Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 27, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'NBIX | ' |
Entity Registrant Name | 'NEUROCRINE BIOSCIENCES INC | ' |
Entity Central Index Key | '0000914475 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 76,005,155 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $29,046 | $44,789 |
Short-term investments, available for sale | 150,628 | 100,950 |
Other current assets | 4,194 | 2,723 |
Total current assets | 183,868 | 148,462 |
Property and equipment, net | 2,292 | 1,771 |
Long-term investments, available for sale | 67,148 | 0 |
Restricted cash | 4,443 | 4,443 |
Total assets | 257,751 | 154,676 |
Current liabilities: | ' | ' |
Accounts payable | 900 | 101 |
Accrued liabilities | 9,307 | 7,955 |
Current portion of cease-use liability | 454 | 416 |
Current portion of deferred rent | 85 | 0 |
Current portion of deferred gain on sale of real estate | 3,299 | 3,227 |
Total current liabilities | 14,045 | 11,699 |
Deferred gain on sale of real estate | 15,159 | 17,645 |
Deferred rent | 1,916 | 1,982 |
Cease-use liability | 2,334 | 2,680 |
Other liabilities | 260 | 260 |
Total liabilities | 33,714 | 34,266 |
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 75,996,384 as of September 30, 2014 and 67,351,195 as of December 31, 2013 | 76 | 67 |
Additional paid-in capital | 1,031,029 | 886,101 |
Accumulated other comprehensive (loss) gain | -207 | 5 |
Accumulated deficit | -806,861 | -765,763 |
Total stockholders' equity | 224,037 | 120,410 |
Total liabilities and stockholders' equity | $257,751 | $154,676 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
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 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 110,000,000 | 110,000,000 |
Common stock, shares issued | 75,996,384 | 67,351,195 |
Common stock, shares outstanding | 75,996,384 | 67,351,195 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues: | ' | ' | ' | ' |
License fees | $0 | $729 | $0 | $2,189 |
Total revenues | 0 | 729 | 0 | 2,189 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 12,194 | 9,490 | 30,927 | 30,330 |
General and administrative | 4,663 | 3,245 | 13,016 | 10,007 |
Total operating expenses | 16,857 | 12,735 | 43,943 | 40,337 |
Loss from operations | -16,857 | -12,006 | -43,943 | -38,148 |
Other income: | ' | ' | ' | ' |
Gain (loss) on sale/disposal of assets | 1 | 6 | -4 | 38 |
Deferred gain on real estate | 805 | 781 | 2,414 | 2,344 |
Investment income, net | 176 | 93 | 432 | 317 |
Other income (loss), net | 0 | -5 | 3 | 1 |
Total other income | 982 | 875 | 2,845 | 2,700 |
Net loss | -15,875 | -11,131 | -41,098 | -35,448 |
Net loss per common share: | ' | ' | ' | ' |
Basic and diluted | ($0.21) | ($0.17) | ($0.56) | ($0.53) |
Shares used in the calculation of net loss per common share: | ' | ' | ' | ' |
Basic and diluted | 75,948 | 67,199 | 74,050 | 66,868 |
Other comprehensive loss: | ' | ' | ' | ' |
Net loss | -15,875 | -11,131 | -41,098 | -35,448 |
Net unrealized (losses) gains on available-for-sale securities | -81 | 35 | -212 | -7 |
Comprehensive loss | ($15,956) | ($11,096) | ($41,310) | ($35,455) |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net loss | ($41,098) | ($35,448) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation and amortization | 603 | 515 |
Gain on sale of assets | -2,410 | -2,382 |
Deferred revenues | 0 | -2,189 |
Deferred rent | 19 | 115 |
Amortization of premiums on investments | 2,745 | 2,108 |
Non-cash share-based compensation expense | 7,938 | 5,123 |
Change in operating assets and liabilities: | ' | ' |
Receivables under collaboration agreements and other assets | -1,471 | 13,944 |
Accounts payable and accrued liabilities | 2,151 | -26 |
Cease-use liability | -308 | -488 |
Net cash used in operating activities | -31,831 | -18,728 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Purchases of investments | -241,156 | -130,379 |
Sales and maturities of investments | 121,373 | 115,306 |
Proceeds from sales of property and equipment | 45 | 38 |
Purchases of property and equipment | -1,173 | -354 |
Net cash used in investing activities | -120,911 | -15,389 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Issuance of common stock | 136,999 | 5,252 |
Net cash provided by financing activities | 136,999 | 5,252 |
Net decrease in cash and cash equivalents | -15,743 | -28,865 |
Cash and cash equivalents at beginning of the period | 44,789 | 63,754 |
Cash and cash equivalents at end of the period | $29,046 | $34,889 |
ORGANIZATION_AND_SIGNIFICANT_A
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES | ' |
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES | |
Description of Business. 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 research and development 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 antagonist for women’s health that is partnered with AbbVie Inc., and a wholly owned vesicular monoamine transporter 2 inhibitor for the treatment of movement disorders. | |
Basis of Presentation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the instructions of the Securities and Exchange Commission (SEC) on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. In the opinion of management, the condensed consolidated financial statements include all adjustments necessary, which are of a normal and recurring nature, for the fair presentation of the Company’s financial position and of the results of operations and cash flows for the periods presented. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. | |
These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2013 included in the Company’s Annual Report on Form 10-K filed with the SEC. The results of operations for the interim period shown in this report are not necessarily indicative of the results that may be expected for any other interim period or for the full year. The balance sheet at December 31, 2013 has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. | |
Impact of Recently Issued Accounting Standards. In May 2014, the Financial Accounting Standards Board amended the existing accounting standards for revenue recognition. The amendments are based on the principle that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for said goods or services. The Company is required to adopt the amendments beginning in 2017. Early adoption is not permitted. The amendments may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of initial application. The Company is currently evaluating the impact that these amendments will have on its consolidated financial statements. | |
Use of Estimates. The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. |
INVESTMENTS
INVESTMENTS | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Investments Schedule [Abstract] | ' | ||||||||||||||||||||||||
INVESTMENTS | ' | ||||||||||||||||||||||||
2. INVESTMENTS | |||||||||||||||||||||||||
Available-for-sale securities are carried at fair value, with the unrealized gains and losses reported in comprehensive 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 interest 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 interest income. | |||||||||||||||||||||||||
Investments consist of the following (in thousands): | |||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Certificates of deposit | $ | 18,619 | $ | 11,012 | |||||||||||||||||||||
Commercial paper | 15,487 | 4,997 | |||||||||||||||||||||||
Corporate debt securities | 182,858 | 77,441 | |||||||||||||||||||||||
Securities of government sponsored entities | 812 | 7,500 | |||||||||||||||||||||||
Total investments | $ | 217,776 | $ | 100,950 | |||||||||||||||||||||
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 | |||||||||||||||||||||||||
September 30, 2014: | |||||||||||||||||||||||||
Classified as current assets: | |||||||||||||||||||||||||
Certificates of deposit | Less than 1 | $ | 8,351 | $ | — | $ | (8 | ) | $ | 8,343 | |||||||||||||||
Commercial paper | Less than 1 | 15,486 | 4 | (3 | ) | 15,487 | |||||||||||||||||||
Corporate debt securities | Less than 1 | 126,023 | 14 | (51 | ) | 125,986 | |||||||||||||||||||
Securities of government sponsored entities | Less than 1 | 813 | — | (1 | ) | 812 | |||||||||||||||||||
Total short-term available for sale securities | $ | 150,673 | $ | 18 | $ | (63 | ) | $ | 150,628 | ||||||||||||||||
Classified as long-term assets: | |||||||||||||||||||||||||
Certificates of deposit | 2-Jan | 10,320 | — | (44 | ) | 10,276 | |||||||||||||||||||
Corporate debt securities | 2-Jan | 56,990 | 3 | (121 | ) | 56,872 | |||||||||||||||||||
Total long-term available for sale securities | 67,310 | 3 | (165 | ) | 67,148 | ||||||||||||||||||||
Total available-for-sale securities | $ | 217,983 | $ | 21 | $ | (228 | ) | $ | 217,776 | ||||||||||||||||
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 | ||||||||||||||||
-1 | Unrealized gains and losses are included in other comprehensive loss. | ||||||||||||||||||||||||
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 | Losses | Fair | Losses | Fair | Losses | ||||||||||||||||||||
Value | Value | Value | |||||||||||||||||||||||
September 30, 2014: | |||||||||||||||||||||||||
Certificates of deposit | $ | 17,418 | $ | (52 | ) | $ | — | $ | — | $ | 17,418 | $ | (52 | ) | |||||||||||
Commercial paper | 2,995 | (3 | ) | — | — | 2,995 | (3 | ) | |||||||||||||||||
Corporate debt securities | 143,140 | (172 | ) | — | — | 143,140 | (172 | ) | |||||||||||||||||
Securities of government sponsored entities | 812 | (1 | ) | — | — | 812 | (1 | ) | |||||||||||||||||
Total | $ | 164,365 | $ | (228 | ) | $ | — | $ | — | $ | 164,365 | $ | (228 | ) | |||||||||||
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 | ) | |||||||||||
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
FAIR VALUE MEASUREMENTS | ' | ||||||||||||||||
3. 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 three or nine months ended September 30, 2014. | |||||||||||||||||
The Company’s assets which were measured at fair value on a recurring basis as of September 30, 2014 and December 31, 2013 were determined using the inputs described above and are as follows (in millions): | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Carrying | Quoted Prices in | Significant Other | Significant | ||||||||||||||
Value | Active | Observable | Unobservable | ||||||||||||||
Markets for | Inputs | Inputs | |||||||||||||||
Identical Assets | (Level 2) | (Level 3) | |||||||||||||||
(Level 1) | |||||||||||||||||
September 30, 2014: | |||||||||||||||||
Classified as current assets: | |||||||||||||||||
Cash and money market funds | $ | 20.4 | $ | 20.4 | $ | — | $ | — | |||||||||
Certificates of deposit | 8.3 | 8.3 | — | — | |||||||||||||
Commercial paper | 15.5 | — | 15.5 | — | |||||||||||||
Securities of government sponsored entities | 0.8 | — | 0.8 | — | |||||||||||||
Corporate debt securities | 134.7 | — | 134.7 | — | |||||||||||||
Subtotal | 179.7 | 28.7 | 151 | — | |||||||||||||
Classified as long-term assets: | |||||||||||||||||
Certificates of deposit | 14.7 | 14.7 | — | — | |||||||||||||
Corporate debt securities | 56.9 | — | 56.9 | — | |||||||||||||
Total | 251.3 | 43.4 | 207.9 | — | |||||||||||||
Less cash, cash equivalents and restricted cash | (33.5 | ) | (24.8 | ) | (8.7 | ) | — | ||||||||||
Total investments | $ | 217.8 | $ | 18.6 | $ | 199.2 | $ | — | |||||||||
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 | $ | — | |||||||||
SHAREBASED_COMPENSATION
SHARE-BASED COMPENSATION | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
SHARE-BASED COMPENSATION | ' | ||||||||||||||||
4. SHARE-BASED COMPENSATION | |||||||||||||||||
The compensation expense related to the Company’s share-based compensation arrangements has been included in the condensed consolidated statements of comprehensive loss as follows (in millions): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
General and administrative | $ | 1.3 | $ | 0.9 | $ | 3.9 | $ | 2.6 | |||||||||
Research and development | 1.4 | 0.8 | $ | 4 | $ | 2.5 | |||||||||||
Total share-based compensation expense | $ | 2.7 | $ | 1.7 | $ | 7.9 | $ | 5.1 | |||||||||
The fair value of equity instruments that vest based on continued employee service, net of estimated forfeitures, is recognized and amortized on a straight-line basis over the requisite service period. For restricted stock units (RSUs) with performance-based vesting requirements (PRSUs), no expense is recorded until the performance condition is probable of being achieved. The Company estimates forfeiture rates for equity awards based on past behavior for similar equity awards with further consideration given to the class of employees to whom the equity awards were granted. | |||||||||||||||||
As of September 30, 2014, total unrecognized estimated compensation cost related to non-vested stock options and non-vested RSUs, that vest over a given service period, granted prior to that date was $14.2 million and $8.2 million, respectively, which is expected to be recognized over a weighted average period of approximately 2.7 years and 3.1 years, respectively. Additionally, the Company has approximately 0.5 million PRSUs outstanding. The total unrecognized estimated compensation cost related to these PRSUs is $9.3 million and is expected to be recognized at the point when the performance conditions have been achieved, which is when these events will become probable. | |||||||||||||||||
During the nine months ended September 30, 2014 and 2013, stock options to purchase approximately 0.6 million and 0.9 million shares of the Company’s common stock were exercised, respectively. The cash received by the Company from stock option exercises during the nine months ended September 30, 2014 and 2013 was approximately $3.8 million and $5.3 million, respectively. The Company also issued approximately 93,000 shares of common stock pursuant to the vesting of RSUs during the nine months ended September 30, 2014. | |||||||||||||||||
Stock Option Assumptions | |||||||||||||||||
The Company granted stock options to purchase approximately 0.9 million and 0.8 million shares of the Company’s common stock during the nine months ended September 30, 2014 and 2013, respectively. The Company did not grant any stock options during the three month periods ended September 30, 2014 or 2013. These stock options generally vest monthly over a four-year period. The exercise price of all stock options granted during the nine months ended September 30, 2014 and 2013 was equal to the closing price of the Company’s common stock on the date of grant. The estimated fair value of each stock option granted was determined on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions for the stock option grants: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Risk-free interest rate | — | — | 2.30% | 1.40% | |||||||||||||
Expected volatility of common stock | — | — | 71.20% | 75.80% | |||||||||||||
Dividend yield | — | — | 0.00% | 0.00% | |||||||||||||
Expected option term | — | — | 7.1 years | 7.3 years | |||||||||||||
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. 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. For the nine months ended September 30, 2014 and 2013, share-based compensation expense related to stock options was $6.0 million and $4.5 million, respectively. | |||||||||||||||||
Restricted Stock Units | |||||||||||||||||
During the nine months ended September 30, 2014, the Company granted approximately 0.4 million RSUs that vest annually over a four year period. Additionally, during the nine months ended September 30, 2014, the Company granted approximately 0.5 million PRSUs that vest based on the achievement of pre-defined Company-specific performance criteria and expire five years from the grant date. As the performance based criteria for vesting for the PRSUs is not currently probable, no associated expense has been recorded for the PRSUs during the three or nine months ended September 30, 2014. | |||||||||||||||||
During the nine months ended September 30, 2013, the Company granted approximately 0.4 million RSUs that vest annually over a four year period. The fair value of RSUs is estimated based on the closing sale price of the Company’s common stock on the date of the RSU grant. For the nine months ended September 30, 2014 and 2013, share-based compensation expense related to RSUs was $1.9 million and $0.6 million, respectively. |
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 9 Months Ended |
Sep. 30, 2014 | |
Equity [Abstract] | ' |
STOCKHOLDERS' EQUITY | ' |
5. STOCKHOLDERS’ EQUITY | |
Equity Financing | |
In February 2014, the Company completed a public offering of common stock in which the Company sold 8.0 million shares of its common stock at an offering price of $17.75 per share. The net proceeds generated from this transaction, after underwriting discounts and commissions and offering costs were approximately $133.2 million. | |
Shelf Registration Statements | |
In February 2014, the Company filed an automatic shelf registration statement which immediately became effective by rule of the SEC. For so long as the Company continues to satisfy the requirements to be deemed a well-known seasoned issuer, this shelf registration statement allows the Company to issue an unlimited number of shares of its common stock from time to time. As of September 30, 2014, the Company had sold 8.0 million shares under this 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. As of September 30, 2014, the Company had not sold any shares under this shelf registration statement. | |
The specific terms of future offerings, if any, under any of the shelf registration statements would be established at the time of such offerings. |
REAL_ESTATE
REAL ESTATE | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Leases [Abstract] | ' | ||||||||||||||||
REAL ESTATE | ' | ||||||||||||||||
6. 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. The Company recognized $2.4 million and $2.3 million of the deferred gain during the nine months ended September 30, 2014 and 2013, respectively, and will recognize the remaining $18.5 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 initial 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, each 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, each 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, and was extended for the one-year renewal period. 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, each 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, each being recorded in December 2012. | |||||||||||||||||
The following table sets forth changes to the accrued cease-use liability during the three and nine months ended September 30, 2014 and 2013 (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Beginning balance | $ | 2,892 | $ | 3,295 | $ | 3,096 | $ | 3,686 | |||||||||
Payments | (104 | ) | (97 | ) | (308 | ) | (488 | ) | |||||||||
Ending balance | $ | 2,788 | $ | 3,198 | $ | 2,788 | $ | 3,198 | |||||||||
LOSS_PER_COMMON_SHARE
LOSS PER COMMON SHARE | 9 Months Ended |
Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ' |
LOSS PER COMMON SHARE | ' |
7. LOSS PER COMMON SHARE | |
The Company computes basic net loss per share using the weighted average number of common shares outstanding during the period. Diluted net loss per share is computed by dividing the net loss for the period by the weighted average number of common and common equivalent shares outstanding during the period. Additionally, potentially dilutive securities, composed of incremental common shares issuable upon the exercise of stock options and warrants and the vesting of RSUs, are excluded from the diluted loss per share calculation because of their anti-dilutive effect. | |
For the three and nine months ended September 30, 2014, the Company realized a net loss of $15.9 million and $41.1 million, respectively. Potentially dilutive securities totaled approximately 2.8 million for each of the three and nine month periods ended September 30, 2014, respectively. Options to purchase approximately 0.9 million shares of common stock were outstanding during each of the three and nine month periods ended September 30, 2014, with an exercise price greater than the average market price of the underlying common shares. | |
For the three and nine months ended September 30, 2013, the Company realized a net loss of $11.1 million and $35.4 million, respectively. Potentially dilutive securities totaled approximately 2.5 million and 2.2 million for the three and nine months ended September 30, 2013, respectively. Options to purchase approximately 0.1 million and 0.3 million shares of common stock were outstanding during the three and nine months ended September 30, 2013, respectively, with an exercise price greater than the average market price of the underlying common shares. |
RESEARCH_AND_DEVELOPMENT
RESEARCH AND DEVELOPMENT | 9 Months Ended |
Sep. 30, 2014 | |
Research and Development [Abstract] | ' |
RESEARCH AND DEVELOPMENT | ' |
8. RESEARCH AND DEVELOPMENT | |
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. |
ORGANIZATION_AND_SIGNIFICANT_A1
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Description of Business | ' |
Description of Business. 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 research and development 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 antagonist for women’s health that is partnered with AbbVie Inc., and a wholly owned vesicular monoamine transporter 2 inhibitor for the treatment of movement disorders. | |
Basis of Presentation | ' |
Basis of Presentation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the instructions of the Securities and Exchange Commission (SEC) on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. In the opinion of management, the condensed consolidated financial statements include all adjustments necessary, which are of a normal and recurring nature, for the fair presentation of the Company’s financial position and of the results of operations and cash flows for the periods presented. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. | |
These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2013 included in the Company’s Annual Report on Form 10-K filed with the SEC. The results of operations for the interim period shown in this report are not necessarily indicative of the results that may be expected for any other interim period or for the full year. The balance sheet at December 31, 2013 has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. | |
Impact of Recently Issued Accounting Standards | ' |
Impact of Recently Issued Accounting Standards. In May 2014, the Financial Accounting Standards Board amended the existing accounting standards for revenue recognition. The amendments are based on the principle that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for said goods or services. The Company is required to adopt the amendments beginning in 2017. Early adoption is not permitted. The amendments may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of initial application. The Company is currently evaluating the impact that these amendments will have on its consolidated financial statements. | |
Use of Estimates | ' |
Use of Estimates. The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. |
INVESTMENTS_Tables
INVESTMENTS (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Investments Schedule [Abstract] | ' | ||||||||||||||||||||||||
Investments | ' | ||||||||||||||||||||||||
Investments consist of the following (in thousands): | |||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Certificates of deposit | $ | 18,619 | $ | 11,012 | |||||||||||||||||||||
Commercial paper | 15,487 | 4,997 | |||||||||||||||||||||||
Corporate debt securities | 182,858 | 77,441 | |||||||||||||||||||||||
Securities of government sponsored entities | 812 | 7,500 | |||||||||||||||||||||||
Total investments | $ | 217,776 | $ | 100,950 | |||||||||||||||||||||
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 | |||||||||||||||||||||||||
September 30, 2014: | |||||||||||||||||||||||||
Classified as current assets: | |||||||||||||||||||||||||
Certificates of deposit | Less than 1 | $ | 8,351 | $ | — | $ | (8 | ) | $ | 8,343 | |||||||||||||||
Commercial paper | Less than 1 | 15,486 | 4 | (3 | ) | 15,487 | |||||||||||||||||||
Corporate debt securities | Less than 1 | 126,023 | 14 | (51 | ) | 125,986 | |||||||||||||||||||
Securities of government sponsored entities | Less than 1 | 813 | — | (1 | ) | 812 | |||||||||||||||||||
Total short-term available for sale securities | $ | 150,673 | $ | 18 | $ | (63 | ) | $ | 150,628 | ||||||||||||||||
Classified as long-term assets: | |||||||||||||||||||||||||
Certificates of deposit | 2-Jan | 10,320 | — | (44 | ) | 10,276 | |||||||||||||||||||
Corporate debt securities | 2-Jan | 56,990 | 3 | (121 | ) | 56,872 | |||||||||||||||||||
Total long-term available for sale securities | 67,310 | 3 | (165 | ) | 67,148 | ||||||||||||||||||||
Total available-for-sale securities | $ | 217,983 | $ | 21 | $ | (228 | ) | $ | 217,776 | ||||||||||||||||
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 | ||||||||||||||||
-1 | Unrealized gains and losses are included in other comprehensive loss. | ||||||||||||||||||||||||
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 | Losses | Fair | Losses | Fair | Losses | ||||||||||||||||||||
Value | Value | Value | |||||||||||||||||||||||
September 30, 2014: | |||||||||||||||||||||||||
Certificates of deposit | $ | 17,418 | $ | (52 | ) | $ | — | $ | — | $ | 17,418 | $ | (52 | ) | |||||||||||
Commercial paper | 2,995 | (3 | ) | — | — | 2,995 | (3 | ) | |||||||||||||||||
Corporate debt securities | 143,140 | (172 | ) | — | — | 143,140 | (172 | ) | |||||||||||||||||
Securities of government sponsored entities | 812 | (1 | ) | — | — | 812 | (1 | ) | |||||||||||||||||
Total | $ | 164,365 | $ | (228 | ) | $ | — | $ | — | $ | 164,365 | $ | (228 | ) | |||||||||||
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 | ) | |||||||||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Assets Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||
The Company’s assets which were measured at fair value on a recurring basis as of September 30, 2014 and December 31, 2013 were determined using the inputs described above and are as follows (in millions): | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Carrying | Quoted Prices in | Significant Other | Significant | ||||||||||||||
Value | Active | Observable | Unobservable | ||||||||||||||
Markets for | Inputs | Inputs | |||||||||||||||
Identical Assets | (Level 2) | (Level 3) | |||||||||||||||
(Level 1) | |||||||||||||||||
September 30, 2014: | |||||||||||||||||
Classified as current assets: | |||||||||||||||||
Cash and money market funds | $ | 20.4 | $ | 20.4 | $ | — | $ | — | |||||||||
Certificates of deposit | 8.3 | 8.3 | — | — | |||||||||||||
Commercial paper | 15.5 | — | 15.5 | — | |||||||||||||
Securities of government sponsored entities | 0.8 | — | 0.8 | — | |||||||||||||
Corporate debt securities | 134.7 | — | 134.7 | — | |||||||||||||
Subtotal | 179.7 | 28.7 | 151 | — | |||||||||||||
Classified as long-term assets: | |||||||||||||||||
Certificates of deposit | 14.7 | 14.7 | — | — | |||||||||||||
Corporate debt securities | 56.9 | — | 56.9 | — | |||||||||||||
Total | 251.3 | 43.4 | 207.9 | — | |||||||||||||
Less cash, cash equivalents and restricted cash | (33.5 | ) | (24.8 | ) | (8.7 | ) | — | ||||||||||
Total investments | $ | 217.8 | $ | 18.6 | $ | 199.2 | $ | — | |||||||||
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 | $ | — | |||||||||
SHAREBASED_COMPENSATION_Tables
SHARE-BASED COMPENSATION (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Compensation Expenses Related to Share Based Compensation | ' | ||||||||||||||||
The compensation expense related to the Company’s share-based compensation arrangements has been included in the condensed consolidated statements of comprehensive loss as follows (in millions): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
General and administrative | $ | 1.3 | $ | 0.9 | $ | 3.9 | $ | 2.6 | |||||||||
Research and development | 1.4 | 0.8 | $ | 4 | $ | 2.5 | |||||||||||
Total share-based compensation expense | $ | 2.7 | $ | 1.7 | $ | 7.9 | $ | 5.1 | |||||||||
Weighted-Average Assumptions for Stock Option Grants using Black-Scholes Option-Pricing Model | ' | ||||||||||||||||
The estimated fair value of each stock option granted was determined on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions for the stock option grants: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Risk-free interest rate | — | — | 2.30% | 1.40% | |||||||||||||
Expected volatility of common stock | — | — | 71.20% | 75.80% | |||||||||||||
Dividend yield | — | — | 0.00% | 0.00% | |||||||||||||
Expected option term | — | — | 7.1 years | 7.3 years | |||||||||||||
REAL_ESTATE_Tables
REAL ESTATE (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Leases [Abstract] | ' | ||||||||||||||||
Changes to Accrued Cease-Use Liability | ' | ||||||||||||||||
The following table sets forth changes to the accrued cease-use liability during the three and nine months ended September 30, 2014 and 2013 (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Beginning balance | $ | 2,892 | $ | 3,295 | $ | 3,096 | $ | 3,686 | |||||||||
Payments | (104 | ) | (97 | ) | (308 | ) | (488 | ) | |||||||||
Ending balance | $ | 2,788 | $ | 3,198 | $ | 2,788 | $ | 3,198 | |||||||||
Investments_Detail
Investments (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Investments [Line Items] | ' | ' |
Investments | $217,776 | $100,950 |
Certificates of deposit | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Investments | 18,619 | 11,012 |
Commercial paper | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Investments | 15,487 | 4,997 |
Corporate debt securities | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Investments | 182,858 | 77,441 |
Securities of government-sponsored entities | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Investments | $812 | $7,500 |
Summary_of_Investments_Classif
Summary of Investments Classified as Available-For-Sale Securities (Detail) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | $217,983 | ' | ||
Gross Unrealized Gains | 21 | [1] | ' | |
Gross Unrealized Losses | -228 | [1] | ' | |
Aggregate Estimated Fair Value | 217,776 | 100,950 | ||
Certificates of deposit | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Aggregate Estimated Fair Value | 18,619 | 11,012 | ||
Commercial paper | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Aggregate Estimated Fair Value | 15,487 | 4,997 | ||
Corporate debt securities | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Aggregate Estimated Fair Value | 182,858 | 77,441 | ||
Securities of government-sponsored entities | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Aggregate Estimated Fair Value | 812 | 7,500 | ||
Short-term investments | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 150,673 | 100,945 | ||
Gross Unrealized Gains | 18 | [1] | 20 | [1] |
Gross Unrealized Losses | -63 | [1] | -15 | [1] |
Aggregate Estimated Fair Value | 150,628 | 100,950 | ||
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 | 8,351 | 11,018 | ||
Gross Unrealized Gains | 0 | [1] | 1 | [1] |
Gross Unrealized Losses | -8 | [1] | -7 | [1] |
Aggregate Estimated Fair Value | 8,343 | 11,012 | ||
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 | 15,486 | 4,997 | ||
Gross Unrealized Gains | 4 | [1] | 0 | [1] |
Gross Unrealized Losses | -3 | [1] | 0 | [1] |
Aggregate Estimated Fair Value | 15,487 | 4,997 | ||
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 | 126,023 | 77,430 | ||
Gross Unrealized Gains | 14 | [1] | 19 | [1] |
Gross Unrealized Losses | -51 | [1] | -8 | [1] |
Aggregate Estimated Fair Value | 125,986 | 77,441 | ||
Short-term investments | Securities of government-sponsored entities | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available for sale securities contractual maturity | '1 year | '1 year | ||
Amortized Cost | 813 | 7,500 | ||
Gross Unrealized Gains | 0 | [1] | 0 | [1] |
Gross Unrealized Losses | -1 | [1] | 0 | [1] |
Aggregate Estimated Fair Value | 812 | 7,500 | ||
Long-term investments | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 67,310 | ' | ||
Gross Unrealized Gains | 3 | [1] | ' | |
Gross Unrealized Losses | -165 | [1] | ' | |
Aggregate Estimated Fair Value | 67,148 | ' | ||
Long-term investments | Certificates of deposit | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 10,320 | ' | ||
Gross Unrealized Gains | 0 | [1] | ' | |
Gross Unrealized Losses | -44 | [1] | ' | |
Aggregate Estimated Fair Value | 10,276 | ' | ||
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 | ' | ||
Long-term investments | Corporate debt securities | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 56,990 | ' | ||
Gross Unrealized Gains | 3 | [1] | ' | |
Gross Unrealized Losses | -121 | [1] | ' | |
Aggregate Estimated Fair Value | $56,872 | ' | ||
Long-term investments | Corporate debt securities | Minimum | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available for sale securities contractual maturity | '1 year | ' | ||
Long-term investments | Corporate debt securities | 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 loss. |
AvailableForSale_Investments_i
Available-For-Sale Investments in Unrealized Loss Position (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than 12 Months, Estimated Fair Value | $164,365 | $39,721 |
Less Than 12 Months, Unrealized Losses | -228 | -15 |
12 Months or Greater, Estimated Fair Value | 0 | 0 |
12 Months or Greater, Unrealized Losses | 0 | 0 |
Total Estimated Fair Value | 164,365 | 39,721 |
Total Unrealized Losses | -228 | -15 |
Certificates of deposit | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than 12 Months, Estimated Fair Value | 17,418 | 9,802 |
Less Than 12 Months, Unrealized Losses | -52 | -7 |
12 Months or Greater, Estimated Fair Value | 0 | 0 |
12 Months or Greater, Unrealized Losses | 0 | 0 |
Total Estimated Fair Value | 17,418 | 9,802 |
Total Unrealized Losses | -52 | -7 |
Commercial paper | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than 12 Months, Estimated Fair Value | 2,995 | ' |
Less Than 12 Months, Unrealized Losses | -3 | ' |
12 Months or Greater, Estimated Fair Value | 0 | ' |
12 Months or Greater, Unrealized Losses | 0 | ' |
Total Estimated Fair Value | 2,995 | ' |
Total Unrealized Losses | -3 | ' |
Corporate debt securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than 12 Months, Estimated Fair Value | 143,140 | 29,919 |
Less Than 12 Months, Unrealized Losses | -172 | -8 |
12 Months or Greater, Estimated Fair Value | 0 | 0 |
12 Months or Greater, Unrealized Losses | 0 | 0 |
Total Estimated Fair Value | 143,140 | 29,919 |
Total Unrealized Losses | -172 | -8 |
Securities of government-sponsored entities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than 12 Months, Estimated Fair Value | 812 | ' |
Less Than 12 Months, Unrealized Losses | -1 | ' |
12 Months or Greater, Estimated Fair Value | 0 | ' |
12 Months or Greater, Unrealized Losses | 0 | ' |
Total Estimated Fair Value | 812 | ' |
Total Unrealized Losses | ($1) | ' |
Assets_Measured_at_Fair_Value_
Assets Measured at Fair Value on Recurring Basis (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Carrying Value | $217.80 | $101 |
Investments Including Cash Equivalents And Restricted Cash | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Carrying Value | 251.3 | 150.2 |
Cash and Cash Equivalents | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Carrying Value | -33.5 | -49.2 |
Short-term investments | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Carrying Value | 179.7 | 145.8 |
Short-term investments | Cash and money market funds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Carrying Value | 20.4 | 34.9 |
Short-term investments | Certificates of deposit | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Carrying Value | 8.3 | 11 |
Short-term investments | Commercial paper | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Carrying Value | 15.5 | 5 |
Short-term investments | Securities of government-sponsored entities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Carrying Value | 0.8 | 7.5 |
Short-term investments | Corporate debt securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Carrying Value | 134.7 | 87.4 |
Long-term investments | Certificates of deposit | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Carrying Value | 14.7 | 4.4 |
Long-term investments | Corporate bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Carrying Value | 56.9 | ' |
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 | 18.6 | 11 |
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 | 43.4 | 50.3 |
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 | -24.8 | -39.3 |
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 | 28.7 | 45.9 |
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 | 20.4 | 34.9 |
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 | 8.3 | 11 |
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 | 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 | 14.7 | 4.4 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Long-term investments | Corporate bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | 0 | ' |
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 | 199.2 | 90 |
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 | 207.9 | 99.9 |
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 | -8.7 | -9.9 |
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 | 151 | 99.9 |
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 | 15.5 | 5 |
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 | 0.8 | 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 | 134.7 | 87.4 |
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 Other Observable Inputs (Level 2) | Long-term investments | Corporate bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | 56.9 | ' |
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 | 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 |
Significant Unobservable Inputs (Level 3) | Long-term investments | Corporate bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets on recurring basis | $0 | ' |
Compensation_Expense_Related_t
Compensation Expense Related to Share-Based Compensation (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Total share-based compensation expense | $2,700,000 | $1,700,000 | $7,900,000 | $5,100,000 |
General and Administrative Expense | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Total share-based compensation expense | 1,300,000 | 900,000 | 3,900,000 | 2,600,000 |
Research and Development Expense | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Total share-based compensation expense | $1,400,000 | $800,000 | $4,000,000 | $2,500,000 |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Stock option exercised | ' | ' | 600,000 | 900,000 |
Cash received from stock option exercises | ' | ' | $3,800,000 | $5,300,000 |
Common stock issued pursuant to the vesting of restricted stock units (RSUs) | ' | ' | 93,000 | ' |
Stock options granted | 0 | 0 | 900,000 | 800,000 |
Share-based compensation expense | 2,700,000 | 1,700,000 | 7,900,000 | 5,100,000 |
Restricted Stock Units (RSUs) | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Unrecognized compensation cost | 8,200,000 | ' | 8,200,000 | ' |
Unrecognized compensation cost, weighted average period of recognition | ' | ' | '3 years 1 month 6 days | ' |
Stock vesting period | ' | ' | '4 years | '4 years |
Share-based compensation expense | ' | ' | 1,900,000 | 600,000 |
Restricted stock units granted | ' | ' | 400,000 | 400,000 |
Stock Options | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Unrecognized compensation cost | 14,200,000 | ' | 14,200,000 | ' |
Unrecognized compensation cost, weighted average period of recognition | ' | ' | '2 years 8 months 12 days | ' |
Stock vesting period | ' | ' | '4 years | ' |
Share-based compensation expense | ' | ' | 6,000,000 | 4,500,000 |
Performance-based RSUs | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Unrecognized compensation cost | 9,300,000 | ' | 9,300,000 | ' |
RSU with performance-based vesting requirements outstanding | 500,000 | ' | 500,000 | ' |
Stock vesting period | ' | ' | '5 years | ' |
Share-based compensation expense | $0 | ' | $0 | ' |
Restricted stock units granted | ' | ' | 500,000 | ' |
WeightedAverage_Assumptions_fo
Weighted-Average Assumptions for Stock Option Grants using Black-Scholes Option-Pricing Model (Detail) (Stock Options) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Stock Options | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Risk-free interest rate | 0.00% | 0.00% | 2.30% | 1.40% |
Expected volatility of common stock | 0.00% | 0.00% | 71.20% | 75.80% |
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Expected option term | '0 years | '0 years | '7 years 1 month 6 days | '7 years 3 months 18 days |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | |||
Share data in Millions, except Per Share data, unless otherwise specified | Feb. 28, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2012 |
Shelf Registration | Shelf Registration | ||||
Maximum | |||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' |
Common stock issued | 8 | ' | ' | 8 | ' |
Common stock, offering price | $17.75 | ' | ' | ' | ' |
Proceeds from common stock issuance | $133,200,000 | $136,999,000 | $5,252,000 | ' | ' |
Aggregate initial offering price of common stock | ' | ' | ' | ' | $150,000,000 |
Real_Estate_Additional_Informa
Real Estate - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | 1 Months Ended | |||||||
Dec. 31, 2007 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2008 | Sep. 30, 2012 | Aug. 31, 2012 | Dec. 31, 2010 | Dec. 31, 2012 | Nov. 30, 2012 | Sep. 30, 2011 | |
Building | RenewalOptions | Sublease | Sublease | Sublease | Third Sublease | Third Sublease | Second Sublease | |||
sqft | sqft | sqft | sqft | |||||||
Real Estate Properties [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 | ' | 18,500,000 | ' | 39,100,000 | ' | ' | ' | ' | ' | ' |
Deferred gain recognized on real estate sale | ' | 2,400,000 | 2,300,000 | ' | ' | ' | ' | ' | ' | ' |
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 | ' | 14,000 | 3,300 |
Rental income from sublease agreement | ' | ' | ' | ' | ' | ' | 600,000 | ' | 500,000 | 100,000 |
Sublease agreement period | ' | ' | ' | ' | ' | ' | '3 years | ' | '3 years 6 months | '3 years |
Lease renewal additional periods | ' | ' | ' | ' | ' | ' | '1 year | ' | '1 year | '1 year |
Cease-use expense | ' | ' | ' | ' | ' | 150,000 | 2,500,000 | ' | 1,200,000 | 300,000 |
Deferred rent reversed | ' | ' | ' | ' | $15,000 | ' | $173,000 | $250,000 | ' | $47,000 |
Lease renewal extended additional periods | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year |
Changes_to_Accrued_CeaseUse_Li
Changes to Accrued Cease-Use Liability (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' | ' |
Beginning balance | $2,892 | $3,295 | $3,096 | $3,686 |
Payments | -104 | -97 | -308 | -488 |
Ending balance | $2,788 | $3,198 | $2,788 | $3,198 |
Loss_Per_Common_Share_Addition
Loss Per Common Share - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data in Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net loss | ($15,875) | ($11,131) | ($41,098) | ($35,448) |
Potentially dilutive securities | 2.8 | 2.5 | 2.8 | 2.2 |
Shares of common stock excluded from computation of diluted earnings per share outstanding | 0.9 | 0.1 | 0.9 | 0.3 |