Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 24, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
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 | 6,895,509 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | [1] |
Current assets: | |||
Cash and cash equivalents | $ 10,734 | $ 10,479 | |
Other current assets | 155 | 184 | |
Total current assets | 10,889 | 10,663 | |
Property and equipment, net | 139 | 156 | |
Other assets | 30 | 12 | |
Total assets | 11,058 | 10,831 | |
Current liabilities: | |||
Accounts payable | 421 | 424 | |
Accrued development expense | 18 | 399 | |
Accrued compensation and benefits | 309 | 309 | |
Other current liabilities | 10 | ||
Total current liabilities | 758 | 1,132 | |
Noncurrent liabilities | |||
Total liabilities | 758 | 1,132 | |
Commitments and contingencies | |||
Stockholders' equity: | |||
Preferred stock, $.001 par value; 10,000,000 shares authorized, none issued and outstanding | |||
Common stock, $.001 par value; 120,000,000 shares authorized; 6,895,509 and 6,595,509 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively | 7 | 7 | |
Additional paid-in capital | 169,852 | 167,091 | |
Accumulated deficit | (159,559) | (157,399) | |
Total stockholders' equity | 10,300 | 9,699 | |
Total liabilities and stockholders' equity | $ 11,058 | $ 10,831 | |
[1] |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 |
Condensed Balance Sheets [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 120,000,000 | 120,000,000 |
Common stock, shares issued | 6,895,509 | 6,595,509 |
Common stock, shares outstanding | 6,895,509 | 6,595,509 |
Condensed Statements Of Operati
Condensed Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Operating expenses: | ||
Research and development | $ 1,068 | $ 1,388 |
General and administrative | 1,099 | 1,376 |
Total operating expenses | 2,167 | 2,764 |
Operating loss | (2,167) | (2,764) |
Interest income | 7 | 21 |
Net loss | $ (2,160) | $ (2,743) |
Net loss per share, basic and diluted | $ (0.33) | $ (0.42) |
Shares used in computing net loss per share, basic and diluted | 6,638 | 6,535 |
Condensed Statements Of Compreh
Condensed Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Condensed Statements Of Comprehensive Income (Loss) [Abstract] | ||
Net loss | $ (2,160) | $ (2,743) |
Other comprehensive income (loss): | ||
Net unrealized gains (losses) on marketable securities | ||
Comprehensive loss | $ (2,160) | $ (2,743) |
Condensed Statements Of Cash Fl
Condensed Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Cash flows from operating activities: | |||
Net loss | $ (2,160) | $ (2,743) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Non-cash stock-based compensation | 802 | 827 | |
Depreciation and amortization | 17 | 18 | |
Non-cash net interest income | (2) | ||
Changes in operating assets and liabilities: | |||
Other current assets | 72 | 230 | |
Accounts payable | (3) | 270 | |
Accrued development expense | (381) | (19) | |
Accrued compensation and benefits | (33) | ||
Other current liabilities | 10 | ||
Net cash used in operating activities | (1,643) | (1,452) | |
Cash flows from investing activities: | |||
Purchases of marketable securities | (399) | ||
Sales of marketable securities | 400 | ||
Maturities of marketable securities | 2,100 | ||
Net cash provided by investing activities | 2,101 | ||
Cash flows from financing activities: | |||
Proceeds from issuance of common stock, net of issuance costs | 1,898 | ||
Net cash used in financing activities | 1,898 | ||
Net increase in cash and cash equivalents | 255 | 649 | |
Cash and cash equivalents at beginning of period | 10,479 | [1] | 16,615 |
Cash and cash equivalents at end of period | $ 10,734 | $ 17,264 | |
[1] |
General And Liquidity
General And Liquidity | 3 Months Ended |
Mar. 31, 2018 | |
General [Abstract] | |
General And Liquidity | Note 1. General and Liquidity Pain Therapeutics, Inc. (the “Company.” “Pain Therapeutics” or “we”) 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 in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the instructions to the Quarterly Report on 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 GAAP 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 months ended March 31, 2018 are not necessarily indicative of the results that may be expected for any other interim period or for the year 201 8 . For further information, refer to the consolidated financial statements and footnotes thereto included in our A nnual R eport on Form 10-K for the year ended December 31, 2017 . On February 8, 2018, we entered into Capital on Demand ™ Sales Agreement with JonesTrading Institutional Services LLC (“JonesTrading”) . In accordance with the terms of the sales agreement, we are able to offer and sell up to $16.9 milli on of shares of our common stock , from time to time in one or more public offerings of our common stock, with JonesTrading acting as agent, in transactions pursuant to a shelf registration statement that was declared effective by the SEC on July 31 , 2017. We sold 300,000 shares of our common stock in the open market for net proceeds of $1.9 million through March 31, 2018, in the Capital on Demand ™ program. As of March 31, 2018, we had up to $14.9 million of common stock available for sale under the Capital on Demand ™ Sales Agreement. Liquidity The Company has incurred significant net loss and negative cash flows since inception, and as a result has an accumulated deficit of $160 million at March 31, 2018 . We expect our cash requirements to be significant in the future. The amount and timing of our future cash requirements will depend on regulatory and market acceptance of our drug candidates, the resources we devote to researching and developing, formulating, manufacturing, commercializing and supporting our products. We may seek additional future funding through public or private financing within this timeframe, if such funding is available and on terms acceptable to us. Reverse Stock Split In May 2017, following our stockholders’ approval, the board of directors of the Company (the “Board of Directors”) approved a reverse stock split ratio of 7 -for-1 of our issued and outstanding common stock. The par value of our common stock remained at $0.001 per share. The condensed financial statements have been retroactively adjusted to reflect the reverse stock split for all periods presented. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2018 | |
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 U.S. GAAP . 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. We evaluate our estimates on an ongoing basis, including those estimates related to agreements, research collaborations and investments. 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 do not 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 b alance s heets 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 a ccumulated other comprehensive loss in the s tockholders’ equity section of our b alance s heets. We include changes in net unrealized gains or losses in our s tatements of c omprehensive i ncome. We would recognize significant realized gains and losses on a specific identification basis as other income in our s tatements of o perations. Proceeds from Grants During the three months ended March 31, 2018 , we receiv ed $0.4 million pursuant to a previously disclosed research grant from the National Institutes of Health (the “ NIH ”) and National Institute on Drug Abuse (the “ NIDA ”) 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, (“ 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 March 31, 2018 2017 Numerator: Net loss $ (2,160) $ (2,743) Denominator: Shares used in computing net loss per share, basic and diluted 6,638 6,535 Net loss per share, basic and diluted $ (0.33) $ (0.42) Dilutive common shares excluded from net loss per share, diluted 2,494 2,435 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 | 3 Months Ended |
Mar. 31, 2018 | |
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 consisted of the following (in thousands): Cash, Cash Equivalents and Marketable Securities Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Accrued Interest Total Value March 31, 2018 Cash $ 156 $ — $ — $ 156 $ — $ 156 Cash equivalents 10,578 — — 10,578 — 10,578 Total cash and cash equivalents $ 10,734 $ — $ — $ 10,734 $ — $ 10,734 Reported as: Cash and cash equivalents $ 10,734 $ — $ — $ 10,734 $ — $ 10,734 Marketable securities — — — — — — $ 10,734 $ — $ — $ 10,734 $ — $ 10,734 Maturities: Matures in one year or less $ 10,734 $ — $ — $ 10,734 $ — $ 10,734 Matures one to three years — — — — — — $ 10,734 $ — $ — $ 10,734 $ — $ 10,734 December 31, 2017 Cash $ 158 $ — $ — $ 158 $ — $ 158 Cash equivalents 10,321 — — 10,321 — 10,321 Total cash and cash equivalents $ 10,479 $ — $ — $ 10,479 $ — $ 10,479 Reported as: Cash and cash equivalents $ 10,479 $ — $ — $ 10,479 $ — $ 10,479 Marketable securities — — — — — — $ 10,479 $ — $ — $ 10,479 $ — $ 10,479 Maturities: Matures in one year or less $ 10,479 $ — $ — $ 10,479 $ — $ 10,479 Matures one to three years — — — — — — $ 10,479 $ — $ — $ 10,479 $ — $ 10,479 We did no t realize any material gains or losses on our investments in marketable securities during the three months ended March 31, 2018 and December 31, 2017 . 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 March 31, 2018 Cash and cash equivalents $ 10,734 $ — $ — $ 10,734 Commercial paper — — — — $ 10,734 $ — $ — $ 10,734 December 31, 2017 Cash and cash equivalents $ 10,479 $ — $ — $ 10,479 Commercial paper — — — — $ 10,479 $ — $ — $ 10,479 There were no transfers among Level 1 , Level 2 and Level 3 during the three months ended March 31, 2018 and December 31, 2017. |
Equity And Stock-Based Compensa
Equity And Stock-Based Compensation Expense | 3 Months Ended |
Mar. 31, 2018 | |
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 201 8 During the three months ended March 31, 2018 , our common stock outstanding and stockholders’ equity (in thousands) changed as follows: Common Stock Stockholders' equity (in thousands) Balance at December 31, 2017 6,595,509 $ 9,699 Non-cash stock-related compensation for: Stock options for employees — 789 Stock options for non-employees — 13 Issuance of common stock, net of issuance costs 300,000 1,959 Net loss — (2,160) Balance at March 31, 2018 6,895,509 $ 10,300 Stock option and Performance Award activity in 201 8 During the three months ended March 31, 2018 , 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, 2017 2,982,155 152,340 Options granted — — Options exercised — — Options forfeited/canceled — — Outstanding as of March 31, 2018 2,982,155 152,340 The weighted average exercise price of options outstanding at March 31, 2018 was $16.70 . As outstanding options vest over the current remaining vesting period o f three years, we expect to recognize non-cash expense of $4.4 million. If and when outstanding Performance Awards vest, we would recognize non-cash expense of $2.5 million over the implicit service period. Stock-based Compensation Expense in 201 8 During the three months ended March 31, 2018 and 2017 , our non-cash stock-related compensation expenses were as follows (in thousands): Three months ended March 31, 2018 2017 Research and development Vesting of stock options $ 352 $ 312 352 312 General and administrative Vesting of stock options 450 515 450 515 Total non-cash stock-based compensation expenses Vesting of stock options 802 827 $ 802 $ 827 |
Stockholder's Equity
Stockholder's Equity | 3 Months Ended |
Mar. 31, 2018 | |
Stockholders' Equity [Abstract] | |
Stockholder's Equity | Note 5. Stockholder’s Equity At the Market Issuance Sales Agreement — On February 8, 2018, we entered into a Capital on Demand ™ Sales Agreement , or the ATM Agreement, with JonesTrading. In accordance with the terms of the sales agreement, we are able to offer and sell up to $16.9 million of shares of our common stock, from time to time in one or more public offerings of our common stock, with JonesTrading acting as agent, in transactions pursuant to a shelf registration statement that was declared effective by the SEC on July 31, 2017. During the three months ended March 31, 2018, we sold a total of 300,000 shares of our common stock under the ATM Agreement, in the open market at an average gross selling price of $6.70 per share f or net proceeds of $1.9 million. We expensed approximately $0.1 million of cost for the offering, excluding JonesTrading commissions. During the three months ended March 31, 2018 , we charged $0.01 million of these costs against addition paid-in capital. As of May 4, 2018, we had up to $14.9 million of shares of our common stock available for sale under the ATM Agreement. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2018 | |
Income Taxes [Abstract] | |
Income Taxes | Note 6. Income Taxes On December 22, 2017, l egislation commonly known as the Tax Cuts and Jobs Act, or the Tax Act, was signed into law. The Tax Act, among other changes, reduces the U.S. federal corporate tax rate from 35% to 21% , requires taxpayers to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred and creates new taxes on certain foreign sourced earnings. On December 31, 2017, the Company did not have any foreign subsidiaries and the international aspects of the Tax Act are not applicable. In connection with the initial analysis of the impact of the Tax Act, the Company remeasured certain deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally 21%. The remeasurement of the Company's deferred tax balance was primarily offset by application of its valuation allowance. The Company is still in the process of analyzing the impact to the Company of the Tax Act. Where the Company has been able to make reasonable estimates of the effects for which its analysis is not yet complete, the Company has recorded provisional amounts. Where the Company has not yet been able to make reasonable estimates of the impact of certain elements, the Company has not recorded any amounts related to those elements and has continued accounting for them in accordance with ASC 740 on the basis of the tax laws in effect immediately prior to the enactment of the Tax Act. For the three months ended March 31, 2018 no adjustments to the remeasurement of the Company’s deferred tax accounts were recognized. We did not provide for income taxes during the three months ended March 31, 2018, because we have projected a net loss for the full year 2018 . |
Commitments
Commitments | 3 Months Ended |
Mar. 31, 2018 | |
Commitments [Abstract] | |
Commitments | Note 7 . 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 2020 . Minimum lease payments are as follows (in thousands): 2018 2019 2020 Total Minimum lease payments $ 91 $ 95 $ 99 $ 285 |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2018 | |
Recently Issued Accounting Pronouncements [Abstract] | |
Recently Issued Accounting Pronouncements | Note 8. 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. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230) : Classification of Certain Cash Receipts and Cash Payments. This ASU provides guidance on statement of cash flows presentation for eight specific cash flow issues where diversity in practice exists. The Company adopted ASU 2016-15 effective January 1, 2018, and this guidance did not have any impact on the Company’s financial statements. In February 2016, the FASB issued ASU No. 2016-02 , Leases (Topic 842) . The core principle of Topic 842 is that a lessee should recognize the assets and liabilities that arise from leases. For operating leases, a lessee is required to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the statement of financial position. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is evaluating the effect that the adoption of this ASU will have on its financial statements. The Company currently expects that its operating lease commitment will be subject to the new standard and recognized as right-of-use asset and operating lease liability upon adoption of ASU 2016-02, which will increase the total assets and total liabilities that it reports relative to such amounts prior to adoption. |
Significant Accounting Polici15
Significant Accounting Policies (Policy) | 3 Months Ended |
Mar. 31, 2018 | |
Significant Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates We make estimates and assumptions in preparing our financial statements in conformity with U.S. GAAP . 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. We evaluate our estimates on an ongoing basis, including those estimates related to agreements, research collaborations and investments. 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 do not 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 b alance s heets 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 a ccumulated other comprehensive loss in the s tockholders’ equity section of our b alance s heets. We include changes in net unrealized gains or losses in our s tatements of c omprehensive i ncome. We would recognize significant realized gains and losses on a specific identification basis as other income in our s tatements of o perations. |
Proceeds from Grants | Proceeds from Grants During the three months ended March 31, 2018 , we receiv ed $0.4 million pursuant to a previously disclosed research grant from the National Institutes of Health (the “ NIH ”) and National Institute on Drug Abuse (the “ NIDA ”) 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, (“ 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 March 31, 2018 2017 Numerator: Net loss $ (2,160) $ (2,743) Denominator: Shares used in computing net loss per share, basic and diluted 6,638 6,535 Net loss per share, basic and diluted $ (0.33) $ (0.42) Dilutive common shares excluded from net loss per share, diluted 2,494 2,435 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 Polici16
Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Significant Accounting Policies [Abstract] | |
Numerators And Denominators In The Calculation Of Basic And Diluted Net Loss Per Share | Three months ended March 31, 2018 2017 Numerator: Net loss $ (2,160) $ (2,743) Denominator: Shares used in computing net loss per share, basic and diluted 6,638 6,535 Net loss per share, basic and diluted $ (0.33) $ (0.42) Dilutive common shares excluded from net loss per share, diluted 2,494 2,435 |
Cash, Cash Equivalents And Ma17
Cash, Cash Equivalents And Marketable Securities And Assets Measured At Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 Cash $ 156 $ — $ — $ 156 $ — $ 156 Cash equivalents 10,578 — — 10,578 — 10,578 Total cash and cash equivalents $ 10,734 $ — $ — $ 10,734 $ — $ 10,734 Reported as: Cash and cash equivalents $ 10,734 $ — $ — $ 10,734 $ — $ 10,734 Marketable securities — — — — — — $ 10,734 $ — $ — $ 10,734 $ — $ 10,734 Maturities: Matures in one year or less $ 10,734 $ — $ — $ 10,734 $ — $ 10,734 Matures one to three years — — — — — — $ 10,734 $ — $ — $ 10,734 $ — $ 10,734 December 31, 2017 Cash $ 158 $ — $ — $ 158 $ — $ 158 Cash equivalents 10,321 — — 10,321 — 10,321 Total cash and cash equivalents $ 10,479 $ — $ — $ 10,479 $ — $ 10,479 Reported as: Cash and cash equivalents $ 10,479 $ — $ — $ 10,479 $ — $ 10,479 Marketable securities — — — — — — $ 10,479 $ — $ — $ 10,479 $ — $ 10,479 Maturities: Matures in one year or less $ 10,479 $ — $ — $ 10,479 $ — $ 10,479 Matures one to three years — — — — — — $ 10,479 $ — $ — $ 10,479 $ — $ 10,479 |
Assets Measured At Fair Value On Recurring Basis | Level 1 Level 2 Level 3 Total March 31, 2018 Cash and cash equivalents $ 10,734 $ — $ — $ 10,734 Commercial paper — — — — $ 10,734 $ — $ — $ 10,734 December 31, 2017 Cash and cash equivalents $ 10,479 $ — $ — $ 10,479 Commercial paper — — — — $ 10,479 $ — $ — $ 10,479 |
Equity And Stock-Based Compen18
Equity And Stock-Based Compensation Expense (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Equity And Stock-Based Compensation Expense [Abstract] | |
Common Stock Outstanding and Stockholders' Equity | Common Stock Stockholders' equity (in thousands) Balance at December 31, 2017 6,595,509 $ 9,699 Non-cash stock-related compensation for: Stock options for employees — 789 Stock options for non-employees — 13 Issuance of common stock, net of issuance costs 300,000 1,959 Net loss — (2,160) Balance at March 31, 2018 6,895,509 $ 10,300 |
Stock Option and Performance Award activity | Stock Options Performance Awards Outstanding as of December 31, 2017 2,982,155 152,340 Options granted — — Options exercised — — Options forfeited/canceled — — Outstanding as of March 31, 2018 2,982,155 152,340 |
Summary Of Non-Cash Stock-Based Compensation | Three months ended March 31, 2018 2017 Research and development Vesting of stock options $ 352 $ 312 352 312 General and administrative Vesting of stock options 450 515 450 515 Total non-cash stock-based compensation expenses Vesting of stock options 802 827 $ 802 $ 827 |
Commitments (Tables)
Commitments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Commitments [Abstract] | |
Future Minimum Lease Payments | 2018 2019 2020 Total Minimum lease payments $ 91 $ 95 $ 99 $ 285 |
General And Liquidity (Narrativ
General And Liquidity (Narrative) (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |||
May 31, 2017 | Mar. 31, 2018USD ($)$ / sharesshares | Feb. 08, 2018USD ($) | Dec. 31, 2017USD ($)$ / shares | ||
Shares sold | shares | 300,000 | ||||
Net proceeds | $ 1,898 | ||||
Reverse stock split ratio | 0.1429 | ||||
Common stock per share value | $ / shares | $ 0.001 | $ 0.001 | |||
Accumulated deficit | $ (159,559) | $ (157,399) | [1] | ||
ATM Agreement [Member] | |||||
Gross aggregate offering price of common stock | $ 14,900 | $ 16,900 | |||
Shares sold | shares | 300,000 | ||||
Net proceeds | $ 1,900 | ||||
[1] |
Significant Accounting Polici21
Significant Accounting Policies (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Significant Accounting Policies [Abstract] | |
Contractual maturity of a particular investment | 1 year |
Reduction to research and development expense | $ 0.4 |
Vesting period of stock options | 4 years |
Significant Accounting Polici22
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 | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Numerator: | ||
Net loss | $ (2,160) | $ (2,743) |
Denominator: | ||
Shares used in computing net loss per share, basic and diluted | 6,638 | 6,535 |
Net loss per share, basic and diluted | $ (0.33) | $ (0.42) |
Dilutive common shares excluded from net loss per share, diluted | 2,494 | 2,435 |
Cash, Cash Equivalents And Ma23
Cash, Cash Equivalents And Marketable Securities And Assets Measured At Fair Value (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Transfers from level 1 to level 2 | $ 0 | $ 0 |
Transfers from level 2 to level 1 | 0 | 0 |
Net transfers to level 3 | 0 | 0 |
Marketable Securities [Member] | ||
Gain (loss) on investments | 0 | $ 0 |
Impairment charges on marketable securities other-than-temporary declines | $ 0 |
Cash, Cash Equivalents And Ma24
Cash, Cash Equivalents And Marketable Securities And Assets Measured At Fair Value (Cash, Cash Equivalents And Marketable Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | |
Schedule of Available-for-sale Securities [Line Items] | |||||
Cash and cash equivalents | $ 10,734 | $ 10,479 | [1] | $ 17,264 | $ 16,615 |
Cash and cash equivalents, Short Term Investment, Amortized Cost | 10,734 | 10,479 | |||
Cash and cash equivalents, Short Term Investment Unrealized Gains | |||||
Cash and cash equivalents, Short Term Investment Unrealized Losses | |||||
Accrued Interest | |||||
Cash and cash equivalents, Short Term Investment, Fair Value | 10,734 | 10,479 | |||
Estimated Fair Value, Fair Value Disclosure [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Cash and cash equivalents, Short Term Investment, Fair Value | 10,734 | 10,479 | |||
Marketable Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale securities, Amortized Cost Basis | |||||
Available-for-sale securities, Gross Unrealized Gains | |||||
Available-for-sale securities, Gross Unrealized Losses | |||||
Accrued Interest | |||||
Estimated Fair Value, Marketable securities | |||||
Marketable Securities [Member] | Estimated Fair Value, Fair Value Disclosure [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Estimated Fair Value, Marketable securities | |||||
Cash [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Cash | 156 | 158 | |||
Available-for-sale securities, Gross Unrealized Gains | |||||
Available-for-sale securities, Gross Unrealized Losses | |||||
Accrued Interest | |||||
Cash and cash equivalents, Fair Value | 156 | 158 | |||
Cash [Member] | Estimated Fair Value, Fair Value Disclosure [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Cash and cash equivalents, Fair Value | 156 | 158 | |||
Cash Equivalents [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Cash equivalents | 10,578 | 10,321 | |||
Available-for-sale securities, Gross Unrealized Gains | |||||
Available-for-sale securities, Gross Unrealized Losses | |||||
Accrued Interest | |||||
Cash and cash equivalents, Fair Value | 10,578 | 10,321 | |||
Cash Equivalents [Member] | Estimated Fair Value, Fair Value Disclosure [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Cash and cash equivalents, Fair Value | 10,578 | 10,321 | |||
Cash And Cash Equivalents [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Cash and cash equivalents | 10,734 | 10,479 | |||
Available-for-sale securities, Gross Unrealized Gains | |||||
Available-for-sale securities, Gross Unrealized Losses | |||||
Accrued Interest | |||||
Cash and cash equivalents, Fair Value | 10,734 | 10,479 | |||
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 | 10,734 | 10,479 | |||
Matures In One Year Or Less [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Cash and cash equivalents, Short Term Investment, Amortized Cost | 10,734 | 10,479 | |||
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 | 10,734 | 10,479 | |||
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 | 10,734 | 10,479 | |||
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 | |||||
[1] |
Cash, Cash Equivalents And Ma25
Cash, Cash Equivalents And Marketable Securities And Assets Measured At Fair Value (Assets Measured At Fair Value On Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | $ 10,734 | $ 10,479 |
Cash And Cash Equivalents [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 10,734 | 10,479 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 10,734 | 10,479 |
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 | 10,734 | 10,479 |
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 Compen26
Equity And Stock-Based Compensation Expense (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
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 | $ 802 | $ 827 |
Stock Options [Member] | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Vesting period of stock options | 3 years | |
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 | $ 16.70 | |
Non-cash stock-based compensation expense | $ 4,400 | |
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 | $ 2,500 |
Equity And Stock-Based Compen27
Equity And Stock-Based Compensation Expense (Common Stock Outstanding and Stockholders' Equity) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Common stock, balance at December 31, 2017 | 6,595,509 | |
Shares sold | 300,000 | |
Issuance of common stock, net of issuance costs | 300,000 | |
Common stock, balance at March 31,2018 | 6,895,509 | |
Stockholders' equity, balance at December 31, 2017 | $ 9,699 | |
Stockholders' equity, Non-cash stock-based compensation | 802 | $ 827 |
Issuance of common stock, net of issuance costs | 1,959 | |
Net loss | (2,160) | $ (2,743) |
Stockholders' equity, balance at March 31, 2018 | 10,300 | |
Stock Options [Member] | ||
Stockholders' equity, Non-cash stock-based compensation | 789 | |
Non-Employee Stock Options [Member] | ||
Stockholders' equity, Non-cash stock-based compensation | $ 13 |
Equity And Stock-Based Compen28
Equity And Stock-Based Compensation Expense (Stock Option And Performance Award Activity) (Details) | 3 Months Ended |
Mar. 31, 2018shares | |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding as of December 31, 2017 | 2,982,155 |
Options granted | |
Options Exercised | |
Options forfeited/canceled | |
Outstanding as of March 31, 2018 | 2,982,155 |
Performance Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding as of December 31, 2017 | 152,340 |
Options granted | |
Options exercised | |
Options forfeited/cancelled | |
Outstanding as of March 31, 2018 | 152,340 |
Equity And Stock-Based Compen29
Equity And Stock-Based Compensation Expense (Summary Of Non-Cash Stock-Based Compensation) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Non-cash stock-based compensation expense | $ 802 | $ 827 |
Vesting Of Stock Options [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Non-cash stock-based compensation expense | 802 | 827 |
Research And Development [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Non-cash stock-based compensation expense | 352 | 312 |
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 | 352 | 312 |
General And Administrative [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Non-cash stock-based compensation expense | 450 | 515 |
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 | $ 450 | $ 515 |
Stockholder's Equity (Narrative
Stockholder's Equity (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | May 04, 2018 | Feb. 08, 2018 | |
Shares sold | 300,000 | ||
Net proceeds | $ 1,898 | ||
ATM Agreement [Member] | |||
Gross aggregate offering price of common stock | $ 14,900 | $ 16,900 | |
Shares sold | 300,000 | ||
Average gross selling price | $ 6,700 | ||
Expenses cost for the offering | 100 | ||
Net proceeds | 1,900 | ||
Costs against addition paid-in-capital | $ 10 | ||
ATM Agreement [Member] | Subsequent Event [Member] | |||
Gross aggregate offering price of common stock | $ 14,900 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Loss Carryforwards [Line Items] | ||
U.S federal corporate tax rate | 35.00% | |
Tax Cuts And Jobs Act [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
U.S federal corporate tax rate | 21.00% |
Commitments (Narrative) (Detail
Commitments (Narrative) (Details) - Austin, TX [Member] | 3 Months Ended |
Mar. 31, 2018ft² | |
Operating Leased Assets [Line Items] | |
Office space | 6,000 |
Operating lease expiration year | 2020-12 |
Commitments (Future Minimum Lea
Commitments (Future Minimum Lease Payments) (Details) $ in Thousands | Mar. 31, 2018USD ($) |
Commitments [Abstract] | |
Minimum lease payments, 2018 | $ 91 |
Minimum lease payments, 2019 | 95 |
Minimum lease payments, 2020 | 99 |
Total | $ 285 |