Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
31-May-14 | Jul. 07, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-May-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'CERE | ' |
Entity Registrant Name | 'CERES, INC. | ' |
Entity Central Index Key | '0000767884 | ' |
Current Fiscal Year End Date | '--08-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 48,193,967 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | 31-May-14 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $5,890 | $8,881 |
Marketable securities | 24,393 | 21,630 |
Prepaid expenses | 917 | 791 |
Accounts receivable | 460 | 957 |
Inventories | ' | 20 |
Assets held for sale, net | 688 | ' |
Other current assets | 119 | 157 |
Total current assets | 32,467 | 32,436 |
Property and equipment, net | 2,966 | 4,633 |
Marketable securities | 2,247 | ' |
Other assets | 98 | 109 |
Total assets | 37,778 | 37,178 |
Current liabilities: | ' | ' |
Accounts payable and accrued expenses | 3,943 | 3,825 |
Other current liabilities | 141 | 18 |
Current portion of long-term debt | 92 | 154 |
Total current liabilities | 4,176 | 3,997 |
Other non-current liabilities | 79 | 93 |
Long-term debt, net of current portion | 31 | 82 |
Total liabilities | 4,286 | 4,172 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Common stock and additional paid in capital, $0.01 par value; 240,000,000 shares authorized; 48,204,635 shares issued and outstanding at May 31, 2014; 490,000,000 shares authorized; 24,897,199 shares issued and outstanding at August 31, 2013 | 331,841 | 308,286 |
Accumulated other comprehensive loss | -608 | -696 |
Accumulated deficit | -297,741 | -274,584 |
Total stockholders' equity | 33,492 | 33,006 |
Total liabilities and stockholders' equity | $37,778 | $37,178 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | 31-May-14 | Aug. 31, 2013 |
Condensed Consolidated Balance Sheets [Abstract] | ' | ' |
Common Stock, par value | $0.01 | $0.01 |
Common Stock, shares authorized | 240,000,000 | 490,000,000 |
Common Stock, shares issued | 48,204,635 | 24,897,199 |
Common Stock, shares outstanding | 48,204,635 | 24,897,199 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 |
Revenues: | ' | ' | ' | ' |
Product sales | $163 | $389 | $229 | $462 |
Collaborative research and government grants | 643 | 966 | 1,835 | 3,884 |
Total revenues | 806 | 1,355 | 2,064 | 4,346 |
Cost and operating expenses: | ' | ' | ' | ' |
Cost of product sales | 575 | 2,134 | 2,440 | 5,114 |
Research and development | 3,595 | 4,074 | 11,579 | 12,784 |
Selling, general and administrative | 3,887 | 4,464 | 10,732 | 11,700 |
Other | 464 | ' | 464 | ' |
Total cost and operating expenses | 8,521 | 10,672 | 25,215 | 29,598 |
Loss from operations | -7,715 | -9,317 | -23,151 | -25,252 |
Interest expense | -25 | -34 | -44 | -35 |
Interest income | 13 | 28 | 39 | 106 |
Loss before income taxes | -7,727 | -9,323 | -23,156 | -25,181 |
Income tax expense | ' | ' | -1 | -1 |
Net loss | ($7,727) | ($9,323) | ($23,157) | ($25,182) |
Basic and diluted net loss per share attributable to common stockholders | ($0.17) | ($0.38) | ($0.72) | ($1.02) |
Weighted average outstanding common shares used for net loss per share : | ' | ' | ' | ' |
Basic and diluted | 45,955,818 | 24,801,705 | 32,165,265 | 24,765,664 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Loss (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 |
Condensed Consolidated Statements of Comprehensive Loss [Abstract] | ' | ' | ' | ' |
Net loss | ($7,727) | ($9,323) | ($23,157) | ($25,182) |
Other comprehensive income (loss) | ' | ' | ' | ' |
Foreign currency translation adjustments | 51 | 152 | 91 | -288 |
Net unrealized loss on marketable securities | -12 | -6 | -3 | -1 |
Total comprehensive loss | ($7,668) | ($9,177) | ($23,069) | ($25,471) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 |
Cash flows from operating activities: | ' | ' |
Net loss | ($23,157) | ($25,182) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Net (gain) loss on disposal of assets | -108 | 166 |
Loss on assets held for sale | 464 | ' |
Depreciation and amortization | 1,191 | 1,464 |
Amortization of premiums on marketable securities | 227 | 503 |
Non-cash interest income | -266 | -607 |
Stock compensation | 2,800 | 2,461 |
Changes in operating assets and liabilities: | ' | ' |
Prepaid expenses | -144 | 23 |
Accounts receivable | 501 | -73 |
Inventories | 21 | 295 |
Other assets | 36 | 53 |
Accounts payables and accrued expenses | 94 | -604 |
Other liabilities | 109 | -696 |
Other | 343 | 14 |
Net cash used in operating activities | -17,889 | -22,183 |
Cash flows from investing activities: | ' | ' |
Purchases of property and equipment | -628 | -660 |
Proceeds from sale of property and equipment | 118 | ' |
Purchases of marketable securities | -30,313 | -1,545 |
Maturities of marketable securities | 25,000 | 22,379 |
Net cash (used in) provided by investing activities | -5,823 | 20,174 |
Cash flows from financing activities: | ' | ' |
Repayment of debt | -123 | -286 |
Proceeds from issuance of common stock | 20,751 | 56 |
Net cash provided by (used in) financing activities | 20,628 | -230 |
Effect of foreign currency translation on cash | 93 | -9 |
Net decrease in cash and cash equivalents | -2,991 | -2,248 |
Cash and cash equivalents at beginning of period | 8,881 | 21,069 |
Cash and cash equivalents at end of period | $5,890 | $18,821 |
The_Company
The Company | 9 Months Ended |
31-May-14 | |
The Company [Abstract] | ' |
The Company | ' |
1) The Company | |
Ceres, Inc. (Company) is an agricultural biotechnology company selling seeds to produce dedicated energy crops-renewable bioenergy feedstocks that can enable the large-scale replacement of petroleum and other fossil fuels. The Company uses a combination of advanced plant breeding and biotechnology to develop seed products. | |
In January 2010, the Company formed a subsidiary, Ceres Sementes do Brasil Ltda. The Company's ownership in this subsidiary is 99.9% and the Company's Chief Executive Officer owns the remaining interest. In May 2014, the Company formed a wholly owned subsidiary, Ceres Agrotechnologies INTL LLC. In May 2014, the Company also formed a subsidiary, CS Semillas de Mexico, S.de L. de C.V. The Company's ownership in this subsidiary is 99.9% and Ceres Agrothechnologies International LLC owns the remaining interest. | |
The Company has incurred substantial net losses from operations since its inception and its accumulated deficit as of May 31, 2014 was $297,741. The Company expects to incur additional losses related to the continued development and expansion of its business, including research and development, seed production and operations, and sales and marketing. During the first quarter of fiscal 2014, management commenced certain actions to extend the Company's available working capital. On October 11, 2013, the Company commenced the implementation of a plan (Plan) intended to further align expenditures with the Company's near-term commercial opportunity in Brazil, shift Northern Hemisphere sorghum breeding activities from College Station, Texas to a more appropriate location, de-emphasize research and development for U.S. cellulosic feedstocks, reduce costs and conserve cash. The actions taken under the Plan, which included, among others, a workforce reduction that impacted 16 positions in the U.S, were substantially completed at May 31, 2014. During the nine months ended May 31, 2014, the Company incurred total charges of approximately $1,600 with respect to the U.S. workforce reductions, including $900 of one-time severance expenses, $400 for continuation of salary and benefits of certain employees until their work was completed and $300 of other costs. Of the $1,600 of cash payments made during the nine months ending May 31, 2014, $1,000, $500 and $100 was recorded to research and development expenses, cost of sales and general and administrative expenses, respectively. | |
On March 10, 2014, the Company completed a registered public offering of 23,000,000 shares of its common stock (including 3,000,000 shares purchased by the underwriter upon the exercise in full of their right to purchase up to an additional 3,000,000 shares to cover over-allotments) at a price to the public of $1.00 per share. The Company received approximately $20.8 million of proceeds from the offering, after deducting underwriting discounts and commissions and estimated offering expenses. The Company plans to finance its operations for the next 12-15 months with existing cash and cash equivalents, marketable securities, proceeds from the registered public offering completed on March 10, 2014, and cash inflows from collaboration and grant funding and from product sales. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | ||||||||||||||||
31-May-14 | |||||||||||||||||
Summary of Significant Accounting Policies [Abstract] | ' | ||||||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||||||
(2) Summary of Significant Accounting Policies | |||||||||||||||||
Basis of Presentation | |||||||||||||||||
The accompanying interim condensed consolidated financial statements have been prepared in accordance with the accounting principles generally accepted in the United States of America (GAAP) and with the instructions for Form 10-Q and Regulation S-X. Accordingly, they do not include all of the information and notes required for complete financial statements. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company's Form 10-K dated November 26, 2013 filed with the Securities and Exchange Commission (SEC). | |||||||||||||||||
The accompanying interim condensed consolidated financial statements and related disclosures are unaudited, have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair presentation of the results of operations for the periods presented. The condensed consolidated results of operations for any interim period are not necessarily indicative of the results to be expected for the full year or for any other future year or interim period. | |||||||||||||||||
Principles of Consolidation | |||||||||||||||||
The condensed consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. | |||||||||||||||||
Use of Estimates | |||||||||||||||||
In preparing the unaudited condensed consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the unaudited condensed consolidated financial statements and reported amounts of revenue and expenses during the reporting period. Significant items subject to such estimates and assumptions include the valuation of property and equipment, common stock, stock options and warrant liabilities. Actual results could differ from those estimates. | |||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||
Assets and liabilities recorded at fair value in the condensed consolidated financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels that are directly related to the amount of subjectivity associated with the inputs to the valuation of these assets or liabilities are as follows: | |||||||||||||||||
• | Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. | ||||||||||||||||
• | Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. | ||||||||||||||||
• | Level 3 inputs are unobservable inputs for the asset or liability. | ||||||||||||||||
The following tables present the Company's financial assets that were measured at fair value on a recurring basis as of May 31, 2014 and August 31, 2013 by level within the fair value hierarchy: | |||||||||||||||||
31-May-14 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Financial Assets | |||||||||||||||||
Money Market Funds | $ | 2,535 | $ | - | $ | - | $ | 2,535 | |||||||||
Certificates of Deposit-available for sale | - | 6,141 | - | 6,141 | |||||||||||||
Commercial Paper-available for sale | - | 6,746 | - | 6,746 | |||||||||||||
Corporate Bonds-available for sale | - | 15,253 | - | 15,253 | |||||||||||||
Total | $ | 2,535 | $ | 28,140 | $ | - | $ | 30,675 | |||||||||
All of the money market funds and $1,500 of the commercial paper are included in cash and cash equivalents on the condensed consolidated balance sheets. | |||||||||||||||||
August 31, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Financial Assets | |||||||||||||||||
Money Market Funds | $ | 2,310 | $ | - | $ | - | $ | 2,310 | |||||||||
Certificates of Deposit-available for sale | - | 4,555 | - | 4,555 | |||||||||||||
Commercial Paper-available for sale | - | 2,198 | - | 2,198 | |||||||||||||
Corporate Bonds-available for sale | - | 16,076 | - | 16,076 | |||||||||||||
Total | $ | 2,310 | $ | 22,829 | $ | - | $ | 25,139 | |||||||||
All of the money market funds and $1,199 of the commercial paper are included in cash and cash equivalents on the condensed consolidated balance sheets. | |||||||||||||||||
Accounts Receivable | |||||||||||||||||
Accounts receivable represents amounts owed to the Company from product sales and collaborative research and government grants. The Company had no amounts reserved for doubtful accounts at May 31, 2014 and August 31, 2013 as the Company expects full collection of the accounts receivable balances. | |||||||||||||||||
Seed Inventories | |||||||||||||||||
Due to the early stage of commercialization and the minimal amount of sales of the Company's seeds, at May 31, 2014 all seed inventory was written-off based on the lower of cost or market. At August 31, 2013, inventory consisted of work-in-process costs related to sweet sorghum seeds. Seed inventory costs are computed on a first-in, first-out basis and valued at the lower of cost or market with any excess cost recognized during the period within cost of product sales. | |||||||||||||||||
Property and Equipment | |||||||||||||||||
Property and equipment is stated at cost. Depreciation is provided using the straight-line method over the shorter of the estimated useful lives or the remaining life of the lease. Depreciation periods for the Company's property and equipment are as follows: | |||||||||||||||||
Automobiles and trucks | 3-5 years | ||||||||||||||||
Office, laboratory, farm and warehouse equipment and furniture | 3-5 years | ||||||||||||||||
Leasehold improvements | 3-10 years | ||||||||||||||||
Buildings | 14-39 years | ||||||||||||||||
Assets Held for Sale | |||||||||||||||||
The Company reclassifies long-lived assets to Assets Held for Sale when all required criteria for such reclassification are met. The assets are recorded at the lower of the carrying value or fair value less costs to sell. Assets held for sale must meet the following conditions: (1) management, having authority to approve the action, commits to a plan to sell the asset, (2) the asset is available for immediate sale in its present condition, (3) an active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated, (4) the sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale, within one year, (5) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and (6) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. | |||||||||||||||||
In connection with the agreement the Company entered into on March 31, 2014 to sell its facility and certain equipment located in College Station, Texas, a determination was made that the assets met the criteria to be classified as held for sale and the fair value for the related assets was in excess of their carrying amount. Accordingly, during the quarter ended May 31, 2014, the Company recorded a charge of $464 to Other expense for the difference between the net carrying amount of these assets of $1,152 and the expected net cash proceeds of $688. | |||||||||||||||||
Impairment of Long-Lived Assets | |||||||||||||||||
Long-lived assets, such as property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. To the extent that an impairment indicator has occurred, recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. For the reporting periods presented herein there was no impairment. | |||||||||||||||||
Foreign Currency Translation | |||||||||||||||||
The Brazilian Real is the functional currency of the Company's subsidiary in Brazil. Accordingly, assets and liabilities of those operations are translated into United States dollars using the current exchange rate in effect at the balance sheet date and equity accounts are translated into United States dollars using historical rates. Revenues and expenses are translated at the weighted average rate of exchange during the reporting period. Gains and losses from foreign currency translation adjustments are represented as a component of accumulated other comprehensive loss within the Company's condensed consolidated balance sheets. | |||||||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||
The Company's unrealized gains and losses on available-for-sale securities and foreign currency translation adjustments represents the components of comprehensive loss and have been disclosed in the condensed consolidated balance sheets. | |||||||||||||||||
The following summarizes the changes in the balances of each component of accumulated other comprehensive loss during the nine months ended May 31, 2014: | |||||||||||||||||
Accumulated | |||||||||||||||||
Foreign | Unrealized | Other | |||||||||||||||
Currency | Gains (Losses) | Comprehensive | |||||||||||||||
Translation | on Securities | Loss | |||||||||||||||
Balance at August 31, 2013 | $ | (684 | ) | $ | (12 | ) | $ | (696 | ) | ||||||||
Comprehensive income (loss) | 91 | (3 | ) | 88 | |||||||||||||
Balance at May 31, 2014 | $ | (593 | ) | $ | (15 | ) | $ | (608 | ) | ||||||||
Basic and Diluted Net Loss Per Share | |||||||||||||||||
Basic net loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding. Diluted net loss per common share is computed by dividing net loss available to common stockholders by the weighted average number of common shares and dilutive potential common share equivalents then outstanding, to the extent they are dilutive. Potential common shares consist of shares issuable upon the exercise of stock options and warrants (using the treasury stock method). Dilutive net loss per share is the same as basic net loss per share for all periods presented because the effects of potentially dilutive items were anti-dilutive. | |||||||||||||||||
The following potentially dilutive, common share equivalents were excluded from the calculation of diluted net loss per common share because their effect was antidilutive for each of the periods presented: | |||||||||||||||||
May 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Options to purchase common stock | 3,327,395 | 2,673,232 | |||||||||||||||
Warrants to purchase common stock | 2,562,045 | 2,082,045 | |||||||||||||||
Total | 5,889,440 | 4,755,277 | |||||||||||||||
Marketable_Securities
Marketable Securities | 9 Months Ended | ||||||||||||||||
31-May-14 | |||||||||||||||||
Marketable Securities [Abstract] | ' | ||||||||||||||||
Marketable Securities | ' | ||||||||||||||||
(3) Marketable Securities | |||||||||||||||||
Marketable securities classified as available for sale consisted of the following: | |||||||||||||||||
31-May-14 | |||||||||||||||||
Available for sale securities | Amortized | Gross | Gross | Fair Value | |||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||
Gain | Loss | ||||||||||||||||
Certificates of Deposit | $ | 6,147 | $ | - | $ | (6 | ) | $ | 6,141 | ||||||||
Commercial Paper | 5,247 | - | (1 | ) | 5,246 | ||||||||||||
Corporate Bonds | 15,261 | - | (8 | ) | 15,253 | ||||||||||||
Total | $ | 26,655 | $ | - | $ | (15 | ) | $ | 26,640 | ||||||||
May 31, 2014 | |||||||||||||||||
Amortized | Fair Value | ||||||||||||||||
Cost | |||||||||||||||||
Marketable securities | |||||||||||||||||
Due in 1 year or less | $ | 24,405 | $ | 24,393 | |||||||||||||
Due in 1-2 years | 2,250 | 2,247 | |||||||||||||||
$ | 26,655 | $ | 26,640 | ||||||||||||||
August 31, 2013 | |||||||||||||||||
Available for sale securities | Amortized | Gross | Gross | Fair Value | |||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||
Gain | Loss | ||||||||||||||||
Certificates of Deposit | $ | 4,561 | $ | - | $ | (6 | ) | $ | 4,555 | ||||||||
Commercial Paper | 1,000 | - | (1 | ) | 999 | ||||||||||||
Corporate Bonds | 16,081 | 2 | (7 | ) | 16,076 | ||||||||||||
Total | $ | 21,642 | $ | 2 | $ | (14 | ) | $ | 21,630 | ||||||||
31-Aug-13 | |||||||||||||||||
Amortized | Fair Value | ||||||||||||||||
Cost | |||||||||||||||||
Marketable securities | |||||||||||||||||
Due in 1 year or less | $ | 21,642 | $ | 21,630 | |||||||||||||
$ | 21,642 | $ | 21,630 | ||||||||||||||
Seed_Inventories
Seed Inventories | 9 Months Ended | ||||
31-May-14 | |||||
Seed Inventories [Abstract] | ' | ||||
Seed Inventories | ' | ||||
(4) Seed Inventories | |||||
Due to the early stage of commercialization and the minimal amount of sales of the Company's seeds, at May 31, 2014 all seed inventory was written-off based on the lower of cost or market. Inventories at August 31, 2013 consisted of the following: | |||||
Work in process | $ | 20 | |||
Seed inventory | - | ||||
Total inventories | $ | 20 | |||
Property_and_Equipment
Property and Equipment | 9 Months Ended | ||||||||
31-May-14 | |||||||||
Property and Equipment [Abstract] | ' | ||||||||
Property and Equipment | ' | ||||||||
(5) Property and Equipment | |||||||||
Property and equipment are summarized as follows: | |||||||||
May 31, | August 31, | ||||||||
2014 | 2013 | ||||||||
Land | $ | 43 | $ | 43 | |||||
Automobiles and trucks | 924 | 796 | |||||||
Buildings | 1,217 | 3,180 | |||||||
Office, laboratory, farm and warehouse equipment and furniture | 12,802 | 14,792 | |||||||
Leasehold improvements | 5,659 | 5,716 | |||||||
20,645 | 24,527 | ||||||||
Less accumulated depreciation | (17,679 | ) | (19,894 | ) | |||||
Property and equipment, net | $ | 2,966 | $ | 4,633 | |||||
Accounts_Payable_and_Accrued_E
Accounts Payable and Accrued Expenses | 9 Months Ended | ||||||||
31-May-14 | |||||||||
Accounts Payable and Accrued Expenses [Abstract] | ' | ||||||||
Accounts Payable and Accrued Expenses | ' | ||||||||
(6) Accounts Payable and Accrued Expenses | |||||||||
Accounts payable and accrued expenses consisted of the following: | |||||||||
May 31, | August 31, | ||||||||
2014 | 2013 | ||||||||
Accounts payable | $ | 1,080 | $ | 1,289 | |||||
Accrued payroll and related expenses | 2,308 | 1,020 | |||||||
Research and development contracts | 319 | 1,098 | |||||||
Accrued grower commitments | - | 38 | |||||||
Other | 236 | 380 | |||||||
$ | 3,943 | $ | 3,825 | ||||||
LongTerm_Debt
Long-Term Debt | 9 Months Ended | ||||||||
31-May-14 | |||||||||
Long-Term Debt [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
(7) Long-Term Debt | |||||||||
Long-term debt is summarized as follows: | |||||||||
May 31, | August 31, | ||||||||
2014 | 2013 | ||||||||
Capital leases | $ | 123 | $ | 236 | |||||
Less current portion | (92 | ) | (154 | ) | |||||
Long term debt (capital leases) | $ | 31 | $ | 82 | |||||
The aggregated maturities of debt as of May 31, 2014 are as follows: | |||||||||
Remaining three months of fiscal year 2014 | $ | 25 | |||||||
2015 | 67 | ||||||||
2016 | 31 | ||||||||
$ | 123 | ||||||||
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | ||||||||||||||||
31-May-14 | |||||||||||||||||
Stock-Based Compensation [Abstract] | ' | ||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
(8) Stock-Based Compensation | |||||||||||||||||
Stock Option and Stock Issuance Plans | |||||||||||||||||
The Company has established three equity plans: the Ceres, Inc. 2000 Stock Option/Stock Issuance Plan (2000 Plan), the Ceres, Inc. 2010 Stock Option/Stock Issuance Plan (2010 Plan) and the Amended and Restated Ceres, Inc. 2011 Equity Incentive Plan (2011 Plan, and collectively with the 2000 Plan and the 2010 Plan, Equity Plans). The Equity Plans provide for grants of Incentive Stock Options (ISOs) to employees and Nonqualified Stock Options (NSOs), stock and restricted stock to employees, directors, and consultants. In addition, the 2011 Plan provides for the grant of other equity based awards such as restricted stock units, stock appreciation rights and deferred stock to employees, directors and consultants. The option term, as determined by the Company's Board of Directors, may not exceed ten years. Vesting, also determined by the Company's Board of Directors, generally occurs ratably over four to five years. ISOs and NSOs may be granted at a price per share not less than the fair market value at the date of grant. | |||||||||||||||||
During September 2012, the Company modified options to purchase 403,333 shares of common stock that were scheduled to expire on December 18, 2012 by extending the terms such that the options now expire on December 18, 2015. A modification charge of $157 was recorded in September 2012. | |||||||||||||||||
Stock-based compensation expense included in operating expenses and total intrinsic value of stock options exercised are as follows: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
May 31, | May 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Stock-based compensation expense | $ | 949 | $ | 875 | $ | 2,804 | $ | 2,737 | |||||||||
Fair value changes of collaboration warrants | (13 | ) | (98 | ) | (4 | ) | (276 | ) | |||||||||
$ | 936 | $ | 777 | $ | 2,800 | $ | 2,461 | ||||||||||
Intrinsic value of stock options exercised | $ | - | $ | - | $ | - | $ | 79 | |||||||||
There were no stock options exercised during the nine months ended May 31, 2014 or during the three months ended May 31, 2013. | |||||||||||||||||
Stock Option Activity | |||||||||||||||||
The following table summarizes the stock option transactions under the Equity Plans during the nine months ended May31, 2014: | |||||||||||||||||
Shares | Weighted | ||||||||||||||||
Average | |||||||||||||||||
Exercise Price | |||||||||||||||||
Options outstanding at August 31, 2013 | 2,791,556 | $ | 7.49 | ||||||||||||||
Options granted | 778,037 | 1.27 | |||||||||||||||
Options forfeited | (242,198 | ) | 8.96 | ||||||||||||||
Options outstanding at May 31, 2014 | 3,327,395 | $ | 5.93 | ||||||||||||||
No tax benefits have been recorded on compensation costs recognized for options exercised. As of May 31, 2014, there was $3,578 of total unrecognized compensation cost related to stock options. That cost is expected to be recognized over a weighted average of 2.38 years. The Company's policy is to issue new shares for options exercised. | |||||||||||||||||
Restricted Stock Activity | |||||||||||||||||
The following summarizes the restricted stock transactions under the Equity Plans during the nine months ended May 31, 2014: | |||||||||||||||||
Shares | Weighted | ||||||||||||||||
Average | |||||||||||||||||
Grant Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Restricted stock outstanding and unvested at August 31, 2013 | 290,700 | $ | 5.55 | ||||||||||||||
Restricted stock granted | 328,260 | 1.31 | |||||||||||||||
Restricted stock vested | (118,029 | ) | 3.91 | ||||||||||||||
Restricted stock forfeited | (23,167 | ) | 4.82 | ||||||||||||||
Restricted stock outstanding and unvested at May 31, 2014 | 477,797 | $ | 3.38 | ||||||||||||||
As of May 31, 2014, there was $309 of total unrecognized compensation cost related to restricted stock awards. That cost is expected to be recognized over a weighted average of 1.23 years. | |||||||||||||||||
Stock Activity | |||||||||||||||||
During the nine months ended May 31, 2014, the Company granted 18,300 shares of common stock under the 2011 Plan with a fair market value of $0.91 per share. The Company recorded $16.7 of expense related to this stock grant. During fiscal year 2013, the Company granted 60,000 shares of common stock under the 2011 Plan with a fair market value of $3.33 per share. The Company recorded $200 of expense in the year ended August 31, 2013 related to this stock grant | |||||||||||||||||
Stockholders_Equity
Stockholders' Equity | 9 Months Ended |
31-May-14 | |
Stockholders' Equity [Abstract] | ' |
Stockholders' Equity | ' |
(9) Stockholders' Equity | |
Common Stock | |
On March 7, 2014, the Company held its 2014 Annual Meeting of Stockholders (Annual Meeting). At the Annual Meeting, the stockholders approved an amendment to the Company's Amended and Restated Certificate of Incorporation which decreased the total number of shares of common stock of the Company from 490,000,000 to 240,000,000. Holders of the Company's common stock are entitled to dividends as and when declared by the Board of Directors, subject to rights and holders of all classes of stock outstanding having priority rights to dividends. There have been no dividends declared to date. Each share of common stock is entitled to one vote. | |
Preferred Stock | |
Pursuant to the Company's amended and restated certificate of incorporation, the Company is authorized to issue 10,000,000 shares of preferred stock. The Board of Directors has the authority, without action by the Company's stockholders, to designate and issue shares of preferred stock in one or more series and to fix the rights, preferences, privileges and restrictions thereof. | |
Warrants issued in connection with Noble Agreement | |
In May 2006, the Company entered into a collaboration agreement with The Samuel Roberts Noble Foundation, Inc. (Noble) (Noble Agreement) to establish a research program (see Note (12)). In connection with this collaboration, the Company granted Noble a warrant to purchase 133,333 shares of the Company's common stock for an exercise price of $30.00 per share. The original terms were as follows: the warrant vests in equal installments of 33,333 shares on May 19, 2009, May 19, 2011, May 19, 2013, and May 19, 2015, respectively, and shall remain exercisable for a period of two years from the respective vesting dates. These warrants are accounted for at fair value and remeasured until vested. The fair value, including the resulting change in value as a result of remeasurement is being recognized as research and development expense. The inception to date expense recognized with respect to this warrant totals $624.4 as of May 31, 2014. At May 31, 2014, 99,999 warrants had vested under this arrangement. The fair value of the warrants not yet vested at May 31, 2014, was $0.1 using a risk-free rate of 0.79% based on the respective exercise periods of each installment, expected volatility of 74.0%, expected term of 2.97 years based on the respective exercise periods of each installment, which is also the remaining contractual term, and 0% dividend yield. | |
In June 2011, the Company and Noble agreed to modify the warrants issued to Noble as follows: the warrant vests in equal installments of 33,333 shares on May 19, 2013 and May 19, 2015, respectively and shall remain exercisable until the earliest of a period of five years from the respective vesting dates and May 18, 2017. | |
Warrants issued in connection with TAMU Agreement | |
In August 2007, the Company entered into a sponsored research and intellectual property rights agreement with The Texas A&M University System (TAMU) to establish a research program (see Note (12)). In connection with this collaboration, the Company granted TAMU a warrant to purchase 66,666 shares of the Company's common stock for an exercise price of $30.00 per share. The warrant vests based on certain research and commercialization milestones being met and shall remain exercisable until August 28, 2017. This warrant is accounted for at fair value and remeasured until the vesting targets are met. The fair value, including the resulting change in value as a result of remeasurement is being recognized as research and development expense. The inception to date expense recognized with respect to this warrant totals $0.2 as of May 31, 2014. The fair value of the warrants at May 31, 2014 was $0.2, using a risk-free rate of 0.79%, expected volatility of 74.0%, expected term of 3.24 years and 0% dividend yield. No warrants have vested under this arrangement as of May 31, 2014. | |
In December 2011, pursuant to an Amended and Restated Intellectual Property Rights Agreement (IP Rights Agreement) (see Note (12)), the Company issued warrants to TAMU to purchase 66,666 shares of common stock at an exercise price of $14.30 per share. The warrants expire on September 24, 2026 and, subject to certain conditions, vest in equal installments on the fifth, tenth and fifteenth anniversary of the IP Rights Agreement. The inception to date expense recognized with respect to this warrant totals $8.3 as of May 3, 2014. The fair value of the warrants at May 31, 2014, was $26.4, using a risk-free rate of 2.48%, expected volatility of 86.9%, expected term of 12.32 years and 0% dividend yield. No warrants have vested under this arrangement as of May 31, 2014. | |
Warrants issued in connection with March 10, 2014 registered public offering | |
On March 10, 2014 the Company issued warrants to purchase an aggregate of 480,000 shares of common stock to certain affiliated designees of the underwriter as part of the underwriter's compensation related to the registered public offering. The warrants are exercisable at any time and from time to time, in whole or in part, beginning on March 4, 2015 and expire on March 4, 2019. The exercise price is $1.50 per share of common stock. The fair value of these warrants upon issuance was $305 using a risk free rate of 1.64%, expected volatility 84.2%, expected term of 5 years and 0% dividend yield and was treated as an issuance cost of the common stock. | |
Income_Taxes
Income Taxes | 9 Months Ended |
31-May-14 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
(10) Income Taxes | |
No provision for U.S. income taxes has been made, net of the valuation allowance, because the Company has incurred losses since its inception. The Company has deferred tax assets consisting primarily of net operating loss carryforwards that have been fully offset by a valuation allowance. | |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | ||||
31-May-14 | |||||
Commitments and Contingencies [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
(11) Commitments and Contingencies | |||||
The Company leases certain of its facilities and equipment under various noncancelable operating leases expiring through 2023. The leases on the facilities contains provisions for future rent increases. The Company records monthly rent expense equal to the total of the payments due over the lease term, divided by the number of months of the lease term. The difference between rent expense recorded and the amount paid is credited or charged to deferred rent, which is included in other current liabilities and other non-current liabilities in the accompanying condensed consolidated balance sheets as of May 31, 2014, and August 31, 2013. | |||||
In connection with one of its facilities leases, the Company received a reimbursement for leasehold improvements of $270. This reimbursement is a lease incentive which has been recognized as a liability in deferred rent and is being amortized to rent expense on a straight-line basis over the lease term. Total rental expense recognized was $111 and $84 for the three months ended May 31, 2014 and 2013, respectively and $283 and $373 for the nine months ended May 31, 2014 and 2013, respectively. | |||||
Future minimum payments under noncancelable operating leases as of May 31, 2014 are as follows: | |||||
Operating | |||||
Leases | |||||
Remaining three months of fiscal year 2014 | $ | 157 | |||
2015 | 547 | ||||
2016 | 550 | ||||
2017 | 559 | ||||
2018 | 575 | ||||
Thereafter | 688 | ||||
Total minimum lease payments | $ | 3,076 | |||
Research_Collaboration_Agreeme
Research Collaboration Agreements | 9 Months Ended | ||||
31-May-14 | |||||
Research Collaboration Agreements [Abstract] | ' | ||||
Research Collaboration Agreements | ' | ||||
(12) Research Collaboration Agreements | |||||
The Company has a number of research agreements with academic collaborators, including among others, TAMU, Noble, and the Institute of Crop Sciences of the Chinese Academy of Agricultural Sciences. In connection with these agreements, the Company receives certain exclusive options or licensing rights to technology and intellectual property developed under these agreements. The Company expenses amounts under these agreements to research and development expense in the period in which the services are rendered. The Company also licenses technology from third parties. Initial payments under these license agreements are capitalized and expensed on a straight-line basis over the license term. | |||||
Noble Agreement | |||||
In May 2006, the Company entered into a collaboration agreement with Noble to establish a research program. Under the Noble Agreement, the Company agreed to fund certain research activities undertaken by Noble in an amount up to $3,800 through July 31, 2012 and granted Noble a warrant to purchase 133,333 shares of the Company's common stock for an exercise price of $30.00 per share (see Note (9)). Additional projects may be added under the agreement, if agreed to by both parties. | |||||
Under the collaboration agreement, in August 2012 the Company agreed to fund certain research activities undertaken by Noble through July 31, 2013 and 2014 of $82.7 and $85.3 per year, respectively. | |||||
TAMU Agreement | |||||
In August 2007, the Company entered into a Sponsored Research and Intellectual Property Rights agreement with TAMU to establish a research program. Under the agreement, the Company agreed to fund certain research activities undertaken by TAMU in an amount up to $5,100 through 2012 and granted TAMU a warrant to purchase 66,666 shares of the Company's common stock for an exercise price of $30.00 per share (see Note (9)). | |||||
On September 24, 2011, the Company entered into an Amended and Restated Sponsored Research Agreement and the IP Rights Agreement with TAMU which both expire on September 23, 2026. The specific research projects and budgets undertaken pursuant to such agreement will be determined by an Executive Committee comprised of two members from each of TAMU and the Company as set forth in the Amended and Restated Sponsored Research Agreement. In December 2011, pursuant to the IP Rights Agreement, the Company issued warrants to TAMU to purchase 66,666 shares of common stock at an exercise price of $14.30 per share (see Note (9)). | |||||
Future minimum payments under the Company's research collaboration agreements as of May 31, 2014 are as follows: | |||||
Remaining three months of fiscal year 2014 | $ | 316 | |||
2015 | 798 | ||||
2016 | 694 | ||||
2017 | 125 | ||||
$ | 1,933 | ||||
Subsequent_Events
Subsequent Events | 9 Months Ended |
31-May-14 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
(13) Subsequent Events | |
On June 2, 2014, the Company sold its facility and certain related equipment and machinery located in College Station, Texas for net cash proceeds of approximately $688. | |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended | ||||||||||||||||
31-May-14 | |||||||||||||||||
Summary of Significant Accounting Policies [Abstract] | ' | ||||||||||||||||
Basis of Presentation | ' | ||||||||||||||||
Basis of Presentation | |||||||||||||||||
The accompanying interim condensed consolidated financial statements have been prepared in accordance with the accounting principles generally accepted in the United States of America (GAAP) and with the instructions for Form 10-Q and Regulation S-X. Accordingly, they do not include all of the information and notes required for complete financial statements. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company's Form 10-K dated November 26, 2013 filed with the Securities and Exchange Commission (SEC). | |||||||||||||||||
The accompanying interim condensed consolidated financial statements and related disclosures are unaudited, have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair presentation of the results of operations for the periods presented. The condensed consolidated results of operations for any interim period are not necessarily indicative of the results to be expected for the full year or for any other future year or interim period. | |||||||||||||||||
Principles of Consolidation | ' | ||||||||||||||||
Principles of Consolidation | |||||||||||||||||
The condensed consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. | |||||||||||||||||
Use of Estimates | ' | ||||||||||||||||
Use of Estimates | |||||||||||||||||
In preparing the unaudited condensed consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the unaudited condensed consolidated financial statements and reported amounts of revenue and expenses during the reporting period. Significant items subject to such estimates and assumptions include the valuation of property and equipment, common stock, stock options and warrant liabilities. Actual results could differ from those estimates. | |||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||
Assets and liabilities recorded at fair value in the condensed consolidated financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels that are directly related to the amount of subjectivity associated with the inputs to the valuation of these assets or liabilities are as follows: | |||||||||||||||||
• | Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. | ||||||||||||||||
• | Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. | ||||||||||||||||
• | Level 3 inputs are unobservable inputs for the asset or liability. | ||||||||||||||||
The following tables present the Company's financial assets that were measured at fair value on a recurring basis as of May 31, 2014 and August 31, 2013 by level within the fair value hierarchy: | |||||||||||||||||
31-May-14 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Financial Assets | |||||||||||||||||
Money Market Funds | $ | 2,535 | $ | - | $ | - | $ | 2,535 | |||||||||
Certificates of Deposit-available for sale | - | 6,141 | - | 6,141 | |||||||||||||
Commercial Paper-available for sale | - | 6,746 | - | 6,746 | |||||||||||||
Corporate Bonds-available for sale | - | 15,253 | - | 15,253 | |||||||||||||
Total | $ | 2,535 | $ | 28,140 | $ | - | $ | 30,675 | |||||||||
All of the money market funds and $1,500 of the commercial paper are included in cash and cash equivalents on the condensed consolidated balance sheets. | |||||||||||||||||
August 31, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Financial Assets | |||||||||||||||||
Money Market Funds | $ | 2,310 | $ | - | $ | - | $ | 2,310 | |||||||||
Certificates of Deposit-available for sale | - | 4,555 | - | 4,555 | |||||||||||||
Commercial Paper-available for sale | - | 2,198 | - | 2,198 | |||||||||||||
Corporate Bonds-available for sale | - | 16,076 | - | 16,076 | |||||||||||||
Total | $ | 2,310 | $ | 22,829 | $ | - | $ | 25,139 | |||||||||
All of the money market funds and $1,199 of the commercial paper are included in cash and cash equivalents on the condensed consolidated balance sheets. | |||||||||||||||||
Accounts Receivable | ' | ||||||||||||||||
Accounts Receivable | |||||||||||||||||
Accounts receivable represents amounts owed to the Company from product sales and collaborative research and government grants. The Company had no amounts reserved for doubtful accounts at May 31, 2014 and August 31, 2013 as the Company expects full collection of the accounts receivable balances. | |||||||||||||||||
Seed Inventories | ' | ||||||||||||||||
Seed Inventories | |||||||||||||||||
Due to the early stage of commercialization and the minimal amount of sales of the Company's seeds, at May 31, 2014 all seed inventory was written-off based on the lower of cost or market. At August 31, 2013, inventory consisted of work-in-process costs related to sweet sorghum seeds. Seed inventory costs are computed on a first-in, first-out basis and valued at the lower of cost or market with any excess cost recognized during the period within cost of product sales. | |||||||||||||||||
Property and Equipment | ' | ||||||||||||||||
Property and Equipment | |||||||||||||||||
Property and equipment is stated at cost. Depreciation is provided using the straight-line method over the shorter of the estimated useful lives or the remaining life of the lease. Depreciation periods for the Company's property and equipment are as follows: | |||||||||||||||||
Automobiles and trucks | 3-5 years | ||||||||||||||||
Office, laboratory, farm and warehouse equipment and furniture | 3-5 years | ||||||||||||||||
Leasehold improvements | 3-10 years | ||||||||||||||||
Buildings | 14-39 years | ||||||||||||||||
Assets Held for Sale | ' | ||||||||||||||||
Assets Held for Sale | |||||||||||||||||
The Company reclassifies long-lived assets to Assets Held for Sale when all required criteria for such reclassification are met. The assets are recorded at the lower of the carrying value or fair value less costs to sell. Assets held for sale must meet the following conditions: (1) management, having authority to approve the action, commits to a plan to sell the asset, (2) the asset is available for immediate sale in its present condition, (3) an active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated, (4) the sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale, within one year, (5) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and (6) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. | |||||||||||||||||
In connection with the agreement the Company entered into on March 31, 2014 to sell its facility and certain equipment located in College Station, Texas, a determination was made that the assets met the criteria to be classified as held for sale and the fair value for the related assets was in excess of their carrying amount. Accordingly, during the quarter ended May 31, 2014, the Company recorded a charge of $464 to Other expense for the difference between the net carrying amount of these assets of $1,152 and the expected net cash proceeds of $688. | |||||||||||||||||
Impairment of Long-Lived Assets | ' | ||||||||||||||||
Impairment of Long-Lived Assets | |||||||||||||||||
Long-lived assets, such as property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. To the extent that an impairment indicator has occurred, recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. For the reporting periods presented herein there was no impairment. | |||||||||||||||||
Foreign Currency Translation | ' | ||||||||||||||||
Foreign Currency Translation | |||||||||||||||||
The Brazilian Real is the functional currency of the Company's subsidiary in Brazil. Accordingly, assets and liabilities of those operations are translated into United States dollars using the current exchange rate in effect at the balance sheet date and equity accounts are translated into United States dollars using historical rates. Revenues and expenses are translated at the weighted average rate of exchange during the reporting period. Gains and losses from foreign currency translation adjustments are represented as a component of accumulated other comprehensive loss within the Company's condensed consolidated balance sheets. | |||||||||||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||
The Company's unrealized gains and losses on available-for-sale securities and foreign currency translation adjustments represents the components of comprehensive loss and have been disclosed in the condensed consolidated balance sheets. | |||||||||||||||||
The following summarizes the changes in the balances of each component of accumulated other comprehensive loss during the nine months ended May 31, 2014: | |||||||||||||||||
Accumulated | |||||||||||||||||
Foreign | Unrealized | Other | |||||||||||||||
Currency | Gains (Losses) | Comprehensive | |||||||||||||||
Translation | on Securities | Loss | |||||||||||||||
Balance at August 31, 2013 | $ | (684 | ) | $ | (12 | ) | $ | (696 | ) | ||||||||
Comprehensive income (loss) | 91 | (3 | ) | 88 | |||||||||||||
Balance at May 31, 2014 | $ | (593 | ) | $ | (15 | ) | $ | (608 | ) | ||||||||
Basic and Diluted Net Loss Per Share | ' | ||||||||||||||||
Basic and Diluted Net Loss Per Share | |||||||||||||||||
Basic net loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding. Diluted net loss per common share is computed by dividing net loss available to common stockholders by the weighted average number of common shares and dilutive potential common share equivalents then outstanding, to the extent they are dilutive. Potential common shares consist of shares issuable upon the exercise of stock options and warrants (using the treasury stock method). Dilutive net loss per share is the same as basic net loss per share for all periods presented because the effects of potentially dilutive items were anti-dilutive. | |||||||||||||||||
The following potentially dilutive, common share equivalents were excluded from the calculation of diluted net loss per common share because their effect was antidilutive for each of the periods presented: | |||||||||||||||||
May 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Options to purchase common stock | 3,327,395 | 2,673,232 | |||||||||||||||
Warrants to purchase common stock | 2,562,045 | 2,082,045 | |||||||||||||||
Total | 5,889,440 | 4,755,277 | |||||||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 9 Months Ended | ||||||||||||||||
31-May-14 | |||||||||||||||||
Summary of Significant Accounting Policies [Abstract] | ' | ||||||||||||||||
Schedule of Financial Assets Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||
The following tables present the Company's financial assets that were measured at fair value on a recurring basis as of May 31, 2014 and August 31, 2013 by level within the fair value hierarchy: | |||||||||||||||||
31-May-14 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Financial Assets | |||||||||||||||||
Money Market Funds | $ | 2,535 | $ | - | $ | - | $ | 2,535 | |||||||||
Certificates of Deposit-available for sale | - | 6,141 | - | 6,141 | |||||||||||||
Commercial Paper-available for sale | - | 6,746 | - | 6,746 | |||||||||||||
Corporate Bonds-available for sale | - | 15,253 | - | 15,253 | |||||||||||||
Total | $ | 2,535 | $ | 28,140 | $ | - | $ | 30,675 | |||||||||
All of the money market funds and $1,500 of the commercial paper are included in cash and cash equivalents on the condensed consolidated balance sheets. | |||||||||||||||||
August 31, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Financial Assets | |||||||||||||||||
Money Market Funds | $ | 2,310 | $ | - | $ | - | $ | 2,310 | |||||||||
Certificates of Deposit-available for sale | - | 4,555 | - | 4,555 | |||||||||||||
Commercial Paper-available for sale | - | 2,198 | - | 2,198 | |||||||||||||
Corporate Bonds-available for sale | - | 16,076 | - | 16,076 | |||||||||||||
Total | $ | 2,310 | $ | 22,829 | $ | - | $ | 25,139 | |||||||||
All of the money market funds and $1,199 of the commercial paper are included in cash and cash equivalents on the condensed consolidated balance sheets. | |||||||||||||||||
Schedule of Depreciation Period for Property and Equipment | ' | ||||||||||||||||
Depreciation periods for the Company's property and equipment are as follows: | |||||||||||||||||
Automobiles and trucks | 3-5 years | ||||||||||||||||
Office, laboratory, farm and warehouse equipment and furniture | 3-5 years | ||||||||||||||||
Leasehold improvements | 3-10 years | ||||||||||||||||
Buildings | 14-39 years | ||||||||||||||||
Schedule of Accumulated Other Comprehensive Income | ' | ||||||||||||||||
The following summarizes the changes in the balances of each component of accumulated other comprehensive loss during the nine months ended May 31, 2014: | |||||||||||||||||
Accumulated | |||||||||||||||||
Foreign | Unrealized | Other | |||||||||||||||
Currency | Gains (Losses) | Comprehensive | |||||||||||||||
Translation | on Securities | Loss | |||||||||||||||
Balance at August 31, 2013 | $ | (684 | ) | $ | (12 | ) | $ | (696 | ) | ||||||||
Comprehensive income (loss) | 91 | (3 | ) | 88 | |||||||||||||
Balance at May 31, 2014 | $ | (593 | ) | $ | (15 | ) | $ | (608 | ) | ||||||||
Schedule of Potentially Dilutive, Common Share Equivalents Excluded from Calculation of Diluted Net Loss Per Common Share | ' | ||||||||||||||||
The following potentially dilutive, common share equivalents were excluded from the calculation of diluted net loss per common share because their effect was antidilutive for each of the periods presented: | |||||||||||||||||
May 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Options to purchase common stock | 3,327,395 | 2,673,232 | |||||||||||||||
Warrants to purchase common stock | 2,562,045 | 2,082,045 | |||||||||||||||
Total | 5,889,440 | 4,755,277 | |||||||||||||||
Marketable_Securities_Tables
Marketable Securities (Tables) | 9 Months Ended | ||||||||||||||||
31-May-14 | |||||||||||||||||
Marketable Securities [Abstract] | ' | ||||||||||||||||
Schedule of Available for Sale Securities | ' | ||||||||||||||||
Marketable securities classified as available for sale consisted of the following: | |||||||||||||||||
31-May-14 | |||||||||||||||||
Available for sale securities | Amortized | Gross | Gross | Fair Value | |||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||
Gain | Loss | ||||||||||||||||
Certificates of Deposit | $ | 6,147 | $ | - | $ | (6 | ) | $ | 6,141 | ||||||||
Commercial Paper | 5,247 | - | (1 | ) | 5,246 | ||||||||||||
Corporate Bonds | 15,261 | - | (8 | ) | 15,253 | ||||||||||||
Total | $ | 26,655 | $ | - | $ | (15 | ) | $ | 26,640 | ||||||||
May 31, 2014 | |||||||||||||||||
Amortized | Fair Value | ||||||||||||||||
Cost | |||||||||||||||||
Marketable securities | |||||||||||||||||
Due in 1 year or less | $ | 24,405 | $ | 24,393 | |||||||||||||
Due in 1-2 years | 2,250 | 2,247 | |||||||||||||||
$ | 26,655 | $ | 26,640 | ||||||||||||||
August 31, 2013 | |||||||||||||||||
Available for sale securities | Amortized | Gross | Gross | Fair Value | |||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||
Gain | Loss | ||||||||||||||||
Certificates of Deposit | $ | 4,561 | $ | - | $ | (6 | ) | $ | 4,555 | ||||||||
Commercial Paper | 1,000 | - | (1 | ) | 999 | ||||||||||||
Corporate Bonds | 16,081 | 2 | (7 | ) | 16,076 | ||||||||||||
Total | $ | 21,642 | $ | 2 | $ | (14 | ) | $ | 21,630 | ||||||||
31-Aug-13 | |||||||||||||||||
Amortized | Fair Value | ||||||||||||||||
Cost | |||||||||||||||||
Marketable securities | |||||||||||||||||
Due in 1 year or less | $ | 21,642 | $ | 21,630 | |||||||||||||
$ | 21,642 | $ | 21,630 | ||||||||||||||
Seed_Inventories_Tables
Seed Inventories (Tables) | 9 Months Ended | ||||
31-May-14 | |||||
Seed Inventories [Abstract] | ' | ||||
Schedule of Seed Inventories | ' | ||||
Inventories at August 31, 2013 consisted of the following: | |||||
Work in process | $ | 20 | |||
Seed inventory | - | ||||
Total inventories | $ | 20 | |||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 9 Months Ended | ||||||||
31-May-14 | |||||||||
Property and Equipment [Abstract] | ' | ||||||||
Summary of Property and Equipment | ' | ||||||||
Property and equipment are summarized as follows: | |||||||||
May 31, | August 31, | ||||||||
2014 | 2013 | ||||||||
Land | $ | 43 | $ | 43 | |||||
Automobiles and trucks | 924 | 796 | |||||||
Buildings | 1,217 | 3,180 | |||||||
Office, laboratory, farm and warehouse equipment and furniture | 12,802 | 14,792 | |||||||
Leasehold improvements | 5,659 | 5,716 | |||||||
20,645 | 24,527 | ||||||||
Less accumulated depreciation | (17,679 | ) | (19,894 | ) | |||||
Property and equipment, net | $ | 2,966 | $ | 4,633 | |||||
Accounts_Payable_and_Accrued_E1
Accounts Payable and Accrued Expenses (Tables) | 9 Months Ended | ||||||||
31-May-14 | |||||||||
Accounts Payable and Accrued Expenses [Abstract] | ' | ||||||||
Schedule of Accounts Payable and Accrued Expenses | ' | ||||||||
Accounts payable and accrued expenses consisted of the following: | |||||||||
May 31, | August 31, | ||||||||
2014 | 2013 | ||||||||
Accounts payable | $ | 1,080 | $ | 1,289 | |||||
Accrued payroll and related expenses | 2,308 | 1,020 | |||||||
Research and development contracts | 319 | 1,098 | |||||||
Accrued grower commitments | - | 38 | |||||||
Other | 236 | 380 | |||||||
$ | 3,943 | $ | 3,825 | ||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | ||||||||
31-May-14 | |||||||||
Long-Term Debt [Abstract] | ' | ||||||||
Summary of Long-Term Debt | ' | ||||||||
Long-term debt is summarized as follows: | |||||||||
May 31, | August 31, | ||||||||
2014 | 2013 | ||||||||
Capital leases | $ | 123 | $ | 236 | |||||
Less current portion | (92 | ) | (154 | ) | |||||
Long term debt (capital leases) | $ | 31 | $ | 82 | |||||
Schedule of Aggregated Maturities of Debt | ' | ||||||||
The aggregated maturities of debt as of May 31, 2014 are as follows: | |||||||||
Remaining three months of fiscal year 2014 | $ | 25 | |||||||
2015 | 67 | ||||||||
2016 | 31 | ||||||||
$ | 123 | ||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
31-May-14 | |||||||||||||||||
Stock-Based Compensation [Abstract] | ' | ||||||||||||||||
Summary of Stock-Based Compensation Expense Included in Operating Expenses and Total Intrinsic Value of Options Exercised | ' | ||||||||||||||||
Stock-based compensation expense included in operating expenses and total intrinsic value of stock options exercised are as follows: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
May 31, | May 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Stock-based compensation expense | $ | 949 | $ | 875 | $ | 2,804 | $ | 2,737 | |||||||||
Fair value changes of collaboration warrants | (13 | ) | (98 | ) | (4 | ) | (276 | ) | |||||||||
$ | 936 | $ | 777 | $ | 2,800 | $ | 2,461 | ||||||||||
Intrinsic value of stock options exercised | $ | - | $ | - | $ | - | $ | 79 | |||||||||
Summary of Stock Option Transactions under Option Plans | ' | ||||||||||||||||
The following table summarizes the stock option transactions under the Equity Plans during the nine months ended May31, 2014: | |||||||||||||||||
Shares | Weighted | ||||||||||||||||
Average | |||||||||||||||||
Exercise Price | |||||||||||||||||
Options outstanding at August 31, 2013 | 2,791,556 | $ | 7.49 | ||||||||||||||
Options granted | 778,037 | 1.27 | |||||||||||||||
Options forfeited | (242,198 | ) | 8.96 | ||||||||||||||
Options outstanding at May 31, 2014 | 3,327,395 | $ | 5.93 | ||||||||||||||
Summary of Restricted Stock Transactions under Option Plans | ' | ||||||||||||||||
The following summarizes the restricted stock transactions under the Equity Plans during the nine months ended May 31, 2014: | |||||||||||||||||
Shares | Weighted | ||||||||||||||||
Average | |||||||||||||||||
Grant Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Restricted stock outstanding and unvested at August 31, 2013 | 290,700 | $ | 5.55 | ||||||||||||||
Restricted stock granted | 328,260 | 1.31 | |||||||||||||||
Restricted stock vested | (118,029 | ) | 3.91 | ||||||||||||||
Restricted stock forfeited | (23,167 | ) | 4.82 | ||||||||||||||
Restricted stock outstanding and unvested at May 31, 2014 | 477,797 | $ | 3.38 | ||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 9 Months Ended | ||||
31-May-14 | |||||
Commitments and Contingencies [Abstract] | ' | ||||
Schedule of Future Minimum Payments under Noncancelable Operating Leases | ' | ||||
Future minimum payments under noncancelable operating leases as of May 31, 2014 are as follows: | |||||
Operating | |||||
Leases | |||||
Remaining three months of fiscal year 2014 | $ | 157 | |||
2015 | 547 | ||||
2016 | 550 | ||||
2017 | 559 | ||||
2018 | 575 | ||||
Thereafter | 688 | ||||
Total minimum lease payments | $ | 3,076 | |||
Research_Collaboration_Agreeme1
Research Collaboration Agreements (Tables) | 9 Months Ended | ||||
31-May-14 | |||||
Research Collaboration Agreements [Abstract] | ' | ||||
Schedule of Future Minimum Payments under Company's Research Collaboration | ' | ||||
Future minimum payments under the Company's research collaboration agreements as of May 31, 2014 are as follows: | |||||
Remaining three months of fiscal year 2014 | $ | 316 | |||
2015 | 798 | ||||
2016 | 694 | ||||
2017 | 125 | ||||
$ | 1,933 | ||||
The_Company_Details
The Company (Details) (USD $) | 0 Months Ended | 9 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 10, 2014 | 31-May-14 | Aug. 31, 2013 |
positions | |||
Organization [Line Items] | ' | ' | ' |
Accumulated deficit | ' | ($297,741) | ($274,584) |
Workforce reduction, number of positions impacted | ' | 16 | ' |
Workforce reduction, total charges incurred | ' | 1,600 | ' |
Workforce reduction, one-time severance expense | ' | 900 | ' |
Workforce reduction, continuation of salary and benfits | ' | 400 | ' |
Workforce reduction, other costs | ' | 300 | ' |
Shares issued at public offering, shares | 23,000,000 | ' | ' |
Underwriters exercise of public offering over-allotment, shares | 3,000,000 | ' | ' |
Shares issued at public offering, price per share | $1 | ' | ' |
Proceeds from public offering | 20,800 | ' | ' |
Research and development expense [Member] | ' | ' | ' |
Organization [Line Items] | ' | ' | ' |
Workforce reduction, total charges incurred | ' | 1,000 | ' |
Cost of sales [Member] | ' | ' | ' |
Organization [Line Items] | ' | ' | ' |
Workforce reduction, total charges incurred | ' | 500 | ' |
General and administrative expense [Member] | ' | ' | ' |
Organization [Line Items] | ' | ' | ' |
Workforce reduction, total charges incurred | ' | $100 | ' |
Ceres Sementes do Brasil Ltda [Member] | ' | ' | ' |
Organization [Line Items] | ' | ' | ' |
Percentage of ownership | ' | 99.90% | ' |
CS Semillas de Mexico, S.de L. de C.V. [Member] | ' | ' | ' |
Organization [Line Items] | ' | ' | ' |
Percentage of ownership | ' | 99.90% | ' |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 | Aug. 31, 2013 |
Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Other expenses | $464 | ' | $464 | ' | ' |
Carrying amount of assets held for sale | 1,152 | ' | 1,152 | ' | ' |
Assets held for sale, net | $688 | ' | $688 | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Schedule of Financial Assets Measured at Fair Value on Recurring Basis) (Details) (USD $) | 31-May-14 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' | ' |
Available for sale | $26,640 | $21,630 |
Cash and cash equivalents [Member] | ' | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' | ' |
Commercial paper | 1,500 | 1,199 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' | ' |
Total | 30,675 | 25,139 |
Fair Value, Measurements, Recurring [Member] | Money market funds [Member] | ' | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' | ' |
Money market funds | 2,535 | 2,310 |
Fair Value, Measurements, Recurring [Member] | Certificates of Deposit [Member] | ' | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' | ' |
Available for sale | 6,141 | 4,555 |
Fair Value, Measurements, Recurring [Member] | Commercial Paper [Member] | ' | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' | ' |
Available for sale | 6,746 | 2,198 |
Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | ' | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' | ' |
Available for sale | 15,253 | 16,076 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' | ' |
Total | 2,535 | 2,310 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Money market funds [Member] | ' | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' | ' |
Money market funds | 2,535 | 2,310 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit [Member] | ' | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' | ' |
Available for sale | ' | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Commercial Paper [Member] | ' | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' | ' |
Available for sale | ' | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate bonds [Member] | ' | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' | ' |
Available for sale | ' | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' | ' |
Total | 28,140 | 22,829 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Money market funds [Member] | ' | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' | ' |
Money market funds | ' | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member] | ' | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' | ' |
Available for sale | 6,141 | 4,555 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Commercial Paper [Member] | ' | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' | ' |
Available for sale | 6,746 | 2,198 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate bonds [Member] | ' | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' | ' |
Available for sale | 15,253 | 16,076 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' | ' |
Total | ' | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Money market funds [Member] | ' | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' | ' |
Money market funds | ' | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Certificates of Deposit [Member] | ' | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' | ' |
Available for sale | ' | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Commercial Paper [Member] | ' | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' | ' |
Available for sale | ' | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate bonds [Member] | ' | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' | ' |
Available for sale | ' | ' |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Summary of Accumulated Other Comprehensive Loss) (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | 31-May-14 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Balance at August 31, 2013 | ($696) |
Comprehensive income (loss) | 88 |
Balance at May 31, 2014 | -608 |
Foreign Currency Translation [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Balance at August 31, 2013 | -684 |
Comprehensive income (loss) | 91 |
Balance at May 31, 2014 | -593 |
Unrealized Gains (Losses) on Securities [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Balance at August 31, 2013 | -12 |
Comprehensive income (loss) | -3 |
Balance at May 31, 2014 | ($15) |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Schedule of Potentially Dilutive, Common Share Equivalents Excluded from Calculation of Diluted Net Loss Per Common Share) (Details) | 9 Months Ended | |
31-May-14 | 31-May-13 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Potentially dilutive securities excluded from computation of earnings per share | 5,889,440 | 4,755,277 |
Options to purchase common stock [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Potentially dilutive securities excluded from computation of earnings per share | 3,327,395 | 2,673,232 |
Warrants to purchase common stock [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Potentially dilutive securities excluded from computation of earnings per share | 2,562,045 | 2,082,045 |
Marketable_Securities_Schedule
Marketable Securities (Schedule of Available for Sale Securities) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | 31-May-14 | Aug. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | $26,655 | $21,642 |
Gross Unrealized Gain | ' | 2 |
Gross Unrealized Loss | -15 | -14 |
Fair Value | 26,640 | 21,630 |
Certificates of Deposit [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 6,147 | 4,561 |
Gross Unrealized Gain | ' | ' |
Gross Unrealized Loss | -6 | -6 |
Fair Value | 6,141 | 4,555 |
Commercial Paper [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 5,247 | 1,000 |
Gross Unrealized Gain | ' | ' |
Gross Unrealized Loss | -1 | -1 |
Fair Value | 5,246 | 999 |
Corporate Bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 15,261 | 16,081 |
Gross Unrealized Gain | ' | 2 |
Gross Unrealized Loss | -8 | -7 |
Fair Value | $15,253 | $16,076 |
Marketable_Securities_Summary_
Marketable Securities (Summary of Amortized Cost and Fair Value of Marketable Securities, Classified by Stated Maturity) (Details) (USD $) | 31-May-14 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Marketable securities, amortized cost | ' | ' |
Due in 1 year or less | $24,405 | $21,642 |
Due in 1 - 2 years | 2,250 | ' |
Marketable Securities, Debt Maturities, Amortized Cost, Total | 26,655 | 21,642 |
Marketable securities, fair value | ' | ' |
Due in 1 year or less | 24,393 | 21,630 |
Due in 1 - 2 years | 2,247 | ' |
Marketable Securities, Debt Maturities, Fair Value, Total | $26,640 | $21,630 |
Seed_Inventories_Details
Seed Inventories (Details) (USD $) | 31-May-14 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Seed Inventories [Abstract] | ' | ' |
Work in process | ' | $20 |
Seed inventory | ' | ' |
Total inventories | ' | $20 |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | 31-May-14 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property plant and equipment gross | $20,645 | $24,527 |
Less accumulated depreciation | -17,679 | -19,894 |
Property and equipment, net | 2,966 | 4,633 |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property plant and equipment gross | 43 | 43 |
Automobiles and Trucks [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property plant and equipment gross | 924 | 796 |
Buildings [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property plant and equipment gross | 1,217 | 3,180 |
Office, Laboratory, Farm and Warehouse Equipment and Furniture [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property plant and equipment gross | 12,802 | 14,792 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property plant and equipment gross | $5,659 | $5,716 |
Accounts_Payable_and_Accrued_E2
Accounts Payable and Accrued Expenses (Details) (USD $) | 31-May-14 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts Payable and Accrued Expenses [Abstract] | ' | ' |
Accounts payable | $1,080 | $1,289 |
Accrued payroll and related expenses | 2,308 | 1,020 |
Research and development contracts | 319 | 1,098 |
Accrued grower commitments | ' | 38 |
Other | 236 | 380 |
Accounts payable and accrued expenses | $3,943 | $3,825 |
LongTerm_Debt_Summary_of_LongT
Long-Term Debt (Summary of Long-Term Debt) (Details) (USD $) | 31-May-14 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Line Items] | ' | ' |
Long-term Debt | $123 | $236 |
Less current portion | -92 | -154 |
Long-term debt, net of current portion | 31 | 82 |
Capital Leases [Member] | ' | ' |
Debt Disclosure [Line Items] | ' | ' |
Long-term Debt | $123 | $236 |
LongTerm_Debt_Summary_of_Aggre
Long-Term Debt (Summary of Aggregated Maturities of Debt) (Details) (USD $) | 31-May-14 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Long-Term Debt [Abstract] | ' | ' |
Remaining three months of fiscal year 2014 | $25 | ' |
2015 | 67 | ' |
2016 | 31 | ' |
Long-term Debt | $123 | $236 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2012 | 31-May-14 | 31-May-14 | 31-May-14 | Aug. 31, 2013 | |
Restricted Stock [Member] | Stock Option [Member] | Ceres, Inc. 2011 Equity Incentive Plan [Member] | Ceres, Inc. 2011 Equity Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Modification of options to purchase shares of common stock | 403,333 | ' | ' | ' | ' |
Modification charge | $157,000 | ' | ' | ' | ' |
Common stock granted during period | ' | ' | ' | 18,300 | 60,000 |
Weighted average grant date fair value of common stock | ' | ' | ' | $0.91 | $3.33 |
Unrecognized stock compensation expense | ' | 309,000 | 3,578,000 | ' | ' |
Unrecognized stock-based compensation expense, weighted average period of recognition | ' | '1 year 2 months 23 days | '2 years 4 months 17 days | ' | ' |
Stock grant expense | ' | ' | ' | $16,700 | $200,000 |
StockBased_Compensation_StockB
Stock-Based Compensation (Stock-Based Compensation Expense Included in Operating Expenses and Total Intrinsic Value of Options Exercised) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | $936 | $777 | $2,800 | $2,461 |
Intrinsic value of stock options exercised | ' | ' | ' | 79 |
Stock-based compensation costs for stock options [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | 949 | 875 | 2,804 | 2,737 |
Fair value changes of collaboration warrants [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | ($13) | ($98) | ($4) | ($276) |
StockBased_Compensation_Summar
Stock-Based Compensation (Summary of Stock Option Transactions under Option Plans) (Details) (USD $) | 9 Months Ended |
31-May-14 | |
Shares | ' |
Options outstanding at August 31, 2013 | 2,791,556 |
Options granted | 778,037 |
Options forfeited | -242,198 |
Options outstanding at May 31, 2014 | 3,327,395 |
Weighted Average Exercise Price | ' |
Options outstanding at August 31, 2013 | $7.49 |
Options granted | $1.27 |
Options forfeited | $8.96 |
Options outstanding at May 31, 2014 | $5.93 |
StockBased_Compensation_Summar1
Stock-Based Compensation (Summary of Restricted Stock Transactions under Option Plans) (Details) (Restricted Stock [Member], USD $) | 9 Months Ended |
31-May-14 | |
Restricted Stock [Member] | ' |
Shares | ' |
Restricted stock outstanding and unvested at August 31, 2013 | 290,700 |
Restricted stock granted | 328,260 |
Restricted stock vested | -118,029 |
Restricted stock forfeited | -23,167 |
Restricted stock outstanding and unvested at May 31, 2014 | 477,797 |
Weighted Average Exercise Price | ' |
Restricted stock outstanding and unvested at August 31, 2013 | $5.55 |
Restricted stock granted | $1.31 |
Restricted stock vested | $3.91 |
Restricted stock forfeited | $4.82 |
Restricted stock outstanding and unvested at May 31, 2014 | $3.38 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | |||||||||||
31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 | Mar. 07, 2014 | Aug. 31, 2013 | Jun. 30, 2011 | 31-May-06 | 31-May-14 | Jun. 30, 2011 | 31-May-06 | Jun. 30, 2011 | 31-May-06 | 31-May-06 | 31-May-06 | Aug. 31, 2007 | 31-May-14 | Dec. 31, 2011 | 31-May-14 | Mar. 10, 2014 | 31-May-14 | |
Noble Agreement Warrants [Member] | Noble Agreement Warrants [Member] | Noble Agreement Warrants [Member] | Noble Agreement Warrants [Member] | Noble Agreement Warrants [Member] | Noble Agreement Warrants [Member] | Noble Agreement Warrants [Member] | Noble Agreement Warrants [Member] | Noble Agreement Warrants [Member] | Texas A and M University System Agreement Warrants [Member] | Texas A and M University System Agreement Warrants [Member] | Texas A and M University System Agreement Warrants [Member] | Texas A and M University System Agreement Warrants [Member] | 2014 Public Offering Warrants [Member] | 2014 Public Offering Warrants [Member] | |||||||
Period 1 [Member] | Period 1 [Member] | Period 2 [Member] | Period 2 [Member] | Period 3 [Member] | Period 4 [Member] | Sponsored Research and Intellectual Property Rights Agreement [Member] | Sponsored Research and Intellectual Property Rights Agreement [Member] | Ip Rights Agreement [Member] | Ip Rights Agreement [Member] | ||||||||||||
Stockholders Equity Note Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, shares authorized | 240,000,000 | ' | 240,000,000 | ' | 240,000,000 | 490,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares authorized | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant issued to purchase stock | ' | ' | ' | ' | ' | ' | ' | 133,333 | ' | ' | ' | ' | ' | ' | ' | 66,666 | ' | 66,666 | ' | 480,000 | ' |
Exercise price of warrants issued | ' | ' | ' | ' | ' | ' | ' | $30 | ' | ' | ' | ' | ' | ' | ' | $30 | ' | $14.30 | ' | $1.50 | ' |
Estimated fair value of warrants | ' | ' | ' | ' | ' | ' | ' | ' | $100 | ' | ' | ' | ' | ' | ' | ' | $200 | ' | $26,400 | ' | $305,000 |
Estimated fair value of warrants, risk free rate | ' | ' | ' | ' | ' | ' | ' | ' | 0.79% | ' | ' | ' | ' | ' | ' | ' | 0.79% | ' | 2.48% | ' | 1.64% |
Estimated fair value of warrants, volatility rate | ' | ' | ' | ' | ' | ' | ' | ' | 74.00% | ' | ' | ' | ' | ' | ' | ' | 74.00% | ' | 86.90% | ' | 84.20% |
Estimated fair value of warrants, expected term | ' | ' | ' | ' | ' | ' | ' | ' | '2 years 11 months 19 days | ' | ' | ' | ' | ' | ' | ' | '3 years 2 months 27 days | ' | '12 years 3 months 26 days | ' | '5 years |
Estimated fair value of warrants, dividend yield rate | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | 0.00% | ' | 0.00% |
Warrant issued, number of shares vesting in equal installments | ' | ' | ' | ' | ' | ' | 33,333 | 33,333 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of warrant or right number of shares vesting in equal installments, date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19-May-13 | 19-May-09 | 19-May-15 | 19-May-11 | 19-May-13 | 19-May-15 | ' | ' | ' | ' | ' | ' |
Warrant issued, earliest exercisable period | ' | ' | ' | ' | ' | ' | '5 years | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in value of warrants recognized as research and development expense | $3,595,000 | $4,074,000 | $11,579,000 | $12,784,000 | ' | ' | ' | ' | $624,400 | ' | ' | ' | ' | ' | ' | ' | $200 | ' | $8,300 | ' | ' |
Warrant issued, vested | ' | ' | ' | ' | ' | ' | ' | ' | 99,999 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant issued, date from which warrants are exercisable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4-Mar-15 | ' |
Warrant issued, expiration date | ' | ' | ' | ' | ' | ' | 18-May-17 | ' | ' | ' | ' | ' | ' | ' | ' | 28-Aug-17 | ' | 24-Sep-26 | ' | 4-Mar-19 | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 |
Commitments and Contingencies [Abstract] | ' | ' | ' | ' |
Operating lease expiration period | ' | ' | '2023 | ' |
Reimbursement for leasehold improvement | ' | ' | $270 | ' |
Rental expense | $111 | $84 | $283 | $373 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Summary of Future Minimum Payments under Noncancelable Operating Leases) (Details) (USD $) | 31-May-14 |
In Thousands, unless otherwise specified | |
Operating leases | ' |
Remaining three months of fiscal year 2014 | $157 |
2015 | 547 |
2016 | 550 |
2017 | 559 |
2018 | 575 |
Thereafter | 688 |
Total minimum lease payments | $3,076 |
Research_Collaboration_Agreeme2
Research Collaboration Agreements (Narrative) (Details) (USD $) | 31-May-06 | 31-May-06 | 31-May-06 | 31-May-06 | Sep. 24, 2011 | Aug. 31, 2007 | Aug. 31, 2007 | Sep. 24, 2011 | Dec. 31, 2011 |
Noble Agreement Warrants [Member] | Noble Research Program Agreement [Member] | Noble Research Program Agreement [Member] | Noble Research Program Agreement [Member] | Sponsored Research and Intellectual Property Rights Agreement [Member] | Sponsored Research and Intellectual Property Rights Agreement [Member] | Sponsored Research and Intellectual Property Rights Agreement [Member] | Ip Rights Agreement [Member] | Ip Rights Agreement [Member] | |
Collaboration Agreement July Thirty One Twenty Thirteen [Member] | Collaboration Agreement July Thirty One Twenty Fourteen [Member] | Texas A and M University System Agreement Warrants [Member] | Texas A and M University System Agreement Warrants [Member] | ||||||
Collaboration Agreements [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Funding of research expenses | ' | $3,800,000 | $82,700 | $85,300 | ' | $5,100,000 | ' | ' | ' |
Warrant issued to purchase stock | 133,333 | ' | ' | ' | ' | ' | 66,666 | ' | 66,666 |
Exercise price of warrants issued | $30 | ' | ' | ' | ' | ' | $30 | ' | $14.30 |
Collaboration agreement date | ' | 31-Jul-12 | 31-Jul-13 | 31-Jul-14 | ' | ' | ' | ' | ' |
Agreement expiry date | ' | ' | ' | ' | 23-Sep-26 | ' | ' | 23-Sep-26 | ' |
Research_Collaboration_Agreeme3
Research Collaboration Agreements (Summary of Future Minimum Payments under Company's Research Collaboration) (Details) (Research Collaboration Agreements [Member], USD $) | 31-May-14 |
In Thousands, unless otherwise specified | |
Research Collaboration Agreements [Member] | ' |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' |
Remaining three months of fiscal year 2014 | $316 |
2015 | 798 |
2016 | 694 |
2017 | 125 |
Contractual Obligation, Total | $1,933 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 0 Months Ended |
In Thousands, unless otherwise specified | Jun. 02, 2014 |
Subsequent Events [Abstract] | ' |
Proceeds from sale of facility and certain related equipment and machinery | $688 |