Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended |
Jun. 30, 2014 | |
Document Information [Line Items] | ' |
Entity Registrant Name | 'TITAN PHARMACEUTICALS INC |
Entity Central Index Key | '0000910267 |
Entity Filer Category | 'Smaller Reporting Company |
Document Type | 'S-1 |
Amendment Flag | 'false |
Document Period End Date | 30-Jun-14 |
CONDENSED_BALANCE_SHEETS
CONDENSED BALANCE SHEETS (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Current assets: | ' | ' | ' |
Cash | $8,853 | $11,798 | $18,102 |
Receivables | 3,743 | 4,818 | 4,646 |
Prepaid expenses and other current assets | 216 | 204 | 687 |
Total current assets | 12,812 | 16,820 | 23,435 |
Property and equipment, net | 1,437 | 1,603 | 1,392 |
Total Assets | 14,249 | 18,423 | 24,827 |
Current liabilities: | ' | ' | ' |
Accounts payable | 3,832 | 5,118 | 3,767 |
Accrued clinical trials expenses | 131 | 118 | 532 |
Other accrued liabilities | 364 | 293 | 219 |
Deferred contract revenue | 3,494 | 5,317 | 14,375 |
Current portion of long-term debt | ' | 0 | 2,500 |
Total current liabilities | 7,821 | 10,846 | 21,393 |
Warrant liabilities | 2,965 | 1,817 | 8,240 |
Royalty liability | ' | 0 | 8,962 |
Long-term debt, net of discount | ' | 0 | 9,360 |
Total Liabilities | 10,786 | 12,663 | 47,955 |
Commitments and contingencies | ' | ' | ' |
Stockholders' equity: | ' | ' | ' |
Preferred stock, $0.001 par value per share; 5,000,000 shares authorized, none issued and outstanding at December 31, 2013 and 2012. | ' | 0 | 0 |
Common stock, at amounts paid-in, $0.001 par value per share; 125,000,000 shares authorized, 88,794,222 and 75,215,713 shares issued and outstanding at December 31, 2013 and 2012, respectively. | 284,448 | 284,485 | 265,986 |
Additional paid-in capital | 22,078 | 21,692 | 21,014 |
Accumulated deficit | -303,063 | -300,417 | -310,128 |
Total stockholders’ equity | 3,463 | 5,760 | -23,128 |
Total Liabilities and Stockholders’ Equity (Deficit) | $14,249 | $18,423 | $24,827 |
CONDENSED_BALANCE_SHEETS_Paren
CONDENSED BALANCE SHEETS [Parenthetical] (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Preferred Stock, Par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common Stock, Par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Common stock, issued | 88,794,222 | 75,215,713 |
Common stock, outstanding | 88,794,222 | 75,215,713 |
CONDENSED_STATEMENTS_OF_OPERAT
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenue: | ' | ' | ' | ' | ' | ' | ' |
License revenue | $911 | $2,198 | $1,823 | $5,948 | $9,057 | $2,325 | $0 |
Royalty revenue | 0 | 0 | 0 | 1,424 | 1,424 | 4,750 | 3,585 |
Grant revenue | ' | ' | ' | ' | 0 | 42 | 483 |
Total revenue | 911 | 2,198 | 1,823 | 7,372 | 10,481 | 7,117 | 4,068 |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' |
Research and development | 748 | 1,789 | 1,698 | 5,701 | 8,309 | 10,610 | 11,206 |
General and administrative | 713 | 701 | 1,609 | 1,792 | 3,063 | 4,877 | 3,368 |
Total operating expenses | 1,461 | 2,490 | 3,307 | 7,493 | 11,372 | 15,487 | 14,574 |
Loss from operations | -550 | -292 | -1,484 | -121 | -891 | -8,370 | -10,506 |
Other income (expense): | ' | ' | ' | ' | ' | ' | ' |
Interest expense, net | 0 | 0 | 0 | -1,569 | -1,568 | -4,861 | -6,430 |
Other income (expense), net | -8 | -6 | -14 | 10,438 | 10,433 | -183 | -129 |
Non-cash gain (loss) on changes in the fair value of warrants | -284 | 5,362 | -1,148 | 2,317 | 1,737 | -1,766 | 1,862 |
Other income (expense), net | -292 | 5,356 | -1,162 | 11,186 | 10,602 | -6,810 | -4,697 |
Net income (loss) and comprehensive income (loss) applicable to common stockholders | ($842) | $5,064 | ($2,646) | $11,065 | $9,711 | ($15,180) | ($15,203) |
Basic net income (loss) per common share (in dollars per share) | ($0.01) | $0.06 | ($0.03) | $0.14 | $0.12 | ($0.23) | ($0.26) |
Diluted net income (loss) per common share (in dollars per share) | ($0.01) | $0 | ($0.03) | $0.10 | $0.10 | ($0.23) | ($0.28) |
Weighted average shares used in computing basic net income (loss) per common share (in shares) | 88,998 | 82,527 | 88,964 | 80,403 | 82,099 | 66,509 | 59,324 |
Weighted average shares used in computing diluted net income (loss) per common share (in shares) | 88,998 | 82,559 | 88,964 | 86,271 | 82,659 | 66,509 | 60,392 |
STATEMENTS_OF_STOCKHOLDERS_EQU
STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit during Development Stage [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands | |||||
Balance at Dec. 31, 2010 | ($6,053) | $256,436 | $17,256 | ($279,745) | $0 |
Balance (in shares) at Dec. 31, 2010 | ' | 59,248 | ' | ' | ' |
Net income (loss) | -15,203 | ' | ' | -15,203 | ' |
Issuance of common stock upon vesting of restricted stock awards | 0 | ' | ' | ' | ' |
Issuance of common stock upon vesting of restricted stock awards (in shares) | ' | 139 | ' | ' | ' |
Compensation related to stock options | 1,177 | ' | 1,177 | ' | ' |
Balance at Dec. 31, 2011 | -20,079 | 256,436 | 18,433 | -294,948 | 0 |
Balance (in shares) at Dec. 31, 2011 | ' | 59,387 | ' | ' | ' |
Net income (loss) | -15,180 | ' | ' | -15,180 | ' |
Issuance of common stock, net of issuance costs | 4,653 | 4,653 | ' | ' | ' |
Issuance of common stock, net of issuance costs (in shares) | ' | 9,917 | ' | ' | ' |
Issuance of common stock upon exercise of warrants | 4,897 | 4,897 | ' | ' | ' |
Issuance of common stock upon exercise of warrants (in shares) | ' | 5,762 | ' | ' | ' |
Issuance of common stock upon vesting of restricted stock awards | 0 | ' | ' | ' | ' |
Issuance of common stock upon vesting of restricted stock awards (in shares) | ' | 150 | ' | ' | ' |
Compensation related to stock options | 2,581 | ' | 2,581 | ' | ' |
Balance at Dec. 31, 2012 | -23,128 | 265,986 | 21,014 | -310,128 | 0 |
Balance (in shares) at Dec. 31, 2012 | ' | 75,216 | ' | ' | ' |
Net income (loss) | 9,711 | ' | ' | 9,711 | ' |
Issuance of common stock, net of issuance costs | 4,925 | 4,925 | ' | ' | ' |
Issuance of common stock, net of issuance costs (in shares) | ' | 6,250 | ' | ' | ' |
Issuance of common stock upon exercise of options | 113 | 113 | ' | ' | ' |
Issuance of common stock upon exercise of options (in shares) | ' | 75 | ' | ' | ' |
Issuance of common stock upon exercise of warrants | 13,461 | 13,461 | ' | ' | ' |
Issuance of common stock upon exercise of warrants (in shares) | ' | 7,253 | ' | ' | ' |
Compensation related to stock options | 678 | ' | 678 | ' | ' |
Balance at Dec. 31, 2013 | $5,760 | $284,485 | $21,692 | ($300,417) | $0 |
Balance (in shares) at Dec. 31, 2013 | ' | 88,794 | ' | ' | ' |
CONDENSED_STATEMENTS_OF_CASH_F
CONDENSED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' | ' | ' |
Net income (loss) | ($2,646) | $11,065 | $9,711 | ($15,180) | ($15,203) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ' | ' | ' | ' | ' |
Depreciation and amortization | 176 | 12 | 107 | 17 | 32 |
Non-cash gain on settlement of long-term debt | 0 | -1,860 | -1,860 | 0 | 0 |
Non-cash gain on termination of royalty purchase agreement | 0 | -8,962 | -8,962 | 0 | 0 |
Amortization of discount on long-term debt | ' | ' | 0 | 0 | 1,520 |
Interest on royalty liability | ' | ' | 0 | -347 | 1,309 |
Non-cash (gain) loss on changes in fair value of warrants | 1,148 | -2,317 | -1,737 | 1,766 | -1,862 |
Stock-based compensation | 386 | 635 | 678 | 2,581 | 1,177 |
Changes in operating assets and liabilities: | ' | ' | ' | ' | ' |
Receivables | 1,075 | 795 | -172 | -926 | -2,495 |
Prepaid expenses and other assets | -12 | 484 | 483 | 149 | -542 |
Accounts payable and other accrued liabilities | -1,202 | 580 | ' | ' | ' |
Accounts payable | ' | ' | 1,351 | -1,022 | 2,332 |
Other accrued liabilities | ' | ' | -340 | 417 | -744 |
Deferred contract revenue | -1,823 | -5,948 | -9,058 | 14,375 | 0 |
Net cash used in operating activities | -2,898 | -5,516 | -9,799 | 1,830 | -14,476 |
Cash flows from investing activities: | ' | ' | ' | ' | ' |
Purchases of furniture and equipment | -10 | -298 | -318 | -1,154 | -236 |
Disposals of furniture and equipment | ' | ' | 0 | 0 | 2 |
Net cash used in investing activities | -10 | -298 | -318 | -1,154 | -234 |
Cash flows from financing activities: | ' | ' | ' | ' | ' |
Proceeds from issuing common stock from the exercise of stock options | 0 | 113 | 113 | 0 | 0 |
Proceeds from issuance of common stock and warrants, net of issuance costs | ' | ' | 4,925 | 7,516 | 0 |
Proceeds from the exercise of warrants, net of issuance costs | 0 | 1,275 | 1,275 | 4,897 | 0 |
Issuance of common stock from the vesting of restricted shares | -37 | 0 | ' | ' | ' |
Proceeds from royalty financing | ' | ' | 0 | 0 | 8,000 |
Proceeds from long-term debt, net | ' | ' | 0 | 0 | 16,500 |
Payments on long-term debt | 0 | -2,500 | -2,500 | -393 | -7,564 |
Net cash provided by financing activities | -37 | -1,112 | 3,813 | 12,020 | 16,936 |
Net decrease in cash and cash equivalents | -2,945 | -6,926 | -6,304 | 12,696 | 2,226 |
Cash and cash equivalents at beginning of period | 11,798 | 18,102 | 18,102 | 5,406 | 3,180 |
Cash and cash equivalents at end of period | 8,853 | 11,176 | 11,798 | 18,102 | 5,406 |
Supplemental disclosure of cash flow information | ' | ' | ' | ' | ' |
Interest paid | ' | ' | 1,568 | 2,576 | 1,652 |
Schedule of non-cash transactions | ' | ' | ' | ' | ' |
Settlement of long-term debt | ' | ' | 7,500 | 0 | 0 |
Fair value of warrants at the time of exercise | ' | ' | $4,686 | $0 | $0 |
Organization_and_Summary_of_Si
Organization and Summary of Significant Accounting Policies | 6 Months Ended | 12 Months Ended | ||||||||||||||
Jun. 30, 2014 | Dec. 31, 2013 | |||||||||||||||
Organization and Summary of Significant Accounting Policies [Abstract] | ' | ' | ||||||||||||||
Organization And Summary Of Significant Accounting Policies Disclosure [Text Block] | ' | ' | ||||||||||||||
1. Organization and Summary of Significant Accounting Policies | 1. Organization and Summary of Significant Accounting Policies | |||||||||||||||
The Company | The Company | |||||||||||||||
We are a specialty pharmaceutical company developing proprietary therapeutics for the treatment of serious medical disorders. Our product development programs utilize our proprietary long-term drug delivery platform, ProNeura®, and focus primarily on innovative treatments for chronic conditions with significant unmet medical needs and meaningful commercial potential. We are directly developing our product candidates and also utilize corporate, academic and government partnerships as appropriate. We operate in only one business segment, the development of pharmaceutical products. | We are a specialty pharmaceutical company developing proprietary therapeutics for the treatment of serious medical disorders. Our product development programs focus primarily on important pharmaceutical markets with significant unmet medical needs and commercial potential. We are directly developing our product candidates and also utilize corporate, academic and government partnerships as appropriate. Such collaborations have helped to fund product development and have enabled us to retain significant economic interest in our products. We operate in only one business segment, the development of pharmaceutical products. | |||||||||||||||
Basis of Presentation | Our principal asset is Probuphine®, the first slow release implant formulation of buprenorphine in development for the long term maintenance treatment of opioid dependence. It is designed to maintain a stable, around the clock blood level of the medicine in patients for six months following a single treatment. Upon completion of the Phase 3 clinical studies of Probuphine, we participated in a pre- NDA meeting with the FDA, and subsequently prepared and submitted the NDA in October 2012. On April 30, 2013, the FDA issued a complete response letter to our NDA stating that it cannot approve the application in its present form and outlining the FDA’s request for additional clinical data demonstrating adequate clinical benefit to patients from this treatment, data from human factors testing of the training program for insertion and removal of the implants, as well as recommendations regarding product labeling, Risk Evaluation and Mitigation Strategy and non-clinical safety data. We are committed to addressing these issues and have been working diligently with our commercialization partner in the United States and Canada, Braeburn Pharmaceuticals Sprl (“Braeburn”), and a team of proven, expert clinical and regulatory advisors with experience in assisting companies through similar regulatory processes. Following a meeting with the FDA on November 19, 2013 and subsequent discussions, we and Braeburn have agreed in principle with the FDA on a path forward, which along with other steps includes conducting an additional clinical study that is designed to provide a non-inferiority comparison of treatment with a dose of four Probuphine implants in stable patients undergoing maintenance treatment with 8mg or less per day of an FDA approved sublingual formulation of buprenorphine. The clinical study protocol has been submitted for FDA review and further details of the study and implementation plans will be available after completion of the FDA review. | |||||||||||||||
The accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statement presentation. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three and six month periods ended June 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014, or any future interim periods. | In December 2012, we entered into a license agreement with Braeburn Pharmaceuticals Sprl that grants Braeburn exclusive commercialization rights to Probuphine in the United States and Canada. We received a non-refundable up-front license fee of $15.75 million (approximately $15.0 million, net of expenses) and will receive a $15 million milestone payment upon approval by the FDA of the NDA. Additionally, we will be eligible to receive up to $165 million upon achievement of specified sales milestones and up to $35 million in regulatory milestones for additional indications, including chronic pain and tiered royalties on net sales ranging from the mid-teens to the low twenties. | |||||||||||||||
The balance sheet at December 31, 2013 has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These unaudited condensed financial statements should be read in conjunction with the audited financial statements and footnotes thereto included in the Titan Pharmaceuticals, Inc. Annual Report on Form 10-K for the year ended December 31, 2013, as filed with the Securities and Exchange Commission (“SEC”). | The accompanying financial statements have been prepared assuming we will continue as a going concern. At December 31, 2013, we had cash of approximately $11.8 million, which we believe is sufficient to fund our planned operations into April 2015. While an agreement in principle with respect to a path forward has been reached with the FDA, details of the required additional clinical study in support of the Probuphine NDA, including size and the data analysis plan, have not yet been established. Accordingly, we cannot predict the timing of commencement or completion of the study. | |||||||||||||||
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | Under the Agreement, as amended, Braeburn has the right to terminate based on the requirement for an additional clinical study in support of the NDA. If Braeburn were to exercise its right to terminate the Agreement, we would not have sufficient funds available to us to complete the FDA regulatory process and, in the event of ultimate approval, commercialize Probuphine without raising additional capital. If we are unable to complete a debt or equity offering, or otherwise obtain sufficient financing in such event, our business and prospects would be materially adversely impacted. Furthermore, in light of the substantial reduction in the milestone payment payable to us if the FDA ultimately approves Probuphine under the Third Amendment we may be unable to continue our current Parkinson’s disease development program and will not be able to pursue any additional programs beyond the very initial stages without obtaining additional financing, either through the sale of debt or equity securities, a corporate partnership or otherwise. We cannot assure you that the financing we need will be available on acceptable terms. | |||||||||||||||
The accompanying financial statements have been prepared assuming we will continue as a going concern. At June 30, 2014, we had cash of approximately $8.9 million, which we believe is sufficient to fund our planned operations into June 2015. | Use of Estimates | |||||||||||||||
In the last several months our discussions with the FDA have focused on finalizing the clinical study design that will provide key information necessary to address the Complete Response Letter (“CRL”) issued by the FDA in April 2013, and having recently reached agreement with the FDA, the Phase 3 clinical study of Probuphine began patient enrollment in July 2014, and study completion is anticipated by the middle of 2015. The clinical study is a randomized, double blind, double dummy design that is expected to enroll approximately 180 patients into two parallel treatment arms. This study is funded primarily by Braeburn Pharmaceuticals Sprl (“Braeburn”) and Titan personnel provide ongoing support for the conduct of the study. | The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |||||||||||||||
Revenue Recognition | Stock-Based Compensation | |||||||||||||||
We generate revenue principally from collaborative research and development arrangements, technology licenses, and government grants. Consideration received for revenue arrangements with multiple components is allocated among the separate units of accounting based on their respective selling prices. The selling price for each unit is based on vendor-specific objective evidence, or VSOE, if available, third party evidence if VSOE is not available, or estimated selling price if neither VSOE nor third party evidence is available. The applicable revenue recognition criteria are then applied to each of the units. | We recognize compensation expense using a fair-value based method, for all stock-based payments including stock options and restricted stock awards and stock issued under an employee stock purchase plan. These standards require companies to estimate the fair value of stock-based payment awards on the date of grant using an option pricing model. See Note 12 “Stock Plans,” for a discussion of our stock-based compensation plans. Our non-cash stock-based compensation expense related to employees and non-employee members of our board of directors totaled $0.7 million, $2.6 million and $1.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||
Revenue is recognized when the four basic criteria of revenue recognition are met: (1) a contractual agreement exists; (2) transfer of technology has been completed or services have been rendered; (3) the fee is fixed or determinable; and (4) collectibility is reasonably assured. For each source of revenue, we comply with the above revenue recognition criteria in the following manner: | Warrants Issued in Connection with Equity Financing | |||||||||||||||
• | Technology license agreements typically consist of non-refundable upfront license fees, annual minimum access fees or royalty payments. Non-refundable upfront license fees and annual minimum payments received with separable stand-alone values are recognized when the technology is transferred or accessed, provided that the technology transferred or accessed is not dependent on the outcome of our continuing research and development efforts. | We generally account for warrants issued in connection with equity financings as a component of equity, unless there is a deemed possibility that we may have to settle warrants in cash. For warrants issued with deemed possibility of cash settlement, we record the fair value of the issued warrants as a liability at each reporting period and record changes in the estimated fair value as a non-cash gain or loss in the Statements of Operations and Comprehensive Income (Loss). | ||||||||||||||
• | Royalties earned are based on third-party sales of licensed products and are recorded in accordance with contract terms when third-party results are reliably measurable and collectibility is reasonably assured. We no longer recognize royalty income related to the Fanapt royalty payments received from Novartis unless Fanapt sales exceed certain thresholds (see Note 7, “Royalty Liability” for further discussion). | Cash, Cash Equivalents and Marketable Securities | ||||||||||||||
• | Government grants, which support our research efforts in specific projects, generally provide for reimbursement of approved costs as defined in the notices of grants. Grant revenue is recognized when associated project costs are incurred. | Our investment policy emphasizes liquidity and preservation of principal over other portfolio considerations. We select investments that maximize interest income to the extent possible given these two constraints. We satisfy liquidity requirements by investing excess cash in securities with different maturities to match projected cash needs and limit concentration of credit risk by diversifying our investments among a variety of high credit-quality issuers and limit the amount of credit exposure to any one issuer. The estimated fair values have been determined using available market information. We do not use derivative financial instruments in our investment portfolio. | ||||||||||||||
• | Collaborative arrangements typically consist of non-refundable and/or exclusive technology access fees, cost reimbursements for specific research and development spending, and various milestone and future product royalty payments. If the delivered technology does not have stand-alone value, the amount of revenue allocable to the delivered technology is deferred. Non-refundable upfront fees with stand-alone value that are not dependent on future performance under these agreements are recognized as revenue when received, and are deferred if we have continuing performance obligations and have no evidence of fair value of those obligations. Cost reimbursements for research and development spending are recognized when the related costs are incurred and when collections are reasonably expected. Payments received related to substantive, performance-based “at-risk” milestones are recognized as revenue upon achievement of the clinical success or regulatory event specified in the underlying contracts, which represent the culmination of the earnings process. Amounts received in advance are recorded as deferred revenue until the technology is transferred, costs are incurred, or a milestone is reached. | All investments with original maturities of three months or less are considered to be cash equivalents. Marketable securities, consisting primarily of high-grade debt securities including money market funds, U.S. government and corporate notes and bonds, and commercial paper, are classified as available-for-sale at time of purchase and carried at fair value. If the fair value of a security is below its amortized cost and we plan to sell the security before recovering its cost, the impairment is considered to be other-than-temporary. Other-than-temporary declines in fair value of our marketable securities are charged against interest income. We did not have cash equivalents or marketable securities as of December 31, 2013 and 2012 and for any of the periods presented. | ||||||||||||||
Research and Development Costs and Related Accrual | Property and Equipment | |||||||||||||||
Research and development expenses include internal and external costs. Internal costs include salaries and employment related expenses, facility costs, administrative expenses and allocations of corporate costs. External expenses consist of costs associated with outsourced clinical research organization activities, sponsored research studies, product registration, patent application and prosecution, and investigator sponsored trials. We also record accruals for estimated ongoing clinical trial costs. Clinical trial costs represent costs incurred by clinical research organizations (“CROs”) and clinical sites. These costs are recorded as a component of research and development expenses. Under our agreements, progress payments are typically made to investigators, clinical sites and CROs. We analyze the progress of the clinical trials, including levels of patient enrollment, invoices received and contracted costs when evaluating the adequacy of accrued liabilities. Significant judgments and estimates must be made and used in determining the accrued balance in any accounting period. Actual results could differ from those estimates under different assumptions. Revisions are charged to expense in the period in which the facts that give rise to the revision become known. | Property and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful lives of the assets ranging from three to five years. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the assets. | |||||||||||||||
Recent Accounting Pronouncements | Revenue Recognition | |||||||||||||||
In July 2013, the FASB issued ASU No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, providing guidance on the presentation of unrecognized tax benefits in the financial statements as either a reduction to a deferred tax asset or either a liability to better reflect the manner in which an entity would settle at the reporting date any additional income taxes that would result from the disallowance of a tax position when net operating loss carryforwards, similar tax losses or tax credit carryforwards exist. The amendments in this ASU do not require new recurring disclosures. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The amendments in this ASU should be applied prospectively to all unrecognized tax benefits that exist at the effective date. The adoption of the amendments in this ASU did not have a significant impact on our financial statements. | We generate revenue principally from collaborative research and development arrangements, technology licenses, and government grants. Consideration received for revenue arrangements with multiple components is allocated among the separate units of accounting based on their respective selling prices. The selling price for each unit is based on vendor-specific objective evidence, or VSOE, if available, third party evidence if VSOE is not available, or estimated selling price if neither VSOE nor third party evidence is available. The applicable revenue recognition criteria are then applied to each of the units. | |||||||||||||||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. | Revenue is recognized when the four basic criteria of revenue recognition are met: (1) a contractual agreement exists; (2) transfer of technology has been completed or services have been rendered; (3) the fee is fixed or determinable; and (4) collectibility is reasonably assured. For each source of revenue, we comply with the above revenue recognition criteria in the following manner: | |||||||||||||||
The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We are currently evaluating the impact of our pending adoption of ASU 2014-09 on our financial statements and have not yet determined the method by which we will adopt the standard. | • | Royalties earned are based on third-party sales of licensed products and are recorded in accordance with contract terms when third-party results are reliably measurable and collectibility is reasonably assured. Pursuant to certain license agreements, we earn royalties on the sale of Fanapt™ by Novartis in the U.S. As described in Note 4, “Agreement with Sanofi-Aventis SA” and Note 8, “Royalty Liability”, we are obligated to pay royalties on such sales to Sanofi-Aventis and Deerfield. As we have no performance obligations under the license agreements, we have recorded the royalties earned, net of royalties we are obligated to pay, as revenue in our Statement of Operations and Comprehensive Income (Loss). | ||||||||||||||
• | Collaborative arrangements typically consist of non-refundable and/or exclusive technology access fees, cost reimbursements for specific research and development spending, and various milestone and future product royalty payments. If the delivered technology does not have stand-alone value, the amount of revenue allocable to the delivered technology is deferred. Non-refundable upfront fees with stand-alone value that are not dependent on future performance under these agreements are recognized as revenue when received, and are deferred if we have continuing performance obligations and have no evidence of fair value of those obligations. Cost reimbursements for research and development spending are recognized when the related costs are incurred and when collections are reasonably expected. Payments received related to substantive, performance-based “at-risk” milestones are recognized as revenue upon achievement of the clinical success or regulatory event specified in the underlying contracts, which represent the culmination of the earnings process. Amounts received in advance are recorded as deferred revenue until the technology is transferred, costs are incurred, or a milestone is reached. | |||||||||||||||
In June 2014, the FASB issued ASU No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (“ASU 2014-12”). The standard provides guidance that a performance target that affects vesting of a share-based payment and that could be achieved after the requisite service condition is a performance condition. As a result, the target is not reflected in the estimation of the award’s grant date fair value. Compensation cost for such award would be recognized over the required service period, if it is probably that the performance condition will be achieved. ASU 2014-12 is effective for annual reporting periods beginning after December 15, 2015. Early adoption is permitted. The guidance should be applied on a prospective basis to awards that are granted or modified on or after the effective date. Companies also have the option to apply the amendments on a modified retrospective basis for performance targets outstanding on or after the beginning of the first annual period presented as of the adoption date. We are currently evaluating the impact of our pending adoption of ASU 2014-12 on our financial statements and the method by which we will adopt the standard. | • | Technology license agreements typically consist of non-refundable upfront license fees, annual minimum access fees or royalty payments. Non-refundable upfront license fees and annual minimum payments received with separable stand-alone values are recognized when the technology is transferred or accessed, provided that the technology transferred or accessed is not dependent on the outcome of our continuing research and development efforts. | ||||||||||||||
• | Government grants, which support our research efforts in specific projects, generally provide for reimbursement of approved costs as defined in the notices of grants. Grant revenue is recognized when associated project costs are incurred. | |||||||||||||||
Subsequent Events | ||||||||||||||||
Research and Development Costs and Related Accrual | ||||||||||||||||
We have evaluated events that have occurred after June 30, 2014 and through the date that the financial statements are issued. | ||||||||||||||||
Research and development expenses include internal and external costs. Internal costs include salaries and employment related expenses, facility costs, administrative expenses and allocations of corporate costs. External expenses consist of costs associated with outsourced clinical research organization activities, sponsored research studies, product registration, patent application and prosecution, and investigator sponsored trials. We also record accruals for estimated ongoing clinical trial costs. Clinical trial costs represent costs incurred by CROs, and clinical sites. These costs are recorded as a component of research and development expenses. Under our agreements, progress payments are typically made to investigators, clinical sites and CROs. We analyze the progress of the clinical trials, including levels of patient enrollment, invoices received and contracted costs when evaluating the adequacy of accrued liabilities. Significant judgments and estimates must be made and used in determining the accrued balance in any accounting period. Actual results could differ from those estimates under different assumptions. Revisions are charged to expense in the period in which the facts that give rise to the revision become known. | ||||||||||||||||
Fair Value Measurements | ||||||||||||||||
Net Income (Loss) Per Share | ||||||||||||||||
We measure the fair value of financial assets and liabilities based on authoritative guidance which defines fair value, establishes a framework consisting of three levels for measuring fair value, and expands disclosures about fair value measurements. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair value: | ||||||||||||||||
Basic net income (loss) per share excludes the effect of dilution and is computed by dividing net income (loss) by the weighted-average number of shares outstanding for the period. Diluted net income (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue shares were exercised into shares. In calculating diluted net income (loss) per share, the numerator is adjusted for the change in the fair value of the warrant liability (only if dilutive) and the denominator is increased to include the number of potentially dilutive common shares assumed to be outstanding during the period using the treasury stock method. | ||||||||||||||||
Level 1 – quoted prices in active markets for identical assets or liabilities | ||||||||||||||||
The following table sets forth the reconciliation of the numerator and denominator used in the computation of basic and diluted net income (loss) per common share for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||||
Level 2 – quoted prices for similar assets and liabilities in active markets or inputs that are observable; | ||||||||||||||||
Years ended December 31, | ||||||||||||||||
Level 3 – inputs that are unobservable (for example cash flow modeling inputs based on assumptions). | (in thousands, except per share amounts) | 2013 | 2012 | 2011 | ||||||||||||
Numerator: | ||||||||||||||||
Financial instruments, including cash, receivables, accounts payable and accrued liabilities are carried at cost, which we believe approximates fair value due to the short-term nature of these instruments. Our warrant liabilities are classified within level 3 of the fair value hierarchy because the value is calculated using significant judgment based on our own assumptions in the valuation of these liabilities. | Net income (loss) used for basic earnings per share | $ | 9,711 | $ | -15,180 | $ | -15,203 | |||||||||
Less change in fair value of warrant liability | 1,737 | — | 1,862 | |||||||||||||
As a result of the fair value adjustment of the warrant liabilities, we recorded a non-cash loss on an increase in the fair value of $0.3 million and $1.1 million for the three and six months ended June 30, 2014, respectively, in our Condensed Statements of Operations and Comprehensive Income (Loss). See Note 8, “Warrant Liability” for further discussion on the calculation of the fair value of the warrant liabilities. | Net (loss) income used for diluted earnings per share | $ | 7,974 | $ | -15,180 | $ | -17,065 | |||||||||
Denominator: | ||||||||||||||||
(in thousands) | Warrant | Basic weighted-average outstanding common shares | 82,099 | 66,509 | 59,234 | |||||||||||
Liability | Effect of dilutive potential common shares resulting from options | 493 | — | 906 | ||||||||||||
Total warrant liability at December 31, 2013 | $ | 1,817 | Effect of dilutive potential common shares resulting from warrants | 67 | — | 162 | ||||||||||
Adjustment to record warrants at fair value | 1,148 | Weighted-average shares outstanding—diluted | 82,659 | 66,509 | 60,392 | |||||||||||
Total warrant liability at June 30, 2014 | $ | 2,965 | Net income (loss) per common share: | |||||||||||||
Basic | $ | 0.12 | $ | -0.23 | $ | -0.26 | ||||||||||
Diluted | $ | 0.1 | $ | -0.23 | $ | -0.28 | ||||||||||
The table below presents common shares underlying stock options and warrants that are excluded from the calculation of the weighted average number of shares of common stock outstanding used for the calculation of diluted net income (loss) per common share. These are excluded from the calculation due to their anti-dilutive effect for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||||
Years ended December 31, | ||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||||||
Weighted-average anti-dilutive common shares resulting from options | 2,628 | 4,213 | 2,399 | |||||||||||||
Weighted-average anti-dilutive common shares resulting from warrants | 675 | 3,011 | 1,841 | |||||||||||||
3,303 | 7,224 | 4,240 | ||||||||||||||
Comprehensive Income (Loss) | ||||||||||||||||
Comprehensive income and loss for the periods presented is comprised solely of our net income and loss. Comprehensive income for the year ended December 31, 2013 was $9.7 million. Comprehensive loss for the years ended December 31, 2012 and 2011 was $15.2 million. | ||||||||||||||||
Recent Accounting Pronouncements | ||||||||||||||||
In July 2013, the FASB issued ASU No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, providing guidance on the presentation of unrecognized tax benefits in the financial statements as either a reduction to a deferred tax asset or either a liability to better reflect the manner in which an entity would settle at the reporting date any additional income taxes that would result from the disallowance of a tax position when net operating loss carryforwards, similar tax losses or tax credit carryforwards exist. The amendments in this ASU do not require new recurring disclosures. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The amendments in this ASU should be applied prospectively to all unrecognized tax benefits that exist at the effective date. We do not expect the adoption of the amendments in this ASU will have a significant impact on our financial statements. | ||||||||||||||||
Subsequent Events | ||||||||||||||||
We have evaluated events that have occurred subsequent to December 31, 2013 and through the date that the financial statements are issued. | ||||||||||||||||
Fair Value Measurements | ||||||||||||||||
We measure the fair value of financial assets and liabilities based on authoritative guidance which defines fair value, establishes a framework consisting of three levels for measuring fair value, and requires disclosures about fair value measurements. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair value: | ||||||||||||||||
Level 1 – quoted prices in active markets for identical assets or liabilities; | ||||||||||||||||
Level 2 – quoted prices for similar assets and liabilities in active markets or inputs that are observable; | ||||||||||||||||
Level 3 – inputs that are unobservable (for example cash flow modeling inputs based on assumptions). | ||||||||||||||||
Financial instruments, including cash, receivables, accounts payable and accrued liabilities are carried at cost, which we believe approximates fair value due to the short-term nature of these instruments. Our warrant liabilities are classified within level 3 of the fair value hierarchy because the value is calculated using significant judgment based on our own assumptions in the valuation of these liabilities. | ||||||||||||||||
During the years ended December 31, 2013 and 2012, as a result of the fair value adjustment of the warrant liabilities, we recorded a non-cash gain on a decrease in the fair value of $1,737,000 and a non-cash loss on an increase in the fair value of $1,766,000, respectively, in our statements of operations and comprehensive income (loss). See Note 9, “Warrant Liability” for further discussion on the calculation of the fair value of the warrant liability. | ||||||||||||||||
The following table rolls forward the fair value of the Company’s warrant liability, the fair value of which is determined by Level 3 inputs for the years ended December 31, 2013 and 2012 (in thousands): | ||||||||||||||||
December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Fair value, beginning of period | $ | 8,240 | $ | 3,611 | ||||||||||||
Issuance of warrants | — | 2,863 | ||||||||||||||
Exercise of warrants | -4,686 | — | ||||||||||||||
Change in fair value | -1,737 | 1,766 | ||||||||||||||
Fair value, end of period | $ | 1,817 | $ | 8,240 | ||||||||||||
Net_Income_Loss_Per_Share
Net Income (Loss) Per Share | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||
Earnings Per Share [Text Block] | ' | |||||||||||||
3. Net Income (Loss) Per Share | ||||||||||||||
Basic net income (loss) per share excludes the effect of dilution and is computed by dividing net income (loss) by the weighted-average number of shares outstanding for the period. Diluted net income (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue shares were exercised into shares. In calculating diluted net income (loss) per share, the numerator is adjusted for the change in the fair value of the warrant liability (only if dilutive) and the denominator is increased to include the number of potentially dilutive common shares assumed to be outstanding during the period using the treasury stock method. | ||||||||||||||
The following table sets forth the reconciliation of the numerator and denominator used in the computation of basic and diluted net income (loss) per common share for the three and six months ended June 30, 2014 and 2013: | ||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
(in thousands, except per share amounts) | 2014 | 2013 | 2014 | 2013 | ||||||||||
Numerator: | ||||||||||||||
Net income (loss) used for basic earnings per share | $ | -842 | $ | 5,064 | $ | -2,646 | $ | 11,065 | ||||||
Less change in fair value of warrant liability | — | 5,362 | — | 2,317 | ||||||||||
Net (loss) income used for diluted earnings per share | $ | -842 | $ | -298 | $ | -2,646 | $ | 8,748 | ||||||
Denominator: | ||||||||||||||
Basic weighted-average outstanding common shares | 88,998 | 82,527 | 88,964 | 80,403 | ||||||||||
Effect of dilutive potential common shares resulting from options | — | — | — | 1,226 | ||||||||||
Effect of dilutive potential common shares resulting from warrants | — | 32 | — | 4,642 | ||||||||||
Weighted-average shares outstanding—diluted | 88,998 | 82,559 | 88,964 | 86,271 | ||||||||||
Net income (loss) per common share: | ||||||||||||||
Basic | $ | -0.01 | $ | 0.06 | $ | -0.03 | $ | 0.14 | ||||||
Diluted | $ | -0.01 | $ | 0 | $ | -0.03 | $ | 0.1 | ||||||
The table below presents common shares underlying stock options and warrants that are excluded from the calculation of the weighted average number of common shares outstanding used for the calculation of diluted net income (loss) per common share. These are excluded from the calculation due to their anti-dilutive effect for the three and six months ended June 30, 2014 and 2013: | ||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||
Weighted-average anti-dilutive common shares resulting from options | 6,485 | 3,302 | 7,077 | 1,175 | ||||||||||
Weighted-average anti-dilutive common shares resulting from warrants | 4,110 | 1,334 | 3,967 | 23 | ||||||||||
10,595 | 4,636 | 11,044 | 1,198 | |||||||||||
Property_and_Equipment
Property and Equipment | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | |||||||
2. Property and Equipment | ||||||||
Property and equipment consisted of the following at December 31, 2013 and 2012 (in thousands): | ||||||||
2013 | 2012 | |||||||
Furniture and office equipment | $ | 388 | $ | 388 | ||||
Leasehold improvements | 408 | 408 | ||||||
Laboratory equipment | 2,318 | 2,047 | ||||||
Computer equipment | 1,043 | 996 | ||||||
4,157 | 3,839 | |||||||
Less accumulated depreciation and amortization | -2,554 | -2,447 | ||||||
Property and equipment, net | $ | 1,603 | $ | 1,392 | ||||
Depreciation and amortization expense was $107,000, $17,000 and $32,000 for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||
Research_and_License_Agreement
Research and License Agreements | 12 Months Ended |
Dec. 31, 2013 | |
Research and License Agreements [Abstract] | ' |
Research and License Agreements [Text Block] | ' |
3. Research and License Agreements | |
We have entered into various agreements with research institutions, universities, clinical research organizations and other entities for the performance of research and development activities and for the acquisition of licenses related to those activities. Expenses under these agreements totaled approximately $3,000, $3,000, and $36,000 in the years ended December 31, 2013, 2012 and 2011, respectively. | |
We have no annual payment requirements to maintain our current licenses after 2015. Certain licenses provide for the payment of royalties by us on future product sales, if any. In addition, in order to maintain these licenses and other rights during product development, we must comply with various conditions including the payment of patent-related costs. | |
Agreement_with_SanofiAventis_S
Agreement with Sanofi-Aventis SA | 12 Months Ended |
Dec. 31, 2013 | |
Agreement with Sanofi-Aventis SA [Abstract] | ' |
Agreement [Text Block] | ' |
4. Agreement with Sanofi-Aventis SA | |
In 1997, we entered into an exclusive license agreement with Sanofi-Aventis. The agreement gave us a worldwide license to the patent rights and know-how related to the antipsychotic agent iloperidone, including the ability to develop, use, sublicense, manufacture and sell products and processes claimed in the patent rights. We are required to make additional benchmark payments as specific milestones are met. Upon commercialization of the product, the license agreement provides that we will pay royalties based on net sales. | |
Comprehensive_Income_Loss
Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2014 | |
Stockholders' Deficit [Abstract] | ' |
Comprehensive Income (Loss) Note [Text Block] | ' |
4. Comprehensive Income (Loss) | |
Comprehensive income and loss for the periods presented is comprised solely of our net income and loss. We had no items of other comprehensive income (loss) during the three and six-month periods ended June 30, 2014 and 2013. Comprehensive loss for the three and six-month periods ended June 30, 2014 was $0.8 million and $2.6 million, respectively. Comprehensive income for the three and six-month periods ended June 30, 2013 was $5.1 million and $11.1 million, respectively. | |
Iloperidone_Sublicense_to_Nova
Iloperidone Sublicense to Novartis Pharma AG | 12 Months Ended |
Dec. 31, 2013 | |
Iloperidone Sublicense to Novartis Pharma AG [Abstract] | ' |
Iloperidone Sublicense to Novartis Pharma AG [Text Block] | ' |
5. Iloperidone Sublicense to Novartis Pharma AG | |
We are party to an agreement with Novartis, which, as amended, grants Novartis a worldwide sublicense to iloperidone (Fanapt®) in exchange for tiered royalties on net sales ranging from 8% to 10% and assumption of responsibility for all clinical development, registration, manufacturing and marketing of the product. Novartis currently has the right to commercialize Fanapt in the United States and Canada. Pursuant to agreements entered into during 2011,we sold substantially all of our remaining future royalties on the sales of Fanapt® to Deerfield, and accordingly the future royalty payments owed to us by Novartis will continue to be transmitted to Deerfield upon receipt from Novartis per the terms of the agreement with Deerfield. See Note 8, “Royalty Liability” for further discussion of our royalty liabilities. | |
Braeburn_License
Braeburn License | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Braeburn License [Abstract] | ' | ' |
Braeburn License [Text Block] | ' | ' |
5. Braeburn License | 6. Braeburn License | |
In December 2012, we entered into the Agreement with Braeburn granting Braeburn exclusive commercialization rights to Probuphine in the United States and its territories, including Puerto Rico, and Canada. As part of the Agreement, we received a non-refundable up-front license fee of $15.75 million (approximately $15.0 million, net of expenses), and would have received $45.0 million upon approval by the FDA of the NDA as well as up to an additional $130.0 million upon achievement of specified sales milestones and up to $35.0 million in regulatory milestones for additional indications, including chronic pain. We would have received tiered royalties on net sales of Probuphine ranging from the mid-teens to the low twenties. | In December 2012, we entered into the Agreement with Braeburn granting Braeburn exclusive commercialization rights to Probuphine in the United States and its territories, including Puerto Rico, and Canada. As part of the Agreement, we received a non-refundable up-front license fee of $15.75 million (approximately $15.0 million, net of expenses), and would have received $45.0 million upon approval by the FDA of the NDA as well as up to an additional $130.0 million upon achievement of specified sales milestones and up to $35.0 million in regulatory milestones for additional indications, including chronic pain. We would have received tiered royalties on net sales of Probuphine ranging from the mid-teens to the low twenties. | |
On May 28, 2013, we entered into the Amendment to the Agreement primarily to modify certain of the termination provisions of the Agreement. The Amendment gives Braeburn the right to terminate the Agreement in the event that (A) after May 28, 2013, based on written or oral communications from or with the FDA, Braeburn reasonably determines either that the FDA will require significant development to be performed before approval of the Probuphine™ NDA can be given, such as, but not limited to, one or more additional controlled clinical studies with a clinical efficacy endpoint, or substantial post-approval commitments that may materially impact the product’s financial returns or that the FDA will require one or more changes in the proposed label, which change(s) Braeburn reasonably determines will materially reduce the authorized prescribed patient base, or (B) the NDA has not been approved by the FDA on or before June 30, 2014. The Amendment also provides that we will share in legal and consulting expenses in excess of a specified amount prior to approval of the NDA. | On May 28, 2013, we entered into the Amendment to the Agreement primarily to modify certain of the termination provisions of the Agreement. The Amendment gives Braeburn the right to terminate the Agreement in the event that (A) after May 28, 2013, based on written or oral communications from or with the FDA, Braeburn reasonably determines either that the FDA will require significant development to be performed before approval of the Probuphine™ NDA can be given, such as, but not limited to, one or more additional controlled clinical studies with a clinical efficacy endpoint, or substantial post-approval commitments that may materially impact the product’s financial returns or that the FDA will require one or more changes in the proposed label, which change(s) Braeburn reasonably determines will materially reduce the authorized prescribed patient base, or (B) the NDA has not been approved by the FDA on or before June 30, 2014. The Amendment also provides that we will share in legal and consulting expenses in excess of a specified amount prior to approval of the NDA. | |
On July 2, 2013, we entered into the Second Amendment to the Agreement primarily to establish and provide the parameters for a committee comprised of representatives of Titan and Braeburn responsible for and with the authority to make all decisions regarding the development and implementation of a strategic plan to seek approval from the FDA of Probuphine® for subdermal use in the maintenance treatment of adult patients with opioid dependence, including development of the strategy for all written and oral communications with the FDA. The Second Amendment also makes Braeburn the primary contact for FDA communications regarding the Probuphine NDA. | On July 2, 2013, we entered into the Second Amendment to the Agreement primarily to establish and provide the parameters for a committee comprised of representatives of Titan and Braeburn responsible for and with the authority to make all decisions regarding the development and implementation of a strategic plan to seek approval from the FDA of Probuphine® for subdermal use in the maintenance treatment of adult patients with opioid dependence, including development of the strategy for all written and oral communications with the FDA. The Second Amendment also makes Braeburn the primary contact for FDA communications regarding the Probuphine NDA. | |
On November 12, 2013, we entered into the stock purchase agreement pursuant to which Braeburn made a $5 million equity investment in our company and the Third Amendment primarily to modify the amount and timing of the approval and sales milestone payments payable under the Agreement. Under the Third Amendment, we are entitled to receive a $15 million payment upon FDA approval of the NDA, up to $165 million in sales milestones and $35 million in regulatory milestones. We are entitled to receive a tiered royalty in the mid-teens to low twenties on all net sales of Probuphine. In addition, we are entitled to receive a low single digit royalty on sales by Braeburn, if any, of other continuous delivery treatments for opioid dependence as defined in the Third Amendment and can elect to receive a low single digit royalty on sales by Braeburn, if any, of other products in the addiction market in exchange for a similar reduction in our royalties on Probuphine. | On November 12, 2013, we entered into the stock purchase agreement pursuant to which Braeburn made a $5 million equity investment in our company and the Third Amendment primarily to modify the amount and timing of the approval and sales milestone payments payable under the Agreement. Under the Third Amendment, we are entitled to receive a $15 million payment upon FDA approval of the NDA, up to $165 million in sales milestones and $35 million in regulatory milestones. In addition, we are entitled to receive a low single digit royalty on sales by Braeburn, if any, of other continuous delivery treatments for opioid dependence as defined in the Third Amendment and can elect to receive a low single digit royalty on sales by Braeburn, if any, of other products in the addiction market in exchange for a similar reduction in our royalties on Probuphine. | |
We have evaluated the revenue components of the agreement, which includes multiple elements, to determine whether the components of the arrangement represent separate units of accounting. We have determined that the non-refundable, up-front license fee of $15.75 million (approximately $15.0 million, net of expenses) and our costs up to the PDUFA date to be one deliverable which will be accounted for as a single unit of accounting. This amount will be recognized on a straight-line basis over the estimated period to reach FDA approval and meet the contract deliverables, including the transition of production and supply services of the product to Braeburn. Based on our understanding of subsequent steps to be performed following the PDUFA date related to the completion of the transition of production and supply services to Braeburn, we estimated the revenue recognition period from the up-front payment to be approximately 12 months from the date of the agreement. Accordingly, we recognized revenue for the up-front payment ratably from December 14, 2012, the date of the agreement, through March 31, 2013 at an amount equal to approximately $1.25 million per month. Following the receipt of the CRL in April 2013, we estimated the revenue recognition period for the up-front payment would be approximately 18 months from the date of the agreement. Accordingly, we recognized the remaining revenue from the up-front payment ratably from April 1, 2013 through September 30, 2013 at an amount equal to approximately $733,000 per month. Following our meeting with the FDA in November 2013 and subsequent discussions in which an agreement in principle with respect to a path forward has been reached with the FDA, we estimate the revenue recognition period for the up-front payment to be approximately 30 months from the date of the agreement. Accordingly, we will recognize the remaining revenue from the up-front payment ratably from September 30, 2013 at an amount equal to approximately $304,000 per month. As of December 31, 2013, we have recognized approximately $9.7 million in license revenue and recorded deferred revenues of $5.3 million related to the up-front payment. Internal and external research and development costs related to this product will be expensed in the period incurred. | ||
Under the Agreement, we will receive a $15.0 million milestone payment from Braeburn within 10 days following the achievement of FDA approval of the product NDA. As such, upon receipt of FDA approval our obligation will be fulfilled. As the milestone payment relates solely to past performance, i.e. FDA approval, we will recognize the $15.0 million regulatory milestone payment from Braeburn on the date of achievement of FDA approval in accordance with the milestone method of revenue recognition. Following FDA approval, we will be reimbursed by Braeburn for any development services and activities performed by us at Braeburn’s request. | ||
The Agreement also provides for a development committee. The duties of the development committee are to periodically report to each other, exchange information, and confer with and review the clinical development of the product and matters pertaining to regulatory approval. The development committee has no authority to approve or direct either party to take action, approve or withhold approval for any plan, budget, timeline or strategies, amend, modify or waive compliance with the Agreement, create new obligations or alter, increase or expand, or waive compliance with the Agreement, create new obligations not specified in the Agreement, or alter, increase or expand, or waive compliance by a party with obligations under the Agreement. The development committee can be disbanded upon mutual agreement of the parties and shall automatically disband six years after the NDA transfer date. Based on the above, we have determined that participation in the development committee is perfunctory and inconsequential, and is not considered a separate deliverable in the Agreement. | ||
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2014 | Dec. 31, 2013 | |||||
Commitments and Contingencies [Abstract] | ' | ' | ||||
Commitments and Contingencies Disclosure [Text Block] | ' | ' | ||||
6. Commitments and Contingencies | 7. Commitments and Contingencies | |||||
Financing Agreements | Financing Agreements | |||||
On March 15, 2011, we entered into several agreements with Deerfield, including a facility agreement (the “Facility Agreement”), pursuant to which we issued Deerfield promissory notes in the aggregate principal amount of $20.0 million. The long-term debt bore interest at 8.5% per annum, payable quarterly, and was originally repayable over five years, with 10% of the principal amount due on the first anniversary, 15% due on the second anniversary, and 25% due on each of the next three anniversaries. In connection with the Facility Agreement, we issued Deerfield six-year warrants (the “Deerfield Warrants”) to purchase 6,000,000 shares of our common stock at an exercise price of $1.57 per share. See Note 8, “Warrant Liability” for further discussion. As a result of our April 2012 sale of equity, and pursuant to the terms of the Deerfield Warrants, the exercise price of the Deerfield Warrants was adjusted to $1.25 per share. We also entered into a royalty agreement with Deerfield (the “Royalty Agreement”) in exchange for $3.0 million. See Note 7, “Royalty Liability” for further discussion. | On March 15, 2011, we entered into several agreements pursuant to which Deerfield agreed to provide $20.0 million in funding to us. Funding occurred on April 5, 2011 and we used approximately $7.6 million of proceeds from the Deerfield funding to repay a prior lender in full, including required final payments aggregating $480,000. Pursuant to the terms of a facility agreement, we issued Deerfield promissory notes in the aggregate principal amount of $20.0 million. The long-term debt bears interest at 8.5% per annum, payable quarterly, and was originally repayable over five years, with 10% of the principal amount due on the first anniversary, 15% due on the second anniversary, and 25% due on each of the next three anniversaries. We paid Deerfield a facility fee of $0.5 million. The long-term debt is secured by our assets and has a provision for pre-payment. Deerfield has the right to have the long-term debt repaid at 110% of the principal amount in the event we complete a major transaction, which includes, but was not limited to, a merger or sale of our company or the sale of Probuphine. In connection with the facility agreement, we issued Deerfield six-year warrants to purchase 6,000,000 shares of our common stock at an exercise price of $1.57 per share (See Note 9, “Warrant Liability” for further discussion). As a result of our April 2012 subscription agreements, and pursuant to the terms of the Deerfield Warrants, the exercise price of the Deerfield Warrants was adjusted to $1.25 per share. (see Note 11, “Stockholders’ Equity (Deficit)” for further discussion). We also entered into a royalty agreement with Deerfield in exchange for $3.0 million (see Note 8, “Royalty Liability” for further discussion). | |||||
We recorded the promissory notes with an aggregate principal amount of $20.0 million at its face value less a note discount consisting of (i) $3.0 million cash discount, (ii) a $500,000 loan fee, and (iii) the $5.5 million fair value of the associated warrants. The note discount totaling $9.0 million was amortized using the interest method. | We recorded the promissory notes with an aggregate principal amount of $20.0 million at its face value less a note discount consisting of (i) $3.0 million cash discount, (ii) a $500,000 loan fee, and (iii) the $5.5 million fair value of the associated warrants. The note discount totaling $9.0 million was amortized using the interest method. | |||||
On November 14, 2011, we entered into several agreements with Deerfield pursuant to which we agreed to pay a substantial portion of the remaining future royalties on the sales of Fanapt to Deerfield in exchange for $5.0 million in cash that was recorded as royalty liability (see Note 7, “Royalty Liability” for further discussion), a $10.0 million reduction in the principal amount owed to Deerfield under the existing facility agreement and a revised principal repayment schedule of $2.5 million per year for four years commencing in April 2013 to retire the remaining long-term debt of $10.0 million. We evaluated the November 2011 principal reduction and other amendments to the $20.0 million facility agreement and determined that the modifications should be accounted for as a troubled debt restructuring on a prospective basis. As a result, we recognized the difference between the carrying value of the long-term debt and the total required future principal and interest payments as interest expense over the remaining term using the interest method. | On November 14, 2011, we entered into several agreements with Deerfield pursuant to which we agreed to pay a substantial portion of the remaining future royalties on the sales of Fanapt to Deerfield in exchange for $5.0 million in cash that was recorded as royalty liability (see Note 8, “Royalty Liability” for further discussion), a $10.0 million reduction in the principal amount owed to Deerfield under the existing facility agreement and a revised principal repayment schedule of $2.5 million per year for four years commencing in April 2013 to retire the remaining long-term debt of $10.0 million. We evaluated the November 2011 principal reduction and other amendments to the $20.0 million facility agreement and determined that the modifications should be accounted for as a troubled debt restructuring on a prospective basis. As a result, we recognized the difference between the carrying value of the long-term debt and the total required future principal and interest payments as interest expense over the remaining term using the interest method. | |||||
On February 6, 2013, the Facility Agreement was amended to provide that the exercise price of the Deerfield Warrants could be satisfied through a reduction in the principal amount of our outstanding indebtedness to Deerfield. In February and March 2013, Deerfield exercised all of the Deerfield Warrants resulting in a reduction of our outstanding indebtedness to Deerfield of $7.5 million and, accordingly, cancellation of our obligation to make the 2014, 2015 and 2016 installment payments under the Facility Agreement. This resulted in a gain of $1.9 million which was recorded in Other Income (Expense). On April 1, 2013, we made the final principal payment of $2.5 million under the facility agreement. | On February 6, 2013, the facility agreement was amended to provide that the exercise price of the Deerfield Warrants could be satisfied through a reduction in the principal amount of our outstanding indebtedness to Deerfield. In February and March 2013, Deerfield exercised all of the Deerfield Warrants resulting in a reduction of our outstanding indebtedness to Deerfield of $7.5 million and, accordingly, cancellation of our obligation to make the 2014, 2015 and 2016 installment payments under the Facility Agreement. This resulted in a gain of $1.9 million which was recorded in Other Income (Expense). On April 1, 2013, we made the final principal payment of $2.5 million under the facility agreement. | |||||
In 1997, we entered into an exclusive license agreement with Sanofi-Aventis SA (formerly Hoechst Marion Roussel, Inc.). The agreement gave us a worldwide license to the patent rights and know-how related to the antipsychotic agent Fanapt (iloperidone), including the ability to develop, use, sublicense, manufacture and sell products and processes claimed in the patent rights. Upon commercialization of the product, the license agreement provides that we will pay royalties based on net sales. Net sales of Fanapt by Novartis during the three-month periods ended June 30, 2014 and 2013 were approximately $15.7 million and $16.7 million, respectively, and we were obligated to pay royalties of approximately $2.4 million and $3.1 million to Sanofi-Aventis on June 30, 2014 and December 31, 2013, respectively, which were included in Accounts Receivable and Accounts Payable on the Condensed Balance Sheets. | Lease Commitments | |||||
Legal Proceedings | We lease facilities under operating leases that expire at various dates through June 2016. Rent expense was $210,000, $203,000, and $214,000 for years ended December 31, 2013, 2012, and 2011, respectively. | |||||
There are no ongoing legal proceedings against our company. | The following is a schedule of future minimum lease payments at December 31, 2013 (in thousands): | |||||
2014 | $ | 208 | ||||
2015 | 211 | |||||
2016 and thereafter | 106 | |||||
$ | 525 | |||||
Legal Proceedings | ||||||
There are no ongoing legal proceedings against our company. | ||||||
Royalty_Liability
Royalty Liability | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Royalty Liability [Abstract] | ' | ' |
Royalty Liability [Text Block] | ' | ' |
7. Royalty Liability | 8. Royalty Liability | |
On March 15, 2011, under the Royalty Agreement with Deerfield, in exchange for $3.0 million that was recorded as royalty liability, we agreed to pay Deerfield 2.5% of the net sales of Fanapt, constituting a portion of the royalty revenue that we are entitled to under our sublicense agreement with Novartis. The agreements with Deerfield also provided us with the option to repurchase the royalty rights for $40.0 million. | On March 15, 2011, under the royalty agreement with Deerfield, in exchange for $3.0 million that was recorded as royalty liability, we agreed to pay Deerfield 2.5% of the net sales of Fanapt, constituting a portion of the royalty revenue that we are entitled to under our sublicense agreement with Novartis. The agreements with Deerfield also provided us with the option to repurchase the royalty rights for $40.0 million. | |
The $3.0 million received under the Royalty Agreement was recorded as a royalty liability in accordance with the appropriate accounting guidance as the related agreement includes a provision which allowed us to repurchase the royalty rights from Deerfield through a payment of a lump sum. Interest on the royalty liability was recognized using the interest method based on the estimated future royalties expected to be paid under the Royalty Agreement. | The $3.0 million received under the royalty agreement was recorded as a royalty liability in accordance with the appropriate accounting guidance as the related agreement includes a provision which allowed us to repurchase the royalty rights from Deerfield through a payment of a lump sum. Interest on the royalty liability was recognized using the interest method based on the estimated future royalties expected to be paid under the Royalty Agreement. | |
Under the November 14, 2011 amended and restated royalty agreement, in exchange for an additional $5.0 million royalty liability, Deerfield is entitled to our portion of the royalties on Fanapt (5.5% to 7.5% of net sales, net of the 2.5% previously agreed to have been provided to Deerfield) up to specified threshold levels of net sales of Fanapt and 40% of the royalties above the threshold level. We retain 60% of the royalties on net sales of Fanapt above the threshold levels. The $5.0 million received was recorded as a royalty liability in accordance with the appropriate accounting guidance as the related agreement included a provision which allowed us to repurchase the royalty rights from Deerfield through a payment of a lump sum. Interest on this royalty obligation was recognized using the interest method based on the estimated future royalties expected to be paid under the royalty agreement. | Under the November 14, 2011 amended and restated royalty agreement, in exchange for an additional $5.0 million royalty liability, Deerfield is entitled to our portion of the royalties on Fanapt (5.5% to 7.5% of net sales, net of the 2.5% previously agreed to have been provided to Deerfield) up to specified threshold levels of net sales of Fanapt and 40% of the royalties above the threshold level. We retain 60% of the royalties on net sales of Fanapt above the threshold levels. The $5.0 million received was recorded as a royalty liability in accordance with the appropriate accounting guidance as the related agreement included a provision which allowed us to repurchase the royalty rights from Deerfield through a payment of a lump sum. Interest on this royalty obligation was recognized using the interest method based on the estimated future royalties expected to be paid under the royalty agreement. | |
On March 28, 2013, we amended the agreements with Deerfield terminating our option to repurchase the royalty rights. As a result, we recognized a gain on the extinguishment of the royalty liability of approximately $9.0 million, which was recorded in other income, because we are no longer required to account for it as a liability. Additionally, we will no longer recognize royalty income related to the Fanapt royalty payments received from Novartis unless Fanapt sales exceed certain thresholds. | On March 28, 2013, we amended the agreements with Deerfield terminating our option to repurchase the royalty rights. As a result, we recognized a gain on the extinguishment of the royalty liability of approximately $9.0 million, which was recorded in other income, because we are no longer required to account for it as a liability. Additionally, we will no longer recognize royalty income related to the Fanapt royalty payments received from Novartis unless Fanapt sales exceed certain thresholds. | |
Warrant_Liability
Warrant Liability | 6 Months Ended | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | Dec. 31, 2013 | |||||||||||||
Warrant Liability [Abstract] | ' | ' | ||||||||||||
Warrant Liability Disclosure [Text Block] | ' | ' | ||||||||||||
8. Warrant Liability | 9. Warrant Liability | |||||||||||||
On March 15, 2011, in connection with the Facility Agreement, we issued Deerfield six-year warrants to purchase 6,000,000 shares of our common stock at an initial exercise price of $1.57 per share. As a result of our April 2012 sale of equity, and pursuant to the terms of the Deerfield Warrants, the exercise price of the Deerfield Warrants was adjusted to $1.25 per share. The Deerfield Warrants expire on March 15, 2017. The Deerfield Warrants contain a provision where the warrant holder has the option to receive cash, equal to the Black-Scholes fair value of the remaining unexercised portion of the warrant, as cash settlement in the event that there is a fundamental transaction (contractually defined to include various merger, acquisition or stock transfer activities). Due to this provision, ASC 480 Distinguishing Liabilities from Equity requires that these warrants be classified as liabilities. The fair values of these warrants have been determined using the Binomial Lattice (“Lattice”) valuation model, and the changes in the fair value are recorded in the Condensed Statements of Operations and Comprehensive Income (Loss). The Lattice model provides for assumptions regarding volatility and risk-free interest rates within the total period to maturity. | On March 15, 2011, in connection with the facility agreement, we issued Deerfield six-year warrants to purchase 6,000,000 shares of our common stock at an initial exercise price of $1.57 per share. As a result of our April 2012 sale of equity, and pursuant to the terms of the Deerfield Warrants, the exercise price of the Deerfield Warrants was adjusted to $1.25 per share. The Deerfield Warrants contain a provision where the warrant holder has the option to receive cash, equal to the Black-Scholes fair value of the remaining unexercised portion of the warrant, as cash settlement in the event that there is a fundamental transaction (contractually defined to include various merger, acquisition or stock transfer activities). Due to this provision, ASC 480, Distinguishing Liabilities from Equity requires that these warrants be classified as liabilities. The fair values of these warrants have been determined using the Binomial Lattice (“Lattice”) valuation model, and the changes in the fair value are recorded in the Statements of Operations and Comprehensive Income (Loss). The Lattice model provides for assumptions regarding volatility and risk-free interest rates within the total period to maturity. | |||||||||||||
On February 6, 2013, the Facility Agreement was amended to provide that the exercise price of the Deerfield Warrants could be satisfied through a reduction in the principal amount of our outstanding indebtedness to Deerfield. In February and March 2013, Deerfield exercised all of the Deerfield Warrants resulting in a $7.5 million reduction in the amount owed to Deerfield. See Note 6, “Commitments and Contingencies” for further discussion. | On February 6, 2013, the facility agreement was amended to provide that the exercise price of the Deerfield Warrants could be satisfied through a reduction in the principal amount of our outstanding indebtedness to Deerfield. In February and March 2013, Deerfield exercised all of the Deerfield Warrants resulting in a $7.5 million reduction in the amount owed to Deerfield. | |||||||||||||
On April 9, 2012, in connection with subscription agreements with certain institutional investors for the purchase and sale of 6,517,648 shares of our common stock, we issued (i) six-year warrants (“Series A Warrants”) to purchase 6,517,648 shares of common stock at an exercise price of $1.15 per share and (ii) six-month warrants (“Series B Warrants”) to purchase 6,517,648 shares of common stock at an exercise price of $0.85 per share. The Series A Warrants and Series B Warrants contain a provision where the warrant holder has the option to receive cash, equal to the Black Scholes fair value of the remaining unexercised portion of the warrant, as cash settlement in the event that there is a fundamental transaction (contractually defined to include various merger, acquisition or stock transfer activities). Due to this provision, ASC 480 Distinguishing Liabilities from Equity requires that these warrants be classified as liabilities. The fair values of these warrants have been determined using the Lattice valuation model, and the changes in the fair value are recorded in the Condensed Statements of Operations and Comprehensive Income (Loss). The Lattice model provides for assumptions regarding volatility and risk-free interest rates within the total period to maturity. | On April 9, 2012, in connection with subscription agreements with certain institutional investors for the purchase and sale of 6,517,648 shares of our common stock, we issued (i) six-year warrants (“Series A Warrants”) to purchase 6,517,648 shares of common stock at an exercise price of $1.15 per share and (ii) six-month warrants (“Series B Warrants”) to purchase 6,517,648 shares of common stock at an exercise price of $0.85 per share. The Series A Warrants and Series B Warrants contain a provision where the warrant holder has the option to receive cash, equal to the Black Scholes fair value of the remaining unexercised portion of the warrant, as cash settlement in the event that there is a fundamental transaction (contractually defined to include various merger, acquisition or stock transfer activities). Due to this provision, ASC 480, Distinguishing Liabilities from Equity requires that these warrants be classified as liabilities. The fair values of these warrants have been determined using the Lattice valuation model, and the changes in the fair value are recorded in the Statements of Operations and Comprehensive Income (Loss). The Lattice model provides for assumptions regarding volatility and risk-free interest rates within the total period to maturity. | |||||||||||||
In September and October 2012, Series B Warrants to purchase 5,761,765 shares of common stock were exercised at a price of $0.85 per share. The remaining Series B Warrants to purchase 755,883 shares of common stock expired in October 2012. | During the year ended December 31, 2012, Series B Warrants to purchase 5,761,765 shares of common stock were exercised at a price of $0.85 per share. The remaining Series B Warrants to purchase 755,883 shares of common stock expired in October 2012. | |||||||||||||
In January and March 2013, Series A Warrants to purchase 1,109,010 shares of common stock were exercised resulting in gross proceeds of approximately $1,275,000. The remaining Series A Warrants to purchase 5,408,638 shares of common stock will expire in April 2018. | During the year ended December 31, 2013, Series A Warrants to purchase 1,109,010 shares of common stock were exercised resulting in gross proceeds of approximately $1,275,000. The remaining Series A Warrants to purchase 5,408,638 shares of common stock will expire in April 2018. | |||||||||||||
The key assumptions used to value the Series A Warrants were as follows: | The key assumptions used to value the Series A Warrants were as follows: | |||||||||||||
Assumption | June 30, | December 31, | December 31, | |||||||||||
2014 | 2013 | Assumption | 2013 | |||||||||||
Expected price volatility | 115 | % | 90 | % | Expected price volatility | 90 | % | |||||||
Expected term (in years) | 3.78 | 4.27 | Expected term (in years) | 4.27 | ||||||||||
Risk-free interest rate | 1.17 | % | 1.4 | % | Risk-free interest rate | 1.4 | % | |||||||
Dividend yield | 0 | % | 0 | % | Dividend yield | 0 | % | |||||||
Weighted-average fair value of warrants | $ | 0.55 | $ | 0.34 | Weighted-average fair value of warrants | $ | 0.34 | |||||||
Guarantees_and_Indemnification
Guarantees and Indemnifications | 12 Months Ended |
Dec. 31, 2013 | |
Guarantees and Indemnifications [Abstract] | ' |
Guarantees and Indemnifications [Text Block] | ' |
10. Guarantees and Indemnifications | |
As permitted under Delaware law and in accordance with our Bylaws, we indemnify our officers and directors for certain events or occurrences while the officer or director is or was serving at our request in such capacity. The term of the indemnification period is for the officer’s or director’s lifetime. The maximum amount of potential future indemnification is unlimited; however, we have a director and officer insurance policy that limits our exposure and may enable us to recover a portion of any future amounts paid. We believe the fair value of these indemnification agreements is minimal. Accordingly, we have not recorded any liabilities for these agreements as of December 31, 2013. | |
In the normal course of business, we have commitments to make certain milestone payments to various clinical research organizations in connection with our clinical trial activities. Payments are contingent upon the achievement of specific milestones or events as defined in the agreements, and we have made appropriate accruals in our financial statements for those milestones that were achieved as of December 31, 2013. We also provide indemnifications of varying scope to our CROs and investigators against claims made by third parties arising from the use of our products and processes in clinical trials. Historically, costs related to these indemnification provisions were immaterial. We also maintain various liability insurance policies that limit our exposure. We are unable to estimate the maximum potential impact of these indemnification provisions on our future results of operations. | |
Stockholders_Equity
Stockholders’ Equity | 6 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2014 | Dec. 31, 2013 | ||||||||||
Stockholders' Deficit [Abstract] | ' | ' | |||||||||
Stockholders Equity Note Disclosure [Text Block] | ' | ' | |||||||||
9. Stockholders’ Equity | 11. Stockholders’ Equity (Deficit) | ||||||||||
Common Stock | Common Stock | ||||||||||
In November 2013, we entered into a stock purchase agreement with Braeburn pursuant to which we sold 6,250,000 shares of our common stock for an aggregate purchase price of $5.0 million, or $0.80 per share. | In November 2013, we entered into a stock purchase agreement with Braeburn pursuant to which we sold 6,250,000 shares of our common stock for an aggregate purchase price of $5.0 million, or $0.80 per share. | ||||||||||
In April 2013, 144,499 shares of common stock were issued to a former lender upon the cashless net exercise of 287,356 warrants in accordance with the terms of the warrants. | In April 2013, 144,499 shares of common stock were issued to a former lender upon the cashless net exercise of 287,356 warrants in accordance with the terms of the warrants. | ||||||||||
In January and March 2013, Series A Warrants to purchase 1,109,010 shares of common stock were exercised resulting in gross proceeds of approximately $1,275,000. | In January and March 2013, Series A Warrants to purchase 1,109,010 shares of common stock were exercised resulting in gross proceeds of approximately $1,275,000. | ||||||||||
On February 6, 2013, the Facility Agreement with Deerfield was amended to provide that the exercise price of the Deerfield Warrants could be satisfied through a reduction in the principal amount of our outstanding indebtedness to Deerfield. In February and March 2013, Deerfield exercised the 6,000,000 Deerfield Warrants resulting in a $7.5 million reduction in the amount owed to Deerfield. | On February 6, 2013, the facility agreement with Deerfield was amended to provide that the exercise price of the Deerfield Warrants could be satisfied through a reduction in the principal amount of our outstanding indebtedness to Deerfield. In February and March 2013, Deerfield exercised the 6,000,000 Deerfield Warrants resulting in a $7.5 million reduction in the amount owed to Deerfield. | ||||||||||
In October 2012, Series B Warrants to purchase 4,627,941 shares of common stock were exercised resulting in gross proceeds of approximately $3,934,000. | |||||||||||
In September 2012, Series B Warrants to purchase 1,133,824 shares of common stock were exercised resulting in gross proceeds of approximately $964,000. | |||||||||||
In September 2012, we entered into a stock purchase and option agreement with an affiliate of Braeburn pursuant to which we sold 3,400,000 shares of our common stock for an aggregate purchase price of $4.25 million, or $1.25 per share, and agreed to an exclusive option period for execution of the proposed license agreement. The $1.7 million premium, or $0.50 per share, has been allocated to the fair value of the option agreement and was recorded as license revenue in 2012. | |||||||||||
In April 2012, we entered into subscription agreements with certain institutional investors for the purchase and sale, in a registered direct offering, of (i) 6,517,648 shares of our common stock, (ii) 6,517,648 Series A Warrants and (iii) 6,517,648 Series B Warrants for gross proceeds of $5,540,000 (the “Offering”). As a result of the Offering, and pursuant to the terms of the Deerfield Warrants, the exercise price of the Deerfield Warrants (See Note 9, “Warrant Liability” for further discussion) was adjusted to $1.25 per share. | |||||||||||
We recorded the gross proceeds from the Offering, net of (i) issuance costs of $0.5 million and (ii) the fair value of the Warrants of $2.9 million (see Note 9, “Warrant Liability”), as common stock paid-in in the Balance Sheets. | |||||||||||
As of December 31, 2013, warrants to purchase shares of common stock consisted of the following (in thousands, except per share price): | |||||||||||
Outstanding at | |||||||||||
Date Issued | Expiration Date | Exercise Price | December 31, 2013 | ||||||||
12/18/09 | 12/18/14 | $ | 2.13 | 42 | |||||||
4/13/12 | 4/13/18 | $ | 1.15 | 5,409 | |||||||
5,451 | |||||||||||
Shares Reserved for Future Issuance | |||||||||||
As of December 31, 2013, shares of common stock reserved by us for future issuance consisted of the following (in thousands): | |||||||||||
Stock options outstanding | 6,732 | ||||||||||
Shares issuable upon the exercise of warrants | 5,451 | ||||||||||
12,183 | |||||||||||
Stock_Plans
Stock Plans | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
Jun. 30, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||
Stock Plans [Abstract] | ' | ' | ||||||||||||||||||||||||||
Stock Plans [Text Block] | ' | ' | ||||||||||||||||||||||||||
2. Stock Plans | 12. Stock Plans | |||||||||||||||||||||||||||
The following table summarizes the stock-based compensation expense recorded for awards under the stock option plans for the three and six month periods ended June 30, 2014 and 2013: | In July 2002, we adopted the 2002 Stock Incentive Plan (“2002 Plan”). The 2002 Plan assumed the options which remained available for grant under our option plans previously approved by stockholders. Under the 2002 Plan and predecessor plans, a total of 7.4 million shares of our common stock were authorized for issuance to employees, officers, directors, consultants, and advisers. In August 2005, we adopted an amendment to the 2002 Stock Incentive Plan (“2002 Plan”) to (i) permit the issuance of shares of restricted stock and stock appreciation rights to participants under the 2002 Plan, and (ii) increase the number of shares issuable pursuant to grants under the 2002 Plan from 2,000,000 to 3,000,000. Options granted under the 2002 Plan and predecessor plans may either be incentive stock options within the meaning of Section 422 of the Internal Revenue Code and/or options that do not qualify as incentive stock options; however, only employees are eligible to receive incentive stock options. Options granted under the option plans generally expire no later than ten years from the date of grant. Option vesting schedule and exercise price are determined at time of grant by the board of directors or compensation committee. Historically, the exercise prices of options granted under the 2002 Plan were 100% of the fair market value of our common stock on the date of grant. The 2002 Plan expired by its terms in July 2012. On December 31, 2013, options to purchase an aggregate of 4,280,153 shares of our common stock were outstanding under the 2002 Plan. | |||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | In August 2001, we adopted the 2001 Employee Non-Qualified Stock Option Plan (“2001 NQ Plan”) pursuant to which 1,750,000 shares of common stock were authorized for issuance for option grants to employees and consultants who are not officers or directors of Titan. Options granted under the option plans generally expire no later than ten years from the date of grant. Option vesting schedule and exercise price were determined at time of grant by the board of directors or compensation committee. Historically, the exercise prices of options granted under the 2001 NQ Plan were 100% of the fair market value of our common stock on the date of grant. The 2001 Stock Option Plan expired by its terms in August 2011. On December 31, 2013, options to purchase an aggregate of 1,199,500 shares of our common stock were outstanding under the 2001 NQ Plan. | ||||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||||
(in thousands, except per share amounts) | 2014 | 2013 | 2014 | 2013 | Activity under our stock plans, as well as non-plan activity, is summarized below (shares in thousands): | |||||||||||||||||||||||
Research and development | $ | 28 | $ | 52 | $ | 173 | $ | 356 | ||||||||||||||||||||
General and administrative | 32 | 78 | 213 | 279 | Number of | |||||||||||||||||||||||
Total stock-based compensation expenses | $ | 60 | $ | 130 | $ | 386 | $ | 635 | Shares or | Options and | ||||||||||||||||||
Awards Available | Awards | Weighted Average | ||||||||||||||||||||||||||
No tax benefit was recognized related to stock-based compensation expense since we have incurred operating losses and we have established a full valuation allowance to offset all the potential tax benefits associated with our deferred tax assets. | For Grant | Outstanding | Exercise Price | |||||||||||||||||||||||||
Balance at December 31, 2010 | 3,393 | 5,115 | $ | 2.29 | ||||||||||||||||||||||||
We use the Black-Scholes-Merton option-pricing model with the following assumptions to estimate the stock-based compensation expense for the three and six month periods ended June 30, 2014 and 2013: | Options granted | -734 | 734 | $ | 1.44 | |||||||||||||||||||||||
Options cancelled and expired | 45 | -241 | $ | 15.01 | ||||||||||||||||||||||||
Three Months Ended | Six Months Ended | Options forfeited | 55 | -55 | $ | 1.77 | ||||||||||||||||||||||
June 30, | June 30, | Awards granted | -181 | 181 | $ | 0 | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | Awards issued | — | -139 | $ | 0 | ||||||||||||||||||||
Weighted-average risk-free interest rate | 1.7 | % | 1 | % | 2 | % | 0.8 | % | Balance at December 31, 2011 | 2,578 | 5,595 | $ | 1.56 | |||||||||||||||
Expected dividend payments | — | — | — | — | Options granted | -1,718 | 1,718 | $ | 1.14 | |||||||||||||||||||
Expected holding period (years)1 | 4.2 | 3.9 | 6.5 | 4.2 | Options cancelled and expired | 290 | -290 | $ | 5.54 | |||||||||||||||||||
Weighted-average volatility factor2 | 1.67 | 1.56 | 1.66 | 1.7 | Awards issued | — | -181 | $ | 0 | |||||||||||||||||||
Estimated forfeiture rates3 | 31 | % | 32 | % | 31 | % | 32 | % | Expiration of option plan | -1,150 | — | $ | 0 | |||||||||||||||
Balance at December 31, 2012 | — | 6,842 | $ | 1.33 | ||||||||||||||||||||||||
-1 | Expected holding periods are based on the simplified method provided in Staff Accounting Bulletin No. 107 for “plain vanilla options.” | Options exercised | — | -75 | $ | 1.5 | ||||||||||||||||||||||
-2 | Weighted average volatility is based on the historical volatility of our common stock. | Options cancelled and expired | — | -35 | $ | 3.29 | ||||||||||||||||||||||
-3 | Estimated forfeiture rates are based on historical data. | Balance at December 31, 2013 | — | 6,732 | $ | 1.31 | ||||||||||||||||||||||
No options were granted during the three month periods ended June 30, 2014 and 2013. | The 2002 Plan and the 2001 NQ Plan allow for stock options issued as the result of a merger or consolidation of another entity, including the acquisition of the minority interest of our former subsidiaries, to be added to the maximum number of shares provided for in the plan (“Substitute Options”). Consequently, Substitute Options are not returned to the shares reserved under the plan when cancelled. During 2013, 2012 and 2011, the number of Substitute Options cancelled was immaterial. | |||||||||||||||||||||||||||
The following table summarizes option activity for the six month period ended June 30, 2014: | ||||||||||||||||||||||||||||
Options for 6.7 million and 6.0 million shares were exercisable at December 31, 2013 and 2012, respectively. The options outstanding at December 31, 2013 have been segregated into four ranges for additional disclosure as follows (options in thousands): | ||||||||||||||||||||||||||||
(in thousands, except per share amounts) | Options | Weighted | Weighted | Aggregate | ||||||||||||||||||||||||
Average | Average | Intrinsic | Options Outstanding | Options Exercisable | ||||||||||||||||||||||||
Exercise | Remaining | Value | Weighted | |||||||||||||||||||||||||
Price | Option | Average | Weighted | Weighted | ||||||||||||||||||||||||
Term | Number | Remaining | Average | Number | Average | |||||||||||||||||||||||
Outstanding at January 1, 2014 | 6,732 | $ | 1.31 | 5.75 | $ | — | Range of Exercise Prices | Outstanding | Life (Years) | Exercise Price | Exercisable | Exercise Price | ||||||||||||||||
Granted | 275 | 0.66 | $0.69 - $1.53 | 5,423 | 6.32 | $ | 1.05 | 5,422 | $ | 1.05 | ||||||||||||||||||
Exercised | — | — | $1.54 - $2.38 | 604 | 3.85 | $ | 2.19 | 601 | $ | 2.19 | ||||||||||||||||||
Expired or cancelled | -310 | 2.05 | $2.39 - $3.22 | 643 | 3.27 | $ | 2.52 | 643 | $ | 2.52 | ||||||||||||||||||
Forfeited | -27 | 1.66 | $3.23 - $4.06 | 62 | 0.11 | $ | 3.7 | 62 | $ | 3.7 | ||||||||||||||||||
Outstanding at June 30, 2014 | 6,670 | $ | 1.25 | 5.53 | $ | 37 | $0.69 - $4.06 | 6,732 | 5.75 | $ | 1.31 | 6,728 | $ | 1.31 | ||||||||||||||
Exercisable at June 30, 2014 | 6,595 | $ | 1.26 | 5.48 | $ | 28 | ||||||||||||||||||||||
We use the Black-Scholes-Merton option-pricing model with the following assumptions to estimate the stock-based compensation expense for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||||||||||||||||
The following table summarizes restricted stock activity for the six month period ended June 30, 2014: | ||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||
(in thousands, except per share amounts) | Restricted | Weighted | Weighted | Aggregate | 2013 | 2012 | 2011 | |||||||||||||||||||||
Stock | Average | Average | Intrinsic | Weighted-average risk-free interest rate | 0.92 | % | 0.91 | % | 2.3 | % | ||||||||||||||||||
Exercise | Remaining | Value | Expected dividend payments | — | — | — | ||||||||||||||||||||||
Price | Term | Expected holding period (years)(1) | 3.9 | 5.1 | 5.4 | |||||||||||||||||||||||
Outstanding at January 1, 2014 | — | $ | — | — | $ | — | Weighted-average volatility factor(2) | 1.38 | 1.75 | 1.71 | ||||||||||||||||||
Granted | 617 | — | Estimated forfeiture rates for options granted to management(3) | 23 | % | 23 | % | 23 | % | |||||||||||||||||||
Released | -259 | — | Estimated forfeiture rates for options granted to non-management(3) | 41 | % | 41 | % | 41 | % | |||||||||||||||||||
Expired or cancelled | — | — | ___________________________________________________________________ | |||||||||||||||||||||||||
Forfeited | — | — | -1 | Expected holding period is based on historical experience of similar awards, giving consideration to the contractual terms of the stock-based awards, vesting schedules and the expectations of future employee behavior. | ||||||||||||||||||||||||
-2 | Weighted average volatility is based on the historical volatility of our common stock. | |||||||||||||||||||||||||||
Outstanding at June 30, 2014 | 358 | $ | — | 9.62 | $ | 281 | (3) | Estimated forfeiture rates are based on historical data. | ||||||||||||||||||||
Exercisable at June 30, 2014 | — | $ | — | — | $ | — | No options or awards were granted during the year ended December 31, 2013. Based upon the above methodology, the weighted-average fair value of options and awards granted during the years ended December 31, 2012 and 2011 was $1.09 and $1.38, respectively. | |||||||||||||||||||||
No shares of restricted stock were awarded to employees, directors and consultants during the three month periods ended June 30, 2014 and 2013. | The following table summarizes the stock-based compensation expense and impact on our basic and diluted loss per share for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||||
As of June 30, 2014, there was approximately $141,000 of total unrecognized compensation expense related to non-vested options and restricted stock. This expense is expected to be recognized over a weighted-average period of 0.6 years. | Years Ended December 31, | |||||||||||||||||||||||||||
(in thousands, except per share amounts) | 2013 | 2012 | 2011 | |||||||||||||||||||||||||
Research and development | $ | 378 | $ | 1,021 | $ | 371 | ||||||||||||||||||||||
General and administrative | 300 | 1,560 | 806 | |||||||||||||||||||||||||
Total stock-based compensation expenses | $ | 678 | $ | 2,581 | $ | 1,177 | ||||||||||||||||||||||
Increase in basic net income (loss) per share | $ | -0.01 | $ | -0.04 | $ | -0.02 | ||||||||||||||||||||||
Increase in diluted net income (loss) per share | $ | -0.01 | $ | -0.04 | $ | -0.02 | ||||||||||||||||||||||
No tax benefit was recognized related to stock-based compensation expense since we have incurred operating losses and we have established a full valuation allowance to offset all the potential tax benefits associated with our deferred tax assets. | ||||||||||||||||||||||||||||
No options to purchase common stock were granted to employees, directors and consultants during the year ended December 31, 2013. The following table summarizes option activity for the year ended December 31, 2013: | ||||||||||||||||||||||||||||
Weighted | ||||||||||||||||||||||||||||
Weighted | Average | |||||||||||||||||||||||||||
Average | Remaining | Aggregate | ||||||||||||||||||||||||||
Exercise | Contractual | Intrinsic | ||||||||||||||||||||||||||
(in thousands, except per share amounts) | Shares | Price | Term | Value | ||||||||||||||||||||||||
Outstanding at January 1, 2012 | 6,842 | $ | 133 | |||||||||||||||||||||||||
Exercised | -75 | 1.5 | ||||||||||||||||||||||||||
Cancelled | -35 | 3.29 | ||||||||||||||||||||||||||
Outstanding at December 31, 2013 | 6,732 | $ | 1.31 | 5.75 | $ | — | ||||||||||||||||||||||
Exercisable at December 31, 2013 | 6,728 | $ | 1.31 | 5.75 | $ | — | ||||||||||||||||||||||
As of December 31, 2013, there was approximately $2,000 of total unrecognized compensation expense related to non-vested stock options. This expense is expected to be recognized over a weighted-average period of 0.24 years. | ||||||||||||||||||||||||||||
There were no awards of restricted stock during the year ended December 31, 2013. | ||||||||||||||||||||||||||||
There were no outstanding awards of restricted stock at December 31, 2013 that had not vested. | ||||||||||||||||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Income Taxes [Abstract] | ' | ||||||||||
Income Taxes [Text Block] | ' | ||||||||||
13. Income Taxes | |||||||||||
As of December 31, 2013, we had net operating loss carryforwards for federal income tax purposes of approximately $225.6 million that expire at various dates through 2033, and federal research and development tax credits of approximately $8.2 million that expire at various dates through 2033. We also had net operating loss carryforwards for California income tax purposes of approximately $157.7 million that expire at various dates through 2033 and state research and development tax credits of approximately $8.0 million which do not expire. Approximately $12.4 million of federal and state net operating loss carryforwards represent stock option deductions arising from activity under our stock option plans, the benefit of which will increase additional paid in capital when realized. | |||||||||||
Current federal and California tax laws include substantial restrictions on the utilization of net operating losses and tax credits in the event of an ownership change of a corporation. We have performed a change in ownership analysis through December 31, 2013 and, accordingly, all of our net operating loss and tax credit carryforwards are available to offset future taxable income, if any. | |||||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes and operating loss and credit carryforwards. Significant components of our deferred tax assets are as follows (in thousands): | |||||||||||
December 31, | |||||||||||
2013 | 2012 | ||||||||||
Deferred tax assets: | |||||||||||
Net operating loss carryforwards | $ | 85,912 | $ | 81,127 | |||||||
Research credit carryforwards | 13,481 | 12,750 | |||||||||
Other, net | 3,962 | 4,190 | |||||||||
Deferred revenue | 2,116 | 5,749 | |||||||||
Total deferred tax assets | 105,471 | 103,816 | |||||||||
Valuation allowance | -105,471 | -103,816 | |||||||||
Net deferred tax assets | $ | — | $ | — | |||||||
Realization of deferred tax assets is dependent upon future earnings, if any, the timing and amount of which are uncertain. Accordingly, the net deferred tax assets have been fully offset by a valuation allowance. The valuation allowance increased by $1.7 million during 2013, increased by $3.1 million during 2012 and decreased by $1.3 million during 2011. | |||||||||||
Under ASC 718, the deferred tax asset for net operating losses as of December 31, 2013 excludes deductions for excess tax benefits related to stock based compensation. | |||||||||||
The provision for income taxes consists of state minimum taxes due. The effective tax rate of our provision (benefit) for income taxes differs from the federal statutory rate as follows (in thousands): | |||||||||||
Year Ending December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Computed at 34% | $ | 3,301 | $ | -5,134 | $ | -5,168 | |||||
State taxes | 213 | -234 | -228 | ||||||||
Book gains (losses) not currently benefited | 1,656 | 3,120 | -1,264 | ||||||||
Other | -476 | 1,901 | 2,746 | ||||||||
Disallowed interest expense | 160 | 1,363 | 1,457 | ||||||||
Income from debt restructuring | — | -1,615 | 2,462 | ||||||||
Revaluation of warrant liability | -591 | 600 | — | ||||||||
Research and development credits | -583 | — | — | ||||||||
Non-cash gain from termination of royalty purchase agreement | -3,047 | — | — | ||||||||
Non-cash gain on settlement of long-term debt | -632 | — | — | ||||||||
Total | $ | 1 | $ | 1 | $ | 5 | |||||
We had no unrecognized tax benefits or any amounts accrued for interest and penalties for the three year period ended December 31, 2013. Our policy will be to recognize interest and penalties related to income taxes as a component of income tax expense. | |||||||||||
We file tax returns in the U.S. Federal jurisdiction and some state jurisdictions. We are subject to the U.S. federal and state income tax examination by tax authorities for such years 1995 through 2013, due to net operating losses that are being carried forward for tax purposes. | |||||||||||
The Credit for Increasing Research Activities expired for amounts incurred after December 31, 2011. However, The American Taxpayer Relief Act of 2012, which was signed into law on January 2, 2013, extended the credit for amounts incurred before January 1, 2014. The Act also retroactively restored the credit for amounts incurred in 2012. However, since the Act was not signed until January 2, 2013 the amount of credit generated in 2012 was not reflected in the deferred tax amounts as of December 31, 2012. The amount of this credit that was generated in 2012 was approximately $340,000. The deferred tax asset for this credit was increased by this amount in 2013. | |||||||||||
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Quarterly Financial Data (Unaudited) [Abstract] | ' | |||||||||||||
Quarterly Financial Information [Text Block] | ' | |||||||||||||
14. Quarterly Financial Data (Unaudited) | ||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||
(in thousands, except per share amount) | ||||||||||||||
2013 | ||||||||||||||
Total revenue | $ | 5,174 | $ | 2,198 | $ | 2,198 | $ | 911 | ||||||
Net income (loss) | $ | 6,001 | $ | 5,064 | $ | -1,145 | $ | -209 | ||||||
Basic net income (loss) per share | $ | 0.08 | $ | 0.06 | $ | -0.01 | $ | 0 | ||||||
Diluted net income (loss) per share | $ | 0.07 | $ | 0 | $ | -0.01 | $ | 0 | ||||||
2012 | ||||||||||||||
Total revenue | $ | 1,270 | $ | 1,360 | $ | 1,228 | $ | 3,259 | ||||||
Net loss | $ | -5,163 | $ | -1,724 | $ | -8,013 | $ | -280 | ||||||
Basic net loss per share | $ | -0.09 | $ | -0.03 | $ | -0.12 | $ | 0 | ||||||
Diluted net loss per share | $ | -0.09 | $ | -0.06 | $ | -0.12 | $ | 0 | ||||||
Subsequent_events
Subsequent events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
15. Subsequent events | |
In February 2014, we adopted the 2014 Incentive Plan (“2014 Plan”). Under the 2014 Plan, a total of 2.5 million shares of our common stock were authorized for issuance to employees, officers, directors, consultants, and advisers. | |
Organization_and_Summary_of_Si1
Organization and Summary of Significant Accounting Policies (Policies) | 6 Months Ended | 12 Months Ended | ||||||||||||||
Jun. 30, 2014 | Dec. 31, 2013 | |||||||||||||||
Organization and Summary of Significant Accounting Policies [Abstract] | ' | ' | ||||||||||||||
Company [Policy Text Block] | ' | ' | ||||||||||||||
The Company | The Company | |||||||||||||||
We are a specialty pharmaceutical company developing proprietary therapeutics for the treatment of serious medical disorders. Our product development programs utilize our proprietary long-term drug delivery platform, ProNeura®, and focus primarily on innovative treatments for chronic conditions with significant unmet medical needs and meaningful commercial potential. We are directly developing our product candidates and also utilize corporate, academic and government partnerships as appropriate. We operate in only one business segment, the development of pharmaceutical products. | We are a specialty pharmaceutical company developing proprietary therapeutics for the treatment of serious medical disorders. Our product development programs focus primarily on important pharmaceutical markets with significant unmet medical needs and commercial potential. We are directly developing our product candidates and also utilize corporate, academic and government partnerships as appropriate. Such collaborations have helped to fund product development and have enabled us to retain significant economic interest in our products. We operate in only one business segment, the development of pharmaceutical products. | |||||||||||||||
Our principal asset is Probuphine®, the first slow release implant formulation of buprenorphine in development for the long term maintenance treatment of opioid dependence. It is designed to maintain a stable, around the clock blood level of the medicine in patients for six months following a single treatment. Upon completion of the Phase 3 clinical studies of Probuphine, we participated in a pre- NDA meeting with the FDA, and subsequently prepared and submitted the NDA in October 2012. On April 30, 2013, the FDA issued a complete response letter to our NDA stating that it cannot approve the application in its present form and outlining the FDA’s request for additional clinical data demonstrating adequate clinical benefit to patients from this treatment, data from human factors testing of the training program for insertion and removal of the implants, as well as recommendations regarding product labeling, Risk Evaluation and Mitigation Strategy and non-clinical safety data. We are committed to addressing these issues and have been working diligently with our commercialization partner in the United States and Canada, Braeburn Pharmaceuticals Sprl (“Braeburn”), and a team of proven, expert clinical and regulatory advisors with experience in assisting companies through similar regulatory processes. Following a meeting with the FDA on November 19, 2013 and subsequent discussions, we and Braeburn have agreed in principle with the FDA on a path forward, which along with other steps includes conducting an additional clinical study that is designed to provide a non-inferiority comparison of treatment with a dose of four Probuphine implants in stable patients undergoing maintenance treatment with 8mg or less per day of an FDA approved sublingual formulation of buprenorphine. The clinical study protocol has been submitted for FDA review and further details of the study and implementation plans will be available after completion of the FDA review. | ||||||||||||||||
In December 2012, we entered into a license agreement with Braeburn Pharmaceuticals Sprl that grants Braeburn exclusive commercialization rights to Probuphine in the United States and Canada. We received a non-refundable up-front license fee of $15.75 million (approximately $15.0 million, net of expenses) and will receive a $15 million milestone payment upon approval by the FDA of the NDA. Additionally, we will be eligible to receive up to $165 million upon achievement of specified sales milestones and up to $35 million in regulatory milestones for additional indications, including chronic pain and tiered royalties on net sales ranging from the mid-teens to the low twenties. | ||||||||||||||||
The accompanying financial statements have been prepared assuming we will continue as a going concern. At December 31, 2013, we had cash of approximately $11.8 million, which we believe is sufficient to fund our planned operations into April 2015. While an agreement in principle with respect to a path forward has been reached with the FDA, details of the required additional clinical study in support of the Probuphine NDA, including size and the data analysis plan, have not yet been established. Accordingly, we cannot predict the timing of commencement or completion of the study. | ||||||||||||||||
Under the Agreement, as amended, Braeburn has the right to terminate based on the requirement for an additional clinical study in support of the NDA. If Braeburn were to exercise its right to terminate the Agreement, we would not have sufficient funds available to us to complete the FDA regulatory process and, in the event of ultimate approval, commercialize Probuphine without raising additional capital. If we are unable to complete a debt or equity offering, or otherwise obtain sufficient financing in such event, our business and prospects would be materially adversely impacted. Furthermore, in light of the substantial reduction in the milestone payment payable to us if the FDA ultimately approves Probuphine under the Third Amendment we may be unable to continue our current Parkinson’s disease development program and will not be able to pursue any additional programs beyond the very initial stages without obtaining additional financing, either through the sale of debt or equity securities, a corporate partnership or otherwise. We cannot assure you that the financing we need will be available on acceptable terms. | ||||||||||||||||
Basis of Presentation [Policy Text Block] | ' | ' | ||||||||||||||
Basis of Presentation | ||||||||||||||||
The accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statement presentation. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three and six month periods ended June 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014, or any future interim periods. | ||||||||||||||||
The balance sheet at December 31, 2013 has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These unaudited condensed financial statements should be read in conjunction with the audited financial statements and footnotes thereto included in the Titan Pharmaceuticals, Inc. Annual Report on Form 10-K for the year ended December 31, 2013, as filed with the Securities and Exchange Commission (“SEC”). | ||||||||||||||||
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | ||||||||||||||||
The accompanying financial statements have been prepared assuming we will continue as a going concern. At June 30, 2014, we had cash of approximately $8.9 million, which we believe is sufficient to fund our planned operations into June 2015. | ||||||||||||||||
In the last several months our discussions with the FDA have focused on finalizing the clinical study design that will provide key information necessary to address the Complete Response Letter (“CRL”) issued by the FDA in April 2013, and having recently reached agreement with the FDA, the Phase 3 clinical study of Probuphine began patient enrollment in July 2014, and study completion is anticipated by the middle of 2015. The clinical study is a randomized, double blind, double dummy design that is expected to enroll approximately 180 patients into two parallel treatment arms. This study is funded primarily by Braeburn Pharmaceuticals Sprl (“Braeburn”) and Titan personnel provide ongoing support for the conduct of the study. | ||||||||||||||||
Use of Estimates, Policy [Policy Text Block] | ' | ' | ||||||||||||||
Use of Estimates | ||||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | ||||||||||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | ' | ||||||||||||||
Stock-Based Compensation | ||||||||||||||||
We recognize compensation expense using a fair-value based method, for all stock-based payments including stock options and restricted stock awards and stock issued under an employee stock purchase plan. These standards require companies to estimate the fair value of stock-based payment awards on the date of grant using an option pricing model. See Note 12 “Stock Plans,” for a discussion of our stock-based compensation plans. Our non-cash stock-based compensation expense related to employees and non-employee members of our board of directors totaled $0.7 million, $2.6 million and $1.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||||
Warrants Issued in Connection with Equity Financing [Policy Text Block] | ' | ' | ||||||||||||||
Warrants Issued in Connection with Equity Financing | ||||||||||||||||
We generally account for warrants issued in connection with equity financings as a component of equity, unless there is a deemed possibility that we may have to settle warrants in cash. For warrants issued with deemed possibility of cash settlement, we record the fair value of the issued warrants as a liability at each reporting period and record changes in the estimated fair value as a non-cash gain or loss in the Statements of Operations and Comprehensive Income (Loss). | ||||||||||||||||
Cash and Cash Equivalents and Marketable Securities [Policy Text Block] | ' | ' | ||||||||||||||
Cash, Cash Equivalents and Marketable Securities | ||||||||||||||||
Our investment policy emphasizes liquidity and preservation of principal over other portfolio considerations. We select investments that maximize interest income to the extent possible given these two constraints. We satisfy liquidity requirements by investing excess cash in securities with different maturities to match projected cash needs and limit concentration of credit risk by diversifying our investments among a variety of high credit-quality issuers and limit the amount of credit exposure to any one issuer. The estimated fair values have been determined using available market information. We do not use derivative financial instruments in our investment portfolio. | ||||||||||||||||
All investments with original maturities of three months or less are considered to be cash equivalents. Marketable securities, consisting primarily of high-grade debt securities including money market funds, U.S. government and corporate notes and bonds, and commercial paper, are classified as available-for-sale at time of purchase and carried at fair value. If the fair value of a security is below its amortized cost and we plan to sell the security before recovering its cost, the impairment is considered to be other-than-temporary. Other-than-temporary declines in fair value of our marketable securities are charged against interest income. We did not have cash equivalents or marketable securities as of December 31, 2013 and 2012 and for any of the periods presented. | ||||||||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | ' | ||||||||||||||
Property and Equipment | ||||||||||||||||
Property and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful lives of the assets ranging from three to five years. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the assets. | ||||||||||||||||
Revenue Recognition, Policy [Policy Text Block] | ' | ' | ||||||||||||||
Revenue Recognition | Revenue Recognition | |||||||||||||||
We generate revenue principally from collaborative research and development arrangements, technology licenses, and government grants. Consideration received for revenue arrangements with multiple components is allocated among the separate units of accounting based on their respective selling prices. The selling price for each unit is based on vendor-specific objective evidence, or VSOE, if available, third party evidence if VSOE is not available, or estimated selling price if neither VSOE nor third party evidence is available. The applicable revenue recognition criteria are then applied to each of the units. | We generate revenue principally from collaborative research and development arrangements, technology licenses, and government grants. Consideration received for revenue arrangements with multiple components is allocated among the separate units of accounting based on their respective selling prices. The selling price for each unit is based on vendor-specific objective evidence, or VSOE, if available, third party evidence if VSOE is not available, or estimated selling price if neither VSOE nor third party evidence is available. The applicable revenue recognition criteria are then applied to each of the units. | |||||||||||||||
Revenue is recognized when the four basic criteria of revenue recognition are met: (1) a contractual agreement exists; (2) transfer of technology has been completed or services have been rendered; (3) the fee is fixed or determinable; and (4) collectibility is reasonably assured. For each source of revenue, we comply with the above revenue recognition criteria in the following manner: | Revenue is recognized when the four basic criteria of revenue recognition are met: (1) a contractual agreement exists; (2) transfer of technology has been completed or services have been rendered; (3) the fee is fixed or determinable; and (4) collectibility is reasonably assured. For each source of revenue, we comply with the above revenue recognition criteria in the following manner: | |||||||||||||||
• | Technology license agreements typically consist of non-refundable upfront license fees, annual minimum access fees or royalty payments. Non-refundable upfront license fees and annual minimum payments received with separable stand-alone values are recognized when the technology is transferred or accessed, provided that the technology transferred or accessed is not dependent on the outcome of our continuing research and development efforts. | • | Royalties earned are based on third-party sales of licensed products and are recorded in accordance with contract terms when third-party results are reliably measurable and collectibility is reasonably assured. Pursuant to certain license agreements, we earn royalties on the sale of Fanapt™ by Novartis in the U.S. As described in Note 4, “Agreement with Sanofi-Aventis SA” and Note 8, “Royalty Liability”, we are obligated to pay royalties on such sales to Sanofi-Aventis and Deerfield. As we have no performance obligations under the license agreements, we have recorded the royalties earned, net of royalties we are obligated to pay, as revenue in our Statement of Operations and Comprehensive Income (Loss). | |||||||||||||
• | Collaborative arrangements typically consist of non-refundable and/or exclusive technology access fees, cost reimbursements for specific research and development spending, and various milestone and future product royalty payments. If the delivered technology does not have stand-alone value, the amount of revenue allocable to the delivered technology is deferred. Non-refundable upfront fees with stand-alone value that are not dependent on future performance under these agreements are recognized as revenue when received, and are deferred if we have continuing performance obligations and have no evidence of fair value of those obligations. Cost reimbursements for research and development spending are recognized when the related costs are incurred and when collections are reasonably expected. Payments received related to substantive, performance-based “at-risk” milestones are recognized as revenue upon achievement of the clinical success or regulatory event specified in the underlying contracts, which represent the culmination of the earnings process. Amounts received in advance are recorded as deferred revenue until the technology is transferred, costs are incurred, or a milestone is reached. | |||||||||||||||
• | Royalties earned are based on third-party sales of licensed products and are recorded in accordance with contract terms when third-party results are reliably measurable and collectibility is reasonably assured. We no longer recognize royalty income related to the Fanapt royalty payments received from Novartis unless Fanapt sales exceed certain thresholds (see Note 7, “Royalty Liability” for further discussion). | • | Technology license agreements typically consist of non-refundable upfront license fees, annual minimum access fees or royalty payments. Non-refundable upfront license fees and annual minimum payments received with separable stand-alone values are recognized when the technology is transferred or accessed, provided that the technology transferred or accessed is not dependent on the outcome of our continuing research and development efforts. | |||||||||||||
• | Government grants, which support our research efforts in specific projects, generally provide for reimbursement of approved costs as defined in the notices of grants. Grant revenue is recognized when associated project costs are incurred. | |||||||||||||||
• | Government grants, which support our research efforts in specific projects, generally provide for reimbursement of approved costs as defined in the notices of grants. Grant revenue is recognized when associated project costs are incurred. | |||||||||||||||
• | Collaborative arrangements typically consist of non-refundable and/or exclusive technology access fees, cost reimbursements for specific research and development spending, and various milestone and future product royalty payments. If the delivered technology does not have stand-alone value, the amount of revenue allocable to the delivered technology is deferred. Non-refundable upfront fees with stand-alone value that are not dependent on future performance under these agreements are recognized as revenue when received, and are deferred if we have continuing performance obligations and have no evidence of fair value of those obligations. Cost reimbursements for research and development spending are recognized when the related costs are incurred and when collections are reasonably expected. Payments received related to substantive, performance-based “at-risk” milestones are recognized as revenue upon achievement of the clinical success or regulatory event specified in the underlying contracts, which represent the culmination of the earnings process. Amounts received in advance are recorded as deferred revenue until the technology is transferred, costs are incurred, or a milestone is reached. | |||||||||||||||
In Process Research and Development, Policy [Policy Text Block] | ' | ' | ||||||||||||||
Research and Development Costs and Related Accrual | Research and Development Costs and Related Accrual | |||||||||||||||
Research and development expenses include internal and external costs. Internal costs include salaries and employment related expenses, facility costs, administrative expenses and allocations of corporate costs. External expenses consist of costs associated with outsourced clinical research organization activities, sponsored research studies, product registration, patent application and prosecution, and investigator sponsored trials. We also record accruals for estimated ongoing clinical trial costs. Clinical trial costs represent costs incurred by clinical research organizations (“CROs”) and clinical sites. These costs are recorded as a component of research and development expenses. Under our agreements, progress payments are typically made to investigators, clinical sites and CROs. We analyze the progress of the clinical trials, including levels of patient enrollment, invoices received and contracted costs when evaluating the adequacy of accrued liabilities. Significant judgments and estimates must be made and used in determining the accrued balance in any accounting period. Actual results could differ from those estimates under different assumptions. Revisions are charged to expense in the period in which the facts that give rise to the revision become known. | Research and development expenses include internal and external costs. Internal costs include salaries and employment related expenses, facility costs, administrative expenses and allocations of corporate costs. External expenses consist of costs associated with outsourced clinical research organization activities, sponsored research studies, product registration, patent application and prosecution, and investigator sponsored trials. We also record accruals for estimated ongoing clinical trial costs. Clinical trial costs represent costs incurred by CROs, and clinical sites. These costs are recorded as a component of research and development expenses. Under our agreements, progress payments are typically made to investigators, clinical sites and CROs. We analyze the progress of the clinical trials, including levels of patient enrollment, invoices received and contracted costs when evaluating the adequacy of accrued liabilities. Significant judgments and estimates must be made and used in determining the accrued balance in any accounting period. Actual results could differ from those estimates under different assumptions. Revisions are charged to expense in the period in which the facts that give rise to the revision become known. | |||||||||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | ' | ||||||||||||||
Net Income (Loss) Per Share | ||||||||||||||||
Basic net income (loss) per share excludes the effect of dilution and is computed by dividing net income (loss) by the weighted-average number of shares outstanding for the period. Diluted net income (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue shares were exercised into shares. In calculating diluted net income (loss) per share, the numerator is adjusted for the change in the fair value of the warrant liability (only if dilutive) and the denominator is increased to include the number of potentially dilutive common shares assumed to be outstanding during the period using the treasury stock method. | ||||||||||||||||
The following table sets forth the reconciliation of the numerator and denominator used in the computation of basic and diluted net income (loss) per common share for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||||
Years ended December 31, | ||||||||||||||||
(in thousands, except per share amounts) | 2013 | 2012 | 2011 | |||||||||||||
Numerator: | ||||||||||||||||
Net income (loss) used for basic earnings per share | $ | 9,711 | $ | -15,180 | $ | -15,203 | ||||||||||
Less change in fair value of warrant liability | 1,737 | — | 1,862 | |||||||||||||
Net (loss) income used for diluted earnings per share | $ | 7,974 | $ | -15,180 | $ | -17,065 | ||||||||||
Denominator: | ||||||||||||||||
Basic weighted-average outstanding common shares | 82,099 | 66,509 | 59,234 | |||||||||||||
Effect of dilutive potential common shares resulting from options | 493 | — | 906 | |||||||||||||
Effect of dilutive potential common shares resulting from warrants | 67 | — | 162 | |||||||||||||
Weighted-average shares outstanding—diluted | 82,659 | 66,509 | 60,392 | |||||||||||||
Net income (loss) per common share: | ||||||||||||||||
Basic | $ | 0.12 | $ | -0.23 | $ | -0.26 | ||||||||||
Diluted | $ | 0.1 | $ | -0.23 | $ | -0.28 | ||||||||||
The table below presents common shares underlying stock options and warrants that are excluded from the calculation of the weighted average number of shares of common stock outstanding used for the calculation of diluted net income (loss) per common share. These are excluded from the calculation due to their anti-dilutive effect for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||||
Years ended December 31, | ||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||||||
Weighted-average anti-dilutive common shares resulting from options | 2,628 | 4,213 | 2,399 | |||||||||||||
Weighted-average anti-dilutive common shares resulting from warrants | 675 | 3,011 | 1,841 | |||||||||||||
3,303 | 7,224 | 4,240 | ||||||||||||||
Comprehensive Income, Policy [Policy Text Block] | ' | ' | ||||||||||||||
Comprehensive Income (Loss) | ||||||||||||||||
Comprehensive income and loss for the periods presented is comprised solely of our net income and loss. Comprehensive income for the year ended December 31, 2013 was $9.7 million. Comprehensive loss for the years ended December 31, 2012 and 2011 was $15.2 million. | ||||||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ' | ||||||||||||||
Recent Accounting Pronouncements | Recent Accounting Pronouncements | |||||||||||||||
In July 2013, the FASB issued ASU No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, providing guidance on the presentation of unrecognized tax benefits in the financial statements as either a reduction to a deferred tax asset or either a liability to better reflect the manner in which an entity would settle at the reporting date any additional income taxes that would result from the disallowance of a tax position when net operating loss carryforwards, similar tax losses or tax credit carryforwards exist. The amendments in this ASU do not require new recurring disclosures. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The amendments in this ASU should be applied prospectively to all unrecognized tax benefits that exist at the effective date. The adoption of the amendments in this ASU did not have a significant impact on our financial statements. | In July 2013, the FASB issued ASU No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, providing guidance on the presentation of unrecognized tax benefits in the financial statements as either a reduction to a deferred tax asset or either a liability to better reflect the manner in which an entity would settle at the reporting date any additional income taxes that would result from the disallowance of a tax position when net operating loss carryforwards, similar tax losses or tax credit carryforwards exist. The amendments in this ASU do not require new recurring disclosures. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The amendments in this ASU should be applied prospectively to all unrecognized tax benefits that exist at the effective date. We do not expect the adoption of the amendments in this ASU will have a significant impact on our financial statements. | |||||||||||||||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. | ||||||||||||||||
The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We are currently evaluating the impact of our pending adoption of ASU 2014-09 on our financial statements and have not yet determined the method by which we will adopt the standard. | ||||||||||||||||
In June 2014, the FASB issued ASU No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (“ASU 2014-12”). The standard provides guidance that a performance target that affects vesting of a share-based payment and that could be achieved after the requisite service condition is a performance condition. As a result, the target is not reflected in the estimation of the award’s grant date fair value. Compensation cost for such award would be recognized over the required service period, if it is probably that the performance condition will be achieved. ASU 2014-12 is effective for annual reporting periods beginning after December 15, 2015. Early adoption is permitted. The guidance should be applied on a prospective basis to awards that are granted or modified on or after the effective date. Companies also have the option to apply the amendments on a modified retrospective basis for performance targets outstanding on or after the beginning of the first annual period presented as of the adoption date. We are currently evaluating the impact of our pending adoption of ASU 2014-12 on our financial statements and the method by which we will adopt the standard. | ||||||||||||||||
Subsequent Events, Policy [Policy Text Block] | ' | ' | ||||||||||||||
Subsequent Events | Subsequent Events | |||||||||||||||
We have evaluated events that have occurred after June 30, 2014 and through the date that the financial statements are issued. | We have evaluated events that have occurred subsequent to December 31, 2013 and through the date that the financial statements are issued. | |||||||||||||||
Fair Value Measurement, Policy [Policy Text Block] | ' | ' | ||||||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||||||
We measure the fair value of financial assets and liabilities based on authoritative guidance which defines fair value, establishes a framework consisting of three levels for measuring fair value, and expands disclosures about fair value measurements. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair value: | We measure the fair value of financial assets and liabilities based on authoritative guidance which defines fair value, establishes a framework consisting of three levels for measuring fair value, and requires disclosures about fair value measurements. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair value: | |||||||||||||||
Level 1 – quoted prices in active markets for identical assets or liabilities | Level 1 – quoted prices in active markets for identical assets or liabilities; | |||||||||||||||
Level 2 – quoted prices for similar assets and liabilities in active markets or inputs that are observable; | ||||||||||||||||
Level 2 – quoted prices for similar assets and liabilities in active markets or inputs that are observable; | Level 3 – inputs that are unobservable (for example cash flow modeling inputs based on assumptions). | |||||||||||||||
Level 3 – inputs that are unobservable (for example cash flow modeling inputs based on assumptions). | Financial instruments, including cash, receivables, accounts payable and accrued liabilities are carried at cost, which we believe approximates fair value due to the short-term nature of these instruments. Our warrant liabilities are classified within level 3 of the fair value hierarchy because the value is calculated using significant judgment based on our own assumptions in the valuation of these liabilities. | |||||||||||||||
Financial instruments, including cash, receivables, accounts payable and accrued liabilities are carried at cost, which we believe approximates fair value due to the short-term nature of these instruments. Our warrant liabilities are classified within level 3 of the fair value hierarchy because the value is calculated using significant judgment based on our own assumptions in the valuation of these liabilities. | During the years ended December 31, 2013 and 2012, as a result of the fair value adjustment of the warrant liabilities, we recorded a non-cash gain on a decrease in the fair value of $1,737,000 and a non-cash loss on an increase in the fair value of $1,766,000, respectively, in our statements of operations and comprehensive income (loss). See Note 9, “Warrant Liability” for further discussion on the calculation of the fair value of the warrant liability. | |||||||||||||||
As a result of the fair value adjustment of the warrant liabilities, we recorded a non-cash loss on an increase in the fair value of $0.3 million and $1.1 million for the three and six months ended June 30, 2014, respectively, in our Condensed Statements of Operations and Comprehensive Income (Loss). See Note 8, “Warrant Liability” for further discussion on the calculation of the fair value of the warrant liabilities. | The following table rolls forward the fair value of the Company’s warrant liability, the fair value of which is determined by Level 3 inputs for the years ended December 31, 2013 and 2012 (in thousands): | |||||||||||||||
(in thousands) | Warrant | December 31, | ||||||||||||||
Liability | 2013 | 2012 | ||||||||||||||
Total warrant liability at December 31, 2013 | $ | 1,817 | Fair value, beginning of period | $ | 8,240 | $ | 3,611 | |||||||||
Adjustment to record warrants at fair value | 1,148 | Issuance of warrants | — | 2,863 | ||||||||||||
Total warrant liability at June 30, 2014 | $ | 2,965 | Exercise of warrants | -4,686 | — | |||||||||||
Change in fair value | -1,737 | 1,766 | ||||||||||||||
Fair value, end of period | $ | 1,817 | $ | 8,240 | ||||||||||||
Organization_and_Summary_of_Si2
Organization and Summary of Significant Accounting Policies (Tables) | 6 Months Ended | 12 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | Dec. 31, 2013 | ||||||||||||||||||||||||
Organization and Summary of Significant Accounting Policies [Abstract] | ' | ' | |||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ' | |||||||||||||||||||||||
The following table sets forth the reconciliation of the numerator and denominator used in the computation of basic and diluted net income (loss) per common share for the three and six months ended June 30, 2014 and 2013: | The following table sets forth the reconciliation of the numerator and denominator used in the computation of basic and diluted net income (loss) per common share for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | Years ended December 31, | |||||||||||||||||||||||
(in thousands, except per share amounts) | 2014 | 2013 | 2014 | 2013 | (in thousands, except per share amounts) | 2013 | 2012 | 2011 | |||||||||||||||||
Numerator: | Numerator: | ||||||||||||||||||||||||
Net income (loss) used for basic earnings per share | $ | -842 | $ | 5,064 | $ | -2,646 | $ | 11,065 | Net income (loss) used for basic earnings per share | $ | 9,711 | $ | -15,180 | $ | -15,203 | ||||||||||
Less change in fair value of warrant liability | — | 5,362 | — | 2,317 | Less change in fair value of warrant liability | 1,737 | — | 1,862 | |||||||||||||||||
Net (loss) income used for diluted earnings per share | $ | -842 | $ | -298 | $ | -2,646 | $ | 8,748 | Net (loss) income used for diluted earnings per share | $ | 7,974 | $ | -15,180 | $ | -17,065 | ||||||||||
Denominator: | Denominator: | ||||||||||||||||||||||||
Basic weighted-average outstanding common shares | 88,998 | 82,527 | 88,964 | 80,403 | Basic weighted-average outstanding common shares | 82,099 | 66,509 | 59,234 | |||||||||||||||||
Effect of dilutive potential common shares resulting from options | — | — | — | 1,226 | Effect of dilutive potential common shares resulting from options | 493 | — | 906 | |||||||||||||||||
Effect of dilutive potential common shares resulting from warrants | — | 32 | — | 4,642 | Effect of dilutive potential common shares resulting from warrants | 67 | — | 162 | |||||||||||||||||
Weighted-average shares outstanding—diluted | 88,998 | 82,559 | 88,964 | 86,271 | Weighted-average shares outstanding—diluted | 82,659 | 66,509 | 60,392 | |||||||||||||||||
Net income (loss) per common share: | Net income (loss) per common share: | ||||||||||||||||||||||||
Basic | $ | -0.01 | $ | 0.06 | $ | -0.03 | $ | 0.14 | Basic | $ | 0.12 | $ | -0.23 | $ | -0.26 | ||||||||||
Diluted | $ | -0.01 | $ | 0 | $ | -0.03 | $ | 0.1 | Diluted | $ | 0.1 | $ | -0.23 | $ | -0.28 | ||||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | ' | ' | |||||||||||||||||||||||
The table below presents common shares underlying stock options and warrants that are excluded from the calculation of the weighted average number of common shares outstanding used for the calculation of diluted net income (loss) per common share. These are excluded from the calculation due to their anti-dilutive effect for the three and six months ended June 30, 2014 and 2013: | The table below presents common shares underlying stock options and warrants that are excluded from the calculation of the weighted average number of shares of common stock outstanding used for the calculation of diluted net income (loss) per common share. These are excluded from the calculation due to their anti-dilutive effect for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | Years ended December 31, | |||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | (in thousands) | 2013 | 2012 | 2011 | |||||||||||||||||
Weighted-average anti-dilutive common shares resulting from options | 6,485 | 3,302 | 7,077 | 1,175 | Weighted-average anti-dilutive common shares resulting from options | 2,628 | 4,213 | 2,399 | |||||||||||||||||
Weighted-average anti-dilutive common shares resulting from warrants | 4,110 | 1,334 | 3,967 | 23 | Weighted-average anti-dilutive common shares resulting from warrants | 675 | 3,011 | 1,841 | |||||||||||||||||
10,595 | 4,636 | 11,044 | 1,198 | 3,303 | 7,224 | 4,240 | |||||||||||||||||||
Fair Value of Warrant Liability [Table Text Block] | ' | ' | |||||||||||||||||||||||
As a result of the fair value adjustment of the warrant liabilities, we recorded a non-cash loss on an increase in the fair value of $0.3 million and $1.1 million for the three and six months ended June 30, 2014, respectively, in our Condensed Statements of Operations and Comprehensive Income (Loss). See Note 8, “Warrant Liability” for further discussion on the calculation of the fair value of the warrant liabilities. | The following table rolls forward the fair value of the Company’s warrant liability, the fair value of which is determined by Level 3 inputs for the years ended December 31, 2013 and 2012 (in thousands): | ||||||||||||||||||||||||
(in thousands) | Warrant | December 31, | |||||||||||||||||||||||
Liability | 2013 | 2012 | |||||||||||||||||||||||
Total warrant liability at December 31, 2013 | $ | 1,817 | Fair value, beginning of period | $ | 8,240 | $ | 3,611 | ||||||||||||||||||
Adjustment to record warrants at fair value | 1,148 | Issuance of warrants | — | 2,863 | |||||||||||||||||||||
Total warrant liability at June 30, 2014 | $ | 2,965 | Exercise of warrants | -4,686 | — | ||||||||||||||||||||
Change in fair value | -1,737 | 1,766 | |||||||||||||||||||||||
Fair value, end of period | $ | 1,817 | $ | 8,240 | |||||||||||||||||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||
Property and equipment consisted of the following at December 31, 2013 and 2012 (in thousands): | ||||||||
2013 | 2012 | |||||||
Furniture and office equipment | $ | 388 | $ | 388 | ||||
Leasehold improvements | 408 | 408 | ||||||
Laboratory equipment | 2,318 | 2,047 | ||||||
Computer equipment | 1,043 | 996 | ||||||
4,157 | 3,839 | |||||||
Less accumulated depreciation and amortization | -2,554 | -2,447 | ||||||
Property and equipment, net | $ | 1,603 | $ | 1,392 | ||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||
The following is a schedule of future minimum lease payments at December 31, 2013 (in thousands): | |||||
2014 | $ | 208 | |||
2015 | 211 | ||||
2016 and thereafter | 106 | ||||
$ | 525 | ||||
Warrant_Liability_Tables
Warrant Liability (Tables) (Series A Warrants [Member]) | 6 Months Ended | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | Dec. 31, 2013 | |||||||||||||
Series A Warrants [Member] | ' | ' | ||||||||||||
Class of Warrant or Right [Line Items] | ' | ' | ||||||||||||
Assumptions used to value the warrants [Table Text Block] | ' | ' | ||||||||||||
The key assumptions used to value the Series A Warrants were as follows: | The key assumptions used to value the Series A Warrants were as follows: | |||||||||||||
Assumption | June 30, | December 31, | December 31, | |||||||||||
2014 | 2013 | Assumption | 2013 | |||||||||||
Expected price volatility | 115 | % | 90 | % | Expected price volatility | 90 | % | |||||||
Expected term (in years) | 3.78 | 4.27 | Expected term (in years) | 4.27 | ||||||||||
Risk-free interest rate | 1.17 | % | 1.4 | % | Risk-free interest rate | 1.4 | % | |||||||
Dividend yield | 0 | % | 0 | % | Dividend yield | 0 | % | |||||||
Weighted-average fair value of warrants | $ | 0.55 | $ | 0.34 | Weighted-average fair value of warrants | $ | 0.34 | |||||||
Stockholders_Equity_Tables
Stockholders’ Equity (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Stockholders' Deficit [Abstract] | ' | |||||||||
Schedule of warrants to purchase shares of common stock [Table Text Block] | ' | |||||||||
As of December 31, 2013, warrants to purchase shares of common stock consisted of the following (in thousands, except per share price): | ||||||||||
Outstanding at | ||||||||||
Date Issued | Expiration Date | Exercise Price | December 31, 2013 | |||||||
12/18/09 | 12/18/14 | $ | 2.13 | 42 | ||||||
4/13/12 | 4/13/18 | $ | 1.15 | 5,409 | ||||||
5,451 | ||||||||||
Schedule of common stock reserved for future issuance [Table Text Block] | ' | |||||||||
As of December 31, 2013, shares of common stock reserved by us for future issuance consisted of the following (in thousands): | ||||||||||
Stock options outstanding | 6,732 | |||||||||
Shares issuable upon the exercise of warrants | 5,451 | |||||||||
12,183 | ||||||||||
Stock_Plans_Tables
Stock Plans (Tables) | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
Jun. 30, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||
Stock Plans [Abstract] | ' | ' | ||||||||||||||||||||||||||
Schedule Of Share Based Compensation Activity [Table Text Block] | ' | ' | ||||||||||||||||||||||||||
Activity under our stock plans, as well as non-plan activity, is summarized below (shares in thousands): | ||||||||||||||||||||||||||||
Number of | ||||||||||||||||||||||||||||
Shares or | Options and | |||||||||||||||||||||||||||
Awards Available | Awards | Weighted Average | ||||||||||||||||||||||||||
For Grant | Outstanding | Exercise Price | ||||||||||||||||||||||||||
Balance at December 31, 2010 | 3,393 | 5,115 | $ | 2.29 | ||||||||||||||||||||||||
Options granted | -734 | 734 | $ | 1.44 | ||||||||||||||||||||||||
Options cancelled and expired | 45 | -241 | $ | 15.01 | ||||||||||||||||||||||||
Options forfeited | 55 | -55 | $ | 1.77 | ||||||||||||||||||||||||
Awards granted | -181 | 181 | $ | 0 | ||||||||||||||||||||||||
Awards issued | — | -139 | $ | 0 | ||||||||||||||||||||||||
Balance at December 31, 2011 | 2,578 | 5,595 | $ | 1.56 | ||||||||||||||||||||||||
Options granted | -1,718 | 1,718 | $ | 1.14 | ||||||||||||||||||||||||
Options cancelled and expired | 290 | -290 | $ | 5.54 | ||||||||||||||||||||||||
Awards issued | — | -181 | $ | 0 | ||||||||||||||||||||||||
Expiration of option plan | -1,150 | — | $ | 0 | ||||||||||||||||||||||||
Balance at December 31, 2012 | — | 6,842 | $ | 1.33 | ||||||||||||||||||||||||
Options exercised | — | -75 | $ | 1.5 | ||||||||||||||||||||||||
Options cancelled and expired | — | -35 | $ | 3.29 | ||||||||||||||||||||||||
Balance at December 31, 2013 | — | 6,732 | $ | 1.31 | ||||||||||||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | ' | ' | ||||||||||||||||||||||||||
The options outstanding at December 31, 2013 have been segregated into four ranges for additional disclosure as follows (options in thousands): | ||||||||||||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||||||||||||
Weighted | ||||||||||||||||||||||||||||
Average | Weighted | Weighted | ||||||||||||||||||||||||||
Number | Remaining | Average | Number | Average | ||||||||||||||||||||||||
Range of Exercise Prices | Outstanding | Life (Years) | Exercise Price | Exercisable | Exercise Price | |||||||||||||||||||||||
$0.69 - $1.53 | 5,423 | 6.32 | $ | 1.05 | 5,422 | $ | 1.05 | |||||||||||||||||||||
$1.54 - $2.38 | 604 | 3.85 | $ | 2.19 | 601 | $ | 2.19 | |||||||||||||||||||||
$2.39 - $3.22 | 643 | 3.27 | $ | 2.52 | 643 | $ | 2.52 | |||||||||||||||||||||
$3.23 - $4.06 | 62 | 0.11 | $ | 3.7 | 62 | $ | 3.7 | |||||||||||||||||||||
$0.69 - $4.06 | 6,732 | 5.75 | $ | 1.31 | 6,728 | $ | 1.31 | |||||||||||||||||||||
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | ' | ' | ||||||||||||||||||||||||||
We use the Black-Scholes-Merton option-pricing model with the following assumptions to estimate the stock-based compensation expense for the three and six month periods ended June 30, 2014 and 2013: | We use the Black-Scholes-Merton option-pricing model with the following assumptions to estimate the stock-based compensation expense for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | Years Ended December 31, | ||||||||||||||||||||||||||
June 30, | June 30, | 2013 | 2012 | 2011 | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | Weighted-average risk-free interest rate | 0.92 | % | 0.91 | % | 2.3 | % | ||||||||||||||||||
Weighted-average risk-free interest rate | 1.7 | % | 1 | % | 2 | % | 0.8 | % | Expected dividend payments | — | — | — | ||||||||||||||||
Expected dividend payments | — | — | — | — | Expected holding period (years)(1) | 3.9 | 5.1 | 5.4 | ||||||||||||||||||||
Expected holding period (years)1 | 4.2 | 3.9 | 6.5 | 4.2 | Weighted-average volatility factor(2) | 1.38 | 1.75 | 1.71 | ||||||||||||||||||||
Weighted-average volatility factor2 | 1.67 | 1.56 | 1.66 | 1.7 | Estimated forfeiture rates for options granted to management(3) | 23 | % | 23 | % | 23 | % | |||||||||||||||||
Estimated forfeiture rates3 | 31 | % | 32 | % | 31 | % | 32 | % | Estimated forfeiture rates for options granted to non-management(3) | 41 | % | 41 | % | 41 | % | |||||||||||||
___________________________________________________________________ | ||||||||||||||||||||||||||||
-1 | Expected holding periods are based on the simplified method provided in Staff Accounting Bulletin No. 107 for “plain vanilla options.” | -1 | Expected holding period is based on historical experience of similar awards, giving consideration to the contractual terms of the stock-based awards, vesting schedules and the expectations of future employee behavior. | |||||||||||||||||||||||||
-2 | Weighted average volatility is based on the historical volatility of our common stock. | -2 | Weighted average volatility is based on the historical volatility of our common stock. | |||||||||||||||||||||||||
-3 | Estimated forfeiture rates are based on historical data. | (3) | Estimated forfeiture rates are based on historical data. | |||||||||||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | ' | ' | ||||||||||||||||||||||||||
The following table summarizes the stock-based compensation expense recorded for awards under the stock option plans for the three and six month periods ended June 30, 2014 and 2013: | The following table summarizes the stock-based compensation expense and impact on our basic and diluted loss per share for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | Years Ended December 31, | ||||||||||||||||||||||||||
June 30, | June 30, | (in thousands, except per share amounts) | 2013 | 2012 | 2011 | |||||||||||||||||||||||
(in thousands, except per share amounts) | 2014 | 2013 | 2014 | 2013 | Research and development | $ | 378 | $ | 1,021 | $ | 371 | |||||||||||||||||
Research and development | $ | 28 | $ | 52 | $ | 173 | $ | 356 | General and administrative | 300 | 1,560 | 806 | ||||||||||||||||
General and administrative | 32 | 78 | 213 | 279 | Total stock-based compensation expenses | $ | 678 | $ | 2,581 | $ | 1,177 | |||||||||||||||||
Total stock-based compensation expenses | $ | 60 | $ | 130 | $ | 386 | $ | 635 | Increase in basic net income (loss) per share | $ | -0.01 | $ | -0.04 | $ | -0.02 | |||||||||||||
Increase in diluted net income (loss) per share | $ | -0.01 | $ | -0.04 | $ | -0.02 | ||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ' | ||||||||||||||||||||||||||
The following table summarizes option activity for the six month period ended June 30, 2014: | The following table summarizes option activity for the year ended December 31, 2013: | |||||||||||||||||||||||||||
(in thousands, except per share amounts) | Options | Weighted | Weighted | Aggregate | Weighted | |||||||||||||||||||||||
Average | Average | Intrinsic | Weighted | Average | ||||||||||||||||||||||||
Exercise | Remaining | Value | Average | Remaining | Aggregate | |||||||||||||||||||||||
Price | Option | Exercise | Contractual | Intrinsic | ||||||||||||||||||||||||
Term | (in thousands, except per share amounts) | Shares | Price | Term | Value | |||||||||||||||||||||||
Outstanding at January 1, 2014 | 6,732 | $ | 1.31 | 5.75 | $ | — | Outstanding at January 1, 2012 | 6,842 | $ | 133 | ||||||||||||||||||
Granted | 275 | 0.66 | Exercised | -75 | 1.5 | |||||||||||||||||||||||
Exercised | — | — | Cancelled | -35 | 3.29 | |||||||||||||||||||||||
Expired or cancelled | -310 | 2.05 | Outstanding at December 31, 2013 | 6,732 | $ | 1.31 | 5.75 | $ | — | |||||||||||||||||||
Forfeited | -27 | 1.66 | Exercisable at December 31, 2013 | 6,728 | $ | 1.31 | 5.75 | $ | — | |||||||||||||||||||
Outstanding at June 30, 2014 | 6,670 | $ | 1.25 | 5.53 | $ | 37 | ||||||||||||||||||||||
Exercisable at June 30, 2014 | 6,595 | $ | 1.26 | 5.48 | $ | 28 | ||||||||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | ' | ' | ||||||||||||||||||||||||||
The following table summarizes restricted stock activity for the six month period ended June 30, 2014: | ||||||||||||||||||||||||||||
(in thousands, except per share amounts) | Restricted | Weighted | Weighted | Aggregate | ||||||||||||||||||||||||
Stock | Average | Average | Intrinsic | |||||||||||||||||||||||||
Exercise | Remaining | Value | ||||||||||||||||||||||||||
Price | Term | |||||||||||||||||||||||||||
Outstanding at January 1, 2014 | — | $ | — | — | $ | — | ||||||||||||||||||||||
Granted | 617 | — | ||||||||||||||||||||||||||
Released | -259 | — | ||||||||||||||||||||||||||
Expired or cancelled | — | — | ||||||||||||||||||||||||||
Forfeited | — | — | ||||||||||||||||||||||||||
Outstanding at June 30, 2014 | 358 | $ | — | 9.62 | $ | 281 | ||||||||||||||||||||||
Exercisable at June 30, 2014 | — | $ | — | — | $ | — | ||||||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Income Taxes [Abstract] | ' | ||||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||
Significant components of our deferred tax assets are as follows (in thousands): | |||||||||||
December 31, | |||||||||||
2013 | 2012 | ||||||||||
Deferred tax assets: | |||||||||||
Net operating loss carryforwards | $ | 85,912 | $ | 81,127 | |||||||
Research credit carryforwards | 13,481 | 12,750 | |||||||||
Other, net | 3,962 | 4,190 | |||||||||
Deferred revenue | 2,116 | 5,749 | |||||||||
Total deferred tax assets | 105,471 | 103,816 | |||||||||
Valuation allowance | -105,471 | -103,816 | |||||||||
Net deferred tax assets | $ | — | $ | — | |||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||
The effective tax rate of our provision (benefit) for income taxes differs from the federal statutory rate as follows (in thousands): | |||||||||||
Year Ending December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Computed at 34% | $ | 3,301 | $ | -5,134 | $ | -5,168 | |||||
State taxes | 213 | -234 | -228 | ||||||||
Book gains (losses) not currently benefited | 1,656 | 3,120 | -1,264 | ||||||||
Other | -476 | 1,901 | 2,746 | ||||||||
Disallowed interest expense | 160 | 1,363 | 1,457 | ||||||||
Income from debt restructuring | — | -1,615 | 2,462 | ||||||||
Revaluation of warrant liability | -591 | 600 | — | ||||||||
Research and development credits | -583 | — | — | ||||||||
Non-cash gain from termination of royalty purchase agreement | -3,047 | — | — | ||||||||
Non-cash gain on settlement of long-term debt | -632 | — | — | ||||||||
Total | $ | 1 | $ | 1 | $ | 5 | |||||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Quarterly Financial Data (Unaudited) [Abstract] | ' | |||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | |||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||
(in thousands, except per share amount) | ||||||||||||||
2013 | ||||||||||||||
Total revenue | $ | 5,174 | $ | 2,198 | $ | 2,198 | $ | 911 | ||||||
Net income (loss) | $ | 6,001 | $ | 5,064 | $ | -1,145 | $ | -209 | ||||||
Basic net income (loss) per share | $ | 0.08 | $ | 0.06 | $ | -0.01 | $ | 0 | ||||||
Diluted net income (loss) per share | $ | 0.07 | $ | 0 | $ | -0.01 | $ | 0 | ||||||
2012 | ||||||||||||||
Total revenue | $ | 1,270 | $ | 1,360 | $ | 1,228 | $ | 3,259 | ||||||
Net loss | $ | -5,163 | $ | -1,724 | $ | -8,013 | $ | -280 | ||||||
Basic net loss per share | $ | -0.09 | $ | -0.03 | $ | -0.12 | $ | 0 | ||||||
Diluted net loss per share | $ | -0.09 | $ | -0.06 | $ | -0.12 | $ | 0 | ||||||
Organization_and_Summary_of_Si3
Organization and Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Numerator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) used for basic earnings per share | ($842) | ' | ' | $5,064 | ' | ' | ' | ' | ' | ($2,646) | $11,065 | $9,711 | ($15,180) | ($15,203) |
Less change in fair value of warrant liability | 0 | ' | ' | 5,362 | ' | ' | ' | ' | ' | 0 | 2,317 | 1,737 | 0 | 1,862 |
Net (loss) income used for diluted earnings per share | ($842) | ' | ' | ($298) | ' | ' | ' | ' | ' | ($2,646) | $8,748 | $7,974 | ($15,180) | ($17,065) |
Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic weighted-average outstanding common shares | 88,998 | ' | ' | 82,527 | ' | ' | ' | ' | ' | 88,964 | 80,403 | 82,099 | 66,509 | 59,324 |
Effect of dilutive potential common shares resulting from options | 0 | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | 1,226 | 493 | 0 | 906 |
Effect of dilutive potential common shares resulting from warrants | 0 | ' | ' | 32 | ' | ' | ' | ' | ' | 0 | 4,642 | 67 | 0 | 162 |
Weighted-average shares outstanding—diluted | 88,998 | ' | ' | 82,559 | ' | ' | ' | ' | ' | 88,964 | 86,271 | 82,659 | 66,509 | 60,392 |
Net income (loss) per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in dollars per share) | ($0.01) | $0 | ($0.01) | $0.06 | $0.08 | $0 | ($0.12) | ($0.03) | ($0.09) | ($0.03) | $0.14 | $0.12 | ($0.23) | ($0.26) |
Diluted (in dollars per share) | ($0.01) | $0 | ($0.01) | $0 | $0.07 | $0 | ($0.12) | ($0.06) | ($0.09) | ($0.03) | $0.10 | $0.10 | ($0.23) | ($0.28) |
Organization_and_Summary_of_Si4
Organization and Summary of Significant Accounting Policies (Details 1) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Weighted-average anti-dilutive common shares | 10,595 | 4,636 | 11,044 | 1,198 | 3,303 | 7,224 | 4,240 |
Employee Stock Option [Member] | ' | ' | ' | ' | ' | ' | ' |
Weighted-average anti-dilutive common shares | 6,485 | 3,302 | 7,077 | 1,175 | 2,628 | 4,213 | 2,399 |
Warrant [Member] | ' | ' | ' | ' | ' | ' | ' |
Weighted-average anti-dilutive common shares | 4,110 | 1,334 | 3,967 | 23 | 675 | 3,011 | 1,841 |
Organization_and_Summary_of_Si5
Organization and Summary of Significant Accounting Policies (Details 2) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fair value, beginning of period | $8,240 | $3,611 |
Issuance of warrants | 0 | 2,863 |
Exercise of warrants | -4,686 | 0 |
Change in fair value | -1,737 | 1,766 |
Fair value, end of period | $1,817 | $8,240 |
Organization_and_Summary_of_Si6
Organization and Summary of Significant Accounting Policies (Details 3) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Organization and Summary of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Total warrant liability at December 31, 2013 | ' | ' | $1,817 | $8,240 | $8,240 | ' | ' |
Adjustment to record warrants at fair value | -284 | 5,362 | -1,148 | 2,317 | 1,737 | -1,766 | 1,862 |
Total warrant liability at June 30, 2014 | $2,965 | ' | $2,965 | ' | $1,817 | $8,240 | ' |
Organization_and_Summary_of_Si7
Organization and Summary of Significant Accounting Policies (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Nov. 12, 2013 | Dec. 31, 2012 | |
Collaborative Arrangement Co-promotion [Member] | Collaborative Arrangement Co-promotion [Member] | ||||||||||
Schedule of Organization and Summary of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-refundable up-front payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15,750,000 |
License and services revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 |
Milestone payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 |
Additional amount received upon achievement of sales milestones | ' | ' | ' | ' | ' | ' | ' | ' | ' | 165,000,000 | 165,000,000 |
Additional amount in regulatory milestones | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,000,000 | 35,000,000 |
Cash | 8,853,000 | 8,853,000 | 11,176,000 | 8,853,000 | 11,176,000 | 11,798,000 | 18,102,000 | 5,406,000 | 3,180,000 | ' | ' |
Non-cash stock-based compensation expense | ' | ' | ' | 386,000 | 635,000 | 678,000 | 2,581,000 | 1,177,000 | ' | ' | ' |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total | ' | 800,000 | 5,100,000 | 2,600,000 | 11,100,000 | 9,700,000 | 15,200,000 | 15,200,000 | ' | ' | ' |
Non-Cash Gain (Loss) on Changes in Fair Value of Warrants | ($284,000) | ' | $5,362,000 | ($1,148,000) | $2,317,000 | $1,737,000 | ($1,766,000) | $1,862,000 | ' | ' | ' |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | ' | $4,157 | $3,839 |
Less accumulated depreciation and amortization | ' | -2,554 | -2,447 |
Property and equipment, net | 1,437 | 1,603 | 1,392 |
Furniture and office equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | ' | 388 | 388 |
Leasehold improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | ' | 408 | 408 |
Laboratory equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | ' | 2,318 | 2,047 |
Computer equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | ' | $1,043 | $996 |
Property_and_Equipment_Details1
Property and Equipment (Details Textual) (USD $) | 6 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Depreciation and amortization | $176 | $12 | $107 | $17 | $32 |
Research_and_License_Agreement1
Research and License Agreements (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Research and License Agreements [Line Items] | ' | ' | ' |
Expenses under license agreements | $3,000 | $3,000 | $36,000 |
Annual payments to maintain our current licenses in 2015 | $0 | ' | ' |
Comprehensive_Income_Loss_Deta
Comprehensive Income (Loss) (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Comprehensive Income Loss [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Comprehensive income (loss) | $0.80 | $5.10 | $2.60 | $11.10 | $9.70 | $15.20 | $15.20 |
Iloperidone_Sublicense_to_Nova1
Iloperidone Sublicense to Novartis Pharma AG (Details Textual) (Novartis [Member]) | 12 Months Ended |
Dec. 31, 2013 | |
Minimum [Member] | ' |
Operating Leased Assets [Line Items] | ' |
Percentage of next slab of annual sales for calculating net royalty | 8.00% |
Maximum [Member] | ' |
Operating Leased Assets [Line Items] | ' |
Percentage of next slab of annual sales for calculating net royalty | 10.00% |
Braeburn_License_Details_Textu
Braeburn License (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 12, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Collaborative Arrangement Co-promotion [Member] | Collaborative Arrangement Co-promotion [Member] | Collaborative Arrangement Co-promotion [Member] | Collaborative Arrangement Co-promotion [Member] | Collaborative Arrangement Co-promotion [Member] | Collaborative Arrangement Co-promotion [Member] | ||||||||
Non Refundable up Front License Fee [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-refundable up-front payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15,750,000 | ' |
License and services revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' |
Milestone payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' |
Additional amount received upon achievement of sales milestones | ' | ' | ' | ' | ' | ' | ' | 165,000,000 | ' | ' | ' | 165,000,000 | ' |
Additional amount in regulatory milestones | ' | ' | ' | ' | ' | ' | ' | 35,000,000 | ' | ' | ' | 35,000,000 | ' |
Estimated revenue recognition period for upfront payment | ' | ' | ' | ' | ' | ' | ' | ' | '30 months | '12 months | '18 months | ' | ' |
Revenues to be recognized per month for upfront payment | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | 304,000 | 1,250,000 | 733,000 | 45,000,000 | ' |
License revenue, recognized | 911,000 | 2,198,000 | 1,823,000 | 5,948,000 | 9,057,000 | 2,325,000 | 0 | ' | ' | ' | ' | ' | 9,700,000 |
Deferred contract revenue | 3,494,000 | ' | 3,494,000 | ' | 5,317,000 | 14,375,000 | ' | ' | 5,300,000 | ' | ' | ' | 5,300,000 |
Maximum receipt time for milestone payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 days | ' |
Investment Amount, Agreed To Invest | ' | ' | ' | ' | ' | ' | ' | $5,000,000 | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
2014 | $208 |
2015 | 211 |
2016 and thereafter | 106 |
Total | $525 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 1 Months Ended | |||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Nov. 14, 2011 | Apr. 05, 2011 | Mar. 15, 2011 | Apr. 30, 2012 | |
Sanofi-Aventis SA [Member] | Sanofi-Aventis SA [Member] | Sanofi-Aventis SA [Member] | Deerfield Promissory Notes [Member] | Deerfield Promissory Notes [Member] | Deerfield Promissory Notes [Member] | Deerfield Promissory Notes [Member] | ||||||||
Commitments and Contingencies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $20,000,000 | ' | $20,000,000 | ' |
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 480,000 | ' | ' |
Warrants, Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 years | ' |
Repayments of Long-term Debt, Total | ' | ' | 0 | 2,500,000 | 2,500,000 | 393,000 | 7,564,000 | ' | ' | ' | ' | 7,600,000 | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.50% | ' |
Percentage of principle amount due in year one | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' |
Percentage of principle amount due in year two | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' |
Percentage of principle amount due on each of the next three anniversaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' |
Principle amount repayment percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 110.00% | ' |
Royalty revenue | 0 | 0 | 0 | 1,424,000 | 1,424,000 | 4,750,000 | 3,585,000 | 15,700,000 | 16,700,000 | ' | ' | ' | ' | ' |
Debt Instrument, Cash Discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' |
Accrued Royalties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | 3,000,000 |
Long-term Debt, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' |
Repayments of Debt | ' | ' | ' | ' | ' | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Gains (Losses) on Extinguishment of Debt, Total | ' | ' | 0 | 1,860,000 | 1,860,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Fee Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' |
Warrants To Purchase Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000,000 | ' |
Warrants, Exercise Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.57 | ' |
Adjustments to Additional Paid in Capital, Warrant Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,500,000 | ' |
Debt Instrument, Unamortized Discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,000,000 | ' |
Extinguishment of Debt, Amount | ' | ' | ' | ' | ' | 7,500,000 | ' | ' | ' | ' | 10,000,000 | ' | ' | ' |
Debt Instrument, Periodic Payment, Principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | ' | ' | ' |
Debt Instrument Periodic Payment Number of Years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | ' | ' |
Warrants, Adjusted Exercise Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.25 |
Operating Leases, Rent Expense | ' | ' | ' | ' | 210,000 | 203,000 | 214,000 | ' | ' | ' | ' | ' | ' | ' |
Accrued Royalties, Current | ' | ' | ' | ' | ' | ' | ' | $2,400,000 | ' | $3,100,000 | ' | ' | ' | ' |
Royalty_Liability_Details_Text
Royalty Liability (Details Textual) (USD $) | 1 Months Ended | |||
In Millions, unless otherwise specified | Mar. 28, 2013 | Nov. 30, 2011 | Mar. 15, 2011 | Nov. 14, 2011 |
Royalty Liability [Line Items] | ' | ' | ' | ' |
Royalty liability | ' | ' | $3 | $5 |
Percentage of aggregate royalties on net sales | ' | ' | 2.50% | ' |
Royalty rights | ' | ' | 40 | ' |
Percentage of royalty on net sales to third party | ' | 2.50% | ' | ' |
Percentage of royalties above threshold | ' | 40.00% | ' | ' |
Percentage of retain royalties on net sales above threshold | ' | 60.00% | ' | ' |
Gains Losses On Extinguishment Of Royalty Liability | $9 | ' | ' | ' |
Minimum [Member] | ' | ' | ' | ' |
Royalty Liability [Line Items] | ' | ' | ' | ' |
Percentage of royalty on net sales to third party | ' | 5.50% | ' | ' |
Maximum [Member] | ' | ' | ' | ' |
Royalty Liability [Line Items] | ' | ' | ' | ' |
Percentage of royalty on net sales to third party | ' | 7.50% | ' | ' |
Warrant_Liability_Details
Warrant Liability (Details) (Series A Warrants [Member], USD $) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Series A Warrants [Member] | ' | ' |
Assumptions used to value the Series A Warrants | ' | ' |
Expected price volatility | 115.00% | 90.00% |
Expected term (in years) | '3 years 9 months 11 days | '4 years 3 months 7 days |
Risk-free interest rate | 1.17% | 1.40% |
Dividend yield | 0.00% | 0.00% |
Weighted-average fair value of warrants | $0.55 | $0.34 |
Warrant_Liability_Details_Text
Warrant Liability (Details Textual) (USD $) | 6 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 2 Months Ended | |||||||
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 09, 2012 | Dec. 31, 2013 | Apr. 09, 2012 | Apr. 30, 2012 | Oct. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2012 | Apr. 09, 2012 | Apr. 30, 2012 | Mar. 15, 2011 | Mar. 31, 2013 | Apr. 30, 2012 | |
Institutional Investor [Member] | Series A Warrants [Member] | Series A Warrants [Member] | Series A Warrants [Member] | Series B Warrants [Member] | Series B Warrants [Member] | Series B Warrants [Member] | Series B Warrants [Member] | Series B Warrants [Member] | Deerfield Warrant [Member] | Deerfield Warrant [Member] | Deerfield Warrant [Member] | ||||||
Common Stock [Member] | Institutional Investor [Member] | Institutional Investor [Member] | Institutional Investor [Member] | Institutional Investor [Member] | |||||||||||||
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants To Purchase Common Stock Shares | ' | ' | ' | ' | ' | 6,517,648 | ' | 6,517,648 | ' | ' | ' | ' | 6,517,648 | ' | 6,000,000 | ' | ' |
Debt Instrument, Increase (Decrease), Net, Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7,500,000 | ' |
Class of Warrant or Right Exercised During Period | ' | ' | ' | ' | ' | ' | 1,109,010 | ' | ' | 4,627,941 | 1,133,824 | 5,761,765 | ' | ' | ' | 6,000,000 | ' |
Proceeds from Warrant Exercises | $0 | $1,275,000 | $1,275,000 | $4,897,000 | $0 | ' | $1,275,000 | ' | ' | $3,934,000 | $964,000 | ' | ' | ' | ' | ' | ' |
Class Of Warrant Or Right Subject To Expiry | ' | ' | ' | ' | ' | ' | 5,408,638 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment Warrants Expiration Date | ' | ' | ' | ' | ' | ' | 30-Apr-18 | ' | ' | ' | ' | 31-Oct-12 | ' | ' | ' | ' | ' |
Class Of Warrant Or Right Expiry Term | ' | ' | ' | ' | ' | ' | ' | ' | 'six-year | ' | ' | ' | ' | 'six-month | ' | ' | ' |
Class Of Warrant Or Right Expired During Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 755,883 | ' | ' | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights | ' | ' | ' | ' | ' | ' | ' | $1.15 | ' | ' | ' | $0.85 | $0.85 | ' | $1.57 | ' | $1.25 |
Stockholders_Equity_Deficit_De
Stockholders' Equity (Deficit) (Details) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
Schedule of warrants to purchase shares of common stock | ' |
Outstanding | 5,451 |
Class of Warrant or Right Issued Date One [Member] | ' |
Schedule of warrants to purchase shares of common stock | ' |
Date Issued | 18-Dec-09 |
Expiration Date | 18-Dec-14 |
Exercise price of common stock Warrants adjusted | $2.13 |
Outstanding | 42 |
Class of Warrant or Right Issued Date Two [Member] | ' |
Schedule of warrants to purchase shares of common stock | ' |
Date Issued | 13-Apr-12 |
Expiration Date | 13-Apr-18 |
Exercise price of common stock Warrants adjusted | $1.15 |
Outstanding | 5,409 |
Stockholders_Equity_Deficit_De1
Stockholders’ Equity (Deficit) (Details 1) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Schedule of common stock reserved for future issuance | ' |
Common stock reserved for future issuance | 12,183 |
Stock options outstanding [Member] | ' |
Schedule of common stock reserved for future issuance | ' |
Common stock reserved for future issuance | 6,732 |
Shares issuable upon the exercise of warrants [Member] | ' |
Schedule of common stock reserved for future issuance | ' |
Common stock reserved for future issuance | 5,451 |
Stockholders_Equity_Deficit_De2
Stockholders’ Equity (Deficit) (Details Textual) (USD $) | 6 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 2 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | |||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Oct. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2012 | Mar. 15, 2011 | Mar. 31, 2013 | Apr. 30, 2012 | Apr. 30, 2012 | Apr. 30, 2013 | Nov. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 30, 2012 | Apr. 09, 2012 | Apr. 09, 2012 | Apr. 09, 2012 | |
Series A Warrants [Member] | Series B Warrants [Member] | Series B Warrants [Member] | Series B Warrants [Member] | Deerfield Warrant [Member] | Deerfield Warrant [Member] | Deerfield Warrant [Member] | Series A And Series B Warrants [Member] | Oxford [Member] | Stock Purchase And Option Agreement With Affiliate [Member] | Stock Purchase And Option Agreement With Affiliate [Member] | Stock Purchase And Option Agreement With Affiliate [Member] | Common Stock [Member] | Common Stock [Member] | Institutional Investor [Member] | Institutional Investor [Member] | Institutional Investor [Member] | Institutional Investor [Member] | ||||||
License Revenue [Member] | Series A Warrants [Member] | Series B Warrants [Member] | Common Stock [Member] | ||||||||||||||||||||
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,250,000 | 3,400,000 | ' | 6,250,000 | 9,917,000 | ' | ' | ' | ' |
Proceeds from Issuance of Common Stock | ($37,000) | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,000,000 | $4,250,000 | ' | ' | ' | ' | ' | ' | ' |
Stock Purchase Price Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.80 | $1.25 | ' | ' | ' | ' | ' | ' | ' |
Conversion of Stock, Shares Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 144,499 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right Exercised During Period | ' | ' | ' | ' | ' | 1,109,010 | 4,627,941 | 1,133,824 | 5,761,765 | ' | 6,000,000 | ' | ' | 287,356 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Warrant Exercises | 0 | 1,275,000 | 1,275,000 | 4,897,000 | 0 | 1,275,000 | 3,934,000 | 964,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Increase (Decrease), Net, Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium Allocated to Fair Value Option Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,700,000 | ' | ' | ' | ' | ' | ' |
Warrants To Purchase Common Stock Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,517,648 | 6,517,648 | 6,517,648 |
Proceeds from Issuance of Private Placement | ' | ' | 4,925,000 | 7,516,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,540,000 | ' | ' | ' |
Payments of Stock Issuance Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' |
Warrants Not Settleable in Cash, Fair Value Disclosure | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium Per Share under Option Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.50 | ' | ' | ' | ' | ' | ' |
Sale of Stock, Price Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.80 | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights | ' | ' | ' | ' | ' | ' | ' | ' | $0.85 | $1.57 | ' | $1.25 | ' | ' | ' | ' | ' | ' | ' | ' | $1.15 | $0.85 | ' |
Stock_Plans_Details
Stock Plans (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares or Awards Available For Grant, Balance at Beginning of Period | 0 | 2,578 | 3,393 |
Options granted | ' | -1,718 | -734 |
Options exercised | 0 | ' | ' |
Options cancelled and expired | 0 | 290 | 45 |
Options forfeited | ' | ' | 55 |
Awards granted | ' | ' | -181 |
Awards issued | ' | 0 | 0 |
Expiration of option plan | ' | -1,150 | ' |
Shares or Awards Available For Grant, Balance at End of Period | 0 | 0 | 2,578 |
Employee Stock Option [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Options, Balance at Beginning of Period | 6,842 | 5,595 | 5,115 |
Options granted | ' | 1,718 | 734 |
Options exercised | -75 | ' | ' |
Options cancelled and expired | -35 | -290 | -241 |
Options forfeited | ' | ' | -55 |
Awards granted | ' | ' | 181 |
Awards issued | ' | -181 | -139 |
Expiration of option plan | ' | 0 | ' |
Options, Balance at End of Period | 6,732 | 6,842 | 5,595 |
Weighted Average Exercise Price, Balance at Beginning of Period | 1.33 | 1.56 | 2.29 |
Weighted Average Exercise Price, Granted | ' | 1.14 | 1.44 |
Weighted Average Exercise Price, Exercised | 1.5 | ' | ' |
Weighted Average Exercise Price, Cancelled and Expired | 3.29 | 5.54 | 15.01 |
Weighted Average Exercise Price, Forfeited | ' | ' | 1.77 |
Weighted Average Exercise Price, Balance at End of Period | 1.31 | 1.33 | 1.56 |
Stock_Plans_Details_1
Stock Plans (Details 1) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
Share based compensation shares authorized under stock option plans exercise price range | ' |
Exercise Prices, Lower Limit | $0.69 |
Exercise Prices, Upper Limit | $4.06 |
Number Outstanding | 6,732 |
Weighted Average Remaining Life (Years) | '5 years 9 months |
Weighted Average Exercise Price | $1.31 |
Number Exercisable | 6,728 |
Weighted Average Exercise Price | $1.31 |
Range One [Member] | ' |
Share based compensation shares authorized under stock option plans exercise price range | ' |
Exercise Prices, Lower Limit | $0.69 |
Exercise Prices, Upper Limit | $1.53 |
Number Outstanding | 5,423 |
Weighted Average Remaining Life (Years) | '6 years 3 months 25 days |
Weighted Average Exercise Price | $1.05 |
Number Exercisable | 5,422 |
Weighted Average Exercise Price | $1.05 |
Range Two [Member] | ' |
Share based compensation shares authorized under stock option plans exercise price range | ' |
Exercise Prices, Lower Limit | $1.54 |
Exercise Prices, Upper Limit | $2.38 |
Number Outstanding | 604 |
Weighted Average Remaining Life (Years) | '3 years 10 months 6 days |
Weighted Average Exercise Price | $2.19 |
Number Exercisable | 601 |
Weighted Average Exercise Price | $2.19 |
Range Three [Member] | ' |
Share based compensation shares authorized under stock option plans exercise price range | ' |
Exercise Prices, Lower Limit | $2.39 |
Exercise Prices, Upper Limit | $3.22 |
Number Outstanding | 643 |
Weighted Average Remaining Life (Years) | '3 years 3 months 7 days |
Weighted Average Exercise Price | $2.52 |
Number Exercisable | 643 |
Weighted Average Exercise Price | $2.52 |
Range Four [Member] | ' |
Share based compensation shares authorized under stock option plans exercise price range | ' |
Exercise Prices, Lower Limit | $3.23 |
Exercise Prices, Upper Limit | $4.06 |
Number Outstanding | 62 |
Weighted Average Remaining Life (Years) | '1 month 10 days |
Weighted Average Exercise Price | $3.70 |
Number Exercisable | 62 |
Weighted Average Exercise Price | $3.70 |
Stock_Plans_Details_2
Stock Plans (Details 2) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Share-based Goods and Nonemployee Services Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | |||||||
Weighted-average risk-free interest rate | 1.70% | 1.00% | 2.00% | 0.80% | 0.92% | 0.91% | 2.30% | |||||||
Expected dividend payments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |||||||
Expected holding period (years) | '4 years 2 months 12 days | [1] | '3 years 10 months 24 days | [1] | '6 years 6 months | [1] | '4 years 2 months 12 days | [1] | '3 years 10 months 24 days | [2] | '5 years 1 month 6 days | [2] | '5 years 4 months 24 days | [2] |
Weighted-average volatility factor | 1.67 | [3] | 1.56 | [3] | 1.66 | [3] | 1.7 | [3] | 1.38 | [3] | 1.75 | [3] | 1.71 | [3] |
Estimated forfeiture rates for options granted to management | 31.00% | [4] | 32.00% | [4] | 31.00% | [4] | 32.00% | [4] | 23.00% | [4] | 23.00% | [4] | 23.00% | [4] |
Estimated forfeiture rates for options granted to non-management | ' | ' | ' | ' | 41.00% | [4] | 41.00% | [4] | 41.00% | [4] | ||||
[1] | Expected holding periods are based on the simplified method provided in Staff Accounting Bulletin No. 107 for “plain vanilla options.†| |||||||||||||
[2] | Expected holding period is based on historical experience of similar awards, giving consideration to the contractual terms of the stock-based awards, vesting schedules and the expectations of future employee behavior. | |||||||||||||
[3] | Weighted average volatility is based on the historical volatility of our common stock. | |||||||||||||
[4] | Estimated forfeiture rates are based on historical data. |
Stock_Plans_Details_3
Stock Plans (Details 3) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Total stock-based compensation expenses | $60 | $130 | $386 | $635 | $678 | $2,581 | $1,177 |
Increase in basic net income (loss) per share | ' | ' | ' | ' | ($0.01) | ($0.04) | ($0.02) |
Increase in diluted net income (loss) per share | ' | ' | ' | ' | ($0.01) | ($0.04) | ($0.02) |
Research and Development Expense [Member] | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Total stock-based compensation expenses | 28 | 52 | 173 | 356 | 378 | 1,021 | 371 |
General and Administrative Expense [Member] | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Total stock-based compensation expenses | $32 | $78 | $213 | $279 | $300 | $1,560 | $806 |
Stock_Plans_Details_4
Stock Plans (Details 4) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 |
In Thousands, except Per Share data, unless otherwise specified | Employee Stock Option [Member] | Employee Stock Option [Member] | Restricted Stock [Member] | ||
Stock Options [Line Items] | ' | ' | ' | ' | ' |
Options, Balance at Beginning of Period | ' | ' | 6,732 | 6,842 | 0 |
Options, Granted | ' | ' | 275 | ' | 617 |
Options, Exercised | ' | ' | 0 | -75 | ' |
Options, Released | ' | ' | ' | ' | -259 |
Options, Expired or cancelled | ' | ' | -310 | -35 | 0 |
Options, Forfeited | ' | ' | -27 | ' | 0 |
Options, Balance at End of Period | ' | ' | 6,670 | 6,732 | 358 |
Exercisable options | 6,700 | 6,000 | 6,595 | 6,728 | 0 |
Weighted Average Exercise Price, Balance at Beginning of Period | ' | ' | $1.31 | $133 | $0 |
Weighted Average Exercise Price, Granted | ' | ' | $0.66 | ' | $0 |
Weighted Average Exercise Price, Exercised | ' | ' | $0 | $1.50 | ' |
Weighted Average Exercise Price, Released | ' | ' | ' | ' | $0 |
Weighted Average Exercise Price, Expired or cancelled | ' | ' | $2.05 | $3.29 | $0 |
Weighted Average Exercise Price, Forfeited | ' | ' | $1.66 | ' | $0 |
Weighted Average Exercise Price, Balance at End of Period | ' | ' | $1.25 | $1.31 | $0 |
Weighted Average Exercise Price, Exercisable | ' | ' | $1.26 | $1.31 | $0 |
Weighted Average Remaining Option Term, Outstanding | ' | ' | '5 years 6 months 11 days | '5 years 9 months | '9 years 7 months 13 days |
Weighted Average Remaining Option Term, Exercisable | ' | ' | '5 years 5 months 23 days | '5 years 9 months | '0 years |
Aggregate Intrinsic Value, Outstanding | ' | ' | $37 | $0 | $281 |
Aggregate Intrinsic Value, Exercisable | ' | ' | $28 | $0 | $0 |
Stock_Plans_Details_Textual
Stock Plans (Details Textual) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | |||||
Jul. 31, 2002 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 31, 2005 | Dec. 31, 2013 | Aug. 31, 2001 | Dec. 31, 2013 | |
2002 Plan [Member] | 2002 Plan [Member] | 2001 Non-Qualified Plan [Member] | 2001 Non-Qualified Plan [Member] | ||||||||
Stock Plans (Additional Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | ' | ' | ' | ' | 6,700,000 | 6,000,000 | ' | ' | ' | ' | ' |
Increase the number of Shares issuable pursuant to grants maximum | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' |
Total shares of our common stock were authorized for issuance to employees | 7,400,000 | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | 1,750,000 | ' |
Period of expiration of option plans | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' |
Percentage of exercise price of any options granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' |
Options to purchase common stock outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 4,280,153 | ' | 1,199,500 |
Weighted-average fair value of options and awards granted | ' | ' | ' | ' | ' | $1.09 | $1.38 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Option generally vest remainder ratably | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price of the fair market value | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | ' | $141,000 | ' | $141,000 | $2,000 | ' | ' | ' | ' | ' | ' |
Weighted-average period for recognizing non-vested stock option | ' | ' | ' | '7 months 6 days | '2 months 26 days | ' | ' | ' | ' | ' | ' |
Option To Purchase Of Common Stock | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Net operating loss carryforwards | $85,912 | $81,127 |
Research credit carryforwards | 13,481 | 12,750 |
Other, net | 3,962 | 4,190 |
Deferred revenue | 2,116 | 5,749 |
Total deferred tax assets | 105,471 | 103,816 |
Valuation allowance | -105,471 | -103,816 |
Net deferred tax assets | $0 | $0 |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Effective Tax Rate for Income Taxes Differs from The Federal Statutory Rate | ' | ' | ' |
Computed at 34% | $3,301 | ($5,134) | ($5,168) |
State taxes | 213 | -234 | -228 |
Book gains (losses) not currently benefited | 1,656 | 3,120 | -1,264 |
Other | -476 | 1,901 | 2,746 |
Disallowed interest expense | 160 | 1,363 | 1,457 |
Income from debt restructuring | 0 | -1,615 | 2,462 |
Revaluation of warrant liability | -591 | 600 | 0 |
Research and development credits | -583 | 0 | 0 |
Non-cash gain from termination of royalty purchase agreement | -3,047 | 0 | 0 |
Non-cash gain on settlement of long-term debt | -632 | 0 | 0 |
Total | $1 | $1 | $5 |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Taxes [Line Items] | ' | ' | ' |
Federal and State net operating loss carryforwards | $12,400,000 | ' | ' |
Valuation Allowance, Deferred Tax Asset, Change in Amount | 1,700,000 | 3,100,000 | -1,300,000 |
Unrecognized Tax Benefits | 0 | 0 | 0 |
Unrecognized tax benefits or any amounts accrued for interest and penalties | 0 | 0 | 0 |
Effective income tax rate reconciliation at Federal statutory income tax rate | 34.00% | ' | ' |
Tax Credit Research Generated During period | 340,000 | ' | ' |
Domestic Tax Authority [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Net operating loss carryforwards for tax purposes | 225,600,000 | ' | ' |
California [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Net operating loss carryforwards for tax purposes | 157,700,000 | ' | ' |
Research [Member] | Domestic Tax Authority [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Tax Credit Carryforward, Amount | 8,200,000 | ' | ' |
Research [Member] | State and Local Jurisdiction [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Tax Credit Carryforward, Amount | $8,000,000 | ' | ' |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenue | $911 | $911 | $2,198 | $2,198 | $5,174 | $3,259 | $1,228 | $1,360 | $1,270 | $1,823 | $7,372 | $10,481 | $7,117 | $4,068 |
Net income (loss) | ($842) | ($209) | ($1,145) | $5,064 | $6,001 | ($280) | ($8,013) | ($1,724) | ($5,163) | ($2,646) | $11,065 | $9,711 | ($15,180) | ($15,203) |
Basic net income (loss) per share | ($0.01) | $0 | ($0.01) | $0.06 | $0.08 | $0 | ($0.12) | ($0.03) | ($0.09) | ($0.03) | $0.14 | $0.12 | ($0.23) | ($0.26) |
Diluted net income (loss) per share | ($0.01) | $0 | ($0.01) | $0 | $0.07 | $0 | ($0.12) | ($0.06) | ($0.09) | ($0.03) | $0.10 | $0.10 | ($0.23) | ($0.28) |
Subsequent_events_Details_Text
Subsequent events (Details Textual) | Jul. 31, 2002 | Dec. 31, 2013 |
2014 Incentive Plan [Member] | ||
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 7,400,000 | 2,500,000 |