La Jolla Pharmaceutical (LJPC) 10-Q 27 Apr 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 21, 2017
Document And Entity Information [Abstract]
Entity Registrant Name	LA JOLLA PHARMACEUTICAL CO
Entity Central Index Key	920,465
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		22,123,456

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 162,382	$ 65,726
Restricted cash	304	200
Prepaid expenses and other current assets	1,687	1,505
Total current assets	164,373	67,431
Property and equipment, net	3,614	3,145
Other assets	20	219
Total assets	168,007	70,795
Current liabilities:
Accounts payable	4,173	6,652
Accrued clinical and other expenses	590	1,029
Accrued payroll and related expenses	910	2,077
Total current liabilities	5,673	9,758
Shareholders’ equity:
Common Stock, $0.0001 par value; 100,000,000 shares authorized, 22,123,456 and 18,261,557 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively	2	2
Additional paid-in capital	785,640	661,103
Accumulated deficit	(629,951)	(606,711)
Total shareholders’ equity	162,334	61,037
Total liabilities and shareholders’ equity	168,007	70,795
Series C-1 Convertible Preferred Stock [Member]
Shareholders’ equity:
Convertible preferred stock, value	3,906	3,906
Series F Convertible Preferred Stock [Member]
Shareholders’ equity:
Convertible preferred stock, value	$ 2,737	$ 2,737

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Common stock, par value (usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	22,123,456	18,261,557
Common stock, shares outstanding (in shares)	22,123,456	18,261,557
Series C-1 Convertible Preferred Stock [Member]
Preferred stock, par value (usd per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	11,000	11,000
Preferred stock, shares issued (in shares)	3,906	3,906
Preferred stock, shares outstanding (in shares)	3,906	3,906
Preferred stock, liquidation	$ 3,906	$ 3,906
Series F Convertible Preferred Stock [Member]
Preferred stock, par value (usd per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000	10,000
Preferred stock, shares issued (in shares)	2,737	2,737
Preferred stock, shares outstanding (in shares)	2,737	2,737
Preferred stock, liquidation	$ 2,737	$ 2,737

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Statements of Operations - USD ($) shares in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenue
Contract revenue - related party	$ 0	$ 234,000
Total revenue	0	234,000
Expenses
Research and development	17,765,000	12,715,000
General and administrative	5,503,000	4,053,000
Total expenses	23,268,000	16,768,000
Loss from operations	(23,268,000)	(16,534,000)
Other income, net	28,000	53,000
Net loss	$ (23,240,000)	$ (16,481,000)
Basic and diluted net loss per share (usd per share)	$ (1.26)	$ (0.96)
Shares used in computing basic and diluted net loss per share (in shares)	18,410	17,210

Unaudited Condensed Consolidat5

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating activities
Net loss	$ (23,240)	$ (16,481)
Adjustments to reconcile net loss to net cash used for operating activities:
Share-based compensation expense	4,788	3,623
Third party share-based compensation expense	195	82
Depreciation expense	281	142
Loss on disposal of equipment	0	21
Changes in operating assets and liabilities:
Restricted cash	(104)	37
Prepaid expenses and other current assets	(182)	(631)
Other assets	199	(147)
Accounts payable	(2,479)	(98)
Accrued clinical and other expenses	(439)	1,187
Accrued payroll and related expenses	(1,167)	(738)
Net cash used for operating activities	(22,148)	(13,003)
Investing activities
Purchase of property and equipment	(750)	(478)
Net cash used for investing activities	(750)	(478)
Financing activities
Net proceeds from the issuance of common stock	117,480	0
Proceeds from the exercise of stock options for common stock	2,074	85
Net cash provided by financing activities	119,554	85
Net increase (decrease) in cash and cash equivalents	96,656	(13,396)
Cash and cash equivalents at beginning of period	65,726	126,467
Cash and cash equivalents at end of period	$ 162,382	$ 113,071

Business

Business	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business	Business La Jolla Pharmaceutical Company (collectively with its subsidiaries, the “Company”) is a biopharmaceutical company focused on the discovery, development and commercialization of innovative therapies intended to significantly improve outcomes in patients suffering from life-threatening diseases. The Company has several product candidates in development. LJPC-501 is the Company’s proprietary formulation of synthetic human angiotensin II for the potential treatment of catecholamine resistant hypotension. LJPC-401 is the Company’s proprietary formulation of synthetic human hepcidin for the potential treatment of conditions characterized by iron overload, such as hereditary hemochromatosis, beta thalassemia, sickle cell disease and myelodysplastic syndrome. LJPC-30S is the Company’s next-generation gentamicin derivative program that is focused on the potential treatment of serious bacterial infections as well as rare genetic disorders, such as cystic fibrosis and Duchenne muscular dystrophy. The Company was incorporated in 1989 as a Delaware corporation and reincorporated in California in 2012. In March 2017, the Company completed a common stock offering and received proceeds of approximately $117.5 million , net of issuance costs (see Note 4). As of March 31, 2017 , the Company had $162.4 million in cash and cash equivalents. The Company has incurred significant operating losses and negative cash flows from operations. Based on our current operating plans and projections, management believes that available cash and cash equivalents are sufficient to fund operations for at least one year from the date this Quarterly Report on Form 10-Q is filed with the U.S. Securities and Exchange Commission (SEC).

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies During the three months ended March 31, 2017 , there have been no changes to the Company’s significant accounting policies as described in the Annual Report on Form 10-K for the fiscal year ended December 31, 2016 . Basis of Presentation and Use of Estimates The accompanying unaudited condensed consolidated 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 10 of the SEC Regulation S-X. Accordingly, they should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2016, included in the Company’s Annual Report on Form 10-K filed with the SEC on February 23, 2017. The accompanying unaudited condensed consolidated financial statements include the accounts of La Jolla Pharmaceutical Company and its wholly-owned subsidiaries. All significant inter-company transactions and balances have been eliminated in consolidation. The unaudited condensed consolidated financial statements contain all normal recurring accruals and adjustments that, in the opinion of management, are necessary to present fairly the condensed consolidated balance sheet of the Company at March 31, 2017 , the condensed consolidated statement of operations for the three months ended March 31, 2017 , and the condensed consolidated statement of cash flows for the three months ended March 31, 2017 . Estimates were made relating to useful lives of fixed assets, valuation allowances, impairment of assets, share-based compensation expense and accruals for clinical studies and research and development expenses. Actual results could differ materially from those estimates. Certain amounts previously reported in the financial statements have been reclassified to conform to the current presentation. Such reclassifications did not affect net loss, shareholders’ equity or cash flows. The results of operations for the three months ended March 31, 2017 are not necessarily indicative of the results to be expected for the full year or any future interim periods. The accompanying condensed consolidated balance sheet at December 31, 2016 has been derived from the audited consolidated balance sheet at December 31, 2016, contained in the above referenced Form 10-K. Comprehensive Loss Comprehensive loss for the periods reported was comprised solely of the Company’s net loss. The comprehensive loss for the three months ended March 31, 2017 and 2016 was $23.2 million and $16.5 million , respectively. There were no other changes in equity that were excluded from net loss for all periods presented. Net Loss Per Share Basic net loss per share is calculated based on the weighted-average number of common shares outstanding, excluding unvested restricted stock awards. Diluted net loss per share is calculated using the weighted-average number of common shares outstanding plus common stock equivalents. Convertible preferred stock, stock options, warrants and unvested restricted stock awards are considered common stock equivalents and are included in the calculation of diluted net loss per share using the treasury stock method when their effect is dilutive. Common stock equivalents are excluded from the calculation of diluted net loss per share when their effect is anti-dilutive. As of March 31, 2017 and 2016 , there were common stock equivalents of 11.4 million shares and 9.9 million shares, respectively. Common stock equivalents were excluded from the calculation of diluted net loss per share because they were anti-dilutive. Recent Accounting Pronouncements In November 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. The new standard update clarifies the presentation of restricted cash and requires companies to include restricted cash and cash equivalents in the beginning and ending cash on the statement of cash flows. Additional disclosures will be required to describe the amount and detail of the restriction by balance sheet line item. ASU 2016-18 will be effective for the Company in the first quarter of 2018. Early adoption is permitted, including adoption in an interim period using a retrospective transition method to each period presented. The Company plans to adopt the ASU in the first quarter of 2018. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The new standard requires lessees to recognize most leases on their balance sheets as lease liabilities with corresponding right-of-use assets and eliminates certain real estate-specific provisions. ASU 2016-02 will be effective for the Company in the first quarter of 2019 and will be adopted on a modified retrospective transition basis for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The Company currently plans to implement ASU 2016-02 in the first quarter of 2019. By 2019, all of the Company’s active existing leases will have ended. Those leases will not have an impact on the consolidated financial statements upon adoption in 2019, and there will be no requirement for modified retrospective application to the years prior to adoption. In December 2016, the Company entered into a 10-year lease agreement for corporate headquarters with an option to terminate the lease early, subject to certain contingencies. The early termination option expired unexercised in March 2017. The expected lease commencement date is November 1, 2017. Upon adoption of ASU 2016-02, this lease will be recognized on the balance sheet as a lease liability with a corresponding right-of-use asset, which would require modified retrospective application upon adoption in 2019 back to the fourth quarter of 2017. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The new standard is 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 those goods or services. ASU 2014-09 will be effective for the Company in the first quarter of 2018 and allows for full retrospective or a modified retrospective adoption approach. We currently do not have any products or revenues from customers, and the adoption of this standard will not have a material impact on the Company’s financial position or results of operations. The Company plans to adopt the ASU prospectively upon recognition of the first revenue from customers, and there will not be any impact retrospectively or modified retrospectively to our financial statements. The Contract Revenue - Related Party reported in our results of operations for 2015 and 2016, which represents expense reimbursements from a related party, would not be impacted by the adoption of the new guidance.

Contract Revenue - Related Part

Contract Revenue - Related Party	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Contract Revenue - Related Party	Contract Revenue - Related Party During the year ended December 31, 2015, the Company entered into a services agreement with a related party. Pursuant to the services agreement, the Company provides certain services to this related party, including, but not limited to, research and development and clinical study design and management for projects undertaken. In exchange for providing such services, the Company is entitled to receive payments at a negotiated, arms-length rate. As a result, the consideration received by the Company for its services is considered to be no less favorable to the Company than comparable terms that the Company could obtain from an unaffiliated third party in an arms-length transaction. The services agreement may be canceled by either party upon 60 -days’ written notice to the other party. In addition, the Company has a non-voting profit interest in the related party, which provides the Company with the potential to receive a portion of the future distributions of profits, if any. No contract revenue was recognized for the three months ended March 31, 2017. For the three months ended March 31, 2016, approximately $234,000 was recognized in contract revenue for services provided and reimbursement of costs incurred under the services agreement.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Shareholders’ Equity	2017 Common Stock Offering In March 2017, the Company offered and sold an aggregate of 3,731,344 shares of common stock in an underwritten public offering at a price of $33.50 per share, with gross proceeds of approximately $125.0 million . The Company received proceeds of approximately $117.5 million , net of approximately $7.5 million in underwriting commissions, discounts and other issuance costs. Share-Based Compensation Expense Share-based compensation expense recognized in the condensed consolidated statements of operations for the three months ended March 31, 2017 and 2016 , was reduced by actual forfeitures in the period that the forfeiture occurred. Total share-based compensation expense related to all share-based awards for the three months ended March 31, 2017 and 2016 was comprised of the following (in thousands): Three Months Ended 2017 2016 Research and development: Stock options $ 2,453 $ 1,261 Restricted stock — 30 Warrants 17 11 Research and development share-based compensation expense 2,470 1,302 General and administrative: Stock options 1,955 1,710 Restricted stock 409 619 Warrants 149 74 General and administrative share-based compensation expense 2,513 2,403 Total share-based compensation expense included in expenses $ 4,983 $ 3,705 As of March 31, 2017 , there was $49.7 million of total unrecognized share-based compensation expense related to non-vested stock options. The Company expects to recognize this expense over a weighted-average period of 3.1 years. Stock Option Valuation The fair value of each stock option award is estimated on the grant date using a Black-Scholes option pricing model (Black-Scholes model), which uses the assumptions noted in the following table. Expected volatility is based on historical volatility of the Company’s common stock. In determining the expected life of employee stock options, the Company uses the “simplified” method. The expected life assumptions for non-employee options are based upon the contractual term of the stock options. The risk-free interest rate is based on the U.S. Treasury yield for a period consistent with the expected term of the stock options in effect at the time of the grants. The dividend yield assumption is based on the expectation of no future dividend payments by the Company. The Company estimated the fair value of each stock option grant on the grant date using the Black-Scholes model with the following weighted-average assumptions: Three Months Ended March 31, 2017 2016 Expected volatility 144 % 148 % Expected life 6.22 years 5.41 years Risk-free interest rate 2.1 % 1.4 % Dividend yield — — Stock Option Activity The Company’s 2013 Equity Plan stock option activity for the three months ended March 31, 2017 was comprised of the following: Outstanding Stock Options and 2013 Equity Plan Shares Underlying Stock Options Weighted- Average Exercise Price per Share Outstanding at December 31, 2016 2,627,462 $ 21.07 Granted 1,308,625 $ 19.52 Exercised (130,555 ) $ 15.89 Forfeited (16,867 ) $ 19.20 Outstanding at March 31, 2017 3,788,665 $ 20.72 As of March 31, 2017 , there were 668,442 shares of common stock available for future grants under the 2013 Equity Plan, and the Company has reserved an additional 3,728,665 shares of common stock for future issuance upon exercise of all outstanding stock options granted under the 2013 Equity Plan. During the three months ended March 31, 2017, stock options to purchase 130,555 shares of common stock were exercised with an intrinsic value of $2.4 million . Restricted Stock Award Activity The Company’s restricted stock award activity for the three months ended March 31, 2017 was comprised of the following: Number of Shares Weighted- Average Grant Date Fair Market Value Unvested at December 31, 2016 542,680 $ 13.22 Vested (542,680 ) $ 13.22 Unvested at March 31, 2017 — $ — Warrants At March 31, 2017 , the Company had 93,013 warrants outstanding. During the three months ended March 31, 2017 , the Company issued a warrant to purchase up to 25,013 shares of the Company’s common stock to an outside third party at a price equal to the fair market value of the Company’s common stock on the grant date.

Summary of Significant Accoun10

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation and Use of Estimates The accompanying unaudited condensed consolidated 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 10 of the SEC Regulation S-X. Accordingly, they should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2016, included in the Company’s Annual Report on Form 10-K filed with the SEC on February 23, 2017.
Principles of Consolidation	The accompanying unaudited condensed consolidated financial statements include the accounts of La Jolla Pharmaceutical Company and its wholly-owned subsidiaries. All significant inter-company transactions and balances have been eliminated in consolidation. The unaudited condensed consolidated financial statements contain all normal recurring accruals and adjustments that, in the opinion of management, are necessary to present fairly the condensed consolidated balance sheet of the Company at March 31, 2017 , the condensed consolidated statement of operations for the three months ended March 31, 2017 , and the condensed consolidated statement of cash flows for the three months ended March 31, 2017 .
Use of Estimates	Estimates were made relating to useful lives of fixed assets, valuation allowances, impairment of assets, share-based compensation expense and accruals for clinical studies and research and development expenses. Actual results could differ materially from those estimates. Certain amounts previously reported in the financial statements have been reclassified to conform to the current presentation. Such reclassifications did not affect net loss, shareholders’ equity or cash flows. The results of operations for the three months ended March 31, 2017 are not necessarily indicative of the results to be expected for the full year or any future interim periods. The accompanying condensed consolidated balance sheet at December 31, 2016 has been derived from the audited consolidated balance sheet at December 31, 2016, contained in the above referenced Form 10-K.
Net Loss Per Share	Net Loss Per Share Basic net loss per share is calculated based on the weighted-average number of common shares outstanding, excluding unvested restricted stock awards. Diluted net loss per share is calculated using the weighted-average number of common shares outstanding plus common stock equivalents. Convertible preferred stock, stock options, warrants and unvested restricted stock awards are considered common stock equivalents and are included in the calculation of diluted net loss per share using the treasury stock method when their effect is dilutive. Common stock equivalents are excluded from the calculation of diluted net loss per share when their effect is anti-dilutive.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. The new standard update clarifies the presentation of restricted cash and requires companies to include restricted cash and cash equivalents in the beginning and ending cash on the statement of cash flows. Additional disclosures will be required to describe the amount and detail of the restriction by balance sheet line item. ASU 2016-18 will be effective for the Company in the first quarter of 2018. Early adoption is permitted, including adoption in an interim period using a retrospective transition method to each period presented. The Company plans to adopt the ASU in the first quarter of 2018. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The new standard requires lessees to recognize most leases on their balance sheets as lease liabilities with corresponding right-of-use assets and eliminates certain real estate-specific provisions. ASU 2016-02 will be effective for the Company in the first quarter of 2019 and will be adopted on a modified retrospective transition basis for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The Company currently plans to implement ASU 2016-02 in the first quarter of 2019. By 2019, all of the Company’s active existing leases will have ended. Those leases will not have an impact on the consolidated financial statements upon adoption in 2019, and there will be no requirement for modified retrospective application to the years prior to adoption. In December 2016, the Company entered into a 10-year lease agreement for corporate headquarters with an option to terminate the lease early, subject to certain contingencies. The early termination option expired unexercised in March 2017. The expected lease commencement date is November 1, 2017. Upon adoption of ASU 2016-02, this lease will be recognized on the balance sheet as a lease liability with a corresponding right-of-use asset, which would require modified retrospective application upon adoption in 2019 back to the fourth quarter of 2017. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The new standard is 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 those goods or services. ASU 2014-09 will be effective for the Company in the first quarter of 2018 and allows for full retrospective or a modified retrospective adoption approach. We currently do not have any products or revenues from customers, and the adoption of this standard will not have a material impact on the Company’s financial position or results of operations. The Company plans to adopt the ASU prospectively upon recognition of the first revenue from customers, and there will not be any impact retrospectively or modified retrospectively to our financial statements. The Contract Revenue - Related Party reported in our results of operations for 2015 and 2016, which represents expense reimbursements from a related party, would not be impacted by the adoption of the new guidance.

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Share-based Compensation Expense	Total share-based compensation expense related to all share-based awards for the three months ended March 31, 2017 and 2016 was comprised of the following (in thousands): Three Months Ended 2017 2016 Research and development: Stock options $ 2,453 $ 1,261 Restricted stock — 30 Warrants 17 11 Research and development share-based compensation expense 2,470 1,302 General and administrative: Stock options 1,955 1,710 Restricted stock 409 619 Warrants 149 74 General and administrative share-based compensation expense 2,513 2,403 Total share-based compensation expense included in expenses $ 4,983 $ 3,705
Stock Options, Valuation Assumptions	The Company estimated the fair value of each stock option grant on the grant date using the Black-Scholes model with the following weighted-average assumptions: Three Months Ended March 31, 2017 2016 Expected volatility 144 % 148 % Expected life 6.22 years 5.41 years Risk-free interest rate 2.1 % 1.4 % Dividend yield — —
Summary of Stock Option Activity	The Company’s 2013 Equity Plan stock option activity for the three months ended March 31, 2017 was comprised of the following: Outstanding Stock Options and 2013 Equity Plan Shares Underlying Stock Options Weighted- Average Exercise Price per Share Outstanding at December 31, 2016 2,627,462 $ 21.07 Granted 1,308,625 $ 19.52 Exercised (130,555 ) $ 15.89 Forfeited (16,867 ) $ 19.20 Outstanding at March 31, 2017 3,788,665 $ 20.72
Summary of Restricted Stock Activity	The Company’s restricted stock award activity for the three months ended March 31, 2017 was comprised of the following: Number of Shares Weighted- Average Grant Date Fair Market Value Unvested at December 31, 2016 542,680 $ 13.22 Vested (542,680 ) $ 13.22 Unvested at March 31, 2017 — $ —

Business (Details)

Business (Details) - USD ($) $ in Thousands	1 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Subsidiary, Sale of Stock [Line Items]
Cash and cash equivalents	$ 162,382	$ 65,726	$ 113,071	$ 126,467
Public Stock Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of common stock	$ 117,500

Summary of Significant Accoun13

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Comprehensive loss	$ (23,240)	$ (16,481)
Potentially dilutive common shares related to the outstanding preferred stock, stock options, restricted stock units and warrants (in shares)	11.4	9.9

Contract Revenue - Related Pa14

Contract Revenue - Related Party (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Related Party Transactions [Abstract]
Term of written notice for termination of agreement	60 days
Contract revenue - related party	$ 0	$ 234,000

Shareholders' Equity (Share-bas

Shareholders' Equity (Share-based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 4,983	$ 3,705
Research and development [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	2,470	1,302
General and administrative [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	2,513	2,403
Stock Option [Member] | Research and development [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	2,453	1,261
Stock Option [Member] | General and administrative [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	1,955	1,710
Restricted Stock [Member] | Research and development [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	0	30
Restricted Stock [Member] | General and administrative [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	409	619
Warrant [Member] | Research and development [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	17	11
Warrant [Member] | General and administrative [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 149	$ 74

Shareholders' Equity (Stock Opt

Shareholders' Equity (Stock Options, Valuation Assumptions) (Details)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Volatility	144.00%	148.00%
Expected life (years)	6 years 2 months 18 days	5 years 4 months 27 days
Risk-free interest rate	2.10%	1.40%
Dividend yield	0.00%	0.00%

Shareholders' Equity (Stock O17

Shareholders' Equity (Stock Option Activity) (Details)	3 Months Ended
	Mar. 31, 2017$ / sharesshares
Shares Underlying Stock Options
Outstanding beginning balance, Shares underlying stock options and restricted stock awards (in shares) | shares	2,627,462
Granted, Shares underlying stock options and restricted stock awards (in shares) | shares	1,308,625
Exercised, Shares underlying stock options and restricted stock awards (in shares) | shares	(130,555)
Forfeited, Shares underlying stock options and restricted stock awards (in shares) | shares	(16,867)
Outstanding ending balance, Shares underlying stock options and restricted stock awards (in shares) | shares	3,788,665
Weighted- Average Exercise Price per Share
Outstanding beginning balance, Weighted - average exercise price (usd per share) | $ / shares	$ 21.07
Granted, Weighted - average exercise price (usd per share) | $ / shares	19.52
Exercised, Weighted - average exercise price (usd per share) | $ / shares	15.89
Forfeited, Weighted - average exercise price (usd per share) | $ / shares	19.20
Outstanding ending balance, Weighted - average exercise price (usd per share) | $ / shares	$ 20.72

Shareholders' Equity (Summary o

Shareholders' Equity (Summary of Restricted Stock Awards) (Details) - Restricted Stock [Member]	3 Months Ended
	Mar. 31, 2017$ / sharesshares
Number of Shares
Beginning balance (in shares) | shares	542,680
Vested (in shares) | shares	(542,680)
Ending balance (in shares) | shares	0
Weighted- Average Grant Date Fair Market Value
Beginning balance (usd per share) | $ / shares	$ 13.22
Vested (usd per share) | $ / shares	13.22
Ending balance (usd per share) | $ / shares	$ 0

Shareholders' Equity (Narrative

Shareholders' Equity (Narrative) (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2017USD ($)$ / sharesshares	Mar. 31, 2017USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized share-based compensation expense | $	$ 49.7	$ 49.7
Recognized weighted average period		3 years 1 month
Shares of common stock exercised (in shares)		130,555
Intrinsic value of common stock exercised | $		$ 2.4
Warrants outstanding (in shares)	93,013	93,013
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants awarded (in shares)	25,013	25,013
2013 Equity Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)	668,442	668,442
Additional shares reserved for future issuance (in shares)		3,728,665
Public Stock Offering [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock issued (in shares)	3,731,344
Price per share (usd per share) | $ / shares	$ 33.50	$ 33.50
Gross proceeds | $	$ 125
Proceeds, net of underwriting commissions | $	117.5
Underwriting commissions | $	$ 7.5