Genvec (GNVC) 10-Q 7 Aug 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Document And Entity Information [Abstract]
Entity Registrant Name	GENVEC INC
Entity Central Index Key	934,473
Trading Symbol	gnvc
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		17,269,962
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 6,699	$ 7,968
Investments, at fair value	4,391	6,724
Accounts receivable, net	281	325
Prepaid expenses and other	455	219
Total current assets	11,826	15,236
Property and equipment, net	265	276
Restricted cash	97	97
Total assets	12,188	15,609
Current liabilities:
Accounts payable	866	1,146
Accrued expenses and other	928	1,076
Total current liabilities	1,794	2,222
Other liabilities	93	89
Total liabilities	$ 1,887	$ 2,311
Stockholders' equity:
Preferred stock, $0.001 par value, 5,000 shares authorized; none issued and outstanding in 2015 and 2014
Common stock, $0.001 par value; 30,000 shares authorized; 17,270 shares issued and outstanding at June 30, 2015 and at December 31, 2014	$ 17	$ 17
Additional paid-in capital	292,008	291,609
Accumulated other comprehensive loss	(31)	(33)
Accumulated deficit	(281,693)	(278,295)
Total stockholders' equity	10,301	13,298
Total liabilities and stockholders' equity	$ 12,188	$ 15,609

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parentheticals) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Statement Of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000	5,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	30,000	30,000
Common stock, shares issued	17,270	17,270
Common stock, shares outstanding	17,270	17,270

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Revenues from strategic alliances and research contracts	$ 127	$ 129	$ 532	$ 2,260
Operating expenses:
General and administrative	1,327	1,325	2,620	3,722
Research and development	675	480	1,323	1,178
Total operating expenses	2,002	1,805	3,943	4,900
Operating loss	(1,875)	(1,676)	(3,411)	(2,640)
Other income:
Interest and other income, net	6	4	13	5
Net loss	$ (1,869)	$ (1,672)	$ (3,398)	$ (2,635)
Basic and diluted net loss per share	$ (0.11)	$ (0.10)	$ (0.21)	$ (0.17)
Shares used in computation of basic and diluted net loss per share	16,540	16,540	16,540	15,102
Comprehensive Loss:
Net loss	$ (1,869)	$ (1,672)	$ (3,398)	$ (2,635)
Unrealized holding gain/(loss) on securities available for sale	(6)	(16)	2	(4)
Comprehensive loss	$ (1,875)	$ (1,688)	$ (3,396)	$ (2,639)

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net loss	$ (3,398)	$ (2,635)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	47	130
Bad debt expense	24
Non-cash charges for stock-based compensation	406	225
Loss on disposal of long-lived assets		22
Changes in current assets and liabilities, net	(643)	32
Changes in non-current liabilities, net	4	52
Net cash used in operating activities	(3,560)	(2,174)
Cash flows from investing activities:
Purchases of property and equipment	(36)	(39)
Purchases of investment securities		(9,432)
Proceeds from maturities of investment securities	2,335	800
Net cash provided by/(used in) investing activities	2,299	(8,671)
Cash flows from financing activities
Proceeds from issuance of common stock, net of issuance costs	(8)	10,678
Net cash provided by/(used in) financing activities	(8)	10,678
Change in cash and cash equivalents	(1,269)	(167)
Beginning balance of cash and cash equivalents	7,968	5,249
Ending balance of cash and cash equivalents	$ 6,699	$ 5,082

General

General	6 Months Ended
	Jun. 30, 2015
General Disclosure [Abstract]
General	(1) General Basis of Presentation The condensed financial statements included herein have been prepared by GenVec, Inc. (GenVec, we, our, or the Company) without audit pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations. We believe the disclosures are adequate to make the information presented not misleading. The condensed financial statements included herein should be read in conjunction with the financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014 filed with the SEC. In the opinion of management, the accompanying financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position of the Company as of June 30, 2015 and December 31, 2014, the results of its operations for the three-month and six-month periods ended June 30, 2015 and June 30, 2014, and cash flows for the six-month periods ended June 30, 2015 and June 30, 2014. The results of operations for any interim period are not necessarily indicative of the results of operations for any other interim period or for a full fiscal year. Business GenVec is a clinical-stage biopharmaceutical company with an entrepreneurial focus on leveraging its proprietary adenovector gene delivery platform to develop a pipeline of cutting-edge therapeutics and vaccines. The Company is a pioneer in the design, testing and manufacture of adenoviral-based product candidates that can deliver on the promise of gene-based medicine. GenVec’s lead product candidate, CGF166, is licensed to Novartis Institutes for BioMedical Research, Inc. (together with Novartis AG and its subsidiary corporations, including Novartis Pharma AG, Novartis) and is currently in a Phase 1/2 clinical study for the treatment of hearing loss and balance disorders. In addition to our internal and partnered pipeline, we also focus on opportunities to license our proprietary technology platform, including vectors and production cell lines, for the development and manufacture of therapeutics and vaccines to the biopharmaceutical industry. A key component of our strategy is to develop and commercialize our product candidates through collaborations. GenVec is working with leading companies and organizations such as Novartis, the U.S. government, and Merial Limited to support a portfolio of programs that address the prevention and treatment of a number of significant human and animal health concerns. GenVec’s development programs address therapeutic areas such as hearing loss and balance disorders; as well as vaccines against infectious diseases including respiratory syncytial virus (RSV), herpes simplex virus (HSV), Enterovirus D68 (EV-D68) and malaria. In the area of animal health we are developing vaccines against foot-and-mouth disease (FMD). Our core technology has the important advantage of localizing protein delivery in the body. This is accomplished by using our adenovector platform to locally deliver genes to cells, which then direct production of the desired protein. This approach has the potential to reduce side effects typically associated with systemic delivery of proteins. For vaccines, the goal is to induce an immune response against a target protein or antigen. This is accomplished by using an adenovector to deliver a gene which causes production of an antigen, which then stimulates the desired immune reaction by the body. Our research and development activities yield product candidates that utilize our technology platform and represent potential commercial opportunities. For example, preclinical research in hearing loss and balance disorders through the delivery of the atonal gene using GenVec’s adenovector technology has the potential to restore hearing and balance function. We are working with Novartis on the development of novel treatments for hearing loss and balance disorders. There are currently no effective therapeutic treatments available for patients who have lost all balance function, and hearing loss remains a major unmet medical problem. We have multiple vaccines in development leveraging our core adenovector technology including our preclinical programs to develop vaccine candidates for the prevention of RSV and HSV. We also have a program to develop a vaccine for malaria. In the field of animal health, we are working with Merial Limited to commercialize vaccines for the prevention of a major animal health problem, FMD. Development efforts for this program have been supported by the U.S. Department of Homeland Security (DHS) and in collaboration with the U.S. Department of Agriculture (USDA). In February 2015, GenVec announced the initiation of the development of a vaccine against EV-D68, a strain of enterovirus responsible for causing potentially serious respiratory illness in people across 49 states and the District of Columbia in 2014. We believe that GenVec’s EV-D68 vaccine program will leverage the success we had with a similar type of virus, FMD, to develop a safe, effective molecular vaccine. Our business strategy is focused on entering into collaborative arrangements with third parties to complete the development and commercialization of our product candidates. In the event that third parties take over the development for one or more of our product candidates, the estimated completion date would largely be under the control of that third party rather than us. We cannot forecast with any degree of certainty which proprietary products or indications, if any, will be subject to future collaborative arrangements, in whole or in part, and how such arrangements would affect our development plan or capital requirements. Our programs may also benefit from subsidies, grants or government or agency-sponsored studies that could reduce our development costs. In March 2015, GenVec announced a collaboration with TheraBiologics, Inc. to develop cancer therapeutics leveraging both GenVec’s proprietary gene delivery platform and TheraBiologics’ proprietary neural stem cell technology. In exchange for an economic participation in the products being developed under the collaboration, we will contribute technology, know-how, vector construction, and technical and regulatory support to the program. TheraBiologics will be responsible for all other development costs. In April 2015, GenVec announced a new research collaboration agreement with the Laboratory of Malaria Immunology and Vaccinology (LMIV) under which GenVec will build new vaccine candidates based on our proprietary adenovectors isolated from gorillas and designed to deliver novel antigens discovered at the LMIV. In June 2015, GenVec announced a new multi-faceted collaboration agreement with the School of Medicine at Washington University at St. Louis (WUSTL) under which GenVec and WUSTL will create modified versions of GenVec’s gorilla adenovectors that incorporate specialized targeting antibodies on the surface of the vectors. These antibodies are produced only by camels, alpacas and other camelids and are smaller and more stable in intracellular environments than their mouse or human counterparts. The ultimate goal of this collaboration is to create highly targeted therapeutics and vaccines. A key element of our business strategy is to pursue, as resources permit, the research and development of a range of product candidates for a variety of indications. We believe our approach will help us diversify the risks associated with our research and development expenditures. To the extent we are unable to maintain a broad range of product candidates, our dependence on the success of one or a few product candidates would increase. As a result of the uncertainties involved in our business, we are unable to estimate the duration and completion costs of our research and development projects or when, if ever, and to what extent we will receive cash inflows from the commercialization and sale of a product. Our inability to complete our research and development projects in a timely manner or our failure to enter into collaborative agreements, when appropriate, could significantly increase our capital requirements and could adversely impact our liquidity. These uncertainties could force us to seek additional, external sources of financing from time to time in order to continue with our business strategy. Our inability to raise additional capital, or to do so on terms reasonably acceptable to us, would jeopardize the future success of our business. Our estimated future capital requirements are uncertain and could change materially as a result of many factors, including the progress of our research, development, clinical, manufacturing, and commercialization activities. However, we believe our current cash and investments and committed and expected revenues from our collaborators and strategic alliances are expected to be sufficient to continue our current research, development and collaborative activities into 2017. Use of Estimates The preparation of financial statements, in conformity with U.S. generally accepted accounting principles, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, and revenues and expenses during the period. Critical accounting policies involved in applying our accounting policies are those that require management to make assumptions about matters that are highly uncertain at the time the accounting estimate was made and those for which different estimates reasonably could have been used for the current period. Critical accounting estimates are also those which are reasonably likely to change from period to period, and would have a material impact on the presentation of our financial condition, changes in financial condition or results of operations. Our most critical accounting estimates relate to accounting policies for strategic alliances and research contract revenues, research and development activities, and stock-based compensation. Management bases its estimates on historical experience and on various other assumptions that it believes are reasonable under the circumstances. Actual results could differ from these estimates. Revenue Recognition Revenue is recognized when all four of the following criteria are met (i) a contract is executed, (ii) the contract price is fixed and determinable, (iii) delivery of the services or products has occurred and (iv) collectability of the contract amounts is considered probable. Our collaborative research and development agreements provide for upfront license fees, research payments, and/or substantive milestone payments. Upfront non-refundable fees associated with license and development agreements where we have continuing involvement in the agreement are recorded as deferred revenue and recognized over the estimated service period. If the estimated service period is subsequently modified, the period over which the upfront fee is recognized is modified accordingly on a prospective basis. Non-refundable research and development fees for which no future performance obligations exist are recognized when collection is assured. Substantive milestone payments are considered performance payments and are recognized upon achievement of the milestone if all of the following criteria are met: (i) achievement of the milestone involves a degree of risk and was not reasonably assured at the inception of the arrangement, (ii) substantive effort is involved in achieving the milestone and (iii) the amount of the milestone payment is reasonable in relation to all of the deliverables and payment terms within the arrangement. Determination of whether a milestone meets the aforementioned conditions involves the judgment of management. Research and development revenue from cost-reimbursement and cost-plus fixed-fee agreements is recognized as earned based on the performance requirements of the contract. Revisions in revenues, cost, and billing factors, such as indirect rate estimates, are accounted for in the period of change. Reimbursable costs under such contracts are subject to audit and retroactive adjustment. Contract revenues and accounts receivable reported in the financial statements are recorded at the amount expected to be received. Contract revenues are adjusted to actual upon final audit and retroactive adjustment. Estimated contractual allowances are provided based on management’s evaluation of current contract terms and past experience with disallowed costs and reimbursement levels. Payments received in advance of work performed are recorded as deferred revenue. Research and development revenue from fixed-price best efforts arrangements is recognized as earned based on the performance requirements of the contract. Revenue under these arrangements is recognized when customer acceptance has been received. During the period of performance, recoverable contract costs are accumulated on the balance sheet in other current assets, but no revenue or profit is recorded prior to customer acceptance of the contractually stated deliverables. Recoverable contract costs that are accumulated on the balance sheet include all direct costs associated with the arrangement and an allocation of indirect costs. Payments received in advance of customer acceptance are recorded as deferred revenue. Once customer acceptance has been received, revenue and recoverable contract costs are recognized. Over the course of the arrangement, we routinely evaluate whether revenue and profitability should be recognized in the current period. Any known or probable losses on projects are charged to operations in the period in which such losses are determined. Recent Accounting Pronouncements In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-05, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement. The guidance provides clarification on whether a cloud computing arrangement includes a software license. If a software license is included, the customer should account for the license consistent with its accounting of other software licenses. If a software license is not included, the arrangement should be accounted for as a service contract. The update is effective for reporting periods beginning after December 15, 2015 and for interim periods within those fiscal years, with early adoption permitted. Entities have the option of applying either a full retrospective approach to all periods presented or a prospective approach to all arrangements entered into or materially modified after the effective date. The adoption of this standard will not have any impact on the Company’s financial position, results of operations and disclosures. In April 2015, the FASB issued ASU No. 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. To simplify the presentation of debt issuance costs, the amendments in this Update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this Update. The amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2015 and interim periods within fiscal years beginning after December 15, 2016. Early adoption of the amendments in this Update is permitted for financial statements that have not been previously issued. The adoption of this standard will not have any impact on the Company’s financial position, results of operations and disclosures. In January 2015, the FASB issued ASU No. 2015-01, Income Statement — Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. Extraordinary items are transactions or events that are both unusual in nature and infrequent in occurrence, and, currently, are required to be presented separately in an entity’s income statement, net of income tax, after income from continuing operations. The changes eliminate the concept of extraordinary items and, therefore, the presentation of such items will no longer be required. Notwithstanding this change, an entity will still be required to present and disclose transactions or events that are both unusual in nature and infrequent in occurrence in the notes to the financial statements. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The adoption of this standard will not have any impact on the Company’s financial position, results of operations and disclosures. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements — Going Concern (Topic 205), which requires management to assess an entity’s ability to continue as a going concern and to provide related disclosures in certain circumstances. Under the new standard, disclosures are required when conditions or events give rise to substantial doubt about an entity’s ability to continue as a going concern within one year from the financial statement issuance date. The new standard is effective for annual periods ending after December 15, 2016, and all annual and interim periods thereafter. Early application is permitted. The adoption of this standard will not have any impact on the Company’s financial position and results of operations and, at this time, the Company does not expect any impact on its disclosures. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes all existing revenue recognition requirements, including most industry-specific guidance. The new standard requires a company to recognize revenue when it transfers goods or services to customers in an amount that reflects the consideration that the company expects to receive for those goods or services. The new standard will be effective for us on January 1, 2018; however the standard’s effective date may be delayed. We are currently evaluating the potential impact that Topic 606 may have on our financial position and results of operations. There are no other new accounting pronouncements issued but not effective until after June 30, 2015 that are expected to have a significant effect on our financial position or results of operations.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	(2) Fair Value Measurements For assets and liabilities measured at fair value we utilize FASB Accounting Standards Codification (ASC) Section 820 “Fair Value Measurements and Disclosures” (ASC 820) which defines fair value and establishes a framework for fair value measurements. This standard establishes a three-level hierarchy for disclosure of fair value measurements. The hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels of inputs used to measure fair value are as follows: • Level 1 – Quoted prices in active markets for identical assets or liabilities; • Level 2 – Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active and other inputs that are observable (e.g., interest rates, yield curves, volatilities and default rates, among others) or that can be corroborated by observable market data; • 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, including certain pricing models, discounted cash flow methodologies, and similar techniques that use significant unobservable inputs. The following table presents information about assets recorded at fair value on a recurring basis on the Condensed Balance Sheet as of June 30, 2015: Quoted Prices in Active Markets for Significant Total Carrying Identical Other Observable Value on the Assets/Liabilities Inputs (In thousands) Balance Sheet (Level 1) (Level 2) Assets: Cash and cash equivalents $ 6,699 $ 6,699 $ - Investments, at fair value: Corporate notes and bonds 4,348 - 4,348 Equity securities 43 43 - Subtotal, Investments, at fair value 4,391 43 4,348 Total assets at fair value $ 11,090 $ 6,742 $ 4,348 The following table presents information about assets recorded at fair value on a recurring basis on the Condensed Balance Sheet as of December 31, 2014: Quoted Prices in Active Markets for Significant Total Carrying Identical Other Observable Value on the Assets/Liabilities Inputs (In thousands) Balance Sheet (Level 1) (Level 2) Assets: Cash and cash equivalents $ 7,968 $ 7,968 $ - Investments, at fair value: Corporate notes and bonds 6,475 - 6,475 U.S. government and agency securities 200 - 200 Equity securities 49 49 - Subtotal, Investments, at fair value 6,724 49 6,675 Total assets at fair value $ 14,692 $ 8,017 $ 6,675 We determine fair value for marketable securities with Level 1 inputs through quoted market prices and have classified them as available-for-sale. Our Level 2 investments consist of corporate notes and bonds maturing at various times into 2016. We review all investments for other-than-temporary impairment at least quarterly or as indicators of impairment exist. Indicators of impairment include the duration and severity of the decline in fair value as well as the intent and ability to hold the investment to allow for a recovery in the market value of the investment. In addition, we consider qualitative factors that include, but are not limited to: (i) the financial condition and business plans of the investee, including its future earnings potential, (ii) the investee’s credit rating and (iii) the current and expected market and industry conditions in which the investee operates. If a decline in the fair value of an investment is deemed by management to be other-than-temporary, we write down the cost basis of the investment to fair value, and the amount of the write down is included in net earnings. Such a determination is dependent on the facts and circumstances relating to each investment. We have determined there have been no such impairments in 2015 or 2014; however as of June 30, 2015, the Company has an accumulated unrealized loss of $31,000; $30,000 of which is related to our equity security holding, which has been in a loss position for over twelve months. All unrealized holding gains or losses related to our investments in marketable securities are reflected in accumulated other comprehensive loss in stockholders’ equity. The change in accumulated other comprehensive loss was a net unrealized gain of $2,000 and a net unrealized loss of $4,000 for the six months ended June 30, 2015 and 2014, respectively.

Stock-Based Compensation Expens

Stock-Based Compensation Expense	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation Expense	(3) Stock-Based Compensation Expense The following table summarizes stock-based compensation expense related to employee stock options for the three-month and six-month periods ended June 30, 2015 and June 30, 2014, which was allocated as follows: Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (in thousands) (in thousands) General and administrative $ 127 $ 72 240 128 Research and development 85 55 $ 166 $ 97 $ 212 $ 127 $ 406 $ 225 We use the Black-Scholes pricing model to value stock options. The estimated fair value of employee stock options granted during the six-month periods ended June 30, 2015 and 2014 was calculated using the Black-Scholes model with the following weighted-average assumptions: For the Six For the Six Months Ended Months Ended June 30, 2015 June 30, 2014 Range of risk-free interest rate 1.42 - 1.49 % 1.87 - 1.99 % Expected dividend yield 0.00 % 0.00 % Expected volatility 103.64 % 97.91 % Expected life (years) 6.23 6.05 Weighted-average fair value of options granted $ 2.41 $ 3.06 The risk-free interest rate assumptions are based upon various U.S. Treasury rates as of the date of the grants. The dividend yield is based on the assumption that we do not expect to declare a dividend over the life of the options. The volatility assumptions for the 2015 and 2014 periods are based on the weighted average volatility for the most recent one-year period as well as the volatility over the expected life of 6.23 years and 6.05 years, respectively. The expected life of employee stock options represents the weighted average combining the actual life of options that have already been exercised or cancelled with the expected life of all outstanding options. The expected life of outstanding options is calculated assuming the options will be exercised at the midpoint between the applicable vesting date and the full contractual term. The Company estimates forfeiture rates at the time of grant and revises these estimates, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Forfeitures are estimated based on the demographics of current option holders and standard probabilities of employee turnover. We do not record tax-related effects on stock-based compensation given our historical and anticipated operating experience and offsetting changes in our valuation allowance which fully reserves against potential deferred tax assets. Stock Options The following table summarizes the stock option activity for the six months ended June 30, 2015: Weighted Weighted average average Aggregate Number exercise contractual intrinsic (in thousands, of shares price life (years) value except exercise price and contractual term data) Stock options outstanding, January 1, 2015 1,679 $ 4.74 Granted 465 2.97 Expired (14 ) 18.37 Stock options outstanding at June 30, 2015 2,130 $ 4.27 7.36 $ 196 Vested or expected to vest at June 30, 2015 1,955 $ 4.38 7.20 $ 187 Exercisable at June 30, 2015 1,264 $ 5.28 6.27 $ 117 Unrecognized stock-based compensation related to stock options was approximately $1.7 million as of June 30, 2015. This amount is expected to be expensed over a weighted average period of 3.0 years. There were no options exercised during the six-month periods ended June 30, 2015 or 2014. The following table summarizes information about our stock options outstanding and exercisable as of June 30, 2015: Outstanding Exercisable Weighted average Weighted Weighted remaining average average Range of exercise Number contractual exercise Number exercise prices of shares life (in years) price of shares price (number of shares in thousands) $0.00 - $10.00 1,936 7.84 $ 2.77 1,070 $ 2.76 $10.01 - $20.00 110 1.92 15.50 110 15.50 $20.01 - $30.00 82 3.50 23.57 82 23.57 $30.01 - $41.00 2 1.80 41.00 2 41.00 2,130 7.36 $ 4.27 1,264 $ 5.28 Restricted Stock Awards In September 2013, the Company issued 730,000 restricted shares of common stock under the Company’s 2011 Omnibus Incentive Plan. The following table summarizes the status of the Company’s unvested restricted stock awards as of June 30, 2015: Weighted Average Aggregate Number Grant Date Intrinsic (in thousands, except per share data) of Shares Fair Value Value Non-vested restricted stock awards at January 1, 2014 730 $ 0.27 Granted - - Vested - - Forfeited - - Non-vested restricted stock awards at December 31, 2014 730 - Granted - - Vested - - Forfeited - - Non-vested restricted stock awards at June 30, 2015 730 $ 0.27 $ 194 Expected to vest at June 30, 2015 704 $ 0.27 $ 187 Restricted stock awarded in 2013 vests 100% two years after the date of grant. The fair value of the grant is charged to operations over the vesting period. Unrecognized stock-based compensation expense related to restricted stock awards was approximately $52,000 as of June 30, 2015. This amount is expected to be expensed over a weighted average period of 0.2 years.

Net Loss per Share

Net Loss per Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Net Loss per Share	(4) Net Loss per Share Basic earnings per share is computed based upon the net loss available to common stock stockholders divided by the weighted average number of common stock shares outstanding during the period. The dilutive effect of common stock equivalents is included in the calculation of diluted earnings per share only when the effect of the inclusion would be dilutive. For the six months ended June 30, 2015 and 2014 all common stock equivalent shares associated with our stock option plans, unvested restricted shares, and stock equivalent shares associated with our warrants were excluded from the denominator in the diluted loss per share calculation as their inclusion would have been antidilutive.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity Note [Abstract]
Stockholders' Equity	(5) Stockholders’ Equity In January 2014, we filed a $75.0 million shelf registration statement on Form S-3 (the 2014 shelf registration statement), with the Securities and Exchange Commission. The 2014 shelf registration statement was declared effective February 11, 2014 and allows us to obtain financing through the issuance of any combination of common stock, preferred stock or warrants. Pursuant to General Instruction I.B.6 of Form S-3, in no event will we sell securities in a public primary offering with a value exceeding more than one-third of our public float in any 12-month period so long as our public float remains below $75.0 million. As of July 31, 2015, pursuant to the Equity Distribution Agreement and the Registered Direct Offering described below we have sold approximately $11.6 million of securities in the aggregate. On February 11, 2014, we entered into an Equity Distribution Agreement (the EDA) with Roth Capital Partners, LLC (Roth Capital Partners), pursuant to which we may sell from time to time up to $10.0 million of shares of our common stock, par value $0.001 per share, through Roth Capital Partners (the ATM Offering). Sales of shares in the ATM Offering, if any, may be made by any method permitted by law deemed to be an “at the market” offering as defined in Rule 415 of the Securities Act of 1933, as amended, including without limitation directly on the NASDAQ Capital Market, or any other existing trading market for the shares or through a market maker, or, if agreed by the Company and Roth Capital Partners, by any other method permitted by law, including but not limited to in negotiated transactions. The ATM Offering is being made pursuant to the 2014 shelf registration statement. We intend to use the net proceeds from the sale of shares in the ATM Offering, if any, for operating costs, working capital and general corporate purposes. At the time of the registered direct offering described immediately below, we suspended the ATM Offering. We will continue to evaluate whether to resume the ATM offering in the future. As of July 31, 2015, we had sold 721,677 shares in the ATM Offering for gross proceeds of approximately $2.6 million. On March 18, 2014, we sold 2,870,000 shares of our common stock in a registered direct offering pursuant to the 2014 shelf registration statement (the Registered Direct Offering), at a price of $3.15 per share, resulting in gross proceeds of approximately $9.0 million. We intend to use the net proceeds, $8.4 million, from the sale of shares in the Registered Direct Offering for operating costs, working capital and general corporate purposes. As of June 30, 2015, pursuant to the Equity Distribution Agreement and the Registered Direct Offering we have sold 3,591,677 shares of our common stock since the 2014 shelf registration statement became effective on February 11, 2014 for gross proceeds of $11.6 million; all of these sales were completed prior to March 31, 2014. These sales have resulted in proceeds, net of issuance costs of approximately $10.7 million. Warrants to purchase common stock were granted to organizations and institutions in conjunction with certain licensing and funding activities. On February 1, 2015, 420,000 warrants with an exercise price of $27.50 issued in February 2010 expired. As a result of the expiration of the warrants on February 1, 2015, we have no outstanding warrants. There were no warrants exercised during the six months ended June 30, 2015.

Collaborative Agreements

Collaborative Agreements	6 Months Ended
	Jun. 30, 2015
Collaborative Agreements [Abstract]
Collaborative Agreements	(6) Collaborative Agreements In January 2010, we signed a research collaboration and license agreement (the Agreement) with Novartis to discover and develop novel treatments for hearing loss and balance disorders. Under the terms of the Agreement, we licensed the world-wide rights to our preclinical hearing loss and balance disorders program to Novartis. In addition, the Agreement allows us to receive funding from Novartis for a research program focused on developing additional adenovectors for hearing loss. During the three months ended June 30, 2015 and 2014, we recognized $2,000 and $0.1 million, respectively, for work performed under the Agreement. For both the six-month periods ended June 30, 2015 and 2014, we recognized $0.1 million for work performed under the Agreement. Under the Agreement, we are eligible to receive milestones payments of up to $206.6 million; including up to $0.6 million for the achievement of preclinical development activities, up to $26.0 million for the achievement of clinical milestones (including the non-rejection of an IND with respect to a covered product, the first patient visit in Phase I, Phase IIb and Phase III clinical trials), up to $45.0 million for the receipt of regulatory approvals and up to $135.0 million for sales-based milestones. During each of the years ended December 31, 2010 and 2011, we recognized $0.3 million of milestone payments as a result of the successful completion of preclinical development activities. In 2012 and 2013, there were no milestone payments received. In February 2014, we achieved the third milestone in the collaboration with Novartis. The $2.0 million milestone was triggered by the non-rejection by the FDA of the IND filed by Novartis for CGF166. In October 2014, we achieved the fourth milestone in the collaboration with Novartis. The $3.0 million milestone was triggered when the first patient was dosed in a Phase 1/2 clinical trial sponsored by Novartis utilizing GenVec technology for the treatment of severe-to-profound bilateral hearing loss. As of June 30, 2015, milestones available under the Agreement include $21.0 million of additional clinical milestones, $45.0 million in regulatory milestones, and $135.0 million of sales-based milestones. We are also entitled to royalties on future sales. There have been no milestones achieved during 2015. In August 2010, we signed an agreement for the supply of services relating to development materials with Novartis, related to our collaboration in hearing loss and balance disorders. Under this agreement, valued at $14.9 million, we agreed to manufacture clinical trial material for up to two lead candidates. For both the three-month periods ended June 30, 2015 and 2014 we recognized $0.1 million for services performed under this agreement. For both the six-month periods ended June 30, 2015 and 2014 we recognized $0.1 million for services performed under this agreement. In March 2015, we announced a collaboration with TheraBiologics, Inc. to develop cancer therapeutics leveraging both GenVec’s proprietary gene delivery platform and TheraBiologics’ proprietary neural stem cell technology. In exchange for an economic participation in the products being developed under the collaboration, we will contribute technology, know-how, vector construction, and technical and regulatory support to the program. TheraBiologics will be responsible for all other development costs. In April 2015, we announced a new Research Collaboration Agreement with the Laboratory of Malaria Immunology and Vaccinology (LMIV) under which we will build new vaccine candidates based on our proprietary adenovectors isolated from gorillas and designed to deliver novel antigens discovered at the LMIV. In June 2015, GenVec announced a new multi-faceted collaboration agreement with the School of Medicine at Washington University at St. Louis (WUSTL) under which GenVec and WUSTL will create modified versions of GenVec’s gorilla adenovectors that incorporate specialized targeting antibodies on the surface of the vectors. These antibodies are produced only by camels, alpacas and other camelids and are smaller and more stable in intracellular environments than their mouse or human counterparts. The ultimate goal of this collaboration is to create highly targeted therapeutics and vaccines.

Litigation

Litigation	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Litigation	(7) Litigation On February 3, 2012, a putative class action lawsuit captioned Satish Shah v. GenVec, Inc., et al On March 12, 2012, a putative shareholder derivative action was commenced in the United States District Court for the District of Maryland against certain current and former members of our Board of Directors and the Company as a nominal defendant. The case was styled Garnitschnig v. Horovitz, et al. Garnitschnig On October 17, 2014, a second putative class and derivative action was filed in the United States District Court for the District of Maryland styled Galitsis v. Swirsky, et. al. Galitsis Garnitschnig Galitsis Garnitschnig Garnitschnig The Company and the individual defendants vigorously deny all liability with respect to the claims alleged in the Galitsis Galitsis Galitsis Galitsis Galitsis

Restructuring

Restructuring	6 Months Ended
	Jun. 30, 2015
Restructuring and Related Activities [Abstract]
Restructuring	(8) Restructuring On January 10, 2014, we relocated our corporate offices from 65 W. Watkins Mill Road in Gaithersburg, MD to 910 Clopper Road, Suite 220N in Gaithersburg, MD. As a result of our relocation, the Company incurred $0.7 million of expense in the first quarter of 2014. This amount comprises $0.6 million for accrued rent expense and $57,000 of accelerated depreciation and amortization for long-lived assets that are not currently expected to be utilized after our relocation. Additionally, the Company incurred $39,000 of accelerated depreciation for long-lived assets that have been taken out of service in the third quarter of 2014. Accrued rent expense for the Company’s lease obligation for the former corporate offices, which ran through October 31, 2014 was paid monthly over the remaining lease term. At June 30, 2015, we have no remaining liability related to our former corporate offices. At June 30, 2015 and December 31, 2014, liabilities of approximately $0 and $128,000, respectively, remain in accrued expenses for the unpaid portion of the severance costs related to the departure of Cynthia Collins, our former President and Chief Executive Officer.

General (Policies)

General (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The condensed financial statements included herein have been prepared by GenVec, Inc. (GenVec, we, our, or the Company) without audit pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations. We believe the disclosures are adequate to make the information presented not misleading. The condensed financial statements included herein should be read in conjunction with the financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014 filed with the SEC. In the opinion of management, the accompanying financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position of the Company as of June 30, 2015 and December 31, 2014, the results of its operations for the three-month and six-month periods ended June 30, 2015 and June 30, 2014, and cash flows for the six-month periods ended June 30, 2015 and June 30, 2014. The results of operations for any interim period are not necessarily indicative of the results of operations for any other interim period or for a full fiscal year.
Use of Estimates	Use of Estimates The preparation of financial statements, in conformity with U.S. generally accepted accounting principles, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, and revenues and expenses during the period. Critical accounting policies involved in applying our accounting policies are those that require management to make assumptions about matters that are highly uncertain at the time the accounting estimate was made and those for which different estimates reasonably could have been used for the current period. Critical accounting estimates are also those which are reasonably likely to change from period to period, and would have a material impact on the presentation of our financial condition, changes in financial condition or results of operations. Our most critical accounting estimates relate to accounting policies for strategic alliances and research contract revenues, research and development activities, and stock-based compensation. Management bases its estimates on historical experience and on various other assumptions that it believes are reasonable under the circumstances. Actual results could differ from these estimates.
Revenue Recognition	Revenue Recognition Revenue is recognized when all four of the following criteria are met (i) a contract is executed, (ii) the contract price is fixed and determinable, (iii) delivery of the services or products has occurred and (iv) collectability of the contract amounts is considered probable. Our collaborative research and development agreements provide for upfront license fees, research payments, and/or substantive milestone payments. Upfront non-refundable fees associated with license and development agreements where we have continuing involvement in the agreement are recorded as deferred revenue and recognized over the estimated service period. If the estimated service period is subsequently modified, the period over which the upfront fee is recognized is modified accordingly on a prospective basis. Non-refundable research and development fees for which no future performance obligations exist are recognized when collection is assured. Substantive milestone payments are considered performance payments and are recognized upon achievement of the milestone if all of the following criteria are met: (i) achievement of the milestone involves a degree of risk and was not reasonably assured at the inception of the arrangement, (ii) substantive effort is involved in achieving the milestone and (iii) the amount of the milestone payment is reasonable in relation to all of the deliverables and payment terms within the arrangement. Determination of whether a milestone meets the aforementioned conditions involves the judgment of management. Research and development revenue from cost-reimbursement and cost-plus fixed-fee agreements is recognized as earned based on the performance requirements of the contract. Revisions in revenues, cost, and billing factors, such as indirect rate estimates, are accounted for in the period of change. Reimbursable costs under such contracts are subject to audit and retroactive adjustment. Contract revenues and accounts receivable reported in the financial statements are recorded at the amount expected to be received. Contract revenues are adjusted to actual upon final audit and retroactive adjustment. Estimated contractual allowances are provided based on management’s evaluation of current contract terms and past experience with disallowed costs and reimbursement levels. Payments received in advance of work performed are recorded as deferred revenue. Research and development revenue from fixed-price best efforts arrangements is recognized as earned based on the performance requirements of the contract. Revenue under these arrangements is recognized when customer acceptance has been received. During the period of performance, recoverable contract costs are accumulated on the balance sheet in other current assets, but no revenue or profit is recorded prior to customer acceptance of the contractually stated deliverables. Recoverable contract costs that are accumulated on the balance sheet include all direct costs associated with the arrangement and an allocation of indirect costs. Payments received in advance of customer acceptance are recorded as deferred revenue. Once customer acceptance has been received, revenue and recoverable contract costs are recognized. Over the course of the arrangement, we routinely evaluate whether revenue and profitability should be recognized in the current period. Any known or probable losses on projects are charged to operations in the period in which such losses are determined.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-05, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement. The guidance provides clarification on whether a cloud computing arrangement includes a software license. If a software license is included, the customer should account for the license consistent with its accounting of other software licenses. If a software license is not included, the arrangement should be accounted for as a service contract. The update is effective for reporting periods beginning after December 15, 2015 and for interim periods within those fiscal years, with early adoption permitted. Entities have the option of applying either a full retrospective approach to all periods presented or a prospective approach to all arrangements entered into or materially modified after the effective date. The adoption of this standard will not have any impact on the Company’s financial position, results of operations and disclosures. In April 2015, the FASB issued ASU No. 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. To simplify the presentation of debt issuance costs, the amendments in this Update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this Update. The amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2015 and interim periods within fiscal years beginning after December 15, 2016. Early adoption of the amendments in this Update is permitted for financial statements that have not been previously issued. The adoption of this standard will not have any impact on the Company’s financial position, results of operations and disclosures. In January 2015, the FASB issued ASU No. 2015-01, Income Statement — Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. Extraordinary items are transactions or events that are both unusual in nature and infrequent in occurrence, and, currently, are required to be presented separately in an entity’s income statement, net of income tax, after income from continuing operations. The changes eliminate the concept of extraordinary items and, therefore, the presentation of such items will no longer be required. Notwithstanding this change, an entity will still be required to present and disclose transactions or events that are both unusual in nature and infrequent in occurrence in the notes to the financial statements. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The adoption of this standard will not have any impact on the Company’s financial position, results of operations and disclosures. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements — Going Concern (Topic 205), which requires management to assess an entity’s ability to continue as a going concern and to provide related disclosures in certain circumstances. Under the new standard, disclosures are required when conditions or events give rise to substantial doubt about an entity’s ability to continue as a going concern within one year from the financial statement issuance date. The new standard is effective for annual periods ending after December 15, 2016, and all annual and interim periods thereafter. Early application is permitted. The adoption of this standard will not have any impact on the Company’s financial position and results of operations and, at this time, the Company does not expect any impact on its disclosures. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes all existing revenue recognition requirements, including most industry-specific guidance. The new standard requires a company to recognize revenue when it transfers goods or services to customers in an amount that reflects the consideration that the company expects to receive for those goods or services. The new standard will be effective for us on January 1, 2018; however the standard’s effective date may be delayed. We are currently evaluating the potential impact that Topic 606 may have on our financial position and results of operations. There are no other new accounting pronouncements issued but not effective until after June 30, 2015 that are expected to have a significant effect on our financial position or results of operations.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Schedule of assets and liabilities recorded at fair value on a recurring basis	The following table presents information about assets recorded at fair value on a recurring basis on the Condensed Balance Sheet as of June 30, 2015: Quoted Prices in Active Markets for Significant Total Carrying Identical Other Observable Value on the Assets/Liabilities Inputs (In thousands) Balance Sheet (Level 1) (Level 2) Assets: Cash and cash equivalents $ 6,699 $ 6,699 $ - Investments, at fair value: Corporate notes and bonds 4,348 - 4,348 Equity securities 43 43 - Subtotal, Investments, at fair value 4,391 43 4,348 Total assets at fair value $ 11,090 $ 6,742 $ 4,348 The following table presents information about assets recorded at fair value on a recurring basis on the Condensed Balance Sheet as of December 31, 2014: Quoted Prices in Active Markets for Significant Total Carrying Identical Other Observable Value on the Assets/Liabilities Inputs (In thousands) Balance Sheet (Level 1) (Level 2) Assets: Cash and cash equivalents $ 7,968 $ 7,968 $ - Investments, at fair value: Corporate notes and bonds 6,475 - 6,475 U.S. government and agency securities 200 - 200 Equity securities 49 49 - Subtotal, Investments, at fair value 6,724 49 6,675 Total assets at fair value $ 14,692 $ 8,017 $ 6,675

Stock-Based Compensation Expe16

Stock-Based Compensation Expense (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of stock-based compensation expense related to employee stock options	Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (in thousands) (in thousands) General and administrative $ 127 $ 72 240 128 Research and development 85 55 $ 166 $ 97 $ 212 $ 127 $ 406 $ 225
Schedule of weighted-average assumptions used in valuation of stock option	For the Six For the Six Months Ended Months Ended June 30, 2015 June 30, 2014 Range of risk-free interest rate 1.42 - 1.49 % 1.87 - 1.99 % Expected dividend yield 0.00 % 0.00 % Expected volatility 103.64 % 97.91 % Expected life (years) 6.23 6.05 Weighted-average fair value of options granted $ 2.41 $ 3.06
Schedule of stock option activity	Weighted Weighted average average Aggregate Number exercise contractual intrinsic (in thousands, of shares price life (years) value except exercise price and contractual term data) Stock options outstanding, January 1, 2015 1,679 $ 4.74 Granted 465 2.97 Expired (14 ) 18.37 Stock options outstanding at June 30, 2015 2,130 $ 4.27 7.36 $ 196 Vested or expected to vest at June 30, 2015 1,955 $ 4.38 7.20 $ 187 Exercisable at June 30, 2015 1,264 $ 5.28 6.27 $ 117
Schedule of summary of stock options outstanding	The following table summarizes information about our stock options outstanding and exercisable as of June 30, 2015: Outstanding Exercisable Weighted average Weighted Weighted remaining average average Range of exercise Number contractual exercise Number exercise prices of shares life (in years) price of shares price (number of shares in thousands) $0.00 - $10.00 1,936 7.84 $ 2.77 1,070 $ 2.76 $10.01 - $20.00 110 1.92 15.50 110 15.50 $20.01 - $30.00 82 3.50 23.57 82 23.57 $30.01 - $41.00 2 1.80 41.00 2 41.00 2,130 7.36 $ 4.27 1,264 $ 5.28
Schedule of unvested restricted stock	Weighted Average Aggregate Number Grant Date Intrinsic (in thousands, except per share data) of Shares Fair Value Value Non-vested restricted stock awards at January 1, 2014 730 $ 0.27 Granted - - Vested - - Forfeited - - Non-vested restricted stock awards at December 31, 2014 730 - Granted - - Vested - - Forfeited - - Non-vested restricted stock awards at June 30, 2015 730 $ 0.27 $ 194 Expected to vest at June 30, 2015 704 $ 0.27 $ 187

Fair Value Measurements - Asset

Fair Value Measurements - Assets and liabilities recorded at fair value on recurring basis on condensed balance sheet (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Total Carrying Value on the Balance Sheet
Investments, at fair value:
Subtotal, Investments, at fair value	$ 4,391	$ 6,724
Total assets at fair value	11,090	14,692
Total Carrying Value on the Balance Sheet | Cash and cash equivalents
Investments, at fair value:
Total assets at fair value	6,699	7,968
Total Carrying Value on the Balance Sheet | Corporate notes and bonds
Investments, at fair value:
Subtotal, Investments, at fair value	4,348	6,475
Total Carrying Value on the Balance Sheet | U.S. government and agency securities
Investments, at fair value:
Subtotal, Investments, at fair value		200
Total Carrying Value on the Balance Sheet | Equity securities
Investments, at fair value:
Subtotal, Investments, at fair value	43	49
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)
Investments, at fair value:
Subtotal, Investments, at fair value	43	49
Total assets at fair value	6,742	8,017
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) | Cash and cash equivalents
Investments, at fair value:
Total assets at fair value	$ 6,699	$ 7,968
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) | Corporate notes and bonds
Investments, at fair value:
Subtotal, Investments, at fair value
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) | U.S. government and agency securities
Investments, at fair value:
Subtotal, Investments, at fair value
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) | Equity securities
Investments, at fair value:
Subtotal, Investments, at fair value	$ 43	$ 49
Significant Other Observable Inputs (Level 2)
Investments, at fair value:
Subtotal, Investments, at fair value	4,348	6,675
Total assets at fair value	$ 4,348	$ 6,675
Significant Other Observable Inputs (Level 2) | Cash and cash equivalents
Investments, at fair value:
Total assets at fair value
Significant Other Observable Inputs (Level 2) | Corporate notes and bonds
Investments, at fair value:
Subtotal, Investments, at fair value	$ 4,348	$ 6,475
Significant Other Observable Inputs (Level 2) | U.S. government and agency securities
Investments, at fair value:
Subtotal, Investments, at fair value		$ 200
Significant Other Observable Inputs (Level 2) | Equity securities
Investments, at fair value:
Subtotal, Investments, at fair value

Fair Value Measurements - (Deta

Fair Value Measurements - (Detail Textuals) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Fair Value Disclosure [Line Items]
Accumulated unrealized loss	$ 31,000		$ 31,000
Net unrealized gain included in comprehensive income related to marketable securities	(6,000)	$ (16,000)	2,000	$ (4,000)
Equity securities
Fair Value Disclosure [Line Items]
Accumulated unrealized loss position for over twelve months	$ 30,000		$ 30,000

Stock-Based Compensation Expe19

Stock-Based Compensation Expense - Summary of stock based compensation expense related to employee stock options (Details) - Employee stock options - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 212	$ 127	$ 406	$ 225
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	127	72	240	128
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 85	$ 55	$ 166	$ 97

Stock-Based Compensation Expe20

Stock-Based Compensation Expense - The estimated fair value of employee stock options granted (Details 1) - $ / shares	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life (years)	6 years 2 months 23 days	6 years 18 days
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0.00%	0.00%
Expected volatility	103.64%	97.91%
Expected life (years)	6 years 2 months 23 days	6 years 18 days
Weighted-average fair value of options granted	$ 2.41	$ 3.06
Stock Option | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of risk-free interest rate	1.49%	1.99%
Stock Option | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of risk-free interest rate	1.42%	1.87%

Stock-Based Compensation Expe21

Stock-Based Compensation Expense - Stock option activity (Details 2) - Jun. 30, 2015 - Stock Option - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	Total
Number of shares
Stock options outstanding, January 1, 2015	1,679
Granted	465
Expired	(14)
Stock options outstanding at June 30, 2015	2,130
Vested or expected to vest at June 30, 2015	1,955
Exercisable at June 30, 2015	1,264
Weighted average exercise price
Stock options outstanding, January 1, 2015	$ 4.74
Granted	2.97
Expired	18.37
Stock options outstanding at June 30, 2015	4.27
Vested or expected to vest at June 30, 2015	4.38
Exercisable at June 30, 2015	$ 5.28
Weighted average contractual life (years)
Stock options outstanding at June 30, 2015	7 years 4 months 10 days
Vested or expected to vest at June 30, 2015	7 years 2 months 12 days
Exercisable at June 30, 2015	6 years 3 months 7 days
Aggregate intrinsic value
Stock options outstanding at June 30, 2015	$ 196
Vested or expected to vest at June 30, 2015	187
Exercisable at June 30, 2015	$ 117

Stock-Based Compensation Expe22

Stock-Based Compensation Expense - Summary of stock options outstanding (Details 3) - Stock Option - $ / shares shares in Thousands	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, Number of shares	2,130	1,679
Outstanding, Weighted average remaining contractual life (in years)	7 years 4 months 10 days
Outstanding, Weighted average exercise price	$ 4.27	$ 4.74
Exercisable, Number of shares	1,264
Exercisable, Weighted average exercise price	$ 5.28
$0.00 - $10.00
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of exercise prices, minimum	0
Range of exercise prices, maximum	$ 10
Outstanding, Number of shares	1,936
Outstanding, Weighted average remaining contractual life (in years)	7 years 10 months 2 days
Outstanding, Weighted average exercise price	$ 2.77
Exercisable, Number of shares	1,070
Exercisable, Weighted average exercise price	$ 2.76
$10.01 - $20.00
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of exercise prices, minimum	10.01
Range of exercise prices, maximum	$ 20
Outstanding, Number of shares	110
Outstanding, Weighted average remaining contractual life (in years)	1 year 11 months 1 day
Outstanding, Weighted average exercise price	$ 15.50
Exercisable, Number of shares	110
Exercisable, Weighted average exercise price	$ 15.50
$20.01 - $30.00
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of exercise prices, minimum	20.01
Range of exercise prices, maximum	$ 30
Outstanding, Number of shares	82
Outstanding, Weighted average remaining contractual life (in years)	3 years 6 months
Outstanding, Weighted average exercise price	$ 23.57
Exercisable, Number of shares	82
Exercisable, Weighted average exercise price	$ 23.57
$30.01 - $41.00
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of exercise prices, minimum	30.01
Range of exercise prices, maximum	$ 41
Outstanding, Number of shares	2
Outstanding, Weighted average remaining contractual life (in years)	1 year 9 months 18 days
Outstanding, Weighted average exercise price	$ 41
Exercisable, Number of shares	2
Exercisable, Weighted average exercise price	$ 41

Stock-Based Compensation Expe23

Stock-Based Compensation Expense - Unvested restricted stock (Details 4) - Restricted Stock - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Number of Shares
Non-vested restricted stock awards, Beginning Balance	730	730
Granted
Vested
Forfeited
Non-vested restricted stock awards, Ending Balance	730	730
Expected to vest at June 30, 2015	704
Weighted Average Grant Date Fair Value
Non-vested restricted stock awards, Beginning Balance		$ 0.27
Granted
Vested
Forfeited
Non-vested restricted stock awards, Ending Balance	$ 0.27
Expected to vest at June 30, 2015	$ 0.27
Aggregate Intrinsic Value
Aggregate Intrinsic Value, Non-vested restricted stock awards at June 30, 2015	$ 194
Aggregate Intrinsic Value, Expected to vest at June 30, 2015	$ 187

Stock-Based Compensation Expe24

Stock-Based Compensation Expense - (Detail Textuals) - USD ($)	1 Months Ended	6 Months Ended		12 Months Ended
	Sep. 30, 2013	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2013
Stockholders Equity [Line Items]
Expected life (years)		6 years 2 months 23 days	6 years 18 days
Unrecognized stock-based compensation expense		$ 1,700,000
Unrecognized stock-based compensation expense related to restricted stock units		$ 52,000
Stock Option
Stockholders Equity [Line Items]
Expected life (years)		6 years 2 months 23 days	6 years 18 days
Unrecognized stock-based compensation, weighted average recognition period		3 years
Restricted stock awards
Stockholders Equity [Line Items]
Unrecognized stock-based compensation, weighted average recognition period		2 months 12 days
Percentage of vesting of share-based compensation awards				100.00%
Fully (100%) vesting period of restricted stock (in years)				2 years
Restricted stock awards | 2011 Omnibus Incentive Plan
Stockholders Equity [Line Items]
Restricted shares of common stock issued under 2011 Plan	730,000

Stockholders' Equity - (Detail

Stockholders' Equity - (Detail Textuals) - USD ($) $ / shares in Units, $ in Thousands	Feb. 11, 2014	Jul. 31, 2015	Mar. 18, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Jan. 31, 2014
Class Of Warrant Or Right [Line Items]
Stock issuance maximum limit							$ 75,000
Common stock, par value (in dollars per share)				$ 0.001		$ 0.001
Proceeds from issuance of common stock, net of issuance costs				$ (8)	$ 10,678
Registered Direct Offering
Class Of Warrant Or Right [Line Items]
Number of shares sold under registered direct offering			2,870,000
Offering price			$ 3.15
Value of shares sold under registered direct offering			$ 9,000
Proceeds from issuance of common stock, net of issuance costs			$ 8,400
Roth Equity Distribution Agreement | Registered Direct Offering
Class Of Warrant Or Right [Line Items]
Number of shares sold under registered direct offering				3,591,677
Value of shares sold under registered direct offering				$ 11,600
Proceeds from issuance of common stock, net of issuance costs				$ 10,700
Roth Equity Distribution Agreement | ATM offering
Class Of Warrant Or Right [Line Items]
Proceeds from issuance or sale of equity	$ 10,000
Common stock, par value (in dollars per share)	$ 0.001
Subsequent event | Roth Equity Distribution Agreement | Registered Direct Offering
Class Of Warrant Or Right [Line Items]
Proceeds from issuance or sale of equity		$ 11,600
Subsequent event | Roth Equity Distribution Agreement | ATM offering
Class Of Warrant Or Right [Line Items]
Proceeds from issuance or sale of equity		$ 2,600
Sale of stock, number of shares issued in transaction		721,677

Stockholders' Equity - (Detai26

Stockholders' Equity - (Detail Textuals 1) - Feb. 01, 2015 - $ / shares	Total
Stockholders' Equity Note [Abstract]
Outstanding Warrants	420,000
Exercise Price	$ 27.50
Offering Date	February 2,010
Expiration Date	Feb. 1, 2015

Collaborative Agreements - (Det

Collaborative Agreements - (Detail Textuals)	1 Months Ended		3 Months Ended		6 Months Ended		12 Months Ended
	Oct. 31, 2014USD ($)	Aug. 31, 2010USD ($)Candidate	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Dec. 31, 2011USD ($)	Dec. 31, 2010USD ($)
Collaboration and License Agreement
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Revenue recognized under contract			$ 2,000	$ 100,000	$ 100,000	$ 100,000
Collaborative arrangement expected service revenue			206,600,000		206,600,000
Collaboration and License Agreement | Preclinical Development Activities
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaborative arrangement expected service revenue			600,000		600,000
Milestone method, revenue recognized							$ 300,000	$ 300,000
Collaboration and License Agreement | Clinical Milestone Events
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaborative arrangement expected service revenue			26,000,000		26,000,000
Milestone method, revenue recognized					21,000,000
Collaboration and License Agreement | Regulatory Approvals
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaborative arrangement expected service revenue			45,000,000		45,000,000
Collaboration and License Agreement | Sales Milestones
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaborative arrangement expected service revenue			135,000,000		135,000,000
Service Agreements | Novartis
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Service revenue net	$ 3,000,000	$ 14,900,000			2,000,000
Number of candidate | Candidate		2
Revenue recognition milestone method revenue			$ 100,000	$ 100,000	$ 100,000	$ 100,000

Litigation (Detail Textuals)

Litigation (Detail Textuals)	May. 07, 2015USD ($)
Second putative class and derivative action | Settled Litigation
Loss Contingencies [Line Items]
Attorneys' fees and expenses	$ 325,000

Restructuring - (Detail Textual

Restructuring - (Detail Textuals) - USD ($)	3 Months Ended
	Mar. 31, 2015	Sep. 30, 2014	Mar. 31, 2014	Jun. 30, 2015	Dec. 31, 2014
Corporate offices relocation
Restructuring Cost and Reserve [Line Items]
Restructuring expenses incurred	$ 700,000
Accrued rent	$ 600,000
Accelerated depreciation and amortization for long-lived assets		$ 39,000	$ 57,000
Employee severance
Restructuring Cost and Reserve [Line Items]
Remaining balance in accrued expenses for unpaid portion of severance costs				$ 0	$ 128,000