Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 10, 2016 | Jun. 30, 2015 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Teligent, Inc. | ||
Entity Central Index Key | 352,998 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 158.8 | ||
Trading Symbol | TLGT | ||
Entity Common Stock, Shares Outstanding | 53,005,689 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 87,191 | $ 158,883 |
Accounts receivable, net | 14,028 | 14,366 |
Inventories | 8,985 | 2,784 |
Prepaid expenses and other receivables | 6,597 | 1,185 |
Total current assets | 116,801 | 177,218 |
Property, plant and equipment, net | 8,706 | 3,262 |
Debt issuance costs, net | 4,027 | 5,132 |
Intangible assets, net | 54,320 | 10,604 |
Goodwill | 426 | 0 |
Other | 482 | 862 |
Total assets | 184,762 | 197,078 |
Current liabilities: | ||
Accounts payable | 3,955 | 1,643 |
Accrued expenses | 6,267 | 5,141 |
Payable for product acquisition costs | 0 | 6,000 |
Deferred income, current | 476 | 87 |
Capital lease obligation, current | 70 | 131 |
Total current liabilities | 10,768 | 13,002 |
Convertible 3.75% senior notes, net of debt discount (face of $143,750) | 106,991 | 100,311 |
Fair value of derivative liability - convertible 3.75% senior notes | 0 | 41,400 |
Note payable, bank | 0 | 3,160 |
Deferred tax liability | 244 | 0 |
Other long term liabilities | 0 | 71 |
Total liabilities | 118,003 | 157,944 |
Stockholders’ equity: | ||
Common stock, $0.01 par value, 60,000,000 shares authorized; 53,000,689 and 52,819,787 shares issued and outstanding as of December 31, 2015 and December 31, 2014, respectively | 549 | 548 |
Additional paid-in capital | 99,258 | 78,172 |
Accumulated deficit | (32,918) | (39,586) |
Accumulated other comprehensive income, net of taxes | (130) | 0 |
Total stockholders' equity | 66,759 | 39,134 |
Total liabilities and stockholders' equity | 184,762 | 197,078 |
Series A Preferred Stock [Member] | ||
Stockholders’ equity: | ||
Convertible Preferred stock | 0 | 0 |
Series C Preferred Stock [Member] | ||
Stockholders’ equity: | ||
Convertible Preferred stock | $ 0 | $ 0 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Preferred Stock, Shares Authorized | 1,000,000 | |
Common stock, par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares issued | 53,000,689 | 52,819,787 |
Common stock, shares outstanding | 53,000,689 | 52,819,787 |
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | |
Convertible Notes Payable [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | 3.75% |
Debt Instrument, Face Amount | $ 143,750 | $ 143,750 |
Series A Preferred Stock [Member] | ||
Preferred Stock, par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 100 | 100 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Series C Preferred Stock [Member] | ||
Preferred Stock, par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 1,550 | 1,550 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues: | |||
Product sales, net | $ 43,497 | $ 32,104 | $ 16,981 |
Research and development income | 578 | 1,490 | 1,094 |
Licensing, royalty and other revenue | 175 | 146 | 149 |
Total revenues | 44,250 | 33,740 | 18,224 |
Costs and Expenses: | |||
Cost of revenues | 22,935 | 16,948 | 12,079 |
Selling, general and administrative expenses | 11,336 | 5,976 | 3,484 |
Product development and research expenses | 13,171 | 6,910 | 2,743 |
Total costs and expenses | 47,442 | 29,834 | 18,306 |
Operating income (loss) | (3,192) | 3,906 | (82) |
Other Income (Expense): | |||
Change in the fair value of derivative liability | 23,144 | 2,300 | 0 |
Foreign exchange gain (loss) | 109 | 0 | 0 |
Interest and other expense, net | (13,358) | (782) | (199) |
Income (loss) before income tax expense (benefit) | 6,703 | 5,424 | (281) |
Income tax expense (benefit) | 35 | 173 | (197) |
Net income (loss) | 6,668 | 5,251 | (84) |
Preferred stock dividend | 0 | 0 | (1,308) |
Net income (loss) attributable to common stockholders | $ 6,668 | $ 5,251 | $ (1,392) |
Basic earnings (loss) per share | $ 0.13 | $ 0.11 | $ (0.03) |
Diluted earnings (loss) per share | $ (0.07) | $ 0.09 | $ (0.03) |
Weighted average shares of common stock outstanding: | |||
Basic (in shares) | 52,872,814 | 49,817,721 | 43,517,640 |
Diluted (in shares) | 67,111,995 | 64,207,190 | 43,517,640 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net Income (loss) | $ 6,668 | $ 5,251 | $ (84) |
Other Comprehensive (loss) income, net of tax | |||
Foreign currency translation adjustment | (130) | 0 | 0 |
Other Comprehensive loss | (130) | 0 | 0 |
Comprehensive income (loss) | $ 6,538 | $ 5,251 | $ (84) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 6,668 | $ 5,251 | $ (84) |
Reconciliation of net income (loss) to net cash used in operating activities: | |||
Depreciation and amortization of fixed assets | 560 | 415 | 375 |
Amortization of license fee | 100 | 100 | 100 |
Provision for write down of inventory | 50 | 228 | 110 |
Issuance of stock to consultant | 0 | 80 | 0 |
Stock based compensation expense | 2,273 | 823 | 536 |
Amortization of debt issuance costs | 1,132 | 107 | 31 |
Amortization of Intangibles | 514 | 120 | 60 |
Foreign currency exchange gain | (109) | 0 | 0 |
Amortization of debt discount on convertible 3.75% senior notes | 6,680 | 261 | 0 |
Change in the fair value of derivative liability | (23,144) | (2,300) | 0 |
Loss on abandonment of property | 0 | 0 | 0 |
Changes in operating assets and liabilities: | |||
Accounts receivable | 1,250 | (9,419) | (3,370) |
Inventories | (3,578) | (143) | (1,206) |
Prepaid expenses and other current receivables | (5,408) | (1,075) | (402) |
Other assets | (14) | 0 | 0 |
Accounts payable and accrued expenses | (2,849) | 2,346 | 2,528 |
Deferred income | 362 | (685) | 704 |
Net cash used in operating activities | (15,513) | (3,891) | (618) |
Cash flows from investing activities: | |||
Capital expenditures | (5,998) | (834) | (287) |
Acquisition of product rights and other related assets | (35,418) | 0 | 0 |
Product acquisition costs, net | (11,652) | (2,958) | (1,826) |
Net cash used in investing activities | (53,068) | (3,792) | (2,113) |
Cash flows from financing activities: | |||
Proceeds from convertible 3.75% senior notes, net of $4,765 | 0 | 138,985 | 0 |
Proceeds from issuance of stock, net | (3) | 24,858 | 0 |
Proceeds from note payable, net of debt issuance costs | 0 | 2,755 | 2,000 |
Repayment of note payable | (3,160) | (3,000) | 0 |
Repayment of note payable, related party | 0 | 0 | 0 |
(Expenses of) proceeds from sale of treasury stock, net of expenses | 0 | 0 | (63) |
Proceeds from exercise of common stock options and warrants | 165 | 837 | 376 |
Principal payments on capital lease obligations | (132) | (64) | (17) |
Recovery from stockholder, net | 19 | 0 | 0 |
Excess tax benefits from stock compensation | 0 | 94 | 0 |
Net cash (used in) provided by financing activities | (3,111) | 164,465 | 2,296 |
Net increase (decrease) in cash and cash equivalents | (71,692) | 156,782 | (435) |
Cash and cash equivalents at beginning of year | 158,883 | 2,101 | 2,536 |
Cash and cash equivalents at end of year | 87,191 | 158,883 | 2,101 |
Supplemental Cash flow information: | |||
Cash payments for interest | 5,517 | 178 | 142 |
Cash payments for (receipts from) income taxes | 123 | 23 | (194) |
Non cash investing and financing transactions: | |||
Reclassification of derivative liability to equity | 18,256 | 0 | 0 |
Issuance of stock to consultant | 31 | 0 | 0 |
Bifurcation of derivative from convertible 3.75% senior notes | 0 | 41,400 | 0 |
Payable related to product acquisition costs | 0 | 6,000 | 0 |
Equipment financed through capital lease | 0 | 0 | 20 |
Restricted Stock [Member] | |||
Non cash investing and financing transactions: | |||
Issuance of restricted stock | 347 | 0 | 3 |
Series C Convertible Preferred Stock And Accrued Dividends Into Common Stock [Member] | |||
Non cash investing and financing transactions: | |||
Conversion of Convertible Preferred Stock | 0 | 0 | 2,825 |
Series A Convertible Preferred Stock Into Common Stock [Member] | |||
Non cash investing and financing transactions: | |||
Conversion of Convertible Preferred Stock | $ 0 | $ 0 | $ 500 |
CONSOLIDATED STATEMENTS OF CAS7
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | |
Convertible Notes Payable [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | 3.75% |
Payments of Debt Issuance Costs | $ 4,765 | $ 4,800 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock Issued For Series A Convertible Preferred Stock [Member] | Common Stock Issued For Series C Convertible Preferred Stock Including Dividend [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member]Common Stock Issued For Series A Convertible Preferred Stock [Member] | Series C Preferred Stock [Member] | Series C Preferred Stock [Member]Common Stock Issued For Series C Convertible Preferred Stock Including Dividend [Member] | Common Stock [Member] | Common Stock [Member]Common Stock Issued For Series A Convertible Preferred Stock [Member] | Common Stock [Member]Common Stock Issued For Series C Convertible Preferred Stock Including Dividend [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]Common Stock Issued For Series A Convertible Preferred Stock [Member] | Additional Paid-in Capital [Member]Common Stock Issued For Series C Convertible Preferred Stock Including Dividend [Member] | AOCI Including Portion Attributable to Noncontrolling Interest [Member] | Accumulated Deficit [Member] | Accumulated Deficit [Member]Common Stock Issued For Series C Convertible Preferred Stock Including Dividend [Member] | Treasury Stock [Member] |
Balance at Dec. 31, 2012 | $ 6,427 | $ 500 | $ 1,517 | $ 446 | $ 47,409 | $ 0 | $ (43,445) | $ 0 | |||||||||
Balance (in Shares) at Dec. 31, 2012 | 50 | 1,550 | 42,705,032 | ||||||||||||||
Stock based compensation expense | 536 | 536 | |||||||||||||||
Restricted stock issuance | 0 | $ 3 | (3) | ||||||||||||||
Restricted stock issuance (in Shares) | 325,000 | ||||||||||||||||
Stock warrants exercised | 236 | $ 5 | 231 | ||||||||||||||
Stock warrants exercised (in Shares) | 427,713 | ||||||||||||||||
Stock options exercised | 139 | $ 1 | 138 | ||||||||||||||
Stock options exercised (in Shares) | 129,336 | ||||||||||||||||
Reclassification of derivative liability to equity | 0 | ||||||||||||||||
Costs related to stock issuance | (63) | (63) | |||||||||||||||
Common stock issued | $ 0 | $ 0 | $ (500) | $ (1,517) | $ 5 | $ 27 | $ 495 | $ 2,798 | $ (1,308) | ||||||||
Common stock issued (in Shares) | (50) | (1,550) | 500,000 | 2,661,494 | |||||||||||||
Net income | (84) | $ 0 | $ 0 | $ 0 | 0 | 0 | (84) | 0 | |||||||||
Balance at Dec. 31, 2013 | 7,191 | $ 0 | $ 0 | $ 487 | 51,541 | 0 | (44,837) | 0 | |||||||||
Balance (in Shares) at Dec. 31, 2013 | 0 | 0 | 46,748,575 | ||||||||||||||
Issuance of stock pursuant to a public offering, net of associated fees of $1,868 | 24,858 | $ 53 | 24,805 | ||||||||||||||
Issuance of stock pursuant to a public offering, net of associated fees of $1,868 (in Shares) | 5,347,500 | ||||||||||||||||
Issuance of stock to consultant | 80 | 80 | |||||||||||||||
Issuance of stock to consultant (shares) | 10,000 | ||||||||||||||||
Stock based compensation expense | 823 | 823 | |||||||||||||||
Stock warrants exercised | 328 | $ 3 | 325 | ||||||||||||||
Stock warrants exercised (in Shares) | 270,546 | ||||||||||||||||
Stock options exercised | 509 | $ 5 | 504 | ||||||||||||||
Stock options exercised (in Shares) | 443,166 | ||||||||||||||||
Reclassification of derivative liability to equity | 0 | ||||||||||||||||
Excess tax benefits from stock compensation | 94 | 94 | |||||||||||||||
Net income | 5,251 | $ 0 | $ 0 | $ 0 | 0 | 0 | 5,251 | 0 | |||||||||
Balance at Dec. 31, 2014 | 39,134 | $ 0 | $ 0 | $ 548 | 78,172 | 0 | (39,586) | 0 | |||||||||
Balance (in Shares) at Dec. 31, 2014 | 0 | 0 | 52,819,787 | ||||||||||||||
Issuance of stock to consultant | 31 | 31 | |||||||||||||||
Issuance of stock to consultant (shares) | 5,000 | ||||||||||||||||
Stock based compensation expense | 2,273 | 2,273 | |||||||||||||||
Stock warrants exercised | 82 | 82 | |||||||||||||||
Stock warrants exercised (in Shares) | 67,636 | ||||||||||||||||
Stock options exercised | 83 | $ 1 | 82 | ||||||||||||||
Stock options exercised (in Shares) | 75,766 | ||||||||||||||||
Issuance of restricted stock | 346 | 346 | |||||||||||||||
Issuance of restricted stock (in shares) | 32,500 | ||||||||||||||||
Reclassification of derivative liability to equity | 18,256 | 18,256 | |||||||||||||||
Recovery from stockholder, net | 19 | 19 | |||||||||||||||
Costs related to stock issuance | (3) | (3) | |||||||||||||||
Cumulative translation adjustment | (130) | (130) | |||||||||||||||
Net income | 6,668 | $ 0 | $ 0 | $ 0 | 0 | 0 | 6,668 | 0 | |||||||||
Balance at Dec. 31, 2015 | $ 66,759 | $ 0 | $ 0 | $ 549 | $ 99,258 | $ (130) | $ (32,918) | $ 0 | |||||||||
Balance (in Shares) at Dec. 31, 2015 | 0 | 0 | 53,000,689 |
CONSOLIDATED STATEMENTS OF STO9
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Payments of Stock Issuance Costs | $ 1,868 | ||
Dividends, Preferred Stock | $ 0 | $ 0 | $ 1,308 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 1. Summary of Significant Accounting Policies Teligent, Inc. (the “Company”) is a Delaware corporation incorporated in 1977. On October 22, 2015, the Company announced the change of its name from IGI Laboratories, Inc. to Teligent, Inc. effective as of October 23, 2015, at 5:00 P.M. Eastern Daylight Time. The Company’s office, research and development facilities and manufacturing facilities are located at 105 Lincoln Avenue, Buena, New Jersey. The Company is a specialty generic pharmaceutical company. Under our own label, the Company currently markets and sells generic topical and branded generic injectable pharmaceutical products in the United States and Canada. In the US, we are currently marketing eight generic topical pharmaceutical products and four branded generic pharmaceutical products. Through the completion of an acquisition, we now sell a total of nineteen generic and branded generic injectable products and medical devices in Canada. Generic pharmaceutical products are bioequivalent to their brand name counterparts. We also provide development, formulation, and manufacturing services to the pharmaceutical, over-the-counter, or OTC, and cosmetic markets. The Company also provides development, formulation and manufacturing services to the pharmaceutical, over-the-counter (“OTC”) and cosmetic markets. We operate our business under one segment. To date, we have filed 31 Abbreviated New Drug Applications, or ANDAs, with the United States Food and Drug Administration, or FDA, for additional pharmaceutical products. On October 14, 2015, the Company provided written notice to the NYSE MKT LLC (the “NYSE MKT”) that the Company intended to transfer the listing of the Company’s common stock from the NYSE MKT to the NASDAQ Global Select Market, and withdraw the listing and registration of the common stock from the NYSE MKT. The Company’s common stock ceased trading on the NYSE MKT at the close of business on October 23, 2015, and began trading on the NASDAQ Global Select Market on October 26, 2015. As discussed in Note 7, on Teligent also develops, manufactures, fills, and packages topical semi-solid and liquid products for branded and generic pharmaceutical customers, as well as the OTC and cosmetic markets. These products are used in a wide range of applications from cosmetics and cosmeceuticals to the prescription treatment of conditions like dermatitis, psoriasis, and eczema. Teligent is currently exploring various options to enable us to expand our development and manufacturing capabilities to include sterile injectable and ophthalmic products. The consolidated financial statements include the accounts of Teligent, Inc. and its wholly-owned and majority-owned subsidiaries. All inter-company accounts and transactions have been eliminated. The Company consolidated the following entities: Igen, Inc., Teligent Pharma. Inc., Teligent Luxembourg S.à r.l, Teligent OÜ, Teligent Canada Inc., and Teligent Jersey Limited., in addition to the following inactive entities: Microburst Energy, Inc., Blood Cells, Inc. and Flavorsome, Ltd. Cash equivalents consist of short-term investments, which have original maturities of 90 days or less. These include direct obligations of the U.S. Treasury, including bills, notes and bonds, as well as obligations issued or guaranteed by agencies or instrumentalities of the U.S. government including government-sponsored enterprises, or GSEs. The carrying amounts of cash and cash equivalents, trade receivables, restricted cash, notes payable, accounts payable, capital leases and other accrued liabilities at December 31, 2015 approximate their fair value for all periods presented. The Company measures fair value in accordance with ASC 820-10, “Fair Value Measurements and Disclosures”. ASC 820-10 clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. As a basis for considering such assumptions, ASC 820-10 establishes a three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Company measures its derivative liability at fair value. The derivative convertible option related to Convertible Notes issued December 16, 2014 was valued using the “with” and “without” analysis. A “with” and “without” analysis is a standard valuation technique for valuing embedded derivatives by first considering the value of the Convertible Notes with the option and then considering the value of the Convertible Notes without the option. The difference is the fair value of the embedded derivatives. The convertible note derivative is classified within Level 3 because it is valued using the “with” and “without” method, which does utilize inputs that are unobservable in the market. On May 20, 2015, the Company received approval to increase its authorized shares sufficient to allow for the conversion of the embedded option into equity at the annual shareholders meeting. Therefore, the derivative liability of $ 18.3 107 143.75 23.1 The Company extends credit to its contract services customers based upon credit evaluations in the normal course of business, primarily with 30-day terms. The Company does not require collateral from its customers. Bad debt provisions are provided for on the allowance method based on historical experience and management’s evaluation of outstanding accounts receivable. The Company reviews the allowance for doubtful accounts regularly, and past due balances are reviewed individually for collectability. The Company charges off uncollectible receivables against the allowance when the likelihood of collection is remote. The Company extends credit to wholesaler and distributor customers and national retail chain customers, based upon credit evaluations, in the normal course of business, primarily with 60-day terms. The Company maintains customer-related accruals and allowances that consist primarily of chargebacks, rebates, sales returns, shelf stock allowances, administrative fees and other incentive programs. Some of these adjustments relate specifically to the generic prescription pharmaceutical business. Typically, the aggregate gross-to-net adjustments related to these customers can exceed 50% of the gross sales through this distribution channel. Certain of these accruals and allowances are recorded in the balance sheet as current liabilities and others are recorded as a reduction to accounts receivable. Financial instruments, which subject the Company to concentrations of credit risk, consist primarily of cash equivalents and trade receivables. These include direct obligations of the U.S. Treasury, including bills, notes and bonds, as well as obligations issued or guaranteed by agencies or instrumentalities of the U.S. government including GSEs, which are not federally insured. The Company maintains its cash in accounts with quality financial institutions. Although the Company currently believes that the financial institutions with which the Company does business will be able to fulfill their commitments to us, there is no assurance that those institutions will be able to continue to do so. In 2015, the Company had sales to three customers which individually accounted for more than 10 12.3 5.8 5.0 52 83 In 2014, the Company had sales to two customers which individually accounted for more than 10 10.5 4.4 44 42 In 2013, the Company had sales to three customers which individually accounted for more than 10 2.8 2.2 2.1 39 The Company had net revenue from one product, econazole nitrate cream, which accounted for 45 38 Inventories are valued at the lower of cost, using the first-in, first-out (“FIFO”) method, or market. The Company records an inventory reserve for losses associated with dated and expired raw materials. This reserve is based on management’s current knowledge with respect to inventory levels, planned production, and extension capabilities of materials on hand. Management does not believe the Company’s inventory is subject to significant risk of obsolescence in the near term. Reserve for obsolescence included in inventory at December 31, 2015 and 2014 were $ 0.1 0.2 Depreciation and amortization of property, plant and equipment is provided for under the straight-line method over the assets’ estimated useful lives as follows: Useful Lives Buildings and improvements 10 - 30 years Machinery and equipment 3 - 15 years Repair and maintenance costs are charged to operations as incurred while major improvements are capitalized. When assets are retired or disposed, the related cost and accumulated depreciation thereon are removed and any gains or losses are included in operating results. Definite-lived intangible assets are stated at cost less accumulated amortization. Amortization of definite-lived intangible assets is computed on a straight-line basis over the assets’ estimated useful lives, generally for periods ranging from 10 15 In-Process Research and Development Amounts allocated to in-process research and development (“IPR&D”) in connection with a business combination are recorded at fair value and are considered indefinite-lived intangible assets subject to the impairment testing in accordance with the Company’s impairment testing policy for indefinite-lived intangible assets. As products in development are approved for sale, amounts will be allocated to product rights and will be amortized over their estimated useful lives. These valuations reflect, among other things, the impact of changes to the development programs, the projected development and regulatory time frames and the current competitive environment. Changes in any of the Company’s assumptions may result in a reduction to the estimated fair value of the IPR&D asset and could result in future impairment charges. Goodwill Goodwill, which represents the excess of purchase price over the fair value of net assets acquired, is carried at cost. Goodwill is tested for impairment on an annual basis during the fourth quarter of each fiscal year or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company first performs a qualitative assessment to determine if the quantitative impairment test is required. If changes in circumstances indicate an asset may be impaired, the Company performs the quantitative impairment test. In accordance with accounting standards, a two-step quantitative method is used for determining goodwill impairment. In the first step, the Company determines the fair value. If the net book value exceeds its fair value, the second step of the impairment test which requires allocation of the fair value to all of its assets and liabilities using the acquisition method prescribed under authoritative guidance for business combinations would then be performed. Any residual fair value is allocated to goodwill. An impairment charge is recognized only if the implied fair value of our reporting unit’s goodwill is less than its carrying amount. The carrying value of goodwill at December 31, 2015 was $ 0.4 Acquisitions The Company accounts for acquired businesses using the acquisition method of accounting, which requires with limited exceptions, that assets acquired and liabilities assumed be recognized at their estimated fair values as of the acquisition date. Transaction costs are expensed as incurred. Any excess of the consideration transferred over the assigned values of the net assets acquired is recorded as goodwill. When net assets that do not constitute a business are acquired, no goodwill is recognized. Contingent consideration, if any, is included as part of the acquisition cost and is recognized at fair value as of the acquisition date. Any liability resulting from contingent consideration is remeasured to fair value at each reporting date until the contingency is resolved. These changes in fair value are recognized in earnings. In accordance with the provisions of ASC 360-10-55, the Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. In performing such review for recoverability, the Company compares expected future cash flows of assets to the carrying value of the long-lived assets and related identifiable intangibles. If the expected future cash flows (undiscounted) are less than the carrying amount of such assets, the Company recognizes an impairment loss for the difference between the carrying value of the assets and their estimated fair value, with fair values being determined using projected discounted cash flows at the lowest level of cash flows identifiable in relation to the assets being reviewed. As of December 31, 2015, no impairments existed. Foreign Currency Translation The net assets of international subsidiaries where the local currencies have been determined to be the functional currencies are translated into U.S. dollars using current exchange rates. The U.S. dollar effects that arise from translating the net assets of these subsidiaries at changing rates are recorded in the foreign currency translation account, which is included in Accumulated other comprehensive income (loss) (AOCI) Other (income) expense, net Accrued expenses represent various obligations of the Company including certain operating expenses and taxes payable. 2015 2014 (in thousands) Wholesaler fees $ 2,523 $ 1,721 Payroll 1,167 1,414 Royalties 744 707 Consulting fees 432 300 Interest expense 240 213 Capital expenditures 482 - Director's fees - 133 Other 679 653 $ 6,267 $ 5,141 License fee is amortized on a straight-line basis over the life of the agreement ( 10 Accruals for environmental remediation are recorded when it is probable a liability has been incurred and costs are reasonably estimable. The estimated liabilities are recorded at undiscounted amounts. Environmental insurance recoveries are included in the statement of operations in the year in which the issue is resolved through settlement or other appropriate legal process. The Company records income taxes in accordance with ASC 740-10, “Accounting for Income Taxes,” under the asset and liability method of accounting for income taxes. Under the asset and liability method, deferred income taxes are recognized for the tax consequences of temporary differences by applying enacted statutory tax rates applicable to future years to operating loss and tax credit carry forwards and differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recorded based on a determination of the ultimate realizability of future deferred tax assets. A valuation allowance equal to 100% of the net deferred tax assets has been recognized due to uncertainty regarding the future realization of these assets. The Company complies with the provisions of ASC 740-10-25 that clarifies the accounting for uncertainty in income taxes recognized in an entity’s financial statements in accordance with ASC 740-10, “Accounting for Income Taxes,” and prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. Additionally, ASC 740-10 provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. There were no unrecognized tax benefits as of the date of adoption. As such, there are no unrecognized tax benefits included in the balance sheet that would, if recognized, affect the effective tax rate. The Company considers revenue realized or realizable and earned when it has persuasive evidence of an arrangement, delivery has occurred or contractual services rendered, the sales price is fixed or determinable, and collection is reasonably assured in conformity with ASC 605, Revenue Recognition The Company derives its revenues from three basic types of transactions: sales of its own generic pharmaceutical topical products, sales of manufactured product for its customers included in product sales, and research and product development services performed for third parties. Due to differences in the substance of these transaction types, the transactions require, and the Company utilizes, different revenue recognition policies for each. Product Sales Company Product Sales Revenue and Provision for Sales Returns and Allowances As is customary in the pharmaceutical industry, the Company’s gross product sales from Company label products are subject to a variety of deductions in arriving at reported net product sales. When the Company recognizes revenue from the sale of products, an estimate of sales returns and allowances (“SRA”) is recorded, which reduces product sales. Accounts receivable and/or accrued expenses are also reduced and/or increased by the SRA amount. These adjustments include estimates for chargebacks, rebates, cash discounts and returns and other allowances. These provisions are adjusted as estimates are based on historical payment experience, historical relationship to revenues, estimated customer inventory levels and current contract sales terms with direct and indirect customers. The estimation process used to determine our SRA provision has been applied on a consistent basis and no material adjustments have been necessary to increase or decrease our reserves for SRA as a result of a significant change in underlying estimates. The Company will use a variety of methods to assess the adequacy of our SRA reserves to ensure that our financial statements are fairly stated. These will include periodic reviews of customer inventory data, customer contract programs and product pricing trends to analyze and validate the SRA reserves. The provision for chargebacks is our most significant sales allowance. A chargeback represents an amount payable in the future to a wholesaler for the difference between the invoice price paid to the Company by our wholesale customer for a particular product and the negotiated contract price that the wholesaler’s customer pays for that product. The Company’s chargeback provision and related reserve varies with changes in product mix, changes in customer pricing and changes to estimated wholesaler inventories. The provision for chargebacks also takes into account an estimate of the expected wholesaler sell-through levels to indirect customers at contract prices. The Company will validate the chargeback accrual quarterly through a review of the inventory reports obtained from our largest wholesale customers. This customer inventory information is used to verify the estimated liability for future chargeback claims based on historical chargeback and contract rates. These large wholesalers represent 90 95 Net revenues and accounts receivable balances in the Company’s consolidated financial statements are presented net of SRA estimates. Certain SRA balances are included in accounts payable and accrued expenses. Twelve months ended December 31, 2015 2014 Gross Teligent product sales $ 99,721 $ 51,136 Reduction to gross product sales: Chargebacks and billbacks 50,127 26,940 Sales discounts and other allowances 17,974 4,366 Total reduction to gross product sales $ 68,101 $ 31,306 Net Teligent product sales $ 31,620 $ 19,830 Returns Chargebacks & Rebates Discounts Doubtful Accounts TOTAL Balance at December 31, 2012 $ - $ - $ - $ 16 $ 16 Provision 218 7,704 315 - 8,237 Charges processed (162) (5,958) (173) - (6,293) Balance at December 31, 2013 $ 56 $ 1,746 $ 142 $ 16 $ 1,960 Provision 767 31,040 1,060 - 32,867 Charges processed (149) (28,234) (857) - (29,240) Balance at December 31, 2014 $ 674 $ 4,552 $ 345 $ 16 $ 5,587 Provision 1,640 65,901 2,171 - 69,712 Charges processed (1,464) (57,815) (1,754) - (61,033) Balance at December 31, 2015 $ 850 $ 12,638 $ 762 $ 16 $ 14,266 Accounts receivable are presented net of SRA balances of $ 14.2 5.6 2.5 1.7 6.3 3.1 0.9 In addition, in connection with four of the six products the Company currently manufactures, markets and distributes in its own label, in accordance with an agreement entered into in December of 2011, the Company is required to pay a royalty calculated on the basis of net sales to one of its pharmaceutical partners. The royalty is calculated based on contracted terms of 40 0.7 3.6 3.6 2.6 Contract Manufacturing Sales : The Company recognizes revenue when title transfers to its customers, which is generally upon shipment of products. These shipments are made in accordance with sales commitments and related sales orders entered into with customers either verbally or in written form. The revenues associated with these transactions, net of appropriate cash discounts, product returns and sales reserves, are recorded upon shipment of the products included in product sales, net in the statement of operations. Research and Development Income : The Company establishes agreed upon product development agreements with its customers to perform product development services. Product development revenues are recognized in accordance with the product development agreement upon the completion of the phases of development and when the Company has no future performance obligations relating to that phase of development. Revenue recognition requires the Company to assess progress against contracted obligations to assure completion of each stage. These payments are generally non-refundable and are reported as deferred until they are recognizable as revenue. If no such arrangement exists, product development fees are recognized ratably over the entire period during which the services are performed. In making such assessments, judgments are required to evaluate contingencies such as potential variances in schedule and the costs, the impact of change orders, liability claims, contract disputes and achievement of contractual performance standards. Changes in total estimated contract cost and losses, if any, are recognized in the period they are determined. Billings on research and development contracts are typically based upon terms agreed upon by the Company and customer and are stated in the contracts themselves and do not always align with the revenues recognized by the Company. Licensing and Royalty Income: Revenues earned under licensing or sublicensing contracts are recognized as earned in accordance with the terms of the agreements. The Company recognizes royalty revenue based on royalty reports received from the licensee. The Company does not have current plans to have meaningful revenue from licensing and royalty agreements in 2016. ASC 718-10 defines the fair-value-based method of accounting for stock-based employee compensation plans and transactions used by the Company to account for its issuances of equity instruments to record compensation cost for stock-based employee compensation plans at fair value as well as to acquire goods or services from non-employees. Transactions in which the Company issues stock-based compensation to employees, directors and advisors and for goods or services received from non-employees are accounted for based on the fair value of the equity instruments issued. The Company utilizes pricing models in determining the fair values of options and warrants issued as stock-based compensation. These pricing models utilize the market price of the Company’s common stock and the exercise price of the option or warrant, as well as time value and volatility factors underlying the positions. Stock-based compensation expense is recognized over the vesting period of the grant. Expenses related to debt financing activities are capitalized and amortized on an effective interest method, over the term of the loan. See detailed amounts per year in Notes 6 and 9. The Company’s research and development costs are expensed as incurred. Costs related to shipping and handling is comprised of outbound freight and the associated labor. These costs are recorded in costs of sales. Basic net income (loss) per share of common stock is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per share of common stock is computed using the weighted average number of shares of common stock and potential dilutive common stock equivalents outstanding during the period. Potential dilutive common stock equivalents include shares issuable upon the conversion of the convertible 3.75 2,998,406 For the years ended December 31, 2015, 2014 and 2013 (in thousands except shares and per share data) 2015 2014 2013 Basic net income (loss) per share computation: Net income (loss) attributable to common stockholders basic $ 6,668 $ 5,251 $ (1,392) Weighted average common shares basic 52,872,814 49,817,721 43,517,640 Basic net income (loss) per share $ 0.13 $ 0.11 $ (0.03) Dillutive net income (loss) per share computation: Net income (loss) attributable to common stockholders basic $ 6,668 $ 5,251 $ (1,392) Interest expense related to convertible 3.75% senior notes 5,391 224 - Amortization of discount related to convertible 3.75% senior notes 6,680 $ - $ - Change in the fair value of derivative (23,144) $ - $ - Net income (loss) attributable to common stockholders diluted $ (4,405) $ 5,475 $ (1,392) Share Computation: Weighted average common shares basic 52,872,814 49,817,721 43,517,640 Effect of convertible 3.75% senior notes 12,732,168 12,732,168 - Effect of dilutive stock options and warrants 1,507,013 1,657,301 - Weighted average common shares outstanding dilluted 67,111,995 64,207,190 43,517,640 Dilluted net income (loss) per share $ (0.07) $ 0.09 $ (0.03) The Company accounts for its derivative instruments in accordance with ASC 815-10, “Derivatives and Hedging” (“ASC 815-10”). ASC 815-10 establishes accounting and reporting standards requiring that derivative instruments, including derivative instruments embedded in other contracts, be recorded on the balance sheet as either an asset or liability measured at its fair value. ASC 815-10 also requires that changes in the fair value of derivative instruments be recognized currently in results of operations unless specific hedge accounting criteria are met. The Company has not entered into hedging activities to date. The Company’s derivative liability is the embedded convertible option of its Convertible Notes issued December 16, 2014 (as defined in Note 6), all of which have been recorded as a liability at fair value, and are revalued at each reporting date, with changes in the fair value of the instruments included in the consolidated statements of operations as non-operating income (expense). Due to the approval of the sufficient shares at the Company’s annual shareholder meeting, the liability for the embedded derivative was reclassified to equity on May 20, 2015. The Company has no derivatives at December 31, 2015. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make estimates and assumptions that 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 amounts of revenues and expenses during the reporting period. Significant estimates include valuation of the derivative liability, SRA allowances, allowances for excess and obsolete inventories, allowances for doubtful accounts, provisions for income taxes and related deferred tax asset valuation allowances, stock based compensation, the impairment of long-lived assets (including intangibles and goodwill) and accruals for environmental cleanup and remediation costs. Actual results could differ from those estimates. In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842): “Recognition and Measurement of Financial Assets and Financial Liabilities”. The update supersedes Topic 840, Leases and requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP. Topic 842 retains a distinction between finance leases and operating leases, with cash payments from operating leases classified within operating activities in the statement of cash flows. The amendments in this update are effective for fiscal years beginning after December 15, 2018 for public business entities, which for the Company means January 1, 2019. The Company is currently evaluating the impact of this ASU on its consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): “Simplifying the Accounting for Measurement-Period Adjustments”. The update eliminates the requirement to retrospectively adjust the provisional amounts recognized at the acquisition date with a corresponding adjustment to goodwill during the measurement period when new information is obtained about the facts and circumstances that existed as of the acquisition date, that if known, would have affected the measurement of the amounts initially recognized or would have resulted in the recognition of additional assets or liabilities. The amendments in this update are effective for fiscal years beginning after December 15, 2015, which for the Company means January 1, 2016, and should be applied prospectively to adjustments to provisional amounts that occur after the effective date of this update. Early application is permitted for financial statements that have not been issued. The Company does not expect the adoption of this ASU will have any significant impact on its consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): “Simplifying the Measurement of Inventory”. ASU 2015-11 requires inventory measured using any method other than last-in, first out (“LIFO”) or the retail inventory method to be subsequently measured at the lower of cost or net realizable value, rather than at the lower of cost or market. Under this ASU, subsequent measurement of inventory using the LIFO and retail inventory method is unchanged. ASU 2015-11 is effective prospectively for fiscal years, and for interim periods within those years, beginning after December 15, 2016. Early application is permitted. The Company does not expect the adoption of this ASU will have any significant impact on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-3, “Simplifying the Presentation of Debt Issuance Costs.” The new guidance specifies that debt issuance costs under the new standard are to be netted against the carrying value of the financial liability. Under current guidance, debt issuance costs are recognized as a deferred charge and reported as a separate asset on the balance sheet. The new guidance aligns the treatment of debt issuance costs and debt discounts in that both reduce the carrying value of the liability. Amortization of debt issuance costs is to be recorded as interest expense on the income statement. ASU 2015-3 is effective fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been issued previously. The Company is currently evaluating the impact of this ASU on its consolidated financial statements. In May 2014 |
Liquidity
Liquidity | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | 2. Liquidity The Company’s principal sources of liquidity are cash and cash equivalents of approximately $ 87,191,000 10,000,000 10,000,000 This facility was terminated in February 2016. On December 10, 2014, the Company entered into a purchase agreement (the “Purchase Agreement”), pursuant to which the Company agreed to sell its 3.75 139 4.8 The Company may require additional funding and this funding will depend, in part, on the timing and structure of potential business arrangements. If necessary, the Company may continue to seek to raise additional capital through the sale of its equity or through a strategic alliance with a third party. There may also be additional acquisition and growth opportunities that may require external financing. There can be no assurance that such financing will be available on terms acceptable to the Company, or at all. The Company also has the ability to defer certain product development and other programs, if necessary. The Company believes that our existing capital resources will be sufficient to support its current business plan and operations beyond March 2017. |
License Fee
License Fee | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments Disclosure [Text Block] | 3. License Fee On December 12, 2005, the Company extended its license agreement for an additional ten years with Novavax, Inc. for $ 1,000,000 100,000 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | 4. Inventories 2015 2014 (in thousands) Raw materials $ 4,833 $ 2,299 Work in progress 128 140 Finished goods 4,024 345 $ 8,985 $ 2,784 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 5. Property, Plant and Equipment 2015 2014 (in thousands) Land $ 257 $ 257 Building and improvements 5,296 3,775 Machinery and equipment 5,270 4,156 Construction in progress 3,594 225 14,417 8,413 Less accumulated depreciation and amortization (5,711) (5,151) Property, plant and equipment, net $ 8,706 $ 3,262 The Company recorded depreciation and amortization expense of $ 560,000 415,000 375,000 |
Convertible 3.75% Senior Notes
Convertible 3.75% Senior Notes | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Convertible debt disclosure [Text Block] | 6. Convertible 3.75% Senior Notes On December 16, 2014, the Company issued $ 125 3.75 18.75 139 4.8 0.1 The Notes bear interest at a fixed rate of 3.75 On May 20, 2015, the Company received shareholder approval for the increase in the number of shares of common stock authorized and available for issuance upon conversion of the Notes. As a result, the conversion option can now be share-settled in full, and now qualifies for equity classification, and the bifurcated derivative liability no longer needs to be accounted for as a separate derivative on a prospective basis as of May 20, 2015. The remaining unamortized debt discount that arose at the date of debt issuance from the original bifurcation will continue to be amortized using the effective interest method through interest expense. After adjusting the derivative liability to market value on May 20, 2015, the Company reclassified the remaining $ 18.3 The Notes and any common stock issuable upon conversion of the Notes have not been registered under the Securities Act, applicable state securities laws or the securities laws of any other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption from registration requirements. The Company does not intend to file a registration statement for the resale of the Notes or any common stock issuable upon conversion of the Notes, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful. Since the Company did not have sufficient authorized shares available to share-settle the conversion option in full prior to May 20, 2015, the embedded conversion option did not qualify for equity classification and instead was separately valued and accounted for as a derivative liability. On December 16, 2014, the initial value allocated to the derivative liability was $ 43.7 143.75 12.94 23.1 The remaining unamortized discount and unamortized debt financing costs will be amortized over the remaining term of the debt of 4.0 December 31, 2015 (in thousands) Face Amount of the Notes $ 143,750 Unamortized discount 36,759 Carrying amount of the Notes $ 106,991 Deferred financing costs associated with the Notes, include fees of $ 4.0 Initial Measurement Measurement Measurement December 16, December 31, May 20, 2014 2014 2015 Issue date 12/17/2014 12/17/2014 12/17/2014 Maturity date 12/15/2019 12/15/2019 12/15/2019 Term 4.99 4.92 4.57 Principal (millions) 143.75 143.75 143.75 Coupon 3.75 % 3.75 % 3.75 % Seniority Senior unsecured Senior unsecured Senior unsecured Conversion shares 88.572 88.572 88.572 Conversion price $ 11.29 $ 11.29 $ 11.29 Stock price $ 9.45 $ 8.80 $ 5.73 Risk free rate 1.61 % 1.64 % 1.44 % Volatility (rounded) 40.00 % 40.00 % 46.00 % The table below provides a reconciliation of beginning and ending balances for the liability measured at fair value using significant observable and unobservable inputs (Level 3). The table reflects the gains associated with the decrease in fair value and the reclassification of the balance of the derivative liability. Initial Measurement Decrease in Fair Value December 31, Decrease in Fair Value January Reclassification of derivative December 31, Fair value of convertible feature of 3.75% senior notes $ 43,700 $ 2,300 $ 41,400 $ 23,144 $ 18,256 $ - December 31, 2015 (in thousands) Interest Expense at 3.75% coupon rate $ 5,391 Debt Discount Amortization 6,680 Amortization of deferred financing costs 728 Total interest expense (1) $ 12,799 (1) Included within “Interest and other expense, net” on the Consolidated Statements of Operations |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | 7. Acquisitions On November 13, 2015, the Company completed its acquisition of all of the rights, title and interest in the development, production, marketing, import and distribution of all pharmaceutical products of Alveda. In connection with the closing of the Acquisition, the Company formed three subsidiaries: Teligent Luxembourg S.à.r.l., a private limited company incorporated under the laws of the Grand Duchy of Luxembourg and wholly-owned by the Company (“LuxCo“); Teligent OÜ, a private limited company incorporated under the laws of Estonia that is wholly-owned by LuxCo (“EstoniaCo“); and Teligent Canada Inc., a company incorporated under the laws of the Province of British Columbia that is wholly-owned by LuxCo (“CanadaCo“). Effective immediately prior to the closing, the Company assigned its rights and obligations under the IP-Related APA to EstoniaCo and assigned its rights and obligations under the Non-IP Related APA to CanadaCo, The Company capitalized these subsidiaries and funded the Acquisition as follows: the Company funded LuxCo by way of an equity contribution in the amount of $ 3,374,549 28,185,847 November 4, 2022 0.49 25 3,746,094 0.49 Also in connection with the closing of the Acquisition, CanadaCo and EstoniaCo entered into a distribution agreement pursuant to which CanadaCo has agreed to purchase from EstoniaCo certain products and act as the exclusive distributor of such products in Canada (the “Distribution Agreement”). In consideration for the supply of the products, CanadaCo agrees to pay an established per-unit amount for each packaging configuration unit of the product, with such price to be negotiated by the parties from time to time throughout the effective period. As a result, EstoniaCo shall manage all contract manufacturing arrangements with third parties and the sale of all such manufactured products to CanadaCo, which, in turn, shall manage the sale to third parties of all such finished products in Canada. The Distribution Agreement shall have an initial term of two years from the effective date, with automatic one-year renewals, unless terminated earlier by either party. The Company has the right to use licenses and product registrations, access to intellectual property rights (“IPR”) (including know-how, and patents) to use, import, have imported, offer for sale, sell, manufacture and commercialize the devices in Canada. The Alveda Acquisition has been accounted for using the acquisition method of accounting. This method requires that assets acquired and liabilities assumed in a business combination be recognized at their fair values as of the acquisition date. Acquisition related costs were expensed as incurred. The Company utilized the Multi-Period Excess Earnings Method (MPEEM) income approach to value intangible assets. Key assumptions utilized in the analysis of the intangibles were the revenue base, cost of goods sold, operating expenses, income tax rate and discount rate. Consideration: Fair value of total consideration transferred $ 35,418 Acquisition-related costs* : $ 2,256 Estimated fair value of identifiable assets acquired and liabilities assumed: Accounts receivable $ 911 Inventories 2,673 Prepaid expenses and other current assets 4 Property and equipment 6 Goodwill, deductible 440 Developed Technology 24,858 In-process research and development 3,816 Customer relationships 3,615 Accounts payable and other assumed liabilities (661) Deferred tax liability (244) *At closing, the Company also paid $ 5.2 is not included in the above table as consideration or acquisition related costs, and Prepaid expenses and other receivables Gross Carrying Net Carrying Weighted Average Amount at Accumulated Amount at Remaining Amortization 12/31/15 Amortization at 12/31/15 12/31/15 Period Technology 25,243 (210) 25,033 14.9 In-process research and development 3,875 - 3,875 N/A - Indefinite lived Customer relationships 3,460 (43) 3,417 9.9 Total 32,578 (253) 32,325 As of December 31, 2015, $ 1.5 0.1 Pro Forma Information (unaudited): (amounts in thousands, except for per share amounts) For the Years Ended December 31, 2015 December 31, 2014 Total Revenue $ 55,767 $ 47,284 Net income $ 8,443 $ 6,525 Basic earnings per share $ 0.16 $ 0.13 Diluted earnings (loss) per share $ (0.04) $ 0.11 The above pro forma results are presented for illustrative purposes and are not intended to represent or be indicative of the actual results of operations of the merged companies that would have been achieved had the acquisition occurred at January 1, 2014, nor are they intended to represent or be indicative of future results of operations. These pro forma results require significant estimates and judgments. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | 8. Goodwill and Intangible Assets Goodwi ll As a result of the acquisition of Alveda, the Company recorded goodwill of $ 0.4 Goodwill December 31, 2013 $ - Acquisition - Impairments - Foreign currency translation - December 31, 2014 - Acquisition 440 Impairments - Foreign currency translation (14) December 31, 2015 $ 426 Intangible Assets Gross Carrying Net Carrying Weighted Average Amount at Accumulated Amount at Remaining Amortization 12/31/15 Amortization at 12/31/15 12/31/15 Period Trademarks and Technology 47,679 (651) 47,028 14.8 In-process research and development 3,875 - 3,875 N/A - Indefinite lived Customer relationships 3,460 (43) 3,417 9.9 Total 55,014 (694) 54,320 Trademarks and Customer Technology IPR&D Relationships December 31, 2013 $ 1,766 $ - $ - Acquisition - - - Amortization (120) - - Foreign currency translation - - - December 31, 2014 1,646 - - Acquisition 45,468 3,816 3,615 Amortization (471) - (43) Foreign currency translation 385 59 (155) December 31, 2015 $ 47,028 $ 3,875 $ 3,417 Year ending Amortization December 31, Expense * 2016 2,814 2017 2,814 2018 2,814 2019 2,814 2020 2,814 *IPR&D amounts will be amortized once products become saleable, and are not included in the table Intangibles Category Amortizable Life Trademarks and Technology 15 years Customer Relationships 10 years |
Note Payable - General Electric
Note Payable - General Electric Capital Corporation | 12 Months Ended |
Dec. 31, 2015 | |
Note Payable [Line Items] | |
Debt Disclosure [Text Block] | 9. Note Payable - General Electric Capital Corporation On November 18, 2014, the Company entered into an asset-based revolving senior secured credit facility (the “Credit Agreement”) with General Electric Capital Corporation, as agent (the “Agent”), and GE Capital Bank and the other financial institutions party thereto, as lenders (the “Lenders”), pursuant to which the Lenders agreed to extend credit facilities to the Company (the “Financing”). To secure payment of the amounts financed under the Credit Agreement, the Company and the Agent entered into a Guaranty and Security Agreement (the “Guaranty and Security Agreement”). Under the terms of the Guaranty and Security Agreement, the Company granted to the Agent, for the benefit of the Lenders and other secured parties, a continuing security interest in and against substantially all of its tangible and intangible assets, except intellectual property, and each of the Company’s direct and indirect future subsidiaries shall guarantee the Company’s’ obligations under the Credit Agreement. Under the Credit Agreement, the Company could request revolving loan advances up to an aggregate total amount of $ 10 15 10 Borrowings under the Credit Agreement may be made as prime rate loans with an applicable margin of 3.0% per annum or 1, 2, 3 or 6 month LIBOR loans with an applicable margin of 4.0% per annum. 4.2 85 We had $ 3.2 3.2 0 10 The term of the Credit Agreement is up to five years from November 18, 2014. The Credit Agreement contains customary representations and warranties and customary affirmative and negative covenants, including, among others, covenants that limit or restrict the Company’s ability to incur indebtedness, grant liens, merge or consolidate, dispose of assets, make investments, make acquisitions, enter into certain transactions with affiliates, pay dividends or make distributions, or repurchase stock, in each case, subject to customary exceptions for a loan facility of this size and type. In addition, the Credit Agreement contains customary events of default (subject to customary cure periods for certain events of default), including, among others, non-payment, inaccuracy of representations and warranties, covenant defaults, cross-default to material agreements, cross-default to material indebtedness, bankruptcy and insolvency and material judgment defaults. The Company must meet certain financial reporting and audit requirements, as defined by the credit agreement. The Company was in compliance with all other covenants of the Credit Agreement as of December 31, 2015. Debt issuance costs of $ 432,000 351,000 |
Series A Convertible Preferred
Series A Convertible Preferred Stock | 12 Months Ended |
Dec. 31, 2015 | |
Series A Convertible Preferred Stock [Member] | |
Series A Convertible Preferred Stock [Line Items] | |
Preferred Stock [Text Block] | 10. Series A Convertible Preferred Stock On December 5, 2007, pursuant to a subscription agreement entered into with an accredited investor, the Company sold (i) 50 10,000 10,000 175,000 1.25 500,000 The Series A Convertible Preferred Stock was convertible, at the option of the holders, into shares of the Company’s common stock at a conversion price of $ 1.00 10,000 10,000 2.50 The Company has a total of 1,000,000 0.01 100 On September 5, 2013, at the option of the holder, all of the issued and outstanding shares of the Series A Convertible Preferred Stock were converted into 500,000 1.00 |
Series C Convertible Preferred
Series C Convertible Preferred Stock - 2010 Offering | 12 Months Ended |
Dec. 31, 2015 | |
Series C Convertible Preferred Stock [Member] | |
Series C Convertible Preferred Stock [Line Items] | |
Preferred Stock [Text Block] | 11. Series C Convertible Preferred Stock On March 29, 2010, the Company completed a $ 1,550,000 1,550 0.01 5 Furthermore, each share of Series C Convertible Preferred Stock was convertible into shares of common stock equal to (i) 1,000 plus any accrued and unpaid dividends, divided by (ii) $0.69 (the closing price of the Company’s common stock on the date of issuance of the Series C Convertible Preferred Stock). The Company has a total of 1,000,000 1,550 Pursuant to the terms of the Certificate of Designation, the shares of Series C Preferred Stock automatically converted into shares of the Company’s Common Stock upon the date that the closing price of the Company’s Common Stock exceeded three times the closing price on the issuance date for a period of 25 consecutive trading days immediately preceding such date. Accordingly, on December 6, 2013, all of the shares of Series C Convertible Preferred Stock automatically converted into shares of the Company’s Common Stock. On December 6, 2013, the Company recognized a deemed dividend as a component of net loss attributable to common stockholders for the fair value of the additional shares issued to the former preferred stockholders. All of the issued and outstanding shares of the Series C Convertible Preferred Stock, of the Company, as well as accrued dividends of $ 1,308,000 2,661,494 0.01 0.69 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 12. Stock-Based Compensation The 1999 Director Stock Option Plan, as amended (the “Director Plan”), provides for the grant of stock options to non-employee directors of the Company at an exercise price equal to the fair market value per share on the date of the grant. An aggregate of 1,975,000 2,514,798 807,782 The 1999 Stock Incentive Plan, as amended (“1999 Plan”), replaced all previously authorized employee stock option plans, and no additional options may be granted under those previous plans. Under the 1999 Plan, options or stock awards may be granted to all of the Company’s employees, officers, directors, consultants and advisors to purchase a maximum of 3,200,000 2,892,500 100 On June 26, 2009, the Board of Directors adopted, and the Company’s stockholders subsequently approved, the IGI Laboratories, Inc. 2009 Equity Incentive Plan (the “2009 Plan”). The 2009 Plan allows the Company to continue to grant options and restricted stock, as under the 1999 Plan, but also authorizes the Board of Directors to grant a broad range of other equity-based awards, including stock appreciation rights, restricted stock units and performance awards. The 2009 Plan has been created, pursuant to and consistent with the Company’s current compensation philosophy, to assist the Company in attracting, retaining and rewarding designated employees, directors, consultants and other service providers of the Company and its subsidiaries and affiliates, in a manner that will be cost efficient to the Company from both an economic and financial accounting perspective. On April 12, 2010, the Board of Directors adopted, and the Company’s stockholders subsequently approved, an amendment and restatement of the 2009 Plan to increase the number of shares of Common Stock available for grant under such plan by adding 2,000,000 4,000,000 1,000,000 3,062,734 1,506,248 230,420 In summary, there are 3,592,734 There are 639,404 Stock Options The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing formula that uses assumptions noted in the following table. Expected volatilities and risk-free interest rates are based upon the expected life of the grant. Assumptions 2015 2014 2013 Dividend yield 0 % 0 % 0 % Risk free interest rate 1.11 % 0.74 1.2 % 0.48 % Estimated volatility factor 52.7% - 68.3 % 44.0% - 53.0 % 36.9% -43.1 % Expected life 3.2 3.3 years 3.2 - 3.3 years 3.2 3.3years Estimated volatility was calculated using the historical volatility of the Company’s stock over the expected life of the options. The expected life of the options was estimated based on the Company’s historical data. The forfeiture rates are estimated based on historical employment/directorship termination experience. The risk free interest rate is based on U.S. Treasury yields for securities with terms approximating the terms of the grants. The assumptions used in the Black-Scholes option valuation model are highly subjective, and can materially affect the resulting valuation. Stock option transactions in each of the past three years under the aforementioned plans in total were: Weighted Shares Exercise Exercise January 1, 2013 shares issuable under options 2,606,500 $ .55 - 1.74 $ 1.10 Granted 247,000 1.04 - 3.03 1.35 Exercised (129,336) 1.02 - 1.27 1.08 Expired - - - Forfeited (80,664) 1.10 - 1.74 1.30 December 31, 2013 shares issuable under options 2,643,500 .55 - 3.03 1.12 Granted 397,500 2.96 - 10.55 5.89 Exercised (443,166) .55 - 1.95 1.15 Expired - - - Forfeited (161,000) 1.10 5.65 2.71 December 31, 2014 shares issuable under options 2,436,834 .76 - 10.55 1.79 Granted 1,357,000 5.55 - 10.67 9.20 Exercised (75,766) 0.76 - 3.62 1.10 Expired - Forfeited (125,334) 1.40 - 10.67 8.99 December 31, 2015 shares issuable under options 3,592,734 0.79 - 10.67 4.36 Options Outstanding Options Exercisable Weighted Weighted Weighted Average Average Average Range of Number of Remaining Exercise Number of Exercise Exercise Price Options Life (Years ) Price Options Price $ 0.79 to $ 1.00 50,000 4.01 $ 0.79 50,000 $ 0.79 1.01 to 1.50 1,862,400 6.14 1.07 1,851,400 1.07 1.51 to 10.67 1,680,334 8.96 8.10 289,997 4.02 $0.79 to $10.67 3,592,734 7.43 $ 4.36 2,191,397 $ 1.45 The following table summarizes information concerning outstanding and exercisable options as of December 31, 2014: Options Outstanding Options Exercisable Weighted Weighted Weighted Average Average Average Range of Number of Remaining Exercise Number of Exercise Exercise Price Options Life (Years ) Price Options Price $.76 to $1.00 97,000 3.04 $ .78 97,000 $ .78 1.01 to 1.50 1,887,500 7.14 1.07 1,448,664 1.08 1.51 to 10.55 452,334 8.68 5.02 110,333 1.78 $.76 to $10.55 2,436,834 7.26 $ 1.79 1,655,997 $ 1.11 The following table summarizes information concerning outstanding and exercisable options as of December 31, 2013: Options Outstanding Options Exercisable Weighted Weighted Weighted Average Average Average Range of Number of Remaining Exercise Number of Exercise Exercise Price Options Life (Years ) Price Options Price $.55 to $1.00 218,000 4.83 $ .76 214,000 $ .75 1.01 to 2.00 2,418,000 7.90 1.14 1,238,496 1.19 2.01 to 3.03 7,500 9.87 2.83 - - $.55 to $3.03 2,643,500 7.65 $ 1.12 1,452,496 $ 1.13 The Company has recorded an aggregate of $ 1,652,300 316,200 206,500 The aggregate intrinsic value of options outstanding was $ 17,380,012 17,103,045 5,109,925 16,323,878 12,738,143 2,789,901 591,226 3,391,030 254,779 A summary of non-vested options at December 31, 2015 and changes during the year ended December 31, 2015 is presented below: Weighted Options Grant Date Non-vested options at January 1, 2015 780,837 $ 1.12 Granted 1,357,000 3.73 Vested (615,166) 0.78 Forfeited (121,334) 3.37 Non-vested options at December 31, 2015 1,401,337 $ 3.60 As of December 31, 2015, there was $ 3,674,700 Restricted Stock and RSUs The Company periodically grants restricted stock and RSU awards to certain officers and other employees that typically vest one to three years from their grant date. On December 30, 2013, in accordance with the terms of the employment agreement between Jason Grenfell-Gardner, President and CEO, and the Company executed on July 30, 2012, a restricted stock award in the amount of 325,000 620,500 507,100 329,400 1,362,300 A summary of non-vested shares of restricted stock and changes during each of the past three years is as follows: Number of Weighted Average Restricted Stock Issuance Price Non-vested balance at January 1, 2013 29,334 $ 1.00 Changes during the period: Shares granted 325,000 2.86 Shares vested (108,333) 2.86 Shares forfeited - Non-vested balance at January 1, 2014 246,001 $ 2.64 Changes during the period: Shares granted - Shares vested (137,667) 2.46 Shares forfeited - Non-vested balance at December 31, 2014 108,334 $ 2.86 Changes during the period: Shares granted 32,500 10.67 Shares vested (140,834) 4.66 Shares forfeited - Non-vested balance at December 31, 2015 - $ 0.00 A summary of non-vested RSU’s and changes during each of the past three years is as follows: Number of Weighted Average RSUs Issuance Price Non-vested balance at January 1, 2015 - $ - Changes during the period: Shares granted 230,250 10.32 Shares vested (32,500) 10.67 Shares forfeited (15,000) 10.67 Non-vested balance at December 31, 2015 182,750 $ 0.00 There was no RSU activity for the years ended December 31, 2013 and 2014. |
Stock Warrants
Stock Warrants | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 13. Stock Warrants 2015 2014 2013 Weighted Weighted Weighted Average Average Average Warrants Exercise Price Warrants Exercise Price Warrants Exercise Price Beginning balance 84,000 $ 1.21 354,546 $ 1.21 782,259 $ 0.85 Stock warrants granted - - - - - - Stock warrants expired (16,364) 1.21 - - - - Stock warrants exercised (67,636) 1.21 (270,546) 1.21 (427,713) 0.55 Ending balance - $ - 84,000 $ 1.21 354,546 $ 1.21 In connection with the private placement of the Company’s Common Stock on December 8, 2010, the Company granted common stock warrants to purchase 338,182 16,364 1.21 67,636 16,364 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 14. Income Taxes The Company’s current tax expense (benefit) was $ 35,000 173,000 (197,000) 2015 2014 2013 (in thousands) Current tax expense (benefit): Federal $ - $ 97 $ - State and local 19 76 (197) Foreign 28 Total current tax expense (benefit) 47 173 (197) Deferred tax expense (benefit): Federal - - - State and local - - - Foreign (12) Total deferred tax expense (benefit) (12) - - Total income tax expense (benefit) $ 35 $ 173 $ (197) In 2013 the Company sold the remainder of its New Jersey operating loss carry forwards under a program of the New Jersey Economic Development Authority (NJEDA) in exchange for net proceeds of $ 197,000 34 2015 2014 2013 (in thousands) Expected Statutory expense (benefit) $ 2,244 $ 1,844 $ (95) Gain on derivative and amortization of debt discount (5,597) (693) - Other non-deductible expenses 7 3 2 Change in valuation allowance 3,254 (1,031) 30 Rate differential - foreign vs. US 114 (197) State income taxes, net of federal benefit 13 50 - Federal tax impact of state tax benefit, net - - 63 $ 35 $ 173 $ (197) 2015 2014 (in thousands) Current Assets: Allowance for doubtful accounts $ 6 $ 6 Inventory reserve 157 113 Accrued expenses 1,005 566 Total current assets 1,168 685 Long Term Assets (Liabilities): Property, plant and equipment 348 245 Intangible assets (256) 2 Tax operating loss carry forwards 11,283 9,068 Tax credit carry forwards 291 293 Non-employee stock options 1,238 682 Other (7) (5) Total Long Term Assets (Liabilities) 12,897 10,285 Gross Deferred Tax Asset (Liability) 14,065 10,970 Less Valuation Allowance (14,309) (10,970) Deferred taxes, net $ (244) $ - The Company evaluates the recoverability of its net deferred tax assets based on its history of operating results, its expectations for the future, and the expiration dates of the net operating loss carry forwards. Based on the preponderance of the evidence, the Company has concluded that it is more likely than not that it will be unable to realize the net deferred tax assets in the immediate future and has established a valuation allowance for all such net deferred tax assets. Accordingly, the Company has provided a valuation allowance of $ 14.3 11.0 3.4 2015 2014 (in thousands) Federal: Net operating losses (expiring through 2035) $ 32,870 $ 26,602 Research tax credits (expiring through 2025) 168 168 Alternative minimum tax credits (available without expiration) 70 123 State: Net Operating Losses: Tennessee (expiring in 2030) 568 322 New Jersey (expiring in 2035) 822 1 Illinois (expiring in 2035) 255 - Foreign Net operating losses (no expiration) 10 - Year Net Operating Loss (in thousands) 2019 $ 1,009 2020 6,670 2021 1,157 2022 - 2023 1,232 2024 974 2025 1,850 2026 1,070 2027 308 2028 1,414 2029 3,447 2030 3,455 2031 2,749 2032 3,721 2035 6,579 Total $ 35,635 The above excludes net operating losses of $2.8 million which, if realized would be accounted for as additional paid-in capital. The Company’s ability to use net operating loss carry forwards is subject to substantial limitation in future periods under certain provisions of Section 382 of the Internal Revenue Code, which limit the utilization of net operating losses upon a more than 50 5 in 2010 ( aggregating $ 15.1 1.0 2.3 The Company is subject to the provisions of ASC 740-10-25, Income Taxes |
Lease Commitments
Lease Commitments | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | 15. Lease Commitments The Company’s commitments and contingencies consisted of operating leases for warehouse and office space and equipment. Commitments 2016 $ 408 2017 439 2018 355 2019 315 2020 317 2021 322 2022 327 2023 332 2024 83 $ 2,898 Rent expense was $ 360,000 216,200 121,700 |
Legal and U.S. Regulatory Proce
Legal and U.S. Regulatory Proceedings | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Legal Matters and Contingencies [Text Block] | 16. Legal and U.S. Regulatory Proceedings On March 2, 2001, the Company became aware of environmental contamination resulting from an unknown heating oil leak at its former manufacturing facility. The Company immediately notified the New Jersey Department of Environmental Protection (“NJ DEP”) and the local authorities, and hired a contractor to assess the exposure and required clean up. The total estimated costs for the clean-up and remediation is $ 889,000 123,000 The restricted cash, included in other assets on the Consolidated Balance Sheet of $ 124,000 54,000 On December 19, 2013, the Company filed a complaint in the United States District Court for the District of Delaware against Mallinckrodt LLC, Mallinckrodt, Inc. and Nuvo Research Inc., collectively refer to as Mallinckrodt, seeking a declaration of non-infringement of United States Patent Nos. 8,217,078 and 8,546,450 so that the Company can bring our generic diclofenac sodium topical solution 1.5% to market at the earliest possible date under applicable statutory and FDA regulatory provisions. On January 10, 2014, Mallinckrodt filed an answer and counterclaim alleging that the Company infringed the patents at issue. On June 26, 2014, the Company entered into a settlement agreement with Mallinckrodt, pursuant to which Mallinckrodt granted us a non-exclusive license to launch the Company’s diclofenac sodium topical solution 1.5% product on March 28, 2015. There was no material impact on the Company’s financial statements as a result of the settlement. We received tentative approval to sell the diclofenac sodium topical solution 1.5% from the FDA on May 7, 2014. On May 21, 2015, Horizon Pharma Ireland Limited, HZNP Limited and Horizon Pharma USA, Inc. (collectively, “Horizon”) filed a complaint in the United States District Court for the District of New Jersey against the Company alleging infringement of certain United States patents based upon to the Company’s submission to the FDA of an Abbreviated New Drug Application (“ANDA”) seeking FDA approval to market diclofenac topical solution 2% w/w before the expiration of the patents asserted in the complaint. On June 30, 2015, August 11, 2015, September 17, 2015, October 27, 2015 and February 5, 2016, Horizon filed additional complaints in the United States District Court for the District of New Jersey against the Company alleging infringement of other of its United States patents in relation to the Company’s submission of the same ANDA. On July 21, 2015, September 11, 2015, October 6, 2015, October 21, 2015 and December 17, 2015, the Company filed answers, affirmative defenses and counterclaims with respect to the first five complaints filed by Horizon. In those filings, the Company asserted that the patents alleged to be infringed in the complaints filed by Horizon are invalid and not infringed by the Company. On December 4, 2015, Galderma Laboratories, L.P. and Galderma S.A. (collectively, “Galderma”) filed a complaint in the United States District Court for the Northern District of Texas against the Company alleging infringement of United States Patent No. 6,106,848 based upon the Company’s submission to the FDA of an ANDA seeking FDA approval to market clobetasol propionate lotion 0.05% before the expiration patent asserted in the complaint. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 17. Employee Benefits The Company has a 401(k) contribution plan, pursuant to which employees may elect to contribute to the plan, in whole percentages, up to 100 1 18,000 17,500 17,500 5,500 100 3 50 2 172,965 126,600 93,000 |
2014 Public Offering
2014 Public Offering | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Public Offering Disclosure [Text Block] | 18. 2014 Public Offering On June 27, 2014, the Company entered into an underwriting agreement with Roth Capital Partners, LLC and Oppenheimer & Co., as representatives of the several underwriters named therein (the “Underwriters”), relating to the underwritten public offering and sale of up to an aggregate of 4,650,000 0.01 5.00 697,500 The Offering was made pursuant to the Company’s shelf registration statement on Form S-3 (Registration No. 333-196543), filed on June 5, 2014 with the Securities and Exchange Commission (the “SEC”) and declared effective by the SEC on June 16, 2014, as well as the prospectus supplement describing the terms of the Offering, dated June 27, 2014. On July 2, 2014, the Company closed the Offering, and after giving effect to the underwriters’ exercise of the over-allotment option, the Company sold an aggregate of 5,347,500 5.00 24.9 |
Asset Purchase Agreements
Asset Purchase Agreements | 12 Months Ended |
Dec. 31, 2015 | |
Asset Purchase Agreement Disclosure [Abstract] | |
Asset Purchase Agreement Disclosure [Text Block] | 19. Asset Purchase Agreements Concordia On October 5, 2015, the Company, together with a wholly-owned subsidiary of the Company incorporated under the laws of Jersey (the “Company Subsidiary ” ”) TM The transaction is accounted for as a purchase of the product and product rights, and as such the initial payment and related costs to acquire the assets (excluding inventory) are included as part of product acquisition costs totaling $ 10,100,000 1,200,000 On December 10, 2015, the Company, together with Teligent Jersey Limited, a wholly-owned subsidiary of the Company incorporated under the laws of Jersey (the “Company Subsidiary, ” Astra Zeneca On September 24, 2014, the Company entered into an Asset Purchase Agreement (the “AZ Purchase Agreement”) with AstraZeneca Pharmaceuticals LP, a Delaware corporation (“AstraZeneca”), pursuant to which the Company acquired all rights, titles and interests of AstraZeneca and its affiliates in Abbreviated New Drug Applications and New Drug Applications associated with eighteen products (collectively the “ In consideration for the purchase of the Purchased Assets, the Company paid AstraZeneca $ 0.5 6 3,000,000 The transaction is accounted for as a purchase of the product and product rights, and as such the initial payment, milestone payment and related costs to acquire the asset are included as part of product acquisition costs totaling $ 6,910,000 Valeant On September 30, 2014, the Company entered into two Asset Purchase Agreements (each, a “Valeant Purchase Agreement” and together, the “Valeant Asset Purchase Agreements”) one with Valeant Pharmaceuticals North America LLC and one with Valeant Pharmaceuticals Luxembourg SARL (together, “Valeant”), pursuant to which the Company acquired all rights, titles and interests of Valeant and their respective affiliates in Abbreviated New Drug Applications and New Drug Applications associated with two products (collectively, the “Valeant Purchased Regulatory Approvals” ) The transaction is accounted for as a purchase of the product and product rights, and as such the initial payment and related costs to acquire the asset are included as part of product acquisition costs totaling $ 3,565,000 In consideration for the purchase of the Valeant Purchased Assets, the Company paid Valeant an aggregate of $ 1,500,000 750,000 500,000 2,000,000 0.5 1.5 3.5 |
Quarterly Results
Quarterly Results | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | 20. Quarterly Results (Unaudited) First Second Third Fourth Quarter Quarter Quarter Quarter Total (in thousands, except per share data) Year Ended December 31, 2015 Total revenues, net $ 10,671 $ 8,893 $ 11,615 $ 13,071 $ 44,250 Gross profit 5,628 3,666 6,077 5,944 21,315 Operating income (loss) 1,098 (1,911) 391 (2,769) (3,192) Net income (loss) 6,555 9,376 (2,888) (6,375) 6,668 Net income (loss) attributable to common stockholders 6,555 9,376 (2,888) (6,375) 6,668 Basic income (loss) per share $ 0.12 $ 0.18 $ (0.05) $ (0.12) $ 0.13 Diluted income (loss) per share $ 0.01 $ (0.03) $ (0.05) $ (0.12) $ (0.07) Year Ended December 31, 2014 Total revenues, net $ 6,853 6,483 6,668 13,736 33,740 Gross profit 2,866 2,903 2,632 8,391 16,792 Operating income (loss) 219 (281) (144) 4,112 3,906 Net income (loss) 167 (345) (202) 5,631 5,251 Net income (loss) attributable to common stockholders 167 (345) (202) 5,631 5,251 Basic income (loss) per share $ 0.00 $ (0.01) $ 0.00 $ 0.11 $ 0.11 Diluted income (loss) per share $ 0.00 $ (0.01) $ 0.00 $ 0.09 $ 0.09 |
SCHEDULE II-VALUATION AND QUALI
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS (in thousands) Additions Balance at Charged to Charged Beginning Costs and other Balance at of Year Expenses Accounts Deductions End of Year Year Ended December 31, 2013 Change in Tax Valuation Allowance $ 12,358 - - 296 $ 12,062 Year Ended December 31, 2014 Change in Tax Valuation Allowance $ 12,062 - - 1,092 $ 10,970 Year Ended December 31, 2015 Change in Tax Valuation Allowance $ 10,970 - 3,350 - $ 14,320 |
Summary of Significant Accoun31
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Business Description and Basis of Presentation [Text Block] | Nature of the Business Teligent, Inc. (the “Company”) is a Delaware corporation incorporated in 1977. On October 22, 2015, the Company announced the change of its name from IGI Laboratories, Inc. to Teligent, Inc. effective as of October 23, 2015, at 5:00 P.M. Eastern Daylight Time. The Company’s office, research and development facilities and manufacturing facilities are located at 105 Lincoln Avenue, Buena, New Jersey. The Company is a specialty generic pharmaceutical company. Under our own label, the Company currently markets and sells generic topical and branded generic injectable pharmaceutical products in the United States and Canada. In the US, we are currently marketing eight generic topical pharmaceutical products and four branded generic pharmaceutical products. Through the completion of an acquisition, we now sell a total of nineteen generic and branded generic injectable products and medical devices in Canada. Generic pharmaceutical products are bioequivalent to their brand name counterparts. We also provide development, formulation, and manufacturing services to the pharmaceutical, over-the-counter, or OTC, and cosmetic markets. The Company also provides development, formulation and manufacturing services to the pharmaceutical, over-the-counter (“OTC”) and cosmetic markets. We operate our business under one segment. To date, we have filed 31 Abbreviated New Drug Applications, or ANDAs, with the United States Food and Drug Administration, or FDA, for additional pharmaceutical products. On October 14, 2015, the Company provided written notice to the NYSE MKT LLC (the “NYSE MKT”) that the Company intended to transfer the listing of the Company’s common stock from the NYSE MKT to the NASDAQ Global Select Market, and withdraw the listing and registration of the common stock from the NYSE MKT. The Company’s common stock ceased trading on the NYSE MKT at the close of business on October 23, 2015, and began trading on the NASDAQ Global Select Market on October 26, 2015. As discussed in Note 7, on Teligent also develops, manufactures, fills, and packages topical semi-solid and liquid products for branded and generic pharmaceutical customers, as well as the OTC and cosmetic markets. These products are used in a wide range of applications from cosmetics and cosmeceuticals to the prescription treatment of conditions like dermatitis, psoriasis, and eczema. Teligent is currently exploring various options to enable us to expand our development and manufacturing capabilities to include sterile injectable and ophthalmic products. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of Teligent, Inc. and its wholly-owned and majority-owned subsidiaries. All inter-company accounts and transactions have been eliminated. The Company consolidated the following entities: Igen, Inc., Teligent Pharma. Inc., Teligent Luxembourg S.à r.l, Teligent OÜ, Teligent Canada Inc., and Teligent Jersey Limited., in addition to the following inactive entities: Microburst Energy, Inc., Blood Cells, Inc. and Flavorsome, Ltd. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents Cash equivalents consist of short-term investments, which have original maturities of 90 days or less. These include direct obligations of the U.S. Treasury, including bills, notes and bonds, as well as obligations issued or guaranteed by agencies or instrumentalities of the U.S. government including government-sponsored enterprises, or GSEs. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments The carrying amounts of cash and cash equivalents, trade receivables, restricted cash, notes payable, accounts payable, capital leases and other accrued liabilities at December 31, 2015 approximate their fair value for all periods presented. The Company measures fair value in accordance with ASC 820-10, “Fair Value Measurements and Disclosures”. ASC 820-10 clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. As a basis for considering such assumptions, ASC 820-10 establishes a three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Company measures its derivative liability at fair value. The derivative convertible option related to Convertible Notes issued December 16, 2014 was valued using the “with” and “without” analysis. A “with” and “without” analysis is a standard valuation technique for valuing embedded derivatives by first considering the value of the Convertible Notes with the option and then considering the value of the Convertible Notes without the option. The difference is the fair value of the embedded derivatives. The convertible note derivative is classified within Level 3 because it is valued using the “with” and “without” method, which does utilize inputs that are unobservable in the market. On May 20, 2015, the Company received approval to increase its authorized shares sufficient to allow for the conversion of the embedded option into equity at the annual shareholders meeting. Therefore, the derivative liability of $ 18.3 107 143.75 23.1 |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Accounts Receivable and Allowance for Doubtful Accounts The Company extends credit to its contract services customers based upon credit evaluations in the normal course of business, primarily with 30-day terms. The Company does not require collateral from its customers. Bad debt provisions are provided for on the allowance method based on historical experience and management’s evaluation of outstanding accounts receivable. The Company reviews the allowance for doubtful accounts regularly, and past due balances are reviewed individually for collectability. The Company charges off uncollectible receivables against the allowance when the likelihood of collection is remote. The Company extends credit to wholesaler and distributor customers and national retail chain customers, based upon credit evaluations, in the normal course of business, primarily with 60-day terms. The Company maintains customer-related accruals and allowances that consist primarily of chargebacks, rebates, sales returns, shelf stock allowances, administrative fees and other incentive programs. Some of these adjustments relate specifically to the generic prescription pharmaceutical business. Typically, the aggregate gross-to-net adjustments related to these customers can exceed 50% of the gross sales through this distribution channel. Certain of these accruals and allowances are recorded in the balance sheet as current liabilities and others are recorded as a reduction to accounts receivable. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk Financial instruments, which subject the Company to concentrations of credit risk, consist primarily of cash equivalents and trade receivables. These include direct obligations of the U.S. Treasury, including bills, notes and bonds, as well as obligations issued or guaranteed by agencies or instrumentalities of the U.S. government including GSEs, which are not federally insured. The Company maintains its cash in accounts with quality financial institutions. Although the Company currently believes that the financial institutions with which the Company does business will be able to fulfill their commitments to us, there is no assurance that those institutions will be able to continue to do so. In 2015, the Company had sales to three customers which individually accounted for more than 10 12.3 5.8 5.0 52 83 In 2014, the Company had sales to two customers which individually accounted for more than 10 10.5 4.4 44 42 In 2013, the Company had sales to three customers which individually accounted for more than 10 2.8 2.2 2.1 39 The Company had net revenue from one product, econazole nitrate cream, which accounted for 45 38 |
Inventory, Policy [Policy Text Block] | Inventories Inventories are valued at the lower of cost, using the first-in, first-out (“FIFO”) method, or market. The Company records an inventory reserve for losses associated with dated and expired raw materials. This reserve is based on management’s current knowledge with respect to inventory levels, planned production, and extension capabilities of materials on hand. Management does not believe the Company’s inventory is subject to significant risk of obsolescence in the near term. Reserve for obsolescence included in inventory at December 31, 2015 and 2014 were $ 0.1 0.2 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Depreciation and amortization of property, plant and equipment is provided for under the straight-line method over the assets’ estimated useful lives as follows: Useful Lives Buildings and improvements 10 - 30 years Machinery and equipment 3 - 15 years Repair and maintenance costs are charged to operations as incurred while major improvements are capitalized. When assets are retired or disposed, the related cost and accumulated depreciation thereon are removed and any gains or losses are included in operating results. |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangible Assets Definite-lived intangible assets are stated at cost less accumulated amortization. Amortization of definite-lived intangible assets is computed on a straight-line basis over the assets’ estimated useful lives, generally for periods ranging from 10 15 |
Research and Development Expense, Policy [Policy Text Block] | In-Process Research and Development Amounts allocated to in-process research and development (“IPR&D”) in connection with a business combination are recorded at fair value and are considered indefinite-lived intangible assets subject to the impairment testing in accordance with the Company’s impairment testing policy for indefinite-lived intangible assets. As products in development are approved for sale, amounts will be allocated to product rights and will be amortized over their estimated useful lives. These valuations reflect, among other things, the impact of changes to the development programs, the projected development and regulatory time frames and the current competitive environment. Changes in any of the Company’s assumptions may result in a reduction to the estimated fair value of the IPR&D asset and could result in future impairment charges. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill Goodwill, which represents the excess of purchase price over the fair value of net assets acquired, is carried at cost. Goodwill is tested for impairment on an annual basis during the fourth quarter of each fiscal year or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company first performs a qualitative assessment to determine if the quantitative impairment test is required. If changes in circumstances indicate an asset may be impaired, the Company performs the quantitative impairment test. In accordance with accounting standards, a two-step quantitative method is used for determining goodwill impairment. In the first step, the Company determines the fair value. If the net book value exceeds its fair value, the second step of the impairment test which requires allocation of the fair value to all of its assets and liabilities using the acquisition method prescribed under authoritative guidance for business combinations would then be performed. Any residual fair value is allocated to goodwill. An impairment charge is recognized only if the implied fair value of our reporting unit’s goodwill is less than its carrying amount. The carrying value of goodwill at December 31, 2015 was $ 0.4 |
Business Combinations Policy [Policy Text Block] | Acquisitions The Company accounts for acquired businesses using the acquisition method of accounting, which requires with limited exceptions, that assets acquired and liabilities assumed be recognized at their estimated fair values as of the acquisition date. Transaction costs are expensed as incurred. Any excess of the consideration transferred over the assigned values of the net assets acquired is recorded as goodwill. When net assets that do not constitute a business are acquired, no goodwill is recognized. Contingent consideration, if any, is included as part of the acquisition cost and is recognized at fair value as of the acquisition date. Any liability resulting from contingent consideration is remeasured to fair value at each reporting date until the contingency is resolved. These changes in fair value are recognized in earnings. |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | Long-Lived Assets In accordance with the provisions of ASC 360-10-55, the Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. In performing such review for recoverability, the Company compares expected future cash flows of assets to the carrying value of the long-lived assets and related identifiable intangibles. If the expected future cash flows (undiscounted) are less than the carrying amount of such assets, the Company recognizes an impairment loss for the difference between the carrying value of the assets and their estimated fair value, with fair values being determined using projected discounted cash flows at the lowest level of cash flows identifiable in relation to the assets being reviewed. As of December 31, 2015, no impairments existed. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation The net assets of international subsidiaries where the local currencies have been determined to be the functional currencies are translated into U.S. dollars using current exchange rates. The U.S. dollar effects that arise from translating the net assets of these subsidiaries at changing rates are recorded in the foreign currency translation account, which is included in Accumulated other comprehensive income (loss) (AOCI) Other (income) expense, net |
Loans and Leases Receivable, Nonaccrual Loan and Lease Status, Policy [Policy Text Block] | Accrued Expenses Accrued expenses represent various obligations of the Company including certain operating expenses and taxes payable. 2015 2014 (in thousands) Wholesaler fees $ 2,523 $ 1,721 Payroll 1,167 1,414 Royalties 744 707 Consulting fees 432 300 Interest expense 240 213 Capital expenditures 482 - Director's fees - 133 Other 679 653 $ 6,267 $ 5,141 |
Revenue Recognition, Services, Licensing Fees [Policy Text Block] | License Fee License fee is amortized on a straight-line basis over the life of the agreement ( 10 |
Environmental Costs, Policy [Policy Text Block] | Accounting for Environmental Costs Accruals for environmental remediation are recorded when it is probable a liability has been incurred and costs are reasonably estimable. The estimated liabilities are recorded at undiscounted amounts. Environmental insurance recoveries are included in the statement of operations in the year in which the issue is resolved through settlement or other appropriate legal process. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company records income taxes in accordance with ASC 740-10, “Accounting for Income Taxes,” under the asset and liability method of accounting for income taxes. Under the asset and liability method, deferred income taxes are recognized for the tax consequences of temporary differences by applying enacted statutory tax rates applicable to future years to operating loss and tax credit carry forwards and differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recorded based on a determination of the ultimate realizability of future deferred tax assets. A valuation allowance equal to 100% of the net deferred tax assets has been recognized due to uncertainty regarding the future realization of these assets. The Company complies with the provisions of ASC 740-10-25 that clarifies the accounting for uncertainty in income taxes recognized in an entity’s financial statements in accordance with ASC 740-10, “Accounting for Income Taxes,” and prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. Additionally, ASC 740-10 provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. There were no unrecognized tax benefits as of the date of adoption. As such, there are no unrecognized tax benefits included in the balance sheet that would, if recognized, affect the effective tax rate. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition The Company considers revenue realized or realizable and earned when it has persuasive evidence of an arrangement, delivery has occurred or contractual services rendered, the sales price is fixed or determinable, and collection is reasonably assured in conformity with ASC 605, Revenue Recognition The Company derives its revenues from three basic types of transactions: sales of its own generic pharmaceutical topical products, sales of manufactured product for its customers included in product sales, and research and product development services performed for third parties. Due to differences in the substance of these transaction types, the transactions require, and the Company utilizes, different revenue recognition policies for each. Product Sales Company Product Sales Revenue and Provision for Sales Returns and Allowances As is customary in the pharmaceutical industry, the Company’s gross product sales from Company label products are subject to a variety of deductions in arriving at reported net product sales. When the Company recognizes revenue from the sale of products, an estimate of sales returns and allowances (“SRA”) is recorded, which reduces product sales. Accounts receivable and/or accrued expenses are also reduced and/or increased by the SRA amount. These adjustments include estimates for chargebacks, rebates, cash discounts and returns and other allowances. These provisions are adjusted as estimates are based on historical payment experience, historical relationship to revenues, estimated customer inventory levels and current contract sales terms with direct and indirect customers. The estimation process used to determine our SRA provision has been applied on a consistent basis and no material adjustments have been necessary to increase or decrease our reserves for SRA as a result of a significant change in underlying estimates. The Company will use a variety of methods to assess the adequacy of our SRA reserves to ensure that our financial statements are fairly stated. These will include periodic reviews of customer inventory data, customer contract programs and product pricing trends to analyze and validate the SRA reserves. The provision for chargebacks is our most significant sales allowance. A chargeback represents an amount payable in the future to a wholesaler for the difference between the invoice price paid to the Company by our wholesale customer for a particular product and the negotiated contract price that the wholesaler’s customer pays for that product. The Company’s chargeback provision and related reserve varies with changes in product mix, changes in customer pricing and changes to estimated wholesaler inventories. The provision for chargebacks also takes into account an estimate of the expected wholesaler sell-through levels to indirect customers at contract prices. The Company will validate the chargeback accrual quarterly through a review of the inventory reports obtained from our largest wholesale customers. This customer inventory information is used to verify the estimated liability for future chargeback claims based on historical chargeback and contract rates. These large wholesalers represent 90 95 Net revenues and accounts receivable balances in the Company’s consolidated financial statements are presented net of SRA estimates. Certain SRA balances are included in accounts payable and accrued expenses. Twelve months ended December 31, 2015 2014 Gross Teligent product sales $ 99,721 $ 51,136 Reduction to gross product sales: Chargebacks and billbacks 50,127 26,940 Sales discounts and other allowances 17,974 4,366 Total reduction to gross product sales $ 68,101 $ 31,306 Net Teligent product sales $ 31,620 $ 19,830 Returns Chargebacks & Rebates Discounts Doubtful Accounts TOTAL Balance at December 31, 2012 $ - $ - $ - $ 16 $ 16 Provision 218 7,704 315 - 8,237 Charges processed (162) (5,958) (173) - (6,293) Balance at December 31, 2013 $ 56 $ 1,746 $ 142 $ 16 $ 1,960 Provision 767 31,040 1,060 - 32,867 Charges processed (149) (28,234) (857) - (29,240) Balance at December 31, 2014 $ 674 $ 4,552 $ 345 $ 16 $ 5,587 Provision 1,640 65,901 2,171 - 69,712 Charges processed (1,464) (57,815) (1,754) - (61,033) Balance at December 31, 2015 $ 850 $ 12,638 $ 762 $ 16 $ 14,266 Accounts receivable are presented net of SRA balances of $ 14.2 5.6 2.5 1.7 6.3 3.1 0.9 In addition, in connection with four of the six products the Company currently manufactures, markets and distributes in its own label, in accordance with an agreement entered into in December of 2011, the Company is required to pay a royalty calculated on the basis of net sales to one of its pharmaceutical partners. The royalty is calculated based on contracted terms of 40 0.7 3.6 3.6 2.6 Contract Manufacturing Sales : The Company recognizes revenue when title transfers to its customers, which is generally upon shipment of products. These shipments are made in accordance with sales commitments and related sales orders entered into with customers either verbally or in written form. The revenues associated with these transactions, net of appropriate cash discounts, product returns and sales reserves, are recorded upon shipment of the products included in product sales, net in the statement of operations. Research and Development Income : The Company establishes agreed upon product development agreements with its customers to perform product development services. Product development revenues are recognized in accordance with the product development agreement upon the completion of the phases of development and when the Company has no future performance obligations relating to that phase of development. Revenue recognition requires the Company to assess progress against contracted obligations to assure completion of each stage. These payments are generally non-refundable and are reported as deferred until they are recognizable as revenue. If no such arrangement exists, product development fees are recognized ratably over the entire period during which the services are performed. In making such assessments, judgments are required to evaluate contingencies such as potential variances in schedule and the costs, the impact of change orders, liability claims, contract disputes and achievement of contractual performance standards. Changes in total estimated contract cost and losses, if any, are recognized in the period they are determined. Billings on research and development contracts are typically based upon terms agreed upon by the Company and customer and are stated in the contracts themselves and do not always align with the revenues recognized by the Company. Licensing and Royalty Income: Revenues earned under licensing or sublicensing contracts are recognized as earned in accordance with the terms of the agreements. The Company recognizes royalty revenue based on royalty reports received from the licensee. The Company does not have current plans to have meaningful revenue from licensing and royalty agreements in 2016. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation ASC 718-10 defines the fair-value-based method of accounting for stock-based employee compensation plans and transactions used by the Company to account for its issuances of equity instruments to record compensation cost for stock-based employee compensation plans at fair value as well as to acquire goods or services from non-employees. Transactions in which the Company issues stock-based compensation to employees, directors and advisors and for goods or services received from non-employees are accounted for based on the fair value of the equity instruments issued. The Company utilizes pricing models in determining the fair values of options and warrants issued as stock-based compensation. These pricing models utilize the market price of the Company’s common stock and the exercise price of the option or warrant, as well as time value and volatility factors underlying the positions. Stock-based compensation expense is recognized over the vesting period of the grant. |
Debt, Policy [Policy Text Block] | Debt Issuance Costs Expenses related to debt financing activities are capitalized and amortized on an effective interest method, over the term of the loan. See detailed amounts per year in Notes 6 and 9. |
Research, Development, and Computer Software, Policy [Policy Text Block] | Product Development and Research The Company’s research and development costs are expensed as incurred. |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and Handling Costs Costs related to shipping and handling is comprised of outbound freight and the associated labor. These costs are recorded in costs of sales. |
Earnings Per Share, Policy [Policy Text Block] | Net Income (Loss) per Common Share Basic net income (loss) per share of common stock is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per share of common stock is computed using the weighted average number of shares of common stock and potential dilutive common stock equivalents outstanding during the period. Potential dilutive common stock equivalents include shares issuable upon the conversion of the convertible 3.75 2,998,406 For the years ended December 31, 2015, 2014 and 2013 (in thousands except shares and per share data) 2015 2014 2013 Basic net income (loss) per share computation: Net income (loss) attributable to common stockholders basic $ 6,668 $ 5,251 $ (1,392) Weighted average common shares basic 52,872,814 49,817,721 43,517,640 Basic net income (loss) per share $ 0.13 $ 0.11 $ (0.03) Dillutive net income (loss) per share computation: Net income (loss) attributable to common stockholders basic $ 6,668 $ 5,251 $ (1,392) Interest expense related to convertible 3.75% senior notes 5,391 224 - Amortization of discount related to convertible 3.75% senior notes 6,680 $ - $ - Change in the fair value of derivative (23,144) $ - $ - Net income (loss) attributable to common stockholders diluted $ (4,405) $ 5,475 $ (1,392) Share Computation: Weighted average common shares basic 52,872,814 49,817,721 43,517,640 Effect of convertible 3.75% senior notes 12,732,168 12,732,168 - Effect of dilutive stock options and warrants 1,507,013 1,657,301 - Weighted average common shares outstanding dilluted 67,111,995 64,207,190 43,517,640 Dilluted net income (loss) per share $ (0.07) $ 0.09 $ (0.03) |
Derivatives, Policy [Policy Text Block] | Derivatives The Company accounts for its derivative instruments in accordance with ASC 815-10, “Derivatives and Hedging” (“ASC 815-10”). ASC 815-10 establishes accounting and reporting standards requiring that derivative instruments, including derivative instruments embedded in other contracts, be recorded on the balance sheet as either an asset or liability measured at its fair value. ASC 815-10 also requires that changes in the fair value of derivative instruments be recognized currently in results of operations unless specific hedge accounting criteria are met. The Company has not entered into hedging activities to date. The Company’s derivative liability is the embedded convertible option of its Convertible Notes issued December 16, 2014 (as defined in Note 6), all of which have been recorded as a liability at fair value, and are revalued at each reporting date, with changes in the fair value of the instruments included in the consolidated statements of operations as non-operating income (expense). Due to the approval of the sufficient shares at the Company’s annual shareholder meeting, the liability for the embedded derivative was reclassified to equity on May 20, 2015. The Company has no derivatives at December 31, 2015. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make estimates and assumptions that 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 amounts of revenues and expenses during the reporting period. Significant estimates include valuation of the derivative liability, SRA allowances, allowances for excess and obsolete inventories, allowances for doubtful accounts, provisions for income taxes and related deferred tax asset valuation allowances, stock based compensation, the impairment of long-lived assets (including intangibles and goodwill) and accruals for environmental cleanup and remediation costs. Actual results could differ from those estimates. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842): “Recognition and Measurement of Financial Assets and Financial Liabilities”. The update supersedes Topic 840, Leases and requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP. Topic 842 retains a distinction between finance leases and operating leases, with cash payments from operating leases classified within operating activities in the statement of cash flows. The amendments in this update are effective for fiscal years beginning after December 15, 2018 for public business entities, which for the Company means January 1, 2019. The Company is currently evaluating the impact of this ASU on its consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): “Simplifying the Accounting for Measurement-Period Adjustments”. The update eliminates the requirement to retrospectively adjust the provisional amounts recognized at the acquisition date with a corresponding adjustment to goodwill during the measurement period when new information is obtained about the facts and circumstances that existed as of the acquisition date, that if known, would have affected the measurement of the amounts initially recognized or would have resulted in the recognition of additional assets or liabilities. The amendments in this update are effective for fiscal years beginning after December 15, 2015, which for the Company means January 1, 2016, and should be applied prospectively to adjustments to provisional amounts that occur after the effective date of this update. Early application is permitted for financial statements that have not been issued. The Company does not expect the adoption of this ASU will have any significant impact on its consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): “Simplifying the Measurement of Inventory”. ASU 2015-11 requires inventory measured using any method other than last-in, first out (“LIFO”) or the retail inventory method to be subsequently measured at the lower of cost or net realizable value, rather than at the lower of cost or market. Under this ASU, subsequent measurement of inventory using the LIFO and retail inventory method is unchanged. ASU 2015-11 is effective prospectively for fiscal years, and for interim periods within those years, beginning after December 15, 2016. Early application is permitted. The Company does not expect the adoption of this ASU will have any significant impact on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-3, “Simplifying the Presentation of Debt Issuance Costs.” The new guidance specifies that debt issuance costs under the new standard are to be netted against the carrying value of the financial liability. Under current guidance, debt issuance costs are recognized as a deferred charge and reported as a separate asset on the balance sheet. The new guidance aligns the treatment of debt issuance costs and debt discounts in that both reduce the carrying value of the liability. Amortization of debt issuance costs is to be recorded as interest expense on the income statement. ASU 2015-3 is effective fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been issued previously. The Company is currently evaluating the impact of this ASU on its consolidated financial statements. In May 2014, FASB issued ASU 2014-09, “Revenue from Contracts with Customers”. This ASU is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. This ASU is effective for annual reporting periods beginning after December 15, 2016 and early adoption is not permitted. Accordingly, the Company will adopt this ASU on January 1, 2017. Companies may use either a full retrospective or modified retrospective approach to adopt this ASU and management is currently evaluating which transition approach to use. The Company is currently evaluating the impact of ASU 2014-09 and expect to complete its assessment of the impact as a result of the adoption in the second half of 2016. In August 2014, FASB issued ASU 2014-15, “Presentation of Financial Statements - Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”. This ASU requires management to evaluate, in connection with preparing financial statements for each annual and interim reporting period, whether there are conditions or events, considered in the aggregate, that raise substantial doubt about an entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when applicable) and provide related disclosures. ASU 2014-15 is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2014-15. |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | 2015 2014 (in thousands) Wholesaler fees $ 2,523 $ 1,721 Payroll 1,167 1,414 Royalties 744 707 Consulting fees 432 300 Interest expense 240 213 Capital expenditures 482 - Director's fees - 133 Other 679 653 $ 6,267 $ 5,141 |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Twelve months ended December 31, 2015 2014 Gross Teligent product sales $ 99,721 $ 51,136 Reduction to gross product sales: Chargebacks and billbacks 50,127 26,940 Sales discounts and other allowances 17,974 4,366 Total reduction to gross product sales $ 68,101 $ 31,306 Net Teligent product sales $ 31,620 $ 19,830 |
Schedule Of Annual Activity Allowance For Customer Deductions Disclosure [Table Text Block] | The annual activity in the Company's allowance for customer deductions accounts for the three years ended December 31, 2015 is as follows (in thousands): Returns Chargebacks & Rebates Discounts Doubtful Accounts TOTAL Balance at December 31, 2012 $ - $ - $ - $ 16 $ 16 Provision 218 7,704 315 - 8,237 Charges processed (162) (5,958) (173) - (6,293) Balance at December 31, 2013 $ 56 $ 1,746 $ 142 $ 16 $ 1,960 Provision 767 31,040 1,060 - 32,867 Charges processed (149) (28,234) (857) - (29,240) Balance at December 31, 2014 $ 674 $ 4,552 $ 345 $ 16 $ 5,587 Provision 1,640 65,901 2,171 - 69,712 Charges processed (1,464) (57,815) (1,754) - (61,033) Balance at December 31, 2015 $ 850 $ 12,638 $ 762 $ 16 $ 14,266 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | As of December 31, 2013, the shares of common stock issuable in connection with stock options and warrants of 2,998,406 For the years ended December 31, 2015, 2014 and 2013 (in thousands except shares and per share data) 2015 2014 2013 Basic net income (loss) per share computation: Net income (loss) attributable to common stockholders basic $ 6,668 $ 5,251 $ (1,392) Weighted average common shares basic 52,872,814 49,817,721 43,517,640 Basic net income (loss) per share $ 0.13 $ 0.11 $ (0.03) Dillutive net income (loss) per share computation: Net income (loss) attributable to common stockholders basic $ 6,668 $ 5,251 $ (1,392) Interest expense related to convertible 3.75% senior notes 5,391 224 - Amortization of discount related to convertible 3.75% senior notes 6,680 $ - $ - Change in the fair value of derivative (23,144) $ - $ - Net income (loss) attributable to common stockholders diluted $ (4,405) $ 5,475 $ (1,392) Share Computation: Weighted average common shares basic 52,872,814 49,817,721 43,517,640 Effect of convertible 3.75% senior notes 12,732,168 12,732,168 - Effect of dilutive stock options and warrants 1,507,013 1,657,301 - Weighted average common shares outstanding dilluted 67,111,995 64,207,190 43,517,640 Dilluted net income (loss) per share $ (0.07) $ 0.09 $ (0.03) |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories as of December 31, 2015 and 2014 consisted of: 2015 2014 (in thousands) Raw materials $ 4,833 $ 2,299 Work in progress 128 140 Finished goods 4,024 345 $ 8,985 $ 2,784 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment, at cost, as of December 31, 2015 and 2014, consisted of: 2015 2014 (in thousands) Land $ 257 $ 257 Building and improvements 5,296 3,775 Machinery and equipment 5,270 4,156 Construction in progress 3,594 225 14,417 8,413 Less accumulated depreciation and amortization (5,711) (5,151) Property, plant and equipment, net $ 8,706 $ 3,262 |
Convertible 3.75% Senior Notes
Convertible 3.75% Senior Notes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Convertible Debt [Table Text Block] | December 31, 2015 (in thousands) Face Amount of the Notes $ 143,750 Unamortized discount 36,759 Carrying amount of the Notes $ 106,991 |
Schedule of Long-term Debt Instruments [Table Text Block] | The assumptions used in connection with the valuation of the convertible option of the Notes issued December 16, 2014 utilizing the “with” and “without” method, discussed in Note 2 was as follows: Initial Measurement Measurement Measurement December 16, December 31, May 20, 2014 2014 2015 Issue date 12/17/2014 12/17/2014 12/17/2014 Maturity date 12/15/2019 12/15/2019 12/15/2019 Term 4.99 4.92 4.57 Principal (millions) 143.75 143.75 143.75 Coupon 3.75 % 3.75 % 3.75 % Seniority Senior unsecured Senior unsecured Senior unsecured Conversion shares 88.572 88.572 88.572 Conversion price $ 11.29 $ 11.29 $ 11.29 Stock price $ 9.45 $ 8.80 $ 5.73 Risk free rate 1.61 % 1.64 % 1.44 % Volatility (rounded) 40.00 % 40.00 % 46.00 % |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | Fair value measurement at reporting date using Derivative liabilites on account of convertible notes Balance Quoted prices in active markets for identical Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) As of December 31, 2015 $ - - - $ - |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The table reflects the gains associated with the decrease in fair value and the reclassification of the balance of the derivative liability. Initial Measurement Decrease in Fair Value December 31, Decrease in Fair Value January Reclassification of derivative December 31, Fair value of convertible feature of 3.75% senior notes $ 43,700 $ 2,300 $ 41,400 $ 23,144 $ 18,256 $ - |
Interest Income and Interest Expense Disclosure [Table Text Block] | For the year ended December 31, 2015, the Company recorded the following expenses in relation to the Notes: December 31, 2015 (in thousands) Interest Expense at 3.75% coupon rate $ 5,391 Debt Discount Amortization 6,680 Amortization of deferred financing costs 728 Total interest expense (1) $ 12,799 (1) Included within “Interest and other expense, net” on the Consolidated Statements of Operations |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following table summarizes the consideration paid for Alveda, the total acquisition related costs incurred by the Company during 2015 in connection with the acquisition, and the fair values of the assets acquired and liabilities assumed (amounts in thousands): Consideration: Fair value of total consideration transferred $ 35,418 Acquisition-related costs* : $ 2,256 Estimated fair value of identifiable assets acquired and liabilities assumed: Accounts receivable $ 911 Inventories 2,673 Prepaid expenses and other current assets 4 Property and equipment 6 Goodwill, deductible 440 Developed Technology 24,858 In-process research and development 3,816 Customer relationships 3,615 Accounts payable and other assumed liabilities (661) Deferred tax liability (244) *At closing, the Company also paid $ 5.2 is not included in the above table as consideration or acquisition related costs, and Prepaid expenses and other receivables |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The following sets forth the major categories of the Company’s intangible assets acquired from Alveda and the weighted-average remaining amortization period as of December 31, 2015 for those assets that are not already fully amortized (dollar amounts in thousands): Gross Carrying Net Carrying Weighted Average Amount at Accumulated Amount at Remaining Amortization 12/31/15 Amortization at 12/31/15 12/31/15 Period Technology 25,243 (210) 25,033 14.9 In-process research and development 3,875 - 3,875 N/A - Indefinite lived Customer relationships 3,460 (43) 3,417 9.9 Total 32,578 (253) 32,325 |
Business Acquisition, Pro Forma Information [Table Text Block] | The following pro forma information presents the results of operations for the years ended December 31, 2015, and December 31, 2014, as if the Alveda acquisition occurred on January 1, 2014: (amounts in thousands, except for per share amounts) For the Years Ended December 31, 2015 December 31, 2014 Total Revenue $ 55,767 $ 47,284 Net income $ 8,443 $ 6,525 Basic earnings per share $ 0.16 $ 0.13 Diluted earnings (loss) per share $ (0.04) $ 0.11 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | Changes in goodwill during the two years ended December 31, 2015 were as follows (in thousands): Goodwill December 31, 2013 $ - Acquisition - Impairments - Foreign currency translation - December 31, 2014 - Acquisition 440 Impairments - Foreign currency translation (14) December 31, 2015 $ 426 |
Schedule of Finite and Indefinite Lived Intangible Assets [Table Text Block] | The following sets forth the major categories of the Company’s intangible assets and the weighted-average remaining amortization period as of December 31, 2015 for those assets that are not already fully amortized (dollar amounts in thousands): Gross Carrying Net Carrying Weighted Average Amount at Accumulated Amount at Remaining Amortization 12/31/15 Amortization at 12/31/15 12/31/15 Period Trademarks and Technology 47,679 (651) 47,028 14.8 In-process research and development 3,875 - 3,875 N/A - Indefinite lived Customer relationships 3,460 (43) 3,417 9.9 Total 55,014 (694) 54,320 |
Schedule of Changes in Intangible Assets Other Than Goodwill [Table Text Block] | Changes in intangibles during the two years ended December 31, 2015 were as follows (in thousands): Trademarks and Customer Technology IPR&D Relationships December 31, 2013 $ 1,766 $ - $ - Acquisition - - - Amortization (120) - - Foreign currency translation - - - December 31, 2014 1,646 - - Acquisition 45,468 3,816 3,615 Amortization (471) - (43) Foreign currency translation 385 59 (155) December 31, 2015 $ 47,028 $ 3,875 $ 3,417 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The amortization expense of acquired intangible assets for each of the following five years will be as follows (in thousands): Year ending Amortization December 31, Expense * 2016 2,814 2017 2,814 2018 2,814 2019 2,814 2020 2,814 *IPR&D amounts will be amortized once products become saleable, and are not included in the table |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | The useful lives of the Company’s intangibles is as follows: Intangibles Category Amortizable Life Trademarks and Technology 15 years Customer Relationships 10 years |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Assumptions 2015 2014 2013 Dividend yield 0 % 0 % 0 % Risk free interest rate 1.11 % 0.74 1.2 % 0.48 % Estimated volatility factor 52.7% - 68.3 % 44.0% - 53.0 % 36.9% -43.1 % Expected life 3.2 3.3 years 3.2 - 3.3 years 3.2 3.3years |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted Shares Exercise Exercise January 1, 2013 shares issuable under options 2,606,500 $ .55 - 1.74 $ 1.10 Granted 247,000 1.04 - 3.03 1.35 Exercised (129,336) 1.02 - 1.27 1.08 Expired - - - Forfeited (80,664) 1.10 - 1.74 1.30 December 31, 2013 shares issuable under options 2,643,500 .55 - 3.03 1.12 Granted 397,500 2.96 - 10.55 5.89 Exercised (443,166) .55 - 1.95 1.15 Expired - - - Forfeited (161,000) 1.10 5.65 2.71 December 31, 2014 shares issuable under options 2,436,834 .76 - 10.55 1.79 Granted 1,357,000 5.55 - 10.67 9.20 Exercised (75,766) 0.76 - 3.62 1.10 Expired - Forfeited (125,334) 1.40 - 10.67 8.99 December 31, 2015 shares issuable under options 3,592,734 0.79 - 10.67 4.36 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Options Outstanding Options Exercisable Weighted Weighted Weighted Average Average Average Range of Number of Remaining Exercise Number of Exercise Exercise Price Options Life (Years ) Price Options Price $ 0.79 to $ 1.00 50,000 4.01 $ 0.79 50,000 $ 0.79 1.01 to 1.50 1,862,400 6.14 1.07 1,851,400 1.07 1.51 to 10.67 1,680,334 8.96 8.10 289,997 4.02 $0.79 to $10.67 3,592,734 7.43 $ 4.36 2,191,397 $ 1.45 The following table summarizes information concerning outstanding and exercisable options as of December 31, 2014: Options Outstanding Options Exercisable Weighted Weighted Weighted Average Average Average Range of Number of Remaining Exercise Number of Exercise Exercise Price Options Life (Years ) Price Options Price $.76 to $1.00 97,000 3.04 $ .78 97,000 $ .78 1.01 to 1.50 1,887,500 7.14 1.07 1,448,664 1.08 1.51 to 10.55 452,334 8.68 5.02 110,333 1.78 $.76 to $10.55 2,436,834 7.26 $ 1.79 1,655,997 $ 1.11 The following table summarizes information concerning outstanding and exercisable options as of December 31, 2013: Options Outstanding Options Exercisable Weighted Weighted Weighted Average Average Average Range of Number of Remaining Exercise Number of Exercise Exercise Price Options Life (Years ) Price Options Price $.55 to $1.00 218,000 4.83 $ .76 214,000 $ .75 1.01 to 2.00 2,418,000 7.90 1.14 1,238,496 1.19 2.01 to 3.03 7,500 9.87 2.83 - - $.55 to $3.03 2,643,500 7.65 $ 1.12 1,452,496 $ 1.13 |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Weighted Options Grant Date Non-vested options at January 1, 2015 780,837 $ 1.12 Granted 1,357,000 3.73 Vested (615,166) 0.78 Forfeited (121,334) 3.37 Non-vested options at December 31, 2015 1,401,337 $ 3.60 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Number of Weighted Average Restricted Stock Issuance Price Non-vested balance at January 1, 2013 29,334 $ 1.00 Changes during the period: Shares granted 325,000 2.86 Shares vested (108,333) 2.86 Shares forfeited - Non-vested balance at January 1, 2014 246,001 $ 2.64 Changes during the period: Shares granted - Shares vested (137,667) 2.46 Shares forfeited - Non-vested balance at December 31, 2014 108,334 $ 2.86 Changes during the period: Shares granted 32,500 10.67 Shares vested (140,834) 4.66 Shares forfeited - Non-vested balance at December 31, 2015 - $ 0.00 A summary of non-vested RSU’s and changes during each of the past three years is as follows: Number of Weighted Average RSUs Issuance Price Non-vested balance at January 1, 2015 - $ - Changes during the period: Shares granted 230,250 10.32 Shares vested (32,500) 10.67 Shares forfeited (15,000) 10.67 Non-vested balance at December 31, 2015 182,750 $ 0.00 |
Stock Warrants (Tables)
Stock Warrants (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Stock warrants as of December 31, 2015, 2014 and 2013 consisted of: 2015 2014 2013 Weighted Weighted Weighted Average Average Average Warrants Exercise Price Warrants Exercise Price Warrants Exercise Price Beginning balance 84,000 $ 1.21 354,546 $ 1.21 782,259 $ 0.85 Stock warrants granted - - - - - - Stock warrants expired (16,364) 1.21 - - - - Stock warrants exercised (67,636) 1.21 (270,546) 1.21 (427,713) 0.55 Ending balance - $ - 84,000 $ 1.21 354,546 $ 1.21 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision for (benefit from) income taxes attributable to continuing operations before income taxes for the years ended December 31, 2015, 2014 and 2013 is as follows: 2015 2014 2013 (in thousands) Current tax expense (benefit): Federal $ - $ 97 $ - State and local 19 76 (197) Foreign 28 Total current tax expense (benefit) 47 173 (197) Deferred tax expense (benefit): Federal - - - State and local - - - Foreign (12) Total deferred tax expense (benefit) (12) - - Total income tax expense (benefit) $ 35 $ 173 $ (197) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The provision for (benefit from) income taxes differed from the amount of income taxes determined by applying the applicable federal tax rate ( 34 2015 2014 2013 (in thousands) Expected Statutory expense (benefit) $ 2,244 $ 1,844 $ (95) Gain on derivative and amortization of debt discount (5,597) (693) - Other non-deductible expenses 7 3 2 Change in valuation allowance 3,254 (1,031) 30 Rate differential - foreign vs. US 114 (197) State income taxes, net of federal benefit 13 50 - Federal tax impact of state tax benefit, net - - 63 $ 35 $ 173 $ (197) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Deferred tax assets included in the Consolidated Balance Sheets as of December 31, 2015 and 2014 consisted of the following: 2015 2014 (in thousands) Current Assets: Allowance for doubtful accounts $ 6 $ 6 Inventory reserve 157 113 Accrued expenses 1,005 566 Total current assets 1,168 685 Long Term Assets (Liabilities): Property, plant and equipment 348 245 Intangible assets (256) 2 Tax operating loss carry forwards 11,283 9,068 Tax credit carry forwards 291 293 Non-employee stock options 1,238 682 Other (7) (5) Total Long Term Assets (Liabilities) 12,897 10,285 Gross Deferred Tax Asset (Liability) 14,065 10,970 Less Valuation Allowance (14,309) (10,970) Deferred taxes, net $ (244) $ - |
Summary of Operating Loss Carryforwards [Table Text Block] | Operating loss and tax credit carry forwards as of December 31, 2015 were as follows: 2015 2014 (in thousands) Federal: Net operating losses (expiring through 2035) $ 32,870 $ 26,602 Research tax credits (expiring through 2025) 168 168 Alternative minimum tax credits (available without expiration) 70 123 State: Net Operating Losses: Tennessee (expiring in 2030) 568 322 New Jersey (expiring in 2035) 822 1 Illinois (expiring in 2035) 255 - Foreign Net operating losses (no expiration) 10 - |
Summary Of Operating Loss Carry forwards Expire [Table Text Block] | December 31, 2015, the Company’s U.S. federal net operating loss carryforwards will expire as follows: Year Net Operating Loss (in thousands) 2019 $ 1,009 2020 6,670 2021 1,157 2022 - 2023 1,232 2024 974 2025 1,850 2026 1,070 2027 308 2028 1,414 2029 3,447 2030 3,455 2031 2,749 2032 3,721 2035 6,579 Total $ 35,635 |
Lease Commitments (Tables)
Lease Commitments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Operating Leases of Lessee Disclosure [Table Text Block] | Future minimum lease payments under non-cancelable operating leases are as follows: Commitments 2016 $ 408 2017 439 2018 355 2019 315 2020 317 2021 322 2022 327 2023 332 2024 83 $ 2,898 |
Quarterly Results (Tables)
Quarterly Results (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | The following is a summary of certain quarterly financial information for the fiscal years 2015 and 2014: First Second Third Fourth Quarter Quarter Quarter Quarter Total (in thousands, except per share data) Year Ended December 31, 2015 Total revenues, net $ 10,671 $ 8,893 $ 11,615 $ 13,071 $ 44,250 Gross profit 5,628 3,666 6,077 5,944 21,315 Operating income (loss) 1,098 (1,911) 391 (2,769) (3,192) Net income (loss) 6,555 9,376 (2,888) (6,375) 6,668 Net income (loss) attributable to common stockholders 6,555 9,376 (2,888) (6,375) 6,668 Basic income (loss) per share $ 0.12 $ 0.18 $ (0.05) $ (0.12) $ 0.13 Diluted income (loss) per share $ 0.01 $ (0.03) $ (0.05) $ (0.12) $ (0.07) Year Ended December 31, 2014 Total revenues, net $ 6,853 6,483 6,668 13,736 33,740 Gross profit 2,866 2,903 2,632 8,391 16,792 Operating income (loss) 219 (281) (144) 4,112 3,906 Net income (loss) 167 (345) (202) 5,631 5,251 Net income (loss) attributable to common stockholders 167 (345) (202) 5,631 5,251 Basic income (loss) per share $ 0.00 $ (0.01) $ 0.00 $ 0.11 $ 0.11 Diluted income (loss) per share $ 0.00 $ (0.01) $ 0.00 $ 0.09 $ 0.09 |
Summary of Significant Accoun43
Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Buildings and improvements [Member] | Minimum [Member] | |
Summary of Significant Accounting Policies Details Depreciation of Property Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Buildings and improvements [Member] | Maximum [Member] | |
Summary of Significant Accounting Policies Details Depreciation of Property Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 30 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Summary of Significant Accounting Policies Details Depreciation of Property Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Summary of Significant Accounting Policies Details Depreciation of Property Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 15 years |
Summary of Significant Accoun44
Summary of Significant Accounting Policies (Details 1) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Wholesaler fees | $ 2,523 | $ 1,721 | $ 900 |
Payroll | 1,167 | 1,414 | |
Royalties | 744 | 707 | |
Interest expense | 240 | 213 | |
Capital expenditures | 482 | 0 | |
Other | 679 | 653 | |
Accrued Liabilities, Current | 6,267 | 5,141 | |
Consulting Fees [Member] | |||
Fees | 432 | 300 | |
Director's fees [Member] | |||
Fees | $ 0 | $ 133 |
Summary of Significant Accoun45
Summary of Significant Accounting Policies (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reduction to gross product sales: | |||
Net Teligent product sales | $ 43,497 | $ 32,104 | $ 16,981 |
Gross Net Adjustments [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross Teligent product sales | 99,721 | 51,136 | |
Reduction to gross product sales: | |||
Chargebacks and billbacks | 50,127 | 26,940 | |
Sales discounts and other allowances | 17,974 | 4,366 | |
Total reduction to gross product sales | 68,101 | 31,306 | |
Net Teligent product sales | $ 31,620 | $ 19,830 |
Summary of Significant Accoun46
Summary of Significant Accounting Policies (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Valuation Allowances and Reserves, Balance | $ 5,587 | $ 1,960 | $ 16 |
Provision | 69,712 | 32,867 | 8,237 |
Charges processed | (61,033) | (29,240) | (6,293) |
Valuation Allowances and Reserves, Balance | 14,266 | 5,587 | 1,960 |
Allowance for Sales Returns [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Valuation Allowances and Reserves, Balance | 674 | 56 | 0 |
Provision | 1,640 | 767 | 218 |
Charges processed | (1,464) | (149) | (162) |
Valuation Allowances and Reserves, Balance | 850 | 674 | 56 |
Chargebacks Rebates [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Valuation Allowances and Reserves, Balance | 4,552 | 1,746 | 0 |
Provision | 65,901 | 31,040 | 7,704 |
Charges processed | (57,815) | (28,234) | (5,958) |
Valuation Allowances and Reserves, Balance | 12,638 | 4,552 | 1,746 |
Discounts [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Valuation Allowances and Reserves, Balance | 345 | 142 | 0 |
Provision | 2,171 | 1,060 | 315 |
Charges processed | (1,754) | (857) | (173) |
Valuation Allowances and Reserves, Balance | 762 | 345 | 142 |
Allowance for Doubtful Accounts [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Valuation Allowances and Reserves, Balance | 16 | 16 | 16 |
Provision | 0 | 0 | 0 |
Charges processed | 0 | 0 | 0 |
Valuation Allowances and Reserves, Balance | $ 16 | $ 16 | $ 16 |
Summary of Significant Accoun47
Summary of Significant Accounting Policies (Details 4) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Basic net income (loss) per share computation: | |||||||||||
Net income (loss) attributable to common stockholders basic | $ (6,375) | $ (2,888) | $ 9,376 | $ 6,555 | $ 5,631 | $ (202) | $ (345) | $ 167 | $ 6,668 | $ 5,251 | $ (1,392) |
Weighted average common shares - basic | 52,872,814 | 49,817,721 | 43,517,640 | ||||||||
Basic net income (loss) per share | $ (0.12) | $ (0.05) | $ 0.18 | $ 0.12 | $ 0.11 | $ 0 | $ (0.01) | $ 0 | $ 0.13 | $ 0.11 | $ (0.03) |
Dillutive net income (loss) per share computation: | |||||||||||
Net income (loss) attributable to common stockholders basic | $ (6,375) | $ (2,888) | $ 9,376 | $ 6,555 | $ 5,631 | $ (202) | $ (345) | $ 167 | $ 6,668 | $ 5,251 | $ (1,392) |
Interest expense related to convertible 3.75% senior notes | 5,391 | 224 | 0 | ||||||||
Amortization of discount related to convertible 3.75% senior notes | 6,680 | 261 | 0 | ||||||||
Change in the fair value of derivative | (23,144) | (2,300) | 0 | ||||||||
Net income (loss) attributable to common stockholders diluted | $ (4,405) | $ 5,475 | $ (1,392) | ||||||||
Share Computation: | |||||||||||
Weighted average common shares basic | 52,872,814 | 49,817,721 | 43,517,640 | ||||||||
Effect of convertible 3.75% senior notes | 12,732,168 | 12,732,168 | 0 | ||||||||
Effect of dilutive stock options and warrants | 1,507,013 | 1,657,301 | 0 | ||||||||
Weighted average common shares outstanding diluted | 67,111,995 | 64,207,190 | 43,517,640 | ||||||||
Dilluted net income (loss) per share | $ (0.12) | $ (0.05) | $ (0.03) | $ 0.01 | $ 0.09 | $ 0 | $ (0.01) | $ 0 | $ (0.07) | $ 0.09 | $ (0.03) |
Summary of Significant Accoun48
Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
May. 20, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Summary of Significant Accounting Policies Details [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares) | 2,998,406 | |||
Accounts Payable and Accrued Liabilities | $ 2,500 | $ 1,700 | ||
WholeSale Fees | 2,523 | 1,721 | $ 900 | |
Royalty Expense | 3,600 | 3,600 | 2,600 | |
Accrued Royalties | 744 | 707 | ||
Inventory Valuation Reserves | $ 100 | 200 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | |||
Unrealized Gain (Loss) on Derivatives | $ 23,144 | 2,300 | 0 | |
Percentage Of Net Sales For Royalty | 40.00% | |||
Embedded Derivative, No Longer Bifurcated, Amount Reclassified to Stockholders Equity | $ 18,256 | 0 | 0 | |
Goodwill | $ 426 | $ 0 | $ 0 | |
Sales Revenue Goods Net Percent | 10.00% | 10.00% | 10.00% | |
Convertible Notes Payable [Member] | ||||
Summary of Significant Accounting Policies Details [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | 3.75% | ||
Notes Payable, Fair Value Disclosure | $ 107,000 | |||
Long-term Debt, Gross | 143,750 | |||
Unrealized Gain (Loss) on Derivatives | $ 23,100 | |||
Embedded Derivative, No Longer Bifurcated, Amount Reclassified to Stockholders Equity | $ 18,300 | |||
Licensing Agreements [Member] | ||||
Summary of Significant Accounting Policies Details [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 10 years | |||
Accounts Receivable [Member] | ||||
Summary of Significant Accounting Policies Details [Line Items] | ||||
Concentration Risk, Percentage | 83.00% | 42.00% | ||
Sales Revenue, Net [Member] | ||||
Summary of Significant Accounting Policies Details [Line Items] | ||||
Concentration Risk, Percentage | 52.00% | 44.00% | 39.00% | |
Customer One [Member] | Sales Revenue, Product Line [Member] | ||||
Summary of Significant Accounting Policies Details [Line Items] | ||||
Revenue, Net | $ 12,300 | $ 10,500 | $ 2,800 | |
Customer Two [Member] | Sales Revenue, Product Line [Member] | ||||
Summary of Significant Accounting Policies Details [Line Items] | ||||
Revenue, Net | 5,800 | $ 4,400 | 2,200 | |
Customer Three [Member] | Sales Revenue, Product Line [Member] | ||||
Summary of Significant Accounting Policies Details [Line Items] | ||||
Revenue, Net | $ 5,000 | $ 2,100 | ||
Product Concentration Risk [Member] | Sales Revenue, Net [Member] | ||||
Summary of Significant Accounting Policies Details [Line Items] | ||||
Concentration Risk, Percentage | 45.00% | 38.00% | ||
Maximum [Member] | ||||
Summary of Significant Accounting Policies Details [Line Items] | ||||
Wholesaler Percent of Chargeback Payments | 95.00% | |||
Finite-Lived Intangible Asset, Useful Life | 15 years | |||
Minimum [Member] | ||||
Summary of Significant Accounting Policies Details [Line Items] | ||||
Wholesaler Percent of Chargeback Payments | 90.00% | |||
Finite-Lived Intangible Asset, Useful Life | 10 years | |||
Net Of SRA Balance [Member] | ||||
Summary of Significant Accounting Policies Details [Line Items] | ||||
Accounts Receivable, Net | $ 14,200 | $ 5,600 |
Liquidity (Details Textual)
Liquidity (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Liquidity Details [Line Items] | ||||
Cash and Cash Equivalents, at Carrying Value | $ 87,191,000 | $ 158,883,000 | $ 2,101,000 | $ 2,536,000 |
Line of Credit Facility, Remaining Borrowing Capacity | 10,000,000 | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | |||
Proceeds from Issuance of Senior Long-term Debt | $ 0 | $ 138,985,000 | $ 0 | |
Convertible Notes Payable [Member] | ||||
Liquidity Details [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | 3.75% | ||
Proceeds from Issuance of Senior Long-term Debt | $ 139,000,000 | |||
Payments of Debt Issuance Costs | $ 4,765,000 | $ 4,800,000 |
License Fee (Details Textual)
License Fee (Details Textual) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 12, 2005 | ||
License Fee [Line Items] | |||||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | [1] | $ 2,814,000 | |||
Licensing Agreements [Member] | |||||
License Fee [Line Items] | |||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 10 years | ||||
Finite-Lived License Agreements, Gross | $ 1,000,000 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 100,000 | $ 100,000 | $ 100,000 | ||
[1] | IPR&D amounts will be amortized once products become saleable, and are not included in the table |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory [Line Items] | ||
Raw materials | $ 4,833 | $ 2,299 |
Work in progress | 128 | 140 |
Finished goods | 4,024 | 345 |
Total | $ 8,985 | $ 2,784 |
Property, Plant and Equipment52
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment | $ 14,417 | $ 8,413 |
Less accumulated depreciation and amortization | (5,711) | (5,151) |
Property, plant and equipment, net | 8,706 | 3,262 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment | 257 | 257 |
Building and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment | 5,296 | 3,775 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment | 5,270 | 4,156 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment | $ 3,594 | $ 225 |
Property, Plant and Equipment53
Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 560 | $ 415 | $ 375 |
Convertible 3.75% Senior Note54
Convertible 3.75% Senior Notes (Details) - Convertible Notes Payable [Member] $ in Thousands | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | |
Face Amount of the Notes | $ 143,750 |
Unamortized discount | 36,759 |
Carrying amount of the Notes | $ 106,991 |
Convertible 3.75% Senior Note55
Convertible 3.75% Senior Notes (Details 1) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | |||
May. 20, 2015 | Dec. 31, 2014 | Dec. 16, 2014 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||||
Coupon | 3.75% | |||
Convertible Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Issue date | Dec. 17, 2014 | Dec. 17, 2014 | Dec. 17, 2014 | |
Maturity date | Dec. 15, 2019 | Dec. 15, 2019 | Dec. 15, 2019 | |
Term | 4 years 6 months 25 days | 4 years 11 months 1 day | 4 years 11 months 26 days | |
Principal (millions) | $ 143,750 | $ 143,750 | $ 143,750 | |
Coupon | 3.75% | 3.75% | 3.75% | |
Seniority | Senior unsecured | Senior unsecured | Senior unsecured | |
Conversion shares | 88.572 | 88.572 | 88.572 | |
Conversion price | $ 11.29 | $ 11.29 | $ 11.29 | |
Stock price | $ 5.73 | $ 8.80 | $ 9.45 | |
Risk free rate | 1.44% | 1.64% | 1.61% | |
Volatily (rounded) | 46.00% | 40.00% | 40.00% |
Convertible 3.75% Senior Note56
Convertible 3.75% Senior Notes (Details 2) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
May. 20, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 16, 2014 | |
Reclassification of derivative liability to equity | $ 18,256 | $ 0 | $ 0 | ||
Convertible Debt [Member] | |||||
Initial Measurement | $ 0 | 41,400 | $ 43,700 | ||
Decrease in Fair Value | $ 23,144 | $ 2,300 | |||
Reclassification of derivative liability to equity | $ 18,256 |
Convertible 3.75% Senior Note57
Convertible 3.75% Senior Notes (Details 3) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Debt Instrument [Line Items] | ||||
Interest Expense at 3.75% coupon rate | $ 5,391 | $ 224 | $ 0 | |
Debt Discount Amortization | 6,680 | 261 | 0 | |
Amortization of deferred financing costs | 1,132 | $ 107 | $ 31 | |
Convertible Notes Payable [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest Expense at 3.75% coupon rate | 5,391 | |||
Debt Discount Amortization | 6,680 | |||
Amortization of deferred financing costs | 728 | |||
Total interest expense | [1] | $ 12,799 | ||
[1] | Included within “Interest and other expense, net” on the Consolidated Statements of Operations |
Convertible 3.75% Senior Note58
Convertible 3.75% Senior Notes (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
May. 20, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 22, 2014 | Dec. 16, 2014 | ||
Debt Instrument [Line Items] | |||||||
Proceeds from Issuance of Senior Long-term Debt | $ 0 | $ 138,985 | $ 0 | ||||
Interest Payable | 240 | 213 | |||||
Deferred Tax Liabilities, Deferred Expense, Deferred Financing Costs | [1] | $ 4,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | ||||||
Embedded Derivative, No Longer Bifurcated, Amount Reclassified to Stockholders' Equity | $ 18,256 | 0 | 0 | ||||
Unrealized Gain (Loss) on Derivatives | $ 23,144 | 2,300 | $ 0 | ||||
Qualified Institutional Buyers [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 18,750 | $ 125,000 | |||||
Convertible Notes Payable [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 143,750 | 143,750 | 143,750 | ||||
Proceeds from Issuance of Senior Long-term Debt | 139,000 | ||||||
Payments of Debt Issuance Costs | 4,800 | ||||||
Interest Payable | $ 100 | ||||||
Debt Instrument, Convertible, Terms of Conversion Feature | The Notes are convertible at an initial conversion price of approximately $11.29 per share, which is equivalent to an initial conversion rate of 88.5716 shares per $1,000 principal amount of Notes, subject to adjustment in certain events, such as distributions of dividends or stock splits. Holders may convert their Notes at their option prior to September 15, 2019, when or if certain conditions have been met or circumstances have occurred, such as the Companys stock price exceeds 130% of the conversion price under the Notes for a designated period of time, or the trading price of the Notes is, for a designated period of time, less than 98% of the closing sale price of the Companys common stock multiplied by the then-current conversion rate of the Notes, or the Company calls Notes for redemption, or certain specified corporate events occur. Holders may also convert their Notes at their option at any time on or after September15, 2019 and prior to the close of business on the business day immediately preceding the stated maturity date. In addition, following the occurrence of certain changes of control of the Company described in the Indenture governing the Notes or termination of trading of the Companys common stock or other securities into which the Notes are convertible (a make-whole fundamental change) or the delivery by the Company of a notice of redemption, the conversion rate for a holder who elects to convert its Notes in connection with such make-whole fundamental change or such notice of redemption will increase in certain circumstances. Additionally, subject to certain conditions, the Company may redeem for cash any or all outstanding Notes on or after December 19, 2017 in an amount equal to the outstanding principal amount of such Notes, plus accrued and unpaid interest. | ||||||
Derivative Liability | $ 43,700 | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 12.94% | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | 3.75% | 3.75% | ||||
Embedded Derivative, No Longer Bifurcated, Amount Reclassified to Stockholders' Equity | $ 18,256 | ||||||
Unrealized Gain (Loss) on Derivatives | $ 23,100 | ||||||
Debt Instrument, Convertible, Remaining Discount Amortization Period | 4 years | ||||||
[1] | Included within “Interest and other expense, net” on the Consolidated Statements of Operations |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Estimated fair value of identifiable assets acquired and liabilities assumed: | ||||
Goodwill, deductible | $ 426 | $ 0 | $ 0 | |
Alveda Acquisition [Member] | ||||
Business Acquisition [Line Items] | ||||
Fair value of total consideration transferred | 35,418 | |||
Acquisition-related costs* : | [1] | 2,256 | ||
Estimated fair value of identifiable assets acquired and liabilities assumed: | ||||
Accounts receivable | 911 | |||
Inventories | 2,673 | |||
Prepaid expenses and other current assets | 4 | |||
Property and equipment | 6 | |||
Goodwill, deductible | 440 | |||
Accounts payable and other assumed liabilities | (661) | |||
Deferred tax liability | (244) | |||
Alveda Acquisition [Member] | Developed Technology Rights [Member] | ||||
Estimated fair value of identifiable assets acquired and liabilities assumed: | ||||
Property and equipment | 24,858 | |||
Alveda Acquisition [Member] | In Process Research and Development [Member] | ||||
Estimated fair value of identifiable assets acquired and liabilities assumed: | ||||
Property and equipment | 3,816 | |||
Alveda Acquisition [Member] | Customer Relationships [Member] | ||||
Estimated fair value of identifiable assets acquired and liabilities assumed: | ||||
Property and equipment | $ 3,615 | |||
[1] | At closing, the Company also paid $5.2 million related to Canadian goods and services tax (GST) and the harmonized sales tax (HST), which is not included in the above table as consideration or acquisition related costs, and the Company expects to be refunded in the second quarter of 2016 and is recorded in Prepaid expenses and other receivables. |
Acquisitions (Details 1)
Acquisitions (Details 1) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Accumulated Amortization | $ (694) |
Alveda Acquisition [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Intangible Assets, Gross (Excluding Goodwill), Total | 32,578 |
Finite-Lived Intangible Assets, Accumulated Amortization | (253) |
Intangible Assets, Net (Excluding Goodwill), Total | 32,325 |
Developed Technology Rights [Member] | Alveda Acquisition [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Intangible Assets, Gross (Excluding Goodwill), Total | 25,243 |
Finite-Lived Intangible Assets, Accumulated Amortization | (210) |
Intangible Assets, Net (Excluding Goodwill), Total | $ 25,033 |
Finite-Lived Intangible Assets, Remaining Amortization Period | 14 years 10 months 24 days |
In Process Research and Development [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 0 |
Finite-Lived Intangible Assets, Remaining Amortization Period | 0 years |
In Process Research and Development [Member] | Alveda Acquisition [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Intangible Assets, Gross (Excluding Goodwill), Total | $ 3,875 |
Finite-Lived Intangible Assets, Accumulated Amortization | 0 |
Intangible Assets, Net (Excluding Goodwill), Total | 3,875 |
Customer Relationships [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Accumulated Amortization | $ (43) |
Finite-Lived Intangible Assets, Remaining Amortization Period | 9 years 10 months 24 days |
Customer Relationships [Member] | Alveda Acquisition [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Intangible Assets, Gross (Excluding Goodwill), Total | $ 3,460 |
Finite-Lived Intangible Assets, Accumulated Amortization | (43) |
Intangible Assets, Net (Excluding Goodwill), Total | $ 3,417 |
Finite-Lived Intangible Assets, Remaining Amortization Period | 9 years 10 months 24 days |
Acquisitions (Details 2)
Acquisitions (Details 2) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Total Revenue | $ 55,767 | $ 47,284 |
Net income | $ 8,443 | $ 6,525 |
Basic earnings per share | $ 0.16 | $ 0.13 |
Diluted earnings (loss) per share | $ (0.04) | $ 0.11 |
Acquisitions (Details Textual)
Acquisitions (Details Textual) - USD ($) | Nov. 13, 2015 | Dec. 31, 2015 |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | |
Payments for Other Taxes | $ 5,200,000 | |
LuxCo [Member] | ||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $ 3,374,549 | |
Long-term Debt, Excluding Current Maturities, Total | $ 28,185,847 | |
Debt Instrument, Maturity Date | Nov. 4, 2022 | |
Debt Instrument, Interest Rate, Stated Percentage | 0.49% | |
Derivative, Basis Spread on Variable Rate | 25.00% | |
CanadaCo [Member] | ||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||
Long-term Debt, Excluding Current Maturities, Total | $ 3,746,094 | |
Debt Instrument, Interest Rate, Stated Percentage | 0.49% | |
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 1,500,000 | |
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ 100,000 |
Goodwill and Intangible Asset63
Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill Beginning balance | $ 0 | $ 0 |
Acquisition | 440 | 0 |
Impairments | 0 | 0 |
Foreign currency translation | (14) | 0 |
Goodwill Ending balance | $ 426 | $ 0 |
Goodwill and Intangible Asset64
Goodwill and Intangible Assets (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets, Gross | $ 55,014 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (694) | ||
Finite-Lived Intangible Assets, Net, Total | 54,320 | $ 10,604 | |
In Process Research and Development [Member] | |||
Finite-Lived Intangible Assets, Gross | 3,875 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 0 | ||
Finite-Lived Intangible Assets, Net, Total | $ 3,875 | 0 | $ 0 |
Finite-Lived Intangible Assets, Remaining Amortization Period | 0 years | ||
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets, Gross | $ 3,460 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (43) | ||
Finite-Lived Intangible Assets, Net, Total | $ 3,417 | 0 | 0 |
Finite-Lived Intangible Assets, Remaining Amortization Period | 9 years 10 months 24 days | ||
Trademarks and Trade Names [Member] | |||
Finite-Lived Intangible Assets, Gross | $ 47,679 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (651) | ||
Finite-Lived Intangible Assets, Net, Total | $ 47,028 | $ 1,646 | $ 1,766 |
Finite-Lived Intangible Assets, Remaining Amortization Period | 14 years 9 months 18 days |
Goodwill and Intangible Asset65
Goodwill and Intangible Assets (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite Lived Intangible Assets Net, Beginning balance | $ 10,604 | ||
Amortization | 514 | $ 120 | $ 60 |
Finite Lived Intangible Assets Net, Ending balance | 54,320 | 10,604 | |
In Process Research and Development [Member] | |||
Finite Lived Intangible Assets Net, Beginning balance | 0 | 0 | |
Acquisition | 3,816 | 0 | |
Amortization | 0 | 0 | |
Foreign currency translation | 59 | 0 | |
Finite Lived Intangible Assets Net, Ending balance | 3,875 | 0 | 0 |
Customer Relationships [Member] | |||
Finite Lived Intangible Assets Net, Beginning balance | 0 | 0 | |
Acquisition | 3,615 | 0 | |
Amortization | (43) | 0 | |
Foreign currency translation | (155) | 0 | |
Finite Lived Intangible Assets Net, Ending balance | 3,417 | 0 | 0 |
Trademarks and Trade Names [Member] | |||
Finite Lived Intangible Assets Net, Beginning balance | 1,646 | 1,766 | |
Acquisition | 45,468 | 0 | |
Amortization | (471) | (120) | |
Foreign currency translation | 385 | 0 | |
Finite Lived Intangible Assets Net, Ending balance | $ 47,028 | $ 1,646 | $ 1,766 |
Goodwill and Intangible Asset66
Goodwill and Intangible Assets (Details 3) $ in Thousands | Dec. 31, 2015USD ($) | [1] |
2,016 | $ 2,814 | |
2,017 | 2,814 | |
2,018 | 2,814 | |
2,019 | 2,814 | |
2,020 | $ 2,814 | |
[1] | IPR&D amounts will be amortized once products become saleable, and are not included in the table |
Goodwill and Intangible Asset67
Goodwill and Intangible Assets (Details 4) | 12 Months Ended |
Dec. 31, 2015 | |
Customer Relationships [Member] | |
Finite-Lived Intangible Asset, Useful Life | 10 years |
Trademarks and Trade Names [Member] | |
Finite-Lived Intangible Asset, Useful Life | 15 years |
Goodwill and Intangible Asset68
Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill | $ 426 | $ 0 | $ 0 |
Note Payable - General Electr69
Note Payable - General Electric Capital Corporation (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |
Aug. 24, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000,000 | ||
Line of Credit Facility, Remaining Borrowing Capacity | 10,000,000 | ||
Debt Issuance Cost | 432,000 | ||
Interest Expense, Total | 351,000 | ||
General Electric Capital Corporation [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Amount Outstanding During Period | 10,000,000 | $ 3,200,000 | |
Line of Credit Facility, Maximum Borrowing Capacity | 15,000,000 | ||
Line of Credit Facility, Current Borrowing Capacity | $ 10,000,000 | ||
Line of Credit Facility, Interest Rate Description | Borrowings under the Credit Agreement may be made as prime rate loans with an applicable margin of 3.0% per annum or 1, 2, 3 or 6 month LIBOR loans with an applicable margin of 4.0% per annum. | ||
Line of Credit Facility, Interest Rate During Period | 4.20% | ||
Availability of Credit, Percentage on Book Value | 85.00% | ||
Long-term Line of Credit | $ 0 | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 10,000,000 | ||
General Electric Capital Corporation [Member] | Line of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Repayments of Debt | $ 3,200,000 | ||
General Electric Capital Corporation [Member] | Amended Credit Agreement [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Interest Rate Description | The Credit Agreement was amended on September 16, 2015 to reduce the unused line fee from 0.5% to 0.375%. |
Series A Convertible Preferre70
Series A Convertible Preferred Stock (Details Textual) - $ / shares | Dec. 05, 2007 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 05, 2013 | Dec. 05, 2009 |
Series A Convertible Preferred Stock [Line Items] | |||||
Convertible Preferred Stock, Shares Issued upon Conversion | 10,000 | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 16,364 | ||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | ||||
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 | |||
Common Stock [Member] | |||||
Series A Convertible Preferred Stock [Line Items] | |||||
Share Price | $ 2.50 | ||||
Series A Convertible Preferred Stock [Member] | |||||
Series A Convertible Preferred Stock [Line Items] | |||||
Sale of Stock, Number of Shares Issued in Transaction | 50 | ||||
Preferred Stock, Liquidation Preference Per Share | $ 10,000 | ||||
Convertible Preferred Stock, Shares Issued upon Conversion | 10,000 | 500,000 | 500,000 | ||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 175,000 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.25 | ||||
Preferred Stock, Redemption Price Per Share | $ 1 | $ 1 | |||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |||
Preferred Stock, Shares Authorized | 100 | 100 | 100 | ||
Series A Convertible Preferred Stock [Member] | Subscription Arrangement [Member] | |||||
Series A Convertible Preferred Stock [Line Items] | |||||
Preferred Stock, Redemption Price Per Share | $ 10,000 |
Series C Convertible Preferre71
Series C Convertible Preferred Stock - 2010 Offering (Details Textual) - USD ($) | Dec. 06, 2013 | Mar. 29, 2010 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 05, 2007 |
Series C Convertible Preferred Stock [Line Items] | |||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | ||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | ||
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 | |||
Series C Convertible Preferred Stock [Member] | |||||
Series C Convertible Preferred Stock [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | 1,550 | ||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | ||
Preferred Stock, Dividend Rate, Percentage | 5.00% | ||||
Preferred Stock, Shares Authorized | 1,550 | 1,550 | |||
Debt Instrument, Convertible, Conversion Price | $ 0.69 | ||||
Preferred Stock and Accrued Dividends on Stock Converted | 2,661,494 | ||||
Convertible Preferred Stock, Terms of Conversion | Furthermore, each share of Series C Convertible Preferred Stock was convertible into shares of common stock equal to (i) 1,000 plus any accrued and unpaid dividends, divided by (ii) $0.69 (the closing price of the Companys common stock on the date of issuance of the Series C Convertible Preferred Stock). | ||||
Preferred Stock, Accrued Dividend | $ 1,308,000 | ||||
Series C Offering [Member] | |||||
Series C Convertible Preferred Stock [Line Items] | |||||
Proceeds from Issuance of Private Placement | $ 1,550,000 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stock Based Compensation [Line Items] | |||
Risk-free interest rate | 1.11% | 0.48% | |
Expected dividends | 0.00% | 0.00% | 0.00% |
Minimum [Member] | |||
Stock Based Compensation [Line Items] | |||
Estimated volatility factor | 52.70% | 44.00% | 36.90% |
Expected term (in years) | 3 years 2 months 12 days | 3 years 2 months 12 days | 3 years 2 months 12 days |
Risk-free interest rate | 0.74% | ||
Maximum [Member] | |||
Stock Based Compensation [Line Items] | |||
Estimated volatility factor | 68.30% | 53.00% | 43.10% |
Expected term (in years) | 3 years 3 months 18 days | 3 years 3 months 18 days | 3 years 3 months 18 days |
Risk-free interest rate | 1.20% |
Stock-Based Compensation (Det73
Stock-Based Compensation (Details 1) - Employee Stock Option [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stock Based Compensation [Line Items] | |||
Number of Options Outstanding | 2,436,834 | 2,643,500 | 2,606,500 |
Number of Options Granted | 1,357,000 | 397,500 | 247,000 |
Number of Options Exercised | (75,766) | (443,166) | (129,336) |
Number of Options Expired | 0 | 0 | 0 |
Number of Options Forfeited | (125,334) | (161,000) | (80,664) |
Number of Options Outstanding | 3,592,734 | 2,436,834 | 2,643,500 |
Shares Issuable Under Options Exercise Price Per Share | $ 1.79 | $ 1.12 | $ 1.10 |
Granted, Exercise Price Per Share | 9.20 | 5.89 | 1.35 |
Exercised, Exercise Price Per Share | $ 1.10 | 1.15 | 1.08 |
Expired, Exercise Price Per Share | 0 | 0 | |
Forfeited, Exercise Price Per Share | $ 8.99 | 2.71 | 1.30 |
Shares issuable under options Exercise Price Per Share | 4.36 | 1.79 | 1.12 |
Minimum [Member] | |||
Stock Based Compensation [Line Items] | |||
Shares Issuable Under Options Exercise Price Per Share | 0.76 | 0.55 | 0.55 |
Granted, Exercise Price Per Share | 5.55 | 2.96 | 1.04 |
Exercised, Exercise Price Per Share | 0.76 | 0.55 | 1.02 |
Forfeited, Exercise Price Per Share | 1.40 | 1.10 | 1.10 |
Shares issuable under options Exercise Price Per Share | 0.79 | 0.76 | 0.55 |
Maximum [Member] | |||
Stock Based Compensation [Line Items] | |||
Shares Issuable Under Options Exercise Price Per Share | 10.55 | 3.03 | 1.74 |
Granted, Exercise Price Per Share | 10.67 | 10.55 | 3.03 |
Exercised, Exercise Price Per Share | 3.62 | 1.95 | 1.27 |
Forfeited, Exercise Price Per Share | 10.67 | 5.65 | 1.74 |
Shares issuable under options Exercise Price Per Share | $ 10.67 | $ 10.55 | $ 3.03 |
Stock-Based Compensation (Det74
Stock-Based Compensation (Details 2) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Exercise Price Range, One [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Options Outstanding, Exercise Price Range, Lower Range Limit | $ 0.79 | $ 0.76 | $ 0.55 |
Options Outstanding, Exercise Price Range, Upper Range Limit | $ 1 | $ 1 | $ 1 |
Options Outstanding, Number of Options | 50,000 | 97,000 | 218,000 |
Options Outstanding, Weighted Average Remaining Contractual Term | 4 years 4 days | 3 years 14 days | 4 years 9 months 29 days |
Options Outstanding, Weighted Average Exercise Price | $ 0.79 | $ 0.78 | $ 0.76 |
Options Exercisable, Number of Options | 50,000 | 97,000 | 214,000 |
Options Exercisable, Weighted Average Exercise Price | $ 0.79 | $ 0.78 | $ 0.75 |
Exercise Price Range, Two [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Options Outstanding, Exercise Price Range, Lower Range Limit | 1.01 | 1.01 | 1.01 |
Options Outstanding, Exercise Price Range, Upper Range Limit | $ 1.50 | $ 1.50 | $ 2 |
Options Outstanding, Number of Options | 1,862,400 | 1,887,500 | 2,418,000 |
Options Outstanding, Weighted Average Remaining Contractual Term | 6 years 1 month 20 days | 7 years 1 month 20 days | 7 years 10 months 24 days |
Options Outstanding, Weighted Average Exercise Price | $ 1.07 | $ 1.07 | $ 1.14 |
Options Exercisable, Number of Options | 1,851,400 | 1,448,664 | 1,238,496 |
Options Exercisable, Weighted Average Exercise Price | $ 1.07 | $ 1.08 | $ 1.19 |
Exercise Price Range, Three [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Options Outstanding, Exercise Price Range, Lower Range Limit | 1.51 | 1.51 | 2.01 |
Options Outstanding, Exercise Price Range, Upper Range Limit | $ 10.67 | $ 10.55 | $ 3.03 |
Options Outstanding, Number of Options | 1,680,334 | 452,334 | 7,500 |
Options Outstanding, Weighted Average Remaining Contractual Term | 8 years 11 months 16 days | 8 years 8 months 5 days | 9 years 10 months 13 days |
Options Outstanding, Weighted Average Exercise Price | $ 8.10 | $ 5.02 | $ 2.83 |
Options Exercisable, Number of Options | 289,997 | 110,333 | 0 |
Options Exercisable, Weighted Average Exercise Price | $ 4.02 | $ 1.78 | $ 0 |
Exercise Price Range Four [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Options Outstanding, Exercise Price Range, Lower Range Limit | 0.79 | 0.76 | 0.55 |
Options Outstanding, Exercise Price Range, Upper Range Limit | $ 10.67 | $ 10.55 | $ 3.03 |
Options Outstanding, Number of Options | 3,592,734 | 2,436,834 | 2,643,500 |
Options Outstanding, Weighted Average Remaining Contractual Term | 7 years 5 months 5 days | 7 years 3 months 4 days | 7 years 7 months 24 days |
Options Outstanding, Weighted Average Exercise Price | $ 4.36 | $ 1.79 | $ 1.12 |
Options Exercisable, Number of Options | 2,191,397 | 1,655,997 | 1,452,496 |
Options Exercisable, Weighted Average Exercise Price | $ 1.45 | $ 1.11 | $ 1.13 |
Stock-Based Compensation (Det75
Stock-Based Compensation (Details 3) - Non Vested [Member] | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Non-vested options at January 1, 2015 | shares | 780,837 |
Options, Granted | shares | 1,357,000 |
Option, Vested | shares | (615,166) |
Options, Forfeited | shares | (121,334) |
Non-vested options at December 31, 2015 | shares | 1,401,337 |
Weighted Average Grant Date Fair Value, Non-vested options at January 1, 2015 | $ / shares | $ 1.12 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 3.73 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 0.78 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 3.37 |
Weighted Average Grant Date Fair Value, Non-vested options at December 31, 2015 | $ / shares | $ 3.60 |
Stock-Based Compensation (Det76
Stock-Based Compensation (Details 4) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restricted Stock [Member] | |||
Stock Based Compensation [Line Items] | |||
Number of Restricted Stock, Non-vested Balance Beginning | 108,334 | 246,001 | 29,334 |
Weighted Average Exercise Price, Non-vested Balance Beginning | $ 2.86 | $ 2.64 | $ 1 |
Changes during the period: | |||
Shares granted | 32,500 | 325,000 | |
Shares granted - Weighted Average Exercise Price | $ 10.67 | $ 2.86 | |
Shares vested | (140,834) | (137,667) | (108,333) |
Shares vested - Weighted Average Exercise Price | $ 4.66 | $ 2.46 | $ 2.86 |
Shares forfeited | 0 | 0 | 0 |
Number of Restricted Stock, Non-vested Balance Ending | 0 | 108,334 | 246,001 |
Weighted Average Exercise Price, Non-vested Balance Ending | $ 0 | $ 2.86 | $ 2.64 |
Restricted Stock Units (RSUs) [Member] | |||
Stock Based Compensation [Line Items] | |||
Number of Restricted Stock, Non-vested Balance Beginning | 0 | ||
Weighted Average Exercise Price, Non-vested Balance Beginning | $ 0 | ||
Changes during the period: | |||
Shares granted | 230,250 | ||
Shares granted - Weighted Average Exercise Price | $ 10.32 | ||
Shares vested | (32,500) | ||
Shares vested - Weighted Average Exercise Price | $ 10.67 | ||
Shares forfeited | (15,000) | ||
Shares forfeited - Weighted Average Exercise Price | $ 10.67 | ||
Number of Restricted Stock, Non-vested Balance Ending | 182,750 | 0 | |
Weighted Average Exercise Price, Non-vested Balance Ending | $ 0 | $ 0 |
Stock-Based Compensation (Det77
Stock-Based Compensation (Details Textual) - USD ($) | Apr. 12, 2010 | Dec. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | May. 19, 2010 |
Stock Based Compensation Details [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 17,380,012 | $ 17,103,045 | $ 5,109,925 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 16,323,878 | 12,738,143 | 2,789,901 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 591,226 | 3,391,030 | 254,779 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 3,674,700 | |||||
General and Administrative Expense [Member] | ||||||
Stock Based Compensation Details [Line Items] | ||||||
Allocated Share-based Compensation Expense | $ 1,652,300 | 316,200 | 206,500 | |||
Director Stock Option Plan - 1999 [Member] | ||||||
Stock Based Compensation Details [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,975,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 2,514,798 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 807,782 | |||||
Nineteen Ninety Nine Stock Incentive Plan [Member] | ||||||
Stock Based Compensation Details [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 3,200,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 2,892,500 | |||||
Percent FMV Common Stock Options Granted | 100.00% | |||||
Plan 2009 [Member] | ||||||
Stock Based Compensation Details [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 4,000,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,506,248 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 230,420 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 2,000,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee | 1,000,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 3,062,734 | |||||
Plan 1999 Plan 2009 And Director Plan [Member] | ||||||
Stock Based Compensation Details [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 3,592,734 | |||||
Common Stock, Capital Shares Reserved for Future Issuance | 639,404 | |||||
Jason Grenfell-Gardner [Member] | ||||||
Stock Based Compensation Details [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 325,000 | |||||
Restricted Stock [Member] | ||||||
Stock Based Compensation Details [Line Items] | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 1,362,300 | |||||
Allocated Share-based Compensation Expense | $ 620,500 | $ 507,100 | $ 329,400 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 32,500 | 325,000 |
Stock Warrants (Details)
Stock Warrants (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stock Warrants [Abstract] | |||
Ending balance (in shares) | 16,364 | ||
Warrant [Member] | |||
Stock Warrants [Abstract] | |||
Beginning balance (in shares) | 84,000 | 354,546 | 782,259 |
Beginning balance (in dollars per share) | $ 1.21 | $ 1.21 | $ 0.85 |
Stock warrants granted (in shares) | 0 | 0 | 0 |
Stock warrants granted (in dollars per share) | $ 0 | $ 0 | $ 0 |
Stock warrants expired (in shares) | (16,364) | 0 | 0 |
Stock warrants expired (in dollars per share) | $ 1.21 | $ 0 | $ 0 |
Stock warrants exercised (in shares) | (67,636) | (270,546) | (427,713) |
Stock warrants exercised (in dollars per share) | $ 1.21 | $ 1.21 | $ 0.55 |
Ending balance (in shares) | 0 | 84,000 | 354,546 |
Ending balance (in dollars per share) | $ 0 | $ 1.21 | $ 1.21 |
Stock Warrants (Details Textual
Stock Warrants (Details Textual) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 08, 2010 | |
Stock Warrants [Line Items] | ||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 16,364 | |
First Placement Agent [Member] | ||
Stock Warrants [Line Items] | ||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 338,182 | |
Second Placement Agent [Member] | ||
Stock Warrants [Line Items] | ||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 16,364 | |
Stock Warrants Exercised | 67,636 | |
Warrant Issuedin Connection with Private Placement Offering [Member] | ||
Stock Warrants [Line Items] | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ 1.21 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current tax expense (benefit): | |||
Federal | $ 0 | $ 97 | $ 0 |
State and local | 19 | 76 | (197) |
Foreign | 28 | ||
Total current tax expense (benefit) | 47 | 173 | (197) |
Deferred tax expense (benefit): | |||
Federal | 0 | 0 | 0 |
State and local | 0 | 0 | 0 |
Foreign | (12) | ||
Total deferred tax expense (benefit) | (12) | 0 | 0 |
Total income tax expense (benefit) | $ 35 | $ 173 | $ (197) |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Line Items] | |||
Expected Statutory expense (benefit) | $ 2,244 | $ 1,844 | $ (95) |
Gain on derivative and amortization of debt discount | (5,597) | (693) | 0 |
Other non-deductible expenses | 7 | 3 | 2 |
Change in valuation allowance | 3,254 | (1,031) | 30 |
Rate differential - foreign vs. US | 114 | (197) | |
State income taxes, net of federal benefit | 13 | 50 | 0 |
Federal tax impact of state tax benefit, net | 0 | 0 | 63 |
Income Tax Expense (Benefit) | $ 35 | $ 173 | $ (197) |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current Assets: | ||
Allowance for doubtful accounts | $ 6 | $ 6 |
Inventory reserve | 157 | 113 |
Accrued expenses | 1,005 | 566 |
Total current assets | 1,168 | 685 |
Long Term Assets (Liabilities): | ||
Property, plant and equipment | 348 | 245 |
Intangible assets | (256) | 2 |
Tax operating loss carry forwards | 11,283 | 9,068 |
Tax credit carry forwards | 291 | 293 |
Non-employee stock options | 1,238 | 682 |
Other | (7) | (5) |
Total Long Term Assets (Liabilities) | 12,897 | 10,285 |
Gross Deferred Tax Asset (Liability) | 14,065 | 10,970 |
Less Valuation Allowance | (14,309) | (10,970) |
Deferred taxes, net | $ (244) | $ 0 |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Federal: | ||
State [Abstract] | ||
Net operating losses | $ 32,870 | $ 26,602 |
Research tax credits (expiring through 2025) | 168 | 168 |
Alternative minimum tax credits/assessment (available without expiration) | 70 | 123 |
State: | Tennessee (expiring in 2030) | ||
State [Abstract] | ||
Net operating losses | 568 | 322 |
State: | New Jersey (expiring in 2035) | ||
State [Abstract] | ||
Net operating losses | 822 | 1 |
State: | Illinois (expiring in 2035) | ||
State [Abstract] | ||
Net operating losses | 255 | 0 |
Foreign | ||
State [Abstract] | ||
Net operating losses | $ 10 | $ 0 |
Income Taxes (Details 4)
Income Taxes (Details 4) $ in Thousands | Dec. 31, 2015USD ($) |
Income Tax Disclosure [Line Items] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $ 35,635 |
Year 2019 [Member] | |
Income Tax Disclosure [Line Items] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 1,009 |
Year 2020 [Member] | |
Income Tax Disclosure [Line Items] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 6,670 |
Year 2021 [Member] | |
Income Tax Disclosure [Line Items] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 1,157 |
Year 2022 [Member] | |
Income Tax Disclosure [Line Items] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 0 |
Year 2023 [Member] | |
Income Tax Disclosure [Line Items] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 1,232 |
Year 2024 [Member] | |
Income Tax Disclosure [Line Items] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 974 |
Year 2025 [Member] | |
Income Tax Disclosure [Line Items] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 1,850 |
Year 2026 [Member] | |
Income Tax Disclosure [Line Items] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 1,070 |
Year 2027 [Member] | |
Income Tax Disclosure [Line Items] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 308 |
Year 2028 [Member] | |
Income Tax Disclosure [Line Items] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 1,414 |
Year 2029 [Member] | |
Income Tax Disclosure [Line Items] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 3,447 |
Year 2030 [Member] | |
Income Tax Disclosure [Line Items] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 3,455 |
Year 2031 [Member] | |
Income Tax Disclosure [Line Items] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 2,749 |
Year 2032 [Member] | |
Income Tax Disclosure [Line Items] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 3,721 |
Year 2035 [Member] | |
Income Tax Disclosure [Line Items] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $ 6,579 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Examination [Line Items] | |||
Change in Ownership Percent | 50.00% | ||
Stockholder Ownership | 5.00% | ||
Income Tax Expense (Benefit) | $ 35,000 | $ 173,000 | $ (197,000) |
Proceeds From Sale Of Operating Loss Carry forwards | $ 197,000 | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | ||
Deferred Tax Assets, Valuation Allowance | $ 14,309,000 | $ 10,970,000 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 3,400,000 | ||
Not Subject to Limitations [Member] | |||
Income Tax Examination [Line Items] | |||
Proceeds From Sale Of Operating Loss Carry forwards | 15,100,000 | ||
Subject to Limitations [Member] | Minimum [Member] | |||
Income Tax Examination [Line Items] | |||
Operating Loss Carryforwards | 1,000,000 | ||
Subject to Limitations [Member] | Maximum [Member] | |||
Income Tax Examination [Line Items] | |||
Operating Loss Carryforwards | 2,300,000 | ||
Accounted for Additional Paid-in Capital [Member] | |||
Income Tax Examination [Line Items] | |||
Operating Loss Carryforwards | $ 2,800,000 |
Lease Commitments (Details)
Lease Commitments (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Years Ending December 31, | |
2,016 | $ 408 |
2,017 | 439 |
2,018 | 355 |
2,019 | 315 |
2,020 | 317 |
Total | 2,898 |
2,021 | |
Years Ending December 31, | |
Thereafter | 322 |
2,022 | |
Years Ending December 31, | |
Thereafter | 327 |
2,023 | |
Years Ending December 31, | |
Thereafter | 332 |
2,024 | |
Years Ending December 31, | |
Thereafter | $ 83 |
Lease Commitments (Details Text
Lease Commitments (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Leased Assets [Line Items] | |||
Operating Leases, Rent Expense | $ 360,000 | $ 216,200 | $ 121,700 |
Legal and U.S. Regulatory Pro88
Legal and U.S. Regulatory Proceedings (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Legal and U.S. Regulatory Proceedings Details [Line Items] | ||
Accrued Environmental Loss Contingencies, Current | $ 123,000 | |
Restricted Cash and Cash Equivalents | $ 124,000 | $ 54,000 |
Loss Contingency, Settlement Agreement, Terms | On December 4, 2015, Galderma Laboratories, L.P. and Galderma S.A. (collectively, Galderma) filed a complaint in the United States District Court for the Northern District of Texas against the Company alleging infringement of United States Patent No. 6,106,848 based upon the Companys submission to the FDA of an ANDA seeking FDA approval to market clobetasol propionate lotion 0.05% before the expiration patent asserted in the complaint. | |
Estimated Clean Up Costs [Member] | ||
Legal and U.S. Regulatory Proceedings Details [Line Items] | ||
Environmental Remediation Expense | $ 889,000 |
Employee Benefits (Details Text
Employee Benefits (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note15 Employee Benefits Details [Line Items] | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 100.00% | ||
Defined Contribution Plan Minimum Annual Contribution Per Employee Percent | 1.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | $ 18,000 | $ 17,500 | $ 17,500 |
Defined Contribution Plan, Cost Recognized | 172,965 | 126,600 | 93,000 |
Catchup Contribution Max [Member] | |||
Note15 Employee Benefits Details [Line Items] | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | $ 5,500 | $ 5,500 | $ 5,500 |
First Portion [Member] | |||
Note15 Employee Benefits Details [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | ||
First Portion [Member] | Matching By Participants [Member] | |||
Note15 Employee Benefits Details [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 3.00% | ||
Second Portion [Member] | |||
Note15 Employee Benefits Details [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | ||
Second Portion [Member] | Matching By Participants [Member] | |||
Note15 Employee Benefits Details [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 2.00% |
2014 Public Offering (Details T
2014 Public Offering (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jul. 02, 2014 | Jun. 27, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 06, 2013 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | |||
Proceeds from Issuance of Common Stock (in dollars) | $ (3) | $ 24,858 | $ 0 | |||
Public Offering [Member] | ||||||
Public Offering, Shares Authorized | 4,650,000 | |||||
Common stock, par value (in dollars per share) | $ 0.01 | |||||
Share Price (in dollars per share) | $ 5 | $ 5 | ||||
Stock Issued During Period, Shares, New Issues | 5,347,500 | |||||
Proceeds from Issuance of Common Stock (in dollars) | $ 24,900 | |||||
Public Offering [Member] | Underwriter [Member] | ||||||
Stock Issued During Period, Shares, New Issues | 697,500 |
Asset Purchase Agreements (Deta
Asset Purchase Agreements (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Dec. 31, 2015 | Mar. 27, 2015 | Nov. 18, 2014 | |
Payments to Acquire Other Productive Assets | $ 500,000 | $ 6,000,000 | ||
AstraZeneca [Member] | ||||
Business Combination, Contingent Consideration, Liability | 3,000,000 | |||
AstraZeneca [Member] | Royalty Obligations [Member] | ||||
Payments to Acquire Productive Assets | 6,910,000 | |||
Valeant [Member] | ||||
Payments to Acquire Other Productive Assets | 1,500,000 | |||
Payments to Acquire Productive Assets | 3,500,000 | |||
Amortization of Acquisition Costs | 3,565,000 | |||
Valeant [Member] | Option exercised for Each of Two Additional Products [Member] | ||||
Business Combination, Contingent Consideration, Liability | 750,000 | $ 1,500,000 | ||
Valeant [Member] | Option exercised for One Additional Products [Member] | ||||
Business Combination, Contingent Consideration, Liability | 500,000 | $ 500,000 | ||
Valeant [Member] | Option exercised for Total Aggregate Additional Products [Member] | ||||
Business Combination, Contingent Consideration, Liability | 2,000,000 | |||
Concordia [Member] | ||||
Payments to Acquire Productive Assets | 1,200,000 | |||
Amortization of Acquisition Costs | $ 10,100,000 |
Quarterly Results (Details)
Quarterly Results (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Total revenues, net | $ 13,071 | $ 11,615 | $ 8,893 | $ 10,671 | $ 13,736 | $ 6,668 | $ 6,483 | $ 6,853 | $ 44,250 | $ 33,740 | $ 18,224 |
Gross profit | 5,944 | 6,077 | 3,666 | 5,628 | 8,391 | 2,632 | 2,903 | 2,866 | 21,315 | 16,792 | |
Operating income (loss) | (2,769) | 391 | (1,911) | 1,098 | 4,112 | (144) | (281) | 219 | (3,192) | 3,906 | (82) |
Net income (loss) | (6,375) | (2,888) | 9,376 | 6,555 | 5,631 | (202) | (345) | 167 | 6,668 | 5,251 | (84) |
Net income (loss) attributable to common stockholders | $ (6,375) | $ (2,888) | $ 9,376 | $ 6,555 | $ 5,631 | $ (202) | $ (345) | $ 167 | $ 6,668 | $ 5,251 | $ (1,392) |
Basic income (loss) per share | $ (0.12) | $ (0.05) | $ 0.18 | $ 0.12 | $ 0.11 | $ 0 | $ (0.01) | $ 0 | $ 0.13 | $ 0.11 | $ (0.03) |
Diluted income (loss) per share | $ (0.12) | $ (0.05) | $ (0.03) | $ 0.01 | $ 0.09 | $ 0 | $ (0.01) | $ 0 | $ (0.07) | $ 0.09 | $ (0.03) |
SCHEDULE II-VALUATION AND QUA93
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation Allowances and Reserves, Balance | $ 5,587 | $ 1,960 | $ 16 |
Valuation Allowances and Reserves, Charged to Cost and Expense | (61,033) | (29,240) | (6,293) |
Valuation Allowances and Reserves, Balance | 14,266 | 5,587 | 1,960 |
Valuation Allowance of Deferred Tax Assets [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation Allowances and Reserves, Balance | 10,970 | 12,062 | 12,358 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 0 | 0 | 0 |
Valuation Allowances and Reserves, Charged to Other Accounts | 3,350 | 0 | 0 |
Valuation Allowances and Reserves, Deductions | 0 | 1,092 | 296 |
Valuation Allowances and Reserves, Balance | $ 14,320 | $ 10,970 | $ 12,062 |