Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 05, 2018 | Jun. 30, 2017 | |
Document Information [Line Items] | |||
Entity Registrant Name | Progenics Pharmaceuticals Inc | ||
Entity Central Index Key | 835,887 | ||
Trading Symbol | pgnx | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 72,661,983 | ||
Entity Public Float | $ 204,694,687 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and cash equivalents | $ 90,642 | $ 138,909 |
Accounts receivable, net | 3,972 | 4,864 |
Other current assets | 2,256 | 4,328 |
Total current assets | 96,870 | 148,101 |
Property and equipment, net | 4,122 | 4,760 |
Intangible assets, net | 30,369 | 30,581 |
Goodwill | 13,074 | 13,074 |
Other assets | 1,522 | 2,470 |
Total assets | 145,957 | 198,986 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable | 3,359 | 567 |
Accrued expenses | 9,555 | 15,790 |
Current portion of debt, net | 2,445 | |
Total current liabilities | 15,359 | 16,357 |
Long-term debt, net | 47,242 | 49,453 |
Contingent consideration liability | 16,800 | 14,200 |
Deferred tax liability | 1,575 | 13,010 |
Other liabilities | 1,528 | 1,204 |
Total liabilities | 82,504 | 94,224 |
Commitments and Contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value Authorized - 20,000 shares; issued and outstanding - none | 0 | 0 |
Common stock, $0.0013 par value Authorized - 160,000 shares; issued - 71,645 shares in 2017 and 70,390 shares in 2016 | 93 | 92 |
Additional paid-in capital | 609,829 | 598,069 |
Treasury stock at cost, 200 shares of common stock | (2,741) | (2,741) |
Subscription receivable | (2,109) | |
Accumulated other comprehensive loss | (33) | (85) |
Accumulated deficit | (541,586) | (490,573) |
Total stockholders’ equity | 63,453 | 104,762 |
Total liabilities and stockholders’ equity | $ 145,957 | $ 198,986 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 20,000 | 20,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par vaule (in dollars per share) | $ 0.0013 | $ 0.0013 |
Common stock, shares authorized (in shares) | 160,000 | 160,000 |
Common stock, shares issued (in shares) | 71,645 | 70,390 |
Treasury stock at cost, shares (in shares) | 200 | 200 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue: | |||
Royalty income | $ 10,965 | $ 10,295 | $ 6,608 |
License revenue | 690 | 59,081 | 1,955 |
Other revenue | 43 | 53 | 113 |
Total revenue | 11,698 | 69,429 | 8,676 |
Operating expenses: | |||
Research and development | 42,589 | 37,569 | 28,196 |
General and administrative | 24,909 | 23,356 | 18,184 |
Change in contingent consideration liability | 2,600 | (4,600) | 1,600 |
Total operating expenses | 70,098 | 56,325 | 47,980 |
Operating (loss) income | (58,400) | 13,104 | (39,304) |
Other (expense) income: | |||
Interest (expense) income, net | (4,285) | (527) | 52 |
Total other (expense) income | (4,285) | (527) | 52 |
(Loss) income before income tax (expense) benefit | (62,685) | 12,577 | (39,252) |
Income tax benefit (expense) | 11,672 | (1,844) | 133 |
Net (loss) income | (51,013) | 10,733 | (39,119) |
Net loss attributable to noncontrolling interests | (73) | (7) | |
Net (loss) income attributable to Progenics | $ (51,013) | $ 10,806 | $ (39,112) |
Net (loss) income per share attributable to Progenics - basic (in dollars per share) | $ (0.73) | $ 0.15 | $ (0.56) |
Weighted-average shares - basic (in shares) | 70,284 | 70,003 | 69,716 |
Net (loss) income per share attributable to Progenics - diluted (in dollars per share) | $ (0.73) | $ 0.15 | $ (0.56) |
Weighted-average shares - diluted (in shares) | 70,284 | 70,155 | 69,716 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net (loss) income | $ (51,013) | $ 10,733 | $ (39,119) |
Other comprehensive loss: | |||
Foreign currency translation adjustments | 52 | (62) | (26) |
Comprehensive (loss) income | (50,961) | 10,671 | (39,145) |
Comprehensive loss attributable to noncontrolling interests | (73) | (7) | |
Comprehensive (loss) income attributable to Progenics | $ (50,961) | $ 10,744 | $ (39,138) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Common Stock Subscribed [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Receivables from Stockholder [Member] | Treasury Stock [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2014 | 69,833 | (200) | |||||||
Balance at Dec. 31, 2014 | $ 91 | $ 589,826 | $ (462,267) | $ (2,741) | $ 124,909 | ||||
Net (loss) income | (39,112) | $ (7) | (39,119) | ||||||
Acquisition of Subsidiary | 504 | 504 | |||||||
Purchase of noncontrolling interests | (292) | (292) | |||||||
Other comprehensive loss | $ (26) | (26) | |||||||
Stock-based compensation expense | 2,948 | 2,948 | |||||||
Exercise of stock options (in shares) | 313 | ||||||||
Exercise of stock options | 1,737 | 1,737 | |||||||
Foreign currency translation adjustments | (26) | ||||||||
Balance (in shares) at Dec. 31, 2015 | 70,146 | (200) | |||||||
Balance at Dec. 31, 2015 | $ 91 | 594,511 | (501,379) | (26) | $ (2,741) | 205 | 90,661 | ||
Net (loss) income | 10,806 | (73) | 10,733 | ||||||
Purchase of noncontrolling interests | (239) | (129) | (368) | ||||||
Stock-based compensation expense | 2,457 | 2,457 | |||||||
Exercise of stock options (in shares) | 244 | ||||||||
Exercise of stock options | $ 1 | 1,340 | 1,341 | ||||||
Foreign currency translation adjustments | (59) | (3) | (62) | ||||||
Balance (in shares) at Dec. 31, 2016 | 70,390 | (200) | |||||||
Balance at Dec. 31, 2016 | $ 92 | 598,069 | (490,573) | (85) | $ (2,741) | 104,762 | |||
Net (loss) income | (51,013) | (51,013) | |||||||
Stock-based compensation expense | 4,142 | $ 4,142 | |||||||
Exercise of stock options (in shares) | 80 | 80 | |||||||
Exercise of stock options | 469 | $ 469 | |||||||
Foreign currency translation adjustments | 52 | 52 | |||||||
Return of purchase premium for noncontrolling interests | 15 | 15 | |||||||
Issuance of common stock in connection with at-the-market offering, net of commissions and issuance costs (in shares) | 855 | ||||||||
Issuance of common stock in connection with at-the-market offering, net of commissions and issuance costs | $ 1 | 5,025 | 5,026 | ||||||
Subscription of common stock in connection with at-the-market offering, net of commissions (in shares) | 320 | ||||||||
Subscription of common stock in connection with at-the-market offering, net of commissions | 2,109 | $ (2,109) | |||||||
Balance (in shares) at Dec. 31, 2017 | 71,645 | (200) | |||||||
Balance at Dec. 31, 2017 | $ 93 | $ 609,829 | $ (541,586) | $ (33) | $ (2,109) | $ (2,741) | $ 63,453 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net (loss) income | $ (51,013) | $ 10,733 | $ (39,119) |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | |||
Stock-based compensation expense | 4,142 | 2,457 | 2,948 |
Depreciation and amortization | 1,121 | 2,078 | 565 |
Gain on sale of fixed assets | 10 | (296) | (2) |
Paid in-kind interest | (13) | 765 | |
Non-cash interest expense | 247 | 38 | |
Deferred income tax | (11,435) | 1,811 | (133) |
Change in fair value of contingent consideration liability | 2,600 | (4,600) | 1,600 |
Changes in assets and liabilities: | |||
Accounts receivable | 892 | (1,322) | (3,415) |
Other current assets | 2,046 | 1,314 | (3,058) |
Other assets | 947 | (778) | (1,535) |
Accounts payable | 2,779 | 243 | (202) |
Accrued expenses | (6,274) | 6,581 | 2,354 |
Deferred tax and other current liabilities | (158) | (60) | |
Other liabilities | 323 | 343 | (80) |
Net cash (used in) provided by operating activities | (53,628) | 19,209 | (40,137) |
Cash flows from investing activities: | |||
Acquisition of subsidiary, net of cash acquired | (6,202) | ||
Purchases of property and equipment | (269) | (4,286) | (370) |
Proceeds from sale of fixed assets | 37 | 347 | 48 |
Net cash used in investing activities | (232) | (3,939) | (6,524) |
Cash flows from financing activities: | |||
Net proceeds from issuance of long-term debt | 48,650 | ||
Net proceeds from issuance of common stock in connection with at-the-market offering | 5,026 | ||
Proceeds from exercise of stock options | 469 | 1,340 | 1,737 |
Return of estimated interest payment for noncontrolling interest | 15 | (368) | (292) |
Net cash provided by financing activities | 5,510 | 49,622 | 1,445 |
Effect of currency rate changes on cash and cash equivalents | 83 | (86) | 17 |
Net (decrease) increase in cash and cash equivalents | (48,267) | 64,806 | (45,199) |
Cash and cash equivalents at beginning of period | 138,909 | 74,103 | 119,302 |
Cash and cash equivalents at end of period | 90,642 | 138,909 | 74,103 |
Noncash financing activity | |||
Subscription receivable | $ 2,109 |
Note 1 - Organization and Busin
Note 1 - Organization and Business | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Business Progenics Pharmaceuticals, Inc. and its subsidiaries (“the Company,” “Progenics,” “we” or “us”) develop innovative medicines and other technologies to target and treat cancer. Our pipeline includes: 1 ® 1095, 2 1404 TM 3 W e licensed our first ® July 2016, On October 31, 2017, NDA for AZEDRA. The FDA has accepted our NDA for review, granted our request for Priority Review, and set an action date of April 30, 2018 no no We have in the past considered opportunities for strategic collaborations, out-licenses, and other arrangements with biopharmaceutical companies involving proprietary research, development and clinical programs, and we continue to do so. We may Our current principal sources of revenue from operations are royalty, development and commercial milestones, and sublicense revenue-sharing payments from Valeant and Bayer AG (“Bayer”). Royalty and further milestone payments from Valeant or Bayer depend on success in development and commercialization, which is dependent on many factors, such as Valeant or Bayer’s respective efforts, decisions by the FDA and other regulatory bodies, competition from drugs for the same or similar indications, and the outcome of clinical and other testing of the licensed products. We commenced principal operations in 1988, 1997, , and related business activities. Certain of our intellectual property rights are held by wholly-owned subsidiaries. All of our U.S. operations are presently conducted at our headquarters in New York, and the operations of our wholly-owned foreign subsidiary, EXINI Diagnostics A.B. (“EXINI”), are conducted at our facility in Lund, Sweden. We operate under a single research and development operating segment. Liquidity At December 31, 201 7, $90.6 $48.3 $138.9 December 31, 2016. one 10 may During the fourth 2017, $5.0 Note 10 . Stockholders’ Equity 2016, $48.7 Note 9. may |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Business Description and Accounting Policies [Text Block] | 2. Basis of Presentation The consolidated financial statements have been prepared on the basis of accounting principles generally accepted in the U.S. (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. On an ongoing basis, we evaluate our estimates, including but not Principles of Consolidation The condensed consolidated financial statements include the accounts of Progenics as well as its wholly-owned subsidiaries. All material intercompany transactions and balances have been eliminated in consolidation. In December 2015, December 8, 2016, of EXINI and, as of that date, EXINI became a wholly-owned subsidiary with 100% December 2016, $368 $15 2017. Foreign Currency Translation O ur international subsidiaries generally consider their respective local currency to be their functional currency. Assets and liabilities of these international subsidiaries are translated into U.S. dollars at quarter-end exchange rates and revenues and expenses are translated at average exchange rates during the quarter and year-to-date period. Foreign currency translation adjustments for the reported periods are included in accumulated other comprehensive loss (“AOCL”) in our condensed consolidated statements of comprehensive loss, and the cumulative effect is included in the stockholders’ equity section of our condensed consolidated balance sheets. Realized gains and losses denominated in foreign currencies are recorded in operating expenses in our condensed consolidated statements of operations and were not December 31, 2017, 2016, 2015. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results may Revenue Recognition We recognize revenue from all sources based on the provisions of the U.S. Securities and Exchange Commission (“SEC”) Staff Accounting Bulletin (“SAB”) No. 104 104” 605 605, Revenue Recognition 605, 605 If we are involved in a steering or other committee as part of a multiple-deliverable arrangement, we assess whether our involvement constitutes a performance obligation or a right to participate. For those committees that are deemed obligations, we will evaluate our participation along with other obligations in the arrangement and will attribute revenue to our participation through the period of our committee responsibilities. We recognize revenue for payments that are contingent upon performance solely by our collaborator immediately upon the achievement of the defined event if we have no 605 Amounts received prior to satisfying the above revenue recognition criteria are recorded as deferred revenue. Amounts not one Royalty revenue is recognized in the period the sales occur, provided the royalty amounts are fixed or determinable, collection of the related receivable is reasonably assured and we have no During the past three D uring 2016, $50.7 $50.0 $0.7 2016, $7.0 $4.0 $3.0 During 2015 , we recognized $1.5 first 2B/3 140. Research and Development Expenses Research and development expenses include costs directly attributable to the conduct of research and development programs, including the cost of salaries ; payroll taxes; employee benefits; materials; supplies; maintenance of research equipment; costs related to research collaboration and licensing agreements; the purchase of in-process research and development; the cost of services provided by outside contractors, including services related to our clinical trials; and the full cost of manufacturing drug for use in research, pre-clinical development, and clinical trials. All costs associated with research and development are expensed as incurred. At each period end , we evaluate the accrued expense balance related to these activities based upon information received from the suppliers and estimated progress towards completion of the research or development objectives to ensure that the balance is reasonably stated. Such estimates are subject to change as additional information becomes available. Patents As a result of research and development efforts conducted by us, we have applied, or are applying, for a number of patents to protect proprietary inventions. All costs associated with patents are expensed as incurred. Net (Loss) Income Per Share We prepare earnings per share (“EPS”) data in accordance with ASC 260 260, Earnings Per Share 2017 2015, 2016, not Comprehensive (Loss) Income Comprehensive (loss) income represents the change in net assets of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. Our comprehensive (loss) income includes net (loss) income adjusted for the changes in foreign currency translation adjustment. The disclosures required by ASC 220 220, Comprehensive Income 2017, 2016, 2015 no Note 10. Concentrations of Credit Risk Financial instruments which potentially subject us to concentrations of risk consist principally of cash, cash equivalents, and receivables. We invest our excess cash in money market funds, which are classified as cash and cash equivalents. We have established guidelines that relate to credit quality, diversification and maturity and that limit exposure to any one no Cash and Cash Equivalents We consider all highly liquid investments which have maturities of three December 31, 2017 2016, $87.2 $137.3 two $3.4 $1.6 two Accounts Receivable We estimate the level of accounts receivable which ultimately will be uncollectable based on a review of specific receivable balances, industry experience and the current economic environment. We reserve for affected accounts receivable an allowance for doubtful accounts. At December 31, 2017, no In-Process Research and Development , Othe r Identified Intangible Assets and Goodwill The fair values of in-process research and development ( “IPR&D”) and other identified intangible assets acquired in business combinations are capitalized. The Company utilizes the “income method”, which applies a probability weighting that considers the risk of development and commercialization to the estimated future net cash flows that are derived from projected sales revenues and estimated costs or “replacement costs”, whichever is greater. These projections are based on factors such as relevant market size, patent protection, historical pricing of similar products and expected industry trends. The estimated future net cash flows are then discounted to the present value using an appropriate discount rate. This analysis is performed for each IPR&D project and other identified intangible assets independently. IPR&D assets are treated as indefinite-lived intangible assets until completion or abandonment of the projects, at which time the assets are amortized over the remaining useful life or written off, as appropriate. Other identified intangible assets are amortized over the relevant estimated useful life. The IPR&D assets are tested at least annually or when a triggering event occurs that could indicate a potential impairment and any impairment loss is recognized in our consolidated statements of operations. Goodwill represents excess consideration in a business combination over the fair value of identifiable net assets acquired. Goodwill is not may fair value of the reporting unit (the Company has determined that it has only one No December 31, 2017 2016. Fair Value Measurements In accordance with ASC 820 820, Fair Value Measurements and Disclosures three 820 three ● Level 1 . ● Level 2 1 not . ● Level 3 To estimate the fair values of our financial assets and liabilities, we use valuation approaches within a hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of us. Unobservable inputs are inputs that reflect our assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The fair value hierarchy is divided into three The availability of observable inputs can vary among the various types of financial assets and liabilities. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used for measuring fair value may Recurring Fair Value Measurements We believe the carrying amounts of our cash equivalents, accounts receivable, other current assets, other assets, accounts payable, and accrued expenses approximated their fair values as of December 31, 2017 2016. The fair value of the contingent consideration liability represents future potential milestone payments related to the Molecular Insight acquisition. The fair value of the contingent consideration liability is categorized as a Level 3 4. Nonrecurring Fair Value Measurements Our non-financial assets, such as intangible assets and property and equipment, are measured and recorded at fair value on the acquisition date, and if indicators of impairment exist, we assess recoverability by measuring the amount of any impairment by comparing the carrying value of the asset to its then-current estimated fair value (for intangible assets) or to market prices for similar assets (for property and equipment). If the carrying value is not No December 31, 2017. O ther current assets are comprised of prepaid expenses, interest, other receivables, and, in the 2016 one 2016 1 Fixed Assets Leasehold improvements, furniture and fixtures, and equipment are stated at cost. Furniture, fixtures and equipment are depreciated on a straight-line basis over their estimated useful lives. Leasehold improvements are amortized on a straight-line basis over the life of the lease or of the improvement, whichever is shorter. Costs of construction of long-lived assets are capitalized but are not Expenditures for maintenance and repairs which do not Computer equipment (in years) 3 Machinery and equipment (in years) 5 - 7 Furniture and fixtures (in years) 5 Leasehold improvements (in years) Earlier of life of improvement or lease Deferred L ease L iability and Incentive Our lease agreements include fixed escalations of minimum annual lease paymen ts and we recognize rental expense on a straight-line basis over the lease terms and record the difference between rent expense and current rental payments as deferred lease liability. Deferred lease incentive includes a construction allowance from our landlord which is amortized as a reduction to rental expense on a straight-line basis over the lease term. As of December 31, 2017, 2016, 2017 2016 Other current liabilities: Deferred lease incentive $ 26 $ 26 Other liabilities: Deferred lease liability $ 1,225 $ 876 Deferred lease incentive $ 303 $ 328 Income Taxes We account for income taxes in accordance with the provisions of ASC 740 (Topic 740, Income Taxes In accordance with ASC 718 (Topic 718, Compensation – Stock Compensation 505 505, Equity No. 2016 09, Compensation – Stock Compensation (Topic 718 2016 09” January 1, 2017, Uncertain tax positions are accounted for in accordance with ASC 740, to take on a tax return. ASC 740 not 740 may may 50% 740. 50% 740 twelve Note 13. Risks and Uncertainties To date, w e have relied principally on external funding, license agreements with Valeant, Bayer and others, out-licensing and asset sale arrangements, and royalty and product revenue to finance our operations. There can be no third 2017, 2016, 2015, no December 31, 2017 2016 Legal Proceedings From time to time, we may egardless of the merits, is inherently uncertain. The assessment of whether a loss is probable or reasonably possible, and whether the loss or a range of loss is estimable, often involves a series of complex judgments about future events. We record accruals for contingencies to the extent that the occurrence of the contingency is probable and the amount of liability is reasonably estimable. If the reasonable estimate of liability is within a range of amounts and some amount within the range appears to be a better estimate than any other, then we record that amount as an accrual. If no not Impact of Recently Issued and Adopted Accounting Standards Recently Adopted In March 2016, Financial Accounting Standards Board (the “FASB”) issued ASU 2016 09, Compensation – Stock Compensation (Topic 718 January 1, 2017. December 31, 2017, not Not In January 2017, No. 2017 01 2017 01” Business Combinations (Topic 805 2017 01 December 15, 2017, not In January 2017, No. 2017 04 2017 04” Intangibles - Goodwill and Other (Topic 350 2 2 2017 04 December 15, 2019. January 1, 2017. not In November 2016, No. 2016 18 2016 18” Statement of Cash Flows (Topic 230 2016 18 2016 18 December 15, 2017, not In August 2016, No. 2016 15 2016 15” Statement of Cash Flows (Topic 230 eight 8 1 2 zero 3 4 5 6 7 8 2016 15 2016 15 December 15, 2017 not In February 2016, No. 2016 02, Leases (Topic 842 2016 02” . 2016 02 2016 02 December 15, 2018, In January 2016, No. 2016 01, Recognition and Measurement of Financial Assets and Financial Liabilities 2016 01” 2016 01 2016 01 December 15, 2017. not not In May 2014, No. 2014 09, Revenue from Contracts with Customers (Topic 606 2014 09” 1 2 3 4 5 2014 09 December 15, 2017. 2016, We identified four 1 2 3 4 January 1, 2018 $0.1 not |
Note 3 - Goodwill and Acquired
Note 3 - Goodwill and Acquired Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 3. I ntangible assets and goodwill were initially measured at the acquisition date at estimated fair value and capitalized for the acquisitions of our wholly-owned subsidiaries EXINI and Molecular Insight. The following table summarizes the activity related to goodwill and intangible assets: Other Intangible Goodwill IPR&D Assets Balance at January 1, 2016 $ 13,074 $ 28,700 $ 2,093 Amortization expense - - (212 ) Balance at December 31, 2016 13,074 28,700 1,881 Amortization expense - - (212 ) Balance at December 31, 2017 $ 13,074 $ 28,700 $ 1,669 The following table reflects the components of the finite-lived intangible assets as of December 31, 201 7: Gross Amount Accumulated Amortization Net Carrying Value Finite lived intangible assets $ 2,120 $ 451 $ 1,669 Total $ 2,120 $ 451 $ 1,669 The weighted-average remaining life of the finite-lived intangible assets was approximately eight December 31, 2017. Amortization expense was calculated on a straight-line basis over the estimated useful life of the asset and was $212 December 31, 2017 2016. no $212 five 2018 2022 . |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 4 . Fair Value Measurements We record the contingent consideration liability resulting from our acquisition of Molecular Insight at fair value in accordance with ASC 820 820, Fair Value Measurement The following tables summarize each major class of our financial assets and liabilities measured at fair value on a recurring basis as of the dates indicated, classified by valuation hierarchy (in thousands): Fair Value Measurements at December 31, 2017 Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Balance at Identical Assets Inputs Inputs December 31, 2017 (Level 1) (Level 2) (Level 3) Assets: Money market funds $ 87,231 $ 87,231 $ - $ - Total assets $ 87,231 $ 87,231 $ - $ - Liabilities: Contingent consideration liability $ 16,800 $ - $ - $ 16,800 Total liabilities $ 16,800 $ - $ - $ 16,800 Fair Value Measurements at December 31, 2016 Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Balance at Identical Assets Inputs Inputs December 31, 2016 (Level 1) (Level 2) (Level 3) Assets: Money market funds $ 137,340 $ 137,340 $ - $ - Total assets $ 137,340 $ 137,340 $ - $ - Liabilities: Contingent consideration liability $ 14,200 $ - $ - $ 14,200 Total liabilities $ 14,200 $ - $ - $ 14,200 The contingent consideration liability of $16.8 14.2 December 31, 2017 2016, Milestone payments due upon first Program Consideration Form of Payment at Progenics' Option AZEDRA $ 8,000 Cash or Progenics common stock 1404 10,000 Cash or Progenics common stock 1095 5,000 Cash or Progenics common stock $ 23,000 Net sales milestone payments due upon first Calendar Year Net Sales Level (in millions) Consideration Form of Payment at Progenics' Option $ 30 $ 5,000 Cash or Progenics common stock $ 60 5,000 Cash or Progenics common stock $ 100 10,000 Cash or Progenics common stock $ 250 20,000 Cash or Progenics common stock $ 500 30,000 Cash or Progenics common stock $ 70,000 We consider this liability a Level 3 one The estimated fair value was determined based on probability adjusted discounted cash flow and Monte Carlo simulation models that included significant estimates and assumptions pertaining to commercialization events and sales targets. The most significant unobservable inputs were the probabilities of achieving regulatory approval of the development projects and subsequent commercial success, and discount rates. Significant changes in any of the probabilities of success would result in a significantly higher or lower fair value measurement, respectively. Significant changes in the probabilities as to the periods in which milestones will be achieved would result in a significantly lower or higher fair value measurement, respectively. We record the contingent consideration liability at fair value with changes in estimated fair values recorded in change in contingent consideration liability in our condensed consolidated statements of operations. The following table s summarizes quantitative information and assumptions pertaining to the fair value measurement of the Level 3 December 31, 2017 2016 2017 $2.6 Fair Value at December 31, Range 2017 Valuation Technique Unobservable Input (Weighted-Average) Contingent Consideration Liability: AZEDRA commercialization $ 5,500 Probability adjusted Probability of success 72% discounted cash flow model Period of expected milestone achievement 2018 Discount rate 10% 1404 commercialization 4,500 Probability adjusted Probability of success 59% discounted cash flow model Period of expected milestone achievement 2020 Discount rate 10% 1095 commercialization 400 Probability adjusted Probability of success 16% discounted cash flow model Period of expected milestone achievement 2025 Discount rate 10% Net sales targets 6,400 Monte-Carlo simulation Probability of success 16% - 72% Discount rate 10% Total $ 16,800 Fair Value at December 31, Range 2016 Valuation Technique Unobservable Input (Weighted-Average) Contingent Consideration Liability: AZEDRA commercialization $ 3,800 Probability adjusted Probability of success 54% discounted cash flow model Period of expected milestone achievement 2018 Discount rate 10% 1404 commercialization 4,700 Probability adjusted Probability of success 59% discounted cash flow model Period of expected milestone achievement 2019 Discount rate 10% 1095 commercialization 400 Probability adjusted Probability of success 16% discounted cash flow model Period of expected milestone achievement 2024 Discount rate 10% Net sales targets 5,300 Monte-Carlo simulation Probability of success 16% - 59% Discount rate 10% Total $ 14,200 For those financial instruments with significant Level 3 Liability - Contingent Consideration Fair Value Measurements Using Significant Unobservable Inputs (Level 3) 2017 2016 Balance at beginning of period $ 14,200 $ 18,800 Fair value change included in net income (loss) 2,600 (4,600 ) Balance at end of period $ 16,800 $ 14,200 Changes in unrealized gains or losses for the period included in earnings (or changes in net assets) for liabilities held at the end of the reporting period $ 2,600 $ (4,600 ) |
Note 5 - Accounts Receivable
Note 5 - Accounts Receivable | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 5 . Accounts Receivable Our a ccounts receivable represent amounts due to us from collaborators, royalties, and sales of research reagents, and consisted of the following at December 31, 2017 2016: 2017 2016 Royalties $ 3,683 $ 2,407 Collaborators 13 2,000 Other 276 457 Accounts receivable, net $ 3,972 $ 4,864 |
Note 6 - Fixed Assets
Note 6 - Fixed Assets | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 6 . Fixed Assets Fixed assets as of December 31, 201 7 2016 2017 2016 Machinery and equipment $ 2,516 $ 1,493 Leasehold improvements 1,734 1,640 Computer equipment 714 695 Furniture and fixtures 874 877 Construction in progress - 893 Property and equipment, gross 5,838 5,598 Less - accumulated depreciation (1,716 ) (838 ) Property and equipment, net $ 4,122 $ 4,760 At December 31, 201 7 2016, $1.6 12.8 13.8 September 30, 2030. $0.9 $1.9 $0.5 2017, 2016, 2015, |
Note 7 - Accrued Expenses
Note 7 - Accrued Expenses | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 7 . Accrued Expenses The carrying value of our accrued expenses approximates fair value as it represents amounts that will be satisfied within one Accrued expenses consisted of the following at December 31, 2017 2016: 2017 2016 Accrued clinical trial costs $ 2,570 $ 4,885 Accrued payroll and related costs 2,400 1,957 Accrued consulting and service fee expenses 1,860 1,026 Accrued legal and professional fees 1,022 1,123 Accrued contract manufacturing costs 666 2,048 Loss contingency for litigation - 4,000 Other 1,037 751 Accrued expenses $ 9,555 $ 15,790 |
Note 8 - Commitments and Contin
Note 8 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 8 . Commitments and Contingencies Operating Leases At December 31, 201 7, September 2030 ( December 2018. Rental payments are recognized as rent expense on a straight-line basis over the term of the lease. In addition to rents due under these agreements, we are obligated to pay additional facilities charges, including utilities, taxes and operating expenses. As of December 31, 2017, Years ending Minimum Annual December 31, Payments 2018 $ 1,877 2019 1,818 2020 1,852 2021 1,886 2022 2,134 Thereafter 18,549 Total $ 28,116 Rental ex pense totaled approximately $1.9 $1.2 $1.9 2017, 2016, 2015, 2017 2016, $323 $210 2015 $49 2017, 2016, 2015 $0.1 $1.1 $2.5 Licensing , Service , and Supply Agreements We have entered into intellectual property-based license and service agreements in connection with product development programs, and have incurred milestone, license and sublicense fees and supply costs, included in research and development expenses, totaling approximately $343 $324 $388 2017, 2016, 2015, Paid from inception/acquisition to December 31, 2017 Future Commitments (1) Terms Amgen Fremont, Inc. (formerly Abgenix) $ 1,350 $ 5,750 Milestones and royalties to use XenoMouse ® Former member of PSMA LLC $ 428 $ 52,188 Annual minimum royalty payments and milestones to use technology related to PSMA. University of Zurich and the Paul Scherrer Institute $ 500 $ 840 Annual maintenance and license fee payments, milestones and royalties in respect of licensed technology related to 1404. University of Western Ontario $ 78 $ 257 Annual minimum royalty, administration and milestone payments in respect of licensed technology related to AZEDRA. Johns Hopkins University Technology $ 150 $ 2,760 Annual minimum royalty payments and milestones to use technology related to PyL. Selexis Commercial License Agreement $ 59 $ 1,792 Milestones and royalties to use Selexis technology related to PSMA Antibodies. ( 1 Amounts based on known contractual obligations as specified in the respective license agreements, which are dependent on the achievement or occurrence of future milestones or events and exclude amounts for royalties which are dependent on future sales and are unknown. In addition, w e are planning to out-license or terminate non-germane licenses and service agreements, as to which we have paid $4.9 December 31, 2017, $28.5 Consulting Agreements As part of our research and development efforts, we have from time to time entered into consulting agreements with external scientific specialists. These agreements contain various terms and provisions, including fees to be paid by us and royalties, in the event of future sales, and milestone payments, upon achievement of defined events, payable by us. Certain of these scientists are advisors to us, and some have purchased our common stock or received stock options which are subject to vesting provisions. We have recognized expenses with regard to the consulting agreements of $326 $164 $54 2017, 2016, 2015, Legal Proceedings On January 4, 2017, 2010 federal Sarbanes-Oxley law by terminating him. In connection with this settlement, we and the former employee exchanged mutual releases and we paid an aggregate sum of $4.0 On October 7, 2015 (Valeant’s predecessor as licensee of RELISTOR) received notification of a Paragraph IV certification for certain patents for RELISTOR ® On October 28, 2015, d notification of a Paragraph IV certification with respect to the same patents for RELISTOR subcutaneous injection from Actavis LLC as a result of Actavis LLC’s filing of an ANDA with the FDA, also challenging these patents and seeking to obtain approval to market a generic version of RELISTOR subcutaneous injection before some or all of these patents expire. In October 2016 , Progenics, Valeant, and Wyeth LLC received a notification of a Paragraph IV certification with respect to certain patents for RELISTOR Tablets. The certification accompanied the filing by Actavis LLC of an ANDA challenging such patents for RELISTOR Tablets and seeking to obtain approval to market a generic version of RELISTOR tablets before some or all of these patents expire. In accordance with the Drug Price Competition and Patent Term Restoration Act (commonly referred to as the Hatch-Waxman Act), Progenics and Valeant timely commenced litigation against each of these ANDA filers in order to obtain an automatic stay of FDA approval of the ANDA until the earlier of (i) 30 not In addition to the above described ANDA notifications, in October 2015 three e. The oppositions were filed separately by each of Actavis Group PTC ehf. and Fresenius Kabi Deutschland GmbH. Each of the above-described proceedings is in its early stages and Progenics and Valeant continue to cooperate closely to vigorously defend an d enforce RELISTOR intellectual property rights. Pursuant to the RELISTOR license agreement between Progenics and Valeant, Valeant has the first We are or may |
Note 9 - Non-recourse Long-term
Note 9 - Non-recourse Long-term Debt, Net | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. No n -Recourse Long-Term Debt, Net On November 4, 2016, $50.0 no 9.5%. Under the terms of the loan agreement, payments of interest and principal, if any, under the loan will be made on the last day of each calendar quarter out of RELISTOR royalty payments received since the immediately preceding payment date. On each payment date prior to March 31, 2018, March 31, 2018, 50 September 30, 2021, June 30, 2025. January 1, 2018, In connection with the Royalty-Backed Loan, the debt issuance costs have been recorded as a debt discount in our consolidated balance sheets and are being amortized and recorded as interest expense throughout the life of the loan using the effective interest method. As of December 31, 201 7, no Future principal , based upon estimated sales projections, under the Royalty-Backed Loan as of December 31, 2017, 2018 $ 2,686 2019 3,738 2020 4,858 2021 8,156 2022 12,069 Thereafter 19,245 Total payments $ 50,752 Interest expense, including amortization of debt discount, related to the Royalty-Backed Loan for the year ended December 31, 201 7 $5.1 |
Note 10 - Stockholders' Equity
Note 10 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 10 . Stockholders’ Equity Common Stock and Preferred Stock We are authorized to issue 160 $.0013, 20 $.001. Shelf Registration During the first 2017, $250 .0 3 January 2017 may $75.0 During the fourth 2017, 854,606 $5.0 $6.06 December 31, 2017, 320,182 $2.1 $6.79 $2.1 as a reduction of stockholders’ equity in our consolidated balance sheet at December 31, 2017. Accumulated Other Comprehensive Loss (“AOCL”) The following table summarizes the components of AOCL at December 31, 2017: Foreign Currency Translation AOCL Balance at January 1, 2017 $ (85 ) $ (85 ) Foreign currency translation adjustment 52 52 Balance at December 31, 2017 $ (33 ) $ (33 ) We did not 2017. |
Note 11 - Stock-based Compensat
Note 11 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 11 . S tock -Based Compensation Equity Incentive Plans W e adopted the following stockholder-approved equity incentive plans: ● The 1996 "1996 5,000,000 options, restricted shares, stock appreciation rights, performance shares, and phantom stock. The 1996 2006. 1996 ● The 2005 "2005 11,450,000 2005 March 25, 2024. The stock option plans provide that options may 100% may ten three five Stock Options The following table summarizes stock options activity for the year ended December 31, 201 7: Weighted Weighted Average Number Average Remaining of Shares Exercise Price Contractual Life Outstanding at January 1, 2017 4,887 $ 7.57 5.81 Granted 1,232 $ 10.34 Exercised (80 ) $ 5.89 Cancelled (159 ) $ 8.96 Expired (345 ) $ 22.42 Outstanding at December 31, 2017 5,535 $ 7.25 6.04 Exercisable at December 31, 2017 3,736 $ 6.71 4.77 Vested and expected to vest at December 31, 2017 5,227 $ 7.15 5.87 The weighted average fair value of options granted during 201 7, 2016, 2015 $6.96, $3.24, $5.02 The total intrinsic value (the excess of the market price over the exercise price) was approximately $ 2.7 $2.0 $2.6 December 31, 2017. 2017, 2016, 2015 $233 $476 $465 Stock-Based Compensa tion Expense We account for stock-based awards issued to employees in accordance with the provisions of ASC 718 718, Compensation – Stock Compensation three five 718 505 50 50 505, Equity 718, We estimated the fair value of the stock options granted on the date of grant using a Black-Scholes valuation model that used the weighted average assumptions noted in the following table. The risk-fr ee interest rate assumption we use is based upon U.S. Treasury interest rates appropriate for the expected life of the awards. The expected life (estimated period of time that we expect employees, directors, and consultants to hold their stock options) was estimated based on historical rates for three zero not not The following table presents assumptions used in computing the fair value of option grants during 2017, 2016, 2015: 2017 2016 2015 Risk-free interest rate 2.17% 1.53% 2.00% Expected life (in years) 6.76 6.77 6.97 Expected volatility 72% 74% 81% Expected dividend yield -- -- -- Stock-based compensation expense for the years ended December 31, 2017, 2016, 2015 2017 2016 2015 Research and development expenses $ 1,371 $ 843 $ 1,099 General and administrative expenses 2,771 1,614 1,849 Total stock-based compensation expense $ 4,142 $ 2,457 $ 2,948 At December 31, 201 7, $5.5 2.3 |
Note 12 - Employee Savings Plan
Note 12 - Employee Savings Plan | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | 1 2 . Employee Savings Plan The terms of the amended and restated Progenics Pharmaceuticals 401 “401 401 50% 1% 10% three December 31, 2017, 401 may $302 $281 $327 401 December 31, 2017, 2016, 2015, No |
Note 13 - Income Taxes
Note 13 - Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 1 3 . Income Taxes We account for income taxes using the liability method in accordance with ASC 740 (Topic 740, Income Taxes On December 22, 2017, , commonly referred to as the Tax Cuts and Jobs Act (“Tax Act”). The Tax Act makes broad and complex changes to the U.S. tax code, including, but not 1 35% 21% 2 one 3 4 5 6 7 8 December 31, 2017. In 201 7, $11.7 $6.6 $4.8 $0.2 2017 18.6%. 2016, $1.8 14.7%. 2016 2015, $133 2015 0.3%. We have completed calculations through June 30, 2016, 382, June 30, 2016, may Our accounting for the following elements of the Tax Act is not not we have recorded provisional amounts pursuant to the guidance within SEC Staff Accounting Bulletin No. 118 118” 2017 2018 . Reduction of U.S. federal corporate tax rate : The Tax Act reduces the corporate tax rate to 21%, January 1, 2018. $3.7 2017. Deemed Repatriation Transition Tax : The Deemed Repatriation Transition Tax (“Transition Tax”) is a tax on previously untaxed accumulated and current earnings and profits (“E&P”) of certain of our foreign subsidiaries. To determine the amount of the Transition Tax, we must determine, in addition to other factors, the amount of post- 1986 The components of the (benefit from) provision for income taxes during each of the three December 31, 2017 2017 2016 2015 Current taxes: United States $ 3 $ 11 $ - Foreign - - - State (16 ) 22 - Total current taxes $ (13 ) $ 33 $ - Deferred taxes: United States $ (8,777 ) $ - $ - Foreign - - - State (2,882 ) 1,811 (133 ) Total deferred taxes $ (11,659 ) $ 1,811 $ (133 ) (Benefit from) provision for income taxes $ (11,672 ) $ 1,844 $ (133 ) Deferred tax assets and liabilities as of December 31, 2017 2016 2017 2016 Deferred tax assets: Depreciation and amortization $ 100 $ 788 Research & Experimental and Orphan Drug tax credit carry-forwards 33,496 27,361 NYS investment tax credit carry-forwards 1,284 933 AMT credit carry-forwards - 221 Net operation loss carry-forwards 177,313 227,171 Capitalized research and development expenditures 3,066 11,915 Stock compensation 5,666 12,343 Other items 1,279 4,513 Total gross deferred tax assets 222,204 285,245 Less valuation allowance (217,382 ) (285,245 ) Deferred tax assets 4,822 - Deferred tax liability (6,397 ) (13,010 ) Net deferred tax liability $ (1,575 ) $ (13,010 ) We maintain a tax valuation allowance on substantially all deferred tax assets considering our history of taxable losses and the uncertainty regarding our ability to generate sufficient taxable income in the future to utilize these deferred tax assets. For 2017 2016, December 31, 2017 2016. 2017 2016, $1.6 $13.0 The following is a reconciliation of the U.S. statutory income tax rate to our effective tax rate for the years ended December 31, 2017, 2016, 2015: 2017 2016 2015 U.S. Federal statutory rate 34.0 % 34.0 % 34.0 % State income taxes, net of Federal benefit 1.5 % 10.8 % 4.8 % Foreign rate differential (0.6% ) 2.6 % (0.1% ) Research and experimental and Orphan Drug tax credit 9.4 % (63.0% ) 1.7 % Effect of federal and state tax rate changes (6.1% ) (43.0% ) (4.8% ) Tax reform impact 13.9 % - - Permanent differences (4.4% ) 0.1 % (1.4% ) Stock option shortfalls (3.1% ) 22.3 % (6.1% ) Change in valuation allowance (26.0% ) 50.9 % (27.8% ) Effective tax rate 18.6 % 14.7 % 0.3 % As of December 31, 201 7, $664.8 2018 2037. $569.0 2030 2037. We have reviewed our nexus in various tax jurisdictions and our tax positions related to all open tax years for events that could change the status of our tax liability under ASC 740, not, no 740 10 no As of December 31, 2017, not 1997. No December 31, 2017, 2016, 2015. Our R&E and Orphan Drug tax credit carry-forwards of approximately $34.2 December 31, 2017 2018 2037. As of December 31, 2017, 2016, not not The following is a tabular reconciliation of the total amounts of unrecognized tax benefits for the years ended December 31, 201 7 2016. 2017 2016 Beginning uncertain tax benefits $ 2,661 $ 2,661 Prior year - increases (decreases) (710 ) - Current year - increases (decreases) - - Settlements - - Expired statuses - - Ending uncertain tax benefits $ 1,951 $ 2,661 |
Note 14 - Net (Loss) Income Per
Note 14 - Net (Loss) Income Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 1 4 . Net (Loss) Income Per Share Our basic net (loss) income per share attributable to Progenics amounts have been computed by dividing net (loss) income attributable to Progenics by the weighted-average number of common shares outstanding during the period. For 2017 2015 not 2017 2015. 2016, In applying the treasury stock method for the calculation of diluted EPS, amounts of unrecognized compensation expense are required to be included in the assumed proceeds in the denominator of the diluted EPS calculation unless they are anti-dilutive. We have made an accounting policy decision to calculate windfall tax benefits/shortfalls, for purposes of diluted EPS calculation, excluding the impact of deferred tax assets. This policy decision will apply when we have net income and windfall tax benefits/shortfalls are realizable. The calculations of net (loss) income per share, basic and diluted, are as follows: Net (loss) income Weighted-average attributable shares to Progenics outstanding Per share (Numerator) (Denominator) amount 2017 Basic and diluted $ (51,013 ) 70,284 $ (0.73 ) 2016 Basic $ 10,806 70,003 $ 0.15 Dilutive effect of stock options - 152 Diluted $ 10,806 70,155 $ 0.15 2015 Basic and diluted $ (39,112 ) 69,716 $ (0.56 ) The following table summarizes anti-dilutive common shares or common shares where performance conditions have not 2017 2016 2015 Stock options 2,395 3,577 6,381 Contingent consideration liability (1) 2,824 1,644 2,827 Total securities excluded 5,219 5,221 9,208 ___________________________ ( 1 Calculated as follows: (a) the contingent consideration liability balance at December 31 |
Note 15 - Unaudited Quarterly R
Note 15 - Unaudited Quarterly Results (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 1 5 . Unaudited Quarterly Results (unaudited) Summarized quarterly financial data during 2017 2016 2017 Quarter Ended March 31 June 30 September 30 December 31 Revenues $ 2,347 $ 2,765 $ 2,697 $ 3,889 Net (loss) income $ (16,360 ) $ (16,636 ) $ (15,352 ) $ (2,665 ) Net loss attributable to noncontrolling interests $ - $ - $ - $ - Net (loss) income attributable to Progenics $ (16,360 ) $ (16,636 ) $ (15,352 ) $ (2,665 ) Net (loss) income per share attributable to Progenics - basic $ (0.23 ) $ (0.24 ) $ (0.22 ) $ (0.04 ) Net (loss) income per share attributable to Progenics - diluted $ (0.23 ) $ (0.24 ) $ (0.22 ) $ (0.04 ) 2016 Quarter Ended March 31 June 30 September 30 December 31 Revenues (1) $ 2,450 $ 8,476 $ 53,850 $ 4,653 Net (loss) income $ (12,673 ) $ (5,657 ) $ 36,282 $ (7,219 ) Net loss attributable to noncontrolling interests $ (18 ) $ (19 ) $ (21 ) $ (15 ) Net (loss) income attributable to Progenics $ (12,655 ) $ (5,638 ) $ 36,303 $ (7,204 ) Net (loss) income per share attributable to Progenics - basic $ (0.18 ) $ (0.08 ) $ 0.52 $ (0.10 ) Net (loss) income per share attributable to Progenics - diluted $ (0.18 ) $ (0.08 ) $ 0.52 $ (0.10 ) ( 1 Revenues in the second fourth 2016 $5.0 $2.0 third 2016 $50.0 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | SCHEDULE II – VALUATION AND QUALIFYING ACCOUNT S Allowance for Doubtful Accounts Year ended December 31, Beginning Balance Additions Charged to General and Administrative Expenses Deductions Accounts Written Off During Period Ending Balance (in thousands) 2017 $ - $ - $ - $ - 2016 $ 10 $ - $ (10 ) $ - 2015 $ 10 $ - $ - $ 10 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The consolidated financial statements have been prepared on the basis of accounting principles generally accepted in the U.S. (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. On an ongoing basis, we evaluate our estimates, including but not |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The condensed consolidated financial statements include the accounts of Progenics as well as its wholly-owned subsidiaries. All material intercompany transactions and balances have been eliminated in consolidation. In December 2015, December 8, 2016, of EXINI and, as of that date, EXINI became a wholly-owned subsidiary with 100% December 2016, $368 $15 2017. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation O ur international subsidiaries generally consider their respective local currency to be their functional currency. Assets and liabilities of these international subsidiaries are translated into U.S. dollars at quarter-end exchange rates and revenues and expenses are translated at average exchange rates during the quarter and year-to-date period. Foreign currency translation adjustments for the reported periods are included in accumulated other comprehensive loss (“AOCL”) in our condensed consolidated statements of comprehensive loss, and the cumulative effect is included in the stockholders’ equity section of our condensed consolidated balance sheets. Realized gains and losses denominated in foreign currencies are recorded in operating expenses in our condensed consolidated statements of operations and were not December 31, 2017, 2016, 2015. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results may |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition We recognize revenue from all sources based on the provisions of the U.S. Securities and Exchange Commission (“SEC”) Staff Accounting Bulletin (“SAB”) No. 104 104” 605 605, Revenue Recognition 605, 605 If we are involved in a steering or other committee as part of a multiple-deliverable arrangement, we assess whether our involvement constitutes a performance obligation or a right to participate. For those committees that are deemed obligations, we will evaluate our participation along with other obligations in the arrangement and will attribute revenue to our participation through the period of our committee responsibilities. We recognize revenue for payments that are contingent upon performance solely by our collaborator immediately upon the achievement of the defined event if we have no 605 Amounts received prior to satisfying the above revenue recognition criteria are recorded as deferred revenue. Amounts not one Royalty revenue is recognized in the period the sales occur, provided the royalty amounts are fixed or determinable, collection of the related receivable is reasonably assured and we have no During the past three D uring 2016, $50.7 $50.0 $0.7 2016, $7.0 $4.0 $3.0 During 2015 , we recognized $1.5 first 2B/3 140. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Expenses Research and development expenses include costs directly attributable to the conduct of research and development programs, including the cost of salaries ; payroll taxes; employee benefits; materials; supplies; maintenance of research equipment; costs related to research collaboration and licensing agreements; the purchase of in-process research and development; the cost of services provided by outside contractors, including services related to our clinical trials; and the full cost of manufacturing drug for use in research, pre-clinical development, and clinical trials. All costs associated with research and development are expensed as incurred. At each period end , we evaluate the accrued expense balance related to these activities based upon information received from the suppliers and estimated progress towards completion of the research or development objectives to ensure that the balance is reasonably stated. Such estimates are subject to change as additional information becomes available. |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Patents As a result of research and development efforts conducted by us, we have applied, or are applying, for a number of patents to protect proprietary inventions. All costs associated with patents are expensed as incurred. |
Earnings Per Share, Policy [Policy Text Block] | Net (Loss) Income Per Share We prepare earnings per share (“EPS”) data in accordance with ASC 260 260, Earnings Per Share 2017 2015, 2016, not |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive (Loss) Income Comprehensive (loss) income represents the change in net assets of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. Our comprehensive (loss) income includes net (loss) income adjusted for the changes in foreign currency translation adjustment. The disclosures required by ASC 220 220, Comprehensive Income 2017, 2016, 2015 no Note 10. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk Financial instruments which potentially subject us to concentrations of risk consist principally of cash, cash equivalents, and receivables. We invest our excess cash in money market funds, which are classified as cash and cash equivalents. We have established guidelines that relate to credit quality, diversification and maturity and that limit exposure to any one no |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents We consider all highly liquid investments which have maturities of three December 31, 2017 2016, $87.2 $137.3 two $3.4 $1.6 two |
Receivables, Policy [Policy Text Block] | Accounts Receivable We estimate the level of accounts receivable which ultimately will be uncollectable based on a review of specific receivable balances, industry experience and the current economic environment. We reserve for affected accounts receivable an allowance for doubtful accounts. At December 31, 2017, no |
Goodwill and Intangible Assets, Policy [Policy Text Block] | In-Process Research and Development , Othe r Identified Intangible Assets and Goodwill The fair values of in-process research and development ( “IPR&D”) and other identified intangible assets acquired in business combinations are capitalized. The Company utilizes the “income method”, which applies a probability weighting that considers the risk of development and commercialization to the estimated future net cash flows that are derived from projected sales revenues and estimated costs or “replacement costs”, whichever is greater. These projections are based on factors such as relevant market size, patent protection, historical pricing of similar products and expected industry trends. The estimated future net cash flows are then discounted to the present value using an appropriate discount rate. This analysis is performed for each IPR&D project and other identified intangible assets independently. IPR&D assets are treated as indefinite-lived intangible assets until completion or abandonment of the projects, at which time the assets are amortized over the remaining useful life or written off, as appropriate. Other identified intangible assets are amortized over the relevant estimated useful life. The IPR&D assets are tested at least annually or when a triggering event occurs that could indicate a potential impairment and any impairment loss is recognized in our consolidated statements of operations. Goodwill represents excess consideration in a business combination over the fair value of identifiable net assets acquired. Goodwill is not may fair value of the reporting unit (the Company has determined that it has only one No December 31, 2017 2016. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements In accordance with ASC 820 820, Fair Value Measurements and Disclosures three 820 three ● Level 1 . ● Level 2 1 not . ● Level 3 To estimate the fair values of our financial assets and liabilities, we use valuation approaches within a hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of us. Unobservable inputs are inputs that reflect our assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The fair value hierarchy is divided into three The availability of observable inputs can vary among the various types of financial assets and liabilities. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used for measuring fair value may Recurring Fair Value Measurements We believe the carrying amounts of our cash equivalents, accounts receivable, other current assets, other assets, accounts payable, and accrued expenses approximated their fair values as of December 31, 2017 2016. The fair value of the contingent consideration liability represents future potential milestone payments related to the Molecular Insight acquisition. The fair value of the contingent consideration liability is categorized as a Level 3 4. Nonrecurring Fair Value Measurements Our non-financial assets, such as intangible assets and property and equipment, are measured and recorded at fair value on the acquisition date, and if indicators of impairment exist, we assess recoverability by measuring the amount of any impairment by comparing the carrying value of the asset to its then-current estimated fair value (for intangible assets) or to market prices for similar assets (for property and equipment). If the carrying value is not No December 31, 2017. O ther current assets are comprised of prepaid expenses, interest, other receivables, and, in the 2016 one 2016 1 |
Property, Plant and Equipment, Policy [Policy Text Block] | Fixed Assets Leasehold improvements, furniture and fixtures, and equipment are stated at cost. Furniture, fixtures and equipment are depreciated on a straight-line basis over their estimated useful lives. Leasehold improvements are amortized on a straight-line basis over the life of the lease or of the improvement, whichever is shorter. Costs of construction of long-lived assets are capitalized but are not Expenditures for maintenance and repairs which do not Computer equipment (in years) 3 Machinery and equipment (in years) 5 - 7 Furniture and fixtures (in years) 5 Leasehold improvements (in years) Earlier of life of improvement or lease |
Lessee, Leases [Policy Text Block] | Deferred L ease L iability and Incentive Our lease agreements include fixed escalations of minimum annual lease paymen ts and we recognize rental expense on a straight-line basis over the lease terms and record the difference between rent expense and current rental payments as deferred lease liability. Deferred lease incentive includes a construction allowance from our landlord which is amortized as a reduction to rental expense on a straight-line basis over the lease term. As of December 31, 2017, 2016, 2017 2016 Other current liabilities: Deferred lease incentive $ 26 $ 26 Other liabilities: Deferred lease liability $ 1,225 $ 876 Deferred lease incentive $ 303 $ 328 |
Income Tax, Policy [Policy Text Block] | Income Taxes We account for income taxes in accordance with the provisions of ASC 740 (Topic 740, Income Taxes In accordance with ASC 718 (Topic 718, Compensation – Stock Compensation 505 505, Equity No. 2016 09, Compensation – Stock Compensation (Topic 718 2016 09” January 1, 2017, Uncertain tax positions are accounted for in accordance with ASC 740, to take on a tax return. ASC 740 not 740 may may 50% 740. 50% 740 twelve Note 13. |
Risk and Uncertainties, Policy [Policy Text Block] | Risks and Uncertainties To date, w e have relied principally on external funding, license agreements with Valeant, Bayer and others, out-licensing and asset sale arrangements, and royalty and product revenue to finance our operations. There can be no third 2017, 2016, 2015, no December 31, 2017 2016 |
Legal Costs, Policy [Policy Text Block] | Legal Proceedings From time to time, we may egardless of the merits, is inherently uncertain. The assessment of whether a loss is probable or reasonably possible, and whether the loss or a range of loss is estimable, often involves a series of complex judgments about future events. We record accruals for contingencies to the extent that the occurrence of the contingency is probable and the amount of liability is reasonably estimable. If the reasonable estimate of liability is within a range of amounts and some amount within the range appears to be a better estimate than any other, then we record that amount as an accrual. If no not |
New Accounting Pronouncements, Policy [Policy Text Block] | Impact of Recently Issued and Adopted Accounting Standards Recently Adopted In March 2016, Financial Accounting Standards Board (the “FASB”) issued ASU 2016 09, Compensation – Stock Compensation (Topic 718 January 1, 2017. December 31, 2017, not Not In January 2017, No. 2017 01 2017 01” Business Combinations (Topic 805 2017 01 December 15, 2017, not In January 2017, No. 2017 04 2017 04” Intangibles - Goodwill and Other (Topic 350 2 2 2017 04 December 15, 2019. January 1, 2017. not In November 2016, No. 2016 18 2016 18” Statement of Cash Flows (Topic 230 2016 18 2016 18 December 15, 2017, not In August 2016, No. 2016 15 2016 15” Statement of Cash Flows (Topic 230 eight 8 1 2 zero 3 4 5 6 7 8 2016 15 2016 15 December 15, 2017 not In February 2016, No. 2016 02, Leases (Topic 842 2016 02” . 2016 02 2016 02 December 15, 2018, In January 2016, No. 2016 01, Recognition and Measurement of Financial Assets and Financial Liabilities 2016 01” 2016 01 2016 01 December 15, 2017. not not In May 2014, No. 2014 09, Revenue from Contracts with Customers (Topic 606 2014 09” 1 2 3 4 5 2014 09 December 15, 2017. 2016, We identified four 1 2 3 4 January 1, 2018 $0.1 not |
Note 2 - Summary of Significa25
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Estimated Useful Lives of Fixed Assets [Table Text Block] | Computer equipment (in years) 3 Machinery and equipment (in years) 5 - 7 Furniture and fixtures (in years) 5 Leasehold improvements (in years) Earlier of life of improvement or lease |
Deferred Lease [Table Text Block] | 2017 2016 Other current liabilities: Deferred lease incentive $ 26 $ 26 Other liabilities: Deferred lease liability $ 1,225 $ 876 Deferred lease incentive $ 303 $ 328 |
Note 3 - Goodwill and Acquire26
Note 3 - Goodwill and Acquired Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Other Intangible Goodwill IPR&D Assets Balance at January 1, 2016 $ 13,074 $ 28,700 $ 2,093 Amortization expense - - (212 ) Balance at December 31, 2016 13,074 28,700 1,881 Amortization expense - - (212 ) Balance at December 31, 2017 $ 13,074 $ 28,700 $ 1,669 |
Components of Finite Lived Intangible Assets [Table Text Block] | Gross Amount Accumulated Amortization Net Carrying Value Finite lived intangible assets $ 2,120 $ 451 $ 1,669 Total $ 2,120 $ 451 $ 1,669 |
Note 4 - Fair Value Measureme27
Note 4 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Measurements at December 31, 2017 Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Balance at Identical Assets Inputs Inputs December 31, 2017 (Level 1) (Level 2) (Level 3) Assets: Money market funds $ 87,231 $ 87,231 $ - $ - Total assets $ 87,231 $ 87,231 $ - $ - Liabilities: Contingent consideration liability $ 16,800 $ - $ - $ 16,800 Total liabilities $ 16,800 $ - $ - $ 16,800 Fair Value Measurements at December 31, 2016 Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Balance at Identical Assets Inputs Inputs December 31, 2016 (Level 1) (Level 2) (Level 3) Assets: Money market funds $ 137,340 $ 137,340 $ - $ - Total assets $ 137,340 $ 137,340 $ - $ - Liabilities: Contingent consideration liability $ 14,200 $ - $ - $ 14,200 Total liabilities $ 14,200 $ - $ - $ 14,200 |
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | Program Consideration Form of Payment at Progenics' Option AZEDRA $ 8,000 Cash or Progenics common stock 1404 10,000 Cash or Progenics common stock 1095 5,000 Cash or Progenics common stock $ 23,000 Calendar Year Net Sales Level (in millions) Consideration Form of Payment at Progenics' Option $ 30 $ 5,000 Cash or Progenics common stock $ 60 5,000 Cash or Progenics common stock $ 100 10,000 Cash or Progenics common stock $ 250 20,000 Cash or Progenics common stock $ 500 30,000 Cash or Progenics common stock $ 70,000 |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Table Text Block] | Fair Value at December 31, Range 2017 Valuation Technique Unobservable Input (Weighted-Average) Contingent Consideration Liability: AZEDRA commercialization $ 5,500 Probability adjusted Probability of success 72% discounted cash flow model Period of expected milestone achievement 2018 Discount rate 10% 1404 commercialization 4,500 Probability adjusted Probability of success 59% discounted cash flow model Period of expected milestone achievement 2020 Discount rate 10% 1095 commercialization 400 Probability adjusted Probability of success 16% discounted cash flow model Period of expected milestone achievement 2025 Discount rate 10% Net sales targets 6,400 Monte-Carlo simulation Probability of success 16% - 72% Discount rate 10% Total $ 16,800 Fair Value at December 31, Range 2016 Valuation Technique Unobservable Input (Weighted-Average) Contingent Consideration Liability: AZEDRA commercialization $ 3,800 Probability adjusted Probability of success 54% discounted cash flow model Period of expected milestone achievement 2018 Discount rate 10% 1404 commercialization 4,700 Probability adjusted Probability of success 59% discounted cash flow model Period of expected milestone achievement 2019 Discount rate 10% 1095 commercialization 400 Probability adjusted Probability of success 16% discounted cash flow model Period of expected milestone achievement 2024 Discount rate 10% Net sales targets 5,300 Monte-Carlo simulation Probability of success 16% - 59% Discount rate 10% Total $ 14,200 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Liability - Contingent Consideration Fair Value Measurements Using Significant Unobservable Inputs (Level 3) 2017 2016 Balance at beginning of period $ 14,200 $ 18,800 Fair value change included in net income (loss) 2,600 (4,600 ) Balance at end of period $ 16,800 $ 14,200 Changes in unrealized gains or losses for the period included in earnings (or changes in net assets) for liabilities held at the end of the reporting period $ 2,600 $ (4,600 ) |
Note 5 - Accounts Receivable (T
Note 5 - Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | 2017 2016 Royalties $ 3,683 $ 2,407 Collaborators 13 2,000 Other 276 457 Accounts receivable, net $ 3,972 $ 4,864 |
Note 6 - Fixed Assets (Tables)
Note 6 - Fixed Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2017 2016 Machinery and equipment $ 2,516 $ 1,493 Leasehold improvements 1,734 1,640 Computer equipment 714 695 Furniture and fixtures 874 877 Construction in progress - 893 Property and equipment, gross 5,838 5,598 Less - accumulated depreciation (1,716 ) (838 ) Property and equipment, net $ 4,122 $ 4,760 |
Note 7 - Accrued Expenses (Tabl
Note 7 - Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | 2017 2016 Accrued clinical trial costs $ 2,570 $ 4,885 Accrued payroll and related costs 2,400 1,957 Accrued consulting and service fee expenses 1,860 1,026 Accrued legal and professional fees 1,022 1,123 Accrued contract manufacturing costs 666 2,048 Loss contingency for litigation - 4,000 Other 1,037 751 Accrued expenses $ 9,555 $ 15,790 |
Note 8 - Commitments and Cont31
Note 8 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Years ending Minimum Annual December 31, Payments 2018 $ 1,877 2019 1,818 2020 1,852 2021 1,886 2022 2,134 Thereafter 18,549 Total $ 28,116 |
Licensing Service and Supply Agreements [Table Text Block] | Paid from inception/acquisition to December 31, 2017 Future Commitments (1) Terms Amgen Fremont, Inc. (formerly Abgenix) $ 1,350 $ 5,750 Milestones and royalties to use XenoMouse ® Former member of PSMA LLC $ 428 $ 52,188 Annual minimum royalty payments and milestones to use technology related to PSMA. University of Zurich and the Paul Scherrer Institute $ 500 $ 840 Annual maintenance and license fee payments, milestones and royalties in respect of licensed technology related to 1404. University of Western Ontario $ 78 $ 257 Annual minimum royalty, administration and milestone payments in respect of licensed technology related to AZEDRA. Johns Hopkins University Technology $ 150 $ 2,760 Annual minimum royalty payments and milestones to use technology related to PyL. Selexis Commercial License Agreement $ 59 $ 1,792 Milestones and royalties to use Selexis technology related to PSMA Antibodies. |
Note 9 - Non-recourse Long-te32
Note 9 - Non-recourse Long-term Debt, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2018 $ 2,686 2019 3,738 2020 4,858 2021 8,156 2022 12,069 Thereafter 19,245 Total payments $ 50,752 |
Note 10 - Stockholders' Equity
Note 10 - Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Foreign Currency Translation AOCL Balance at January 1, 2017 $ (85 ) $ (85 ) Foreign currency translation adjustment 52 52 Balance at December 31, 2017 $ (33 ) $ (33 ) |
Note 11 - Stock-based Compens34
Note 11 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted Weighted Average Number Average Remaining of Shares Exercise Price Contractual Life Outstanding at January 1, 2017 4,887 $ 7.57 5.81 Granted 1,232 $ 10.34 Exercised (80 ) $ 5.89 Cancelled (159 ) $ 8.96 Expired (345 ) $ 22.42 Outstanding at December 31, 2017 5,535 $ 7.25 6.04 Exercisable at December 31, 2017 3,736 $ 6.71 4.77 Vested and expected to vest at December 31, 2017 5,227 $ 7.15 5.87 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2017 2016 2015 Risk-free interest rate 2.17% 1.53% 2.00% Expected life (in years) 6.76 6.77 6.97 Expected volatility 72% 74% 81% Expected dividend yield -- -- -- |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | 2017 2016 2015 Research and development expenses $ 1,371 $ 843 $ 1,099 General and administrative expenses 2,771 1,614 1,849 Total stock-based compensation expense $ 4,142 $ 2,457 $ 2,948 |
Note 13 - Income Taxes (Tables)
Note 13 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2017 2016 2015 Current taxes: United States $ 3 $ 11 $ - Foreign - - - State (16 ) 22 - Total current taxes $ (13 ) $ 33 $ - Deferred taxes: United States $ (8,777 ) $ - $ - Foreign - - - State (2,882 ) 1,811 (133 ) Total deferred taxes $ (11,659 ) $ 1,811 $ (133 ) (Benefit from) provision for income taxes $ (11,672 ) $ 1,844 $ (133 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2017 2016 Deferred tax assets: Depreciation and amortization $ 100 $ 788 Research & Experimental and Orphan Drug tax credit carry-forwards 33,496 27,361 NYS investment tax credit carry-forwards 1,284 933 AMT credit carry-forwards - 221 Net operation loss carry-forwards 177,313 227,171 Capitalized research and development expenditures 3,066 11,915 Stock compensation 5,666 12,343 Other items 1,279 4,513 Total gross deferred tax assets 222,204 285,245 Less valuation allowance (217,382 ) (285,245 ) Deferred tax assets 4,822 - Deferred tax liability (6,397 ) (13,010 ) Net deferred tax liability $ (1,575 ) $ (13,010 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2017 2016 2015 U.S. Federal statutory rate 34.0 % 34.0 % 34.0 % State income taxes, net of Federal benefit 1.5 % 10.8 % 4.8 % Foreign rate differential (0.6% ) 2.6 % (0.1% ) Research and experimental and Orphan Drug tax credit 9.4 % (63.0% ) 1.7 % Effect of federal and state tax rate changes (6.1% ) (43.0% ) (4.8% ) Tax reform impact 13.9 % - - Permanent differences (4.4% ) 0.1 % (1.4% ) Stock option shortfalls (3.1% ) 22.3 % (6.1% ) Change in valuation allowance (26.0% ) 50.9 % (27.8% ) Effective tax rate 18.6 % 14.7 % 0.3 % |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 2017 2016 Beginning uncertain tax benefits $ 2,661 $ 2,661 Prior year - increases (decreases) (710 ) - Current year - increases (decreases) - - Settlements - - Expired statuses - - Ending uncertain tax benefits $ 1,951 $ 2,661 |
Note 14 - Net (Loss) Income P36
Note 14 - Net (Loss) Income Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Net (loss) income Weighted-average attributable shares to Progenics outstanding Per share (Numerator) (Denominator) amount 2017 Basic and diluted $ (51,013 ) 70,284 $ (0.73 ) 2016 Basic $ 10,806 70,003 $ 0.15 Dilutive effect of stock options - 152 Diluted $ 10,806 70,155 $ 0.15 2015 Basic and diluted $ (39,112 ) 69,716 $ (0.56 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | 2017 2016 2015 Stock options 2,395 3,577 6,381 Contingent consideration liability (1) 2,824 1,644 2,827 Total securities excluded 5,219 5,221 9,208 |
Note 15 - Unaudited Quarterly37
Note 15 - Unaudited Quarterly Results (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | 2017 Quarter Ended March 31 June 30 September 30 December 31 Revenues $ 2,347 $ 2,765 $ 2,697 $ 3,889 Net (loss) income $ (16,360 ) $ (16,636 ) $ (15,352 ) $ (2,665 ) Net loss attributable to noncontrolling interests $ - $ - $ - $ - Net (loss) income attributable to Progenics $ (16,360 ) $ (16,636 ) $ (15,352 ) $ (2,665 ) Net (loss) income per share attributable to Progenics - basic $ (0.23 ) $ (0.24 ) $ (0.22 ) $ (0.04 ) Net (loss) income per share attributable to Progenics - diluted $ (0.23 ) $ (0.24 ) $ (0.22 ) $ (0.04 ) 2016 Quarter Ended March 31 June 30 September 30 December 31 Revenues (1) $ 2,450 $ 8,476 $ 53,850 $ 4,653 Net (loss) income $ (12,673 ) $ (5,657 ) $ 36,282 $ (7,219 ) Net loss attributable to noncontrolling interests $ (18 ) $ (19 ) $ (21 ) $ (15 ) Net (loss) income attributable to Progenics $ (12,655 ) $ (5,638 ) $ 36,303 $ (7,204 ) Net (loss) income per share attributable to Progenics - basic $ (0.18 ) $ (0.08 ) $ 0.52 $ (0.10 ) Net (loss) income per share attributable to Progenics - diluted $ (0.18 ) $ (0.08 ) $ 0.52 $ (0.10 ) |
Schedule II - Valuation and Q38
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Valuation and Qualifying Accounts Disclosure [Table Text Block] | Year ended December 31, Beginning Balance Additions Charged to General and Administrative Expenses Deductions Accounts Written Off During Period Ending Balance (in thousands) 2017 $ - $ - $ - $ - 2016 $ 10 $ - $ (10 ) $ - 2015 $ 10 $ - $ - $ 10 |
Note 1 - Organization and Bus39
Note 1 - Organization and Business (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash and Cash Equivalents, at Carrying Value | $ 90,642 | $ 90,642 | $ 138,909 | $ 74,103 | $ 119,302 |
Cash and Cash Equivalents, Period Increase (Decrease) | (48,267) | 64,806 | (45,199) | ||
Proceeds from Issuance of Long-term Debt | $ 5,000 | $ 48,650 |
Note 2 - Summary of Significa40
Note 2 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jan. 01, 2018USD ($) | |
Return of Estimated Interest Payment for Noncontrolling Interest | $ 15 | $ (368) | $ (292) | ||||
Licenses Revenue | 690 | 59,081 | 1,955 | ||||
Allowance for Doubtful Accounts Receivable, Current | $ 0 | ||||||
Number of Reporting Units | 1 | ||||||
Goodwill, Impairment Loss | $ 0 | 0 | |||||
Other Comprehensive Income (Loss), Tax | 0 | ||||||
Impairment of Intangible Assets (Excluding Goodwill) | 0 | ||||||
Subsequent Event [Member] | Accounting Standards Update 2014-09 [Member] | |||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 100 | ||||||
Money Market Funds [Member] | |||||||
Cash Equivalents, at Carrying Value | $ 137,300 | 87,200 | 137,300 | ||||
Bank Time Deposits [Member] | |||||||
Cash Equivalents, at Carrying Value | 1,600 | $ 3,400 | 1,600 | ||||
Valeant [Member] | |||||||
Licenses Revenue | $ 50,000 | 50,700 | |||||
Revenue Recognition, Milestone Method, Revenue Recognized | 50,000 | ||||||
Licenses Revenue, Upfront Payment | 700 | ||||||
Bayer [Member] | |||||||
Licenses Revenue | 2,000 | $ 5,000 | 7,000 | ||||
Upfront Payment Receivable | 4,000 | 4,000 | |||||
Accrued Fees and Other Revenue Receivable | $ 3,000 | 3,000 | |||||
CytoDyn's Dosing Milestone [Member] | |||||||
Revenue Recognition, Milestone Method, Revenue Recognized | $ 1,500 | ||||||
EXINI Diagnostics AB [Member] | |||||||
Return of Estimated Interest Payment for Noncontrolling Interest | $ 368 |
Note 2 - Summary of Significa41
Note 2 - Summary of Significant Accounting Policies - Estimated Useful Lives of Fixed Assets (Details) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Computer Equipment [Member] | ||
Estimated useful life (Year) | 3 years | |
Machinery and Equipment [Member] | Minimum [Member] | ||
Estimated useful life (Year) | 5 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Estimated useful life (Year) | 7 years | |
Furniture and Fixtures [Member] | ||
Estimated useful life (Year) | 5 years | |
Leasehold Improvements [Member] | ||
Estimated useful life (Year) | 12 years 292 days | 13 years 292 days |
Useful life | Earlier of life of improvement or lease |
Note 2 - Summary of Significa42
Note 2 - Summary of Significant Accounting Policies - Deferred Lease Liability and Incentive (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred lease incentive | $ 26 | $ 26 |
Deferred lease liability | 1,225 | 876 |
Deferred lease incentive | $ 303 | $ 328 |
Note 3 - Goodwill and Acquire43
Note 3 - Goodwill and Acquired Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Asset, Useful Life | 8 years | |
Amortization of Intangible Assets | $ 212 | $ 212 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 212 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 212 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 212 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 212 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 212 |
Note 3 - Goodwill and Acquire44
Note 3 - Goodwill and Acquired Intangible Assets- Summary of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Balance, Goodwill | $ 13,074 | $ 13,074 | |
Balance, IPR&D | 28,700 | 28,700 | $ 28,700 |
Balance, Finite-lived Intangible Assets | 1,881 | 2,093 | |
Amortization expense, Finite-lived Intangible Assets | (212) | (212) | |
Balance, Finite-lived Intangible Assets | $ 1,669 | $ 1,881 |
Note 3 - Goodwill and Acquire45
Note 3 - Goodwill and Acquired Intangible Assets - Components of Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Finite lived intangible assets, gross | $ 2,120 | ||
Finite lived intangible assets, accumulated amortization | 451 | ||
Finite lived intangible assets, net | $ 1,669 | $ 1,881 | $ 2,093 |
Note 4 - Fair Value Measureme46
Note 4 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Business Combination, Contingent Consideration, Liability, Noncurrent | $ 16,800 | $ 14,200 | |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 2,600 | $ (4,600) | $ 1,600 |
Note 4 - Fair Value Measureme47
Note 4 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Money market funds | $ 87,231 | $ 137,340 |
Total assets | 87,231 | 137,340 |
Contingent consideration liability | 16,800 | 14,200 |
Total liabilities | 16,800 | 14,200 |
Fair Value, Inputs, Level 1 [Member] | ||
Money market funds | 87,231 | 137,340 |
Total assets | 87,231 | 137,340 |
Contingent consideration liability | ||
Total liabilities | ||
Fair Value, Inputs, Level 2 [Member] | ||
Money market funds | ||
Total assets | ||
Contingent consideration liability | ||
Total liabilities | ||
Fair Value, Inputs, Level 3 [Member] | ||
Money market funds | ||
Total assets | ||
Contingent consideration liability | 16,800 | 14,200 |
Total liabilities | $ 16,800 | $ 14,200 |
Note 4 - Fair Value Measureme48
Note 4 - Fair Value Measurements - Contingent Consideration Liabilities (Details) - Molecular Insight Pharmaceuticals, Inc. [Member] $ in Millions | Dec. 31, 2017USD ($) |
Milestone Payment upon First Commercial Sale [Member] | |
Contingent Consideration | $ 23 |
Milestone Payment upon Achievement of Net Sales Level 1 [Member] | |
Contingent Consideration | 5 |
Milestone Payment upon Achievement of Net Sales Level 2 [Member] | |
Contingent Consideration | 5 |
Milestone Payment upon Achievement of Net Sales Level 3 [Member] | |
Contingent Consideration | 10 |
Milestone Payment upon Achievement of Net Sales Level 4 [Member] | |
Contingent Consideration | 20 |
Milestone Payment upon Achievement of Net Sales Level 5 [Member] | |
Contingent Consideration | 30 |
Milestone Payment upon Achievement of All Levels of Net Sales [Member] | |
Contingent Consideration | 70 |
AZEDRA Program [Member] | Milestone Payment upon First Commercial Sale [Member] | |
Contingent Consideration | 8 |
The 1404 Program [Member] | Milestone Payment upon First Commercial Sale [Member] | |
Contingent Consideration | 10 |
The 1095 Program[Member] | Milestone Payment upon First Commercial Sale [Member] | |
Contingent Consideration | $ 5 |
Note 4 - Fair Value Measureme49
Note 4 - Fair Value Measurements - Quantitative Information for Fair Value Measurement of Level 3 (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair value | $ 16.8 | $ 14.2 |
AZEDRA commercialization [Member] | ||
Fair value | $ 5.5 | $ 3.8 |
Valuation technique | Probability adjusted discounted cash flow model | Probability adjusted discounted cash flow model |
Probability of success | 72.00% | 54.00% |
Discount rate | 10.00% | 10.00% |
MIP - 1404 Commercialization [Member] | ||
Fair value | $ 4.5 | $ 4.7 |
Valuation technique | Probability adjusted discounted cash flow model | Probability adjusted discounted cash flow model |
Probability of success | 59.00% | 59.00% |
Discount rate | 10.00% | 10.00% |
MIP-1095 Commercialization [Member] | ||
Fair value | $ 0.4 | $ 0.4 |
Valuation technique | Probability adjusted discounted cash flow model | Probability adjusted discounted cash flow model |
Probability of success | 16.00% | 16.00% |
Discount rate | 10.00% | 10.00% |
Net sales targets [Member] | ||
Fair value | $ 6.4 | $ 5.3 |
Valuation technique | Monte-Carlo simulation | Monte-Carlo simulation |
Discount rate | 10.00% | 10.00% |
Net sales targets [Member] | Minimum [Member] | ||
Probability of success | 16.00% | 16.00% |
Net sales targets [Member] | Maximum [Member] | ||
Probability of success | 72.00% | 59.00% |
Note 4 - Fair Value Measureme50
Note 4 - Fair Value Measurements - Summary of Activities in Financial Instruments With Level 3 Inputs (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Balance | $ 14.2 | $ 18.8 |
Fair value change included in net income (loss) | 2.6 | (4.6) |
Balance | 16.8 | 14.2 |
Changes in unrealized gains or losses for the period included in earnings (or changes in net assets) for liabilities held at the end of the reporting period | $ 2.6 | $ (4.6) |
Note 5 - Accounts Receivable -
Note 5 - Accounts Receivable - Summary of Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts receivable, net | $ 3,972 | $ 4,864 |
Royalties [Member] | ||
Accounts receivable, net | 3,683 | 2,407 |
Collaborators [Member] | ||
Accounts receivable, net | 13 | 2,000 |
Other [Member] | ||
Accounts receivable, net | $ 276 | $ 457 |
Note 6 - Fixed Assets (Details
Note 6 - Fixed Assets (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Leasehold Improvements, Net | $ 1.6 | $ 1.6 | |
Depreciation | $ 0.9 | $ 1.9 | $ 0.5 |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment, Useful Life | 12 years 292 days | 13 years 292 days |
Note 6 - Fixed Assets - Propert
Note 6 - Fixed Assets - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment (gross) | $ 5,838 | $ 5,598 |
Less - accumulated depreciation | (1,716) | (838) |
Property and equipment, net | 4,122 | 4,760 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment (gross) | 2,516 | 1,493 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment (gross) | 1,734 | 1,640 |
Computer Equipment [Member] | ||
Property, Plant and Equipment (gross) | 714 | 695 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment (gross) | 874 | 877 |
Construction in Progress [Member] | ||
Property, Plant and Equipment (gross) | $ 893 |
Note 7 - Accrued Expenses - Sum
Note 7 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accrued clinical trial costs | $ 2,570 | $ 4,885 |
Accrued payroll and related costs | 2,400 | 1,957 |
Accrued consulting and service fee expenses | 1,860 | 1,026 |
Accrued legal and professional fees | 1,022 | 1,123 |
Accrued contract manufacturing costs | 666 | 2,048 |
Loss contingency for litigation | 4,000 | |
Other | 1,037 | 751 |
Accrued expenses | $ 9,555 | $ 15,790 |
Note 8 - Commitments and Cont55
Note 8 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Leases, Rent Expense, Net | $ 1,900 | $ 1,200 | $ 1,900 |
Adjustments to Rent Expense Due to Escalation Clause and Lease Incentives | 323 | 210 | 49 |
Additional Facility Charges | 100 | 1,100 | 2,500 |
License Fees and Supply Costs | 343 | 324 | 388 |
Professional Fees | 326 | $ 164 | $ 54 |
Settled Litigation [Member] | Anti-Retaliation Termination [Member] | |||
Litigation Settlement, Amount Awarded to Other Party | 4,000 | ||
Pending Termination [Member] | |||
Commitments Paid from Inception | 4,900 | ||
Significant Contracts Future Commitments | $ 28,500 |
Note 8 - Commitments and Cont56
Note 8 - Commitments and Contingencies - Minimum Annual Payments Under Operating Lease Agreements (Details) $ in Thousands | Dec. 31, 2017USD ($) |
2,018 | $ 1,877 |
2,019 | 1,818 |
2,020 | 1,852 |
2,021 | 1,886 |
2,022 | 2,134 |
Thereafter | 18,549 |
Total | $ 28,116 |
Note 8 - Commitments and Cont57
Note 8 - Commitments and Contingencies - Licensing, Service and Supply Agreements (Details) | Dec. 31, 2017USD ($) | |
Amgen Fremont, Inc. Formerly Abgenix [Member] | ||
Commitments, paid from inception | $ 1,350 | |
Future Commitments | 5,750 | [1] |
Former Member of PSMA LLC [Member] | ||
Commitments, paid from inception | 428 | |
Future Commitments | 52,188 | [1] |
University of Zurich and Paul Scherrer Institute [Member] | ||
Commitments, paid from inception | 500 | |
Future Commitments | 840 | [1] |
University of Western Ontario [Member] | ||
Commitments, paid from inception | 78 | |
Future Commitments | 257 | [1] |
Johns Hopkins University Technology [Member] | ||
Commitments, paid from inception | 150 | |
Future Commitments | 2,760 | [1] |
Selexis Commercial License Agreement [Member] | ||
Commitments, paid from inception | 59 | |
Future Commitments | $ 1,792 | [1] |
[1] | Amounts based on known contractual obligations as specified in the respective license agreements, which are dependent on the achievement or occurrence of future milestones or events and exclude amounts for royalties which are dependent on future sales and are unknown. |
Note 9 - Non-recourse Long-te58
Note 9 - Non-recourse Long-term Debt, Net (Details Textual) - USD ($) $ in Thousands | Nov. 04, 2016 | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Proceeds from Issuance of Long-term Debt | $ 5,000 | $ 48,650 | |||
Royalty-backed Loan [Member] | |||||
Proceeds from Issuance of Long-term Debt | $ 50,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 9.50% | ||||
Interest Expense, Debt | $ 5,100 |
Note 9 - Non-recourse Long-te59
Note 9 - Non-recourse Long-term Debt, Net - Future Principal and Interest Payments on Debt (Details) $ in Thousands | Dec. 31, 2017USD ($) |
2,022 | $ 12,069 |
Royalty-backed Loan [Member] | |
2,018 | 2,686 |
2,019 | 3,738 |
2,020 | 4,858 |
2,021 | 8,156 |
Thereafter | 19,245 |
Total payments | $ 50,752 |
Note 10 - Stockholders' Equit60
Note 10 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Jan. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | |
Common Stock, Shares Authorized | 160,000,000 | 160,000,000 | 160,000,000 | ||
Common Stock, Par or Stated Value Per Share | $ 0.0013 | $ 0.0013 | $ 0.0013 | ||
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 | 20,000,000 | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 | ||
Replacement Shelf Registration | $ 250,000 | ||||
Common Stock Sales Agreement with Agent, Maximum Aggregate Offering Price | $ 75,000 | ||||
Stock Issued During Period, Shares, New Issues | 854,606 | ||||
Stock Issued During Period, Value, New Issues | $ 5,000 | $ 5,026 | |||
Sale of Stock, Price Per Share | $ 6.06 | $ 6.06 | |||
Common Stock, Shares Subscribed but Unissued | 320,182 | 320,182 | |||
Common Stock, Share Subscribed but Unissued, Subscriptions Receivable | $ 2,109 | $ 2,109 | |||
Sale of Subscribed Common Stock, Price Per Share | $ 6.79 | $ 6.79 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ 0 |
Note 10 - Stockholders' Equit61
Note 10 - Stockholders' Equity - Components of Accumulated Other Comprehensive Loss (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Balance | $ 104,762 |
Balance | 63,453 |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |
Balance | (85) |
Foreign currency translation adjustment | 52 |
Balance | (33) |
AOCI Attributable to Parent [Member] | |
Balance | (85) |
Foreign currency translation adjustment | 52 |
Balance | $ (33) |
Note 11 - Stock-based Compens62
Note 11 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 6.96 | $ 3.24 | $ 5.02 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 2,700 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 2,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | 2,600 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 233 | $ 476 | $ 465 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | 0.00% |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 5,500 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 109 days | ||
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Employee Stock Option [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Employee Stock Option [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||
The 1996 Amended Stock Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 5,000,000 | ||
The 2005 Stock Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 11,450,000 |
Note 11 - Stock-based Compens63
Note 11 - Stock-based Compensation - Summary of Option Activity Under the Plans (Details) - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Outstanding, shares (in shares) | 4,887 | |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 7.57 | |
Outstanding, Weighted Average Remaining Contractual Life (Year) | 6 years 14 days | 5 years 295 days |
Granted, shares (in shares) | 1,232 | |
Granted, Weighted Average Exercise Price (in dollars per share) | $ 10.34 | |
Exercised, shares (in shares) | (80) | |
Exercised, Weighted Average Exercise Price (in dollars per share) | $ 5.89 | |
Cancelled, shares (in shares) | (159) | |
Cancelled, Weighted Average Exercise Price (in dollars per share) | $ 8.96 | |
Expired, shares (in shares) | (345) | |
Expired, Weighted Average Exercise Price (in dollars per share) | $ 22.42 | |
Outstanding, shares (in shares) | 5,535 | 4,887 |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 7.25 | $ 7.57 |
Exercisable, shares (in shares) | 3,736 | |
Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 6.71 | |
Exercisable, Weighted Average Remaining Contractual Life (Year) | 4 years 281 days | |
Vested and expected to vest, shares (in shares) | 5,227 | |
Vested and expected to vest, Weighted Average Exercise Price (in dollars per share) | $ 7.15 | |
Vested and expected to vest, Weighted Average Remaining Contractual Life (Year) | 5 years 317 days |
Note 11 - Stock-based Compens64
Note 11 - Stock-based Compensation - Assumptions Used in Computing the Fair Value of Option Grants (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Risk-free interest rate | 2.17% | 1.53% | 2.00% |
Expected life (in years) (Year) | 6 years 277 days | 6 years 281 days | 6 years 354 days |
Expected volatility | 72.00% | 74.00% | 81.00% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Note 11 - Stock-based Compens65
Note 11 - Stock-based Compensation - Allocation of Recognized Period Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Total compensation expense recognized | $ 4,142 | $ 2,457 | $ 2,948 |
Research and Development Expense [Member] | |||
Total compensation expense recognized | 1,371 | 843 | 1,099 |
General and Administrative Expense [Member] | |||
Total compensation expense recognized | $ 2,771 | $ 1,614 | $ 1,849 |
Note 12 - Employee Savings Pl66
Note 12 - Employee Savings Plan (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 50.00% | ||
Defined Contribution Plan, Minimum Annual Contribution Per Employee, Percent | 1.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 10.00% | ||
Defined Contribution Plan, Cost | $ 302 | $ 281 | $ 327 |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 0 | $ 0 | $ 0 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 34.00% | 34.00% | |
Income Tax Expense (Benefit) | $ (11,672) | $ 1,844 | $ (133) | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | (6,600) | |||
Income Tax Expense (Benefit), Use of Naked Credit as a Source of Income to Release a Portion of Valuation Allowance | (4,800) | |||
Income Tax Expense (Benefit), Refundable AMT Credit | $ (200) | |||
Effective Income Tax Rate Reconciliation, Percent | 18.60% | 14.70% | 0.30% | |
Deferred Tax Liabilities, Net | $ 1,575 | $ 13,010 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 0 | 0 | $ 0 | |
Tax Credit Carryforward, Amount | 34,200 | |||
Liability for Uncertainty in Income Taxes | 0 | $ 0 | ||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | (3,700) | |||
Operating Loss Carryforwards | 664,800 | |||
State and Local Jurisdiction [Member] | ||||
Operating Loss Carryforwards | $ 569,000 | |||
Scenario, Forecast [Member] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Note 13 - Income Taxes - Compon
Note 13 - Income Taxes - Components of the Provision for (Benefit From) Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current taxes: | |||
United States | $ 3 | $ 11 | $ 0 |
Foreign | 0 | 0 | 0 |
State | (16) | 22 | 0 |
Total current taxes | (13) | 33 | 0 |
Deferred taxes: | |||
United States | (8,777) | 0 | 0 |
Foreign | 0 | 0 | 0 |
State | (2,882) | 1,811 | (133) |
Total deferred taxes | (11,659) | 1,811 | (133) |
(Benefit from) provision for income taxes | $ (11,672) | $ 1,844 | $ (133) |
Note 13 - Income Taxes - Deferr
Note 13 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets: | ||
Depreciation and amortization | $ 100 | $ 788 |
Research & Experimental and Orphan Drug tax credit carry-forwards | 33,496 | 27,361 |
NYS investment tax credit carry-forwards | 1,284 | 933 |
AMT credit carry-forwards | 221 | |
Net operation loss carry-forwards | 177,313 | 227,171 |
Capitalized research and development expenditures | 3,066 | 11,915 |
Stock compensation | 5,666 | 12,343 |
Other items | 1,279 | 4,513 |
Total gross deferred tax assets | 222,204 | 285,245 |
Less valuation allowance | (217,382) | (285,245) |
Deferred tax assets | 4,822 | |
Deferred tax liability | (6,397) | (13,010) |
Net deferred tax liability | $ (1,575) | $ (13,010) |
Note 13 - Income Taxes - Reconc
Note 13 - Income Taxes - Reconciliation of Income Taxes Computed (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
U.S. Federal statutory rate | 35.00% | 34.00% | 34.00% |
State income taxes, net of Federal benefit | 1.50% | 10.80% | 4.80% |
Foreign rate differential | (0.60%) | 2.60% | (0.10%) |
Research and experimental and Orphan Drug tax credit | 9.40% | (63.00%) | 1.70% |
Effect of federal and state tax rate changes | (6.10%) | (43.00%) | (4.80%) |
Tax reform impact | 13.90% | ||
Permanent differences | (4.40%) | 0.10% | (1.40%) |
Stock option shortfalls | (3.10%) | 22.30% | (6.10%) |
Change in valuation allowance | (26.00%) | 50.90% | (27.80%) |
Effective tax rate | 18.60% | 14.70% | 0.30% |
Note 13 - Income Taxes - Unreco
Note 13 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Beginning uncertain tax benefits | $ 2,661 | $ 2,661 |
Prior year - increases (decreases) | (710) | |
Current year - increases (decreases) | 0 | 0 |
Settlements | 0 | 0 |
Expired statuses | 0 | 0 |
Ending uncertain tax benefits | $ 1,951 | $ 2,661 |
Note 14 - Net (Loss) Income P72
Note 14 - Net (Loss) Income Per Share - Calculations of Net (Loss) Income Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net (loss) income attributable to Progenics | $ (2,665) | $ (15,352) | $ (16,636) | $ (16,360) | $ (7,204) | $ 36,303 | $ (5,638) | $ (12,655) | $ (51,013) | $ 10,806 | $ (39,112) |
Basic and diluted, weighted average shares outstanding (in shares) | 70,284 | 70,003 | 69,716 | ||||||||
Basic and diluted, per share amount (in dollars per share) | $ (0.73) | $ (0.56) | |||||||||
Basic, net loss attributable to Progenics | $ 10,806 | ||||||||||
Basic, weighted average shares outstanding (in shares) | 70,003 | ||||||||||
Net (loss) income per share attributable to Progenics - basic (in dollars per share) | $ (0.04) | $ (0.22) | $ (0.24) | $ (0.23) | $ (0.10) | $ 0.52 | $ (0.08) | $ (0.18) | $ (0.73) | $ 0.15 | $ (0.56) |
Dilutive effect of stock options, weighted average shares outstanding (in shares) | 152 | ||||||||||
Diluted, net loss attributable to Progenics | $ 10,806 | ||||||||||
Diluted, weighted average shares outstanding (in shares) | 70,284 | 70,155 | 69,716 | ||||||||
Net (loss) income per share attributable to Progenics - diluted (in dollars per share) | $ (0.04) | $ (0.22) | $ (0.24) | $ (0.23) | $ (0.10) | $ 0.52 | $ (0.08) | $ (0.18) | $ (0.73) | $ 0.15 | $ (0.56) |
Note 14 - Net (Loss) Income P73
Note 14 - Net (Loss) Income Per Share - Common Shares Excluded from Calculation of Diluted Net (Loss) Income Per Share (Details) - shares shares in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Antidilutive securities (in shares) | 5,219 | 5,221 | 9,208 | |
Employee Stock Option [Member] | ||||
Antidilutive securities (in shares) | 2,395 | 3,577 | 6,381 | |
Contingent Consideration Liability [Member] | ||||
Antidilutive securities (in shares) | [1] | 2,824 | 1,644 | 2,827 |
[1] | Calculated as follows: (a) the contingent consideration liability balance at December 31 divided by (b) the closing stock price of our common stock on the last day of trading of the fiscal year. |
Note 15 - Unaudited Quarterly74
Note 15 - Unaudited Quarterly Results (Unaudited) (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Licenses Revenue | $ 690 | $ 59,081 | $ 1,955 | |||
Bayer [Member] | ||||||
Licenses Revenue | $ 2,000 | $ 5,000 | 7,000 | |||
Valeant [Member] | ||||||
Licenses Revenue | $ 50,000 | $ 50,700 |
Note 15 - Unaudited Quarterly75
Note 15 - Unaudited Quarterly Results (Unaudited) - Summarized Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||||
Revenues | $ 3,889 | $ 2,697 | $ 2,765 | $ 2,347 | $ 4,653 | [1] | $ 53,850 | [1] | $ 8,476 | [1] | $ 2,450 | [1] | $ 11,698 | $ 69,429 | $ 8,676 |
Net (loss) income | (2,665) | (15,352) | (16,636) | (16,360) | (7,219) | 36,282 | (5,657) | (12,673) | (51,013) | 10,733 | (39,119) | ||||
Net loss attributable to noncontrolling interests | (15) | (21) | (19) | (18) | (73) | (7) | |||||||||
Net (loss) income attributable to Progenics | $ (2,665) | $ (15,352) | $ (16,636) | $ (16,360) | $ (7,204) | $ 36,303 | $ (5,638) | $ (12,655) | $ (51,013) | $ 10,806 | $ (39,112) | ||||
Net (loss) income per share attributable to Progenics - basic (in dollars per share) | $ (0.04) | $ (0.22) | $ (0.24) | $ (0.23) | $ (0.10) | $ 0.52 | $ (0.08) | $ (0.18) | $ (0.73) | $ 0.15 | $ (0.56) | ||||
Net (loss) income per share attributable to Progenics - diluted (in dollars per share) | $ (0.04) | $ (0.22) | $ (0.24) | $ (0.23) | $ (0.10) | $ 0.52 | $ (0.08) | $ (0.18) | $ (0.73) | $ 0.15 | $ (0.56) | ||||
[1] | Revenues in the second and fourth quarters of 2016 included $5.0 million and $2.0 million upfront and milestone payments received from Bayer, respectively, and revenues in the third quarter of 2016 included $50.0 million milestone payment received from Valeant. |
Schedule II - Valuation and Q76
Schedule II - Valuation and Qualifying Accounts - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Beginning Balance | $ 10 | $ 10 | |
Additions Charged to General and Administrative Expenses | 0 | 0 | |
Deductions Accounts Written Off During Period | (10) | 0 | |
Ending Balance | $ 0 | $ 10 |