Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 27, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | PTIE | |
Entity Registrant Name | PAIN THERAPEUTICS INC | |
Entity Central Index Key | 1,069,530 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 6,595,509 |
Balance Sheets
Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 11,916 | $ 16,615 |
Marketable securities | 2,099 | |
Other current assets | 288 | 356 |
Total current assets | 12,204 | 19,070 |
Property and equipment, net | 173 | 232 |
Total assets | 12,377 | 19,302 |
Current liabilities: | ||
Accounts payable | 712 | 303 |
Accrued development expense | 27 | |
Accrued compensation and benefits | 298 | 335 |
Total current liabilities | 1,010 | 665 |
Noncurrent liabilities | ||
Total liabilities | 1,010 | 665 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock | ||
Common stock | 7 | 7 |
Additional paid-in capital | 166,342 | 164,118 |
Accumulated other comprehensive income | ||
Accumulated deficit | (154,982) | (145,488) |
Total stockholders' equity | 11,367 | 18,637 |
Total liabilities and stockholders' equity | $ 12,377 | $ 19,302 |
Statements Of Operations
Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Operating expenses: | ||||
Research and development | $ 1,619 | $ 2,657 | $ 6,071 | $ 7,841 |
General and administrative | 977 | 884 | 3,455 | 4,573 |
Total operating expenses | 2,596 | 3,541 | 9,526 | 12,414 |
Operating loss | (2,596) | (3,541) | (9,526) | (12,414) |
Interest income | 6 | 23 | 33 | 86 |
Net loss | $ (2,590) | $ (3,518) | $ (9,493) | $ (12,328) |
Net loss per share, basic and diluted | $ (0.40) | $ (0.54) | $ (1.45) | $ (1.89) |
Shares used in computing net loss per share, basic and diluted | 6,538 | 6,535 | 6,537 | 6,515 |
Statements Of Comprehensive Inc
Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statements Of Comprehensive Income (Loss) [Abstract] | ||||
Net loss | $ (2,590) | $ (3,518) | $ (9,493) | $ (12,328) |
Other comprehensive income (loss): | ||||
Net unrealized gains (losses) on marketable securities | 1 | 1 | ||
Comprehensive loss | $ (2,590) | $ (3,517) | $ (9,493) | $ (12,327) |
Statements Of Cash Flows
Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities: | ||
Net loss | $ (9,493) | $ (12,328) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Non-cash stock-based compensation | 2,223 | 3,489 |
Depreciation and amortization | 51 | 41 |
Non-cash net interest income | (2) | (3) |
Changes in operating assets and liabilities: | ||
Other current assets | 68 | (18) |
Accounts payable | 417 | 49 |
Accrued development expense | (27) | (150) |
Accrued compensation and benefits | (37) | (283) |
Net cash used in operating activities | (6,800) | (9,203) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (76) | |
Purchases of marketable securities | (399) | (2,046) |
Sales of marketable securities | 400 | |
Maturities of marketable securities | 2,100 | 1,500 |
Net cash provided (used in) investing activities | 2,101 | (622) |
Cash flows from financing activities: | ||
Cash used for statutory taxes for net exercise of Performance Awards | (214) | |
Deferred financing costs | (46) | |
Net cash used in financing activities | (260) | |
Net decrease in cash and cash equivalents | (4,699) | (10,085) |
Cash and cash equivalents at beginning of period | 16,615 | 31,299 |
Cash and cash equivalents at end of period | $ 11,916 | $ 21,214 |
General
General | 9 Months Ended |
Sep. 30, 2017 | |
General [Abstract] | |
General | Note 1. General Pain Therapeutics, Inc. develops proprietary drugs that offer significant improvements to patients and healthcare professionals. We generally focus our drug development efforts on disorders of the nervo us system. In the course of our development activities, we have sustained cumulative operating losses. There are no assurances that additional financing will be available on favorable terms, or at all. We have prepared the accompanying unaudited condensed financial statements of Pain Therapeutics, Inc. in accordance with generally accepted accounting principles for interim financial information and pursuant to the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In our opinion, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2017 are not necessarily indicative of the results that may be expected for any other interim period or for the year 201 7 . For further information, refer to the consolidated financial statements and footnotes thereto included in our annual report on Form 10-K for the year ended December 31, 2016 . On November 16, 2016, we received a letter from the Listing Qualifications staff of Nasdaq (the “Staff”) notifying us that, for the previous 30 consecutive business days, the bid price for our common stock had closed below the minimum $1.00 per share requirement (the “Minimum Price Requirement”) under NASDAQ’s Listing Rule 5450(a)(1) for continued listing on The Nasdaq Global Market. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), if during the 180 calendar days following the date of the notification, or prior to May 15, 2017, the closing bid price of our common stock is at or above $1.00 for a minimum of 10 consecutive business days, the Staff will provide us with written confirmation of compliance. On May 24, 2017, we received a lett er from the Staff indicating that we had regained compliance with the $1.00 minimum closing bid requirement following completion of the reverse stock split described below. On May 4, 2017, fol lowing stockholder approval, our board of directors approved a reverse stock split ratio of 7 -fo r-1. On May 4, 2017, we filed with the Secretary of State of the State of Delaware a Certificate of Amendment of the Company’s Amended and Restated Certificate of Incorporation to effect the 7-for-1 reve rse stock split of our outstanding shares of common stock. The number of outstanding shares of common stock on the date of the reverse split was reduced from 46.1 million to 6 .6 million shares. Our common stock began trading on the NASDAQ Global Market on a split-adjusted basis when the market opened for trading on May 10, 2017. As a result, all common stock share amounts included in these condensed consolidated financial statements have been retroactively reduced by a factor of seven, and all common stock per share amounts have been increased by a factor of seven, wit h the exception of our common stock par value. We have evaluated subsequent events through the date of filing this Form 10-Q. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2017 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2. Significant Accounting Policies Use of Estimates We make estimates and assumptions in preparing our financial statements in conformity with accounting principles generally accepted in the United States of America. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenue earned and expenses incurred during the reporting period. Actual results could differ from these estimates and assumptions. Cash Equivalents, Marketable Securities and Concentration of Credit Risk We invest in cash equivalents and marketable securities. We consider highly-liquid financial instruments with original maturities of three months or less to be cash equivalents. O ur marketable securities include interest-bearing financial instruments, generally consisting of corporate or government securities. Our investment policy allows for investments in marketable securities with active secondary or resale markets, establishes diversification and credit quality requirements and limits investments by maturity and issuer. We maintain our investments at one financial institution. A change in prevailing interest rates may cause the fair value of the investment to fluctuate. We don’t recognize an impairment charge related to this type of fluctuation because the fluctuation is temporary and eliminated by the time an investment matures. We would recognize an impairment charge if and when we determine that a decline in the fair value below the amortized cost of an investment is other-than-temporary. We consider various factors in determining whether to recognize an impairment charge, including any adverse changes in the investees’ financial condition, how long the fair value has been below the amortized cost and whether it is more likely than not that we would elect to or be required to sell the marketable security before its anticipated recovery. We may elect to sell marketable securities before they mature. We hold these investments as “available for sale” and include these investments in our Balance Sheets as current assets, even though the contractual maturity of a particular investment may be beyond one year. Fair Value Measurements We report our cash equivalents and marketable securities at fair value as Level 1, Level 2 or Level 3 using the following inputs: · Level 1 includes quoted prices in active markets. We base the fair value of money market funds and U.S. treasury securities on Level 1 inputs. · Level 2 includes significant observable inputs, such as quoted prices for identical or similar investments, or other inputs that are observable and can be corroborated by observable market data for similar securities. We use market pricing and other observable market inputs obtained from third-party providers. We use the bid price to establish fair value where a bid price is available. We base the fair value of our marketable securities on Level 2 inputs. · Level 3 includes unobservable inputs that are supported by little or no market activity. We do not have any investments where the fair value is based on Level 3 inputs. We include unrealized gains or losses on our investments as Accumulated other comprehensive loss in the Stockholders’ equity section of our Balance Sheets. We include changes in net unrealized gains or losses in our Statements of Comprehensive Income. We would recognize significant realized gains and losses on a specific identification basis as other income in our Statements of Operations. Proceeds from Grants During the nine months ended September 30, 2017 and 2016, we received $0.9 million and $1.3 million respectively, pursuant to a grant from the National Institutes of Health, or NIH, that we recorded as a reduction to our research and development expenses. Non-cash Stock-based Compensation We recognize non-cash expense for the fair value of all stock options and other share-based awards. We use the Black-Scholes option valuation model to calculate the fair value of stock options, using the single-option award approach and straight-line attribution method. For options granted to employees and directors, we recognize the resulting fair value as expense on a straight-line basis over the vesting period of each respective stock option, generally four years. For options granted to non-employees, we remeasure the fair value expense using Black-Scholes each reporting period. We have granted share-based awards that vest upon achievement of certain performance criteria, or Performance Awards. We multiply the number of Performance Awards by the fair market value of our common stock on the date of grant to calculate the fair value of each award. We estimate an implicit service period for achieving performance criteria for each award. We recognize the resulting fair value as expense over the implicit service period when we conclude that achieving the performance criteria is probable. We periodically review and update as appropriate our estimates of implicit service periods and conclusions on achieving the performance criteria. Performance Awards vest and common stock is issued upon achievement of the performance criteria. Net Loss per Share We compute basic net loss per share on the basis of the weighted-average number of common shares outstanding for the reporting period. We compute diluted net loss per share on the basis of the weighted-average number of common shares outstanding plus potential dilutive common shares outstanding using the treasury-stock method. Potential dilutive common shares consist of outstanding stock options. We include the following in the calculation of basic and diluted net loss per share (in thousands, except per share data): Three months ended Nine months ended September 30, September 30, 2017 2016 2017 2016 Numerator: Net loss $ (2,590) $ (3,518) $ (9,493) $ (12,328) Denominator: Shares used in computing net loss per share, basic and diluted 6,538 6,535 6,537 6,515 Net loss per share, basic and diluted $ (0.40) $ (0.54) $ (1.45) $ (1.89) Dilutive common shares excluded from net loss per share, diluted 2,436 2,432 2,414 2,565 We excluded options outstanding from the calculation of net loss per share, diluted because the effect of including options outstanding would have been anti - dilutive. Income Taxes We make estimates and judgments in determining the need for a provision for income taxes, including the estimation of our taxable income or loss for each full fiscal year. We have accumulated significant deferred tax assets that reflect the tax effects of net operating loss and tax credit carryovers and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Realization of certain deferred tax assets is dependent upon future earnings. We are uncertain about the timing and amount of any future earnings. Accordingly, we offset these deferred tax assets with a valuation allowance. We may in the future determine that certain deferred tax assets will likely be realized, in which case we will reduce our valuation allowance in the period in which such determination is made. If the valuation allowance is reduced, we may recognize a benefit from income taxes in our Statement of Operations in that period. We classify interest recognized pursuant to our deferred tax assets as interest expense, when appropriate. |
Cash, Cash Equivalents And Mark
Cash, Cash Equivalents And Marketable Securities And Assets Measured At Fair Value | 9 Months Ended |
Sep. 30, 2017 | |
Cash, Cash Equivalents And Marketable Securities And Assets Measured At Fair Value [Abstract] | |
Cash, Cash Equivalents And Marketable Securities And Assets Measured At Fair Value | Note 3. Cash, Cash Equivalents and Marketable Securities and Assets Measured at Fair Value Our cash, cash equivalents and marketable securities at September 30, 2017 and December 31, 2016 were as follows (in thousands): Cash, Cash Equivalents and Marketable Securities Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Accrued Interest Total Value September 30, 2017 Cash $ 451 $ — $ — $ 451 $ — $ 451 Cash equivalents 11,465 — — 11,465 — 11,465 Commercial paper — — — — — — $ 11,916 $ — $ — $ 11,916 $ — $ 11,916 Reported as: Cash and cash equivalents $ 11,916 — — $ 11,916 $ — $ 11,916 Marketable securities — — — — — — $ 11,916 $ — $ — $ 11,916 $ — $ 11,916 Maturities: Matures in one year or less $ 11,916 $ — $ — $ 11,916 $ — $ 11,916 Matures one to three years — — — — — — $ 11,916 $ — $ — $ 11,916 $ — $ 11,916 December 31, 2016 Cash $ 1,434 $ — $ — $ 1,434 $ — $ 1,434 Cash equivalents 12,783 — — 12,783 — 12,783 Commercial paper 4,497 — — 4,497 — 4,497 $ 18,714 $ — $ — $ 18,714 $ — $ 18,714 Reported as: Cash and cash equivalents $ 16,615 — — $ 16,615 $ — $ 16,615 Marketable securities 2,099 — — 2,099 — 2,099 $ 18,714 $ — $ — $ 18,714 $ — $ 18,714 Maturities: Matures in one year or less $ 18,714 $ — $ — $ 18,714 $ — $ 18,714 Matures one to three years — — — — — — $ 18,714 $ — $ — $ 18,714 $ — $ 18,714 We did no t realize any material gains or losses on our investments in marketable securities during the nine months ended September 30, 2017 and 2016 . To date we have no t recorded any impairment charges on marketable securities related to other-than-temporary declines in market value. Our assets measured at fair value on a recurring basis are as follows (in thousands): Level 1 Level 2 Level 3 Total September 30, 2017 Cash and cash equivalents $ 11,916 $ — $ — $ 11,916 Commercial paper — — — — $ 11,916 $ — $ — $ 11,916 December 31, 2016 Cash and cash equivalents $ 14,217 $ — $ — $ 14,217 Commercial paper — 4,497 — 4,497 $ 14,217 $ 4,497 $ — $ 18,714 The transfers between Level 1 and Level 2 during the nine months ended September 30, 2017 was primarily due to the sale of the marketable securities . |
Equity And Stock-Based Compensa
Equity And Stock-Based Compensation Expense | 9 Months Ended |
Sep. 30, 2017 | |
Equity And Stock-Based Compensation Expense [Abstract] | |
Equity And Stock-Based Compensation Expense | Note 4. Equity and Stock-Based Compensation Expense Stockholders’ equity activity in 2017 During the nine months ended September 30, 2017, our common stock outstanding and stockholders’ equity (in thousands) changed as follows: Common Stock Stockholders' equity (in thousands) Balance at December 31, 2016 6,591,705 $ 18,637 Non-cash stock-related compensation for: Stock options for employees — 2,212 Stock options for non-employees — 11 Issuance of common stock pursuant to 7 for 1 Reverse Stock Split 3,804 — Net loss — (9,493) Balance at September 30, 2017 6,595,509 $ 11,367 Stock option and Performance Award activity in 2017 During the nine months ended September 30, 2017, stock options and unvested Performance Awards outstanding under our 2008 Equity Incentive Plan changed as follows: Stock Options Performance Awards Outstanding as of December 31, 2016 2,435,249 222,060 Granted 653,210 — Vested Performance Awards — — Forfeited/expired (417,059) (14,723) Outstanding as of September 30, 2017 2,671,400 207,337 The weighted average exercise price of options outstanding at September 30, 2017 was $18.92 . As outstanding options vest over the current remaining vesting period o f 3.2 years, we expect to recognize non-cash expense of $5.2 million. If and when outstanding Performance Awards vest, we would recognize non-cash expense of $4.4 millio n over the implicit service period. Stock-based Compensation Expense in 2017 During the three and nine months ended September 30, 2017 and 2016 , our non-cash stock-related compensation expenses were as follows (in thousands): Three months ended Nine months ended September 30, September 30, 2017 2016 2017 2016 Research and development Vesting of stock options $ 286 $ 318 $ 887 $ 997 Vesting of Performance Awards — — — 430 286 318 887 1,427 General and administrative Vesting of stock options 402 527 1,336 1,658 Vesting of Performance Awards — — — 404 402 527 1,336 2,062 Total non-cash stock-based compensation expenses Vesting of stock options 688 845 2,223 2,655 Vesting of Performance Awards — — — 834 $ 688 $ 845 $ 2,223 $ 3,489 Capital on Demand Sales Agreement In December 2015, we entered into a Capital on Demand™ Sales Agreement with JonesTrading Institutional Services, or the ATM Agreement, relating to the offering of up to 10.0 million shares of our Common Stock in “at the market” offerings. We did not issue any shares under the ATM Agreement during the nine months of 2017 or 2016 . In March 2017, the ATM Agreement expired and was not renewed. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Income Taxes [Abstract] | |
Income Taxes | Note 5. Income Taxes We did not provide for income taxes during the three and nine months ended September 30, 2017 because we have projected a net loss for the full year 2017 . |
Commitments
Commitments | 9 Months Ended |
Sep. 30, 2017 | |
Commitments [Abstract] | |
Commitments | Note 6. Commitments We conduct our product research and development programs through a combination of internal and collaborative programs that include, among others, arrangements with universities, contract research organizations and clinical research sites. We have contractual arrangements with these organizations that are cancelable. Our obligations under these contracts are largely based on services performed. We have a non-cancelable operating lease for approximately 6,000 square feet of office space in Austin, Texas that expires in December 2017 . Minimum lease payments are as follows (in thousands): 2017 Total Minimum lease payments $ 148 $ 148 |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2017 | |
Recently Issued Accounting Pronouncements [Abstract] | |
Recently Issued Accounting Pronouncements | Note 7 . Recently Issued Accounting Pronouncements We reviewed recently issued accounting pronouncements and have adopted or plan to adopt those that are applicable to us. We do not expect the adoption of these pronouncements to have a material impact on our financial position, results of operations or cash flows. |
Significant Accounting Polici13
Significant Accounting Policies (Policy) | 9 Months Ended |
Sep. 30, 2017 | |
Significant Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates We make estimates and assumptions in preparing our financial statements in conformity with accounting principles generally accepted in the United States of America. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenue earned and expenses incurred during the reporting period. Actual results could differ from these estimates and assumptions. |
Cash Equivalents, Marketable Securities and Concentration of Credit Risk | Cash Equivalents, Marketable Securities and Concentration of Credit Risk We invest in cash equivalents and marketable securities. We consider highly-liquid financial instruments with original maturities of three months or less to be cash equivalents. O ur marketable securities include interest-bearing financial instruments, generally consisting of corporate or government securities. Our investment policy allows for investments in marketable securities with active secondary or resale markets, establishes diversification and credit quality requirements and limits investments by maturity and issuer. We maintain our investments at one financial institution. A change in prevailing interest rates may cause the fair value of the investment to fluctuate. We don’t recognize an impairment charge related to this type of fluctuation because the fluctuation is temporary and eliminated by the time an investment matures. We would recognize an impairment charge if and when we determine that a decline in the fair value below the amortized cost of an investment is other-than-temporary. We consider various factors in determining whether to recognize an impairment charge, including any adverse changes in the investees’ financial condition, how long the fair value has been below the amortized cost and whether it is more likely than not that we would elect to or be required to sell the marketable security before its anticipated recovery. We may elect to sell marketable securities before they mature. We hold these investments as “available for sale” and include these investments in our Balance Sheets as current assets, even though the contractual maturity of a particular investment may be beyond one year. |
Fair Value Measurements | Fair Value Measurements We report our cash equivalents and marketable securities at fair value as Level 1, Level 2 or Level 3 using the following inputs: · Level 1 includes quoted prices in active markets. We base the fair value of money market funds and U.S. treasury securities on Level 1 inputs. · Level 2 includes significant observable inputs, such as quoted prices for identical or similar investments, or other inputs that are observable and can be corroborated by observable market data for similar securities. We use market pricing and other observable market inputs obtained from third-party providers. We use the bid price to establish fair value where a bid price is available. We base the fair value of our marketable securities on Level 2 inputs. · Level 3 includes unobservable inputs that are supported by little or no market activity. We do not have any investments where the fair value is based on Level 3 inputs. We include unrealized gains or losses on our investments as Accumulated other comprehensive loss in the Stockholders’ equity section of our Balance Sheets. We include changes in net unrealized gains or losses in our Statements of Comprehensive Income. We would recognize significant realized gains and losses on a specific identification basis as other income in our Statements of Operations. |
Proceeds from Grants | Proceeds from Grants During the nine months ended September 30, 2017 and 2016, we received $0.9 million and $1.3 million respectively, pursuant to a grant from the National Institutes of Health, or NIH, that we recorded as a reduction to our research and development expenses. |
Non-cash Stock-based Compensation | Non-cash Stock-based Compensation We recognize non-cash expense for the fair value of all stock options and other share-based awards. We use the Black-Scholes option valuation model to calculate the fair value of stock options, using the single-option award approach and straight-line attribution method. For options granted to employees and directors, we recognize the resulting fair value as expense on a straight-line basis over the vesting period of each respective stock option, generally four years. For options granted to non-employees, we remeasure the fair value expense using Black-Scholes each reporting period. We have granted share-based awards that vest upon achievement of certain performance criteria, or Performance Awards. We multiply the number of Performance Awards by the fair market value of our common stock on the date of grant to calculate the fair value of each award. We estimate an implicit service period for achieving performance criteria for each award. We recognize the resulting fair value as expense over the implicit service period when we conclude that achieving the performance criteria is probable. We periodically review and update as appropriate our estimates of implicit service periods and conclusions on achieving the performance criteria. Performance Awards vest and common stock is issued upon achievement of the performance criteria. |
Net Loss per Share | Net Loss per Share We compute basic net loss per share on the basis of the weighted-average number of common shares outstanding for the reporting period. We compute diluted net loss per share on the basis of the weighted-average number of common shares outstanding plus potential dilutive common shares outstanding using the treasury-stock method. Potential dilutive common shares consist of outstanding stock options. We include the following in the calculation of basic and diluted net loss per share (in thousands, except per share data): Three months ended Nine months ended September 30, September 30, 2017 2016 2017 2016 Numerator: Net loss $ (2,590) $ (3,518) $ (9,493) $ (12,328) Denominator: Shares used in computing net loss per share, basic and diluted 6,538 6,535 6,537 6,515 Net loss per share, basic and diluted $ (0.40) $ (0.54) $ (1.45) $ (1.89) Dilutive common shares excluded from net loss per share, diluted 2,436 2,432 2,414 2,565 We excluded options outstanding from the calculation of net loss per share, diluted because the effect of including options outstanding would have been anti - dilutive. |
Income Taxes | Income Taxes We make estimates and judgments in determining the need for a provision for income taxes, including the estimation of our taxable income or loss for each full fiscal year. We have accumulated significant deferred tax assets that reflect the tax effects of net operating loss and tax credit carryovers and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Realization of certain deferred tax assets is dependent upon future earnings. We are uncertain about the timing and amount of any future earnings. Accordingly, we offset these deferred tax assets with a valuation allowance. We may in the future determine that certain deferred tax assets will likely be realized, in which case we will reduce our valuation allowance in the period in which such determination is made. If the valuation allowance is reduced, we may recognize a benefit from income taxes in our Statement of Operations in that period. We classify interest recognized pursuant to our deferred tax assets as interest expense, when appropriate. |
Significant Accounting Polici14
Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Significant Accounting Policies [Abstract] | |
Numerators And Denominators In The Calculation Of Basic And Diluted Net Loss Per Share | Three months ended Nine months ended September 30, September 30, 2017 2016 2017 2016 Numerator: Net loss $ (2,590) $ (3,518) $ (9,493) $ (12,328) Denominator: Shares used in computing net loss per share, basic and diluted 6,538 6,535 6,537 6,515 Net loss per share, basic and diluted $ (0.40) $ (0.54) $ (1.45) $ (1.89) Dilutive common shares excluded from net loss per share, diluted 2,436 2,432 2,414 2,565 |
Cash, Cash Equivalents And Ma15
Cash, Cash Equivalents And Marketable Securities And Assets Measured At Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Cash, Cash Equivalents And Marketable Securities And Assets Measured At Fair Value [Abstract] | |
Cash, Cash Equivalents And Marketable Securities | Cash, Cash Equivalents and Marketable Securities Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Accrued Interest Total Value September 30, 2017 Cash $ 451 $ — $ — $ 451 $ — $ 451 Cash equivalents 11,465 — — 11,465 — 11,465 Commercial paper — — — — — — $ 11,916 $ — $ — $ 11,916 $ — $ 11,916 Reported as: Cash and cash equivalents $ 11,916 — — $ 11,916 $ — $ 11,916 Marketable securities — — — — — — $ 11,916 $ — $ — $ 11,916 $ — $ 11,916 Maturities: Matures in one year or less $ 11,916 $ — $ — $ 11,916 $ — $ 11,916 Matures one to three years — — — — — — $ 11,916 $ — $ — $ 11,916 $ — $ 11,916 December 31, 2016 Cash $ 1,434 $ — $ — $ 1,434 $ — $ 1,434 Cash equivalents 12,783 — — 12,783 — 12,783 Commercial paper 4,497 — — 4,497 — 4,497 $ 18,714 $ — $ — $ 18,714 $ — $ 18,714 Reported as: Cash and cash equivalents $ 16,615 — — $ 16,615 $ — $ 16,615 Marketable securities 2,099 — — 2,099 — 2,099 $ 18,714 $ — $ — $ 18,714 $ — $ 18,714 Maturities: Matures in one year or less $ 18,714 $ — $ — $ 18,714 $ — $ 18,714 Matures one to three years — — — — — — $ 18,714 $ — $ — $ 18,714 $ — $ 18,714 |
Assets Measured At Fair Value On Recurring Basis | Level 1 Level 2 Level 3 Total September 30, 2017 Cash and cash equivalents $ 11,916 $ — $ — $ 11,916 Commercial paper — — — — $ 11,916 $ — $ — $ 11,916 December 31, 2016 Cash and cash equivalents $ 14,217 $ — $ — $ 14,217 Commercial paper — 4,497 — 4,497 $ 14,217 $ 4,497 $ — $ 18,714 |
Equity And Stock-Based Compen16
Equity And Stock-Based Compensation Expense (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Equity And Stock-Based Compensation Expense [Abstract] | |
Common Stock Outstanding and Stockholders' Equity | Common Stock Stockholders' equity (in thousands) Balance at December 31, 2016 6,591,705 $ 18,637 Non-cash stock-related compensation for: Stock options for employees — 2,212 Stock options for non-employees — 11 Issuance of common stock pursuant to 7 for 1 Reverse Stock Split 3,804 — Net loss — (9,493) Balance at September 30, 2017 6,595,509 $ 11,367 |
Stock Option and Performance Award activity | Stock Options Performance Awards Outstanding as of December 31, 2016 2,435,249 222,060 Granted 653,210 — Vested Performance Awards — — Forfeited/expired (417,059) (14,723) Outstanding as of September 30, 2017 2,671,400 207,337 |
Summary Of Non-Cash Stock-Based Compensation | Three months ended Nine months ended September 30, September 30, 2017 2016 2017 2016 Research and development Vesting of stock options $ 286 $ 318 $ 887 $ 997 Vesting of Performance Awards — — — 430 286 318 887 1,427 General and administrative Vesting of stock options 402 527 1,336 1,658 Vesting of Performance Awards — — — 404 402 527 1,336 2,062 Total non-cash stock-based compensation expenses Vesting of stock options 688 845 2,223 2,655 Vesting of Performance Awards — — — 834 $ 688 $ 845 $ 2,223 $ 3,489 |
Commitments (Tables)
Commitments (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Commitments [Abstract] | |
Future Minimum Lease Payments | 2017 Total Minimum lease payments $ 148 $ 148 |
General (Narrative) (Details)
General (Narrative) (Details) | May 04, 2017 | May 03, 2017shares | Sep. 30, 2017$ / sharesshares | Dec. 31, 2016shares |
Previous consecutive business days | 30 days | |||
Calendar days following date of notification | 180 days | |||
Minimum consecutive business days | 10 days | |||
Reverse stock split ratio | 0.1429 | |||
Shares outstanding prior to split | 46,100,000 | |||
Shares outstanding | 6,595,509 | 6,591,705 | ||
Minimum [Member] | ||||
Per share requirement | $ / shares | $ 1 |
Significant Accounting Polici19
Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Significant Accounting Policies [Abstract] | ||
Contractual maturity of a particular investment | 1 year | |
Reduction to research and development expense | $ 0.9 | $ 1.3 |
Vesting period of stock options | 4 years |
Significant Accounting Polici20
Significant Accounting Policies (Numerators And Denominators In The Calculation Of Basic And Diluted Net Loss Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Numerator: | ||||
Net loss | $ (2,590) | $ (3,518) | $ (9,493) | $ (12,328) |
Denominator: | ||||
Shares used in computing net loss per share, basic and diluted | 6,538 | 6,535 | 6,537 | 6,515 |
Net loss per share, basic and diluted | $ (0.40) | $ (0.54) | $ (1.45) | $ (1.89) |
Dilutive common shares excluded from net loss per share, diluted | 2,436 | 2,432 | 2,414 | 2,565 |
Cash, Cash Equivalents And Ma21
Cash, Cash Equivalents And Marketable Securities And Assets Measured At Fair Value (Narrative) (Details) - Marketable Securities [Member] - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Gain (loss) on investments | $ 0 | $ 0 |
Impairment charges on marketable securities other-than-temporary declines | $ 0 |
Cash, Cash Equivalents And Ma22
Cash, Cash Equivalents And Marketable Securities And Assets Measured At Fair Value (Cash, Cash Equivalents And Marketable Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||||
Cash and cash equivalents | $ 11,916 | $ 16,615 | $ 21,214 | $ 31,299 |
Cash and cash equivalents, Short Term Investment, Amortized Cost | 11,916 | 18,714 | ||
Cash and cash equivalents, Short Term Investment Unrealized Gains | ||||
Cash and cash equivalents, Short Term Investment Unrealized Losses | ||||
Accrued Interest | ||||
Estimated Fair Value, Marketable securities | 2,099 | |||
Cash and cash equivalents, Short Term Investment, Fair Value | 11,916 | 18,714 | ||
Estimated Fair Value, Fair Value Disclosure [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cash and cash equivalents, Short Term Investment, Fair Value | 11,916 | 18,714 | ||
Marketable Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale securities, Amortized Cost Basis | 2,099 | |||
Available-for-sale securities, Gross Unrealized Gains | ||||
Available-for-sale securities, Gross Unrealized Losses | ||||
Accrued Interest | ||||
Estimated Fair Value, Marketable securities | 2,099 | |||
Marketable Securities [Member] | Estimated Fair Value, Fair Value Disclosure [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Estimated Fair Value, Marketable securities | 2,099 | |||
Cash [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cash | 451 | 1,434 | ||
Available-for-sale securities, Gross Unrealized Gains | ||||
Available-for-sale securities, Gross Unrealized Losses | ||||
Accrued Interest | ||||
Cash and cash equivalents, Fair Value | 451 | 1,434 | ||
Cash [Member] | Estimated Fair Value, Fair Value Disclosure [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cash and cash equivalents, Fair Value | 451 | 1,434 | ||
Cash Equivalents [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cash equivalents | 11,465 | 12,783 | ||
Available-for-sale securities, Gross Unrealized Gains | ||||
Available-for-sale securities, Gross Unrealized Losses | ||||
Accrued Interest | ||||
Cash and cash equivalents, Fair Value | 11,465 | 12,783 | ||
Cash Equivalents [Member] | Estimated Fair Value, Fair Value Disclosure [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cash and cash equivalents, Fair Value | 11,465 | 12,783 | ||
Cash And Cash Equivalents [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cash and cash equivalents | 11,916 | 16,615 | ||
Available-for-sale securities, Gross Unrealized Gains | ||||
Available-for-sale securities, Gross Unrealized Losses | ||||
Accrued Interest | ||||
Cash and cash equivalents, Fair Value | 11,916 | 16,615 | ||
Cash And Cash Equivalents [Member] | Estimated Fair Value, Fair Value Disclosure [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cash and cash equivalents, Fair Value | 11,916 | 16,615 | ||
Commercial Paper [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale securities, Amortized Cost Basis | 4,497 | |||
Available-for-sale securities, Gross Unrealized Gains | ||||
Available-for-sale securities, Gross Unrealized Losses | ||||
Accrued Interest | ||||
Estimated Fair Value, Marketable securities | 4,497 | |||
Commercial Paper [Member] | Estimated Fair Value, Fair Value Disclosure [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Estimated Fair Value, Marketable securities | 4,497 | |||
Matures In One Year Or Less [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cash and cash equivalents, Short Term Investment, Amortized Cost | 11,916 | 18,714 | ||
Available-for-sale securities, Gross Unrealized Gains | ||||
Available-for-sale securities, Gross Unrealized Losses | ||||
Accrued Interest | ||||
Cash and cash equivalents, Short Term Investment, Fair Value | 11,916 | 18,714 | ||
Matures In One Year Or Less [Member] | Estimated Fair Value, Fair Value Disclosure [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cash and cash equivalents, Short Term Investment, Fair Value | 11,916 | 18,714 | ||
Matures One To Three Years [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cash and cash equivalents, Short Term Investment, Amortized Cost | ||||
Available-for-sale securities, Gross Unrealized Gains | ||||
Available-for-sale securities, Gross Unrealized Losses | ||||
Accrued Interest | ||||
Cash and cash equivalents, Short Term Investment, Fair Value | ||||
Matures One To Three Years [Member] | Estimated Fair Value, Fair Value Disclosure [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cash and cash equivalents, Short Term Investment, Fair Value |
Cash, Cash Equivalents And Ma23
Cash, Cash Equivalents And Marketable Securities And Assets Measured At Fair Value (Assets Measured At Fair Value On Recurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | $ 11,916 | $ 18,714 |
Cash And Cash Equivalents [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 11,916 | 14,217 |
Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 4,497 | |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 11,916 | 14,217 |
Level 1 [Member] | Cash And Cash Equivalents [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 11,916 | 14,217 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 4,497 | |
Level 2 [Member] | Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 4,497 | |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | ||
Level 3 [Member] | Cash And Cash Equivalents [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | ||
Level 3 [Member] | Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value |
Equity And Stock-Based Compen24
Equity And Stock-Based Compensation Expense (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2015 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||||
Vesting period of stock options | 4 years | ||||
Non-cash stock-based compensation expense | $ 688 | $ 845 | $ 2,223 | $ 3,489 | |
ATM Agreement [Member] | |||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||||
Offering of common stock shares | 10,000,000 | ||||
Common stock, shares issued | 0 | 0 | 0 | 0 | |
Stock Options [Member] | |||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||||
Vesting period of stock options | 3 years 2 months 12 days | ||||
Stock Options [Member] | 2008 Equity Incentive Plan [Member] | |||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||||
Weighted average exercise price or options | $ 18.92 | $ 18.92 | |||
Non-cash stock-based compensation expense | $ 5,200 | ||||
Performance Awards [Member] | 2008 Equity Incentive Plan [Member] | |||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||||
Non-cash stock-based compensation expense | $ 4,400 |
Equity And Stock-Based Compen25
Equity And Stock-Based Compensation Expense (Common Stock Outstanding and Stockholders' Equity) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Common stock, balance at December 31, 2016 | 6,591,705 | |||
Common stock, balance at September 30, 2017 | 6,595,509 | 6,595,509 | ||
Stockholders' equity, balance at December 31, 2016 | $ 18,637,000 | |||
Stockholders' equity, Non-cash stock-based compensation | 2,223,000 | $ 3,489,000 | ||
Performance Awards related to statutory taxes, shares | (214,000) | |||
Issuance of common stock pursuant to 7 for 1 Reverse Stock Split | 3,804 | |||
Net loss | $ (2,590,000) | $ (3,518,000) | (9,493,000) | $ (12,328,000) |
Stockholders' equity, balance at September 30, 2017 | $ 11,367,000 | 11,367,000 | ||
Stock Options [Member] | ||||
Stockholders' equity, Non-cash stock-based compensation | 2,212,000 | |||
Non-Employee Stock Options [Member] | ||||
Stockholders' equity, Non-cash stock-based compensation | $ 11,000 |
Equity And Stock-Based Compen26
Equity And Stock-Based Compensation Expense (Stock Option and Performance Award activity) (Details) | 9 Months Ended |
Sep. 30, 2017shares | |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding as of December 31, 2016 | 2,435,249 |
Granted | 653,210 |
Vested Performance Awards | |
Forfeited/expired | (417,059) |
Outstanding as of September 30, 2017 | 2,671,400 |
Performance Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding as of December 31, 2016 | 222,060 |
Granted | |
Vested Performance Awards | |
Forfeited/expired | (14,723) |
Outstanding as of September 30, 2017 | 207,337 |
Equity And Stock-Based Compen27
Equity And Stock-Based Compensation Expense (Summary Of Non-Cash Stock-Based Compensation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Non-cash stock-based compensation expense | $ 688 | $ 845 | $ 2,223 | $ 3,489 |
Vesting Of Stock Options [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Non-cash stock-based compensation expense | 688 | 845 | 2,223 | 2,655 |
Vesting Of Performace Awards [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Non-cash stock-based compensation expense | 834 | |||
Research And Development [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Non-cash stock-based compensation expense | 286 | 318 | 887 | 1,427 |
Research And Development [Member] | Vesting Of Stock Options [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Non-cash stock-based compensation expense | 286 | 318 | 887 | 997 |
Research And Development [Member] | Vesting Of Performace Awards [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Non-cash stock-based compensation expense | 430 | |||
General And Administrative [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Non-cash stock-based compensation expense | 402 | 527 | 1,336 | 2,062 |
General And Administrative [Member] | Vesting Of Stock Options [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Non-cash stock-based compensation expense | $ 402 | $ 527 | $ 1,336 | 1,658 |
General And Administrative [Member] | Vesting Of Performace Awards [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Non-cash stock-based compensation expense | $ 404 |
Commitments (Narrative) (Detail
Commitments (Narrative) (Details) - Austin, TX [Member] | 9 Months Ended |
Sep. 30, 2017ft² | |
Operating Leased Assets [Line Items] | |
Office space | 6,000 |
Operating lease expiration year | 2017-12 |
Commitments (Future Minimum Lea
Commitments (Future Minimum Lease Payments) (Details) $ in Thousands | Sep. 30, 2017USD ($) |
Commitments [Abstract] | |
Minimum lease payments, 2017 | $ 148 |
Total | $ 148 |