Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 23, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 3-Apr-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | exel | |
Entity Registrant Name | EXELIXIS, INC. | |
Entity Central Index Key | 939767 | |
Entity Filer Category | Large Accelerated Filer | |
Current Fiscal Year End Date | 0 | |
Entity Common Stock, Shares Outstanding | 196,026,599 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | |
In Thousands, unless otherwise specified | |||
Current assets: | |||
Cash and cash equivalents | $84,987 | $80,395 | [1] |
Short-term investments | 22,258 | 63,890 | [1] |
Short-term restricted cash and investments | 6,108 | 12,212 | [1] |
Trade and other receivables | 3,882 | 4,882 | [1] |
Inventory | 2,593 | 2,381 | [1] |
Prepaid expenses and other current assets | 5,212 | 3,481 | [1] |
Total current assets | 125,040 | 167,241 | [1] |
Long-term investments | 81,597 | 81,579 | [1] |
Long-term restricted cash and investments | 2,684 | 4,684 | [1] |
Property and equipment, net | 2,158 | 2,432 | [1] |
Goodwill | 63,684 | 63,684 | [1] |
Other assets | 7,771 | 8,340 | [1] |
Total assets | 282,934 | 327,960 | [1] |
Current liabilities: | |||
Accounts payable | 1,303 | 6,413 | [1] |
Accrued clinical trial liabilities | 30,976 | 41,545 | [1] |
Accrued compensation and benefits | 3,459 | 3,350 | [1] |
Other accrued liabilities | 13,867 | 12,282 | [1] |
Current portion of convertible notes | 3,911 | 98,880 | [1] |
Current portion of loans payable | 164 | 381 | [1] |
Current portion of restructuring | 4,993 | 6,426 | [1] |
Deferred revenue | 7 | 2,583 | [1] |
Total current liabilities | 58,680 | 171,860 | [1] |
Long-term portion of convertible notes | 284,355 | 182,395 | [1] |
Long-term portion of loans payable | 80,000 | 80,000 | [1] |
Long-term portion of restructuring | 3,697 | 4,365 | [1] |
Other long-term liabilities | 2,961 | 4,169 | [1] |
Total liabilities | 429,693 | 442,789 | [1] |
Commitments | [1] | ||
Stockholders’ deficit: | |||
Preferred stock | 0 | 0 | [1] |
Common stock, $0.001 par value; 400,000,000 shares authorized; issued and outstanding: 196,020,856 and 195,895,769 shares at March 31, 2015 and December 31, 2014, respectively | 196 | 196 | [1] |
Additional paid-in capital | 1,655,580 | 1,652,400 | [1] |
Accumulated other comprehensive loss | -61 | -121 | [1] |
Accumulated deficit | -1,802,474 | -1,767,304 | [1] |
Total stockholders’ deficit | -146,759 | -114,829 | [1] |
Total liabilities and stockholders’ deficit | $282,934 | $327,960 | [1] |
[1] | The condensed consolidated balance sheet as of December 31, 2014 has been derived from the audited financial statements as of that date. |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common stock, par value, in dollars per share | $0.00 | $0.00 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 196,020,856 | 195,895,769 |
Common stock, shares outstanding | 196,020,856 | 195,895,769 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues: | ||
Net product revenues | $9,388 | $4,905 |
Operating expenses: | ||
Cost of goods sold | 766 | 309 |
Research and development | 22,282 | 54,847 |
Selling, general and administrative | 9,531 | 14,691 |
Restructuring (recovery) charge | -431 | 46 |
Total operating expenses | 32,148 | 69,893 |
Loss from operations | -22,760 | -64,988 |
Other income (expense), net: | ||
Interest income and other, net | -7 | 2,131 |
Interest expense | -12,403 | -11,762 |
Total other income (expense), net | -12,410 | -9,631 |
Net loss | ($35,170) | ($74,619) |
Net loss per share, basic and diluted, in dollars per share | ($0.18) | ($0.39) |
Shares used in computing basic and diluted net loss per share, in shares | 195,904 | 191,699 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Loss (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Statement of Comprehensive Income [Abstract] | ||||
Net loss | ($35,170) | ($74,619) | ||
Other comprehensive income | 60 | [1] | 7 | [1] |
Comprehensive loss | ($35,110) | ($74,612) | ||
[1] | Other comprehensive income consisted solely of unrealized gains or losses, net on available for sale securities arising during the periods presented. There were no reclassification adjustments to net loss resulting from realized gains or losses on the sale of securities and there was no income tax expense related to other comprehensive income during those periods. |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | |
Cash flows from operating activities: | |||
Net loss | ($35,170) | ($74,619) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization | 297 | 498 | |
Stock-based compensation expense | 1,660 | 3,758 | |
Accretion of debt discount | 7,675 | 6,988 | |
Gain on sale of equity investment | -95 | 0 | |
Change in the fair value of warrants | 549 | -1,739 | |
Other | 637 | 1,475 | |
Changes in assets and liabilities: | |||
Trade and other receivables | 1,292 | -516 | |
Inventory | -212 | 204 | |
Prepaid expenses and other assets | -1,846 | -364 | |
Accounts payable, accrued compensation, and other accrued liabilities | -3,416 | -10,254 | |
Clinical trial liabilities | -10,569 | 4,160 | |
Restructuring liability | -3,024 | -1,241 | |
Other long-term liabilities | -288 | -229 | |
Deferred revenue | -2,576 | -207 | |
Net cash used in operating activities | -45,086 | -72,086 | |
Cash flows from investing activities: | |||
Purchases of property and equipment | -31 | -384 | |
Proceeds from sale of property and equipment | 639 | 276 | |
Proceeds from sale of equity investment | 95 | 0 | |
Proceeds from maturities of restricted cash and investments | 10,748 | 6,598 | |
Purchase of restricted cash and investments | -2,684 | -504 | |
Proceeds from maturities of investments | 54,410 | 90,311 | |
Purchases of investments | -13,282 | -35,937 | |
Net cash provided by investing activities | 49,895 | 60,360 | |
Cash flows from financing activities: | |||
Proceeds from issuance of common stock, net | 0 | 75,646 | |
Proceeds from exercise of stock options and warrants | 0 | 120 | |
Principal payments on debt | -217 | -10,479 | |
Net cash (used in) provided by financing activities | -217 | 65,287 | |
Net increase in cash and cash equivalents | 4,592 | 53,561 | |
Cash and cash equivalents at beginning of period | 80,395 | [1] | 103,978 |
Cash and cash equivalents at end of period | $84,987 | $157,539 | |
[1] | The condensed consolidated balance sheet as of December 31, 2014 has been derived from the audited financial statements as of that date. |
Organization_and_Summary_of_Si
Organization and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Summary of Significant Accounting Policies | ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Organization | |
Exelixis, Inc. (“Exelixis,” “we,” “our” or “us”) is a biopharmaceutical company committed to developing small molecule therapies for the treatment of cancer. Our two most advanced assets are cabozantinib, our wholly-owned inhibitor of multiple receptor tyrosine kinases, and cobimetinib (GDC-0973/XL518), a selective inhibitor of MEK, a serine/threonine kinase, which we out-licensed to Genentech (a member of the Roche Group), (“Genentech”). | |
Our development and commercialization efforts are focused primarily on cabozantinib. We are evaluating cabozantinib in a broad development program comprising over forty-five clinical trials, across multiple indications, including two ongoing phase 3 pivotal trials focusing on metastatic renal cell carcinoma (“mRCC”), and advanced hepatocellular carcinoma (“HCC”). On April 8, 2015, the United States Food and Drug Administration, (“FDA”), granted Fast Track designation to cabozantinib for the treatment of patients with advanced RCC who have received one prior therapy. Cabozantinib is being evaluated in METEOR, our phase 3 pivotal trial in mRCC. | |
Cabozantinib was approved by the FDA on November 29, 2012, for the treatment of progressive, metastatic medullary thyroid cancer (“MTC”) in the United States under the brand name COMETRIQ(R). COMETRIQ became commercially available in the United States in January 2013. In March 2014, the European Commission granted cabozantinib conditional marketing authorization for the treatment of adult patients with progressive, unresectable locally advanced or metastatic MTC, also under the brand name COMETRIQ. | |
Our second most advanced oncology asset, cobimetinib, is being evaluated by Genentech in a broad development program, including coBRIM, a phase 3 pivotal trial evaluating cobimetinib in combination with vemurafenib in previously untreated patients with unresectable locally advanced melanoma harboring a BRAF V600 mutation. On September 29, 2014, positive results from this trial were reported at the European Society for Medical Oncology, or ESMO, 2014 Congress. The trial met its primary endpoint of demonstrating a statistically significant increase in investigator-determined progression-free survival (“PFS”). Roche has completed the Marketing Authorization Application for cobimetinib in combination with vemurafenib in the European Union. In the United States, Genentech submitted its New Drug Application (“NDA”) in December 2014, and the FDA has granted the NDA priority review, with a projected action date of August 11, 2015. | |
Basis of Consolidation | |
The consolidated financial statements include the accounts of Exelixis and those of our wholly-owned subsidiaries. These entities’ functional currency is the U.S. dollar. All intercompany balances and transactions have been eliminated. | |
Basis of Presentation | |
The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and pursuant to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In our opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the results of operations and cash flows for the period presented have been included. | |
Exelixis adopted a 52- or 53-week fiscal year that generally ends on the Friday closest to December 31st. Fiscal year 2015, a 52-week year, will end on January 1, 2016, and fiscal year 2014, a 53-week year, ended on January 2, 2015. For convenience, references in this report as of and for the fiscal periods ended April 3, 2015 and March 28, 2014, and as of and for the fiscal years ended January 1, 2016 and January 2, 2015, are indicated as being as of and for the periods ended March 31, 2015, March 31, 2014, December 31, 2015, and December 31, 2014, respectively. | |
Operating results for the three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending January 1, 2016 or for any future period. These financial statements and notes should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2014, included in our Annual Report on Form 10-K filed with the SEC on March 2, 2015. | |
Segment Information | |
We operate as a single reportable segment. | |
Use of Estimates | |
The preparation of our consolidated financial statements is in conformity with accounting principles generally accepted in the United States which requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosures. On an ongoing basis, management evaluates its estimates including, but not limited to, those related to inventory, revenue recognition, valuation of long-lived assets, certain accrued liabilities including clinical trial accruals and restructuring liability, valuation of warrants, share-based compensation and the valuation of the debt and equity components of our convertible debt at issuance. We base our estimates on historical experience and on various other market-specific and other relevant assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from those estimates. | |
Need to Access Additional Capital | |
We have incurred net losses since inception through the three months ended March 31, 2015, with the exception of the 2011 fiscal year. We anticipate net losses and negative operating cash flow for the foreseeable future. For the three months ended March 31, 2015, we incurred a net loss of $35.2 million and as of March 31, 2015, we had an accumulated deficit of $1.8 billion. These losses have had, and will continue to have, an adverse effect on our stockholders’ deficit and working capital. Because of the numerous risks and uncertainties associated with developing drugs, we are unable to predict the extent of any future losses or whether or when we will become profitable, if at all. Our research and development expenditures and selling, general and administrative expenses have exceeded our revenues for each year other than 2011, and we expect to spend significant additional amounts to fund the continued development and commercialization of cabozantinib. As a result, we expect to continue to incur substantial operating expenses and, consequently, we will need to generate significant additional revenues to achieve future profitability. | |
We commercially launched COMETRIQ for the treatment of progressive, metastatic MTC in the United States in late January 2013 and from the commercial launch through March 31, 2015, we have generated $49.5 million in net revenues from the sale of COMETRIQ. Other than revenues from COMETRIQ, we have derived substantially all of our revenues since inception from collaborative research and development agreements which depend on research funding, the achievement of milestones, and royalties we earn from any future products developed from the collaborative research. | |
The amount of our net losses will depend, in part, on the rate of growth, if any, in our sales of COMETRIQ, our share of the net profits and losses for the commercialization for cobimetinib in the U.S., if any, the receipt of royalties from cobimetinib sales outside the U.S., if any, partnering activities for cabozantinib, other license and contract revenues, and the level of expenses primarily with respect to development and commercialization activities for cabozantinib. | |
As of March 31, 2015, we had $197.6 million in cash and investments, which included $107.2 million available for operations, $6.1 million of short-term restricted investments available for public debt service obligations, $81.6 million of compensating balance investments that we are required to maintain on deposit with Silicon Valley Bank, and $2.7 million of long-term restricted investments. Taking into account our cost saving measures, including the planned effects of the 2014 Restructuring that we initiated on September 2, 2014, and the expected extension of the maturity date of the Deerfield Notes to July 1, 2018, we anticipate that our current cash and cash equivalents, and short-term investments available for operations, and product revenues will enable us to maintain our operations through the first quarter of 2016. While a forecast of future events is inherently uncertain, our ability to sustain our business operations through the first quarter of 2016 is highly dependent on the results of METEOR, the commercial success of COMETRIQ and the revenues we generate as well as the commercial success of cobimetinib and our share of related net profits and losses, and royalties under our collaboration with Genentech. Consistent with the actions we have taken in the past, we will prioritize necessary and appropriate steps to ensure the continued operation of our business and preservation of the value of our assets beyond the first quarter of 2016, including but not limited to actions such as further reductions in headcount, additional consolidation of administrative functions, asset sales and additional curtailment of our development activities. However, our future capital requirements will be substantial, and we may need to access additional capital. We may seek additional capital to support future operations through licensing, partnering or other strategic collaborative arrangements, and we may pursue the issuance of equity or debt securities or external borrowings. It is unclear when any such transactions will occur, on satisfactory terms or at all. Our ability to raise additional capital in the equity and debt markets, should we choose to do so, is dependent on a number of factors, including, but not limited to, the market demand for our common stock, which itself is subject to a number of pharmaceutical development and business risks and uncertainties, as well as the uncertainty that we would be able to raise such additional capital at a price or on terms that are favorable to us. | |
Revenue Recognition | |
We recognize revenue from the sale of COMETRIQ and have historically recognized revenue from license fees and milestones earned on research and collaboration arrangements. See “Note 1 - Organization and Summary of Significant Accounting Policies” to our Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2014 for a description of our policies for revenue recognition on research and collaboration agreements. We did not enter into any new collaboration agreements during the three months ended March 31, 2015. See “Note 2 - Research and Collaboration Agreements” to our Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2014 for a description of our existing collaboration agreements. | |
Net Product Revenues | |
We recognize revenue when it is both realized or realizable and earned, meaning persuasive evidence of an arrangement exists, delivery has occurred, title has transferred, the price is fixed or determinable, there are no remaining customer acceptance requirements, and collectability of the resulting receivable is reasonably assured. For product sales in the United States, this generally occurs upon delivery of the product at the specialty pharmacy. For product sales in Europe, this generally occurs when our European distribution partner has accepted the product, at which time they are no longer able to return the product. | |
We sell our product, COMETRIQ, in the United States to a specialty pharmacy that benefits from customer incentives and has a right of return. During previous periods, COMETRIQ had limited sales history and we could not reliably estimate expected future returns, discounts and rebates of the product at the time the product was sold to the specialty pharmacy, therefore we recognized revenue when the specialty pharmacy provided the product to a patient based on the fulfillment of a prescription, frequently referred to as the “sell-through” revenue recognition model. Recently we have established sufficient historical experience and data to reasonably estimate expected future returns of the product and the discounts and rebates due to payors at the time of shipment to the specialty pharmacy. Accordingly, beginning in January 2015 we began to recognize revenue upon delivery to our U.S. specialty pharmacy. This approach is frequently referred to as the “sell-in” revenue recognition model. In connection with the change in the timing of recognition of U. S. COMETRIQ sales, we recorded a one-time adjustment to recognize revenue and related costs that had previously been deferred at December 31, 2014, resulting in additional net product revenues of $2.6 million and a nominal amount of cost of goods sold for the three months ended March 31, 2015. | |
We also utilize the “sell-in” revenue recognition model for sales to our European distribution partner. Once the European distributer has accepted the product, the product is no longer subject to return; therefore, we record revenue at the time our European distribution partner has accepted the product. | |
Product Sales Discounts and Allowances | |
We calculate gross product revenues based on the price that we charge our United States specialty pharmacy and our European distribution partner. We estimate our domestic net product revenues by deducting from our gross product revenues (a) trade allowances, such as discounts for prompt payment, (b) estimated government rebates and chargebacks, and (c) estimated costs of patient assistance programs. We estimate our European net product revenues by deducting from our gross product revenues an estimated credit for product originally delivered with expiry of 18 months or less. European net product revenues for the three months ended March 31, 2015 also included the remaining $0.1 million of the $2.4 million project management fee payable to our European distributor upon their achievement of a cumulative revenue goal; no such fees or credits were recognized during the comparable period in 2014. We first determined that the achievement of the revenue goal was probable in the third quarter of 2014 and therefore we recorded project management fees beginning in that period. | |
We initially record estimates for these deductions at the time we recognize the gross revenue. We update our estimates on a recurring basis as new information becomes available. See “Note 1 - Organization and Summary of Significant Accounting Policies” to our Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2014 for a further description of our discounts and allowances. | |
Cost of Goods Sold | |
Cost of goods sold is related to our product revenues and consists primarily of a 3% royalty on net sales of any product incorporating cabozantinib payable to GlaxoSmithKline and indirect labor costs, the cost of manufacturing and other third party logistics costs of our product. A portion of the manufacturing costs for product sales were incurred prior to regulatory approval of COMETRIQ for the treatment of progressive, metastatic MTC and, therefore, were expensed as research and development costs when those costs were incurred, rather than capitalized as inventory. See “Note 2 - Research and Collaboration Agreements” to our Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2014 for additional information related to the 3% royalty payable to GlaxoSmithKline. | |
Recently Issued Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 supersedes the revenue recognition requirements of FASB Accounting Standards Codification (“ASC”) Topic 605, Revenue Recognition and most industry-specific guidance throughout the Accounting Standards Codification, resulting in the creation of FASB ASC Topic 606, Revenue from Contracts with Customers. ASU 2014-09 requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. On April 1, 2015, the FASB proposed deferring the effective date by one year for public entities for annual and interim reporting periods beginning after December 15, 2017. Early adoption is permitted for periods after December 15, 2016. We are currently evaluating the impact of adopting ASU 2014-09, inclusive of available transitional methods on our consolidated financial statements and related disclosures. | |
In April 2015, the FASB issued Accounting Standards Update No. 2015-03, Simplifying the Presentation of Debt Issuance Costs which Changes the Presentation of Debt Issuance Costs in Financial Statements (“ASU 2015-03”), which requires an entity to present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs will continue to be reported as interest expense. ASU 2015-03 will be effective for annual reporting periods beginning after December 15, 2015 and interim periods within fiscal years beginning after December 15, 2016, with early adoption permitted. The new guidance will be applied retrospectively to each prior period presented. If we had adopted ASU 2015-03, as of March 31, 2015, it would have resulted in a reduction of Other assets and total debt by $4.0 million and $4.7 million as March 31, 2015, and December 31, 2014, respectively. |
Restructurings
Restructurings | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Restructuring Charges [Abstract] | |||||||||||||
Restructurings | RESTRUCTURINGS | ||||||||||||
The restructuring charges that we expect to incur in connection with our restructurings are subject to a number of assumptions, including facility exit activity, sublease activity, the results of asset sales and the timing of employee terminations, and actual results may materially differ. We may also incur other material charges not currently contemplated due to events that may occur as a result of, or associated with, the restructurings. | |||||||||||||
2014 Restructuring | |||||||||||||
On September 2, 2014, as a consequence of the failure of COMET-1, one of our two phase 3 pivotal trials of cabozantinib in metastatic castration-resistant prostate cancer to meet its primary endpoint of demonstrating a statistically significant increase in overall survival for patients treated with cabozantinib as compared to prednisone, we initiated the 2014 Restructuring to reduce our workforce. Personnel reductions were initiated across our entire organization and have resulted in an ongoing workforce of approximately 85 full-time employees. The principal objective of the 2014 Restructuring was to enable us to focus our financial resources on the phase 3 pivotal trials of cabozantinib in mRCC and advanced HCC. | |||||||||||||
We expect to record an aggregate restructuring charge related to one-time employee termination benefits of approximately $6.0 million, of which approximately 95% has been recorded from inception of the 2014 Restructuring through March 31, 2015 and the remainder is expected to be recorded during the three months ended June 30, 2015. Although we do not yet have contractual commitments in place, we have made progress towards subleasing our facilities and we currently expect to incur between $2 million and $6 million in additional facility-related charges as we exit certain facilities. We expect to record these facility-related charges during the remainder of fiscal year 2015 as they become determinable and as we exit certain facilities. We will not be able to predict our long-term facilities requirements with certainty until top-line results from METEOR become available, and we intend to re-evaluate and update such requirements upon the occurrence of this event. | |||||||||||||
We have recorded a $5.2 million restructuring charge for the 2014 Restructuring from inception to date. The restructuring charge includes $5.8 million of employee severance and other benefits, $0.7 million in recoveries related to the sale of fully depreciated assets net of asset impairments, and $0.2 million in other restructuring related charges. Employee severance and other benefits are recognized ratably during the period from the implementation date of the 2014 Restructuring through the employees’ termination dates. | |||||||||||||
The restructuring liability related to the 2014 Restructuring is included in the current portion of restructuring on the accompanying Consolidated Balance Sheets. The components of and changes to this liability during the three months ended March 31, 2015 are summarized in the following table (in thousands): | |||||||||||||
Employee Severance and Other Benefits | Asset Impairment and Other | Total | |||||||||||
Restructuring liability as of December 31, 2014 | $ | 1,290 | $ | 47 | $ | 1,337 | |||||||
Restructuring (recovery) charge | 5 | (853 | ) | (848 | ) | ||||||||
Cash (payments) receipts, net | (1,003 | ) | 552 | (451 | ) | ||||||||
Other non-cash items | — | 298 | 298 | ||||||||||
Restructuring liability for 2014 Restructuring as of March 31, 2015 | $ | 292 | $ | 44 | $ | 336 | |||||||
2010 Restructurings | |||||||||||||
Between March 2010 and May 2013, we implemented five restructurings (referred to collectively as the “2010 Restructurings”) to manage costs and as a consequence of our decision in 2010 to focus our proprietary resources and development efforts on the development and commercialization of cabozantinib. The aggregate reduction in headcount from the 2010 Restructurings was 429 employees. Charges and recoveries related to the 2010 Restructurings were recorded in periods other than those in which the 2010 Restructurings were implemented as a result of sublease activities for certain of our buildings in South San Francisco, California, changes in assumptions regarding anticipated sublease activities, the effect of the passage of time on our discounted cash flow computations, previously planned employee terminations, and sales of excess equipment and other assets. | |||||||||||||
For the three months ended March 31, 2015 and 2014, we recorded restructuring charges of $0.4 million and $46 thousand, respectively for the 2010 Restructurings. The charges for both periods presented were related to the effect of the passage of time on our discounted cash flow computations (“accretion expense”) for the exit, in prior periods, of certain of our South San Francisco buildings. During the three months ended March 31, 2015 we recorded $0.3 million in additional charges due to changes in assumptions regarding anticipated sublease activities. During the three months ended March 31, 2014, restructuring charges were partially offset by $0.1 million in recoveries recorded in connection with the sale of excess equipment and other assets. The total outstanding restructuring liability related to the 2010 Restructurings is included in the current and long-term portion of restructuring on the accompanying Consolidated Balance Sheets. The changes to these liabilities during the three months ended March 31, 2015 is summarized in the following table (in thousands): | |||||||||||||
Facility | |||||||||||||
Charges | |||||||||||||
Restructuring liability as of December 31, 2014 | $ | 9,454 | |||||||||||
Restructuring charge | 415 | ||||||||||||
Cash payments | (1,515 | ) | |||||||||||
Restructuring liability for 2010 Restructurings as of March 31, 2015 | $ | 8,354 | |||||||||||
We expect to pay accrued facility charges of $8.4 million, net of cash received from our subtenants, through the end of our lease terms of the buildings, the last of which ends in 2017. We expect to incur additional restructuring charges of approximately $0.6 million relating to the effect of accretion expense through to the end of the building lease terms. |
Cash_and_Investments
Cash and Investments | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||
Cash and Investments | CASH AND INVESTMENTS | |||||||||||||||
The following table summarizes cash and cash equivalents, investments, and restricted cash and investments by balance sheet line item as of March 31, 2015 and December 31, 2014 (in thousands): | ||||||||||||||||
March 31, 2015 | ||||||||||||||||
Amortized | Gross | Gross | Fair Value | |||||||||||||
Cost | Unrealized | Unrealized | ||||||||||||||
Gains | Losses | |||||||||||||||
Cash and cash equivalents | $ | 84,988 | $ | — | $ | (1 | ) | $ | 84,987 | |||||||
Short-term investments | 22,274 | 31 | (47 | ) | 22,258 | |||||||||||
Short-term restricted cash and investments | 6,041 | 67 | — | 6,108 | ||||||||||||
Long-term investments | 81,600 | — | (3 | ) | 81,597 | |||||||||||
Long-term restricted cash and investments | 2,684 | — | — | 2,684 | ||||||||||||
Total cash and investments | $ | 197,587 | $ | 98 | $ | (51 | ) | $ | 197,634 | |||||||
December 31, 2014 | ||||||||||||||||
Amortized | Gross | Gross | Fair Value | |||||||||||||
Cost | Unrealized | Unrealized | ||||||||||||||
Gains | Losses | |||||||||||||||
Cash and cash equivalents | $ | 80,395 | $ | — | $ | — | $ | 80,395 | ||||||||
Short-term investments | 63,988 | 37 | (135 | ) | 63,890 | |||||||||||
Short-term restricted cash and investments | 12,105 | 107 | — | 12,212 | ||||||||||||
Long-term investments | 81,600 | 1 | (22 | ) | 81,579 | |||||||||||
Long-term restricted cash and investments | 4,684 | — | — | 4,684 | ||||||||||||
Total cash and investments | $ | 242,772 | $ | 145 | $ | (157 | ) | $ | 242,760 | |||||||
Under our loan and security agreement with Silicon Valley Bank, we are required to maintain compensating balances on deposit in one or more investment accounts with Silicon Valley Bank or one of its affiliates. The total collateral balances as of March 31, 2015 and December 31, 2014 were $81.8 million and $82.0 million, respectively, and are reflected in our Consolidated Balance Sheets in short- and long-term investments. See “Note 8 - Debt” to our Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2014, for more information regarding the collateral balance requirements under our Silicon Valley Bank loan and security agreement. | ||||||||||||||||
All of our cash equivalents and investments are classified as available-for-sale. The following table summarizes our cash equivalents and investments by security type as of March 31, 2015 and December 31, 2014. The amounts presented exclude cash, but include investments classified as cash equivalents (in thousands): | ||||||||||||||||
March 31, 2015 | ||||||||||||||||
Amortized | Gross | Gross | Fair Value | |||||||||||||
Cost | Unrealized | Unrealized | ||||||||||||||
Gains | Losses | |||||||||||||||
Money market funds | $ | 36,841 | $ | — | $ | — | $ | 36,841 | ||||||||
Commercial paper | 52,724 | — | (1 | ) | 52,723 | |||||||||||
Corporate bonds | 98,280 | 32 | (50 | ) | 98,262 | |||||||||||
U.S. Treasury and government sponsored enterprises | 6,041 | 66 | — | 6,107 | ||||||||||||
Total investments | $ | 193,886 | $ | 98 | $ | (51 | ) | $ | 193,933 | |||||||
December 31, 2014 | ||||||||||||||||
Amortized | Gross | Gross | Fair Value | |||||||||||||
Cost | Unrealized | Unrealized | ||||||||||||||
Gains | Losses | |||||||||||||||
Money market funds | $ | 23,376 | $ | — | $ | — | $ | 23,376 | ||||||||
Commercial paper | 56,714 | — | — | 56,714 | ||||||||||||
Corporate bonds | 143,444 | 35 | (157 | ) | 143,322 | |||||||||||
U.S. Treasury and government sponsored enterprises | 12,105 | 107 | — | 12,212 | ||||||||||||
Municipal bonds | 2,659 | 3 | — | 2,662 | ||||||||||||
Total investments | $ | 238,298 | $ | 145 | $ | (157 | ) | $ | 238,286 | |||||||
There were no gains or losses on the sale of investments during the three months ended March 31, 2015 and 2014. | ||||||||||||||||
All of our investments are subject to a quarterly impairment review. During the three months ended March 31, 2015 and 2014, we did not record any other-than-temporary impairment charges on our available-for-sale securities. As of March 31, 2015, there were 62 investments in an unrealized loss position with an aggregate fair value $103.3 million. All of our investments in an unrealized loss position are corporate bonds. All of our investments in an unrealized loss position have been so for less than one year and the unrealized losses were not attributed to credit risk, but rather associated with the changes in interest rates. Based on the scheduled maturities of our investments, we concluded that the unrealized losses in our investment securities are not other-than-temporary, as it is more likely than not that we will hold these investments for a period of time sufficient for a recovery of our cost basis. | ||||||||||||||||
The following summarizes the fair value of securities classified as available-for-sale by contractual maturity as of March 31, 2015 (in thousands): | ||||||||||||||||
Mature within One Year | After One Year through Two Years | Fair Value | ||||||||||||||
Money market funds | $ | 36,841 | $ | — | $ | 36,841 | ||||||||||
Commercial paper | 52,723 | — | 52,723 | |||||||||||||
Corporate bonds | 95,529 | 2,733 | 98,262 | |||||||||||||
U.S. Treasury and government sponsored enterprises | 6,107 | — | 6,107 | |||||||||||||
Total investments | $ | 191,200 | $ | 2,733 | $ | 193,933 | ||||||||||
Cash is excluded from the table above. The classification of certain compensating balances and restricted investments are dependent upon the term of the underlying restriction on the asset and not the maturity date of the investment. Therefore, certain long-term investments and long-term restricted cash and investments have contractual maturities within one year. |
Inventory
Inventory | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventory | INVENTORY | |||||||
Inventory consists of the following (in thousands): | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Raw materials | $ | 1,076 | $ | 1,118 | ||||
Work in process | 2,964 | 2,845 | ||||||
Finished goods | 787 | 559 | ||||||
Total | 4,827 | 4,522 | ||||||
Less: non-current portion included in other assets | (2,234 | ) | (2,141 | ) | ||||
Inventory | $ | 2,593 | $ | 2,381 | ||||
We generally relieve inventory on a first-expiry, first-out basis. Write-downs related to expiring inventory are charged to cost of goods sold. Such write-downs were nominal for three months ended March 31, 2015 and March 31, 2014. The non-current portion of inventory recorded as other assets is comprised of a portion of the active pharmaceutical ingredient that is included in raw materials and work in process inventories. There were no other write-downs for obsolete or excess inventory. |
Debt
Debt | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Debt | DEBT | |||||||
The amortized carrying amount of our debt consists of the following (in thousands): | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Convertible Senior Subordinated Notes due 2019 | $ | 186,940 | $ | 182,395 | ||||
Secured Convertible Notes due 2015 | 101,326 | 98,880 | ||||||
Silicon Valley Bank term loan | 80,000 | 80,000 | ||||||
Silicon Valley Bank line of credit | 164 | 381 | ||||||
Total debt | 368,430 | 361,656 | ||||||
Less: current portion | (4,075 | ) | (99,261 | ) | ||||
Long-term debt | $ | 364,355 | $ | 262,395 | ||||
See “Note 8 - Debt” to our Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2014, for additional information on the terms of our debt, including a description of the conversion features of the of 4.25% Convertible Senior Subordinated Notes due 2019 (the “2019 Notes”) and our Secured Convertible Notes due June 2015 (the “Deerfield Notes”). | ||||||||
Convertible Senior Subordinated Notes due 2019 | ||||||||
In August 2012, we issued and sold $287.5 million aggregate principal amount of the 2019 Notes. As of March 31, 2015, the entire principal balance remains outstanding. The following is a summary of the liability component of the 2019 Notes (in thousands): | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Net carrying amount of the liability component | $ | 186,940 | $ | 182,395 | ||||
Unamortized discount of the liability component | 100,560 | 105,105 | ||||||
Face amount of the 2019 Notes | $ | 287,500 | $ | 287,500 | ||||
The debt discount and debt issuance costs will be amortized as interest expense through August 2019. The following is a summary of interest expense for the 2019 Notes (in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Stated coupon interest | $ | 3,055 | $ | 3,089 | ||||
Amortization of debt discount and debt issuance costs | 4,721 | 4,295 | ||||||
Total interest expense | $ | 7,776 | $ | 7,384 | ||||
The balance of unamortized fees and costs was $3.1 million and $3.3 million as of March 31, 2015 and December 31, 2014, respectively, which is included in Other assets on the accompanying Consolidated Balance Sheets. | ||||||||
Secured Convertible Notes due June 2015 | ||||||||
In June 2010, we entered into a note purchase agreement with entities affiliated with Deerfield Management Company, L.P. (“Deerfield”), pursuant to which, on July 1, 2010, we sold to Deerfield an aggregate of $124.0 million in principal amount of the Deerfield Notes. As of both March 31, 2015 and December 31, 2014, the remaining outstanding principal balance on the Deerfield Notes was $104.0 million which, subject to certain limitations, is payable in cash or in stock at our discretion. | ||||||||
The outstanding principal amount of the Deerfield Notes bears interest in the annual amount of $6.0 million, payable quarterly in arrears. The following is a summary of interest expense for the Deerfield Notes (in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Stated coupon interest | $ | 1,479 | $ | 1,480 | ||||
Amortization of debt discount and debt issuance costs | 2,947 | 2,695 | ||||||
Total interest expense | $ | 4,426 | $ | 4,175 | ||||
The balance of unamortized fees and costs was $0.9 million and $1.4 million as of March 31, 2015 and December 31, 2014, respectively, which is included in Other assets on the accompanying Consolidated Balance Sheets. | ||||||||
On January 22, 2014, the note purchase agreement was amended to provide us with an option to extend the maturity date of our indebtedness under the note purchase agreement to July 1, 2018 (the “Extension Option”). Pursuant to the Extension Option, Deerfield Partners, L.P. and Deerfield International Master Fund, L.P. (the “New Deerfield Purchasers”) would acquire $100 million principal amount of the Deerfield Notes, the maturity date of the Deerfield Notes would be extended to July 1, 2018, and the Deerfield Notes would bear interest on and after July 2, 2015 at the rate of 7.5% per annum to be paid in cash, quarterly in arrears, and 7.5% per annum to be paid in kind, quarterly in arrears, for a total interest rate of 15% per annum. On March 4, 2015, we provided Deerfield notice of our election to extend the maturity date of the Deerfield Notes. The acquisition and extension of the Deerfield Notes is expected to occur on July 1, 2015 and will be subject to customary closing conditions, including the absence of an event of default by us and the accuracy of certain of our representations and warranties set forth in the note purchase agreement, each as of July 1, 2015. As a result of our election to extend the maturity date of the Deerfield Notes to 2018, $97.4 million of the outstanding principal has been classified as long-term debt as of March 31, 2015. | ||||||||
In connection with the amendment to the note purchase agreement, on January 22, 2014 we issued to the New Deerfield Purchasers two-year warrants (the “2014 Deerfield Warrants”) to purchase an aggregate of 1,000,000 shares of our common stock at an exercise price of $9.70 per share. Upon our election to extend the maturity date of the Deerfield Notes, the exercise price of the 2014 Deerfield Warrants was reset to $3.445 per share and the term will be extended by two years to January 22, 2018. See “Note 6 - Warrants” for further information on the 2014 Deerfield Warrants. | ||||||||
We determined that the January 22, 2014 amendment to the note purchase agreement resulted in the Deerfield Notes being modified. In connection with the amendment, we recorded a $2.8 million deferred commitment fee as a debt discount upon the issuance of the 2014 Deerfield Warrants. See “Note 6 - Warrants” for further information on those warrants. The deferred commitment fee is included in Other assets. Third-party expenses, comprised primarily of legal and accounting fees, were expensed as of the date of the amendment. | ||||||||
Prior to March 4, 2015, the unamortized discount, fees and costs were amortized into interest expense as a yield adjustment through July 1, 2015. Effective upon the March 4, 2015 notification of our election to require the New Deerfield Purchasers to acquire the Deerfield Notes and extend the maturity date to July 1, 2018, we began to amortize the remaining unamortized discount, fees and costs through July 1, 2018 using the effective interest method and an effective interest rate of 15.26%. |
Warrants
Warrants | 3 Months Ended |
Mar. 31, 2015 | |
Warrants and Rights Note Disclosure [Abstract] | |
Warrants | WARRANTS |
On January 22, 2014, in connection with the amendment to the note purchase agreement to provide us with the Extension Option, we issued to the New Deerfield Purchasers the 2014 Deerfield Warrants to purchase an aggregate of 1,000,000 shares of our common stock at an exercise price of $9.70 per share. Under the terms of the Extension Option, the term of the 2014 Deerfield Warrants will be extended by two years and the exercise price will be reset to the lower of (i) the existing exercise price and (ii) 120% of the volume weighted average price of our common stock for the ten trading days immediately following the date of such extension election. Due to the potential increase in term and decrease of the exercise price, the 2014 Deerfield Warrants were recorded as a liability upon issuance which was included in Other long-term liabilities. The 2014 Deerfield Warrants were recorded at their estimated fair value, on a recurring basis, which was $1.5 million and $0.9 million as of March 18, 2015 and December 31, 2014, respectively. Upon our election to extend the maturity date of the Deerfield Notes, the exercise price of the 2014 Deerfield Warrants was reset to $3.445 per share and the term was extended by two years to January 22, 2018. Subsequent to our notification of our election to require the New Deerfield Purchasers to acquire the Deerfield Notes and extend the maturity date to July 1, 2018, the terms of the 2014 Deerfield Warrants became fixed on March 18, 2015. The 2014 Deerfield Warrants were transferred to Additional paid-in capital as of that date at their then estimated fair value of $1.5 million. We recorded an unrealized loss of $0.5 million and an unrealized gain of $1.7 million on the 2014 Deerfield Warrants during the three months ended March 31, 2015 and March 31, 2014, respectively, which is included in Interest income and other, net. See “Note 7 - Fair Value Measurements” for more information on the valuation of 2014 Deerfield Warrants. The 2014 Deerfield Warrants are participating securities. The warrant holders do not have a contractual obligation to share in our losses. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Measurements | FAIR VALUE MEASUREMENTS | |||||||||||||||
The following table sets forth the fair value of our financial assets and liabilities that were measured and recorded on a recurring basis as of March 31, 2015 and December 31, 2014. We did not have any financial liabilities that were measured and recorded on a recurring basis or Level 3 investments as of March 31, 2015. The amounts presented exclude cash, but include investments classified as cash equivalents (in thousands): | ||||||||||||||||
31-Mar-15 | ||||||||||||||||
Level 1 | Level 2 | Total | ||||||||||||||
Money market funds | $ | 36,841 | $ | — | $ | 36,841 | ||||||||||
Commercial paper | — | 52,723 | 52,723 | |||||||||||||
Corporate bonds | — | 98,262 | 98,262 | |||||||||||||
U.S. Treasury and government sponsored enterprises | — | 6,107 | 6,107 | |||||||||||||
Total financial assets | $ | 36,841 | $ | 157,092 | $ | 193,933 | ||||||||||
31-Dec-14 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Financial assets: | ||||||||||||||||
Money market funds | $ | 23,376 | $ | — | $ | — | $ | 23,376 | ||||||||
Commercial paper | — | 56,714 | — | 56,714 | ||||||||||||
Corporate bonds | — | 143,322 | — | 143,322 | ||||||||||||
U.S. Treasury and government sponsored enterprises | — | 12,212 | — | 12,212 | ||||||||||||
Municipal bonds | — | 2,662 | — | 2,662 | ||||||||||||
Total financial assets | $ | 23,376 | $ | 214,910 | $ | — | $ | 238,286 | ||||||||
Financial liabilities: | ||||||||||||||||
Warrants | $ | — | $ | — | $ | 921 | $ | 921 | ||||||||
Total financial liabilities | $ | — | $ | — | $ | 921 | $ | 921 | ||||||||
The following is a reconciliation of changes in the net fair value of warrants which are classified as Level 3 in the fair value hierarchy (in thousands): | ||||||||||||||||
Balance at December 31, 2014 | $ | 921 | ||||||||||||||
Unrealized loss at final re-measurement of warrants on March 18, 2015, | 549 | |||||||||||||||
included in Interest income and other, net | ||||||||||||||||
Transfer of warrant from Other long-term liabilities to Additional paid-in capital at their estimated fair value upon warrant repricing on March 18, 2015 | (1,470 | ) | ||||||||||||||
Balance at March 31, 2015 | $ | — | ||||||||||||||
The estimated fair value of our financial instruments that are carried at amortized cost for which it is practicable to determine a fair value was as follows (in thousands): | ||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | |||||||||||||
Amount | Amount | |||||||||||||||
2019 Notes | $ | 186,940 | $ | 217,034 | $ | 182,395 | $ | 156,889 | ||||||||
Silicon Valley Bank term loan | $ | 80,000 | $ | 79,916 | $ | 80,000 | $ | 79,943 | ||||||||
Silicon Valley Bank line of credit | $ | 164 | $ | 164 | $ | 381 | $ | 381 | ||||||||
We believe it is not practicable to determine the fair value of the Deerfield Notes due to the unique structure of the instrument that was financed by entities affiliated with Deerfield. | ||||||||||||||||
The carrying amounts of cash, trade and other receivables, accounts payable, accrued clinical trial liabilities, accrued compensation and benefits, and other accrued liabilities approximate their fair values and are excluded from the tables above. | ||||||||||||||||
The following methods and assumptions were used to estimate the fair value of each class of financial instrument for which it is practicable to estimate a value: | ||||||||||||||||
• | When available, we value investments based on quoted prices for those financial instruments, which is a Level 1 input. Our remaining investments are valued using third-party pricing sources, which use observable market prices, interest rates and yield curves observable at commonly quoted intervals of similar assets as observable inputs for pricing, which is a Level 2 input. | |||||||||||||||
• | The 2019 Notes are valued using a third-party pricing model that is based in part on average trading prices, which is a Level 2 input. The 2019 Notes are not marked-to-market and are shown at their initial fair value less the unamortized discount; the portion of the value allocated to the conversion option is included in Stockholders’ deficit on the accompanying Consolidated Balance Sheets. | |||||||||||||||
• | We estimate the fair value of our other debt instruments, where possible, using the net present value of the payments discounted at an interest rate that is consistent with money-market rates that would have been earned on our non-interest-bearing compensating balances, which is a Level 2 input. | |||||||||||||||
• | The 2014 Deerfield Warrants are valued using a Monte Carlo simulation model until December 31, 2014 and the Black-Scholes Merton option pricing model on March 18, 2015. The expected life is based on the contractual terms of the 2014 Deerfield Warrants, and in certain simulations, assumes the two year extension that would result from our exercise of the Extension Option; as of and subsequent to September 30, 2014, we estimated that it was probable that we would exercise this two-year extension. We consider implied volatility as well as our historical volatility in developing our estimate of expected volatility. The fair value of the 2014 Deerfield Warrants was estimated using the following assumptions, which, except for risk-free interest rate, are Level 3 inputs (dollars in thousands): | |||||||||||||||
18-Mar-15 | 31-Dec-14 | 22-Jan-14 | ||||||||||||||
(issuance date) | ||||||||||||||||
Fair value of warrants | $ | 1,470 | $ | 921 | $ | 2,762 | ||||||||||
Risk-free interest rate | 0.87 | % | 1.07 | % | 0.95 | % | ||||||||||
Dividend yield | — | % | — | % | — | % | ||||||||||
Volatility | 95 | % | 96 | % | 57 | % | ||||||||||
Average expected life | 2.8 years | 3.1 years | 3.2 years | |||||||||||||
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Share-based Compensation [Abstract] | |||||||||||||
Stock-Based Compensation | STOCK-BASED COMPENSATION | ||||||||||||
We recorded and allocated employee stock-based compensation expense for our equity incentive plans and our 2000 Employee Stock Purchase Plan (“ESPP”) as follows (in thousands): | |||||||||||||
Three Months Ended March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Research and development expense | $ | 627 | $ | 1,565 | |||||||||
Selling, general and administrative expense | 1,033 | 2,193 | |||||||||||
Total employee stock-based compensation expense | $ | 1,660 | $ | 3,758 | |||||||||
We use the Black-Scholes Merton option pricing model to value our stock options. The expected life computation is based on historical, exercise patterns and post-vesting termination behavior. We considered implied volatility as well as our historical volatility in developing our estimate of expected volatility. The fair value of employee stock option awards and ESPP purchases was estimated using the following assumptions and weighted average fair values: | |||||||||||||
Stock Options | |||||||||||||
Three Months Ended March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Weighted average grant-date fair value | $ | 1.35 | $ | 4.7 | |||||||||
Risk-free interest rate | 1.2 | % | 1.59 | % | |||||||||
Dividend yield | — | % | — | % | |||||||||
Volatility | 95 | % | 81 | % | |||||||||
Expected life | 4.5 years | 5.5 years | |||||||||||
Employee Stock Purchase Plan | |||||||||||||
Three Months Ended March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Weighted average grant-date fair value | $ | 0.7 | $ | 1.59 | |||||||||
Risk-free interest rate | 0.11 | % | 0.08 | % | |||||||||
Dividend yield | — | % | — | % | |||||||||
Volatility | 96 | % | 62 | % | |||||||||
Expected life | 6 months | 6 months | |||||||||||
A summary of all stock option activity for the three months ended March 31, 2015 is presented below (dollars in thousands, except per share amounts): | |||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||
Average | Average | Intrinsic | |||||||||||
Exercise Price | Remaining Contractual | Value | |||||||||||
Term | |||||||||||||
Options outstanding at December 31, 2014 | 27,811,992 | $ | 5 | ||||||||||
Granted | 4,235,450 | $ | 1.94 | ||||||||||
Forfeited | (291,543 | ) | $ | 4.13 | |||||||||
Expired | (3,154,051 | ) | $ | 6.06 | |||||||||
Options outstanding at March 31, 2015 | 28,601,848 | $ | 4.44 | 4.89 years | $ | 11,313 | |||||||
Exercisable March 31, 2015 | 12,737,971 | $ | 6.86 | 3.02 years | $ | — | |||||||
As of March 31, 2015, a total of 10,190,819 shares were available for grant under our stock option plans. | |||||||||||||
As of March 31, 2015, $23.6 million of total unrecognized compensation expense related to employee stock options was expected to be recognized over a weighted-average period of 2.60 years. | |||||||||||||
Of the stock options outstanding as of March 31, 2015, 13,090,165 were granted subject to performance objectives tied to the achievement of clinical goals set by the Compensation Committee of our Board of Directors and will vest in full or part based on achievement of such goals. As of March 31, 2015, we do not consider achievement of those performance objectives to be probable and therefore we have not included any stock-based compensation expense for those stock options. As of March 31, 2015, the grant date fair value of awards outstanding for which we have determined that it is not probable that we will achieve the goals was $17.2 million. | |||||||||||||
A summary of all restricted stock unit (“RSU”) activity for the three months ended March 31, 2015 is presented below (dollars in thousands, except per share amounts): | |||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||
Average | Average | Intrinsic | |||||||||||
Grant Date | Remaining | Value | |||||||||||
Fair Value | Contractual | ||||||||||||
Term | |||||||||||||
Awards outstanding at December 31, 2014 | 961,469 | $ | 3.82 | ||||||||||
Awarded | 65,124 | $ | 2.88 | ||||||||||
Released | (111,334 | ) | $ | 1.95 | |||||||||
Forfeited | (89,773 | ) | $ | 5.29 | |||||||||
Awards outstanding at March 31, 2015 | 825,486 | $ | 3.84 | 1.84 years | $ | 2,196 | |||||||
As of March 31, 2015, $2.1 million of total unrecognized compensation expense related to employee RSUs was expected to be recognized over a weighted-average period of 1.84 years. |
Net_Loss_Per_Share
Net Loss Per Share | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Net Loss Per Share | NET LOSS PER SHARE | |||||||
The following table sets forth a reconciliation of basic and diluted net loss per share (in thousands, except per share amounts): | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Numerator: | ||||||||
Net loss | $ | (35,170 | ) | $ | (74,619 | ) | ||
Denominator: | ||||||||
Shares used in computing basic and diluted net loss per share | 195,904 | 191,699 | ||||||
Net loss per share, basic and diluted | $ | (0.18 | ) | $ | (0.39 | ) | ||
The following table sets forth outstanding potentially dilutive shares of common stock that are not included in the computation of diluted net loss per share because, to do so would be anti-dilutive (in thousands): | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Convertible debt | 88,008 | 54,123 | ||||||
Outstanding stock options, unvested RSUs and ESPP contributions | 29,591 | 26,302 | ||||||
Warrants | 1,000 | 2,186 | ||||||
Total potentially dilutive shares | 118,599 | 82,611 | ||||||
Concentrations_of_Credit_Risk
Concentrations of Credit Risk | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Risks and Uncertainties [Abstract] | ||||||
Concentrations of Credit Risk | CONCENTRATIONS OF CREDIT RISK | |||||
Financial instruments that potentially subject us to concentrations of credit risk are primarily trade and other receivables and investments. Investments consist of money market funds, taxable commercial paper, corporate bonds with high credit quality, U.S. Treasury and government sponsored enterprises, and municipal bonds. All investments are maintained with financial institutions that management believes are creditworthy. | ||||||
Trade and other receivables are unsecured and are concentrated in the pharmaceutical and biotechnology industries. Accordingly, we may be exposed to credit risk generally associated with pharmaceutical and biotechnology companies. We have incurred no bad debt expense since inception. As of March 31, 2015, 54% of our trade and other receivables are with the specialty pharmacy that sells COMETRIQ in the United States and 31% are with our European distribution partner. Both of these customers pay promptly and within their respective payment terms. All of our long-lived assets are located in the United States. | ||||||
We have operations primarily in the United States, while some of our collaboration partners have headquarters outside of the United States and some of our clinical trials for cabozantinib are conducted outside of the United States. During the second quarter of 2013, we initiated a Named Patient Use program through our distribution partner, Swedish Orphan Biovitrum (“Sobi”), to support the distribution and commercialization of COMETRIQ for metastatic MTC primarily in the European Union and potentially other countries. In March 2014, the European Commission approved cabozantinib for the treatment of adult patients with progressive, unresectable locally advanced or metastatic MTC, also under the brand name COMETRIQ. In June 2014, we began selling COMETRIQ to Sobi in preparation for commercial sales in certain countries in the European Union. The following table shows the percentage of revenues earned in the United States and the European Union. | ||||||
Three Months Ended March 31, | ||||||
2015 | 2014 | |||||
Percentage of revenues earned in the United States | 86 | % | 98 | % | ||
Percentage of revenues earned in the European Union | 14 | % | 2 | % | ||
We recorded a $0.2 million gain and a $44 thousand loss relating to foreign exchange fluctuations for the three months ended March 31, 2015 and 2014. | ||||||
The following table sets forth the percentage of revenues recognized under our collaboration agreements and product sales to the specialty pharmacy that represent 10% or more of total revenues: | ||||||
Three Months Ended March 31, | ||||||
2015 | 2014 | |||||
Diplomat Specialty Pharmacy | 86 | % | 98 | % | ||
Swedish Orphan Biovitrum | 14 | % | 2 | % |
Organization_and_Summary_of_Si1
Organization and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization |
Exelixis, Inc. (“Exelixis,” “we,” “our” or “us”) is a biopharmaceutical company committed to developing small molecule therapies for the treatment of cancer. Our two most advanced assets are cabozantinib, our wholly-owned inhibitor of multiple receptor tyrosine kinases, and cobimetinib (GDC-0973/XL518), a selective inhibitor of MEK, a serine/threonine kinase, which we out-licensed to Genentech (a member of the Roche Group), (“Genentech”). | |
Our development and commercialization efforts are focused primarily on cabozantinib. We are evaluating cabozantinib in a broad development program comprising over forty-five clinical trials, across multiple indications, including two ongoing phase 3 pivotal trials focusing on metastatic renal cell carcinoma (“mRCC”), and advanced hepatocellular carcinoma (“HCC”). On April 8, 2015, the United States Food and Drug Administration, (“FDA”), granted Fast Track designation to cabozantinib for the treatment of patients with advanced RCC who have received one prior therapy. Cabozantinib is being evaluated in METEOR, our phase 3 pivotal trial in mRCC. | |
Cabozantinib was approved by the FDA on November 29, 2012, for the treatment of progressive, metastatic medullary thyroid cancer (“MTC”) in the United States under the brand name COMETRIQ(R). COMETRIQ became commercially available in the United States in January 2013. In March 2014, the European Commission granted cabozantinib conditional marketing authorization for the treatment of adult patients with progressive, unresectable locally advanced or metastatic MTC, also under the brand name COMETRIQ. | |
Our second most advanced oncology asset, cobimetinib, is being evaluated by Genentech in a broad development program, including coBRIM, a phase 3 pivotal trial evaluating cobimetinib in combination with vemurafenib in previously untreated patients with unresectable locally advanced melanoma harboring a BRAF V600 mutation. On September 29, 2014, positive results from this trial were reported at the European Society for Medical Oncology, or ESMO, 2014 Congress. The trial met its primary endpoint of demonstrating a statistically significant increase in investigator-determined progression-free survival (“PFS”). Roche has completed the Marketing Authorization Application for cobimetinib in combination with vemurafenib in the European Union. In the United States, Genentech submitted its New Drug Application (“NDA”) in December 2014, and the FDA has granted the NDA priority review, with a projected action date of August 11, 2015. | |
Basis of Consolidation | Basis of Consolidation |
The consolidated financial statements include the accounts of Exelixis and those of our wholly-owned subsidiaries. These entities’ functional currency is the U.S. dollar. All intercompany balances and transactions have been eliminated. | |
Basis of Presentation | Basis of Presentation |
The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and pursuant to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In our opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the results of operations and cash flows for the period presented have been included. | |
Exelixis adopted a 52- or 53-week fiscal year that generally ends on the Friday closest to December 31st. Fiscal year 2015, a 52-week year, will end on January 1, 2016, and fiscal year 2014, a 53-week year, ended on January 2, 2015. For convenience, references in this report as of and for the fiscal periods ended April 3, 2015 and March 28, 2014, and as of and for the fiscal years ended January 1, 2016 and January 2, 2015, are indicated as being as of and for the periods ended March 31, 2015, March 31, 2014, December 31, 2015, and December 31, 2014, respectively. | |
Operating results for the three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending January 1, 2016 or for any future period. These financial statements and notes should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2014, included in our Annual Report on Form 10-K filed with the SEC on March 2, 2015. | |
Fiscal Period, Policy | Exelixis adopted a 52- or 53-week fiscal year that generally ends on the Friday closest to December 31st. Fiscal year 2015, a 52-week year, will end on January 1, 2016, and fiscal year 2014, a 53-week year, ended on January 2, 2015. For convenience, references in this report as of and for the fiscal periods ended April 3, 2015 and March 28, 2014, and as of and for the fiscal years ended January 1, 2016 and January 2, 2015, are indicated as being as of and for the periods ended March 31, 2015, March 31, 2014, December 31, 2015, and December 31, 2014, respectively. |
Segment Information | Segment Information |
We operate as a single reportable segment. | |
Use of Estimates | Use of Estimates |
The preparation of our consolidated financial statements is in conformity with accounting principles generally accepted in the United States which requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosures. On an ongoing basis, management evaluates its estimates including, but not limited to, those related to inventory, revenue recognition, valuation of long-lived assets, certain accrued liabilities including clinical trial accruals and restructuring liability, valuation of warrants, share-based compensation and the valuation of the debt and equity components of our convertible debt at issuance. We base our estimates on historical experience and on various other market-specific and other relevant assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from those estimates. | |
Revenue Recognition | Revenue Recognition |
We recognize revenue from the sale of COMETRIQ and have historically recognized revenue from license fees and milestones earned on research and collaboration arrangements. See “Note 1 - Organization and Summary of Significant Accounting Policies” to our Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2014 for a description of our policies for revenue recognition on research and collaboration agreements. We did not enter into any new collaboration agreements during the three months ended March 31, 2015. See “Note 2 - Research and Collaboration Agreements” to our Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2014 for a description of our existing collaboration agreements. | |
Net Product Revenues | |
We recognize revenue when it is both realized or realizable and earned, meaning persuasive evidence of an arrangement exists, delivery has occurred, title has transferred, the price is fixed or determinable, there are no remaining customer acceptance requirements, and collectability of the resulting receivable is reasonably assured. For product sales in the United States, this generally occurs upon delivery of the product at the specialty pharmacy. For product sales in Europe, this generally occurs when our European distribution partner has accepted the product, at which time they are no longer able to return the product. | |
We sell our product, COMETRIQ, in the United States to a specialty pharmacy that benefits from customer incentives and has a right of return. During previous periods, COMETRIQ had limited sales history and we could not reliably estimate expected future returns, discounts and rebates of the product at the time the product was sold to the specialty pharmacy, therefore we recognized revenue when the specialty pharmacy provided the product to a patient based on the fulfillment of a prescription, frequently referred to as the “sell-through” revenue recognition model. Recently we have established sufficient historical experience and data to reasonably estimate expected future returns of the product and the discounts and rebates due to payors at the time of shipment to the specialty pharmacy. Accordingly, beginning in January 2015 we began to recognize revenue upon delivery to our U.S. specialty pharmacy. This approach is frequently referred to as the “sell-in” revenue recognition model. In connection with the change in the timing of recognition of U. S. COMETRIQ sales, we recorded a one-time adjustment to recognize revenue and related costs that had previously been deferred at December 31, 2014, resulting in additional net product revenues of $2.6 million and a nominal amount of cost of goods sold for the three months ended March 31, 2015. | |
We also utilize the “sell-in” revenue recognition model for sales to our European distribution partner. Once the European distributer has accepted the product, the product is no longer subject to return; therefore, we record revenue at the time our European distribution partner has accepted the product. | |
Product Sales Discounts and Allowances | |
We calculate gross product revenues based on the price that we charge our United States specialty pharmacy and our European distribution partner. We estimate our domestic net product revenues by deducting from our gross product revenues (a) trade allowances, such as discounts for prompt payment, (b) estimated government rebates and chargebacks, and (c) estimated costs of patient assistance programs. We estimate our European net product revenues by deducting from our gross product revenues an estimated credit for product originally delivered with expiry of 18 months or less. European net product revenues for the three months ended March 31, 2015 also included the remaining $0.1 million of the $2.4 million project management fee payable to our European distributor upon their achievement of a cumulative revenue goal; no such fees or credits were recognized during the comparable period in 2014. We first determined that the achievement of the revenue goal was probable in the third quarter of 2014 and therefore we recorded project management fees beginning in that period. | |
We initially record estimates for these deductions at the time we recognize the gross revenue. We update our estimates on a recurring basis as new information becomes available. See “Note 1 - Organization and Summary of Significant Accounting Policies” to our Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2014 for a further description of our discounts and allowances. | |
Cost of Goods Sold | Cost of Goods Sold |
Cost of goods sold is related to our product revenues and consists primarily of a 3% royalty on net sales of any product incorporating cabozantinib payable to GlaxoSmithKline and indirect labor costs, the cost of manufacturing and other third party logistics costs of our product. A portion of the manufacturing costs for product sales were incurred prior to regulatory approval of COMETRIQ for the treatment of progressive, metastatic MTC and, therefore, were expensed as research and development costs when those costs were incurred, rather than capitalized as inventory. See “Note 2 - Research and Collaboration Agreements” to our Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2014 for additional information related to the 3% royalty payable to GlaxoSmithKline. | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 supersedes the revenue recognition requirements of FASB Accounting Standards Codification (“ASC”) Topic 605, Revenue Recognition and most industry-specific guidance throughout the Accounting Standards Codification, resulting in the creation of FASB ASC Topic 606, Revenue from Contracts with Customers. ASU 2014-09 requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. On April 1, 2015, the FASB proposed deferring the effective date by one year for public entities for annual and interim reporting periods beginning after December 15, 2017. Early adoption is permitted for periods after December 15, 2016. We are currently evaluating the impact of adopting ASU 2014-09, inclusive of available transitional methods on our consolidated financial statements and related disclosures. | |
In April 2015, the FASB issued Accounting Standards Update No. 2015-03, Simplifying the Presentation of Debt Issuance Costs which Changes the Presentation of Debt Issuance Costs in Financial Statements (“ASU 2015-03”), which requires an entity to present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs will continue to be reported as interest expense. ASU 2015-03 will be effective for annual reporting periods beginning after December 15, 2015 and interim periods within fiscal years beginning after December 15, 2016, with early adoption permitted. The new guidance will be applied retrospectively to each prior period presented. If we had adopted ASU 2015-03, as of March 31, 2015, it would have resulted in a reduction of Other assets and total debt by $4.0 million and $4.7 million as March 31, 2015, and December 31, 2014, respectively. |
Restructurings_Tables
Restructurings (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
2014 Restructuring [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Summary Of Components Of Restructuring Liability | The components of and changes to this liability during the three months ended March 31, 2015 are summarized in the following table (in thousands): | ||||||||||||
Employee Severance and Other Benefits | Asset Impairment and Other | Total | |||||||||||
Restructuring liability as of December 31, 2014 | $ | 1,290 | $ | 47 | $ | 1,337 | |||||||
Restructuring (recovery) charge | 5 | (853 | ) | (848 | ) | ||||||||
Cash (payments) receipts, net | (1,003 | ) | 552 | (451 | ) | ||||||||
Other non-cash items | — | 298 | 298 | ||||||||||
Restructuring liability for 2014 Restructuring as of March 31, 2015 | $ | 292 | $ | 44 | $ | 336 | |||||||
2010 Restructurings [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Summary Of Components Of Restructuring Liability | The changes to these liabilities during the three months ended March 31, 2015 is summarized in the following table (in thousands): | ||||||||||||
Facility | |||||||||||||
Charges | |||||||||||||
Restructuring liability as of December 31, 2014 | $ | 9,454 | |||||||||||
Restructuring charge | 415 | ||||||||||||
Cash payments | (1,515 | ) | |||||||||||
Restructuring liability for 2010 Restructurings as of March 31, 2015 | $ | 8,354 | |||||||||||
Cash_and_Investments_Tables
Cash and Investments (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||
Schedule of Available-for-Sale Securities | The following table summarizes cash and cash equivalents, investments, and restricted cash and investments by balance sheet line item as of March 31, 2015 and December 31, 2014 (in thousands): | |||||||||||||||
March 31, 2015 | ||||||||||||||||
Amortized | Gross | Gross | Fair Value | |||||||||||||
Cost | Unrealized | Unrealized | ||||||||||||||
Gains | Losses | |||||||||||||||
Cash and cash equivalents | $ | 84,988 | $ | — | $ | (1 | ) | $ | 84,987 | |||||||
Short-term investments | 22,274 | 31 | (47 | ) | 22,258 | |||||||||||
Short-term restricted cash and investments | 6,041 | 67 | — | 6,108 | ||||||||||||
Long-term investments | 81,600 | — | (3 | ) | 81,597 | |||||||||||
Long-term restricted cash and investments | 2,684 | — | — | 2,684 | ||||||||||||
Total cash and investments | $ | 197,587 | $ | 98 | $ | (51 | ) | $ | 197,634 | |||||||
December 31, 2014 | ||||||||||||||||
Amortized | Gross | Gross | Fair Value | |||||||||||||
Cost | Unrealized | Unrealized | ||||||||||||||
Gains | Losses | |||||||||||||||
Cash and cash equivalents | $ | 80,395 | $ | — | $ | — | $ | 80,395 | ||||||||
Short-term investments | 63,988 | 37 | (135 | ) | 63,890 | |||||||||||
Short-term restricted cash and investments | 12,105 | 107 | — | 12,212 | ||||||||||||
Long-term investments | 81,600 | 1 | (22 | ) | 81,579 | |||||||||||
Long-term restricted cash and investments | 4,684 | — | — | 4,684 | ||||||||||||
Total cash and investments | $ | 242,772 | $ | 145 | $ | (157 | ) | $ | 242,760 | |||||||
Summary of Cash and Investments by Security Type | The amounts presented exclude cash, but include investments classified as cash equivalents (in thousands): | |||||||||||||||
March 31, 2015 | ||||||||||||||||
Amortized | Gross | Gross | Fair Value | |||||||||||||
Cost | Unrealized | Unrealized | ||||||||||||||
Gains | Losses | |||||||||||||||
Money market funds | $ | 36,841 | $ | — | $ | — | $ | 36,841 | ||||||||
Commercial paper | 52,724 | — | (1 | ) | 52,723 | |||||||||||
Corporate bonds | 98,280 | 32 | (50 | ) | 98,262 | |||||||||||
U.S. Treasury and government sponsored enterprises | 6,041 | 66 | — | 6,107 | ||||||||||||
Total investments | $ | 193,886 | $ | 98 | $ | (51 | ) | $ | 193,933 | |||||||
December 31, 2014 | ||||||||||||||||
Amortized | Gross | Gross | Fair Value | |||||||||||||
Cost | Unrealized | Unrealized | ||||||||||||||
Gains | Losses | |||||||||||||||
Money market funds | $ | 23,376 | $ | — | $ | — | $ | 23,376 | ||||||||
Commercial paper | 56,714 | — | — | 56,714 | ||||||||||||
Corporate bonds | 143,444 | 35 | (157 | ) | 143,322 | |||||||||||
U.S. Treasury and government sponsored enterprises | 12,105 | 107 | — | 12,212 | ||||||||||||
Municipal bonds | 2,659 | 3 | — | 2,662 | ||||||||||||
Total investments | $ | 238,298 | $ | 145 | $ | (157 | ) | $ | 238,286 | |||||||
Summary of Available-for-Sale Securities by Contractual Maturity | The following summarizes the fair value of securities classified as available-for-sale by contractual maturity as of March 31, 2015 (in thousands): | |||||||||||||||
Mature within One Year | After One Year through Two Years | Fair Value | ||||||||||||||
Money market funds | $ | 36,841 | $ | — | $ | 36,841 | ||||||||||
Commercial paper | 52,723 | — | 52,723 | |||||||||||||
Corporate bonds | 95,529 | 2,733 | 98,262 | |||||||||||||
U.S. Treasury and government sponsored enterprises | 6,107 | — | 6,107 | |||||||||||||
Total investments | $ | 191,200 | $ | 2,733 | $ | 193,933 | ||||||||||
Inventory_Tables
Inventory (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Schedule of Inventory | Inventory consists of the following (in thousands): | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Raw materials | $ | 1,076 | $ | 1,118 | ||||
Work in process | 2,964 | 2,845 | ||||||
Finished goods | 787 | 559 | ||||||
Total | 4,827 | 4,522 | ||||||
Less: non-current portion included in other assets | (2,234 | ) | (2,141 | ) | ||||
Inventory | $ | 2,593 | $ | 2,381 | ||||
Debt_Tables
Debt (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Schedule Of Debt | The amortized carrying amount of our debt consists of the following (in thousands): | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Convertible Senior Subordinated Notes due 2019 | $ | 186,940 | $ | 182,395 | ||||
Secured Convertible Notes due 2015 | 101,326 | 98,880 | ||||||
Silicon Valley Bank term loan | 80,000 | 80,000 | ||||||
Silicon Valley Bank line of credit | 164 | 381 | ||||||
Total debt | 368,430 | 361,656 | ||||||
Less: current portion | (4,075 | ) | (99,261 | ) | ||||
Long-term debt | $ | 364,355 | $ | 262,395 | ||||
Summary Of The Liability Component Notes | The following is a summary of the liability component of the 2019 Notes (in thousands): | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Net carrying amount of the liability component | $ | 186,940 | $ | 182,395 | ||||
Unamortized discount of the liability component | 100,560 | 105,105 | ||||||
Face amount of the 2019 Notes | $ | 287,500 | $ | 287,500 | ||||
The debt discount and debt issuance costs will be amortized as interest expense through August 2019. The following is a summary of interest expense for the 2019 Notes (in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Stated coupon interest | $ | 3,055 | $ | 3,089 | ||||
Amortization of debt discount and debt issuance costs | 4,721 | 4,295 | ||||||
Total interest expense | $ | 7,776 | $ | 7,384 | ||||
The following is a summary of interest expense for the Deerfield Notes (in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Stated coupon interest | $ | 1,479 | $ | 1,480 | ||||
Amortization of debt discount and debt issuance costs | 2,947 | 2,695 | ||||||
Total interest expense | $ | 4,426 | $ | 4,175 | ||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Schedule Of Fair Value Of Financial Assets Measured On A Recurring Basis | The amounts presented exclude cash, but include investments classified as cash equivalents (in thousands): | |||||||||||||||
31-Mar-15 | ||||||||||||||||
Level 1 | Level 2 | Total | ||||||||||||||
Money market funds | $ | 36,841 | $ | — | $ | 36,841 | ||||||||||
Commercial paper | — | 52,723 | 52,723 | |||||||||||||
Corporate bonds | — | 98,262 | 98,262 | |||||||||||||
U.S. Treasury and government sponsored enterprises | — | 6,107 | 6,107 | |||||||||||||
Total financial assets | $ | 36,841 | $ | 157,092 | $ | 193,933 | ||||||||||
31-Dec-14 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Financial assets: | ||||||||||||||||
Money market funds | $ | 23,376 | $ | — | $ | — | $ | 23,376 | ||||||||
Commercial paper | — | 56,714 | — | 56,714 | ||||||||||||
Corporate bonds | — | 143,322 | — | 143,322 | ||||||||||||
U.S. Treasury and government sponsored enterprises | — | 12,212 | — | 12,212 | ||||||||||||
Municipal bonds | — | 2,662 | — | 2,662 | ||||||||||||
Total financial assets | $ | 23,376 | $ | 214,910 | $ | — | $ | 238,286 | ||||||||
Financial liabilities: | ||||||||||||||||
Warrants | $ | — | $ | — | $ | 921 | $ | 921 | ||||||||
Total financial liabilities | $ | — | $ | — | $ | 921 | $ | 921 | ||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following is a reconciliation of changes in the net fair value of warrants which are classified as Level 3 in the fair value hierarchy (in thousands): | |||||||||||||||
Balance at December 31, 2014 | $ | 921 | ||||||||||||||
Unrealized loss at final re-measurement of warrants on March 18, 2015, | 549 | |||||||||||||||
included in Interest income and other, net | ||||||||||||||||
Transfer of warrant from Other long-term liabilities to Additional paid-in capital at their estimated fair value upon warrant repricing on March 18, 2015 | (1,470 | ) | ||||||||||||||
Balance at March 31, 2015 | $ | — | ||||||||||||||
Schedule Of Estimated Fair Value Of Outstanding Debt | The estimated fair value of our financial instruments that are carried at amortized cost for which it is practicable to determine a fair value was as follows (in thousands): | |||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | |||||||||||||
Amount | Amount | |||||||||||||||
2019 Notes | $ | 186,940 | $ | 217,034 | $ | 182,395 | $ | 156,889 | ||||||||
Silicon Valley Bank term loan | $ | 80,000 | $ | 79,916 | $ | 80,000 | $ | 79,943 | ||||||||
Silicon Valley Bank line of credit | $ | 164 | $ | 164 | $ | 381 | $ | 381 | ||||||||
Schedule of Assumptions Used | The fair value of the 2014 Deerfield Warrants was estimated using the following assumptions, which, except for risk-free interest rate, are Level 3 inputs (dollars in thousands): | |||||||||||||||
18-Mar-15 | 31-Dec-14 | 22-Jan-14 | ||||||||||||||
(issuance date) | ||||||||||||||||
Fair value of warrants | $ | 1,470 | $ | 921 | $ | 2,762 | ||||||||||
Risk-free interest rate | 0.87 | % | 1.07 | % | 0.95 | % | ||||||||||
Dividend yield | — | % | — | % | — | % | ||||||||||
Volatility | 95 | % | 96 | % | 57 | % | ||||||||||
Average expected life | 2.8 years | 3.1 years | 3.2 years | |||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Share-based Compensation [Abstract] | |||||||||||||
Schedule Of Allocated Employee Stock-Based Compensation Expenses | We recorded and allocated employee stock-based compensation expense for our equity incentive plans and our 2000 Employee Stock Purchase Plan (“ESPP”) as follows (in thousands): | ||||||||||||
Three Months Ended March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Research and development expense | $ | 627 | $ | 1,565 | |||||||||
Selling, general and administrative expense | 1,033 | 2,193 | |||||||||||
Total employee stock-based compensation expense | $ | 1,660 | $ | 3,758 | |||||||||
Schedule Of Fair Value Of Employee Share-Based Payments Awards Estimated Using The Assumptions And Weighted Average Fair Values | The fair value of employee stock option awards and ESPP purchases was estimated using the following assumptions and weighted average fair values: | ||||||||||||
Stock Options | |||||||||||||
Three Months Ended March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Weighted average grant-date fair value | $ | 1.35 | $ | 4.7 | |||||||||
Risk-free interest rate | 1.2 | % | 1.59 | % | |||||||||
Dividend yield | — | % | — | % | |||||||||
Volatility | 95 | % | 81 | % | |||||||||
Expected life | 4.5 years | 5.5 years | |||||||||||
Employee Stock Purchase Plan | |||||||||||||
Three Months Ended March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Weighted average grant-date fair value | $ | 0.7 | $ | 1.59 | |||||||||
Risk-free interest rate | 0.11 | % | 0.08 | % | |||||||||
Dividend yield | — | % | — | % | |||||||||
Volatility | 96 | % | 62 | % | |||||||||
Expected life | 6 months | 6 months | |||||||||||
Summary Of All Stock Option Activity | A summary of all stock option activity for the three months ended March 31, 2015 is presented below (dollars in thousands, except per share amounts): | ||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||
Average | Average | Intrinsic | |||||||||||
Exercise Price | Remaining Contractual | Value | |||||||||||
Term | |||||||||||||
Options outstanding at December 31, 2014 | 27,811,992 | $ | 5 | ||||||||||
Granted | 4,235,450 | $ | 1.94 | ||||||||||
Forfeited | (291,543 | ) | $ | 4.13 | |||||||||
Expired | (3,154,051 | ) | $ | 6.06 | |||||||||
Options outstanding at March 31, 2015 | 28,601,848 | $ | 4.44 | 4.89 years | $ | 11,313 | |||||||
Exercisable March 31, 2015 | 12,737,971 | $ | 6.86 | 3.02 years | $ | — | |||||||
Summary Of All RSU Activity | A summary of all restricted stock unit (“RSU”) activity for the three months ended March 31, 2015 is presented below (dollars in thousands, except per share amounts): | ||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||
Average | Average | Intrinsic | |||||||||||
Grant Date | Remaining | Value | |||||||||||
Fair Value | Contractual | ||||||||||||
Term | |||||||||||||
Awards outstanding at December 31, 2014 | 961,469 | $ | 3.82 | ||||||||||
Awarded | 65,124 | $ | 2.88 | ||||||||||
Released | (111,334 | ) | $ | 1.95 | |||||||||
Forfeited | (89,773 | ) | $ | 5.29 | |||||||||
Awards outstanding at March 31, 2015 | 825,486 | $ | 3.84 | 1.84 years | $ | 2,196 | |||||||
Net_Loss_Per_Share_Tables
Net Loss Per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Schedule Of Reconciliation Of Basic And Diluted Net Income (Loss) Per Share | The following table sets forth a reconciliation of basic and diluted net loss per share (in thousands, except per share amounts): | |||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Numerator: | ||||||||
Net loss | $ | (35,170 | ) | $ | (74,619 | ) | ||
Denominator: | ||||||||
Shares used in computing basic and diluted net loss per share | 195,904 | 191,699 | ||||||
Net loss per share, basic and diluted | $ | (0.18 | ) | $ | (0.39 | ) | ||
Schedule Of Potential Shares Of Common Stock Not Included In Computation Of Diluted Net Loss Per Share | The following table sets forth outstanding potentially dilutive shares of common stock that are not included in the computation of diluted net loss per share because, to do so would be anti-dilutive (in thousands): | |||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Convertible debt | 88,008 | 54,123 | ||||||
Outstanding stock options, unvested RSUs and ESPP contributions | 29,591 | 26,302 | ||||||
Warrants | 1,000 | 2,186 | ||||||
Total potentially dilutive shares | 118,599 | 82,611 | ||||||
Concentrations_of_Credit_Risk_
Concentrations of Credit Risk (Tables) | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Risks and Uncertainties [Abstract] | ||||||
Schedules of concentration risk | The following table shows the percentage of revenues earned in the United States and the European Union. | |||||
Three Months Ended March 31, | ||||||
2015 | 2014 | |||||
Percentage of revenues earned in the United States | 86 | % | 98 | % | ||
Percentage of revenues earned in the European Union | 14 | % | 2 | % | ||
We recorded a $0.2 million gain and a $44 thousand loss relating to foreign exchange fluctuations for the three months ended March 31, 2015 and 2014. | ||||||
The following table sets forth the percentage of revenues recognized under our collaboration agreements and product sales to the specialty pharmacy that represent 10% or more of total revenues: | ||||||
Three Months Ended March 31, | ||||||
2015 | 2014 | |||||
Diplomat Specialty Pharmacy | 86 | % | 98 | % | ||
Swedish Orphan Biovitrum | 14 | % | 2 | % |
Organization_and_Summary_of_Si2
Organization and Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 12 Months Ended | 27 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Mar. 31, 2015 | ||
segment | trial | ||||
trial | |||||
Operations [Line Items] | |||||
Number of trials in process | 45 | 45 | |||
Number of Phase 3 Trials in Process | 2 | 2 | |||
Operating cycle | 364 days | 371 days | |||
Number of operating segments | 1 | ||||
Net Income (Loss) Attributable to Parent | ($35,170,000) | ($74,619,000) | |||
Retained Earnings (Accumulated Deficit) | -1,802,474,000 | -1,767,304,000 | [1] | -1,802,474,000 | |
Cash, Cash Equivalents, and Available-for-sale Securities | 197,634,000 | 242,760,000 | 197,634,000 | ||
Cash, Cash Equivalents, and Short-term Investments | 107,200,000 | 107,200,000 | |||
Restricted Cash and Investments, Current | 6,108,000 | 12,212,000 | [1] | 6,108,000 | |
Long-term Investments | 81,597,000 | 81,579,000 | [1] | 81,597,000 | |
Restricted Cash and Investments, Noncurrent | 2,684,000 | 4,684,000 | [1] | 2,684,000 | |
Sales Revenue, Goods, Net | 9,388,000 | 4,905,000 | 49,500,000 | ||
Reduction to Other assets | -7,771,000 | -8,340,000 | [1] | -7,771,000 | |
Reduction to Total debt | -368,430,000 | -361,656,000 | -368,430,000 | ||
Adjustments for New Accounting Principle, Early Adoption [Member] | |||||
Operations [Line Items] | |||||
Reduction to Other assets | 4,000,000 | 4,700,000 | 4,000,000 | ||
Reduction to Total debt | 4,000,000 | 7,400,000 | 4,000,000 | ||
Sobi [Member] | |||||
Operations [Line Items] | |||||
Sales Discounts, Returns and Allowances, Goods | 100,000 | 2,400,000 | |||
Glaxo Smith Kline [Member] | |||||
Operations [Line Items] | |||||
Percent of royalty on net sale | 3.00% | ||||
“Sell-In†Revenue Recognition Model [Member] | |||||
Operations [Line Items] | |||||
Sales Revenue, Goods, Net | $2,600,000 | ||||
Minimum [Member] | |||||
Operations [Line Items] | |||||
Operating cycle | 364 days | ||||
Maximum [Member] | |||||
Operations [Line Items] | |||||
Operating cycle | 371 days | ||||
[1] | The condensed consolidated balance sheet as of December 31, 2014 has been derived from the audited financial statements as of that date. |
Restructurings_Narrative_Detai
Restructurings (Narrative) (Details) (USD $) | 3 Months Ended | 39 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | 31-May-13 | Dec. 31, 2014 | |
restructuring | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring (recovery) charge | ($431,000) | $46,000 | ||
2014 Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Expected number of remaining positions | 85 | |||
Restructuring and Related Cost, Cost Incurred to Date | 5,200,000 | |||
Restructuring (recovery) charge | -848,000 | |||
Restructuring reserve | 336,000 | 1,337,000 | ||
2014 Restructuring [Member] | One-time Termination Benefits [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Expected restructuring charges | 6,000,000 | |||
Expected restructuring cost, percentage in current fiscal year | 95.00% | |||
2014 Restructuring [Member] | Employee Severance and Other Benefits [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 5,800,000 | |||
Restructuring (recovery) charge | 5,000 | |||
Restructuring reserve | 292,000 | 1,290,000 | ||
2014 Restructuring [Member] | Recoveries From Sale Assets, Net Of Impairments [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | -700,000 | |||
2014 Restructuring [Member] | Other Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | 200,000 | |||
2014 Restructuring [Member] | Asset Impairment and Other [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring (recovery) charge | -853,000 | |||
Restructuring reserve | 44,000 | 47,000 | ||
2014 Restructuring [Member] | Facility Closing [Member] | Minimum [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Expected restructuring charges | 2,000,000 | |||
2014 Restructuring [Member] | Facility Closing [Member] | Maximum [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Expected restructuring charges | 6,000,000 | |||
2010 Restructurings [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Expected restructuring charges | 600,000 | |||
Restructuring (recovery) charge | 400,000 | 46,000 | ||
Number of restructurings implemented | 5 | |||
Aggregate reduction in headcount | 429 | |||
2010 Restructurings [Member] | Recoveries From Sale Assets, Net Of Impairments [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Cost Incurred to Date | -100,000 | |||
2010 Restructurings [Member] | Other Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring (recovery) charge | 300,000 | |||
2010 Restructurings [Member] | Facility Closing [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring (recovery) charge | 415,000 | |||
Restructuring reserve | $8,354,000 | $9,454,000 |
Restructurings_Summary_of_Comp
Restructurings (Summary of Components of Restructuring Liability) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Restructuring Reserve [Roll Forward] | ||
Restructuring (recovery) charge | ($431) | $46 |
2014 Restructuring [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring liability | 1,337 | |
Restructuring (recovery) charge | -848 | |
Cash (payments) receipts, net | -451 | |
Other non-cash items | 298 | |
Restructuring liability | 336 | |
2014 Restructuring [Member] | Employee Severance and Other Benefits [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring liability | 1,290 | |
Restructuring (recovery) charge | 5 | |
Cash (payments) receipts, net | -1,003 | |
Other non-cash items | 0 | |
Restructuring liability | 292 | |
2014 Restructuring [Member] | Asset Impairment and Other [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring liability | 47 | |
Restructuring (recovery) charge | -853 | |
Cash (payments) receipts, net | 552 | |
Other non-cash items | 298 | |
Restructuring liability | 44 | |
2010 Restructurings [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring (recovery) charge | 400 | 46 |
2010 Restructurings [Member] | Facility Charges [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring liability | 9,454 | |
Restructuring (recovery) charge | 415 | |
Cash (payments) receipts, net | -1,515 | |
Restructuring liability | $8,354 |
Cash_and_Investments_Details
Cash and Investments (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
account | |||
affiliate | |||
investment | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | $197,587,000 | $242,772,000 | |
Gross Unrealized Gains | 98,000 | 145,000 | |
Gross Unrealized Losses | -51,000 | -157,000 | |
Fair Value | 197,634,000 | 242,760,000 | |
Debt collateral, number of required investment accounts | 1 | ||
Debt collateral, number of affiliate banks | 1 | ||
Amortized Cost | 193,886,000 | 238,298,000 | |
Gross Unrealized Gains | 98,000 | 145,000 | |
Gross Unrealized Losses | -51,000 | -157,000 | |
Fair Value | 193,933,000 | 238,286,000 | |
Gain (loss) on sale of investments | 0 | 0 | |
Number of investments in an unrealized loss position, less than 1 year | 62 | ||
Unrealized loss position, less than 1 year | 103,300,000 | ||
Number of investments in an unrealized loss position, greater than 1 year | 0 | ||
Unrealized loss position, greater than 1 year | 0 | ||
Mature within One Year | 191,200,000 | ||
After One Year through Two Years | 2,733,000 | ||
Fair Value | 193,933,000 | 238,286,000 | |
Money market funds [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 36,841,000 | 23,376,000 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 0 | 0 | |
Fair Value | 36,841,000 | 23,376,000 | |
Mature within One Year | 36,841,000 | ||
After One Year through Two Years | 0 | ||
Fair Value | 36,841,000 | 23,376,000 | |
Commercial paper [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 52,724,000 | 56,714,000 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | -1,000 | 0 | |
Fair Value | 52,723,000 | 56,714,000 | |
Mature within One Year | 52,723,000 | ||
After One Year through Two Years | 0 | ||
Fair Value | 52,723,000 | 56,714,000 | |
Corporate bonds [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 98,280,000 | 143,444,000 | |
Gross Unrealized Gains | 32,000 | 35,000 | |
Gross Unrealized Losses | -50,000 | -157,000 | |
Fair Value | 98,262,000 | 143,322,000 | |
Mature within One Year | 95,529,000 | ||
After One Year through Two Years | 2,733,000 | ||
Fair Value | 98,262,000 | 143,322,000 | |
U.S. Treasury and government sponsored enterprises [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 6,041,000 | 12,105,000 | |
Gross Unrealized Gains | 66,000 | 107,000 | |
Gross Unrealized Losses | 0 | 0 | |
Fair Value | 6,107,000 | 12,212,000 | |
Mature within One Year | 6,107,000 | ||
After One Year through Two Years | 0 | ||
Fair Value | 6,107,000 | 12,212,000 | |
Municipal bonds [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 2,659,000 | ||
Gross Unrealized Gains | 3,000 | ||
Gross Unrealized Losses | 0 | ||
Fair Value | 2,662,000 | ||
Fair Value | 2,662,000 | ||
Silicon Valley Bank Loan And Security Agreement [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Collateral balance | 81,800,000 | 82,000,000 | |
Cash and cash equivalents [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 84,988,000 | 80,395,000 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | -1,000 | 0 | |
Fair Value | 84,987,000 | 80,395,000 | |
Short-term investments [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 22,274,000 | 63,988,000 | |
Gross Unrealized Gains | 31,000 | 37,000 | |
Gross Unrealized Losses | -47,000 | -135,000 | |
Fair Value | 22,258,000 | 63,890,000 | |
Short-term restricted cash and investments [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 6,041,000 | 12,105,000 | |
Gross Unrealized Gains | 67,000 | 107,000 | |
Gross Unrealized Losses | 0 | 0 | |
Fair Value | 6,108,000 | 12,212,000 | |
Long-term investments [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 81,600,000 | 81,600,000 | |
Gross Unrealized Gains | 0 | 1,000 | |
Gross Unrealized Losses | -3,000 | -22,000 | |
Fair Value | 81,597,000 | 81,579,000 | |
Long-term restricted cash and investments [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 2,684,000 | 4,684,000 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 0 | 0 | |
Fair Value | $2,684,000 | $4,684,000 |
Inventory_Details
Inventory (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | |
In Thousands, unless otherwise specified | |||
Inventory Disclosure [Abstract] | |||
Raw materials | $1,076 | $1,118 | |
Work in process | 2,964 | 2,845 | |
Finished goods | 787 | 559 | |
Total | 4,827 | 4,522 | |
Less: non-current portion included in other assets | -2,234 | -2,141 | |
Inventory | $2,593 | $2,381 | [1] |
[1] | The condensed consolidated balance sheet as of December 31, 2014 has been derived from the audited financial statements as of that date. |
Debt_Schedule_Of_Debt_Details
Debt (Schedule Of Debt) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Total debt | $368,430 | $361,656 |
Less: current portion | -4,075 | -99,261 |
Long-term debt | 364,355 | 262,395 |
Senior Subordinated Notes [Member] | 4.25% Convertible Senior Subordinated Notes due August 15, 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Convertible Debt | 186,940 | 182,395 |
Secured Debt [Member] | Deerfield Notes [Member] | ||
Debt Instrument [Line Items] | ||
Convertible Debt | 101,326 | 98,880 |
Term Loan [Member] | Silicon Valley Bank term loan and Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Silicon Valley Bank term loan | 80,000 | 80,000 |
Line of Credit [Member] | Silicon Valley Bank term loan and Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Silicon Valley Bank line of credit | $164 | $381 |
Debt_Convertible_Notes_Details
Debt (Convertible Notes) (Details) (USD $) | 3 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Aug. 31, 2012 | Jun. 30, 2010 | |
Senior Subordinated Notes [Member] | 4.25% Convertible Senior Subordinated Notes due August 15, 2019 [Member] | |||||
Debt Instrument [Line Items] | |||||
Net carrying amount of the liability component | $186,940,000 | $182,395,000 | |||
Unamortized discount of the liability component | 100,560,000 | 105,105,000 | |||
Face amount of the 2019 Notes | 287,500,000 | 287,500,000 | 287,500,000 | ||
Stated coupon interest | 3,055,000 | 3,089,000 | |||
Amortization of debt discount and debt issuance costs | 4,721,000 | 4,295,000 | |||
Total interest expense | 7,776,000 | 7,384,000 | |||
Secured Convertible Notes Due June 2015 [Member] | Deerfield Financing [Member] | |||||
Debt Instrument [Line Items] | |||||
Net carrying amount of the liability component | 104,000,000 | 104,000,000 | |||
Face amount of the 2019 Notes | 124,000,000 | ||||
Stated coupon interest | 1,479,000 | 1,480,000 | |||
Amortization of debt discount and debt issuance costs | 2,947,000 | 2,695,000 | |||
Total interest expense | $4,426,000 | $4,175,000 |
Debt_Narrative_Details
Debt (Narrative) (Details) (USD $) | 0 Months Ended | 1 Months Ended | |||||
Mar. 04, 2015 | Jan. 22, 2014 | Jan. 22, 2014 | Jun. 30, 2010 | Mar. 31, 2015 | Dec. 31, 2014 | Aug. 31, 2012 | |
Issued On January 22, 2014 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Warrant period | 2 years | 2 years | |||||
Warrants outstanding | 1,000,000 | 1,000,000 | |||||
Warrant exercise price (in dollars per warrant) | $3.44 | $9.70 | $9.70 | $3.44 | |||
Class of Warrant or Right, Extension Period | 2 years | ||||||
Deerfield Financing [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes Payable | $97,400,000 | ||||||
Senior Subordinated Notes [Member] | 4.25% Convertible Senior Subordinated Notes due August 15, 2019 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt, interest rate | 4.25% | ||||||
Debt, principal amount | 287,500,000 | 287,500,000 | 287,500,000 | ||||
Balance of unamortized closing fees and expenses | 3,100,000 | 3,300,000 | |||||
Convertible debt | 186,940,000 | 182,395,000 | |||||
Secured Convertible Notes Due June 2015 [Member] | Deerfield Financing [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt, principal amount | 124,000,000 | ||||||
Balance of unamortized closing fees and expenses | 900,000 | 1,400,000 | |||||
Convertible debt | 104,000,000 | 104,000,000 | |||||
Principal eligible for extension option | 100,000,000 | 100,000,000 | |||||
Debt instrument, interest rate, stated percentage after extension option election | 15.00% | 15.00% | |||||
Debt instrument, discount | 2,800,000 | 2,800,000 | |||||
Debt Instrument, Periodic Payment, Interest | $6,000,000 | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 15.26% | ||||||
Secured Convertible Notes Due June 2015 [Member] | Deerfield Financing [Member] | Coupon Interest [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate, stated percentage after extension option election | 7.50% | 7.50% | |||||
Secured Convertible Notes Due June 2015 [Member] | Deerfield Financing [Member] | Payment-in-Kind Interest [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate, stated percentage after extension option election | 7.50% | 7.50% |
Warrants_Narrative_Details
Warrants (Narrative) (Details) (Issued On January 22, 2014 [Member], USD $) | 0 Months Ended | 3 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Jan. 22, 2014 | Jan. 22, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 18, 2015 | Mar. 04, 2015 | Dec. 31, 2014 |
Issued On January 22, 2014 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Warrants outstanding | 1,000,000 | 1,000,000 | |||||
Warrant exercise price (in dollars per warrant) | $9.70 | $9.70 | $3.44 | $3.44 | |||
Warrant period | 2 years | 2 years | |||||
Warrant repricing terms on exercise of extension option | 120.00% | 120.00% | |||||
Fair value of warrants | $1.50 | $0.90 | |||||
Unrealized (loss) gain on warrants | ($0.50) | $1.70 |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule Of Fair Value Of Financial Assets Measured On A Recurring Basis) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | $193,933 | $238,286 |
Warrants | 921 | |
Total financial liabilities | 921 | |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 36,841 | 23,376 |
Warrants | 0 | |
Total financial liabilities | 0 | |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 157,092 | 214,910 |
Warrants | 0 | |
Total financial liabilities | 0 | |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 0 | |
Warrants | 0 | 921 |
Total financial liabilities | 921 | |
Money market funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 36,841 | 23,376 |
Money market funds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 36,841 | 23,376 |
Money market funds [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 0 | 0 |
Money market funds [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 0 | |
Commercial paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 52,723 | 56,714 |
Commercial paper [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 0 | 0 |
Commercial paper [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 52,723 | 56,714 |
Commercial paper [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 0 | |
Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 98,262 | 143,322 |
Corporate bonds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 0 | 0 |
Corporate bonds [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 98,262 | 143,322 |
Corporate bonds [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 0 | |
U.S. Treasury and government sponsored enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 6,107 | 12,212 |
U.S. Treasury and government sponsored enterprises [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 0 | 0 |
U.S. Treasury and government sponsored enterprises [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 6,107 | 12,212 |
U.S. Treasury and government sponsored enterprises [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 0 | |
Municipal bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 2,662 | |
Municipal bonds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 0 | |
Municipal bonds [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 2,662 | |
Municipal bonds [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | $0 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements (Fair Value Schedule of Level 3 Changes) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance | $921 | |
Balance | 921 | |
Level 3 [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance | 921 | |
Unrealized loss at final re-measurement of warrants on March 18, 2015, included in Interest income and other, net | 549 | |
Transfer of warrant from Other long-term liabilities to Additional paid-in capital at their estimated fair value upon warrant repricing on March 18, 2015 | -1,470 | |
Balance | $0 |
Fair_Value_Measurements_Schedu1
Fair Value Measurements (Schedule of Estimated Fair Value of Outstanding Debt) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Carrying Amount [Member] | Senior Subordinated Notes [Member] | 4.25% Convertible Senior Subordinated Notes due August 15, 2019 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair values of financial instruments | $186,940 | $182,395 |
Carrying Amount [Member] | Term Loan [Member] | Silicon Valley Bank term loan and Line of Credit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair values of financial instruments | 80,000 | 80,000 |
Carrying Amount [Member] | Line of Credit [Member] | Silicon Valley Bank term loan and Line of Credit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair values of financial instruments | 164 | 381 |
Fair Value [Member] | Senior Subordinated Notes [Member] | 4.25% Convertible Senior Subordinated Notes due August 15, 2019 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair values of financial instruments | 217,034 | 156,889 |
Fair Value [Member] | Term Loan [Member] | Silicon Valley Bank term loan and Line of Credit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair values of financial instruments | 79,916 | 79,943 |
Fair Value [Member] | Line of Credit [Member] | Silicon Valley Bank term loan and Line of Credit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair values of financial instruments | $164 | $381 |
Fair_Value_Measurements_Schedu2
Fair Value Measurements (Schedule of Assumptions Used) (Details) (Issued On January 22, 2014 [Member], USD $) | 0 Months Ended | |||
In Thousands, unless otherwise specified | Jan. 22, 2014 | Jan. 22, 2014 | Mar. 18, 2015 | Dec. 31, 2014 |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Warrant period | 2 years | 2 years | ||
Warrant liability [Member] | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Fair value of warrants | 2,762 | 2,762 | $1,470 | $921 |
Risk-free interest rate | 0.95% | 0.87% | 1.07% | |
Dividend yield | 0.00% | 0.00% | 0.00% | |
Volatility | 57.00% | 95.00% | 96.00% | |
Average expected life | 3 years 2 months 12 days | 2 years 10 months 2 days | 3 years 1 month 6 days |
StockBased_Compensation_Schedu
Stock-Based Compensation (Schedule of Allocated Employee Stock-Based Compensation Expenses) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total employee stock-based compensation expense | $1,660 | $3,758 |
Research and development expense [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total employee stock-based compensation expense | 627 | 1,565 |
Selling, general and administrative expense [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total employee stock-based compensation expense | $1,033 | $2,193 |
StockBased_Compensation_Schedu1
Stock-Based Compensation (Schedule of Fair Value of Employee Share-Based Payments Awards Estimated Using the Assumptions and Weighted Average Fair Values) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average grant date fair value (in dollars per share) | $1.35 | $4.70 |
Risk-free interest rate | 1.20% | 1.59% |
Dividend yield | 0.00% | 0.00% |
Volatility | 95.00% | 81.00% |
Expected life | 4 years 6 months | 5 years 6 months |
Employee Stock Purchase Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average grant date fair value (in dollars per share) | $0.70 | $1.59 |
Risk-free interest rate | 0.11% | 0.08% |
Dividend yield | 0.00% | 0.00% |
Volatility | 96.00% | 62.00% |
Expected life | 6 months | 6 months |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options outstanding, in shares | 28,601,848 | 27,811,992 |
Performance Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options outstanding, in shares | 13,090,165 | |
Grant date fair value | $17.20 | |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares available for grant | 10,190,819 | |
Unrecognized compensation expense | 23.6 | |
Unrecognized compensation expense, weighted-average period for recognition (in years) | 2 years 7 months 6 days | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation expense | $2.10 | |
Unrecognized compensation expense, weighted-average period for recognition (in years) | 1 year 10 months 2 days |
StockBased_Compensation_Summar
Stock-Based Compensation (Summary of All Stock Option Activity) (Details) (USD $) | 3 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 |
Shares [Roll Forward] | |
Options outstanding at beginning of period, Shares | 27,811,992 |
Granted, Shares | 4,235,450 |
Forfeited, Shares | -291,543 |
Expired, Shares | -3,154,051 |
Options outstanding at end of period, Shares | 28,601,848 |
Exercisable at end of period, Shares | 12,737,971 |
Weighted Average Exercise Price [Roll Forward] | |
Options outstanding at beginning of period, Weighted Average Exercise Price (in dollars per share) | $5 |
Granted, Weighted Average Exercise Price (in dollars per share) | $1.94 |
Forfeited, Weighted Average Exercise Price (in dollars per share) | $4.13 |
Expired, Weighted Average Exercise Price (in dollars per share) | $6.06 |
Options outstanding at end of period, Weighted Average Exercise Price (in dollars per share) | $4.44 |
Exercisable at end of period, Weighted Average Exercise Price (in dollars per share) | $6.86 |
Options outstanding at end of period, Weighted Average Remaining Contractual Term | 4 years 10 months 20 days |
Exercisable at end of period, Weighted Average Remaining Contractual Term | 3 years 0 months 7 days |
Options outstanding at end of period, Aggregate Intrinsic Value, in dollars | $11,313 |
Exercisable at end of period, Aggregate Intrinsic Value, in dollars | $0 |
StockBased_Compensation_Summar1
Stock-Based Compensation (Summary of All RSU Activity) (Details) (Restricted Stock Units (RSUs) [Member], USD $) | 3 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 |
Restricted Stock Units (RSUs) [Member] | |
Shares [Roll Forward] | |
RSUs outstanding at beginning of period, Shares | 961,469 |
Awarded, Shares | 65,124 |
Released, Shares | -111,334 |
Forfeited, Shares | -89,773 |
RSUs outstanding at end of period, Shares | 825,486 |
Weighted Average Grant DateFair Value [Roll Forward] | |
RSUs outstanding at beginning of period, Weighted Average Grant Date Fair Value (in dollars per share) | $3.82 |
Awarded, Weighted Average Grant Date Fair Value (in dollars per share) | $2.88 |
Released, Weighted Average Grant Date Fair Value (in dollars per share) | $1.95 |
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $5.29 |
RSUs outstanding at end of period, Weighted Average Grant Date Fair Value (in dollars per share) | $3.84 |
RSUs outstanding at end of period, Weighted Average Remaining Contractual Term | 1 year 10 months 2 days |
RSUs outstanding at end of period, Aggregate Intrinsic Value, in dollars | $2,196 |
Net_Loss_Per_Share_Details
Net Loss Per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Net loss, in dollars | ($35,170) | ($74,619) |
Shares used in computing basic and diluted net loss per share | 195,904 | 191,699 |
Net loss per share, basic and diluted, in dollars per share | ($0.18) | ($0.39) |
Potentially dilutive shares | 118,599 | 82,611 |
Convertible debt [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive shares | 88,008 | 54,123 |
Outstanding stock options, unvested RSUs and ESPP contributions [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive shares | 29,591 | 26,302 |
Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive shares | 1,000 | 2,186 |
Concentrations_of_Credit_Risk_1
Concentrations of Credit Risk (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Concentration Risk [Line Items] | ||
Foreign Currency Transaction Gain (Loss), before Tax | $200 | ($44) |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Sobi [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 31.00% | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Diplomat Specialty Pharmacy [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 54.00% | |
Customer Concentration Risk [Member] | Sales [Member] | Diplomat Specialty Pharmacy [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 86.00% | 98.00% |
Customer Concentration Risk [Member] | Sales [Member] | Swedish Orphan Biovitrum [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 14.00% | 2.00% |
United States [Member] | Geographic Concentration Risk [Member] | Sales [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 86.00% | 98.00% |
European Union [Member] | Geographic Concentration Risk [Member] | Sales [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 14.00% | 2.00% |