Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Jan. 24, 2014 | Jun. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'NBIX | ' | ' |
Entity Registrant Name | 'NEUROCRINE BIOSCIENCES INC | ' | ' |
Entity Central Index Key | '0000914475 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 67,793,709 | ' |
Entity Public Float | ' | ' | $646,990,582 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $44,789 | $63,754 |
Short-term investments, available-for-sale | 100,950 | 109,259 |
Receivables under collaborative agreements | 23 | 14,089 |
Other current assets | 2,700 | 2,162 |
Total current assets | 148,462 | 189,264 |
Property and equipment, net | 1,771 | 1,900 |
Long-term investments | ' | 480 |
Restricted cash | 4,443 | 4,335 |
Total assets | 154,676 | 195,979 |
Current liabilities: | ' | ' |
Accounts payable | 101 | 911 |
Accrued liabilities | 7,955 | 8,094 |
Current portion of deferred revenues | ' | 2,919 |
Current portion of cease-use liability | 416 | 589 |
Current portion of deferred gain on sale of real estate | 3,227 | 3,133 |
Total current liabilities | 11,699 | 15,646 |
Deferred gain on sale of real estate | 17,645 | 20,872 |
Deferred rent | 1,982 | 1,840 |
Cease-use liability | 2,680 | 3,097 |
Other liabilities | 260 | 152 |
Total liabilities | 34,266 | 41,607 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, $0.001 par value; 5,000,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock, $0.001 par value; 110,000,000 shares authorized; issued and outstanding shares were 67,351,195 and 66,446,888 at December 31, 2013 and 2012, respectively | 67 | 66 |
Additional paid-in capital | 886,101 | 873,981 |
Accumulated other comprehensive gain (loss) | 5 | -2 |
Accumulated deficit | -765,763 | -719,673 |
Total stockholders' equity | 120,410 | 154,372 |
Total liabilities and stockholders' equity | $154,676 | $195,979 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Statement Of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | ' | ' |
Preferred stock, shares outstanding | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 110,000,000 | 110,000,000 |
Common stock, shares issued | 67,351,195 | 66,446,888 |
Common stock, shares outstanding | 67,351,195 | 66,446,888 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive (Loss) Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues: | ' | ' | ' |
Sponsored research and development | ' | $18,897 | $10,462 |
Milestones and license fees | 2,919 | 34,243 | 66,951 |
Total revenues | 2,919 | 53,140 | 77,413 |
Operating expenses: | ' | ' | ' |
Research and development | 39,248 | 37,163 | 30,951 |
General and administrative | 13,349 | 13,437 | 12,458 |
Cease-use expense | ' | 1,092 | 82 |
Total operating expenses | 52,597 | 51,692 | 43,491 |
(Loss) income from operations | -49,678 | 1,448 | 33,922 |
Other income: | ' | ' | ' |
Gain on sale/disposal of assets | 37 | 32 | 242 |
Deferred gain on real estate | 3,133 | 3,042 | 2,953 |
Investment income, net | 402 | 489 | 418 |
Other income, net | 16 | 14 | 36 |
Total other income | 3,588 | 3,577 | 3,649 |
Net (loss) income | -46,090 | 5,025 | 37,571 |
Net (loss) income per common share: | ' | ' | ' |
Basic | ($0.69) | $0.08 | $0.68 |
Diluted | ($0.69) | $0.08 | $0.67 |
Shares used in the calculation of net (loss) income per common share: | ' | ' | ' |
Basic | 66,989 | 65,619 | 55,176 |
Diluted | 66,989 | 66,946 | 56,347 |
Other comprehensive (loss) income: | ' | ' | ' |
Net (loss) income | -46,090 | 5,025 | 37,571 |
Net unrealized gains (losses) on available-for-sale securities | 7 | 85 | -39 |
Comprehensive (loss) income | ($46,083) | $5,110 | $37,532 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders Equity (USD $) | Total | Common Stock | Additional Paid in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit |
In Thousands | |||||
Beginning balance at Dec. 31, 2010 | $19,345 | $55 | $781,607 | ($48) | ($762,269) |
Beginning balance (in shares) at Dec. 31, 2010 | ' | 54,882 | ' | ' | ' |
Net income (loss) | 37,571 | 0 | 0 | 0 | 37,571 |
Unrealized gains (losses) on investments | -39 | 0 | 0 | -39 | 0 |
Share-based compensation | 2,918 | 0 | 2,918 | 0 | 0 |
Issuance of common stock for restricted share units vested | 0 | 0 | 0 | 0 | 0 |
Issuance of common stock for restricted share units vested (in shares) | ' | 287 | ' | ' | ' |
Issuance of common stock for option exercises | 286 | 0 | 286 | 0 | 0 |
Issuance of common stock for option exercises (in shares) | 94 | 94 | ' | ' | ' |
Ending balance at Dec. 31, 2011 | 60,081 | 55 | 784,811 | -87 | -724,698 |
Ending balance (in shares) at Dec. 31, 2011 | ' | 55,263 | ' | ' | ' |
Net income (loss) | 5,025 | 0 | 0 | 0 | 5,025 |
Unrealized gains (losses) on investments | 85 | 0 | 0 | 85 | 0 |
Share-based compensation | 5,479 | 0 | 5,479 | 0 | 0 |
Issuance of common stock for restricted share units vested | 0 | 0 | 0 | 0 | 0 |
Issuance of common stock for restricted share units vested (in shares) | ' | 50 | ' | ' | ' |
Issuance of common stock for option exercises | 731 | 0 | 731 | 0 | 0 |
Issuance of common stock for option exercises (in shares) | 209 | 209 | ' | ' | ' |
Issuance of common stock, net of offering costs | 82,971 | 11 | 82,960 | 0 | 0 |
Issuance of common stock, net of offering costs (in shares) | ' | 10,925 | ' | ' | ' |
Ending balance at Dec. 31, 2012 | 154,372 | 66 | 873,981 | -2 | -719,673 |
Ending balance (in shares) at Dec. 31, 2012 | ' | 66,447 | ' | ' | ' |
Net income (loss) | -46,090 | 0 | 0 | 0 | -46,090 |
Unrealized gains (losses) on investments | 7 | 0 | 0 | 7 | 0 |
Share-based compensation | 6,819 | 0 | 6,819 | 0 | 0 |
Issuance of common stock for option exercises | 5,302 | 1 | 5,301 | 0 | 0 |
Issuance of common stock for option exercises (in shares) | 904 | 904 | ' | ' | ' |
Ending balance at Dec. 31, 2013 | $120,410 | $67 | $886,101 | $5 | ($765,763) |
Ending balance (in shares) at Dec. 31, 2013 | ' | 67,351 | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOW FROM OPERATING ACTIVITIES | ' | ' | ' |
Net (loss) income | ($46,090) | $5,025 | $37,571 |
Adjustments to reconcile net (loss) income to net cash used in operating activities: | ' | ' | ' |
Depreciation and amortization | 671 | 657 | 694 |
Gain on sale of assets | -3,170 | -3,074 | -3,195 |
Cease-use expense | ' | 1,092 | 82 |
Deferred revenues | -2,919 | -34,242 | -37,027 |
Deferred rent | 142 | 305 | 434 |
Amortization of premiums on investments | 2,843 | 3,135 | 2,341 |
Non-cash share-based compensation expense | 6,819 | 5,479 | 2,918 |
Change in operating assets and liabilities: | ' | ' | ' |
Accounts receivable and other assets | 13,528 | -12,878 | 2,813 |
Cease-use liability | -590 | -263 | -7,502 |
Other liabilities | 108 | 27 | 24 |
Accounts payable and accrued liabilities | -949 | -557 | 149 |
Net cash used in operating activities | -29,607 | -35,294 | -698 |
CASH FLOW FROM INVESTING ACTIVITIES | ' | ' | ' |
Purchases of investments | -145,328 | -166,313 | -139,099 |
Sales/maturities of investments | 151,281 | 132,520 | 134,276 |
Deposits and restricted cash | -108 | -29 | 1,796 |
Proceeds from sales of property and equipment | 40 | 32 | 245 |
Purchases of property and equipment | -545 | -971 | -750 |
Net cash provided by (used in) investing activities | 5,340 | -34,761 | -3,532 |
CASH FLOW FROM FINANCING ACTIVITIES | ' | ' | ' |
Issuance of common stock | 5,302 | 83,702 | 286 |
Net cash provided by financing activities | 5,302 | 83,702 | 286 |
Net change in cash and cash equivalents | -18,965 | 13,647 | -3,944 |
Cash and cash equivalents at beginning of the year | 63,754 | 50,107 | 54,051 |
Cash and cash equivalents at end of the year | 44,789 | 63,754 | 50,107 |
SUPPLEMENTAL DISCLOSURES | ' | ' | ' |
Taxes paid | $0 | $0 | $0 |
ORGANIZATION_AND_SUMMARY_OF_SI
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | ||||||||||||
NOTE 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||
Business Activities. Neurocrine Biosciences, Inc. (the Company or Neurocrine) was incorporated in California in 1992 and reincorporated in Delaware in 1996. The Company discovers and develops innovative and life-changing pharmaceuticals, in diseases with high unmet medical needs, through its novel R&D platform, focused on neurological and endocrine based diseases and disorders. The Company’s two lead late-stage clinical programs are elagolix, a gonadotropin-releasing hormone (GnRH) antagonist for women’s health that is partnered with AbbVie Inc. (AbbVie), and a wholly owned vesicular monoamine transporter 2 (VMAT2) inhibitor for the treatment of movement disorders. | |||||||||||||
Neurocrine Continental, Inc., is a Delaware corporation and a wholly owned subsidiary of the Company and is inactive. | |||||||||||||
Principles of Consolidation. The consolidated financial statements include the accounts of Neurocrine as well as its wholly owned subsidiary. The Company does not have any significant interests in any variable interest entities. All intercompany transactions and balances have been eliminated in consolidation. | |||||||||||||
Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. Actual results could differ from those estimates. | |||||||||||||
Cash Equivalents. The Company considers all highly liquid investments that are readily convertible into cash and have an original maturity of three months or less at the time of purchase to be cash equivalents. | |||||||||||||
Short-Term Investments Available-for-Sale. Certain short-term investments are classified as available-for-sale and, in accordance with authoritative guidance, are carried at fair value, with the unrealized gains and losses reported in other comprehensive (loss) income. The amortized cost of debt securities in this category is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion is included in investment income. Realized gains and losses and declines in value judged to be other-than-temporary, if any, on available-for-sale securities are included in other income or expense. The cost of securities sold is based on the specific identification method. Interest and dividends on securities classified as available-for-sale are included in investment income. | |||||||||||||
Concentration of Credit Risk. Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents and investments. The Company has established guidelines to limit its exposure to credit risk by placing investments with high credit quality financial institutions, diversifying its investment portfolio and placing investments with maturities that maintain safety and liquidity. | |||||||||||||
Collaboration Agreements. During the years ended December 31, 2013, 2012, and 2011, collaborative research and development agreements accounted for all of the Company’s revenue. | |||||||||||||
Property and Equipment. Property and equipment are stated at cost and depreciated over the estimated useful lives of the assets using the straight-line method. Equipment is depreciated over an average estimated useful life of three to seven years. Leasehold improvements are depreciated over the shorter of their estimated useful lives or the remaining lease term. | |||||||||||||
Industry Segment and Geographic Information. The Company operates in a single industry segment – the discovery and development of therapeutics for the treatment of neurological and endocrine-related diseases and disorders. The Company had no foreign based operations during any of the years presented. | |||||||||||||
Impairment of Long-Lived Assets. The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. If indicators of impairment exist, the Company assesses the recoverability of the affected long-lived assets by determining whether the carrying value of such assets can be recovered through undiscounted future operating cash flows. If the carrying amount is not recoverable, the Company measures the amount of any impairment by comparing the carrying value of the asset to the present value of the expected future cash flows associated with the use of the asset. | |||||||||||||
Fair Value of Financial Instruments. Financial instruments, including cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities, are carried at cost, which management believes approximates fair value because of the short-term maturity of these instruments. | |||||||||||||
Research and Development Expenses. Research and development (R&D) expenses consists primarily of salaries, payroll taxes, employee benefits, and share-based compensation charges, for those individuals involved in ongoing R&D efforts; as well as scientific contractor fees, preclinical and clinical trial costs, R&D facilities costs, laboratory supply costs, and depreciation of scientific equipment. All such costs are charged to R&D expense as incurred. These expenses result from the Company’s independent R&D efforts as well as efforts associated with collaborations and in-licensing arrangements. In addition, the Company funds R&D at other companies and research institutions under agreements, which are generally cancelable. The Company reviews and accrues clinical trial expenses based on work performed, which relies on estimates of total costs incurred based on patient enrollment, completion of patient studies and other events. The Company follows this method since reasonably dependable estimates of the costs applicable to various stages of a research agreement or clinical trial can be made. Accrued clinical costs are subject to revisions as trials progress. Revisions are charged to expense in the period in which the facts that give rise to the revision become known. | |||||||||||||
Share-Based Compensation. The Company estimates the fair value of stock options using the Black-Scholes option pricing model on the date of grant. Restricted stock units are valued based on the closing price of the Company’s common stock on the date of grant. The fair value of equity instruments expected to vest are recognized and amortized on a straight-line basis over the requisite service period of the award, which is generally three to four years; however, certain provisions in the Company’s equity compensation plans provide for shorter vesting periods under certain circumstances. | |||||||||||||
Investment Income, net. Investment income, net is comprised of interest and dividends earned on cash, cash equivalents and investments as well as gains and losses realized from activity in the Company’s investment portfolio. The following table presents certain information related to the components of investment income (in thousands): | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Interest income | 400 | 489 | 435 | ||||||||||
Realized gains/(losses), net | 2 | — | (17 | ) | |||||||||
Total | $ | 402 | $ | 489 | $ | 418 | |||||||
Net (Loss) Income Per Share. The Company computes basic net (loss) income per share using the weighted average number of common shares outstanding during the period. Diluted net income per share is based upon the weighted average number of common shares and potentially dilutive securities (common share equivalents) outstanding during the period. Common share equivalents outstanding, determined using the treasury stock method, are comprised of shares that may be issued under the Company’s stock option agreements. Common share equivalents are excluded from the diluted net loss per share calculation because of their anti-dilutive effect. | |||||||||||||
Due to the net loss position in 2013, approximately 2.1 million of common share equivalents were excluded from the diluted common shares outstanding. At December 31, 2012 and 2011, the Company had approximately 1.3 million and 1.2 million, respectively, of additional common share equivalents outstanding that were included in the diluted income per share calculation. For the years ended December 31, 2013, 2012 and 2011, there were employee stock options and restricted stock units outstanding, calculated on a weighted average basis, to purchase 0.3 million, 2.2 million and 1.3 million shares of our common stock with an exercise price greater than the average market price of the underlying common shares. | |||||||||||||
Impact of Recently Issued Accounting Standards. In December 2011, the Financial Accounting Standards Board (FASB) issued accounting guidance requiring an entity to disclose information about offsetting arrangements and the impact of these arrangements on the Company’s financial position. This guidance is effective for interim and annual periods beginning on or after January 1, 2013. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. | |||||||||||||
In February 2013, the FASB amended the disclosure requirements regarding the reporting of amounts reclassified out of accumulated other comprehensive income. The amendment does not change the current requirement for reporting net income or other comprehensive income, but requires additional disclosures about significant amounts reclassified out of accumulated other comprehensive income including the effect of the reclassification on the related net income line items. This amendment was adopted prospectively by the Company effective January 1, 2013 and did not have a significant impact on the Company’s consolidated financial statements as the requirements are disclosure only in nature. | |||||||||||||
In July 2013, the FASB issued guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The guidance is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013, with an option for early adoption. The Company intends to adopt this guidance during the first quarter of 2014, and does not believe the adoption of this standard will have a material impact on the Company’s consolidated financial statements. |
REVENUE_RECOGNITION_AND_SIGNIF
REVENUE RECOGNITION AND SIGNIFICANT COLLABORATIVE RESEARCH AND DEVELOPMENT AGREEMENTS | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||
REVENUE RECOGNITION AND SIGNIFICANT COLLABORATIVE RESEARCH AND DEVELOPMENT AGREEMENTS | ' | ||||||||
NOTE 2. REVENUE RECOGNITION AND SIGNIFICANT COLLABORATIVE RESEARCH AND DEVELOPMENT AGREEMENTS | |||||||||
Revenue Recognition Policy. Revenues under collaborative agreements and grants are recognized as research costs are incurred over the period specified in the related agreement or as the services are performed. These agreements are on a best-efforts basis, do not require scientific achievement as a performance obligation and provide for payment to be made when costs are incurred or the services are performed. All fees are nonrefundable to the collaborators. Prior to the revised multiple element guidance adopted by the Company on January 1, 2011, upfront, nonrefundable payments for license fees, grants, and advance payments for sponsored research revenues received in excess of amounts earned were classified as deferred revenue and recognized as income over the contract or development period. Estimating the duration of the development period includes continual assessment of development stages and regulatory requirements. If and when the Company enters into a new collaboration agreement or materially modifies an existing collaboration agreement, the Company will be required to apply the new multiple element guidance. Milestone payments are recognized as revenue upon achievement of pre-defined scientific events, which require substantive effort, and for which achievement of the milestone was not readily assured at the inception of the agreement. | |||||||||
AbbVie Inc. (AbbVie). In June 2010, the Company announced an exclusive worldwide collaboration with AbbVie, to develop and commercialize elagolix and all next-generation GnRH antagonists (collectively, GnRH Compounds) for women’s and men’s health. AbbVie made an upfront payment of $75 million and has agreed to make additional development and regulatory event based payments of up to $480 million and up to an additional $50 million in commercial event based payments. The Company has assessed event based payments under the revised authoritative guidance for research and development milestones and determined that event based payments prior to commencement of a Phase III clinical study, as defined in the agreement, meet the definition of a milestone in accordance with authoritative guidance as (1) they are events that can only be achieved in part on the Company’s past performance, (2) there is substantive uncertainty at the date the arrangement was entered into that the event will be achieved and (3) they result in additional payments being due to the Company. Development and regulatory event based payments subsequent to the commencement of a Phase III clinical study, however, currently do not meet these criteria as their achievement is based on the performance of AbbVie. During the year ended December 31, 2011, the Company recognized $30.0 million in milestone revenue under the AbbVie collaboration, $10.0 million of which was related to advancing elagolix into Phase II clinical trials for uterine fibroids and $20.0 million of which was related to the outcome of an elagolix pre- Phase III meeting with the U.S. Food and Drug Administration (FDA) for endometriosis. As of December 31, 2013, there are no further event based payments that meet the definition of a milestone in accordance with authoritative guidance. | |||||||||
Under the terms of the agreement, AbbVie is responsible for all third-party development, marketing and commercialization costs. The Company received funding for certain internal collaboration expenses which included reimbursement from AbbVie for internal and external expenses related to the GnRH Compounds through the end of 2012. The Company will be entitled to a percentage of worldwide sales of GnRH Compounds for the longer of ten years or the life of the related patent rights. Under the terms of the Company’s agreement with AbbVie, the collaboration effort between the parties to advance GnRH Compounds towards commercialization was governed by a joint development committee with representatives from both the Company and AbbVie. AbbVie may terminate the collaboration at its discretion upon 180 days’ written notice to the Company. In such event, the Company would be entitled to specified payments for ongoing clinical development and related activities and all GnRH Compound product rights would revert to the Company. The Company’s participation in the joint development committee was determined to be a substantive deliverable under the contract, and therefore, the upfront payment was deferred and recognized over the term of the joint development committee, which was completed, as scheduled, in December 2012. During 2012, the Company recorded $13.1 million in revenue related to completion of the collaborative development period which is included in sponsored research and development revenue. | |||||||||
There was no revenue recognized in 2013 related to this collaboration. During the years ended December 31, 2012 and 2011, revenues recognized under the collaboration agreement with AbbVie were as follows (in millions): | |||||||||
Year Ended | |||||||||
December 31, | |||||||||
2012 | 2011 | ||||||||
Milestones and amortization of up-front license fees | $ | 29.1 | $ | 59 | |||||
Sponsored research and development | 17.8 | 9.1 | |||||||
Revenues recognized under the AbbVie collaboration agreement | $ | 46.9 | $ | 68.1 | |||||
Boehringer Ingelheim International GmbH (Boehringer Ingelheim). In June 2010, the Company announced a worldwide collaboration with Boehringer Ingelheim to research, develop and commercialize small molecule GPR119 agonists for the treatment of Type II diabetes and other indications. Under the terms of the Company’s agreement with Boehringer Ingelheim, the Company and Boehringer Ingelheim worked jointly, during a two year collaborative research period which ended in June 2012, to identify and advance GPR119 agonist candidates into preclinical development. Following the collaborative research period, Boehringer Ingelheim is responsible for the global development and commercialization of potential GPR119 agonist products, if any. The Company received a $10 million upfront payment, and received research funding to support discovery efforts. Boehringer Ingelheim agreed to make payments of up to approximately $3 million in additional preclinical milestone payments and payments of up to approximately $223 million in clinical development and commercial event based payments. The Company has assessed milestones under the revised authoritative guidance for research and development milestones and determined that the preclinical milestone payments, as defined in the agreement, meet the definition of a milestone as (1) they are events that can only be achieved in part on the Company’s performance or upon the occurrence of a specific outcome resulting from the Company’s performance, (2) there is substantive uncertainty at the date the arrangement is entered into that the event will be achieved and (3) they result in additional payments being due to the Company. Clinical development and commercial milestone payments, however, currently do not meet these criteria as their achievement is solely based on the performance of Boehringer Ingelheim. No milestone payments were recognized during the periods presented. The Company will be entitled to a percentage of any future worldwide sales of GPR119 agonists. Under the terms of the agreement, the collaboration effort between the parties to identify and advance GPR119 agonist candidates into preclinical development was initially governed by a steering committee with representatives from both the Company and Boehringer Ingelheim; provided, however, that final decision making authority rested with Boehringer Ingelheim. The Company’s participation in the steering committee was determined to be a substantive deliverable under the contract, and therefore, the upfront payment was deferred and recognized over the two-year term of the steering committee which was completed, as scheduled, in June 2012. Boehringer Ingelheim may terminate the agreement at its discretion upon prior written notice to the Company. In such event, the Company may be entitled to specified payments and product rights would revert to the Company. | |||||||||
There was no revenue recognized in 2013 related to this collaboration. During the years ended December 31, 2012 and 2011, revenues recognized under the collaboration agreement with Boehringer Ingelheim were as follows (in millions): | |||||||||
Year Ended | |||||||||
December 31, | |||||||||
2012 | 2011 | ||||||||
Amortization of up-front license fees | $ | 2.2 | $ | 5 | |||||
Sponsored research and development | 1 | 1.3 | |||||||
Revenues recognized under the Boehringer Ingelheim collaboration agreement | $ | 3.2 | $ | 6.3 | |||||
Dainippon Sumitomo Pharma Co., Ltd. (DSP). In October 2007, the Company entered into an exclusive license agreement with DSP, under which the Company licensed rights to indiplon to DSP and agreed to collaborate with DSP on the development and commercialization of indiplon in Japan. Pursuant to the license agreement, among other things, the Company received an up-front license fee of $20 million. The Company is also eligible to receive additional event based payments upon specified future events related to the development and commercialization of indiplon in Japan. Should all event based payments be achieved, the Company may be entitled to payments totaling an additional $115 million. Event based payments under the DSP agreement do not meet the criteria of a milestone in accordance with the authoritative guidance as they are based on the performance of DSP. Additionally, the Company is entitled to royalties from DSP on future sales of indiplon in Japan. For each of the years ending December 31, 2013, 2012 and 2011, the Company amortized annually into revenue $2.9 million of the upfront license fee under the DSP agreement. | |||||||||
GlaxoSmithKline (GSK). In July 2001, the Company announced a worldwide collaboration with GSK to develop and commercialize CRF antagonists for psychiatric, neurological and gastrointestinal diseases. Under the terms of this agreement, the Company and GSK conducted a collaborative research program and collaborated in the development of Neurocrine’s current lead CRF compounds, as well as novel back-up candidates and second generation compounds identified through the collaborative research. The Company recognized $0.1 million in revenue under the GSK agreement in each of the years ended December 31, 2012 and 2011. | |||||||||
In September 2012, the Company and GSK entered into a Termination Agreement, pursuant to which the parties mutually agreed to terminate the collaboration agreement. Pursuant to the terms of the Termination Agreement, GSK’s license to the Company’s CRF assets terminated, reverting all rights to the Company and GSK assigned to the Company all patent rights created from the sponsored research portion of the collaboration agreement, including all related regulatory filings and approvals. GSK also assigned to the Company all other patents, regulator and technology assets that were owned or controlled by GSK and its affiliates necessary for the development and commercialization of CRF antagonist compounds. |
INVESTMENTS
INVESTMENTS | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Investments Schedule [Abstract] | ' | ||||||||||||||||||||||||
INVESTMENTS | ' | ||||||||||||||||||||||||
NOTE 3. INVESTMENTS | |||||||||||||||||||||||||
Available-for-sale securities are carried at fair value, with the unrealized gains and losses reported in comprehensive income (loss). The amortized cost of debt securities in this category is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion is included in investment income. Realized gains and losses and declines in value judged to be other-than-temporary, if any, on available-for-sale securities are included in other income or expense. The cost of securities sold is based on the specific identification method. Interest and dividends on securities classified as available-for-sale are included in investment income. | |||||||||||||||||||||||||
Investments at December 31, 2013 and 2012 consisted of the following (in thousands): | |||||||||||||||||||||||||
Years Ended | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Certificates of deposit | $ | 11,012 | $ | 12,434 | |||||||||||||||||||||
Commercial paper | 4,997 | 19,695 | |||||||||||||||||||||||
Corporate debt securities | 77,441 | 77,610 | |||||||||||||||||||||||
Securities of government-sponsored entities | 7,500 | — | |||||||||||||||||||||||
Total investments | $ | 100,950 | $ | 109,739 | |||||||||||||||||||||
The following is a summary of investments classified as available-for-sale securities (in thousands): | |||||||||||||||||||||||||
Contractual | Amortized | Gross | Gross | Aggregate | |||||||||||||||||||||
Maturity | Cost | Unrealized | Unrealized | Estimated | |||||||||||||||||||||
(in years) | Gains(1) | Losses(1) | Fair | ||||||||||||||||||||||
Value | |||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||
Classified as current assets: | |||||||||||||||||||||||||
Certificates of deposit | Less than 1 | $ | 11,018 | $ | 1 | $ | (7 | ) | $ | 11,012 | |||||||||||||||
Commercial paper | Less than 1 | 4,997 | — | — | 4,997 | ||||||||||||||||||||
Corporate debt securities | Less than 1 | 77,430 | 19 | (8 | ) | 77,441 | |||||||||||||||||||
Securities of government-sponsored entities | Less than 1 | 7,500 | — | — | 7,500 | ||||||||||||||||||||
Total short-term available-for-sale securities | $ | 100,945 | $ | 20 | $ | (15 | ) | $ | 100,950 | ||||||||||||||||
December 31, 2012: | |||||||||||||||||||||||||
Classified as current assets: | |||||||||||||||||||||||||
Certificates of deposit | Less than 1 | $ | 11,960 | $ | — | $ | (6 | ) | $ | 11,954 | |||||||||||||||
Commercial paper | Less than 1 | 19,713 | — | (18 | ) | 19,695 | |||||||||||||||||||
Corporate debt securities | Less than 1 | 77,588 | 33 | (11 | ) | 77,610 | |||||||||||||||||||
Total short-term available-for-sale securities | $ | 109,261 | $ | 33 | $ | (35 | ) | $ | 109,259 | ||||||||||||||||
Classified as non-current assets: | |||||||||||||||||||||||||
Certificates of deposit | 1 to 2 | $ | 480 | $ | — | $ | — | $ | 480 | ||||||||||||||||
Total long-term available-for-sale securities | $ | 480 | $ | — | $ | — | $ | 480 | |||||||||||||||||
-1 | Unrealized gains and losses are included in other comprehensive income. | ||||||||||||||||||||||||
The following table presents certain information related to sales and maturities of available-for-sale investments (in thousands): | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Proceeds from sales/maturities of available-for-sale securities | $ | 151,283 | $ | 132,520 | $ | 134,259 | |||||||||||||||||||
Gross realized gains on sales of available-for-sale securities | 2 | — | — | ||||||||||||||||||||||
Gross realized losses on sales of available-for-sale securities | — | — | 17 | ||||||||||||||||||||||
Gains reclassified out of accumulated other comprehensive (loss) income into earnings | — | — | — | ||||||||||||||||||||||
The following table presents information about available-for-sale investments in an unrealized loss position (in thousands): | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | ||||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||
Certificates of deposit | $ | 9,802 | $ | (7 | ) | $ | — | $ | — | $ | 9,802 | $ | (7 | ) | |||||||||||
Corporate debt securities | 29,919 | (8 | ) | — | — | 29,919 | (8 | ) | |||||||||||||||||
Total | $ | 39,721 | $ | (15 | ) | $ | — | $ | — | $ | 39,721 | $ | (15 | ) | |||||||||||
December 31, 2012: | |||||||||||||||||||||||||
Certificates of deposit | $ | 10,273 | $ | (6 | ) | $ | — | $ | — | $ | 10,273 | $ | (6 | ) | |||||||||||
Commercial paper | 19,695 | (18 | ) | — | — | 19,695 | (18 | ) | |||||||||||||||||
Corporate debt securities | 37,524 | (11 | ) | — | — | 37,524 | (11 | ) | |||||||||||||||||
Total | $ | 67,492 | $ | (35 | ) | $ | — | $ | — | $ | 67,492 | $ | (35 | ) | |||||||||||
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
FAIR VALUE MEASUREMENTS | ' | ||||||||||||||||
NOTE 4. FAIR VALUE MEASUREMENTS | |||||||||||||||||
Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tier fair value hierarchy has been established, which prioritizes the inputs used in measuring fair value as follows: | |||||||||||||||||
Level 1: | Observable inputs such as quoted prices in active markets; | ||||||||||||||||
Level 2: | Inputs include quoted prices for similar instruments in active markets and/or quoted prices for identical or similar instruments in markets that are not active near the measurement date; and | ||||||||||||||||
Level 3: | Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. | ||||||||||||||||
The Company classifies its cash equivalents and available for sale investments within Level 1 or Level 2. The fair value of the Company’s high quality investment grade corporate debt securities is determined using proprietary valuation models and analytical tools. These valuation models and analytical tools use market pricing or prices for similar instruments that are both objective and publicly available, including matrix pricing or reported trades, benchmark yields, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids and/or offers. The Company did not reclassify any investments between levels in the fair value hierarchy during the years ended December 31, 2013 and 2012. | |||||||||||||||||
The Company’s assets which are measured at fair value on a recurring basis as of December 31, 2013 and 2012 were determined using the inputs described above (in millions): | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Carrying | Quoted Prices in | Significant Other | Significant | ||||||||||||||
Value | Active Markets for | Observable | Unobservable Inputs | ||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
December 31, 2013: | |||||||||||||||||
Classified as current assets: | |||||||||||||||||
Cash and money market funds | $ | 34.9 | $ | 34.9 | $ | — | $ | — | |||||||||
Certificates of deposit | 11 | 11 | — | — | |||||||||||||
Commercial paper | 5 | — | 5 | — | |||||||||||||
Securities of government-sponsored entities | 7.5 | — | 7.5 | — | |||||||||||||
Corporate debt securities | 87.4 | — | 87.4 | — | |||||||||||||
Subtotal | 145.8 | 45.9 | 99.9 | — | |||||||||||||
Classified as long-term assets: | |||||||||||||||||
Certificates of deposit | 4.4 | 4.4 | — | — | |||||||||||||
Total | 150.2 | 50.3 | 99.9 | — | |||||||||||||
Less cash, cash equivalents and restricted cash | (49.2 | ) | (39.3 | ) | (9.9 | ) | — | ||||||||||
Total investments | $ | 101 | $ | 11 | $ | 90 | $ | — | |||||||||
December 31, 2012: | |||||||||||||||||
Classified as current assets: | |||||||||||||||||
Cash and money market funds | $ | 53.2 | $ | 53.2 | $ | — | $ | — | |||||||||
Certificates of deposit | 11.9 | 11.9 | — | — | |||||||||||||
Commercial paper | 25.7 | — | 25.7 | — | |||||||||||||
Corporate debt securities | 82.2 | — | 82.2 | — | |||||||||||||
Subtotal | 173 | 65.1 | 107.9 | — | |||||||||||||
Classified as long-term assets: | |||||||||||||||||
Certificates of deposit | 4.8 | 4.8 | — | — | |||||||||||||
Total | 177.8 | 69.9 | 107.9 | — | |||||||||||||
Less cash, cash equivalents and restricted cash | (68.1 | ) | (57.5 | ) | (10.6 | ) | — | ||||||||||
Total investments | $ | 109.7 | $ | 12.4 | $ | 97.3 | $ | — | |||||||||
PROPERTY_AND_EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
PROPERTY AND EQUIPMENT | ' | ||||||||
NOTE 5. PROPERTY AND EQUIPMENT | |||||||||
Property and equipment, net, at December 31, 2013 and 2012 consisted of the following (in thousands): | |||||||||
2013 | 2012 | ||||||||
Tenant improvements | 1,195 | 1,195 | |||||||
Furniture and fixtures | 819 | 819 | |||||||
Equipment | 28,089 | 34,209 | |||||||
30,103 | 36,223 | ||||||||
Less accumulated depreciation | (28,332 | ) | (34,323 | ) | |||||
Property and equipment, net | $ | 1,771 | $ | 1,900 | |||||
For each of the years ended December 31, 2013, 2012 and 2011, depreciation expense was $0.7 million. During 2013, 2012 and 2011, the Company recognized a gain of approximately $37,000, $32,000 and $242,000, respectively, related to disposal of capital equipment. |
ACCRUED_LIABILITIES
ACCRUED LIABILITIES | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
ACCRUED LIABILITIES | ' | ||||||||
NOTE 6. ACCRUED LIABILITIES | |||||||||
Accrued liabilities at December 31, 2013 and 2012 consisted of the following (in thousands): | |||||||||
2013 | 2012 | ||||||||
Accrued employee related costs | $ | 3,403 | $ | 3,811 | |||||
Accrued development costs | 1,387 | 1,231 | |||||||
Other accrued liabilities | 3,165 | 3,052 | |||||||
$ | 7,955 | $ | 8,094 | ||||||
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||
COMMITMENTS AND CONTINGENCIES | ' | ||||||||
NOTE 7. COMMITMENTS AND CONTINGENCIES | |||||||||
Real Estate. In December 2007, the Company closed the sale of its facility and associated real property for a purchase price of $109 million. Concurrent with the sale, the Company retired the entire $47.7 million in mortgage debt previously outstanding with respect to the facility and associated real property, and received cash of $61.0 million net of transaction costs and debt retirement. | |||||||||
Upon the closing of the sale of the facility and associated real property, the Company entered into a lease agreement (Lease) with DMH Campus Investors, LLC (DMH) whereby it leased back for an initial term of 12 years its corporate headquarters comprised of two buildings located at 12790 El Camino Real (Front Building) and 12780 El Camino Real (Rear Building) in San Diego, California. The Company also entered into a series of lease amendments (Amendments), beginning in late 2008, through which it vacated the Front Building, but continues to occupy the Rear Building. The ultimate result of this real estate sale was a net gain of $39.1 million which was deferred in accordance with authoritative guidance. For the years ended December 31, 2013, 2012 and 2011, the Company recognized $3.1 million, $3.0 million and $3.0 million, respectively, of the deferred gain and will recognize the remaining $20.9 million of the deferred gain over the initial Lease term which will expire at the end of 2019. | |||||||||
Under the terms of the Lease and the Amendments, the Company pays base annual rent (subject to an annual fixed percentage increase), plus a 3.5% annual management fee, property taxes and other normal and necessary expenses associated with the Lease such as utilities, repairs and maintenance. In lieu of a cash security deposit under the Lease, Wells Fargo Bank, N.A. issued on the Company’s behalf a letter of credit in the amount of $4.2 million, which is secured by a deposit of equal amount with the same bank. The Company also has the right to extend the Lease for two consecutive ten-year terms. | |||||||||
In December 2010, the Company entered into a sublease agreement (Sublease) for approximately 16,000 square feet of the Rear Building. The Sublease is expected to result in approximately $0.6 million of rental income per year over the three year term of the Sublease and is recorded as an offset to rent expense. The Sublease provides an option to extend for two one-year renewal periods. The income generated under the Sublease is lower than the Company’s financial obligation under the Lease for the Rear Building with DMH, as determined on a per square foot basis. Consequently, at December 31, 2010 the Company was required to record a cease-use liability for the net present value estimated difference between the expected income to be generated under the Sublease and future subleases and the Lease obligation over the remaining term of the Lease for the space that is occupied by the subtenant. This transaction resulted in $2.5 million of gross cease-use expense, and a reversal of $173,000 in associated deferred rent, being recorded in December 2010. In August 2012, the Company extended the terms of the Sublease and increased the leased square footage to approximately 17,000 square feet. This transaction resulted in approximately $150,000 of gross cease-use expense, and a reversal of $15,000 in associated deferred rent, being recorded in September 2012. | |||||||||
In September 2011, the Company entered into a second sublease agreement (Second Sublease) for approximately 3,300 square feet of space in the Rear Building. The Second Sublease is expected to result in approximately $0.1 million in rental income per year over the three year term and is recorded as an offset to rent expense. The Second Sublease provides an option to extend for a one-year renewal period which was exercised in 2013. Similar to the Sublease, the Second Sublease resulted in $0.3 million of gross cease-use expense, and a reversal of $47,000 in associated deferred rent, being recorded in September 2011. | |||||||||
In November 2012, the Company entered into a third sublease agreement (Third Sublease) for approximately 14,000 square feet of space in the Rear Building. The Third Sublease is expected to result in approximately $0.5 million in rental income per year over the three and a half year term and is recorded as an offset to rent expense. The Third Sublease provides the subtenant with an option to extend the term for two one-year renewal periods. Similar to the previous subleases, the Third Sublease resulted in $1.2 million of gross cease-use expense, and a reversal of $250,000 in associated deferred rent, being recorded in December 2012. | |||||||||
The following table sets forth changes to the accrued cease-use liability during 2013 and 2012 (in thousands): | |||||||||
Years Ended | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Beginning balance | $ | 3,686 | $ | 2,592 | |||||
Impact of Sublease cease-use charges(1) | — | 1,360 | |||||||
Change in estimate | — | (3 | ) | ||||||
Payments | (590 | ) | (263 | ) | |||||
Ending balance | $ | 3,096 | $ | 3,686 | |||||
-1 | Total sublease cease-use expense was offset by a related adjustment to deferred rent of approximately $265,000 during 2012. | ||||||||
Rent Expense. Rent expense was $5.9 million, $5.9 million and $6.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. For financial reporting purposes, the Company recognizes rent expense on a straight-line basis over the term of the lease. Accordingly, rent expense recognized in excess of rent paid is reflected as a liability in the accompanying consolidated balance sheets. | |||||||||
Lease Commitments. The Company leases its office and research laboratories under an operating lease with an initial term of twelve years, expiring at the end of 2019. Additionally, the Company’s facility lease agreement calls for it to maintain $50 million in cash and investments at all times, or to increase the security deposit by $5 million. | |||||||||
As of December 31, 2013, the total estimated future annual minimum lease payments under the Company’s non-cancelable building lease for the years ending after December 31, 2013 are as follows (in thousands): | |||||||||
Payment Amount | |||||||||
2014 | $ | 7,169 | |||||||
2015 | 7,385 | ||||||||
2016 | 7,606 | ||||||||
2017 | 7,834 | ||||||||
2018 | 8,070 | ||||||||
Thereafter | 8,311 | ||||||||
Total future minimum lease payments | $ | 46,375 | |||||||
Product Liability. The Company’s business exposes it to liability risks from its potential drug products. A successful product liability claim or series of claims brought against the Company could result in payment of significant amounts of money and divert management’s attention from running the business. The Company may not be able to maintain insurance on acceptable terms, or the insurance may not provide adequate protection in the case of a product liability claim. To the extent that product liability insurance, if available, does not cover potential claims, the Company would be required to self-insure the risks associated with such claims. The Company believes that it carries reasonably adequate insurance for product liability claims. | |||||||||
Licensing and Research Agreements. The Company has entered into inlicensing agreements with various universities and research organizations, which are generally cancelable at the option of the Company with terms ranging from 0-180 days written notice. Under the terms of these agreements, the Company has received licenses to research tools, know-how and technology claimed, in certain patents or patent applications. The Company is required to pay fees, milestones and/or royalties on future sales of products employing the technology or falling under claims of a patent, and some of the agreements require minimum royalty payments. Some of the agreements also require the Company to pay expenses arising from the prosecution and maintenance of the patents covering the inlicensed technology. The Company continually reassesses the value of the license agreements and cancels them when research efforts are discontinued on these programs. If all inlicensed and research candidates are successfully developed, the Company may be required to pay milestone payments of approximately $1 million over the lives of these agreements, in addition to royalties on sales of the affected products at rates ranging up to 5%. Due to the uncertainties of the development process, the timing and probability of the milestone and royalty payments cannot be accurately estimated. | |||||||||
Litigation. From time to time, the Company may be subject to legal proceedings and claims in the ordinary course of business. The Company is not aware of any such proceedings or claims that it believes will have, individually or in the aggregate, a material adverse effect on its business, financial condition or results of operations. |
SHAREBASED_COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||||||
SHARE-BASED COMPENSATION | ' | ||||||||||||||||||||||||
NOTE 8. SHARE-BASED COMPENSATION | |||||||||||||||||||||||||
Share-Based Compensation Plans. In May 2011, the Company adopted the Neurocrine Biosciences, Inc. 2011 Equity Incentive Plan (the 2011 Plan) pursuant to which 7.0 million shares of Company common stock were reserved for future issuance. The 2011 Plan is the successor to the Company’s 2003 Incentive Stock Plan, 2001 Stock Option Plan, 1997 Incentive Stock Plan, 1996 Director Stock Option Plan and 1992 Incentive Stock Plan (together, the Prior Plans). Although the Company no longer grants equity awards under the Prior Plans, all outstanding stock awards granted under the Prior Plans will continue to be subject to the terms and conditions as set forth in the agreements evidencing such stock awards and the terms of the Prior Plans, as applicable. | |||||||||||||||||||||||||
The 2011 Plan provides for the grant of stock options that qualify as incentive stock options under Section 422 of the Internal Revenue Code of 1986, as amended (the Code), nonstatutory stock options, restricted stock awards, restricted stock unit awards, stock appreciation rights, performance stock awards and other forms of equity compensation, as well as performance cash awards. | |||||||||||||||||||||||||
Since 1992, the Company has authorized approximately 22.2 million shares of common stock for issuance pursuant to the Prior Plans, several Employment Commencement Nonstatutory Stock Option Agreements and the 2011 Plan (collectively, the Option Plans). The Option Plans provide for the grant of stock options, restricted stock awards, restricted stock unit awards, and stock bonuses to officers, directors, employees, and consultants of the Company. Currently, all new grants of stock options are made from the 2011 Plan or through Employment Commencement Nonstatutory Stock Option Agreements. As of December 31, 2013, of the 22.2 million shares originally reserved for issuance under the Option Plans, 4.2 million of these shares were originally reserved for issuance pursuant to the terms of the Prior Plans and would currently be available for issuance but for the Company’s determination not to make further grants under these plans; 8.9 million were issued upon exercise of stock options or pursuant to restricted stock or stock bonus awards; 6.2 million were subject to outstanding options and restricted stock units; and 2.9 million remained available for future grant under the 2011 Plan. Share awards made under the 2011 Plan that are subsequently cancelled due to forfeiture or expiration are returned to the share pool available for future grants. | |||||||||||||||||||||||||
The Company issues new shares upon the exercise of stock options, the issuance of stock bonus awards and vesting of restricted stock units, and has 9.1 million shares of common stock reserved for such issuance as of December 31, 2013. | |||||||||||||||||||||||||
Vesting Provisions of Share-Based Compensation. Stock options granted under the Option Plans have terms from seven to ten years from the date of grant, and generally vest over a three to four-year period. Restricted stock units granted under the Option Plans generally have vesting periods of four years. The maximum contractual term for all options granted from the 2011 Plan is ten years. | |||||||||||||||||||||||||
Share-Based Compensation. The compensation cost that has been included in the statement of comprehensive (loss) income for all share-based compensation arrangements is as follows (in thousands): | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
General and administrative expense | $ | 3,516 | $ | 2,746 | $ | 1,760 | |||||||||||||||||||
Research and development expense | 3,303 | 2,733 | 1,158 | ||||||||||||||||||||||
Share-based compensation expense | $ | 6,819 | $ | 5,479 | $ | 2,918 | |||||||||||||||||||
Authoritative guidance requires that cash flows resulting from tax deductions in excess of the cumulative compensation cost recognized for options exercised be classified as cash inflows provided by financing activities and cash outflows used in operating activities. Due to the Company’s net tax loss position, no tax benefits have been recognized in the consolidated statements of cash flows. | |||||||||||||||||||||||||
Stock Options. The exercise price of all options granted during the years ended December 31, 2013, 2012 and 2011 was equal to the closing price of the Company’s common stock on the date of grant. The estimated fair value of each option award granted was determined on the date of grant using the Black-Scholes option-pricing valuation model with the following weighted-average assumptions for option grants during the three years ended December 31, 2013: | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Risk-free interest rate | 1.4 | % | 1.3 | % | 1.4 | % | |||||||||||||||||||
Expected volatility of common stock | 76 | % | 79 | % | 82 | % | |||||||||||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||||||||||
Expected option term | 7.3 years | 6.8 years | 6.2 years | ||||||||||||||||||||||
The Company estimates the fair value of stock options using a Black-Scholes option-pricing model on the date of grant. The fair value of equity instruments that are ultimately expected to vest, net of estimated forfeitures, are recognized and amortized on a straight-line basis over the requisite service period. The Black-Scholes option-pricing model incorporates various and highly sensitive assumptions including expected volatility, expected term and interest rates. The expected volatility is based on the historical volatility of the Company’s common stock over the most recent period commensurate with the estimated expected term of the Company’s stock options. The expected option term is estimated based on historical experience as well as the status of the employee. For example, Directors and Officers have a longer expected option term than all other employees. Additionally, recent grants of stock options have a contractual life of ten years, versus seven years for older option grants, and the vesting period for recent option grants has been extended to four years, which together have resulted in an increase in the expected option term. The risk-free rate for periods within the contractual life of the option is based upon observed interest rates appropriate for the expected term of the Company’s employee stock options. The Company has never declared or paid dividends and has no plans to do so in the foreseeable future. | |||||||||||||||||||||||||
Authoritative guidance requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Pre-vesting forfeitures for awards with monthly vesting terms were estimated to be 0% in 2013 based on historical experience. Pre-vesting forfeitures for awards with annual vesting terms were also estimated at 0% in 2013 based on historical employee turnover experience. The effect of past restructurings has been excluded from the historical review of employee turnover. The effect of pre-vesting forfeitures for awards has historically been negligible on the Company’s recorded expense. The Company’s determination of fair value is affected by the Company’s stock price as well as a number of assumptions that require judgment. The weighted-average fair values of options granted during the years ended December 31, 2013, 2012 and 2011, estimated as of the grant date using the Black-Scholes option valuation model, were $6.55, $6.05 and $4.14, respectively. | |||||||||||||||||||||||||
A summary of the status of the Company’s stock options as of December 31, 2013, 2012 and 2011 and of changes in options outstanding under the plans during the three years ended December 31, 2013 is as follows (in thousands, except for weighted average exercise price data): | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Options | Weighted | Options | Weighted | Options | Weighted | ||||||||||||||||||||
Average | Average | Average | |||||||||||||||||||||||
Exercise Price | Exercise Price | Exercise Price | |||||||||||||||||||||||
Outstanding at January 1 | 6,166 | $ | 7.62 | 5,315 | $ | 8.82 | 4,047 | $ | 11.22 | ||||||||||||||||
Granted/amended | 771 | 9.24 | 1,446 | 8.5 | 1,605 | 5.9 | |||||||||||||||||||
Exercised | (904 | ) | 5.96 | (209 | ) | 3.49 | (94 | ) | 3.05 | ||||||||||||||||
Canceled | (180 | ) | 25.68 | (386 | ) | 29.66 | (243 | ) | 31.73 | ||||||||||||||||
Outstanding at December 31 | 5,853 | $ | 7.54 | 6,166 | $ | 7.62 | 5,315 | $ | 8.82 | ||||||||||||||||
Options outstanding at December 31, 2013 have a weighted average remaining contractual term of 5.8 years. | |||||||||||||||||||||||||
For the year ended December 31, 2013, share-based compensation expense related to stock options was $6.0 million. As of December 31, 2013, there was approximately $8.8 million of unamortized compensation cost related to stock options, which is expected to be recognized over a weighted average vesting period of approximately 2.1 years. As of December 31, 2013, there were approximately 4.3 million options exercisable with a weighted average exercise price of $7.30 and a weighted-average remaining contractual term of 4.9 years. The total intrinsic value, which is the amount by which the exercise price was exceeded by the sale price of the Company’s common stock on the date of sale, of stock option exercises during the years ended December 31, 2013, 2012, and 2011 was $6.0 million, $943,000 and $423,000, respectively. As of December 31, 2013, the total intrinsic value of options outstanding and exercisable was $15.6 million. Cash received from stock option exercises for the years ended December 31, 2013, 2012 and 2011 was $5.3 million, $731,000 and $286,000, respectively. | |||||||||||||||||||||||||
On January 16, 2014 the Company granted its employees approximately 0.8 million options that vest monthly over a four year period with a strike price of $19.59. | |||||||||||||||||||||||||
Restricted Stock Units. Certain employees receive restricted stock units under the 2011 Plan. The fair value of restricted stock units is based on the closing sale price of the Company’s common stock on the date of issuance. The total number of restricted stock awards expected to vest is adjusted by estimated forfeiture rates, which has been based on historical experience of equity awards and historical employee turnover experience. The effect of pre-vesting forfeitures for awards has historically been negligible on the Company’s recorded expense and was estimated at 0% in 2013. The effect of past restructurings has been excluded from the historical review of employee turnover. For the year ended December 31, 2013, 2012 and 2011, share-based compensation expense related to restricted stock units was $0.8 million, $0, and $0.5 million, respectively. As of December 31, 2013, there was approximately $2.4 million of unamortized compensation cost related to restricted stock units, which is expected to be recognized over a weighted average vesting period of approximately 3.0 years. | |||||||||||||||||||||||||
The total intrinsic value of restricted stock units converted into common shares during the years ended December 31, 2013, 2012 and 2011 was $0, $0.4 million, and $1.9 million, respectively. The restricted stock units, at the election of eligible employees, may be subject to deferred delivery arrangement. The total intrinsic value of restricted stock units outstanding at December 31, 2013 was $3.5 million based on the Company’s closing stock price on that date. | |||||||||||||||||||||||||
A summary of the status of the Company’s restricted stock units as of December 31, 2013, 2012 and 2011 and of changes in restricted stock units outstanding under the plans for the three years ended December 31, 2013 is as follows (in thousands, except for weighted average grant date fair value per unit): | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Number of | Weighted Average | Number of | Weighted Average | Number of | Weighted Average | ||||||||||||||||||||
Units | Grant Date Fair | Units | Grant Date Fair | Units | Grant Date Fair | ||||||||||||||||||||
Value per Unit | Value per Unit | Value per Unit | |||||||||||||||||||||||
Restricted stock units outstanding at January 1 | — | $ | — | 50 | $ | 5.88 | 287 | $ | 5.08 | ||||||||||||||||
Restricted stock units granted | 379 | 8.65 | — | — | 50 | 5.88 | |||||||||||||||||||
Restricted stock units cancelled | (6 | ) | 8.65 | — | — | — | — | ||||||||||||||||||
Restricted stock units converted into common shares | — | — | (50 | ) | 5.88 | (287 | ) | 5.08 | |||||||||||||||||
Restricted stock units outstanding at December 31 | 373 | $ | 8.65 | — | $ | — | 50 | $ | 5.88 | ||||||||||||||||
On January 16, 2014 the Company granted its employees approximately 0.4 million restricted stock units that vest annually over a four year period, and approximately 0.5 million restricted stock units that are subject to performance based vesting. |
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2013 | |
Equity [Abstract] | ' |
STOCKHOLDERS' EQUITY | ' |
NOTE 9. STOCKHOLDERS’ EQUITY | |
Equity Financing | |
In January 2012, the Company completed a public offering of common stock in which the Company sold 10.9 million shares of its common stock at an offering price of $8.10 per share. The shares were sold pursuant to a shelf registration statement previously on file with the SEC. The net proceeds generated from this transaction, after underwriting discounts and commissions and offering costs, were approximately $83.0 million. | |
Shelf Registration Statement | |
In December 2012, the SEC declared effective a shelf registration statement filed by the Company in November 2012. The shelf registration statement allows the Company to issue shares of its common stock from time to time for an aggregate initial offering price of up to $150 million. The specific terms of future offerings, if any, under the shelf registration statement would be established at the time of such offerings. |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
INCOME TAXES | ' | ||||||||||||
NOTE 10. INCOME TAXES | |||||||||||||
On January 1, 2007, the Company adopted the provisions of the FASB’s authoritative accounting guidance, which, among other things, related to uncertain tax positions. Under the accounting guidance, the impact of an uncertain income tax position on the income tax return must be recognized at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Additionally, the guidance provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. | |||||||||||||
There were no unrecognized tax benefits as of the date of adoption. As a result of the implementation of the guidance, the Company did not recognize an increase in the liability for unrecognized tax benefits and did not have any unrecognized tax benefits included in the balance sheet that would, if recognized, affect the effective tax rate. The adoption of the guidance did not impact the Company’s financial condition, results of operations or cash flows. | |||||||||||||
The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company had no accrual for interest or penalties on the Company’s consolidated balance sheets at December 31, 2013 or December 31, 2012, and has not recognized interest and/or penalties in the statement of comprehensive (loss) income for the year ended December 31, 2013. | |||||||||||||
The Company is subject to taxation in the United States and various state jurisdictions. The Company’s tax years for 1995 and forward are subject to examination by the United States and California tax authorities due to the carry forward of unutilized net operating losses and R&D credits. | |||||||||||||
At December 31, 2013, the Company had deferred tax assets of $341.7 million. Due to uncertainties surrounding the Company’s ability to generate future taxable income to realize these assets, a full valuation has been established to offset the net deferred tax asset. Additionally, the future utilization of the Company’s net operating loss and research and development credit carry forwards to offset future taxable income may be subject to an annual limitation, pursuant to Internal Revenue Code Sections 382 and 383, as a result of ownership changes that could occur in the future. The Company has determined that no ownership changes have occurred through December 31, 2013. | |||||||||||||
At December 31, 2013, the Company had Federal and California income tax net operating loss carry forwards of approximately $624.9 million and $612.3 million, respectively. The Federal and California tax loss carry forwards will begin to expire in 2021 and 2015, respectively, unless previously utilized. In addition, the Company has Federal and California R&D tax credit carry forwards of $32.6 million and $22.7 million, respectively. The Federal research and development tax credit carry forwards begin expiring in 2018 and will continue to expire unless utilized. The California research and development tax credit carryforwards carry forward indefinitely. The Company also has Federal Alternative Minimum Tax credit carryforwards of approximately $241,000, which will carry forward indefinitely. At December 31, 2013, approximately $18.2 million of the net operating loss carry forwards relate to stock option exercises, which will result in an increase to additional paid-in capital and a decrease in income taxes payable at the time when the tax loss carryforwards are utilized. | |||||||||||||
Significant components of the Company’s deferred tax assets as of December 31, 2013 and 2012 are listed below. A valuation allowance of $341.7 million and $321.2 million at December 31, 2013 and 2012, respectively, has been recognized to offset the deferred tax assets as realization of such assets is uncertain. Amounts are shown as of December 31 as of each respective year (in thousands): | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Net operating losses | $ | 246,500 | $ | 236,500 | |||||||||
Research and development credits | 27,700 | 25,600 | |||||||||||
Capitalized research and development | 34,500 | 21,000 | |||||||||||
Share-based compensation expense | 5,200 | 4,900 | |||||||||||
Deferred revenue | 800 | 2,000 | |||||||||||
Deferred gain on sales leaseback | 8,500 | 9,800 | |||||||||||
Intangibles | 13,200 | 15,800 | |||||||||||
Cease-use expense | 1,300 | 1,500 | |||||||||||
Fixed assets | 300 | 200 | |||||||||||
Other | 3,700 | 3,900 | |||||||||||
Total deferred tax assets | 341,700 | 321,200 | |||||||||||
Valuation allowance | (341,700 | ) | (321,200 | ) | |||||||||
Net deferred tax assets | $ | — | $ | — | |||||||||
The provision for income taxes on earnings subject to income taxes differs from the statutory Federal rate at December 31, 2013, 2012 and 2011, due to the following (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal income taxes at 35% | $ | (16,131 | ) | $ | 1,759 | $ | 13,150 | ||||||
State income tax, net of Federal benefit | (2,611 | ) | 406 | 2,230 | |||||||||
Tax effect on non-deductible expenses | 7 | 9 | 43 | ||||||||||
Share-based compensation expense | 215 | 1,154 | 385 | ||||||||||
Expired tax attributes | 151 | 327 | 159 | ||||||||||
Research credits | (3,458 | ) | (428 | ) | (3,395 | ) | |||||||
(Re-established)/removal of net operating losses and R&D credits | — | — | (278,778 | ) | |||||||||
Change in valuation allowance | 20,504 | (4,061 | ) | 248,803 | |||||||||
Uncertain tax positions | 1,283 | 876 | 17,432 | ||||||||||
Other | 40 | (42 | ) | (29 | ) | ||||||||
$ | — | $ | — | $ | — | ||||||||
The following table summarizes the activity related to our unrecognized tax benefits (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance as of the beginning of the year | $ | 21,672 | $ | 20,237 | $ | — | |||||||
Increases related to prior year tax positions | 543 | 1,434 | 19,922 | ||||||||||
Increases related to current year tax positions | 916 | 165 | 395 | ||||||||||
Expiration of the statute of limitations for the assessment of taxes | — | (164 | ) | (80 | ) | ||||||||
Balance as of the end of the year | $ | 23,131 | $ | 21,672 | $ | 20,237 | |||||||
The Company has concluded that an ownership change did not occur in the current or prior years. However, the Company, under authoritative guidance, excluded those deferred tax assets that are not more likely than not to be sustained under the technical merits of the tax position. These unrecognized tax benefits totaled $0.5 million and $0.9 million for prior year tax positions and current year tax positions, respectively, as reflected in the tabular rollforward above. | |||||||||||||
As of December 31, 2013, the Company had $19.6 million of unrecognized tax benefits that, if recognized and realized, would effect the effective tax rate. | |||||||||||||
In the next twelve months, the Company does not expect a significant change in their unrecognized tax benefits. |
RETIREMENT_PLAN
RETIREMENT PLAN | 12 Months Ended |
Dec. 31, 2013 | |
Compensation And Retirement Disclosure [Abstract] | ' |
RETIREMENT PLAN | ' |
NOTE 11. RETIREMENT PLAN | |
The Company has a 401(k) defined contribution savings plan (401(k) Plan). The 401(k) Plan is for the benefit of all qualifying employees and permits voluntary contributions by employees up to 60% of base salary limited by the IRS-imposed maximum. Employer contributions were $0.3 million, $0.2 million and $0.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
NOTE 12. SUBSEQUENT EVENTS | |
The Company evaluated all subsequent events that have occurred after the date of the accompanying financial statements and determined that there were no events or transactions occurring during this subsequent event reporting period which require recognition or disclosure in the Company’s financial statements, other than as disclosed below. |
SELECTED_QUARTERLY_FINANCIAL_D
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | ' | ||||||||||||||||||||
NOTE 13. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | |||||||||||||||||||||
The following is a summary of the quarterly results of the Company for the years ended December 31, 2013 and 2012 (unaudited, in thousands, except for per share data): | |||||||||||||||||||||
Year Ended December 31, | Year Ended | ||||||||||||||||||||
First | Second | Third | Fourth | December 31 | |||||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||
2013:00:00 | |||||||||||||||||||||
Revenues | $ | 730 | $ | 730 | $ | 729 | $ | 730 | $ | 2,919 | |||||||||||
Operating expenses | 13,705 | 13,897 | 12,735 | 12,260 | 52,597 | ||||||||||||||||
Net loss | (12,075 | ) | (12,242 | ) | (11,131 | ) | (10,642 | ) | (46,090 | ) | |||||||||||
Net loss per share: | |||||||||||||||||||||
Basic | $ | (0.18 | ) | $ | (0.18 | ) | $ | (0.17 | ) | $ | (0.16 | ) | $ | (0.69 | ) | ||||||
Diluted | $ | (0.18 | ) | $ | (0.18 | ) | $ | (0.17 | ) | $ | (0.16 | ) | $ | (0.69 | ) | ||||||
Shares used in the calculation of net loss per share: | |||||||||||||||||||||
Basic | 66,600 | 66,799 | 67,199 | 67,346 | 66,989 | ||||||||||||||||
Diluted | 66,600 | 66,799 | 67,199 | 67,346 | 66,989 | ||||||||||||||||
2012:00:00 | |||||||||||||||||||||
Revenues | $ | 11,267 | $ | 10,569 | $ | 9,357 | $ | 21,947 | $ | 53,140 | |||||||||||
Operating expenses | 13,059 | 11,949 | 13,319 | 13,365 | 51,692 | ||||||||||||||||
Net income (loss) | (886 | ) | (501 | ) | (3,078 | ) | 9,490 | 5,025 | |||||||||||||
Net income (loss) per share: | |||||||||||||||||||||
Basic | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.05 | ) | $ | 0.14 | $ | 0.08 | ||||||||
Diluted | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.05 | ) | $ | 0.14 | $ | 0.08 | ||||||||
Shares used in the calculation of net income (loss) per share: | |||||||||||||||||||||
Basic | 63,409 | 66,309 | 66,342 | 66,406 | 65,619 | ||||||||||||||||
Diluted | 63,409 | 66,309 | 66,342 | 67,720 | 66,946 |
ORGANIZATION_AND_SUMMARY_OF_SI1
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Principles of Consolidation | ' | ||||||||||||
Principles of Consolidation. The consolidated financial statements include the accounts of Neurocrine as well as its wholly owned subsidiary. The Company does not have any significant interests in any variable interest entities. All intercompany transactions and balances have been eliminated in consolidation. | |||||||||||||
Use of Estimates | ' | ||||||||||||
Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. Actual results could differ from those estimates. | |||||||||||||
Cash Equivalents | ' | ||||||||||||
Cash Equivalents. The Company considers all highly liquid investments that are readily convertible into cash and have an original maturity of three months or less at the time of purchase to be cash equivalents. | |||||||||||||
Short-Term Investments Available-for-Sale | ' | ||||||||||||
Short-Term Investments Available-for-Sale. Certain short-term investments are classified as available-for-sale and, in accordance with authoritative guidance, are carried at fair value, with the unrealized gains and losses reported in other comprehensive (loss) income. The amortized cost of debt securities in this category is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion is included in investment income. Realized gains and losses and declines in value judged to be other-than-temporary, if any, on available-for-sale securities are included in other income or expense. The cost of securities sold is based on the specific identification method. Interest and dividends on securities classified as available-for-sale are included in investment income. | |||||||||||||
Concentration of Credit Risk | ' | ||||||||||||
Concentration of Credit Risk. Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents and investments. The Company has established guidelines to limit its exposure to credit risk by placing investments with high credit quality financial institutions, diversifying its investment portfolio and placing investments with maturities that maintain safety and liquidity. | |||||||||||||
Collaboration Agreements | ' | ||||||||||||
Collaboration Agreements. During the years ended December 31, 2013, 2012, and 2011, collaborative research and development agreements accounted for all of the Company’s revenue. | |||||||||||||
Property and Equipment | ' | ||||||||||||
Property and Equipment. Property and equipment are stated at cost and depreciated over the estimated useful lives of the assets using the straight-line method. Equipment is depreciated over an average estimated useful life of three to seven years. Leasehold improvements are depreciated over the shorter of their estimated useful lives or the remaining lease term. | |||||||||||||
Industry Segment and Geographic Information | ' | ||||||||||||
Industry Segment and Geographic Information. The Company operates in a single industry segment – the discovery and development of therapeutics for the treatment of neurological and endocrine-related diseases and disorders. The Company had no foreign based operations during any of the years presented. | |||||||||||||
Impairment of Long-Lived Assets | ' | ||||||||||||
Impairment of Long-Lived Assets. The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. If indicators of impairment exist, the Company assesses the recoverability of the affected long-lived assets by determining whether the carrying value of such assets can be recovered through undiscounted future operating cash flows. If the carrying amount is not recoverable, the Company measures the amount of any impairment by comparing the carrying value of the asset to the present value of the expected future cash flows associated with the use of the asset. | |||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||
Fair Value of Financial Instruments. Financial instruments, including cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities, are carried at cost, which management believes approximates fair value because of the short-term maturity of these instruments. | |||||||||||||
Research and Development Expenses | ' | ||||||||||||
Research and Development Expenses. Research and development (R&D) expenses consists primarily of salaries, payroll taxes, employee benefits, and share-based compensation charges, for those individuals involved in ongoing R&D efforts; as well as scientific contractor fees, preclinical and clinical trial costs, R&D facilities costs, laboratory supply costs, and depreciation of scientific equipment. All such costs are charged to R&D expense as incurred. These expenses result from the Company’s independent R&D efforts as well as efforts associated with collaborations and in-licensing arrangements. In addition, the Company funds R&D at other companies and research institutions under agreements, which are generally cancelable. The Company reviews and accrues clinical trial expenses based on work performed, which relies on estimates of total costs incurred based on patient enrollment, completion of patient studies and other events. The Company follows this method since reasonably dependable estimates of the costs applicable to various stages of a research agreement or clinical trial can be made. Accrued clinical costs are subject to revisions as trials progress. Revisions are charged to expense in the period in which the facts that give rise to the revision become known. | |||||||||||||
Share-Based Compensation | ' | ||||||||||||
Share-Based Compensation. The Company estimates the fair value of stock options using the Black-Scholes option pricing model on the date of grant. Restricted stock units are valued based on the closing price of the Company’s common stock on the date of grant. The fair value of equity instruments expected to vest are recognized and amortized on a straight-line basis over the requisite service period of the award, which is generally three to four years; however, certain provisions in the Company’s equity compensation plans provide for shorter vesting periods under certain circumstances. | |||||||||||||
Investment Income, net | ' | ||||||||||||
Investment Income, net. Investment income, net is comprised of interest and dividends earned on cash, cash equivalents and investments as well as gains and losses realized from activity in the Company’s investment portfolio. The following table presents certain information related to the components of investment income (in thousands): | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Interest income | 400 | 489 | 435 | ||||||||||
Realized gains/(losses), net | 2 | — | (17 | ) | |||||||||
Total | $ | 402 | $ | 489 | $ | 418 | |||||||
Net (Loss) Income Per Share | ' | ||||||||||||
Net (Loss) Income Per Share. The Company computes basic net (loss) income per share using the weighted average number of common shares outstanding during the period. Diluted net income per share is based upon the weighted average number of common shares and potentially dilutive securities (common share equivalents) outstanding during the period. Common share equivalents outstanding, determined using the treasury stock method, are comprised of shares that may be issued under the Company’s stock option agreements. Common share equivalents are excluded from the diluted net loss per share calculation because of their anti-dilutive effect. | |||||||||||||
Due to the net loss position in 2013, approximately 2.1 million of common share equivalents were excluded from the diluted common shares outstanding. At December 31, 2012 and 2011, the Company had approximately 1.3 million and 1.2 million, respectively, of additional common share equivalents outstanding that were included in the diluted income per share calculation. For the years ended December 31, 2013, 2012 and 2011, there were employee stock options and restricted stock units outstanding, calculated on a weighted average basis, to purchase 0.3 million, 2.2 million and 1.3 million shares of our common stock with an exercise price greater than the average market price of the underlying common shares. | |||||||||||||
Impact of Recently Issued Accounting Standards | ' | ||||||||||||
Impact of Recently Issued Accounting Standards. In December 2011, the Financial Accounting Standards Board (FASB) issued accounting guidance requiring an entity to disclose information about offsetting arrangements and the impact of these arrangements on the Company’s financial position. This guidance is effective for interim and annual periods beginning on or after January 1, 2013. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. | |||||||||||||
In February 2013, the FASB amended the disclosure requirements regarding the reporting of amounts reclassified out of accumulated other comprehensive income. The amendment does not change the current requirement for reporting net income or other comprehensive income, but requires additional disclosures about significant amounts reclassified out of accumulated other comprehensive income including the effect of the reclassification on the related net income line items. This amendment was adopted prospectively by the Company effective January 1, 2013 and did not have a significant impact on the Company’s consolidated financial statements as the requirements are disclosure only in nature. | |||||||||||||
In July 2013, the FASB issued guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The guidance is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013, with an option for early adoption. The Company intends to adopt this guidance during the first quarter of 2014, and does not believe the adoption of this standard will have a material impact on the Company’s consolidated financial statements. | |||||||||||||
Revenue Recognition Policy | ' | ||||||||||||
Revenue Recognition Policy. Revenues under collaborative agreements and grants are recognized as research costs are incurred over the period specified in the related agreement or as the services are performed. These agreements are on a best-efforts basis, do not require scientific achievement as a performance obligation and provide for payment to be made when costs are incurred or the services are performed. All fees are nonrefundable to the collaborators. Prior to the revised multiple element guidance adopted by the Company on January 1, 2011, upfront, nonrefundable payments for license fees, grants, and advance payments for sponsored research revenues received in excess of amounts earned were classified as deferred revenue and recognized as income over the contract or development period. Estimating the duration of the development period includes continual assessment of development stages and regulatory requirements. If and when the Company enters into a new collaboration agreement or materially modifies an existing collaboration agreement, the Company will be required to apply the new multiple element guidance. Milestone payments are recognized as revenue upon achievement of pre-defined scientific events, which require substantive effort, and for which achievement of the milestone was not readily assured at the inception of the agreement. |
ORGANIZATION_AND_SUMMARY_OF_SI2
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Components of Investment Income | ' | ||||||||||||
The following table presents certain information related to the components of investment income (in thousands): | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Interest income | 400 | 489 | 435 | ||||||||||
Realized gains/(losses), net | 2 | — | (17 | ) | |||||||||
Total | $ | 402 | $ | 489 | $ | 418 | |||||||
REVENUE_RECOGNITION_AND_SIGNIF1
REVENUE RECOGNITION AND SIGNIFICANT COLLABORATIVE RESEARCH AND DEVELOPMENT AGREEMENTS (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Boehringer Ingelheim International GmbH | ' | ||||||||
Revenues Recognized under Collaboration Agreement | ' | ||||||||
During the years ended December 31, 2012 and 2011, revenues recognized under the collaboration agreement with Boehringer Ingelheim were as follows (in millions): | |||||||||
Year Ended | |||||||||
December 31, | |||||||||
2012 | 2011 | ||||||||
Amortization of up-front license fees | $ | 2.2 | $ | 5 | |||||
Sponsored research and development | 1 | 1.3 | |||||||
Revenues recognized under the Boehringer Ingelheim collaboration agreement | $ | 3.2 | $ | 6.3 | |||||
AbbVie | ' | ||||||||
Revenues Recognized under Collaboration Agreement | ' | ||||||||
During the years ended December 31, 2012 and 2011, revenues recognized under the collaboration agreement with AbbVie were as follows (in millions): | |||||||||
Year Ended | |||||||||
December 31, | |||||||||
2012 | 2011 | ||||||||
Milestones and amortization of up-front license fees | $ | 29.1 | $ | 59 | |||||
Sponsored research and development | 17.8 | 9.1 | |||||||
Revenues recognized under the AbbVie collaboration agreement | $ | 46.9 | $ | 68.1 | |||||
INVESTMENTS_Tables
INVESTMENTS (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Investments Schedule [Abstract] | ' | ||||||||||||||||||||||||
Investments | ' | ||||||||||||||||||||||||
Investments at December 31, 2013 and 2012 consisted of the following (in thousands): | |||||||||||||||||||||||||
Years Ended | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Certificates of deposit | $ | 11,012 | $ | 12,434 | |||||||||||||||||||||
Commercial paper | 4,997 | 19,695 | |||||||||||||||||||||||
Corporate debt securities | 77,441 | 77,610 | |||||||||||||||||||||||
Securities of government-sponsored entities | 7,500 | — | |||||||||||||||||||||||
Total investments | $ | 100,950 | $ | 109,739 | |||||||||||||||||||||
Summary of Investments Classified as Available-For-Sale Securities | ' | ||||||||||||||||||||||||
The following is a summary of investments classified as available-for-sale securities (in thousands): | |||||||||||||||||||||||||
Contractual | Amortized | Gross | Gross | Aggregate | |||||||||||||||||||||
Maturity | Cost | Unrealized | Unrealized | Estimated | |||||||||||||||||||||
(in years) | Gains(1) | Losses(1) | Fair | ||||||||||||||||||||||
Value | |||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||
Classified as current assets: | |||||||||||||||||||||||||
Certificates of deposit | Less than 1 | $ | 11,018 | $ | 1 | $ | (7 | ) | $ | 11,012 | |||||||||||||||
Commercial paper | Less than 1 | 4,997 | — | — | 4,997 | ||||||||||||||||||||
Corporate debt securities | Less than 1 | 77,430 | 19 | (8 | ) | 77,441 | |||||||||||||||||||
Securities of government-sponsored entities | Less than 1 | 7,500 | — | — | 7,500 | ||||||||||||||||||||
Total short-term available-for-sale securities | $ | 100,945 | $ | 20 | $ | (15 | ) | $ | 100,950 | ||||||||||||||||
December 31, 2012: | |||||||||||||||||||||||||
Classified as current assets: | |||||||||||||||||||||||||
Certificates of deposit | Less than 1 | $ | 11,960 | $ | — | $ | (6 | ) | $ | 11,954 | |||||||||||||||
Commercial paper | Less than 1 | 19,713 | — | (18 | ) | 19,695 | |||||||||||||||||||
Corporate debt securities | Less than 1 | 77,588 | 33 | (11 | ) | 77,610 | |||||||||||||||||||
Total short-term available-for-sale securities | $ | 109,261 | $ | 33 | $ | (35 | ) | $ | 109,259 | ||||||||||||||||
Classified as non-current assets: | |||||||||||||||||||||||||
Certificates of deposit | 1 to 2 | $ | 480 | $ | — | $ | — | $ | 480 | ||||||||||||||||
Total long-term available-for-sale securities | $ | 480 | $ | — | $ | — | $ | 480 | |||||||||||||||||
-1 | Unrealized gains and losses are included in other comprehensive income. | ||||||||||||||||||||||||
Sales and Maturities of Available-For-Sale Investments | ' | ||||||||||||||||||||||||
The following table presents certain information related to sales and maturities of available-for-sale investments (in thousands): | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Proceeds from sales/maturities of available-for-sale securities | $ | 151,283 | $ | 132,520 | $ | 134,259 | |||||||||||||||||||
Gross realized gains on sales of available-for-sale securities | 2 | — | — | ||||||||||||||||||||||
Gross realized losses on sales of available-for-sale securities | — | — | 17 | ||||||||||||||||||||||
Gains reclassified out of accumulated other comprehensive (loss) income into earnings | — | — | — | ||||||||||||||||||||||
Available-For-Sale Investments in Unrealized Loss Position | ' | ||||||||||||||||||||||||
The following table presents information about available-for-sale investments in an unrealized loss position (in thousands): | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | ||||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||
Certificates of deposit | $ | 9,802 | $ | (7 | ) | $ | — | $ | — | $ | 9,802 | $ | (7 | ) | |||||||||||
Corporate debt securities | 29,919 | (8 | ) | — | — | 29,919 | (8 | ) | |||||||||||||||||
Total | $ | 39,721 | $ | (15 | ) | $ | — | $ | — | $ | 39,721 | $ | (15 | ) | |||||||||||
December 31, 2012: | |||||||||||||||||||||||||
Certificates of deposit | $ | 10,273 | $ | (6 | ) | $ | — | $ | — | $ | 10,273 | $ | (6 | ) | |||||||||||
Commercial paper | 19,695 | (18 | ) | — | — | 19,695 | (18 | ) | |||||||||||||||||
Corporate debt securities | 37,524 | (11 | ) | — | — | 37,524 | (11 | ) | |||||||||||||||||
Total | $ | 67,492 | $ | (35 | ) | $ | — | $ | — | $ | 67,492 | $ | (35 | ) | |||||||||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Assets Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||
The Company’s assets which are measured at fair value on a recurring basis as of December 31, 2013 and 2012 were determined using the inputs described above (in millions): | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Carrying | Quoted Prices in | Significant Other | Significant | ||||||||||||||
Value | Active Markets for | Observable | Unobservable Inputs | ||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
December 31, 2013: | |||||||||||||||||
Classified as current assets: | |||||||||||||||||
Cash and money market funds | $ | 34.9 | $ | 34.9 | $ | — | $ | — | |||||||||
Certificates of deposit | 11 | 11 | — | — | |||||||||||||
Commercial paper | 5 | — | 5 | — | |||||||||||||
Securities of government-sponsored entities | 7.5 | — | 7.5 | — | |||||||||||||
Corporate debt securities | 87.4 | — | 87.4 | — | |||||||||||||
Subtotal | 145.8 | 45.9 | 99.9 | — | |||||||||||||
Classified as long-term assets: | |||||||||||||||||
Certificates of deposit | 4.4 | 4.4 | — | — | |||||||||||||
Total | 150.2 | 50.3 | 99.9 | — | |||||||||||||
Less cash, cash equivalents and restricted cash | (49.2 | ) | (39.3 | ) | (9.9 | ) | — | ||||||||||
Total investments | $ | 101 | $ | 11 | $ | 90 | $ | — | |||||||||
December 31, 2012: | |||||||||||||||||
Classified as current assets: | |||||||||||||||||
Cash and money market funds | $ | 53.2 | $ | 53.2 | $ | — | $ | — | |||||||||
Certificates of deposit | 11.9 | 11.9 | — | — | |||||||||||||
Commercial paper | 25.7 | — | 25.7 | — | |||||||||||||
Corporate debt securities | 82.2 | — | 82.2 | — | |||||||||||||
Subtotal | 173 | 65.1 | 107.9 | — | |||||||||||||
Classified as long-term assets: | |||||||||||||||||
Certificates of deposit | 4.8 | 4.8 | — | — | |||||||||||||
Total | 177.8 | 69.9 | 107.9 | — | |||||||||||||
Less cash, cash equivalents and restricted cash | (68.1 | ) | (57.5 | ) | (10.6 | ) | — | ||||||||||
Total investments | $ | 109.7 | $ | 12.4 | $ | 97.3 | $ | — | |||||||||
PROPERTY_AND_EQUIPMENT_Tables
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Property and Equipment | ' | ||||||||
Property and equipment, net, at December 31, 2013 and 2012 consisted of the following (in thousands): | |||||||||
2013 | 2012 | ||||||||
Tenant improvements | 1,195 | 1,195 | |||||||
Furniture and fixtures | 819 | 819 | |||||||
Equipment | 28,089 | 34,209 | |||||||
30,103 | 36,223 | ||||||||
Less accumulated depreciation | (28,332 | ) | (34,323 | ) | |||||
Property and equipment, net | $ | 1,771 | $ | 1,900 | |||||
ACCRUED_LIABILITIES_Tables
ACCRUED LIABILITIES (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Accrued Liabilities | ' | ||||||||
Accrued liabilities at December 31, 2013 and 2012 consisted of the following (in thousands): | |||||||||
2013 | 2012 | ||||||||
Accrued employee related costs | $ | 3,403 | $ | 3,811 | |||||
Accrued development costs | 1,387 | 1,231 | |||||||
Other accrued liabilities | 3,165 | 3,052 | |||||||
$ | 7,955 | $ | 8,094 | ||||||
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||
Changes to Accrued Cease-Use Liability | ' | ||||||||
The following table sets forth changes to the accrued cease-use liability during 2013 and 2012 (in thousands): | |||||||||
Years Ended | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Beginning balance | $ | 3,686 | $ | 2,592 | |||||
Impact of Sublease cease-use charges(1) | — | 1,360 | |||||||
Change in estimate | — | (3 | ) | ||||||
Payments | (590 | ) | (263 | ) | |||||
Ending balance | $ | 3,096 | $ | 3,686 | |||||
-1 | Total sublease cease-use expense was offset by a related adjustment to deferred rent of approximately $265,000 during 2012. | ||||||||
Estimated Future Annual Minimum Lease Payments | ' | ||||||||
As of December 31, 2013, the total estimated future annual minimum lease payments under the Company’s non-cancelable building lease for the years ending after December 31, 2013 are as follows (in thousands): | |||||||||
Payment Amount | |||||||||
2014 | $ | 7,169 | |||||||
2015 | 7,385 | ||||||||
2016 | 7,606 | ||||||||
2017 | 7,834 | ||||||||
2018 | 8,070 | ||||||||
Thereafter | 8,311 | ||||||||
Total future minimum lease payments | $ | 46,375 | |||||||
SHAREBASED_COMPENSATION_Tables
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||||||
Compensation Expenses Related to Share Based Compensation | ' | ||||||||||||||||||||||||
The compensation cost that has been included in the statement of comprehensive (loss) income for all share-based compensation arrangements is as follows (in thousands): | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
General and administrative expense | $ | 3,516 | $ | 2,746 | $ | 1,760 | |||||||||||||||||||
Research and development expense | 3,303 | 2,733 | 1,158 | ||||||||||||||||||||||
Share-based compensation expense | $ | 6,819 | $ | 5,479 | $ | 2,918 | |||||||||||||||||||
Weighted-Average Assumptions for Stock Option Grants using Black-Scholes Option-Pricing Model | ' | ||||||||||||||||||||||||
The estimated fair value of each option award granted was determined on the date of grant using the Black-Scholes option-pricing valuation model with the following weighted-average assumptions for option grants during the three years ended December 31, 2013: | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Risk-free interest rate | 1.4 | % | 1.3 | % | 1.4 | % | |||||||||||||||||||
Expected volatility of common stock | 76 | % | 79 | % | 82 | % | |||||||||||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||||||||||
Expected option term | 7.3 years | 6.8 years | 6.2 years | ||||||||||||||||||||||
Summary and Changes in Stock Options Outstanding | ' | ||||||||||||||||||||||||
A summary of the status of the Company’s stock options as of December 31, 2013, 2012 and 2011 and of changes in options outstanding under the plans during the three years ended December 31, 2013 is as follows (in thousands, except for weighted average exercise price data): | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Options | Weighted | Options | Weighted | Options | Weighted | ||||||||||||||||||||
Average | Average | Average | |||||||||||||||||||||||
Exercise Price | Exercise Price | Exercise Price | |||||||||||||||||||||||
Outstanding at January 1 | 6,166 | $ | 7.62 | 5,315 | $ | 8.82 | 4,047 | $ | 11.22 | ||||||||||||||||
Granted/amended | 771 | 9.24 | 1,446 | 8.5 | 1,605 | 5.9 | |||||||||||||||||||
Exercised | (904 | ) | 5.96 | (209 | ) | 3.49 | (94 | ) | 3.05 | ||||||||||||||||
Canceled | (180 | ) | 25.68 | (386 | ) | 29.66 | (243 | ) | 31.73 | ||||||||||||||||
Outstanding at December 31 | 5,853 | $ | 7.54 | 6,166 | $ | 7.62 | 5,315 | $ | 8.82 | ||||||||||||||||
Summary and Changes in Restricted Stock Units Outstanding | ' | ||||||||||||||||||||||||
A summary of the status of the Company’s restricted stock units as of December 31, 2013, 2012 and 2011 and of changes in restricted stock units outstanding under the plans for the three years ended December 31, 2013 is as follows (in thousands, except for weighted average grant date fair value per unit): | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Number of | Weighted Average | Number of | Weighted Average | Number of | Weighted Average | ||||||||||||||||||||
Units | Grant Date Fair | Units | Grant Date Fair | Units | Grant Date Fair | ||||||||||||||||||||
Value per Unit | Value per Unit | Value per Unit | |||||||||||||||||||||||
Restricted stock units outstanding at January 1 | — | $ | — | 50 | $ | 5.88 | 287 | $ | 5.08 | ||||||||||||||||
Restricted stock units granted | 379 | 8.65 | — | — | 50 | 5.88 | |||||||||||||||||||
Restricted stock units cancelled | (6 | ) | 8.65 | — | — | — | — | ||||||||||||||||||
Restricted stock units converted into common shares | — | — | (50 | ) | 5.88 | (287 | ) | 5.08 | |||||||||||||||||
Restricted stock units outstanding at December 31 | 373 | $ | 8.65 | — | $ | — | 50 | $ | 5.88 | ||||||||||||||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Components of Deferred Tax Assets | ' | ||||||||||||
Amounts are shown as of December 31 as of each respective year (in thousands): | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Net operating losses | $ | 246,500 | $ | 236,500 | |||||||||
Research and development credits | 27,700 | 25,600 | |||||||||||
Capitalized research and development | 34,500 | 21,000 | |||||||||||
Share-based compensation expense | 5,200 | 4,900 | |||||||||||
Deferred revenue | 800 | 2,000 | |||||||||||
Deferred gain on sales leaseback | 8,500 | 9,800 | |||||||||||
Intangibles | 13,200 | 15,800 | |||||||||||
Cease-use expense | 1,300 | 1,500 | |||||||||||
Fixed assets | 300 | 200 | |||||||||||
Other | 3,700 | 3,900 | |||||||||||
Total deferred tax assets | 341,700 | 321,200 | |||||||||||
Valuation allowance | (341,700 | ) | (321,200 | ) | |||||||||
Net deferred tax assets | $ | — | $ | — | |||||||||
Provision for Income Taxes on Earnings Subject to Income Taxes Differs from Statutory Federal Rate | ' | ||||||||||||
The provision for income taxes on earnings subject to income taxes differs from the statutory Federal rate at December 31, 2013, 2012 and 2011, due to the following (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal income taxes at 35% | $ | (16,131 | ) | $ | 1,759 | $ | 13,150 | ||||||
State income tax, net of Federal benefit | (2,611 | ) | 406 | 2,230 | |||||||||
Tax effect on non-deductible expenses | 7 | 9 | 43 | ||||||||||
Share-based compensation expense | 215 | 1,154 | 385 | ||||||||||
Expired tax attributes | 151 | 327 | 159 | ||||||||||
Research credits | (3,458 | ) | (428 | ) | (3,395 | ) | |||||||
(Re-established)/removal of net operating losses and R&D credits | — | — | (278,778 | ) | |||||||||
Change in valuation allowance | 20,504 | (4,061 | ) | 248,803 | |||||||||
Uncertain tax positions | 1,283 | 876 | 17,432 | ||||||||||
Other | 40 | (42 | ) | (29 | ) | ||||||||
Activity Related to Unrecognized Tax Benefits | ' | ||||||||||||
The following table summarizes the activity related to our unrecognized tax benefits (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance as of the beginning of the year | $ | 21,672 | $ | 20,237 | $ | — | |||||||
Increases related to prior year tax positions | 543 | 1,434 | 19,922 | ||||||||||
Increases related to current year tax positions | 916 | 165 | 395 | ||||||||||
Expiration of the statute of limitations for the assessment of taxes | — | (164 | ) | (80 | ) | ||||||||
Balance as of the end of the year | $ | 23,131 | $ | 21,672 | $ | 20,237 | |||||||
SELECTED_QUARTERLY_FINANCIAL_D1
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Summary of Quarterly Results of Operations | ' | ||||||||||||||||||||
The following is a summary of the quarterly results of the Company for the years ended December 31, 2013 and 2012 (unaudited, in thousands, except for per share data): | |||||||||||||||||||||
Year Ended December 31, | Year Ended | ||||||||||||||||||||
First | Second | Third | Fourth | December 31 | |||||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||
2013:00:00 | |||||||||||||||||||||
Revenues | $ | 730 | $ | 730 | $ | 729 | $ | 730 | $ | 2,919 | |||||||||||
Operating expenses | 13,705 | 13,897 | 12,735 | 12,260 | 52,597 | ||||||||||||||||
Net loss | (12,075 | ) | (12,242 | ) | (11,131 | ) | (10,642 | ) | (46,090 | ) | |||||||||||
Net loss per share: | |||||||||||||||||||||
Basic | $ | (0.18 | ) | $ | (0.18 | ) | $ | (0.17 | ) | $ | (0.16 | ) | $ | (0.69 | ) | ||||||
Diluted | $ | (0.18 | ) | $ | (0.18 | ) | $ | (0.17 | ) | $ | (0.16 | ) | $ | (0.69 | ) | ||||||
Shares used in the calculation of net loss per share: | |||||||||||||||||||||
Basic | 66,600 | 66,799 | 67,199 | 67,346 | 66,989 | ||||||||||||||||
Diluted | 66,600 | 66,799 | 67,199 | 67,346 | 66,989 | ||||||||||||||||
2012:00:00 | |||||||||||||||||||||
Revenues | $ | 11,267 | $ | 10,569 | $ | 9,357 | $ | 21,947 | $ | 53,140 | |||||||||||
Operating expenses | 13,059 | 11,949 | 13,319 | 13,365 | 51,692 | ||||||||||||||||
Net income (loss) | (886 | ) | (501 | ) | (3,078 | ) | 9,490 | 5,025 | |||||||||||||
Net income (loss) per share: | |||||||||||||||||||||
Basic | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.05 | ) | $ | 0.14 | $ | 0.08 | ||||||||
Diluted | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.05 | ) | $ | 0.14 | $ | 0.08 | ||||||||
Shares used in the calculation of net income (loss) per share: | |||||||||||||||||||||
Basic | 63,409 | 66,309 | 66,342 | 66,406 | 65,619 | ||||||||||||||||
Diluted | 63,409 | 66,309 | 66,342 | 67,720 | 66,946 |
Recovered_Sheet1
Organization and Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Organization And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional dilutive potential common shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,300,000 | 1,200,000 |
Diluted common shares outstanding | 67,346,000 | 67,199,000 | 66,799,000 | 66,600,000 | 67,720,000 | 66,342,000 | 66,309,000 | 63,409,000 | 66,989,000 | 66,946,000 | 56,347,000 |
Anti-dilutive common stock share not included in computation of diluted earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | 2,200,000 | 1,300,000 |
Entity First Incorporation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Organization And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Date of incorporation | ' | ' | ' | ' | ' | ' | ' | ' | '1992 | ' | ' |
Place of incorporation | ' | ' | ' | ' | ' | ' | ' | ' | 'California | ' | ' |
Entity Second Incorporation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Organization And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Date of incorporation | ' | ' | ' | ' | ' | ' | ' | ' | '1996 | ' | ' |
Place of incorporation | ' | ' | ' | ' | ' | ' | ' | ' | 'Delaware | ' | ' |
Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Organization And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Requisite service period of award | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' |
Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Organization And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Requisite service period of award | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | ' |
Components_of_Investment_Incom
Components of Investment Income (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounting Policies [Abstract] | ' | ' | ' |
Interest income | $400 | $489 | $435 |
Realized gains/(losses), net | 2 | ' | -17 |
Total | $402 | $489 | $418 |
Recovered_Sheet2
Revenue Recognition and Significant Collaborative Research and Development Agreements - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 31, 2007 | Jun. 30, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2010 | Jun. 30, 2010 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2010 | Jun. 30, 2010 | |
Dainippon Sumitomo Pharma Co Ltd | Dainippon Sumitomo Pharma Co Ltd | Dainippon Sumitomo Pharma Co Ltd | Dainippon Sumitomo Pharma Co Ltd | AbbVie | AbbVie | AbbVie | AbbVie | AbbVie | AbbVie | AbbVie | AbbVie | AbbVie | GlaxoSmithKline | GlaxoSmithKline | Boehringer Ingelheim International GmbH | Boehringer Ingelheim International GmbH | Boehringer Ingelheim International GmbH | Boehringer Ingelheim International GmbH | Boehringer Ingelheim International GmbH | Boehringer Ingelheim International GmbH | ||||||||||||
Development and regulatory event based payments | Commercial event based payments | Uterine Fibroids | Endometriosis | Collaboration | Preclinical milestone payments | Clinical development and commercial event based payments | ||||||||||||||||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collaborative agreement upfront payment received | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10,000,000 | ' | ' | ' | ' | ' |
Collaborative agreement maximum additional payment to receive | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 115,000,000 | ' | ' | ' | ' | 480,000,000 | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | 223,000,000 |
Milestone revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | ' | ' | 10,000,000 | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collaborative arrangement right description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The Company received funding for certain internal collaboration expenses which included reimbursement from AbbVie for internal and external expenses related to the GnRH Compounds through the end of 2012. The Company will be entitled to a percentage of worldwide sales of GnRH Compounds for the longer of ten years or the life of the related patent rights. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Patent rights period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Ten years or the life of the related patent rights | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collaboration termination notice period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '180 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues recognized under the Boehringer Ingelheim collaboration agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,897,000 | 10,462,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,100,000 | ' | ' | ' | 0 | 3,200,000 | 6,300,000 | ' | ' |
Revenues recognized under the AbbVie collaboration agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 46,900,000 | 68,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collaborative research period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' |
Deferred upfront payment recognition period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' |
Up-front license fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of up-front license fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,900,000 | 2,900,000 | 2,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $730,000 | $729,000 | $730,000 | $730,000 | $21,947,000 | $9,357,000 | $10,569,000 | $11,267,000 | $2,919,000 | $53,140,000 | $77,413,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100,000 | $100,000 | ' | ' | ' | ' | ' | ' |
Revenues_Recognized_under_Coll
Revenues Recognized under Collaboration Agreement with Abbvie Inc (Detail) (AbbVie, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
AbbVie | ' | ' | ' |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' | ' |
Milestones and amortization of up-front license fees | ' | $29.10 | $59 |
Sponsored research and development | ' | 17.8 | 9.1 |
Revenues recognized under the AbbVie collaboration agreement | $0 | $46.90 | $68.10 |
Revenues_Recognized_under_Coll1
Revenues Recognized under Collaboration Agreement with Boehringer Ingelheim (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' | ' |
Revenues recognized under the Boehringer Ingelheim collaboration agreement | ' | $18,897,000 | $10,462,000 |
Boehringer Ingelheim International GmbH | ' | ' | ' |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' | ' |
Milestones and amortization of up-front license fees | ' | 2,200,000 | 5,000,000 |
Sponsored research and development | ' | 1,000,000 | 1,300,000 |
Revenues recognized under the Boehringer Ingelheim collaboration agreement | $0 | $3,200,000 | $6,300,000 |
Investments_Detail
Investments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Investments [Line Items] | ' | ' |
Investments | $100,950 | $109,739 |
Certificates of deposit | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Investments | 11,012 | 12,434 |
Commercial paper | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Investments | 4,997 | 19,695 |
Corporate debt securities | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Investments | 77,441 | 77,610 |
Securities of government-sponsored entities | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Investments | $7,500 | ' |
Summary_of_Investments_Classif
Summary of Investments Classified as Available-For-Sale Securities (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Aggregate Estimated Fair Value | $100,950 | $109,739 | ||
Certificates of deposit | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Aggregate Estimated Fair Value | 11,012 | 12,434 | ||
Commercial paper | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Aggregate Estimated Fair Value | 4,997 | 19,695 | ||
Corporate debt securities | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Aggregate Estimated Fair Value | 77,441 | 77,610 | ||
Securities of government-sponsored entities | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Aggregate Estimated Fair Value | 7,500 | ' | ||
Short-term investments | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 100,945 | 109,261 | ||
Gross Unrealized Gains | 20 | [1] | 33 | [1] |
Gross Unrealized Losses | -15 | [1] | -35 | [1] |
Aggregate Estimated Fair Value | 100,950 | 109,259 | ||
Short-term investments | Certificates of deposit | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available for sale securities contractual maturity | '1 year | '1 year | ||
Amortized Cost | 11,018 | 11,960 | ||
Gross Unrealized Gains | 1 | [1] | ' | |
Gross Unrealized Losses | -7 | [1] | -6 | [1] |
Aggregate Estimated Fair Value | 11,012 | 11,954 | ||
Short-term investments | Commercial paper | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available for sale securities contractual maturity | '1 year | '1 year | ||
Amortized Cost | 4,997 | 19,713 | ||
Gross Unrealized Losses | ' | -18 | [1] | |
Aggregate Estimated Fair Value | 4,997 | 19,695 | ||
Short-term investments | Corporate debt securities | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available for sale securities contractual maturity | '1 year | '1 year | ||
Amortized Cost | 77,430 | 77,588 | ||
Gross Unrealized Gains | 19 | [1] | 33 | [1] |
Gross Unrealized Losses | -8 | [1] | -11 | [1] |
Aggregate Estimated Fair Value | 77,441 | 77,610 | ||
Short-term investments | Securities of government-sponsored entities | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available for sale securities contractual maturity | '1 year | ' | ||
Amortized Cost | 7,500 | ' | ||
Aggregate Estimated Fair Value | 7,500 | ' | ||
Long-term investments | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | ' | 480 | ||
Aggregate Estimated Fair Value | ' | 480 | ||
Long-term investments | Certificates of deposit | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | ' | 480 | ||
Aggregate Estimated Fair Value | ' | $480 | ||
Long-term investments | Certificates of deposit | Minimum | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available for sale securities contractual maturity | ' | '1 year | ||
Long-term investments | Certificates of deposit | Maximum | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available for sale securities contractual maturity | ' | '2 years | ||
[1] | Unrealized gains and losses are included in other comprehensive income. |
Sales_and_Maturities_of_Availa
Sales and Maturities of Available-For-Sale Investments (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Investments Schedule [Abstract] | ' | ' | ' |
Proceeds from sales/maturities of available-for-sale securities | $151,283 | $132,520 | $134,259 |
Gross realized gains on sales of available-for-sale securities | 2 | ' | ' |
Gross realized losses on sales of available-for-sale securities | ' | ' | 17 |
Gains reclassified out of accumulated other comprehensive (loss) income into earnings | $0 | $0 | $0 |
AvailableForSale_Investments_i
Available-For-Sale Investments in Unrealized Loss Position (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than 12 Months, Estimated Fair Value | $39,721 | $67,492 |
Less Than 12 Months, Unrealized Losses | -15 | -35 |
12 Months or Greater, Estimated Fair Value | 0 | 0 |
12 Months or Greater, Unrealized Losses | 0 | 0 |
Total Estimated Fair Value | 39,721 | 67,492 |
Total Unrealized Losses | -15 | -35 |
Certificates of deposit | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than 12 Months, Estimated Fair Value | 9,802 | 10,273 |
Less Than 12 Months, Unrealized Losses | -7 | -6 |
12 Months or Greater, Estimated Fair Value | 0 | 0 |
12 Months or Greater, Unrealized Losses | 0 | 0 |
Total Estimated Fair Value | 9,802 | 10,273 |
Total Unrealized Losses | -7 | -6 |
Commercial paper | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than 12 Months, Estimated Fair Value | ' | 19,695 |
Less Than 12 Months, Unrealized Losses | ' | -18 |
12 Months or Greater, Estimated Fair Value | ' | 0 |
12 Months or Greater, Unrealized Losses | ' | 0 |
Total Estimated Fair Value | ' | 19,695 |
Total Unrealized Losses | ' | -18 |
Corporate debt securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than 12 Months, Estimated Fair Value | 29,919 | 37,524 |
Less Than 12 Months, Unrealized Losses | -8 | -11 |
12 Months or Greater, Estimated Fair Value | 0 | 0 |
12 Months or Greater, Unrealized Losses | 0 | 0 |
Total Estimated Fair Value | 29,919 | 37,524 |
Total Unrealized Losses | ($8) | ($11) |
Assets_Measured_at_Fair_Value_
Assets Measured at Fair Value on Recurring Basis (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Carrying Value | $101 | $109.70 |
Fair Value, Measurements, Recurring | Investments Including Cash Equivalents And Restricted Cash | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Carrying Value | 150.2 | 177.8 |
Fair Value, Measurements, Recurring | Cash and Cash Equivalents | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Carrying Value | -49.2 | -68.1 |
Short-term investments | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Carrying Value | 145.8 | 173 |
Short-term investments | Fair Value, Measurements, Recurring | Cash and money market funds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Carrying Value | 34.9 | 53.2 |
Short-term investments | Fair Value, Measurements, Recurring | Certificates of deposit | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Carrying Value | 11 | 11.9 |
Short-term investments | Fair Value, Measurements, Recurring | Commercial paper | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Carrying Value | 5 | 25.7 |
Short-term investments | Fair Value, Measurements, Recurring | Securities of government-sponsored entities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Carrying Value | 7.5 | ' |
Short-term investments | Fair Value, Measurements, Recurring | Corporate debt securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Carrying Value | 87.4 | 82.2 |
Long-term investments | Fair Value, Measurements, Recurring | Certificates of deposit | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Carrying Value | 4.4 | 4.8 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | 11 | 12.4 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Investments Including Cash Equivalents And Restricted Cash | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | 50.3 | 69.9 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Cash and Cash Equivalents | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | 39.3 | 57.5 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Short-term investments | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | 45.9 | 65.1 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Short-term investments | Cash and money market funds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | 34.9 | 53.2 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Short-term investments | Certificates of deposit | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | 11 | 11.9 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Short-term investments | Commercial paper | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Short-term investments | Securities of government-sponsored entities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | 0 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Short-term investments | Corporate debt securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Long-term investments | Certificates of deposit | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | 4.4 | 4.8 |
Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | 90 | 97.3 |
Significant Other Observable Inputs (Level 2) | Investments Including Cash Equivalents And Restricted Cash | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | 99.9 | 107.9 |
Significant Other Observable Inputs (Level 2) | Cash and Cash Equivalents | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | 9.9 | 10.6 |
Significant Other Observable Inputs (Level 2) | Short-term investments | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | 99.9 | 107.9 |
Significant Other Observable Inputs (Level 2) | Short-term investments | Cash and money market funds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Short-term investments | Certificates of deposit | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Short-term investments | Commercial paper | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | 5 | 25.7 |
Significant Other Observable Inputs (Level 2) | Short-term investments | Securities of government-sponsored entities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | 7.5 | ' |
Significant Other Observable Inputs (Level 2) | Short-term investments | Corporate debt securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | 87.4 | 82.2 |
Significant Other Observable Inputs (Level 2) | Long-term investments | Certificates of deposit | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Investments Including Cash Equivalents And Restricted Cash | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Cash and Cash Equivalents | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Short-term investments | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Short-term investments | Cash and money market funds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Short-term investments | Certificates of deposit | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Short-term investments | Commercial paper | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Short-term investments | Securities of government-sponsored entities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | 0 | ' |
Significant Unobservable Inputs (Level 3) | Short-term investments | Corporate debt securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Long-term investments | Certificates of deposit | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | $0 | $0 |
Property_and_Equipment_Detail
Property and Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | $30,103 | $36,223 |
Less accumulated depreciation | -28,332 | -34,323 |
Property and equipment, net | 1,771 | 1,900 |
Tenant improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 1,195 | 1,195 |
Furniture and fixtures | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 819 | 819 |
Equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | $28,089 | $34,209 |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property Plant And Equipment [Abstract] | ' | ' | ' |
Depreciation | $700,000 | $700,000 | $700,000 |
Gain on disposal of capital equipment | $37,000 | $32,000 | $242,000 |
Accrued_Liabilities_Detail
Accrued Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Payables And Accruals [Abstract] | ' | ' |
Accrued employee related costs | $3,403 | $3,811 |
Accrued development costs | 1,387 | 1,231 |
Other accrued liabilities | 3,165 | 3,052 |
Accrued Liabilities, Current | $7,955 | $8,094 |
Recovered_Sheet3
Commitments and Contingencies - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||
Dec. 31, 2007 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2008 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2012 | Aug. 30, 2012 | Aug. 31, 2012 | Dec. 31, 2010 | Sep. 30, 2011 | Dec. 31, 2012 | Nov. 30, 2012 | |
Building | RenewalOptions | Minimum | Maximum | Sublease | Sublease | Sublease | Sublease | Second Sublease | Third Sublease | Third Sublease | ||||
sqft | sqft | sqft | sqft | |||||||||||
Commitment And Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of facility and associated real property | $109,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage debt retired | 47,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash received net of transaction costs and debt retirement | 61,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leaseback transaction lease period | '12 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of building leased | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net deferred gain on real estate sale | ' | 20,900,000 | ' | ' | 39,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred gain recognized on real estate sale | ' | 3,100,000 | 3,000,000 | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease expiration year | ' | '2019 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of management fee included in the base annual rent | ' | 3.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letter of credit | ' | 4,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease extension period | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of times to renew the lease contract | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subleased area | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,000 | 16,000 | 3,300 | ' | 14,000 |
Rental income from sublease agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | 100,000 | ' | 500,000 |
Sublease agreement period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '3 years | ' | '3 years 6 months |
Lease renewal additional periods | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '1 year | ' | '1 year |
Cease-use expense | ' | ' | 1,092,000 | 82,000 | ' | ' | ' | ' | 150,000 | ' | 2,500,000 | 300,000 | ' | 1,200,000 |
Deferred rent reversed | ' | ' | ' | ' | ' | ' | ' | 15,000 | ' | ' | 173,000 | 47,000 | 250,000 | ' |
Rent expense | ' | 5,900,000 | 5,900,000 | 6,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease period | ' | '12 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease expiration year | ' | '2019 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and investment required to be maintained | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Security deposit to be increased | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease cancellation, notice period | ' | ' | ' | ' | ' | '0 days | '180 days | ' | ' | ' | ' | ' | ' | ' |
Milestone payables | ' | $1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Royalty, rate | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' |
Changes_to_Accrued_CeaseUse_Li
Changes to Accrued Cease-Use Liability (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | |
Commitments And Contingencies Disclosure [Abstract] | ' | ' | |
Beginning balance | $3,686 | $2,592 | |
Impact of Sublease cease-use charges | ' | 1,360 | [1] |
Change in estimate | ' | -3 | |
Payments | -590 | -263 | |
Ending balance | $3,096 | $3,686 | |
[1] | Total sublease cease-use expense was offset by a related adjustment to deferred rent of approximately $265,000 during 2012. |
Changes_to_Accrued_CeaseUse_Li1
Changes to Accrued Cease-Use Liability (Parenthetical) (Detail) (Sublease, USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 |
Sublease | ' |
Lease Commitments And Contingencies [Line Items] | ' |
Deferred rent reversed | $265 |
Estimated_Future_Annual_Minimu
Estimated Future Annual Minimum Lease Payments (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | ' |
2014 | $7,169 |
2015 | 7,385 |
2016 | 7,606 |
2017 | 7,834 |
2018 | 8,070 |
Thereafter | 8,311 |
Total future minimum lease payments | $46,375 |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 16, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 16, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 16, 2014 | Dec. 31, 2013 | Jan. 16, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | 31-May-11 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Minimum | Maximum | Stock Options | Stock Options | Stock Options | Stock Options | Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | Share Based Compensation Arrangement Award | Due to Changes in the Plan | 2011 Plan | Prior Plans | Stock Options, Restricted Stock Units or Stock Bonus Plans | Stock Options and Restricted Stock Unit Plans | ||||
Subsequent Event | Minimum | Maximum | Subsequent Event | Minimum | Performance Based Vesting [Member] | Scenario, Previously Reported | ||||||||||||||||
Subsequent Event | ||||||||||||||||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common stock reserved for future issuance | 22,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,100,000 | ' | 7,000,000 | 4,200,000 | 8,900,000 | 6,200,000 |
Number of common stock available for future grant | 2,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation, term | ' | ' | ' | '3 years | '4 years | ' | ' | '7 years | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock, vesting period | '4 years | ' | ' | ' | ' | ' | '4 years | '3 years | '4 years | '4 years | ' | ' | ' | ' | '4 years | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation, contractual term | '10 years | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | ' | ' | ' | ' |
Assumption estimated forfeiture rate | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average fair values of options granted | $6.55 | $6.05 | $4.14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average remaining contractual term for options outstanding | '5 years 9 months 18 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation expense | $6,819,000 | $5,479,000 | $2,918,000 | ' | ' | $6,000,000 | ' | ' | ' | ' | $800,000 | $0 | $500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost | ' | ' | ' | ' | ' | 8,800,000 | ' | ' | ' | ' | 2,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock vesting period | ' | ' | ' | ' | ' | '2 years 1 month 6 days | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of stock options exercisable | 4,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options exercisable, weighted average exercise price | $7.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options exercisable, weighted-average remaining contractual term | '4 years 10 months 24 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options exercised in period intrinsic value | 6,000,000 | 943,000 | 423,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options intrinsic value of options outstanding and exercisable | 15,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash received from stock option exercises | 5,300,000 | 731,000 | 286,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options granted | 771,000 | 1,446,000 | 1,605,000 | ' | ' | ' | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation, exercise price | $9.24 | $8.50 | $5.90 | ' | ' | ' | $19.59 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total intrinsic value vested in period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 400,000 | 1,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intrinsic value outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock units granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 379,000 | ' | 50,000 | 400,000 | ' | 500,000 | ' | ' | ' | ' | ' | ' |
Compensation_Expense_Related_t
Compensation Expense Related to Share-Based Compensation (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Total share-based compensation expense | $6,819 | $5,479 | $2,918 |
General and Administrative Expense | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Total share-based compensation expense | 3,516 | 2,746 | 1,760 |
Research and Development Expense | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Total share-based compensation expense | $3,303 | $2,733 | $1,158 |
WeightedAverage_Assumptions_fo
Weighted-Average Assumptions for Stock Option Grants using Black-Scholes Option-Pricing Model (Detail) (Stock Options) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock Options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Risk-free interest rate | 1.40% | 1.30% | 1.40% |
Expected volatility of common stock | 76.00% | 79.00% | 82.00% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected option term | '7 years 3 months 18 days | '6 years 9 months 18 days | '6 years 2 months 12 days |
Summary_and_Changes_in_Stock_O
Summary and Changes in Stock Options Outstanding (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Shares | ' | ' | ' |
Outstanding, Beginning Balance | 6,166 | 5,315 | 4,047 |
Granted/amended | 771 | 1,446 | 1,605 |
Exercised | -904 | -209 | -94 |
Canceled | -180 | -386 | -243 |
Outstanding, Ending Balance | 5,853 | 6,166 | 5,315 |
Outstanding, Beginning Balance | $7.62 | $8.82 | $11.22 |
Granted/amended | $9.24 | $8.50 | $5.90 |
Exercised | $5.96 | $3.49 | $3.05 |
Canceled | $25.68 | $29.66 | $31.73 |
Outstanding, Ending Balance | $7.54 | $7.62 | $8.82 |
Summary_and_Changes_in_Restric
Summary and Changes in Restricted Stock Units Outstanding (Detail) (Restricted Stock Units (RSUs), USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restricted Stock Units (RSUs) | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Restricted stock units outstanding, Beginning Balance | ' | 50 | 287 |
Restricted stock units granted | 379 | ' | 50 |
Restricted stock units cancelled | -6 | ' | ' |
Restricted stock units converted into common shares | ' | -50 | -287 |
Restricted stock units outstanding Ending Balance | 373 | ' | 50 |
Restricted stock units outstanding Beginning Balance | ' | $5.88 | $5.08 |
Restricted stock units granted | $8.65 | ' | $5.88 |
Restricted stock units cancelled | $8.65 | ' | ' |
Restricted stock units converted into common shares | ' | $5.88 | $5.08 |
Restricted stock units outstanding Ending Balance | $8.65 | ' | $5.88 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Class of Stock [Line Items] | ' | ' | ' | ' |
Common stock issued | 10,900 | ' | ' | ' |
Common stock, offering price | $8.10 | ' | ' | ' |
Proceeds from common stock issuance | $83,000,000 | $5,302,000 | $83,702,000 | $286,000 |
Shelf Registration | Maximum | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Aggregate initial offering price of common stock | ' | ' | $150,000,000 | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 01, 2007 | |
Income Taxes [Line Items] | ' | ' | ' | ' |
Percentage of uncertain tax positions likelihood of being sustained | 50.00% | ' | ' | ' |
Unrecognized tax benefits | $23,131,000 | $21,672,000 | $20,237,000 | $0 |
Accrual interest or penalties | 0 | 0 | ' | ' |
Deferred tax assets | 341,700,000 | 321,200,000 | ' | ' |
Research and development tax credit carry forwards | 27,700,000 | 25,600,000 | ' | ' |
Net operating loss carry forwards related to stock option exercises | 18,200,000 | ' | ' | ' |
Deferred tax assets, valuation allowance | 341,700,000 | 321,200,000 | ' | ' |
Increases related to prior year tax positions | 543,000 | 1,434,000 | 19,922,000 | ' |
Increases related to current year tax positions | 916,000 | 165,000 | 395,000 | ' |
Unrecognized tax benefits that would affect effective tax rate | 19,600,000 | ' | ' | ' |
Federal | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' |
Operating loss carry forward, net | 624,900,000 | ' | ' | ' |
Operating loss carry forward beginning expiration year | '2021 | ' | ' | ' |
Research and development tax credit carry forwards | 32,600,000 | ' | ' | ' |
Alternative Minimum Tax credit carry forwards | 241,000 | ' | ' | ' |
Federal | R&D | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' |
Tax credit carry forwards beginning expiration year | '2018 | ' | ' | ' |
California | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' |
Operating loss carry forward, net | 612,300,000 | ' | ' | ' |
Operating loss carry forward beginning expiration year | '2015 | ' | ' | ' |
Research and development tax credit carry forwards | $22,700,000 | ' | ' | ' |
Components_of_Deferred_Tax_Ass
Components of Deferred Tax Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Net operating losses | $246,500 | $236,500 |
Research and development credits | 27,700 | 25,600 |
Capitalized research and development | 34,500 | 21,000 |
Share-based compensation expense | 5,200 | 4,900 |
Deferred revenue | 800 | 2,000 |
Deferred gain on sales leaseback | 8,500 | 9,800 |
Intangibles | 13,200 | 15,800 |
Cease-use expense | 1,300 | 1,500 |
Fixed assets | 300 | 200 |
Other | 3,700 | 3,900 |
Total deferred tax assets | 341,700 | 321,200 |
Valuation allowance | -341,700 | -321,200 |
Net deferred tax assets | $0 | $0 |
Provision_for_Income_Taxes_on_
Provision for Income Taxes on Earnings Subject to Income Taxes Differs from Statutory Federal Rate (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal income taxes at 35% | ($16,131) | $1,759 | $13,150 |
State income tax, net of Federal benefit | -2,611 | 406 | 2,230 |
Tax effect on non-deductible expenses | 7 | 9 | 43 |
Share-based compensation expense | 215 | 1,154 | 385 |
Expired tax attributes | 151 | 327 | 159 |
Research credits | -3,458 | -428 | -3,395 |
(Re-established)/removal of net operating losses and R&D credits | ' | ' | -278,778 |
Change in valuation allowance | 20,504 | -4,061 | 248,803 |
Uncertain tax positions | 1,283 | 876 | 17,432 |
Other | 40 | -42 | -29 |
Income Tax Expense (Benefit), Total | $0 | $0 | $0 |
Provision_for_Income_Taxes_on_1
Provision for Income Taxes on Earnings Subject to Income Taxes Differs from Statutory Federal Rate (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal income taxes, rate | 35.00% | 35.00% | 35.00% |
Activity_Related_to_Unrecogniz
Activity Related to Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 01, 2007 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Unrecognized tax benefit beginning Balance | $21,672 | $20,237 | ' | $0 |
Increases related to prior year tax positions | 543 | 1,434 | 19,922 | ' |
Increases related to current year tax positions | 916 | 165 | 395 | ' |
Expiration of the statute of limitations for the assessment of taxes | ' | -164 | -80 | ' |
Unrecognized tax benefit ending Balance | $23,131 | $21,672 | $20,237 | $0 |
Retirement_Plan_Additional_Inf
Retirement Plan - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Compensation And Retirement Disclosure [Abstract] | ' | ' | ' |
Defined contribution plan, maximum employee contribution percentage | 60.00% | ' | ' |
Defined contribution plan, employer contribution amount | $0.30 | $0.20 | $0.20 |
Summary_of_Quarterly_Results_o
Summary of Quarterly Results of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $730 | $729 | $730 | $730 | $21,947 | $9,357 | $10,569 | $11,267 | $2,919 | $53,140 | $77,413 |
Operating expenses | 12,260 | 12,735 | 13,897 | 13,705 | 13,365 | 13,319 | 11,949 | 13,059 | 52,597 | 51,692 | 43,491 |
Net income (loss) | ($10,642) | ($11,131) | ($12,242) | ($12,075) | $9,490 | ($3,078) | ($501) | ($886) | ($46,090) | $5,025 | $37,571 |
Net income (loss) per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | ($0.16) | ($0.17) | ($0.18) | ($0.18) | $0.14 | ($0.05) | ($0.01) | ($0.01) | ($0.69) | $0.08 | $0.68 |
Diluted | ($0.16) | ($0.17) | ($0.18) | ($0.18) | $0.14 | ($0.05) | ($0.01) | ($0.01) | ($0.69) | $0.08 | $0.67 |
Shares used in the calculation of net income (loss) per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | 67,346 | 67,199 | 66,799 | 66,600 | 66,406 | 66,342 | 66,309 | 63,409 | 66,989 | 65,619 | 55,176 |
Diluted | 67,346 | 67,199 | 66,799 | 66,600 | 67,720 | 66,342 | 66,309 | 63,409 | 66,989 | 66,946 | 56,347 |