Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 29, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'LA JOLLA PHARMACEUTICAL CO | ' |
Entity Central Index Key | '0000920465 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 7,867,199 |
Condensed_Balance_Sheets
Condensed Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $5,885 | $8,629 |
Restricted cash | 37 | 37 |
Prepaids | 156 | 43 |
Total current assets | 6,078 | 8,709 |
Equipment and furnishings, net | 51 | 38 |
Total assets | 6,129 | 8,747 |
Current liabilities: | ' | ' |
Accounts payable | 562 | 834 |
Accrued expenses | 262 | 187 |
Accrued payroll and related expenses | 82 | 73 |
Total current liabilities | 906 | 1,094 |
Commitments | ' | ' |
Stockholders’ equity: | ' | ' |
Common stock, $ 0.0001 par value; 12,000,000,000 shares authorized, 7,257,033 and 4,404,407 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively | 4 | 4 |
Additional paid-in capital | 467,189 | 462,684 |
Accumulated deficit | -470,429 | -465,301 |
Total stockholders’ equity | 5,223 | 7,653 |
Total liabilities and stockholders' equity | 6,129 | 8,747 |
Series C-1 Convertible Preferred Stock | ' | ' |
Stockholders’ equity: | ' | ' |
Convertible preferred stock, value | 5,393 | 7,016 |
Series F Convertible Preferred Stock | ' | ' |
Stockholders’ equity: | ' | ' |
Convertible preferred stock, value | $3,066 | $3,250 |
Condensed_Balance_Sheets_Paren
Condensed Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 12,000,000,000 | 12,000,000,000 |
Common stock, shares issued | 7,257,033 | 4,404,407 |
Common stock, shares outstanding | 7,257,033 | 4,404,407 |
Preferred stock, par value | $0.00 | ' |
Preferred stock, shares authorized | 8,000,000 | ' |
Series C-1 Convertible Preferred Stock | ' | ' |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 11,000 | 11,000 |
Preferred stock, shares issued | 5,393 | 7,016 |
Preferred stock, shares outstanding | 5,393 | 7,016 |
Series F Convertible Preferred Stock | ' | ' |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000 | 10,000 |
Preferred stock, shares issued | 3,066 | 3,250 |
Preferred stock, shares outstanding | 3,066 | 3,250 |
Unaudited_Condensed_Statements
Unaudited Condensed Statements of Operations and Comprehensive Loss (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Expenses: | ' | ' |
Research and development | $1,996 | $655 |
General and administrative | 3,134 | 3,548 |
Total expenses | 5,130 | 4,203 |
Loss from operations | -5,130 | -4,203 |
Other income: | ' | ' |
Other income, net | 2 | 1 |
Net loss and comprehensive loss | -5,128 | -4,202 |
Preferred stock dividends earned | 0 | -93 |
Net loss attributable to common stockholders | ($5,128) | ($4,295) |
Net loss per share basic and diluted | ($0.93) | ($12.26) |
Shares used in computing basic and diluted net loss per share | 5,535 | 350 |
Unaudited_Condensed_Statements1
Unaudited Condensed Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating activities | ' | ' |
Net loss | ($5,128) | ($4,202) |
Adjustments to reconcile net loss to net cash used for operating activities: | ' | ' |
Share-based compensation expense | 2,698 | 3,530 |
Depreciation expense | 2 | 0 |
Changes in operating assets and liabilities: | ' | ' |
Restricted cash | 0 | -37 |
Prepaids and other current assets | -113 | -51 |
Accounts payable and accrued expenses | -197 | 46 |
Accrued payroll and related expenses | 9 | 9 |
Net cash used for operating activities | -2,729 | -705 |
Investing activities | ' | ' |
Purchase of equipment and furnishings | -15 | 0 |
Net cash used for investing activities | -15 | 0 |
Net decrease in cash and cash equivalents | -2,744 | -705 |
Cash and cash equivalents at beginning of period | 8,629 | 3,405 |
Cash, cash equivalents at end of period | 5,885 | 2,700 |
Conversion of Series C-1 Preferred Stock into Common Stock [Member] | ' | ' |
Non-cash investing and financing activity | ' | ' |
Conversion of preferred stock into common stock | 1,623 | 7 |
Conversion of Series D-1 Preferred Stock into Common Stock [Member] | ' | ' |
Non-cash investing and financing activity | ' | ' |
Conversion of preferred stock into common stock | 0 | 13 |
Conversion of Series F Preferred Stock into Common Stock [Member] | ' | ' |
Non-cash investing and financing activity | ' | ' |
Conversion of preferred stock into common stock | $184 | $0 |
Basis_of_Presentation_and_Desc
Basis of Presentation and Description of Business | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation and Description of Business | ' |
Basis of Presentation and Description of Business | |
La Jolla Pharmaceutical Company (the "Company") is a biopharmaceutical company focused on the discovery, development and commercialization of innovative therapeutics intended to significantly improve outcomes in patients with life-threatening diseases. | |
Basis of Presentation | |
The accompanying unaudited condensed financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of the Securities and Exchange Commission (“SEC”) Regulation S-X. Accordingly, they should be read in conjunction with the audited consolidated financial statements and notes thereto for the fiscal year ended December 31, 2013, included in our Annual Report on Form 10-K filed with the SEC on March 31, 2014. The unaudited financial statements contain all normal recurring accruals and adjustments that, in the opinion of management, are necessary to present fairly the condensed balance sheets of the Company at March 31, 2014, the condensed statements of operations and comprehensive loss for the three months ended March 31, 2014, and the condensed statements of cash flows for the three months ended March 31, 2014. All intercompany accounts and transactions have been eliminated. It should be understood that accounting measurements at interim dates inherently involve greater reliance on estimates than at year end. The results of operations for the three months ended March 31, 2014 are not necessarily indicative of the results to be expected for the full year or any future interim periods. | |
Corporate Structure | |
The Company was incorporated in 1989 as a Delaware corporation. In June of 2012, the Company reincorporated in the State of California. All common and preferred shares of the Delaware corporation were exchanged for common and preferred shares of the Company. | |
Use of Estimates | |
The preparation of condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed financial statements and disclosures made in the accompanying notes to the unaudited condensed financial statements. Actual results could differ materially from those estimates. | |
Reverse Stock Split | |
The Board of Directors approved a reverse stock split (the "2014 Reverse Stock Split") of the Company’s common stock, which became effective on January 14, 2014, with an exchange ratio of 1-for-50. As a result of the 2014 Reverse Stock Split, each 50 shares of the Company’s issued and outstanding common stock were automatically reclassified as, and changed into, one share of the Company’s common stock. No fractional shares were issued in connection with the 2014 Reverse Stock Split. Stockholders who were entitled to fractional shares instead became entitled to receive a cash payment in lieu of receiving fractional shares (after taking into account and aggregating all shares of the Company’s common stock then held by such stockholder) equal to the fractional share interest. The 2014 Reverse Stock Split affected all of the holders of the Company’s common stock uniformly. Shares of the Company’s common stock underlying outstanding options were proportionately reduced and the exercise prices of outstanding options were proportionately increased in accordance with the terms of the agreements governing such securities. Shares of the Company’s common stock underlying outstanding convertible preferred stock were proportionately reduced and the conversion rates were proportionately decreased in accordance with the terms of the agreements governing such securities. | |
All common stock share and per share information in the accompanying unaudited condensed consolidated financial statements have been restated to reflect retrospective application of the 2014 Reverse Stock Split for all periods presented, except for par value per share and the number of authorized shares, which were not affected. | |
Cash and Cash Equivalents | |
The Company considers all highly liquid debt instruments with an original maturity of three months or less to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market accounts. | |
Net Loss Per Share | |
Basic and diluted net loss per share is computed using the weighted-average number of common shares outstanding during the periods. Basic earnings per share (“EPS”) is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted EPS is computed by dividing the net loss by the weighted-average number of common shares and common stock equivalents outstanding for the period issuable upon the conversion of preferred stock and exercise of stock options and warrants. These common stock equivalents are included in the calculation of diluted EPS only if their effect is dilutive. There is no difference between basic and diluted net loss per share for the three months ended March 31, 2014. Potentially dilutive securities have been excluded from the calculation of diluted net loss per share because the inclusion of such securities would be antidilutive. As of March 31, 2014 and March 31, 2013, an aggregate of 17.5 million and 102 million potentially dilutive common shares, respectively, related to the outstanding preferred stock and stock options were excluded from the diluted net loss per share. | |
Restricted Cash | |
Restricted cash consists of $37,000 in a certificate of deposit on hand with the Company’s financial institutions as collateral for its San Diego office space. | |
Property and Equipment | |
Property and equipment is stated at cost and has been depreciated using the straight-line method over the estimated useful lives of the assets, which range from two to seven years. Depreciation expense of $2,000 and zero was recognized for the three months ended March 31, 2014 and 2013, respectively. | |
Comprehensive Loss | |
The Company’s net loss is equal to its comprehensive loss for all periods presented. | |
Adoption of Recent Accounting Pronouncements | |
In July 2013, the FASB issued Accounting Standards Update (“ASU”) No. 2013-11, Income Taxes (Topic 740). This update improves the reporting for unrecognized tax benefits when a net operating loss carry-forward, a similar tax loss, or a tax credit carry-forward exists. The update is expected to reduce diversity in practice by providing guidance on the presentation of unrecognized tax benefits and will better reflect the manner in which an entity would settle at the reporting date any additional income taxes that would result from the disallowance of a tax position when net operating loss carry-forwards, similar tax losses, or tax credit carry-forwards exist. The update is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013, which for us was January 1, 2014. The adoption of this update did not have a material impact on our unaudited condensed financial statements. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2014 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments | |
Financial assets and liabilities are measured at fair value, which is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The following is a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value: | |
Level 1 — Quoted prices in active markets for identical assets or liabilities. | |
Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |
Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | |
As of March 31, 2014 and December 31, 2013, the Company did not have any assets or liabilities recorded at fair value on a recurring basis. |
Stockholders_Equity
Stockholders' Equity | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Equity [Abstract] | ' | ||||||||
Stockholders' Equity | ' | ||||||||
Stockholders’ Equity | |||||||||
Common Stock | |||||||||
During the three months ended March 31, 2014, the Company issued a total of 2,852,626 shares of common stock of which: (i) 2,797,029 shares were issued upon the conversion of Series C-12 preferred stock; (ii) 52,621 shares were issued upon the conversion of Series F preferred stock and (iii) 2,976 shares were granted to a consultant. | |||||||||
Preferred Stock | |||||||||
As of March 31, 2014, the Company’s Board of Directors is authorized to issue 8,000,000 shares of preferred stock, with a par value of $0.0001 per share, in one or more series, of which 11,000 are designated Series C-12 preferred stock and 10,000 are designated Series F preferred stock. As of March 31, 2014, 5,393 shares of Series C-12 preferred stock and 3,066 shares of Series F preferred stock were issued and outstanding. | |||||||||
Share-Based Compensation | |||||||||
Share-Based Compensation Plan | |||||||||
In September of 2013, a majority of the shareholders of the Company signed a written consent in lieu of a meeting (the "Written Consent"). The Written Consent approved and adopted an equity compensation plan entitled the 2013 Equity Incentive Plan (the “2013 Equity Plan”). The 2013 Equity Plan is an omnibus equity compensation plan that permits the issuance of various types of equity-based compensation, including options, stock awards, stock appreciation rights and restricted stock units, as well as cash awards, to employees, directors and eligible consultants of the Company. The 2013 Equity Plan has a ten-year term and, subject to shareholder approval as provided under Section 422 of the Internal Revenue Code of 1986, as amended, will permit the issuance of incentive stock options. The administrator under the plan has broad discretion to establish the terms of awards, including the size, term, exercise price (if applicable) and applicable vesting conditions. | |||||||||
The 2013 Equity Plan allows for automatic annual increases on the first day of each year based on 10% of the outstanding shares of Common Stock as of the last day of the previous year end. On January 1, 2014 the total shares available for grant in the 2013 Equity Plan increased to 422,441. At March 31, 2014 there were 367,441 shares available for future grants under the 2013 Equity Plan. | |||||||||
The following table summarizes all share-based compensation expense related to stock options, restricted stock and restricted stock units by expense category (in thousands): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Research and development | |||||||||
Stock options | $ | 8 | $ | 396 | |||||
Restricted stock | 359 | 3 | |||||||
Research and development share-based compensation expense | 367 | 399 | |||||||
General and administrative | |||||||||
Stock options | 23 | 3,070 | |||||||
Restricted stock | 2,308 | 9 | |||||||
Restricted stock units | — | 52 | |||||||
General and administrative share-based compensation expense | 2,331 | 3,131 | |||||||
Total share-based compensation expense included in expenses | $ | 2,698 | $ | 3,530 | |||||
Stock Options | |||||||||
During the three months ended March 31, 2014, stock options were granted to 5 employees representing the right to acquire a total of up to 55,000 shares of common stock. All options vest with respect to one quarter of the underlying shares on the first anniversary of the grant and then with respect to the remaining three quarters of the underlying shares on a quarterly basis over the following three years. The Company uses the Black-Scholes valuation model to calculate the fair value of stock options. Stock based compensation expense is recognized over the vesting period using the straight-line method. The fair value of employee stock options was estimated at the grant date using the following assumptions: | |||||||||
Three Months Ended | |||||||||
March 31, 2014 | |||||||||
Dividend yield | — | ||||||||
Volatility | 132 | % | |||||||
Risk-free interest rate | 1.85 | % | |||||||
Expected life of options (years) | 6.11 | ||||||||
The weighted average grant date fair value per share of employee stock options granted during the three months ended March 31, 2014 was $7.51. | |||||||||
As of March 31, 2014 there was $0.6 million in unrecognized stock option share-based compensation expense to be recognized over the next 44 months. If there are any modifications or cancellations of underlying unvested share-based awards, we may be required to accelerate, increase or cancel remaining unearned share-based compensation expense. Future share-based compensation expense and unearned share-based compensation will increase to the extent that we grant additional share-based awards. | |||||||||
A summary of the Company’s stock option activity and related data for the three months ended March 31, 2014 is as follows: | |||||||||
Outstanding Options | |||||||||
Number of | Weighted-Average | Weighted Average Remaining Contractual Term (Years) | |||||||
Shares | Exercise Price | ||||||||
Balance at December 31, 2013 | 54,000 | $ | 6 | 9.63 | |||||
Granted | 55,000 | 7.51 | 9.9 | ||||||
Balance at March 31, 2014 | 109,000 | $ | 6.76 | 9.76 | |||||
Restricted Stock | |||||||||
On January 25, 2014, the Company granted 2,976 shares of restricted stock to a consultant. The restricted stock vested immediately and was issued under the 2013 Equity Plan. | |||||||||
During the three months ended March 31, 2014 there were 39,811 RSA's canceled due to the termination of an employee, the remaining unamortized share-based compensation expense for the canceled RSA's was expensed at March 31, 2014. The remaining unamortized share-based compensation expense for research and development to be recognized over the next 22 months is $2,189,000. The remaining unamortized share-based compensation expense for general and administrative to be recognized over the next 32 months is $11,384,000. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
On March 21, 2014, the Company entered into a lease amendment with La Jolla Centre I LLC, to lease additional office space in the building known as La Jolla Centre I, located at 4660 La Jolla Village Drive, San Diego, California, covering approximately 1,795 square feet. The premises will be used by the Company for office space. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
From March 31, 2014 to April 30, 2014 there where approximately 353.720 shares of Series C-12 Preferred and 140.541 shares of Series F Preferred converted into a total of 649,977 shares of common stock. |
Basis_of_Presentation_and_Desc1
Basis of Presentation and Description of Business (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization and Business Activity | ' |
La Jolla Pharmaceutical Company (the "Company") is a biopharmaceutical company focused on the discovery, development and commercialization of innovative therapeutics intended to significantly improve outcomes in patients with life-threatening diseases. | |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited condensed financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of the Securities and Exchange Commission (“SEC”) Regulation S-X. Accordingly, they should be read in conjunction with the audited consolidated financial statements and notes thereto for the fiscal year ended December 31, 2013, included in our Annual Report on Form 10-K filed with the SEC on March 31, 2014. The unaudited financial statements contain all normal recurring accruals and adjustments that, in the opinion of management, are necessary to present fairly the condensed balance sheets of the Company at March 31, 2014, the condensed statements of operations and comprehensive loss for the three months ended March 31, 2014, and the condensed statements of cash flows for the three months ended March 31, 2014. All intercompany accounts and transactions have been eliminated. It should be understood that accounting measurements at interim dates inherently involve greater reliance on estimates than at year end. The results of operations for the three months ended March 31, 2014 are not necessarily indicative of the results to be expected for the full year or any future interim periods. | |
Corporate Structure | ' |
Corporate Structure | |
The Company was incorporated in 1989 as a Delaware corporation. In June of 2012, the Company reincorporated in the State of California. All common and preferred shares of the Delaware corporation were exchanged for common and preferred shares of the Company. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed financial statements and disclosures made in the accompanying notes to the unaudited condensed financial statements. Actual results could differ materially from those estimates. | |
Reverse Stock Split | ' |
Reverse Stock Split | |
The Board of Directors approved a reverse stock split (the "2014 Reverse Stock Split") of the Company’s common stock, which became effective on January 14, 2014, with an exchange ratio of 1-for-50. As a result of the 2014 Reverse Stock Split, each 50 shares of the Company’s issued and outstanding common stock were automatically reclassified as, and changed into, one share of the Company’s common stock. No fractional shares were issued in connection with the 2014 Reverse Stock Split. Stockholders who were entitled to fractional shares instead became entitled to receive a cash payment in lieu of receiving fractional shares (after taking into account and aggregating all shares of the Company’s common stock then held by such stockholder) equal to the fractional share interest. The 2014 Reverse Stock Split affected all of the holders of the Company’s common stock uniformly. Shares of the Company’s common stock underlying outstanding options were proportionately reduced and the exercise prices of outstanding options were proportionately increased in accordance with the terms of the agreements governing such securities. Shares of the Company’s common stock underlying outstanding convertible preferred stock were proportionately reduced and the conversion rates were proportionately decreased in accordance with the terms of the agreements governing such securities. | |
All common stock share and per share information in the accompanying unaudited condensed consolidated financial statements have been restated to reflect retrospective application of the 2014 Reverse Stock Split for all periods presented, except for par value per share and the number of authorized shares, which were not affected. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
The Company considers all highly liquid debt instruments with an original maturity of three months or less to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market accounts. | |
Net Loss Per Share | ' |
Net Loss Per Share | |
Basic and diluted net loss per share is computed using the weighted-average number of common shares outstanding during the periods. Basic earnings per share (“EPS”) is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted EPS is computed by dividing the net loss by the weighted-average number of common shares and common stock equivalents outstanding for the period issuable upon the conversion of preferred stock and exercise of stock options and warrants. These common stock equivalents are included in the calculation of diluted EPS only if their effect is dilutive. There is no difference between basic and diluted net loss per share for the three months ended March 31, 2014. Potentially dilutive securities have been excluded from the calculation of diluted net loss per share because the inclusion of such securities would be antidilutive. | |
Restricted Cash | ' |
Restricted Cash | |
Restricted cash consists of $37,000 in a certificate of deposit on hand with the Company’s financial institutions as collateral for its San Diego office space. | |
Property and Equipment | ' |
Property and Equipment | |
Property and equipment is stated at cost and has been depreciated using the straight-line method over the estimated useful lives of the assets, which range from two to seven years. | |
Adoption of Recent Accounting Pronouncements | ' |
Adoption of Recent Accounting Pronouncements | |
In July 2013, the FASB issued Accounting Standards Update (“ASU”) No. 2013-11, Income Taxes (Topic 740). This update improves the reporting for unrecognized tax benefits when a net operating loss carry-forward, a similar tax loss, or a tax credit carry-forward exists. The update is expected to reduce diversity in practice by providing guidance on the presentation of unrecognized tax benefits and will better reflect the manner in which an entity would settle at the reporting date any additional income taxes that would result from the disallowance of a tax position when net operating loss carry-forwards, similar tax losses, or tax credit carry-forwards exist. The update is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013, which for us was January 1, 2014. The adoption of this update did not have a material impact on our unaudited condensed financial statements. |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Equity [Abstract] | ' | ||||||||
Summary of Share-based Compensation Expense | ' | ||||||||
The following table summarizes all share-based compensation expense related to stock options, restricted stock and restricted stock units by expense category (in thousands): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Research and development | |||||||||
Stock options | $ | 8 | $ | 396 | |||||
Restricted stock | 359 | 3 | |||||||
Research and development share-based compensation expense | 367 | 399 | |||||||
General and administrative | |||||||||
Stock options | 23 | 3,070 | |||||||
Restricted stock | 2,308 | 9 | |||||||
Restricted stock units | — | 52 | |||||||
General and administrative share-based compensation expense | 2,331 | 3,131 | |||||||
Total share-based compensation expense included in expenses | $ | 2,698 | $ | 3,530 | |||||
Stock Options, Valuation Assumptions | ' | ||||||||
The fair value of employee stock options was estimated at the grant date using the following assumptions: | |||||||||
Three Months Ended | |||||||||
March 31, 2014 | |||||||||
Dividend yield | — | ||||||||
Volatility | 132 | % | |||||||
Risk-free interest rate | 1.85 | % | |||||||
Expected life of options (years) | 6.11 | ||||||||
Summary of Stock Option Activity and Related Data | ' | ||||||||
A summary of the Company’s stock option activity and related data for the three months ended March 31, 2014 is as follows: | |||||||||
Outstanding Options | |||||||||
Number of | Weighted-Average | Weighted Average Remaining Contractual Term (Years) | |||||||
Shares | Exercise Price | ||||||||
Balance at December 31, 2013 | 54,000 | $ | 6 | 9.63 | |||||
Granted | 55,000 | 7.51 | 9.9 | ||||||
Balance at March 31, 2014 | 109,000 | $ | 6.76 | 9.76 | |||||
Basis_of_Presentation_and_Desc2
Basis of Presentation and Description of Business (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | |
In Thousands, except Share data in Millions, unless otherwise specified | Jan. 14, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' | ' |
Reverse stock split ratio | 0.02 | ' | ' | ' |
Potentially dilutive common shares related to the outstanding preferred stock, stock options, restricted stock units and warrants | ' | 17.5 | ' | 102 |
Restricted cash | ' | $37 | ' | $37 |
Depreciation expense | ' | $2 | $0 | ' |
Minimum [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Estimated useful lives of the assets | ' | '2 years | ' | ' |
Maximum [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Estimated useful lives of the assets | ' | '7 years | ' | ' |
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | ||||||||||||||
Sep. 24, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Sep. 24, 2013 | Mar. 31, 2014 | Jan. 02, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
employee | Stock Option | Restricted Stock | Restricted Stock | Restricted Stock | Common Stock | Series C-1 Preferred Stock | Series C-1 Preferred Stock | Series C-1 Preferred Stock | Series D-1 Preferred Stock | Series F Preferred Stock | Series F Preferred Stock | Consultant | Consultant | 2013 Equity Plan | 2013 Equity Plan | 2013 Equity Plan | One-year Anniversary Date of Grant | Quarterly | ||
Research and development | General and administrative | Common Stock | Common Stock | Restricted Stock | Common Stock | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of common stock issued | ' | ' | ' | ' | ' | ' | 2,852,626 | ' | ' | 2,797,029 | 52,621 | ' | ' | 2,976 | 2,976 | ' | ' | ' | ' | ' |
Preferred stock, shares authorized | ' | 8,000,000 | ' | ' | ' | ' | ' | 11,000 | 11,000 | ' | ' | 10,000 | 10,000 | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, par value | ' | $0.00 | ' | ' | ' | ' | ' | $0.00 | $0.00 | ' | ' | $0.00 | $0.00 | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares issued | ' | ' | ' | ' | ' | ' | ' | 5,393 | 7,016 | ' | ' | 3,066 | 3,250 | ' | ' | ' | ' | ' | ' | ' |
Equity plan, term | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Automatic annual increase based on outstanding shares of Common Stock as of the last day of the previous year end, percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' |
Shares available for grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 367,441 | 422,441 | ' | ' |
Number of employees granted stock options | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options Granted, Number of Shares | ' | 55,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award vesting rights, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' |
Period of share-based payment awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years |
Options Granted, Weighted-Average Exercise Price | ' | $7.51 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized share-based compensation expense | ' | ' | $600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recognized weighted average period | ' | ' | '44 months | ' | '22 months | '32 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares canceled | ' | ' | ' | 39,811 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized share-based compensation expense | ' | ' | ' | ' | $2,189,000 | $11,384,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Sharebased
Stockholders' Equity (Share-based Compensation Expense) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ' | ' |
Share-based compensation expense | $2,698 | $3,530 |
Research and development | ' | ' |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ' | ' |
Share-based compensation expense | 367 | 399 |
General and administrative | ' | ' |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ' | ' |
Share-based compensation expense | 2,331 | 3,131 |
Stock Option | Research and development | ' | ' |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ' | ' |
Share-based compensation expense | 8 | 396 |
Stock Option | General and administrative | ' | ' |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ' | ' |
Share-based compensation expense | 23 | 3,070 |
Restricted Stock | Research and development | ' | ' |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ' | ' |
Share-based compensation expense | 359 | 3 |
Restricted Stock | General and administrative | ' | ' |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ' | ' |
Share-based compensation expense | 2,308 | 9 |
Restricted Stock Units (RSUs) | General and administrative | ' | ' |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ' | ' |
Share-based compensation expense | $0 | $52 |
Stockholders_Equity_Stock_Opti
Stockholders' Equity (Stock Options, Valuation Assumptions) (Details) | 3 Months Ended |
Mar. 31, 2014 | |
Equity [Abstract] | ' |
Dividend yield | 0.00% |
Volatility | 132.00% |
Risk-free interest rate | 1.85% |
Expected life of options (years) | '6 years 1 month 8 days |
Stockholders_Equity_Stock_Opti1
Stockholders' Equity (Stock Option Activity) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Equity [Abstract] | ' | ' |
Beginning Balance, Number of Shares | 54,000 | ' |
Options Granted, Number of Shares | 55,000 | ' |
Ending Balance, Number of Shares | 109,000 | 54,000 |
Beginning Balance, Weighted-Average Exercise Price | $6 | ' |
Options Granted, Weighted-Average Exercise Price | $7.51 | ' |
Ending Balance, Weighted-Average Exercise Price | $6.76 | $6 |
Beginning Balance, Weighted Average Remaining Contractual Term | '9 years 9 months 2 days | '9 years 7 months 16 days |
Options Granted, Weighted Average Remaining Contractual Term | '9 years 10 months 26 days | ' |
Ending Balance, Weighted Average Remaining Contractual Term | '9 years 9 months 2 days | '9 years 7 months 16 days |
Commitments_and_Contingencies_
Commitments and Contingencies (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2014 | |
sqft | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Office Space | 1,795 |
Subsequent_Events_Narrative_De
Subsequent Events (Narrative) (Details) (Subsequent Event [Member]) | 1 Months Ended |
Apr. 30, 2014 | |
Series C-1 Convertible Preferred Stock | ' |
Subsequent Event [Line Items] | ' |
Preferred stock converted into common stock | 353.72 |
Series F Convertible Preferred Stock | ' |
Subsequent Event [Line Items] | ' |
Preferred stock converted into common stock | 140.541 |
Common Stock | ' |
Subsequent Event [Line Items] | ' |
Conversion of stock, shares issued | 649,977 |