outside service providers at any particular point in time. These estimates may or may not match the actual services performed by the service providers as determined by actual patient enrollment levels and other variable activity costs. |
Research and Development Expenses | Research and Development Expenses The Company charges all research and development costs, both internal and external, to expense when incurred. The Company’s research and development expenses consist primarily of personnel costs, including salaries, benefits and stock-based compensation, clinical studies performed by contract research organizations (CROs), costs associated with manufacturing the Company’s drug product for clinical use and required regulatory filings, licenses and fees, and overhead allocations consisting of various support and facility-related costs. Clinical study and manufacturing costs are significant components of the Company’s research and development expenses. A large portion of the costs for the Company’s clinical trials are paid to or through third-party CROs. The Company monitors levels of services provided under each significant contract including the extent of patient enrollment and other activities through communications with its CROs. Costs are accrued for clinical studies performed by CROs over the service periods specified in the contracts and estimates are adjusted, if required, based upon ongoing review of the level of effort and costs actually incurred by the CROs. The manufacturing of the Company’s drug product is outsourced to third-party manufacturers. The cost of the drug product is expensed as manufactured. All material CRO and manufacturing contracts are terminable by the Company upon written notice and amounts paid in advance related to uncompleted services will generally be refunded to the Company. |
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 an equity incentive plan that provides for the award of stock options, restricted stock and stock appreciation rights to employees, directors and consultants to the Company. |
Patents and Patent Applications | Patents and Patent Applications The Company has filed applications for patents in connection with various product candidates and technologies being developed. 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 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. |
Property and equipment (Tables)
Property and equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consists of the following (in thousands): December 31, 2015 2014 Equipment $ 226 $ 237 Furniture and fixtures 36 36 Leasehold improvements 6 6 Total assets 268 279 Less accumulated depreciation (238 ) (242 ) Total property and equipment, net $ 30 $ 37 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 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: Expiration Date Exercise Price December 31, 2015 2014 04/16/15 $ 3.40 — 757 06/14/17 3.70 216 216 04/16/18 3.40 1,460 1,460 09/23/18 2.80 147 147 02/11/19 2.56 293 293 02/18/19 2.75 1,872 1,872 08/28/19 2.90 2,700 2,700 03/20/20 2.13 234 — 03/25/20 1.71 2,920 — 9,842 7,445 |
Summary of the Company's Stock Option Activity under 2015 and 2005 Plans | The following is a summary of the Company’s stock option activity under its 2015 and 2005 Plans: Options Options Weighted Weighted Aggregate (in thousands) (years) (in thousands) Balance at December 31, 2013 534 192 $ 12.54 7.61 Options granted (521 ) 521 $ 2.67 Options forfeited 41 (41 ) $ 33.40 Balance at December 31, 2014 54 672 $ 3.63 8.49 Options granted (1,842 ) 1,842 $ 1.40 Options forfeited 483 (483 ) $ 1.93 Options authorized 4,000 — $ — Balance at December 31, 2015 2,695 2,031 $ 2.01 8.44 $ — Vested and exercisable at December 31, 2015 536 $ 3.25 7.70 $ — Unvested at December 31, 2015 1,495 $ 1.57 Expected to vest at December 31, 2015 1,009 |
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: Years ended December 31, 2015 2014 Risk-free interest rate 1.71 % 1.55 % Expected life (years) 6 4 Expected volatility 92 % 99 % Dividend yield 0.00 % 0.00 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Deferred Tax Assets | The components of the Company’s deferred tax assets are as follows (in thousands): December 31, 2015 2014 Net operating loss carryforwards $ 83,558 $ 79,194 Stock based compensation 333 667 Research and development credits 2,628 2,301 Accruals and reserves 240 297 Total Deferred tax assets 86,759 82,459 Valuation allowance (86,759 ) (82,459 ) 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 2015 2014 Federal statutory rate 34.00 % 34.00 % State income taxes (0.49 ) (0.00 ) Federal NOL adjustment (0.43 ) (0.00 ) State NOL expired or adjusted (0.07 ) Permanent items (3.26 ) (10.82 ) Stock compensation (0.11 ) (0.05 ) Federal research credits 1.86 0.71 State rate change — 6.82 Miscellaneous — — (Increase)/ Decrease in Valuation Allowance (31.50 ) (30.66 ) Provision for income taxes 0.00 % 0.00 % |
Changes in Unrecognized Tax Benefits | The change in unrecognized tax benefits from December 31, 2013 is as follows (in thousands): Unrecognized tax benefits as of 12/31/13 $ 748 Increase in prior year unrecognized tax benefits 295 Increase in current year unrecognized tax benefits 50 Unrecognized tax benefits as of 12/31/14 1,093 Increase in prior year unrecognized tax benefits 195 Increase in current year unrecognized tax benefits 122 Unrecognized tax benefits as of 12/31/15 $ 1,410 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Lease Payments Under Lease | The future minimum lease payments required under the lease are as follows: Amount (in thousands) 2016 209 2017 215 2018 221 2019 112 Total lease obligations $ 757 |
Description of Business - Addit
Description of Business - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015Candidate | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of VDA drug candidates tested | 2 |
Significant Accounting Polici23
Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Subsidiary, Sale of Stock [Line Items] | ||
Assets subject to fair value measurement on a recurring basis | $ 0 | $ 0 |
Liabilities subject to fair value measurement on a recurring basis | $ 0 | $ 0 |
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 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Total gross assets | $ 268 | $ 279 |
Less accumulated depreciation | (238) | (242) |
Total furniture and fixtures, equipment and leasehold improvements | 30 | 37 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total gross assets | 226 | 237 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total gross assets | 36 | 36 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total gross assets | $ 6 | $ 6 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | May. 28, 2015 | Mar. 25, 2015 | May. 28, 2014 | Feb. 18, 2014 | Dec. 31, 2015 | Dec. 31, 2014 |
Stockholders Equity [Line Items] | ||||||
Gross proceeds from issuance of common stock and warrants | $ 10,000,000 | $ 16,000,000 | $ 12,000,000 | |||
Net proceeds from issuance of common stock and warrants | $ 9,200,000 | $ 14,800,000 | $ 10,900,000 | |||
Term of warrants | 5 years | 5 years 3 months 18 days | 5 years | |||
Proceeds from warrant exercises | $ 9,512,000 | |||||
Number of shares authorized for grant | 4,000,000 | |||||
Weighted average period for recognizing unrecognized compensation cost as expense | 2 years 9 months 18 days | |||||
Unrecognized compensation cost related to stock option awards | $ 980,000 | |||||
Weighted average fair value | $ 1.05 | $ 1.87 | ||||
Dividend yield | 0.00% | 0.00% | ||||
Expense related to stock awards | $ 806,000 | $ 414,000 | ||||
March 2015 Financing [Member] | ||||||
Stockholders Equity [Line Items] | ||||||
Share price of common stock and warrants issued | $ 1.7125 | |||||
Number of warrants issued for each unit issued | 0.5 | |||||
Common stock issued during period | 5,839,420 | |||||
Warrants exercised | 2,919,710 | |||||
May 2014 Financing [Member] | ||||||
Stockholders Equity [Line Items] | ||||||
Share price of common stock and warrants issued | $ 2.9625 | |||||
Number of warrants issued for each unit issued | 0.5 | |||||
Common stock issued during period | 5,400,847 | |||||
Warrants exercised | 2,700,424 | |||||
May 2014 Financing [Member] | Warrants to Purchase Common Stock [Member] | ||||||
Stockholders Equity [Line Items] | ||||||
Share price of common stock and warrants issued | $ 2.9 | |||||
February 2014 Financing [Member] | ||||||
Stockholders Equity [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 | |||||
Warrants exercised | 2,926,829 | |||||
February 2014 Financing [Member] | Warrants to Purchase Common Stock [Member] | ||||||
Stockholders Equity [Line Items] | ||||||
Share price of common stock and warrants issued | $ 2.75 | |||||
Common Stock [Member] | ||||||
Stockholders Equity [Line Items] | ||||||
Warrants exercised | 0 | 3,857,000 | ||||
Number of common stock issued upon conversion | 3,857,000 | |||||
Proceeds from warrant exercises | $ 9,500,000 | |||||
2015 Equity Incentive Plan [Member] | ||||||
Stockholders Equity [Line Items] | ||||||
Number of shares authorized for grant | 4,000,000 | |||||
Number of additional shares authorized for grant | 725,781 | |||||
Stock option plan expiration date | Apr. 25, 2015 | |||||
2005 Plan [Member] | Restricted Stock [Member] | ||||||
Stockholders Equity [Line Items] | ||||||
Expense related to stock awards | $ 0 | $ 20,000 | ||||
Private Placement [Member] | ||||||
Stockholders Equity [Line Items] | ||||||
Exercise Price | $ 2.13 | $ 3.70 | $ 2.56 | |||
Warrant expiration date | Mar. 20, 2020 | Jun. 14, 2017 | Feb. 11, 2019 | |||
Private Placement [Member] | March 2015 Financing [Member] | ||||||
Stockholders Equity [Line Items] | ||||||
Warrants exercised | 233,577 | |||||
Private Placement [Member] | May 2014 Financing [Member] | ||||||
Stockholders Equity [Line Items] | ||||||
Warrants exercised | 216,033 | |||||
Private Placement [Member] | February 2014 Financing [Member] | ||||||
Stockholders Equity [Line Items] | ||||||
Warrants exercised | 292,682 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Company's Outstanding Common Stock Warrants (Detail) - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Class of Warrant or Right [Line Items] | ||
Number of warrants outstanding | 9,842 | 7,445 |
Private Placement Series A [Member] | ||
Class of Warrant or Right [Line Items] | ||
Expiration Date | Apr. 16, 2015 | |
Exercise Price | $ 3.40 | |
Number of warrants outstanding | 757 | |
Private Placement Series B [Member] | ||
Class of Warrant or Right [Line Items] | ||
Expiration Date | Jun. 14, 2017 | |
Exercise Price | $ 3.70 | |
Number of warrants outstanding | 216 | 216 |
2013 Private Placement [Member] | ||
Class of Warrant or Right [Line Items] | ||
Expiration Date | Apr. 16, 2018 | |
Exercise Price | $ 3.40 | |
Number of warrants outstanding | 1,460 | 1,460 |
2014 Public Offering [Member] | ||
Class of Warrant or Right [Line Items] | ||
Expiration Date | Sep. 23, 2018 | |
Exercise Price | $ 2.80 | |
Number of warrants outstanding | 147 | 147 |
2014 Public Offering [Member] | ||
Class of Warrant or Right [Line Items] | ||
Expiration Date | Feb. 11, 2019 | |
Exercise Price | $ 2.56 | |
Number of warrants outstanding | 293 | 293 |
2014 Private Placement [Member] | ||
Class of Warrant or Right [Line Items] | ||
Expiration Date | Feb. 18, 2019 | |
Exercise Price | $ 2.75 | |
Number of warrants outstanding | 1,872 | 1,872 |
2014 Private Placement [Member] | ||
Class of Warrant or Right [Line Items] | ||
Expiration Date | Aug. 28, 2019 | |
Exercise Price | $ 2.90 | |
Number of warrants outstanding | 2,700 | 2,700 |
2015 Private Placement [Member] | ||
Class of Warrant or Right [Line Items] | ||
Expiration Date | Mar. 20, 2020 | |
Exercise Price | $ 2.13 | |
Number of warrants outstanding | 234 | |
2015 Private Placement [Member] | ||
Class of Warrant or Right [Line Items] | ||
Expiration Date | Mar. 25, 2020 | |
Exercise Price | $ 1.71 | |
Number of warrants outstanding | 2,920 |
Stockholders' Equity - Summar27
Stockholders' Equity - Summary of the Company's Stock Option Activity under 2015 and 2005 Plans (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Options Available for Grant, Beginning Balance | 54,000 | 534,000 |
Options Available for Grant, Options granted | (1,842,000) | (521,000) |
Options Available for Grant, Options forfeited | 483,000 | 41,000 |
Options Available for Grant, Options authorized | 4,000,000 | |
Options Available for Grant, Ending Balance | 2,695,000 | 54,000 |
Options Outstanding, Beginning Balance | 672,000 | 192,000 |
Options Outstanding, Options granted | 1,842,000 | 521,000 |
Options Outstanding, Options forfeited | (483,000) | (41,000) |
Options Outstanding, Ending Balance | 2,031,000 | 672,000 |
Weighted Average Exercise Price, Beginning Balance | $ 3.63 | $ 12.54 |
Options Outstanding, Vested and exercisable | 536,000 | |
Weighted Average Exercise Price, Options granted | $ 1.40 | 2.67 |
Options Outstanding, Unvested | 1,495,000 | |
Weighted Average Exercise Price, Options forfeited | $ 1.93 | 33.40 |
Options Outstanding, Expected to vest | 1,009,000 | |
Weighted Average Exercise Price, Ending Balance | $ 2.01 | $ 3.63 |
Weighted Average Exercise Price, Vested and exercisable | 3.25 | |
Weighted Average Exercise Price, Unvested | $ 1.57 | |
Weighted Average Remaining Contractual Life, Beginning Balance | 7 years 7 months 10 days | |
Weighted Average Remaining Contractual Life, Ending Balance | 8 years 5 months 27 days | |
Weighted Average Remaining Contractual Life, Ending Balance | 8 years 5 months 9 days | |
Weighted Average Remaining Contractual Life, Vested and exercisable | 7 years 8 months 12 days | |
Aggregate Intrinsic Value | $ 0 | |
Aggregate Intrinsic Value, Vested and exercisable | $ 0 |
Stockholders' Equity - Weighted
Stockholders' Equity - Weighted-Average Assumptions (Detail) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Risk-free interest rate | 1.71% | 1.55% |
Expected life (years) | 6 years | 4 years |
Expected volatility | 92.00% | 99.00% |
Dividend yield | 0.00% | 0.00% |
Net Loss Per Share - Additional
Net Loss Per Share - Additional Information (Detail) - shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Options to Purchase Common Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Common stock excluded from the calculation of weighted average shares for diluted net loss per share | 2,031,000 | 672,000 |
Warrants to Purchase Common Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Common stock excluded from the calculation of weighted average shares for diluted net loss per share | 9,842,000 | 7,445,000 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforwards | $ 83,558 | $ 79,194 |
Stock based compensation | 333 | 667 |
Research and development credits | 2,628 | 2,301 |
Accruals and reserves | 240 | 297 |
Total Deferred tax assets | 86,759 | 82,459 |
Valuation allowance | (86,759) | (82,459) |
Net deferred tax asset | $ 0 | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Contingency [Line Items] | |||
Change in valuation allowance | $ 4,300,000 | $ 3,877,000 | |
Expiry year of operating loss carry-forwards related to federal and state research and development activities | 2,021 | ||
Unrecognized tax benefits | $ 1,410,000 | $ 1,093,000 | $ 748,000 |
Accrued interest expense and penalties related to uncertain tax positions | 0 | ||
Research And Development Credit [Member] | |||
Income Tax Contingency [Line Items] | |||
Unrecognized tax benefits | 963,000 | ||
California 2013 Net Operating Losses [Member] | |||
Income Tax Contingency [Line Items] | |||
Unrecognized tax benefits | 447,000 | ||
Domestic Tax Authority [Member] | |||
Income Tax Contingency [Line Items] | |||
Operating loss carry-forwards | $ 237,000,000 | ||
Expiry year of operating loss carry-forwards | 2,020 | ||
Tax credits related to federal and state research and development | $ 2,830,000 | ||
California [Member] | State and Local Jurisdiction [Member] | |||
Income Tax Contingency [Line Items] | |||
Operating loss carry-forwards | $ 55,000,000 | ||
Expiry year of operating loss carry-forwards | 2,017 | ||
Tax credits related to federal and state research and development | $ 1,023,000 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of the Federal Statutory Rate to the Company's Effective Tax Rate (Detail) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Federal statutory rate | 34.00% | 34.00% |
State income taxes | (0.49%) | 0.00% |
Federal NOL adjustment | (0.43%) | 0.00% |
State NOL expired or adjusted | (0.07%) | |
Permanent items | (3.26%) | (10.82%) |
Stock compensation | (0.11%) | (0.05%) |
Federal research credits | 1.86% | 0.71% |
State rate change | 6.82% | |
Miscellaneous | 0.00% | 0.00% |
(Increase)/ Decrease in Valuation Allowance | (31.50%) | (30.66%) |
Provision for income taxes | 0.00% | 0.00% |
Income Taxes - Changes in Unrec
Income Taxes - Changes in Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefits, Beginning Balance | $ 1,093 | $ 748 |
Increase in prior year unrecognized tax benefits | 195 | 295 |
Increase in current year unrecognized tax benefits | 122 | 50 |
Unrecognized tax benefits, Ending Balance | $ 1,410 | $ 1,093 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2015USD ($)ft² | Dec. 31, 2014USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | ||
Lease expiration date | Jun. 30, 2019 | |
Area of facility lease | ft² | 5,275 | |
Rent expense | $ | $ 210,000 | $ 206,000 |
Commitments and Contingencies35
Commitments and Contingencies - Future Minimum Lease Payments Under Lease (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,016 | $ 209 |
2,017 | 215 |
2,018 | 221 |
2,019 | 112 |
Total lease obligations | $ 757 |
Retirement Savings Plan - Addit
Retirement Savings Plan - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee's contribute maximum | 20.00% |
Employee's contribute minimum | 1.00% |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Aston Biopharma Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Compensation paid | $ 190,000 | $ 167,000 |
Angiogene [Member] | ||
Related Party Transaction [Line Items] | ||
Amount paid in connection with license | $ 75,000 | $ 150,000 |
Noncontrolling interest, ownership percentage by non controlling owners | 33.00% |