Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 31, 2014 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'Celldex Therapeutics, Inc. | ' |
Entity Central Index Key | '0000744218 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 89,589,105 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and Cash Equivalents | $32,525 | $169,402 |
Marketable Securities | 191,553 | 133,581 |
Accounts and Other Receivables | 2,905 | 489 |
Prepaid and Other Current Assets | 2,842 | 1,717 |
Total Current Assets | 229,825 | 305,189 |
Property and Equipment, Net | 10,716 | 9,973 |
Intangible Assets, Net | 22,060 | 22,820 |
Other Assets | 99 | 148 |
Goodwill | 8,965 | 8,965 |
Total Assets | 271,665 | 347,095 |
Current Liabilities: | ' | ' |
Accounts Payable | 1,720 | 2,243 |
Accrued Expenses | 17,703 | 17,179 |
Current Portion of Long-Term Liabilities | 2,191 | 928 |
Total Current Liabilities | 21,614 | 20,350 |
Other Long-Term Liabilities | 10,679 | 6,950 |
Total Liabilities | 32,293 | 27,300 |
Commitments and Contingent Liabilities | ' | ' |
Stockholders' Equity: | ' | ' |
Convertible Preferred Stock, $.01 Par Value; 3,000,000 Shares Authorized; No Shares Issued and Outstanding at September 30, 2014 and December 31, 2013 | ' | ' |
Common Stock, $.001 Par Value; 297,000,000 Shares Authorized; 89,436,933 and 89,246,832 Shares Issued and Outstanding at September 30, 2014 and December 31, 2013, respectively | 89 | 89 |
Additional Paid-In Capital | 668,596 | 662,717 |
Accumulated Other Comprehensive Income | 2,624 | 2,668 |
Accumulated Deficit | -431,937 | -345,679 |
Total Stockholders' Equity | 239,372 | 319,795 |
Total Liabilities and Stockholders' Equity | $271,665 | $347,095 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
CONDENSED CONSOLIDATED BALANCE SHEETS | ' | ' |
Convertible Preferred Stock, Par Value (in dollars per share) | $0.01 | $0.01 |
Convertible Preferred Stock, Shares Authorized | 3,000,000 | 3,000,000 |
Convertible Preferred Stock, Shares Issued | 0 | 0 |
Convertible Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par Value (in dollars per share) | $0.00 | $0.00 |
Common Stock, Shares Authorized | 297,000,000 | 297,000,000 |
Common Stock, Shares Issued | 89,436,933 | 89,246,832 |
Common Stock, Shares Outstanding | 89,436,933 | 89,246,832 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
REVENUE: | ' | ' | ' | ' |
Product Development and Licensing Agreements | $284 | $40 | $518 | $117 |
Contracts and Grants | 817 | 940 | 1,591 | 1,040 |
Product Royalties | ' | ' | ' | 2,334 |
Total Revenue | 1,101 | 980 | 2,109 | 3,491 |
OPERATING EXPENSE: | ' | ' | ' | ' |
Research and Development | 26,185 | 20,417 | 77,355 | 49,597 |
Royalty | ' | ' | ' | 2,334 |
General and Administrative | 5,004 | 3,578 | 14,373 | 10,128 |
Amortization of Acquired Intangible Assets | 254 | 254 | 760 | 760 |
Total Operating Expense | 31,443 | 24,249 | 92,488 | 62,819 |
Operating Loss | -30,342 | -23,269 | -90,379 | -59,328 |
Investment and Other Income, Net | 2,260 | 142 | 4,121 | 682 |
Interest Expense | ' | -13 | ' | -842 |
Net Loss | -28,082 | -23,140 | -86,258 | -59,488 |
Basic and Diluted Net Loss Per Common Share (Note 3) (in dollars per share) | ($0.31) | ($0.29) | ($0.97) | ($0.76) |
Shares Used in Calculating Basic and Diluted Net Loss per Share (Note 3) (in shares) | 89,404 | 81,015 | 89,346 | 78,676 |
COMPREHENSIVE LOSS: | ' | ' | ' | ' |
Net Loss | -28,082 | -23,140 | -86,258 | -59,488 |
Other Comprehensive (Loss) Income: | ' | ' | ' | ' |
Foreign Currency Translation Adjustments | -3 | ' | -4 | -3 |
Unrealized Gain (Loss) on Marketable Securities | -121 | 138 | -40 | -56 |
Comprehensive Loss | ($28,206) | ($23,002) | ($86,302) | ($59,547) |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash Flows from Operating Activities: | ' | ' |
Net Loss | ($86,258) | ($59,488) |
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities: | ' | ' |
Depreciation and Amortization | 1,764 | 1,422 |
Amortization of Intangible Assets | 760 | 760 |
Amortization and Premium of Marketable Securities | -754 | -1,232 |
Realized Gain on Sales and Maturities of Marketable Securities | -11 | ' |
Gain (Loss) on Sales or Disposal of Assets | ' | -21 |
Stock-Based Compensation Expense | 4,719 | 3,400 |
Non-Cash Interest Expense | ' | 97 |
Changes in Operating Assets and Liabilities: | ' | ' |
Accounts and Other Receivables | -2,416 | -846 |
Prepaid and Other Current Assets | -1,428 | -1,457 |
Other Assets | 49 | 267 |
Accounts Payable and Accrued Expenses | -740 | 2,954 |
Other Liabilities | 4,992 | 1,432 |
Net Cash Used in Operating Activities | -79,323 | -52,712 |
Cash Flows from Investing Activities: | ' | ' |
Sales and Maturities of Marketable Securities | 89,215 | 30,679 |
Purchases of Marketable Securities | -146,159 | -92,400 |
Acquisition of Property and Equipment | -1,766 | -1,901 |
Proceeds from Sales or Disposal of Assets | ' | 21 |
Net Cash Used in Investing Activities | -58,710 | -63,601 |
Cash Flows from Financing Activities: | ' | ' |
Net Proceeds from Stock Issuances | ' | 114,187 |
Proceeds from Issuance of Stock from Employee Benefit Plans | 1,160 | 2,931 |
Payments of Term Loan | ' | -11,029 |
Payments of Other Liabilities | ' | -44 |
Net Cash Provided by Financing Activities | 1,160 | 106,045 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | -4 | -3 |
Net Decrease in Cash and Cash Equivalents | -136,877 | -10,271 |
Cash and Cash Equivalents at Beginning of Period | 169,402 | 24,897 |
Cash and Cash Equivalents at End of Period | $32,525 | $14,626 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2014 | |
Basis of Presentation | ' |
Basis of Presentation | ' |
(1) Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements have been prepared by Celldex Therapeutics, Inc. (the “Company” or “Celldex”) in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and reflect the operations of the Company and its wholly-owned subsidiary. All intercompany transactions have been eliminated in consolidation. | |
These interim financial statements do not include all the information and footnotes required by U.S. GAAP for annual financial statements and should be read in conjunction with the audited financial statements for the year ended December 31, 2013, which are included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 3, 2014. In the opinion of management, the interim financial statements reflect all normal recurring adjustments necessary to fairly state the Company’s financial position and results of operations for the interim periods presented. The year-end condensed consolidated balance sheet data presented for comparative purposes was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. | |
The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for any future interim period or the fiscal year ending December 31, 2014. | |
At September 30, 2014, the Company had cash, cash equivalents and marketable securities of $224.1 million. The Company incurred a loss of $86.3 million for the nine months ended September 30, 2014. Net cash used in operations for the nine months ended September 30, 2014 was $79.3 million. The Company believes that the cash, cash equivalents and marketable securities at September 30, 2014 will be sufficient to meet estimated working capital requirements and fund planned operations for at least the next twelve months. | |
During the next twelve months, the Company may take further steps to raise additional capital to meet its long-term liquidity needs. These capital raising activities may include, but may not be limited to, one or more of the following: the licensing of technology programs with existing or new collaborative partners, possible business combinations, issuance of debt, or the issuance of common stock or other securities via private placements or public offerings. While the Company continues to seek capital through a number of means, there can be no assurance that additional financing will be available on acceptable terms, if at all, and the Company’s negotiating position in capital-raising efforts may worsen as existing resources are used. There is also no assurance that the Company will be able to enter into further collaborative relationships. Additional equity financing may be dilutive to the Company’s stockholders; debt financing, if available, may involve significant cash payment obligations and covenants that restrict the Company’s ability to operate as a business; and licensing or strategic collaborations may result in royalties or other terms which reduce the Company’s economic potential from products under development. | |
Significant_Accounting_Policie
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2014 | |
Significant Accounting Policies | ' |
Significant Accounting Policies | ' |
(2) Significant Accounting Policies | |
The significant accounting policies used in preparation of these condensed consolidated financial statements for the nine months ended September 30, 2014 are consistent with those discussed in Note 2 to the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2013. | |
Recent Accounting Pronouncements | |
From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s financial position or results of operations upon adoption. | |
In May 2014, the FASB issued a new U.S. GAAP accounting standard that creates modifications to various other revenue accounting standards for specialized transactions and industries. The new U.S. GAAP accounting standard is intended to conform revenue accounting principles with a concurrently issued new standard under International Financial Reporting Standards, as well as, to enhance disclosures related to disaggregated revenue information. The updated guidance is effective for annual reporting periods beginning on or after December 15, 2016, and interim periods within those annual periods. Early adoption is not permitted. The Company will further study the implications of this standard in order to evaluate the expected impact on the consolidated financial statements. | |
In August 2014, the FASB issued a new U.S. GAAP accounting standard that provides guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The new accounting standard requires management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. The new accounting standard is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company does not expect the adoption of this standard to have a material impact on the consolidated financial statements. | |
Net_Loss_Per_Share
Net Loss Per Share | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Net Loss Per Share | ' | |||||
Net Loss Per Share | ' | |||||
(3) Net Loss Per Share | ||||||
Basic net loss per common share is based upon the weighted-average number of common shares outstanding during the period, excluding restricted stock that has been issued but is not yet vested. Diluted net loss per common share is based upon the weighted-average number of common shares outstanding during the period plus additional weighted-average potentially dilutive common shares outstanding during the period when the effect is dilutive. The potentially dilutive common shares that have not been included in the net loss per common share calculations because the effect would have been anti-dilutive are as follows: | ||||||
Three and Nine | ||||||
Months Ended September 30, | ||||||
2014 | 2013 | |||||
Stock options | 6,999,421 | 6,077,377 | ||||
Restricted stock | 9,000 | 9,000 | ||||
7,008,421 | 6,086,377 | |||||
Comprehensive_Loss
Comprehensive Loss | 9 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Comprehensive Loss | ' | ||||||||||
Comprehensive Loss | ' | ||||||||||
(4) Comprehensive Loss | |||||||||||
The changes in Accumulated Other Comprehensive Income by component for the three and nine months ended September 30, 2014 are summarized below. No amounts were reclassified out of accumulated other comprehensive income during the three or nine months ended September 30, 2014. | |||||||||||
Unrealized Gain | Foreign | Total | |||||||||
(Loss) on | Currency Items | ||||||||||
Marketable | |||||||||||
Securities, net of tax | |||||||||||
(In thousands) | |||||||||||
Balance at June 30, 2014 | $ | 163 | $ | 2,585 | $ | 2,748 | |||||
Other comprehensive income (loss) before reclassifications | (121 | ) | (3 | ) | (124 | ) | |||||
Amounts reclassified from other comprehensive income | — | — | — | ||||||||
Net current-period other comprehensive income | (121 | ) | (3 | ) | (124 | ) | |||||
Balance at September 30, 2014 | $ | 42 | $ | 2,582 | $ | 2,624 | |||||
Balance at December 31, 2013 | $ | 82 | $ | 2,586 | $ | 2,668 | |||||
Other comprehensive income (loss) before reclassifications | (40 | ) | (4 | ) | (44 | ) | |||||
Amounts reclassified from other comprehensive income | — | — | — | ||||||||
Net current-period other comprehensive income | (40 | ) | (4 | ) | (44 | ) | |||||
Balance at September 30, 2014 | $ | 42 | $ | 2,582 | $ | 2,624 | |||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Fair Value Measurements | ' | |||||||||||||
Fair Value Measurements | ' | |||||||||||||
(5) Fair Value Measurements | ||||||||||||||
The following tables set forth the Company’s financial assets subject to fair value measurements: | ||||||||||||||
As of | Level 1 | Level 2 | Level 3 | |||||||||||
September 30, 2014 | ||||||||||||||
(In thousands) | ||||||||||||||
Money market funds and cash equivalents | $ | 27,995 | $ | — | $ | 27,995 | $ | — | ||||||
Marketable securities | 191,553 | — | 191,553 | — | ||||||||||
$ | 219,548 | $ | — | $ | 219,548 | $ | — | |||||||
As of | Level 1 | Level 2 | Level 3 | |||||||||||
December 31, 2013 | ||||||||||||||
(In thousands) | ||||||||||||||
Money market funds and cash equivalents | $ | 148,549 | $ | — | $ | 148,549 | $ | — | ||||||
Marketable securities | 133,581 | — | 133,581 | — | ||||||||||
$ | 282,130 | $ | — | $ | 282,130 | $ | — | |||||||
There have been no transfers of assets or liabilities between the fair value measurement classifications. The Company’s financial instruments consist mainly of cash and cash equivalents, marketable securities, short-term accounts receivable and accounts payable. The Company values its marketable securities utilizing independent pricing services which normally derive security prices from recently reported trades for identical or similar securities, making adjustments based on significant observable transactions. At each balance sheet date, observable market inputs may include trade information, broker or dealer quotes, bids, offers or a combination of these data sources. Short-term accounts receivable and accounts payable are reflected in the accompanying consolidated financial statements at cost, which approximates fair value due to the short-term nature of these instruments. | ||||||||||||||
Marketable_Securities
Marketable Securities | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Marketable Securities | ' | |||||||||||||
Marketable Securities | ' | |||||||||||||
(6) Marketable Securities | ||||||||||||||
A summary of marketable securities is shown below: | ||||||||||||||
Amortized | Gross | Gross | Fair Value | |||||||||||
Cost | Unrealized | Unrealized | ||||||||||||
Gains | Losses | |||||||||||||
(In thousands) | ||||||||||||||
September 30, 2014 | ||||||||||||||
Marketable securities | ||||||||||||||
U.S. government and municipal obligations | ||||||||||||||
Maturing in one year or less | $ | 40,198 | $ | 43 | $ | (5 | ) | $ | 40,236 | |||||
Maturing after one year through three years | 30,293 | 67 | (9 | ) | 30,351 | |||||||||
Total U.S. government and municipal obligations | $ | 70,491 | $ | 110 | $ | (14 | ) | $ | 70,587 | |||||
Corporate debt securities | ||||||||||||||
Maturing in one year or less | $ | 92,510 | $ | 20 | $ | (34 | ) | $ | 92,496 | |||||
Maturing after one year through three years | 28,510 | 2 | (42 | ) | 28,470 | |||||||||
Total corporate debt securities | $ | 121,020 | $ | 22 | $ | (76 | ) | $ | 120,966 | |||||
Total marketable securities | $ | 191,511 | $ | 132 | $ | (90 | ) | $ | 191,553 | |||||
December 31, 2013 | ||||||||||||||
Marketable securities | ||||||||||||||
U.S. government and municipal obligations | ||||||||||||||
Maturing in one year or less | $ | 55,531 | $ | 27 | $ | (4 | ) | $ | 55,554 | |||||
Maturing after one year through three years | 18,234 | 56 | (4 | ) | 18,286 | |||||||||
Total U.S. government and municipal obligations | $ | 73,765 | $ | 83 | $ | (8 | ) | $ | 73,840 | |||||
Corporate debt securities | ||||||||||||||
Maturing in one year or less | $ | 38,973 | $ | 9 | $ | (9 | ) | $ | 38,973 | |||||
Maturing after one year through three years | 20,761 | 12 | (5 | ) | 20,768 | |||||||||
Total corporate debt securities | $ | 59,734 | $ | 21 | $ | (14 | ) | $ | 59,741 | |||||
Total marketable securities | $ | 133,499 | $ | 104 | $ | (22 | ) | $ | 133,581 | |||||
The marketable securities held by the Company were high investment grade and there were no marketable securities that the Company considered to be other-than-temporarily impaired as of September 30, 2014. Marketable securities include $1.2 million and $0.9 million in accrued interest at September 30, 2014 and December 31, 2013, respectively. | ||||||||||||||
Intangible_Assets_and_Goodwill
Intangible Assets and Goodwill | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||
Intangible Assets and Goodwill | ' | |||||||||||||||||||||
Intangible Assets and Goodwill | ' | |||||||||||||||||||||
(7) Intangible Assets and Goodwill | ||||||||||||||||||||||
Intangible assets, net of accumulated amortization, and goodwill are as follows: | ||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||
Estimated | Cost | Accumulated | Net | Cost | Accumulated | Net | ||||||||||||||||
Life | Amortization | Amortization | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||
Intangible Assets: | ||||||||||||||||||||||
IPR&D | Indefinite | $ | 11,800 | — | $ | 11,800 | $ | 11,800 | — | $ | 11,800 | |||||||||||
Amgen Amendment | 16 years | 14,500 | $ | (4,484 | ) | 10,016 | 14,500 | $ | (3,812 | ) | 10,688 | |||||||||||
Core Technology | 11 years | 1,296 | (1,052 | ) | 244 | 1,296 | (964 | ) | 332 | |||||||||||||
Total Intangible Assets | $ | 27,596 | $ | (5,536 | ) | $ | 22,060 | $ | 27,596 | $ | (4,776 | ) | $ | 22,820 | ||||||||
Goodwill | Indefinite | $ | 8,965 | — | $ | 8,965 | $ | 8,965 | — | $ | 8,965 | |||||||||||
The IPR&D intangible asset was recorded in connection with the acquisition of CuraGen and relates to the development of glembatumumab vedotin. At the date of acquisition and at September 30, 2014, glembatumumab vedotin had not yet reached technological feasibility nor did it have any alternative future use. Glembatumumab vedotin is in a randomized study for the treatment of triple negative breast cancer. | ||||||||||||||||||||||
The Company performed an annual impairment test of the IPR&D and goodwill assets as of July 1, 2014 and concluded that the IPR&D and goodwill assets were not impaired. | ||||||||||||||||||||||
Other_LongTermLiabilities
Other Long-TermLiabilities | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Other Long-Term Liabilities | ' | |||||||
Other Long-Term Liabilities | ' | |||||||
(8) Other Long-Term Liabilities | ||||||||
Other long-term liabilities include the following: | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
(In thousands) | ||||||||
Deferred Rent | $ | 499 | $ | 419 | ||||
Net Deferred Tax Liability related to IPR&D | 4,661 | 4,661 | ||||||
Deferred Income from Sale of Tax Benefits | 2,253 | 1,630 | ||||||
Deferred Revenue | 5,457 | 1,168 | ||||||
Total | 12,870 | 7,878 | ||||||
Less Current Portion | (2,191 | ) | (928 | ) | ||||
Long-Term Portion | $ | 10,679 | $ | 6,950 | ||||
In January 2014, 2013, 2012 and 2011, the Company received approval from the New Jersey Economic Development Authority and agreed to sell New Jersey tax benefits worth $1.1 million, $0.8 million, $0.8 million and $0.6 million to an independent third party for $1.0 million, $0.8 million, $0.7 million and $0.5 million, respectively. Under the agreement, the Company must maintain a base of operations in New Jersey for five years or the tax benefits must be paid back on a pro-rata basis based on the number of years completed. During the nine months ended September 30, 2014 and 2013, the Company recorded $0.4 million and $0.2 million to other income related to the sale of these tax benefits, respectively. | ||||||||
In September 2013, the Company entered into an agreement with Rockefeller University pursuant to which the Company will perform research and development services for Rockefeller. The agreement includes an approved project plan for the development services of $4.8 million and a term of three years. The agreement included an upfront payment of $1.3 million which is being recognized as revenue over the term of the agreement. The Company will bill Rockefeller quarterly for actual time and direct costs incurred and record those amounts to revenue in the quarter the services are performed. The Company recorded revenue related to the Rockefeller agreement of $0.8 million and $0.9 million during the three months ended September 30, 2014 and 2013 and $1.5 million and $0.9 million during the nine months ended September 30, 2014 and 2013, respectively. | ||||||||
In May 2014, the Company entered into a clinical trial collaboration with Bristol-Myers Squibb Company (“BMS”) to evaluate the safety, tolerability and preliminary efficacy of varlilumab and nivolumab, BMS’s PD-1 immune checkpoint inhibitor, in a Phase 1/2 study. Under the terms of this clinical trial collaboration, BMS made a one-time payment to the Company of $5.0 million and the companies amended the terms of the Company’s existing license agreement with Medarex (a subsidiary of BMS) related to the Company’s CD27 program whereby certain future milestone payments were waived and future royalty rates were reduced that may have been due from the Company to Medarex. In return, BMS was granted a time-limited right of first negotiation if the Company wishes to out-license varlilumab. The companies also agreed to work exclusively with each other to explore anti-PD-1 antagonist antibody and anti-CD27 agonist antibody combination regimens. The clinical trial collaboration provides that the companies will share development costs and that the Company will be responsible for conducting the Phase 1/2 study, which is expected to begin in the fourth quarter of 2014. | ||||||||
The Company has determined that its performance obligations under the BMS agreement, which primarily include performing research and development, supplying varlilumab and participating in the joint development committee, should be accounted for as a single unit of accounting and estimated that its performance period under the BMS agreement would be 5 years. Accordingly, the $5 million up-front payment was initially recorded as deferred revenue and is being recognized as revenue on a straight-line basis over the estimated 5-year performance period using the Contingency Adjusted Performance Model (“CAPM”). The BMS agreement also provides for BMS to reimburse the Company for 50% of the external costs incurred by the Company in connection with the clinical trial. These BMS payments will be recognized as revenue under the CAPM. The Company recorded $0.3 million and $0.4 million in revenue related to the BMS agreement during the three and nine months ended September 30, 2014, respectively. | ||||||||
Stockholders_Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2014 | |
Stockholders' Equity | ' |
Stockholders' Equity | ' |
(9) Stockholders’ Equity | |
During the nine months ended September 30, 2013, the Company issued 2,433,608 shares of its common stock under its controlled equity offering sales agreement with Cantor Fitzgerald & Co., as amended, resulting in net proceeds to the Company of $17.1 million, after deducting commission and offering expenses. | |
During the nine months ended September 30, 2013, the Company issued 13,800,000 shares of its common stock in an underwritten public offering resulting in net proceeds to the Company of $97.0 million, after deducting underwriting fees and offering expenses. | |
In October 2014, the Company entered into an amended and restated supply agreement with Biosyn Corporation. Under the supply agreement, Biosyn will manufacture and supply keyhole limpet hemocyanin (KLH) to the Company for use in connection with the development, manufacture or commercial sale of rindopepimut. In connection with the supply agreement, the Company issued to Biosyn 152,172 shares of its common stock having a value of $2.0 million. | |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Stock-Based Compensation | ' | |||||||||||||
Stock-Based Compensation | ' | |||||||||||||
(10) Stock-Based Compensation | ||||||||||||||
A summary of stock option activity for the nine months ended September 30, 2014 is as follows: | ||||||||||||||
Shares | Weighted | Weighted | ||||||||||||
Average | Average | |||||||||||||
Exercise | Remaining | |||||||||||||
Price | Contractual | |||||||||||||
Per Share | Term (In Years) | |||||||||||||
Options Outstanding at December 31, 2013 | 5,770,544 | $ | 8.17 | 7 | ||||||||||
Granted | 1,405,350 | $ | 13.65 | |||||||||||
Exercised | (167,303 | ) | $ | 6.04 | ||||||||||
Canceled | (9,170 | ) | $ | 10.7 | ||||||||||
Options Outstanding at September 30, 2014 | 6,999,421 | $ | 9.32 | 7 | ||||||||||
Options Vested and Expected to Vest at September 30, 2014 | 6,937,665 | $ | 9.28 | 7 | ||||||||||
Options Exercisable at September 30, 2014 | 3,878,159 | $ | 6.92 | 5.4 | ||||||||||
Shares Available for Grant under the 2008 Plan | 694,762 | |||||||||||||
The weighted average grant-date fair value of stock options granted during the nine months ended September 30, 2014 was $8.81 per share. Stock-based compensation expense for the three and nine months ended September 30, 2014 and 2013 was recorded as follows: | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||||
Research and development | $ | 977 | $ | 1,326 | $ | 2,315 | $ | 2,190 | ||||||
General and administrative | 981 | 690 | 2,404 | 1,210 | ||||||||||
Total stock-based compensation expense | $ | 1,958 | $ | 2,016 | $ | 4,719 | $ | 3,400 | ||||||
The fair values of employee and director stock options granted during the three and nine months ended September 30, 2014 and 2013 were valued using the Black-Scholes option-pricing model with the following assumptions: | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Expected stock price volatility | 72 | % | 72 | % | 71 - 72 | % | 72 | % | ||||||
Expected option term | 6.0 years | 6.0 years | 6.0 years | 6.0 years | ||||||||||
Risk-free interest rate | 2.1 - 2.2 | % | 1.9 - 2.0 | % | 2.1 - 2.2 | % | 1.2 - 2.0 | % | ||||||
Expected dividend yield | None | None | None | None | ||||||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2014 | |
Income Taxes | ' |
Income Taxes | ' |
(11) Income Taxes | |
Massachusetts, New Jersey and Connecticut are the three states in which the Company primarily operates or has operated and has income tax nexus. The Company is not currently under examination by any jurisdictions for any tax year. | |
The Company has evaluated the positive and negative evidence bearing upon the realizability of its net deferred tax assets, which are comprised principally of net operating loss carryforwards, capitalized R&D expenditures and R&D tax credit carryforwards. The Company has determined that it is more likely than not that it will not recognize the benefits of federal and state deferred tax assets and, as a result, a full valuation allowance was maintained at September 30, 2014 and December 31, 2013 against the Company’s net deferred tax assets. | |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Significant Accounting Policies | ' |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s financial position or results of operations upon adoption. | |
In May 2014, the FASB issued a new U.S. GAAP accounting standard that creates modifications to various other revenue accounting standards for specialized transactions and industries. The new U.S. GAAP accounting standard is intended to conform revenue accounting principles with a concurrently issued new standard under International Financial Reporting Standards, as well as, to enhance disclosures related to disaggregated revenue information. The updated guidance is effective for annual reporting periods beginning on or after December 15, 2016, and interim periods within those annual periods. Early adoption is not permitted. The Company will further study the implications of this standard in order to evaluate the expected impact on the consolidated financial statements. | |
In August 2014, the FASB issued a new U.S. GAAP accounting standard that provides guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The new accounting standard requires management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. The new accounting standard is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company does not expect the adoption of this standard to have a material impact on the consolidated financial statements. | |
Net_Loss_Per_Share_Tables
Net Loss Per Share (Tables) | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Net Loss Per Share | ' | |||||
Schedule of potentially dilutive common shares that have not been included in the net loss per common share calculations because the effect would have been anti-dilutive | ' | |||||
Three and Nine | ||||||
Months Ended September 30, | ||||||
2014 | 2013 | |||||
Stock options | 6,999,421 | 6,077,377 | ||||
Restricted stock | 9,000 | 9,000 | ||||
7,008,421 | 6,086,377 | |||||
Comprehensive_Loss_Tables
Comprehensive Loss (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Comprehensive Loss | ' | ||||||||||
Summary of changes in accumulated other comprehensive income by component | ' | ||||||||||
Unrealized Gain | Foreign | Total | |||||||||
(Loss) on | Currency Items | ||||||||||
Marketable | |||||||||||
Securities, net of tax | |||||||||||
(In thousands) | |||||||||||
Balance at June 30, 2014 | $ | 163 | $ | 2,585 | $ | 2,748 | |||||
Other comprehensive income (loss) before reclassifications | (121 | ) | (3 | ) | (124 | ) | |||||
Amounts reclassified from other comprehensive income | — | — | — | ||||||||
Net current-period other comprehensive income | (121 | ) | (3 | ) | (124 | ) | |||||
Balance at September 30, 2014 | $ | 42 | $ | 2,582 | $ | 2,624 | |||||
Balance at December 31, 2013 | $ | 82 | $ | 2,586 | $ | 2,668 | |||||
Other comprehensive income (loss) before reclassifications | (40 | ) | (4 | ) | (44 | ) | |||||
Amounts reclassified from other comprehensive income | — | — | — | ||||||||
Net current-period other comprehensive income | (40 | ) | (4 | ) | (44 | ) | |||||
Balance at September 30, 2014 | $ | 42 | $ | 2,582 | $ | 2,624 | |||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Fair Value Measurements | ' | |||||||||||||
Schedule of financial assets subject to fair value measurements | ' | |||||||||||||
As of | Level 1 | Level 2 | Level 3 | |||||||||||
September 30, 2014 | ||||||||||||||
(In thousands) | ||||||||||||||
Money market funds and cash equivalents | $ | 27,995 | $ | — | $ | 27,995 | $ | — | ||||||
Marketable securities | 191,553 | — | 191,553 | — | ||||||||||
$ | 219,548 | $ | — | $ | 219,548 | $ | — | |||||||
As of | Level 1 | Level 2 | Level 3 | |||||||||||
December 31, 2013 | ||||||||||||||
(In thousands) | ||||||||||||||
Money market funds and cash equivalents | $ | 148,549 | $ | — | $ | 148,549 | $ | — | ||||||
Marketable securities | 133,581 | — | 133,581 | — | ||||||||||
$ | 282,130 | $ | — | $ | 282,130 | $ | — | |||||||
Marketable_Securities_Tables
Marketable Securities (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Marketable Securities | ' | |||||||||||||
Summary of marketable securities | ' | |||||||||||||
Amortized | Gross | Gross | Fair Value | |||||||||||
Cost | Unrealized | Unrealized | ||||||||||||
Gains | Losses | |||||||||||||
(In thousands) | ||||||||||||||
September 30, 2014 | ||||||||||||||
Marketable securities | ||||||||||||||
U.S. government and municipal obligations | ||||||||||||||
Maturing in one year or less | $ | 40,198 | $ | 43 | $ | (5 | ) | $ | 40,236 | |||||
Maturing after one year through three years | 30,293 | 67 | (9 | ) | 30,351 | |||||||||
Total U.S. government and municipal obligations | $ | 70,491 | $ | 110 | $ | (14 | ) | $ | 70,587 | |||||
Corporate debt securities | ||||||||||||||
Maturing in one year or less | $ | 92,510 | $ | 20 | $ | (34 | ) | $ | 92,496 | |||||
Maturing after one year through three years | 28,510 | 2 | (42 | ) | 28,470 | |||||||||
Total corporate debt securities | $ | 121,020 | $ | 22 | $ | (76 | ) | $ | 120,966 | |||||
Total marketable securities | $ | 191,511 | $ | 132 | $ | (90 | ) | $ | 191,553 | |||||
December 31, 2013 | ||||||||||||||
Marketable securities | ||||||||||||||
U.S. government and municipal obligations | ||||||||||||||
Maturing in one year or less | $ | 55,531 | $ | 27 | $ | (4 | ) | $ | 55,554 | |||||
Maturing after one year through three years | 18,234 | 56 | (4 | ) | 18,286 | |||||||||
Total U.S. government and municipal obligations | $ | 73,765 | $ | 83 | $ | (8 | ) | $ | 73,840 | |||||
Corporate debt securities | ||||||||||||||
Maturing in one year or less | $ | 38,973 | $ | 9 | $ | (9 | ) | $ | 38,973 | |||||
Maturing after one year through three years | 20,761 | 12 | (5 | ) | 20,768 | |||||||||
Total corporate debt securities | $ | 59,734 | $ | 21 | $ | (14 | ) | $ | 59,741 | |||||
Total marketable securities | $ | 133,499 | $ | 104 | $ | (22 | ) | $ | 133,581 | |||||
Intangible_Assets_and_Goodwill1
Intangible Assets and Goodwill (Tables) | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||
Intangible Assets and Goodwill | ' | |||||||||||||||||||||
Schedule of intangible assets, net of accumulated amortization, and goodwill | ' | |||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||
Estimated | Cost | Accumulated | Net | Cost | Accumulated | Net | ||||||||||||||||
Life | Amortization | Amortization | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||
Intangible Assets: | ||||||||||||||||||||||
IPR&D | Indefinite | $ | 11,800 | — | $ | 11,800 | $ | 11,800 | — | $ | 11,800 | |||||||||||
Amgen Amendment | 16 years | 14,500 | $ | (4,484 | ) | 10,016 | 14,500 | $ | (3,812 | ) | 10,688 | |||||||||||
Core Technology | 11 years | 1,296 | (1,052 | ) | 244 | 1,296 | (964 | ) | 332 | |||||||||||||
Total Intangible Assets | $ | 27,596 | $ | (5,536 | ) | $ | 22,060 | $ | 27,596 | $ | (4,776 | ) | $ | 22,820 | ||||||||
Goodwill | Indefinite | $ | 8,965 | — | $ | 8,965 | $ | 8,965 | — | $ | 8,965 | |||||||||||
Other_LongTerm_Liabilities_Tab
Other Long-Term Liabilities (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Other Long-Term Liabilities | ' | |||||||
Schedule of Other long-term liabilities | ' | |||||||
September 30, 2014 | December 31, 2013 | |||||||
(In thousands) | ||||||||
Deferred Rent | $ | 499 | $ | 419 | ||||
Net Deferred Tax Liability related to IPR&D | 4,661 | 4,661 | ||||||
Deferred Income from Sale of Tax Benefits | 2,253 | 1,630 | ||||||
Deferred Revenue | 5,457 | 1,168 | ||||||
Total | 12,870 | 7,878 | ||||||
Less Current Portion | (2,191 | ) | (928 | ) | ||||
Long-Term Portion | $ | 10,679 | $ | 6,950 | ||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Stock-Based Compensation | ' | |||||||||||||
Summary of stock option activity | ' | |||||||||||||
Shares | Weighted | Weighted | ||||||||||||
Average | Average | |||||||||||||
Exercise | Remaining | |||||||||||||
Price | Contractual | |||||||||||||
Per Share | Term (In Years) | |||||||||||||
Options Outstanding at December 31, 2013 | 5,770,544 | $ | 8.17 | 7 | ||||||||||
Granted | 1,405,350 | $ | 13.65 | |||||||||||
Exercised | (167,303 | ) | $ | 6.04 | ||||||||||
Canceled | (9,170 | ) | $ | 10.7 | ||||||||||
Options Outstanding at September 30, 2014 | 6,999,421 | $ | 9.32 | 7 | ||||||||||
Options Vested and Expected to Vest at September 30, 2014 | 6,937,665 | $ | 9.28 | 7 | ||||||||||
Options Exercisable at September 30, 2014 | 3,878,159 | $ | 6.92 | 5.4 | ||||||||||
Shares Available for Grant under the 2008 Plan | 694,762 | |||||||||||||
Schedule of stock-based compensation expense | ' | |||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||||
Research and development | $ | 977 | $ | 1,326 | $ | 2,315 | $ | 2,190 | ||||||
General and administrative | 981 | 690 | 2,404 | 1,210 | ||||||||||
Total stock-based compensation expense | $ | 1,958 | $ | 2,016 | $ | 4,719 | $ | 3,400 | ||||||
Schedule of assumptions used for the fair values of employee stock options granted | ' | |||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Expected stock price volatility | 72 | % | 72 | % | 71 - 72 | % | 72 | % | ||||||
Expected option term | 6.0 years | 6.0 years | 6.0 years | 6.0 years | ||||||||||
Risk-free interest rate | 2.1 - 2.2 | % | 1.9 - 2.0 | % | 2.1 - 2.2 | % | 1.2 - 2.0 | % | ||||||
Expected dividend yield | None | None | None | None | ||||||||||
Basis_of_Presentation_Details
Basis of Presentation (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Basis of Presentation | ' | ' | ' | ' |
Cash, cash equivalents and marketable securities | $224,100,000 | ' | $224,100,000 | ' |
Net Loss | -28,082,000 | -23,140,000 | -86,258,000 | -59,488,000 |
Net cash used in operations | ' | ' | ($79,323,000) | ($52,712,000) |
Net_Loss_Per_Share_Details
Net Loss Per Share (Details) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2014 | Sep. 30, 2014 | |
Anti-dilutive securities | ' | ' |
Potentially dilutive common shares that have not been included in the net loss per common share calculations because the effect would have been anti-dilutive | 7,008,421 | 6,086,377 |
Stock options | ' | ' |
Anti-dilutive securities | ' | ' |
Potentially dilutive common shares that have not been included in the net loss per common share calculations because the effect would have been anti-dilutive | 6,999,421 | 6,077,377 |
Restricted stock | ' | ' |
Anti-dilutive securities | ' | ' |
Potentially dilutive common shares that have not been included in the net loss per common share calculations because the effect would have been anti-dilutive | 9,000 | 9,000 |
Comprehensive_Loss_Details
Comprehensive Loss (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 |
Changes in accumulated other comprehensive income (loss) by component | ' | ' |
Amounts reclassified from other comprehensive income | $0 | $0 |
Balance at the beginning of the period | 2,748 | 2,668 |
Other comprehensive income (loss) before reclassifications | -124 | -44 |
Net current-period other comprehensive income | -124 | -44 |
Balance at the end of the period | 2,624 | 2,624 |
Unrealized Gain (Loss) on Marketable Securities, net of tax | ' | ' |
Changes in accumulated other comprehensive income (loss) by component | ' | ' |
Balance at the beginning of the period | 163 | 82 |
Other comprehensive income (loss) before reclassifications | -121 | -40 |
Net current-period other comprehensive income | -121 | -40 |
Balance at the end of the period | 42 | 42 |
Foreign Currency Items | ' | ' |
Changes in accumulated other comprehensive income (loss) by component | ' | ' |
Balance at the beginning of the period | 2,585 | 2,586 |
Other comprehensive income (loss) before reclassifications | -3 | -4 |
Net current-period other comprehensive income | -3 | -4 |
Balance at the end of the period | $2,582 | $2,582 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair value measurements | ' | ' |
Assets transferred between the fair value measurement classifications | $0 | ' |
Liabilities transferred between the fair value measurement classifications | 0 | ' |
Fair Value Measurements. | Fair value | ' | ' |
Fair value measurements | ' | ' |
Money market funds and cash equivalents | 27,995 | 148,549 |
Marketable securities | 191,553 | 133,581 |
Total financial assets at fair value | 219,548 | 282,130 |
Fair Value Measurements. | Level 2 | ' | ' |
Fair value measurements | ' | ' |
Money market funds and cash equivalents | 27,995 | 148,549 |
Marketable securities | 191,553 | 133,581 |
Total financial assets at fair value | $219,548 | $282,130 |
Marketable_Securities_Details
Marketable Securities (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Amortized Cost | ' | ' |
Amortized cost | $191,511,000 | $133,499,000 |
Gross Unrealized Gains | ' | ' |
Gross Unrealized Gains | 132,000 | 104,000 |
Gross Unrealized Losses | ' | ' |
Gross Unrealized Losses | -90,000 | -22,000 |
Fair Value | ' | ' |
Fair Value | 191,553,000 | 133,581,000 |
Marketable securities considered to be other-than-temporarily impaired | 0 | ' |
Accrued interest included in marketable securities | 1,200,000 | 900,000 |
U.S. government and municipal obligations | ' | ' |
Amortized Cost | ' | ' |
Maturing in one year or less | 40,198,000 | 55,531,000 |
Maturing after one year through three years | 30,293,000 | 18,234,000 |
Amortized cost | 70,491,000 | 73,765,000 |
Gross Unrealized Gains | ' | ' |
Maturing in one year or less | 43,000 | 27,000 |
Maturing after one year through three years | 67,000 | 56,000 |
Gross Unrealized Gains | 110,000 | 83,000 |
Gross Unrealized Losses | ' | ' |
Maturing in one year or less | -5,000 | -4,000 |
Maturing after one year through three years | -9,000 | -4,000 |
Gross Unrealized Losses | -14,000 | -8,000 |
Fair Value | ' | ' |
Maturing in one year or less | 40,236,000 | 55,554,000 |
Maturing after one year through three years | 30,351,000 | 18,286,000 |
Fair Value | 70,587,000 | 73,840,000 |
Corporate debt securities | ' | ' |
Amortized Cost | ' | ' |
Maturing in one year or less | 92,510,000 | 38,973,000 |
Maturing after one year through three years | 28,510,000 | 20,761,000 |
Amortized cost | 121,020,000 | 59,734,000 |
Gross Unrealized Gains | ' | ' |
Maturing in one year or less | 20,000 | 9,000 |
Maturing after one year through three years | 2,000 | 12,000 |
Gross Unrealized Gains | 22,000 | 21,000 |
Gross Unrealized Losses | ' | ' |
Maturing in one year or less | -34,000 | -9,000 |
Maturing after one year through three years | -42,000 | -5,000 |
Gross Unrealized Losses | -76,000 | -14,000 |
Fair Value | ' | ' |
Maturing in one year or less | 92,496,000 | 38,973,000 |
Maturing after one year through three years | 28,470,000 | 20,768,000 |
Fair Value | $120,966,000 | $59,741,000 |
Intangible_Assets_and_Goodwill2
Intangible Assets and Goodwill (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Intangible Assets and Goodwill | ' | ' |
Goodwill | $8,965 | $8,965 |
Finite-lived intangible asset | ' | ' |
Accumulated Amortization | -5,536 | -4,776 |
Total Intangible Assets | ' | ' |
Cost of total intangible assets | 27,596 | 27,596 |
Intangible Assets, Net (Excluding Goodwill) | 22,060 | 22,820 |
Amgen Amendment | ' | ' |
Finite-lived intangible asset | ' | ' |
Estimated Life | '16 years | ' |
Cost | 14,500 | 14,500 |
Accumulated Amortization | -4,484 | -3,812 |
Net | 10,016 | 10,688 |
Core Technology | ' | ' |
Finite-lived intangible asset | ' | ' |
Estimated Life | '11 years | ' |
Cost | 1,296 | 1,296 |
Accumulated Amortization | -1,052 | -964 |
Net | 244 | 332 |
IPR&D | ' | ' |
Indefinite-lived intangible assets: | ' | ' |
Indefinite-lived intangible assets | $11,800 | $11,800 |
Other_LongTerm_Liabilities_Det
Other Long-Term Liabilities (Details) (USD $) | 1 Months Ended | 9 Months Ended | |||||
Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2011 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Other Long-Term Liabilities | ' | ' | ' | ' | ' | ' | ' |
Deferred Rent | ' | ' | ' | ' | $499,000 | ' | $419,000 |
Net Deferred Tax Liability related to IPR&D | ' | ' | ' | ' | 4,661,000 | ' | 4,661,000 |
Deferred Income from Sale of Tax Benefits | ' | ' | ' | ' | 2,253,000 | ' | 1,630,000 |
Deferred Revenue | ' | ' | ' | ' | 5,457,000 | ' | 1,168,000 |
Total | ' | ' | ' | ' | 12,870,000 | ' | 7,878,000 |
Less Current Portion | ' | ' | ' | ' | -2,191,000 | ' | -928,000 |
Long-Term Portion | ' | ' | ' | ' | 10,679,000 | ' | 6,950,000 |
Amount at which New Jersey tax benefit agreed to be sold | 1,100,000 | 800,000 | 800,000 | 600,000 | ' | ' | ' |
Amount of sale of New Jersey tax benefit | 1,000,000 | 800,000 | 700,000 | 500,000 | ' | ' | ' |
Period for which base of operations must be maintained | ' | ' | ' | ' | '5 years | ' | ' |
Other income related to sale of tax benefits | ' | ' | ' | ' | $400,000 | $200,000 | ' |
Other_LongTerm_Liabilities_Det1
Other Long-Term Liabilities (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | 31-May-14 | Sep. 30, 2014 | Sep. 30, 2014 | |
Rockefeller Development Services Agreement | Rockefeller Development Services Agreement | Rockefeller Development Services Agreement | Rockefeller Development Services Agreement | Rockefeller Development Services Agreement | Collaborative Arrangement | Collaborative Arrangement | Collaborative Arrangement | |||||
REVENUE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Approved project plan for the development services | ' | ' | ' | ' | $4,800,000 | ' | ' | ' | ' | ' | ' | ' |
Term of the agreement | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | '5 years | ' | ' |
Upfront payment recognized as revenue over the term of the agreement | ' | ' | ' | ' | 1,300,000 | ' | ' | ' | ' | 5,000,000 | ' | ' |
Contracts and Grants | $817,000 | $940,000 | $1,591,000 | $1,040,000 | ' | $800,000 | $900,000 | $1,500,000 | $900,000 | ' | $300,000 | $400,000 |
Reimbursement of external costs incurred by the company (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 9 Months Ended | 1 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Oct. 31, 2014 | Sep. 30, 2013 | |
Biosyn Corporation | Cantor Amendment | ||||
Subsequent event | |||||
Stockholders' Equity | ' | ' | ' | ' | ' |
Common stock issued (in shares) | 13,800,000 | ' | ' | ' | 2,433,608 |
Net proceeds from sale of common stock | $114,187,000 | ' | ' | ' | $17,100,000 |
Net proceeds from sale of stock in an underwritten public offering | 97,000,000 | ' | ' | ' | ' |
Shares issued for services | ' | ' | ' | $2,000,000 | ' |
Shares common stock issued in connection with supply agreement | ' | 89,436,933 | 89,246,832 | 152,172 | ' |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (Stock options, USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
Stock options | ' | ' |
Shares | ' | ' |
Options Outstanding at beginning of the period (in shares) | 5,770,544 | ' |
Granted (in shares) | 1,405,350 | ' |
Exercised (in shares) | -167,303 | ' |
Canceled (in shares) | -9,170 | ' |
Options Outstanding at the end of the period (in shares) | 6,999,421 | 5,770,544 |
Options Vested and Expected to Vest at the end of the period (in shares) | 6,937,665 | ' |
Options Exercisable at the end of the period (in shares) | 3,878,159 | ' |
Shares Available for Grant under the 2008 Plan (in shares) | 694,762 | ' |
Weighted Average Exercise Price Per Share | ' | ' |
Options Outstanding at beginning of the period (in dollars per share) | $8.17 | ' |
Granted (in dollars per share) | $13.65 | ' |
Exercised (in dollars per share) | $6.04 | ' |
Canceled (in dollars per share) | $10.70 | ' |
Options Outstanding at the end of the period (in dollars per share) | $9.32 | $8.17 |
Options Vested and Expected to Vest at the end of the period (in dollars per share) | $9.28 | ' |
Options Exercisable at the end of the period (in dollars per share) | $6.92 | ' |
Weighted Average Remaining Contractual Term | ' | ' |
Options Outstanding at beginning of the period | '7 years | '7 years |
Options Outstanding at the end of the period | '7 years | '7 years |
Options Vested and Expected to Vest at the end of the period | '7 years | ' |
Options Exercisable at the end of the period | '5 years 4 months 24 days | ' |
Additional information | ' | ' |
Weighted average grant-date fair value (in dollars per share) | $8.81 | ' |
StockBased_Compensation_Detail1
Stock-Based Compensation (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Valuation and Expenses Information | ' | ' | ' | ' |
Total stock-based compensation expense (in dollars) | $1,958 | $2,016 | $4,719 | $3,400 |
Stock options | ' | ' | ' | ' |
Assumptions used for fair values of employee and director stock options granted | ' | ' | ' | ' |
Expected stock price volatility (as a percent) | 72.00% | 72.00% | ' | 72.00% |
Expected stock price volatility, minimum (as a percent) | ' | ' | 71.00% | ' |
Expected stock price volatility, maximum (as a percent) | ' | ' | 72.00% | ' |
Expected option term | '6 years | '6 years | '6 years | '6 years |
Risk-free interest rate, minimum (as a percent) | 2.10% | 1.90% | 2.10% | 1.20% |
Risk-free interest rate, maximum (as a percent) | 2.20% | 2.00% | 2.20% | 2.00% |
Expected dividend yield (as a percent) | 0.00% | 0.00% | 0.00% | 0.00% |
Research and development | ' | ' | ' | ' |
Valuation and Expenses Information | ' | ' | ' | ' |
Total stock-based compensation expense (in dollars) | 977 | 1,326 | 2,315 | 2,190 |
General and administrative | ' | ' | ' | ' |
Valuation and Expenses Information | ' | ' | ' | ' |
Total stock-based compensation expense (in dollars) | $981 | $690 | $2,404 | $1,210 |
Income_Taxes_Details
Income Taxes (Details) | Sep. 30, 2014 |
item | |
Income Taxes | ' |
Number of states in which the entity primarily operates or has operated and has income tax nexus | 3 |