Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 23, 2018 | Jun. 30, 2017 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | TITAN PHARMACEUTICALS INC | ||
Entity Central Index Key | 910,267 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Public Float | $ 39.4 | ||
Trading Symbol | TTNP | ||
Entity Common Stock, Shares Outstanding | 21,203,744 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 7,522 | $ 14,006 |
Restricted cash | 361 | 0 |
Receivables | 65 | 3,587 |
Prepaid expenses and other current assets | 362 | 237 |
Total current assets | 8,310 | 17,830 |
Property and equipment, net | 595 | 837 |
Total Assets | 8,905 | 18,667 |
Current liabilities: | ||
Accounts payable | 821 | 3,015 |
Accrued clinical trials expenses | 289 | 1,387 |
Other accrued liabilities | 354 | 455 |
Current portion of long-term debt | 3,000 | 0 |
Total current liabilities | 4,464 | 4,857 |
Long-term debt, net of debt discount of $497,000 | 3,584 | 0 |
Warrant liability | 0 | 619 |
Total Liabilities | 8,048 | 5,476 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value per share; 5,000,000 shares authorized, none issued and outstanding at December 31, 2017 and 2016. | 0 | 0 |
Common stock, at amounts paid-in, $0.001 par value per share; 125,000,000 shares authorized, 21,203,744 and 21,198,879 shares issued and outstanding at December 31, 2017 and 2016, respectively. | 297,855 | 297,855 |
Additional paid-in capital | 26,273 | 24,300 |
Accumulated deficit | (323,271) | (308,964) |
Total stockholders’ equity | 857 | 13,191 |
Total Liabilities and Stockholders’ Equity | $ 8,905 | $ 18,667 |
BALANCE SHEETS _Parenthetical_
BALANCE SHEETS [Parenthetical] - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 125,000,000 | 125,000,000 |
Common Stock, Shares, Issued | 21,203,744 | 21,198,879 |
Common Stock, Shares, Outstanding | 21,203,744 | 21,198,879 |
Debt Instrument, Unamortized Discount, Noncurrent | $ 497,000 |
STATEMENTS OF OPERATIONS AND CO
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue: | |||
License revenue | $ 215 | $ 15,065 | $ 1,671 |
Total revenue | 215 | 15,065 | 1,671 |
Operating expenses: | |||
Research and development | 9,648 | 6,126 | 4,675 |
General and administrative | 5,069 | 4,596 | 3,755 |
Total operating expenses | 14,717 | 10,722 | 8,430 |
Income (loss) from operations | (14,502) | 4,343 | (6,759) |
Other income (expense): | |||
Interest income (expense), net | (369) | 37 | 0 |
Other expense, net | (55) | (70) | (8) |
Non-cash gain (loss) on changes in the fair value of warrants | 619 | 825 | (4,512) |
Other income (expense), net | 195 | 792 | (4,520) |
Net income (loss) and comprehensive income (loss) applicable to common stockholders | $ (14,307) | $ 5,135 | $ (11,279) |
Basic net income (loss) per common share | $ (0.67) | $ 0.25 | $ (0.56) |
Diluted net income (loss) per common share | $ (0.7) | $ 0.2 | $ (0.56) |
Weighted average shares used in computing basic net income (loss) per common share | 21,203 | 20,744 | 20,053 |
Weighted average shares used in computing diluted net income (loss) per common share | 21,228 | 21,459 | 20,053 |
STATEMENTS OF STOCKHOLDERS' EQU
STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance at Dec. 31, 2014 | $ 8,611 | $ 289,196 | $ 22,235 | $ (302,820) | $ 0 |
Balance (in shares) at Dec. 31, 2014 | 20,000 | ||||
Net income loss | (11,279) | (11,279) | |||
Reclassification of warrants from liabilities to stockholders’ equity | 8,646 | $ 8,646 | |||
Issuance of common stock upon vesting of restricted stock awards, net | (14) | $ (14) | |||
Issuance of common stock upon vesting of restricted stock awards, net (in shares) | 60 | ||||
Stock-based compensation | 1,026 | 1,026 | |||
Balance at Dec. 31, 2015 | 6,990 | $ 297,828 | 23,261 | (314,099) | 0 |
Balance (in shares) at Dec. 31, 2015 | 20,060 | ||||
Net income loss | 5,135 | 5,135 | |||
Reclassification of warrants from liabilities to stockholders’ equity | 0 | ||||
Issuance of common stock upon exercise of warrants, net | 0 | ||||
Issuance of common stock upon exercise of warrants, net (in shares) | 1,131 | ||||
Issuance of common stock upon exercise of options, net | 27 | $ 27 | |||
Issuance of common stock upon exercise of options, net (in shares) | 8 | ||||
Stock-based compensation | 1,039 | 1,039 | |||
Balance at Dec. 31, 2016 | 13,191 | $ 297,855 | 24,300 | (308,964) | 0 |
Balance (in shares) at Dec. 31, 2016 | 21,199 | ||||
Net income loss | (14,307) | (14,307) | |||
Reclassification of warrants from liabilities to stockholders’ equity | 0 | ||||
Issuance of warrants to purchase common stock, net | 286 | 286 | |||
Issuance of common stock, net | 0 | ||||
Issuance of common stock, net (in shares) | 5 | ||||
Stock-based compensation | 1,687 | 1,687 | |||
Balance at Dec. 31, 2017 | $ 857 | $ 297,855 | $ 26,273 | $ (323,271) | $ 0 |
Balance (in shares) at Dec. 31, 2017 | 21,204 |
STATEMENTS OF CASH FLOWS
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 income (loss) | $ (14,307) | $ 5,135 | $ (11,279) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | |||
Depreciation and amortization | 417 | 377 | 358 |
Non-cash interest expense | 141 | 0 | 0 |
Non-cash (gain) loss on changes in fair value of warrants | (619) | (825) | 4,512 |
Stock-based compensation | 1,687 | 1,039 | 1,026 |
Changes in operating assets and liabilities: | |||
Receivables | 3,522 | 626 | (245) |
Prepaid expenses and other assets | (486) | (63) | (29) |
Accounts payable | (2,194) | (1,143) | (250) |
Other accrued liabilities | (1,199) | 1,147 | 112 |
Deferred contract revenue | 0 | 0 | (1,671) |
Net cash provided by (used in) operating activities | (13,038) | 6,293 | (7,466) |
Cash flows from investing activities: | |||
Purchases of furniture and equipment | (175) | (171) | (133) |
Net cash used in investing activities | (175) | (171) | (133) |
Cash flows from financing activities: | |||
Proceeds from the issuance of debt | 6,729 | 0 | 0 |
Proceeds from issuance of common stock from the exercise of stock options | 0 | 27 | 0 |
Issuance of common stock from the vesting of restricted shares | 0 | 0 | (14) |
Net cash provided by (used in) financing activities | 6,729 | 27 | (14) |
Net increase (decrease) in cash | (6,484) | 6,149 | (7,613) |
Cash and cash equivalents at beginning of period | 14,006 | 7,857 | 15,470 |
Cash and cash equivalents at end of period | 7,522 | 14,006 | 7,857 |
Supplemental disclosure of cash flow information | |||
Interest paid | 298 | 0 | 0 |
Fair value of warrants at the time of reclassification to equity | $ 0 | $ 0 | $ 8,646 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Organization and Summary of Significant Accounting Policies [Abstract] | |
Organization And Summary Of Significant Accounting Policies Disclosure [Text Block] | 1. Organization and Summary of Significant Accounting Policies We are a pharmaceutical company developing proprietary therapeutics for the treatment of serious medical disorders. Our product development programs utilize our proprietary long-term drug delivery platform, ProNeura, and focus primarily on innovative treatments for select chronic diseases for which steady state delivery of a drug provides an efficacy and/or safety benefit. We are directly developing our product candidates and also utilize corporate, academic and government partnerships as appropriate. We operate in only one business segment, the development of pharmaceutical products. All share and per share amounts give retroactive effect to a 1 for 5.5 reverse stock split effected in September 2015. See Note 12 “Stockholders’ Equity Reverse Stock Split.” The accompanying financial statements have been prepared assuming we will continue as a going concern. In May 2016, the U.S. Food and Drug Administration (“FDA”) approved our Probuphine New Drug Application (“NDA”) and pursuant to our license agreement with Braeburn Pharmaceuticals, Inc. (“Braeburn”), as amended to date, we received a $ 15 At December 31, 2017, we had cash and cash equivalents of approximately $ 7.5 2.4 3.0 The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. With the implementation of FASB's standard on going concern, Accounting Standard Update, or ASU No. 2014-15, beginning with the year ended December 31, 2016 and all annual and interim periods thereafter, we will assess going concern uncertainty in our financial statements to determine if we have sufficient cash on hand and working capital, including available borrowings on loans, to operate for a period of at least one year from the date the financial statements are issued or available to be issued, which is referred to as the “look-forward period” as defined by ASU No. 2014-15. As part of this assessment, based on conditions that are known and reasonably knowable to us, we will consider various scenarios, forecasts, projections, estimates and will make certain key assumptions, including the timing and nature of projected cash expenditures or programs, and its ability to delay or curtail expenditures or programs, if necessary, among other factors. Based on this assessment, as necessary or applicable, we make certain assumptions around implementing curtailments or delays in the nature and timing of programs and expenditures to the extent we deem probable those implementations can be achieved and we have the proper authority to execute them within the look-forward period in accordance with ASU No. 2014-15. We recognize compensation expense using a fair-value based method, for all stock-based payments including stock options and restricted stock awards and stock issued under an employee stock purchase plan. These standards require companies to estimate the fair value of stock-based payment awards on the date of grant using an option pricing model. See Note 13 “Stock Plans,” for a discussion of our stock-based compensation plans. Our non-cash stock-based compensation expense related to employees, non-employee members of our Board and consultants totaled approximately $ 1.7 1.0 1.0 We generally account for warrants issued in connection with equity financings as a component of equity, unless there is a deemed possibility that we may have to settle the warrants in cash. For warrants issued with deemed possibility of cash settlement, we record the fair value of the issued warrants as a liability at each reporting period and record changes in the estimated fair value as a non-cash gain or loss in the Statements of Operations and Comprehensive Income (Loss). Our investment policy emphasizes liquidity and preservation of principal over other portfolio considerations. We select investments that maximize interest income to the extent possible given these two constraints. We satisfy liquidity requirements by investing excess cash in securities with different maturities to match projected cash needs and limit concentration of credit risk by diversifying our investments among a variety of high credit-quality issuers and limit the amount of credit exposure to any one issuer. The estimated fair values have been determined using available market information. We do not use derivative financial instruments in our investment portfolio. All investments with original maturities of three months or less are considered to be cash equivalents. Marketable securities, consisting primarily of high-grade debt securities, U.S. government and corporate notes and bonds, and commercial paper, are classified as available-for-sale at time of purchase and carried at fair value. If the fair value of a security is below its amortized cost and we plan to sell the security before recovering its cost, the impairment is considered to be other-than-temporary. Other-than-temporary declines in fair value of our marketable securities are charged against interest income. We had money market funds of approximately $ 7.4 13.7 Property and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful lives of the assets ranging from three to five years. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the assets. We generate revenue principally from collaborative research and development arrangements, technology licenses, and government grants. Consideration received for revenue arrangements with multiple components is allocated among the separate units of accounting based on their respective selling prices. The selling price for each unit is based on vendor-specific objective evidence, or VSOE, if available, third party evidence if VSOE is not available, or estimated selling price if neither VSOE nor third party evidence is available. The applicable revenue recognition criteria are then applied to each of the units. Revenue is recognized when the four basic criteria of revenue recognition are met: (1) a contractual agreement exists; (2) transfer of technology has been completed or services have been rendered; (3) the fee is fixed or determinable; and (4) collectability is reasonably assured. For each source of revenue, we comply with the above revenue recognition criteria in the following manner: • Technology license agreements typically consist of non-refundable upfront license fees, annual minimum access fees or royalty payments. Non-refundable upfront license fees and annual minimum payments received with separable stand-alone values are recognized when the technology is transferred or accessed, provided that the technology transferred or accessed is not dependent on the outcome of our continuing research and development efforts. • Royalties earned are based on third-party sales of licensed products and are recorded in accordance with contract terms when third-party results are reliably measurable and collectability is reasonably assured. We no longer recognize royalty income related to the Fanapt royalty payments received from Novartis (see Note 8, “Royalty Liability” for further discussion). • Government grants, which support our research efforts in specific projects, generally provide for reimbursement of approved costs as defined in the notices of grants. Grant revenue is recognized when associated project costs are incurred. • Collaborative arrangements typically consist of non-refundable and/or exclusive technology access fees, cost reimbursements for specific research and development spending, and various milestone and future product royalty payments. If the delivered technology does not have stand-alone value, the amount of revenue allocable to the delivered technology is deferred. Non-refundable upfront fees with stand-alone value that are not dependent on future performance under these agreements are recognized as revenue when received, and are deferred if we have continuing performance obligations and have no evidence of fair value of those obligations. Cost reimbursements for research and development spending are recognized when the related costs are incurred and when collections are reasonably expected. Payments received related to substantive, performance-based “at-risk” milestones are recognized as revenue upon achievement of the clinical success or regulatory event specified in the underlying contracts, which represent the culmination of the earnings process. Amounts received in advance are recorded as deferred revenue until the technology is transferred, costs are incurred, or a milestone is reached. Research and development expenses include internal and external costs. Internal costs include salaries and employment related expenses, facility costs, administrative expenses and allocations of corporate costs. External expenses consist of costs associated with outsourced clinical research organization activities, sponsored research studies, product registration, patent application and prosecution, and investigator sponsored trials. We also record accruals for estimated ongoing clinical trial costs. Clinical trial costs represent costs incurred by CROs and clinical sites. These costs are recorded as a component of research and development expenses. Under our agreements, progress payments are typically made to investigators, clinical sites and CROs. We analyze the progress of the clinical trials, including levels of patient enrollment, invoices received and contracted costs when evaluating the adequacy of accrued liabilities. Significant judgments and estimates must be made and used in determining the accrued balance in any accounting period. Actual results could differ from those estimates under different assumptions. Revisions are charged to expense in the period in which the facts that give rise to the revision become known. Basic net income (loss) per share excludes the effect of dilution and is computed by dividing net income (loss) by the weighted-average number of shares outstanding for the period. Diluted net income (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue shares were exercised into shares. In calculating diluted net income (loss) per share, the numerator is adjusted for the change in the fair value of the warrant liability (only if dilutive) and the denominator is increased to include the number of potentially dilutive common shares assumed to be outstanding during the period using the treasury stock method. Years ended December 31, (in thousands, except per share amounts) 2017 2016 2015 Numerator: Net income (loss) used for basic earnings per share $ (14,307) $ 5,135 $ (11,279) Less change in fair value of warrant liability 619 825 Net income (loss) used for diluted earnings per share $ (14,926) $ 4,310 $ (11,279) Denominator: Basic weighted-average outstanding common shares 21,203 20,744 20,053 Effect of dilutive potential common shares resulting from options 141 Effect of dilutive potential common shares resulting from warrants 25 574 Weighted-average shares outstandingdiluted 21,228 21,459 20,053 Net income (loss) per common share: Basic $ (0.67) $ 0.25 $ (0.56) Diluted $ (0.70) $ 0.20 $ (0.56) Years ended December 31, (in thousands) 2017 2016 2015 Weighted-average anti-dilutive common shares resulting from options and awards 2,355 1,286 1,346 Weighted-average anti-dilutive common shares resulting from warrants 1,220 231 3,574 1,286 1,577 Comprehensive income and loss for the periods presented is comprised solely of our net income and loss. Comprehensive loss for the year ended December 31, 2017 was $ 14.3 5.1 11.3 In July 2017, the Financial Accounting Standards Board, or FASB, issued a two-part Accounting Standards Update, or ASU, No. 2017-11, I. Accounting for Certain Financial Instruments With Down Round Features and II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests With a Scope Exception In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting 12.0 In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers The standard is effective for annual periods beginning after December 15, 2017, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASC 606 recognized at the date of adoption. We expect to adopt the standard using the modified retrospective method. We assessed the impact that the future adoption of ASC 606 will have on our financial statements by analyzing our current portfolio of customer contracts, including a review of historical accounting policies and practices to identify potential differences in the application of ASC 606. Additionally, we performed a comprehensive review of our current processes and systems to determine and implement changes required to support the adoption of ASC 606 on January 1, 2018. We do not expect the adoption of this new standard to have a material impact on our financial statements. We have evaluated events that have occurred subsequent to December 31, 2017 and through the date that the financial statements are issued. We measure the fair value of financial assets and liabilities based on authoritative guidance which defines fair value, establishes a framework consisting of three levels for measuring fair value, and requires disclosures about fair value measurements. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair value: Level 1 quoted prices in active markets for identical assets or liabilities; Level 2 quoted prices for similar assets and liabilities in active markets or inputs that are observable; Level 3 inputs that are unobservable (for example cash flow modeling inputs based on assumptions). Financial instruments, including receivables, accounts payable and accrued liabilities are carried at cost, which we believe approximates fair value due to the short-term nature of these instruments. The $ 7.4 13.7 As a result of the fair value adjustment of the warrant liabilities, during the years ended December 31, 2017 and 2016 we recorded a non-cash gain on decreases in the fair value of $ 619,000 825,000 December 31, 2017 2016 Fair value, beginning of period $ 619 $ 1,444 Change in fair value (619) (825) Fair value, end of period $ $ 619 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 2. Property and Equipment 2017 2016 Furniture and office equipment $ 388 $ 388 Leasehold improvements 408 408 Laboratory equipment 2,690 2,548 Computer equipment 1,168 1,135 4,654 4,479 Less accumulated depreciation and amortization (4,059) (3,642) Property and equipment, net $ 595 $ 837 Depreciation and amortization expense was $ 417,000 377,000 358,000 |
Research and License Agreements
Research and License Agreements | 12 Months Ended |
Dec. 31, 2017 | |
Research And License Agreements [Abstract] | |
Research And License Agreements [Text Block] | 3. Research and License Agreements We have entered into various agreements with research institutions, universities, clinical research organizations and other entities for the performance of research and development activities and for the acquisition of licenses related to those activities. Expenses under these agreements totaled approximately $ 3,000 We have no annual payment requirements to maintain our current licenses after 2015. Certain licenses provide for the payment of royalties by us on future product sales, if any. In addition, in order to maintain these licenses and other rights during product development, we must comply with various conditions including the payment of patent-related costs. |
Agreement with Sanofi-Aventis S
Agreement with Sanofi-Aventis SA | 12 Months Ended |
Dec. 31, 2017 | |
Agreement [Abstract] | |
Agreement [Text Block] | 4. Agreement with Sanofi-Aventis SA In 1997, we entered into an exclusive license agreement with Sanofi-Aventis. The agreement gave us a worldwide license to the patent rights and know-how related to the antipsychotic agent iloperidone, including the ability to develop, use, sublicense, manufacture and sell products and processes claimed in the patent rights. The license agreement provided that we pay royalties based on net sales. The underlying patent rights expired in November 2016. |
Iloperidone Sublicense
Iloperidone Sublicense | 12 Months Ended |
Dec. 31, 2017 | |
Iloperidone Sublicense [Abstract] | |
Iloperidone Sublicense [Text Block] | 5. Iloperidone Sublicense In November 1997, we granted Novartis a worldwide sublicense to iloperidone (Fanapt®) in exchange for tiered royalties on net sales ranging from 8 10 ® |
Braeburn License
Braeburn License | 12 Months Ended |
Dec. 31, 2017 | |
Braeburn License [Abstract] | |
Braeburn License [Text Block] | 6. Braeburn License In December 2012, we entered into the Agreement with Braeburn granting Braeburn exclusive commercialization rights to Probuphine in the United States and its territories, including Puerto Rico, and Canada. As part of the Agreement, we received a non-refundable up-front license fee of $ 15.75 15.0 45.0 130.0 35.0 On May 28, 2013, we entered into the Amendment to the Agreement primarily to modify certain of the termination provisions of the Agreement. The Amendment gives Braeburn the right to terminate the Agreement in the event that (A) after May 28, 2013, based on written or oral communications from or with the FDA, Braeburn reasonably determines either that the FDA will require significant development to be performed before approval of the Probuphine NDA can be given, such as, but not limited to, one or more additional controlled clinical studies with a clinical efficacy endpoint, or substantial post-approval commitments that may materially impact the product’s financial returns or that the FDA will require one or more changes in the proposed label, which change(s) Braeburn reasonably determines will materially reduce the authorized prescribed patient base, or (B) the NDA has not been approved by the FDA on or before June 30, 2014. The Amendment also provides that we will share in legal and consulting expenses in excess of a specified amount prior to approval of the NDA. On July 2, 2013, we entered into the Second Amendment to the Agreement primarily to establish and provide the parameters for a committee comprised of representatives of Titan and Braeburn responsible for and with the authority to make all decisions regarding the development and implementation of a strategic plan to seek approval from the FDA of Probuphine® for subdermal use in the maintenance treatment of adult patients with opioid dependence, including development of the strategy for all written and oral communications with the FDA. The Second Amendment also makes Braeburn the primary contact for FDA communications regarding the Probuphine NDA. On November 12, 2013, we entered into the stock purchase agreement pursuant to which Braeburn made a $ 5 15 165 35 50 We have evaluated the revenue components of the agreement, which includes multiple elements, to determine whether the components of the arrangement represent separate units of accounting. We have determined that the non-refundable, up-front license fee of $15.75 million (approximately $15.0 million, net of expenses) and our costs up to the PDUFA date to be one deliverable which will be accounted for as a single unit of accounting. This amount was recognized on a straight-line basis over the estimated period during which we expected to meet the contract deliverables. Based on our understanding of subsequent steps to be performed following the PDUFA date related to the completion of the transition of production and supply services to Braeburn, we estimated the revenue recognition period from the up-front payment to be approximately 12 1.25 18 733,000 30 304,000 15.0 Under the Agreement, we received a $ 15.0 15.0 The Agreement also provides for a development committee. The duties of the development committee are to periodically report to each other, exchange information, and confer with and review the clinical development of the product and matters pertaining to regulatory approval. The development committee has no authority to approve or direct either party to take action, approve or withhold approval for any plan, budget, timeline or strategies, amend, modify or waive compliance with the Agreement, create new obligations or alter, increase or expand, or waive compliance with the Agreement, create new obligations not specified in the Agreement, or alter, increase or expand, or waive compliance by a party with obligations under the Agreement. The development committee can be disbanded upon mutual agreement of the parties and shall automatically disband six years after the NDA transfer date. Based on the above, we have determined that participation in the development committee is perfunctory and inconsequential, and is not considered a separate deliverable in the Agreement. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 7. Commitments and Contingencies Lease Commitments We lease our facilities under an operating lease that expires in June 2021. Rent expense was $ 293,000 257,000 211,000 2018 $ 287 2019 299 2020 308 2021 155 2022 and thereafter $ 1,049 Legal Proceedings There are no ongoing legal proceedings against our company. |
Royalty Liability
Royalty Liability | 12 Months Ended |
Dec. 31, 2017 | |
Royalty Liability [Abstract] | |
Royalty Liability [Text Block] | 8. Royalty Liability On March 28, 2013, we amended the agreements with Deerfield terminating our option to repurchase the Fanapt royalty rights. As a result, we recognized a gain on the extinguishment of the royalty liability of approximately $ 9.0 |
Warrant Liability
Warrant Liability | 12 Months Ended |
Dec. 31, 2017 | |
Warrant Liability [Abstract] | |
Warrant Liability Disclosure [Text Block] | 9. Warrant Liability On March 15, 2011, in connection with the facility agreement, we issued Deerfield six-year warrants to purchase 1,090,910 8.64 6.88 Distinguishing Liabilities from Equity On February 6, 2013, the facility agreement was amended to provide that the exercise price of the Deerfield Warrants could be satisfied through a reduction in the principal amount of our outstanding indebtedness to Deerfield. In February and March 2013, Deerfield exercised all of the Deerfield Warrants resulting in a $ 7.5 On April 9, 2012, in connection with subscription agreements with certain institutional investors for the purchase and sale of 1,185,034 1,185,034 6.32 1,185,034 4.67 6.32 4.89 4.89 4.85 Distinguishing Liabilities from Equity During the year ended December 31, 2013, Series A Warrants to purchase 201,639 1,275,000 983,395 Assumption December 31, Expected price volatility 84 % Expected term (in years) 0.27 Risk-free interest rate 1.40 % Dividend yield 0.00 % Weighted-average fair value of warrants $ 0.00 In October 2014, we completed an underwritten public offering (the “2014 Offering”) of units consisting of one share of common stock and 0.75 of a warrant (“Class A Warrant”) 2,863,643 3.30 We agreed to hold a stockholders meeting no later than August 31, 2015 in order to seek stockholder approval for an amendment to our certificate of incorporation to either (i) increase the number of shares of common stock we are authorized to issue or (ii) effect a reverse split of the common stock, in either case in an amount sufficient to permit the exercise in full of the Class A Warrants in accordance with their terms. Failure to effect an increase in our authorized shares of common stock or effect a reverse split of our common stock prior to October 9, 2015 would have required us to pay liquidated damages in the aggregate amount of $ 2.5 We also agreed to issue to the underwriter warrants to purchase 114,546 3.30 At the time these warrants were issued, we did not have adequate authorized and unissued common shares to be able to satisfy the exercise of these warrants. ASC 480, Distinguishing Liabilities from Equity |
Debt Agreements
Debt Agreements | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | 10. Debt Agreements In July 2017, we entered into a venture loan and security agreement (“Loan Agreement”) with Horizon Technology Finance Corporation (“Horizon”), which provides for up to $ 10.0 7.0 3.0 • Revenue resulting from royalty payments of not less than $ 750,000 • Execution of a partnership or similar agreement for the marketing and sale of Probuphine in Europe; and • Market capitalization of not less than $ 50.0 Repayment of the loans is on an interest-only basis through December 31, 2018 46 one-month LIBOR (floor of 1.10%) plus 8.40% 5.0 In addition, if we repay all or a portion of the loan prior to the applicable maturity date, we will pay Horizon a prepayment penalty fee, based on a percentage of the then outstanding principal balance, equal to 4% if the prepayment occurs during the interest-only payment period, 3% if the prepayment occurs during the 12 months following such period, and 2% thereafter. Our obligations under the Loan Agreement are secured by a first priority security interest in all of our assets, with the exception of our intellectual property. We agreed not to pledge or otherwise encumber our intellectual property assets, subject to certain exceptions. The Loan Agreement includes customary affirmative and restrictive covenants, excluding any covenants to attain or maintain certain financial metrics, and also includes customary events of default, including for payment failures, breaches of covenants, change of control and material adverse changes. Upon the occurrence of an event of default and following any applicable cure periods, a default interest rate of an additional 5% may be applied to the outstanding loan balances In connection with the Loan Agreement, we issued Horizon seven-year warrants to purchase an aggregate of 280,612 1.96 18 Distinguishing Liabilities from Equity Assumption Date of issuance July 27, 2017 Expected price volatility 47 % Expected term (in years) 7.00 Risk-free interest rate 2.12 % Dividend yield 0.00 % Weighted-average fair value of warrants $ 1.02 The anti-dilution provisions contained in the outstanding Series A warrants were triggered by the Horizon Warrant issuance, resulting in a reduction of the exercise price of such warrants from $ 4.89 4.85 |
Guarantees and Indemnifications
Guarantees and Indemnifications | 12 Months Ended |
Dec. 31, 2017 | |
Guarantees [Abstract] | |
Guarantees [Text Block] | 11. Guarantees and Indemnifications As permitted under Delaware law and in accordance with our Bylaws, we indemnify our officers and directors for certain events or occurrences while the officer or director is or was serving at our request in such capacity. The term of the indemnification period is for the officer’s or director’s lifetime. The maximum amount of potential future indemnification is unlimited; however, we have a director and officer insurance policy that limits our exposure and may enable us to recover a portion of any future amounts paid. We believe the fair value of these indemnification agreements is minimal. Accordingly, we have not recorded any liabilities for these agreements as of December 31, 2017. In the normal course of business, we have commitments to make certain milestone payments to various clinical research organizations in connection with our clinical trial activities. Payments are contingent upon the achievement of specific milestones or events as defined in the agreements, and we have made appropriate accruals in our financial statements for those milestones that were achieved as of December 31, 2017. We also provide indemnifications of varying scope to our CROs and investigators against claims made by third parties arising from the use of our products and processes in clinical trials. Historically, costs related to these indemnification provisions were immaterial. We also maintain various liability insurance policies that limit our exposure. We are unable to estimate the maximum potential impact of these indemnification provisions on our future results of operations. |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Deficit [Abstract] | |
Stockholders Equity Note Disclosure [Text Block] | 12. Stockholders’ Equity (Deficit) Reverse Stock Split On September 29, 2015, pursuant to prior stockholder authorization, our Board effected the Reverse Split of the outstanding shares of our common stock at a ratio of one (1) share for every five and one-half (5.5) shares outstanding, so that every five and one-half (5.5) outstanding shares of common stock before the Reverse Split represents one (1) share of common stock after the Reverse Split. All share and per share amounts in the accompanying financial statements have been restated for all periods presented to give retroactive effect to the Reverse Split. The shares of common stock retained a par value of $ 0.001 Common Stock In May and June 2016, 1,072,307 2,016,075 847,569 In May and June 2016, 58,569 114,546 In October 2014, we completed the 2014 Offering. Net proceeds were approximately $ 9.6 4.89 Date Issued Expiration Date Exercise Price Outstanding 04/13/2012 04/13/2018 $ 4.85 983 10/08/2014 10/08/2020 $ 3.30 848 07/27/2017 07/27/2024 $ 1.96 281 2,112 Shares Reserved for Future Issuance Stock options outstanding 2,728 Shares issuable upon the exercise of warrants 2,112 4,840 |
Stock Plans
Stock Plans | 12 Months Ended |
Dec. 31, 2017 | |
Stock Plans [Abstract] | |
Stock Plans [Text Block] | 13. Stock Plans In August 2015, our stockholders approved the 2015 Omnibus Equity Incentive Plan, or the 2015 Plan. The 2015 Plan, as amended in August 2016, authorized a total of 2,500,000 1,504,000 In February 2014, our Board adopted the 2014 Incentive Plan, or the 2014 Plan, pursuant to which 454,546 278,925 In May 2009, we granted 111,819 56,364 4.34 48 In October 2007, we granted 79,546 13.20 48 In July 2002, we adopted the 2002 Stock Incentive Plan (“2002 Plan”). The 2002 Plan, as amended in 2005, authorized a total of approximately 1.3 100 583,758 In August 2001, we adopted the 2001 Employee Non-Qualified Stock Option Plan (“2001 NQ Plan”) pursuant to which 318,182 100 193,465 Shares or Number of Weighted Average Balance at December 31, 2014 282 1,269 $ 6.40 Increase in shares reserved 1,364 Options granted (700) 700 $ 4.46 Options expired (20) $ 13.27 Awards issued (66) $ Termination of option plan (32) $ Balance at December 31, 2015 914 1,883 $ 5.83 Increase in shares reserved 1,136 Options granted (168) 168 $ 5.10 Options exercised (8) $ 3.37 Options expired (41) $ 10.85 Balance at December 31, 2016 1,882 2,002 $ 5.67 Options granted (946) 946 $ 2.55 Options cancelled 60 (114) $ 5.27 Options expired (106) $ 13.11 Balance at December 31, 2017 996 2,728 $ 4.32 2.1 1.7 Options Outstanding Options Exercisable Range of Exercise Number Weighted Weighted Number Weighted $1.25 - $2.89 519 5.96 $ 1.42 122 $ 1.37 $2.90 - $3.95 666 8.28 $ 3.67 458 $ 3.57 $3.96 - $4.72 421 1.56 $ 4.33 420 $ 4.33 $4.73 - $5.41 588 7.99 $ 5.10 574 $ 5.10 $5.42 - $12.98 534 3.22 $ 7.07 534 $ 7.07 $1.25 - $12.98 2,728 5.75 $ 4.32 2,108 $ 4.90 Years Ended December 31, 2017 2016 2015 Weighted-average risk-free interest rate 2.13 % 1.53 % 1.88 % Expected dividend payments Expected holding period (years)(1) 5.90 6.53 6.48 Weighted-average volatility factor(2) 0.90 0.92 1.16 Estimated forfeiture rates for options granted 27 % 29 % 30 % (1) Expected holding period is based on historical experience of similar awards, giving consideration to the contractual terms of the stock-based awards, vesting schedules and the expectations of future employee behavior. (2) Weighted average volatility is based on the historical volatility of our common stock. (3) Estimated forfeiture rates are based on historical data. During the year ended December 31, 2017, options to purchase 946,000 1.91 3.10 3.67 Years Ended December 31, (in thousands, except per share amounts) 2017 2016 2015 Research and development $ 519 $ 386 $ 341 General and administrative 1,168 653 685 Total stock-based compensation expenses $ 1,687 $ 1,039 $ 1,026 Increase in basic net income (loss) per share $ (0.08) $ (0.05) $ (0.05) Increase in diluted net income (loss) per share $ (0.08) $ (0.05) $ (0.05) The following table summarizes option activity for the year ended December 31, 2017: (in thousands, except per share Shares Weighted Weighted Aggregate Outstanding at January 1, 2017 2,002 $ 5.67 5.68 $ 203 Granted 946 2.55 Cancelled (114) 5.27 Expired (106) 13.11 Outstanding at December 31, 2017 2,728 $ 4.32 5.75 $ 30 Exercisable at December 31, 2017 2,108 $ 4.90 5.34 $ 8 As of December 31, 2017, there was approximately $ 710,000 1.2 There were no outstanding stock awards at December 31, 2017. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 14. Income Taxes As of December 31, 2017, we had net operating loss carryforwards for federal income tax purposes of approximately $ 261.0 2037 8.9 2037 107.1 2033 8.8 Current federal and California tax laws include substantial restrictions on the utilization of net operating losses and tax credits in the event of an ownership change of a corporation. We have performed a change in ownership analysis through December 31, 2017 and all of our net operating loss and tax credit carryforwards are available to offset future taxable income, if any. December 31, 2017 2016 Deferred tax assets: Net operating loss carryforwards $ 62,295 $ 87,267 Research credit carryforwards 15,873 14,322 Other, net 1,705 2,637 Total deferred tax assets 79,873 104,226 Valuation allowance (79,873) (104,226) Net deferred tax assets $ $ Realization of deferred tax assets is dependent upon future earnings, if any, the timing and amount of which are uncertain. Accordingly, the net deferred tax assets have been fully offset by a valuation allowance. The valuation allowance decreased by $ 24.4 4.4 2.7 Year Ending December 31, 2017 2016 2015 Computed at 34% $ (4,832) $ 1,758 $ (3,840) State taxes (157) (187) (268) Change in valuation allowance (28,555) (4,439) 2,740 Other 388 659 (20) Revaluation of warrant liability (210) (280) 1,534 Research and development credits (250) (252) (146) Net operating loss carryforward expirations 1,007 2,741 Impact of 2017 Tax Act 32,609 Total $ $ $ We had no unrecognized tax benefits or any amounts accrued for interest and penalties for the three year period ended December 31, 2017. Our policy is to recognize interest and penalties related to income taxes as a component of income tax expense. We do not expect the amount of unrecognized tax benefits will materially change in the next twelve months. We file tax returns in the U.S. federal jurisdiction and some state jurisdictions. We are subject to the U.S. federal and state income tax examination by tax authorities for such years 1998 through 2017, due to net operating losses that are being carried forward for tax purposes. The Tax Cuts and Jobs Act (“2017 Tax Act”) was enacted in December 2017. The 2017 Tax Act, among other things, reduces the U.S. federal corporate tax rate from 35 21 32.6 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 15. Subsequent Events On February 2, 2018, we entered into an amendment to our venture loan and security agreement (the “Amendment”) with Horizon. Pursuant to the Amendment, we prepaid $ 3.0 7.0 Loan Restructure On March 21, 2018, we entered into an Amended and Restated Venture Loan and Security Agreement (the “Restated Loan Agreement”) with Horizon Technology Finance Corporation (“Horizon”) and L. Molteni &; C. Dei Frattelli Alitti Società Di Esercizio S.P.A. (“Molteni”) pursuant to which Horizon assigned approximately $ 2.4 4.0 In addition, Molteni has the right to convert its portion of the debt into shares of our common stock at a conversion price of $1.20 per share and is required to effect this conversion of debt to equity if we complete an equity financing resulting in gross proceeds of at least $10.0 million at a price per share of common stock in excess of $1.20 and repay the $1.6 million balance of Horizon’s loan amount. In connection with the Restated Loan Agreement, we issued Horizon seven-year warrants to purchase 40,000 1.20 Asset Purchase, Supply and Support Agreement On March 21, 2018, we entered into an Asset Purchase, Supply and Support Agreement (the “Purchase Agreement”) with Molteni pursuant to which Molteni acquired the European intellectual property related to Probuphine, including the Marketing Authorization Application (“MAA”) under review by the European Medicines Agency (“EMA”), and will have the exclusive right to commercialize the Probuphine product supplied by us in Europe, as well as certain countries of the Commonwealth of Independent States, the Middle East and North Africa (the “Molteni Territory”). The Purchase Agreement supersedes the previously executed term sheet that contemplated a license arrangement with respect to the intellectual property we have now sold to Molteni. We received an initial payment of € 2.0 2.4 4.5 5.5 (i) a €1.0 million milestone payment upon the issuance by the European Medical Authority (“EMA”) of the MAA and (ii) an aggregate of € 2.0 million of milestone payments upon approval of the product reimbursement price in certain key countries, provided that the payments in (i) and (ii) are subject to a 50% reduction if the EMA marketing authorization is not received on or prior to September 30, 2019 and shall not be payable in the event such authorization is not received on or prior to March 31, 2020. Additionally, we are entitled to receive earn-out payments for up to 15 years on net sales of Probuphine in the Molteni Territory ranging in percentage from the low-teens to the mid-twenties. The Agreement provides that we will supply Molteni with semi-finished product (i.e., the implant, the applicator and related technology) on an exclusive basis at a fixed price through December 31, 2019, with subsequent price increases not to exceed annual cost increases to us for active pharmaceutical ingredient and under our current manufacturing agreement. Molteni will be prohibited from marketing a Competitor Product (as defined in the Agreement) in the Territory for the five year period following approval of the MAA. Thereafter, Molteni will be required to pay us a low single digit royalty on net sales of any Competitor Product. Rights Agreement In consideration of Molteni’s entry into the Restated Loan Agreement and the Purchase Agreement, on March 21, 2018, we entered into a Rights Agreement (the “Rights Agreement”) with Molteni pursuant to which the we agreed to (i) issue Molteni seven-year warrants to purchase 540,000 1.20 |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | 16. Quarterly Financial Data (Unaudited) First Quarter Second Quarter Third Quarter Fourth Quarter (in thousands, except per share amount) 2017 Total revenue $ 40 $ 77 $ 40 $ 58 Net loss $ (3,005) $ (3,451) $ (4,191) $ (3,660) Basic net loss per share $ (0.14) $ (0.16) $ (0.20) $ (0.17) Diluted net loss per share $ (0.16) $ (0.17) $ (0.20) $ (0.17) 2016 Total revenue $ $ 15,004 $ 26 $ 35 Net income (loss) $ (1,846) $ 11,928 $ (2,620) $ (2,327) Basic net income (loss) per share $ (0.09) $ 0.58 $ (0.12) $ (0.11) Diluted net income (loss) per share $ (0.09) $ 0.55 $ (0.12) $ (0.15) |
Organization and Summary of S23
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Organization and Summary of Significant Accounting Policies [Abstract] | |
Company Policy [Policy Text Block] | The Company We are a pharmaceutical company developing proprietary therapeutics for the treatment of serious medical disorders. Our product development programs utilize our proprietary long-term drug delivery platform, ProNeura, and focus primarily on innovative treatments for select chronic diseases for which steady state delivery of a drug provides an efficacy and/or safety benefit. We are directly developing our product candidates and also utilize corporate, academic and government partnerships as appropriate. We operate in only one business segment, the development of pharmaceutical products. All share and per share amounts give retroactive effect to a 1 for 5.5 reverse stock split effected in September 2015. See Note 12 “Stockholders’ Equity Reverse Stock Split.” The accompanying financial statements have been prepared assuming we will continue as a going concern. In May 2016, the U.S. Food and Drug Administration (“FDA”) approved our Probuphine New Drug Application (“NDA”) and pursuant to our license agreement with Braeburn Pharmaceuticals, Inc. (“Braeburn”), as amended to date, we received a $ 15 At December 31, 2017, we had cash and cash equivalents of approximately $ 7.5 2.4 3.0 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Going Concern Assessment [Policy Text Block] | Going concern assessment With the implementation of FASB's standard on going concern, Accounting Standard Update, or ASU No. 2014-15, beginning with the year ended December 31, 2016 and all annual and interim periods thereafter, we will assess going concern uncertainty in our financial statements to determine if we have sufficient cash on hand and working capital, including available borrowings on loans, to operate for a period of at least one year from the date the financial statements are issued or available to be issued, which is referred to as the “look-forward period” as defined by ASU No. 2014-15. As part of this assessment, based on conditions that are known and reasonably knowable to us, we will consider various scenarios, forecasts, projections, estimates and will make certain key assumptions, including the timing and nature of projected cash expenditures or programs, and its ability to delay or curtail expenditures or programs, if necessary, among other factors. Based on this assessment, as necessary or applicable, we make certain assumptions around implementing curtailments or delays in the nature and timing of programs and expenditures to the extent we deem probable those implementations can be achieved and we have the proper authority to execute them within the look-forward period in accordance with ASU No. 2014-15. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation We recognize compensation expense using a fair-value based method, for all stock-based payments including stock options and restricted stock awards and stock issued under an employee stock purchase plan. These standards require companies to estimate the fair value of stock-based payment awards on the date of grant using an option pricing model. See Note 13 “Stock Plans,” for a discussion of our stock-based compensation plans. Our non-cash stock-based compensation expense related to employees, non-employee members of our Board and consultants totaled approximately $ 1.7 1.0 1.0 |
Warrants Issued In Connection With Equity Financing [Policy Text Block] | Warrants Issued in Connection with Equity Financing We generally account for warrants issued in connection with equity financings as a component of equity, unless there is a deemed possibility that we may have to settle the warrants in cash. For warrants issued with deemed possibility of cash settlement, we record the fair value of the issued warrants as a liability at each reporting period and record changes in the estimated fair value as a non-cash gain or loss in the Statements of Operations and Comprehensive Income (Loss). |
Cash And Cash Equivalents And Marketable Securities [Policy Text Block] | Cash, Cash Equivalents and Marketable Securities Our investment policy emphasizes liquidity and preservation of principal over other portfolio considerations. We select investments that maximize interest income to the extent possible given these two constraints. We satisfy liquidity requirements by investing excess cash in securities with different maturities to match projected cash needs and limit concentration of credit risk by diversifying our investments among a variety of high credit-quality issuers and limit the amount of credit exposure to any one issuer. The estimated fair values have been determined using available market information. We do not use derivative financial instruments in our investment portfolio. All investments with original maturities of three months or less are considered to be cash equivalents. Marketable securities, consisting primarily of high-grade debt securities, U.S. government and corporate notes and bonds, and commercial paper, are classified as available-for-sale at time of purchase and carried at fair value. If the fair value of a security is below its amortized cost and we plan to sell the security before recovering its cost, the impairment is considered to be other-than-temporary. Other-than-temporary declines in fair value of our marketable securities are charged against interest income. We had money market funds of approximately $ 7.4 13.7 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful lives of the assets ranging from three to five years. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the assets. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition We generate revenue principally from collaborative research and development arrangements, technology licenses, and government grants. Consideration received for revenue arrangements with multiple components is allocated among the separate units of accounting based on their respective selling prices. The selling price for each unit is based on vendor-specific objective evidence, or VSOE, if available, third party evidence if VSOE is not available, or estimated selling price if neither VSOE nor third party evidence is available. The applicable revenue recognition criteria are then applied to each of the units. Revenue is recognized when the four basic criteria of revenue recognition are met: (1) a contractual agreement exists; (2) transfer of technology has been completed or services have been rendered; (3) the fee is fixed or determinable; and (4) collectability is reasonably assured. For each source of revenue, we comply with the above revenue recognition criteria in the following manner: • Technology license agreements typically consist of non-refundable upfront license fees, annual minimum access fees or royalty payments. Non-refundable upfront license fees and annual minimum payments received with separable stand-alone values are recognized when the technology is transferred or accessed, provided that the technology transferred or accessed is not dependent on the outcome of our continuing research and development efforts. • Royalties earned are based on third-party sales of licensed products and are recorded in accordance with contract terms when third-party results are reliably measurable and collectability is reasonably assured. We no longer recognize royalty income related to the Fanapt royalty payments received from Novartis (see Note 8, “Royalty Liability” for further discussion). • Government grants, which support our research efforts in specific projects, generally provide for reimbursement of approved costs as defined in the notices of grants. Grant revenue is recognized when associated project costs are incurred. • Collaborative arrangements typically consist of non-refundable and/or exclusive technology access fees, cost reimbursements for specific research and development spending, and various milestone and future product royalty payments. If the delivered technology does not have stand-alone value, the amount of revenue allocable to the delivered technology is deferred. Non-refundable upfront fees with stand-alone value that are not dependent on future performance under these agreements are recognized as revenue when received, and are deferred if we have continuing performance obligations and have no evidence of fair value of those obligations. Cost reimbursements for research and development spending are recognized when the related costs are incurred and when collections are reasonably expected. Payments received related to substantive, performance-based “at-risk” milestones are recognized as revenue upon achievement of the clinical success or regulatory event specified in the underlying contracts, which represent the culmination of the earnings process. Amounts received in advance are recorded as deferred revenue until the technology is transferred, costs are incurred, or a milestone is reached. |
In Process Research and Development, Policy [Policy Text Block] | Research and Development Costs and Related Accrual Research and development expenses include internal and external costs. Internal costs include salaries and employment related expenses, facility costs, administrative expenses and allocations of corporate costs. External expenses consist of costs associated with outsourced clinical research organization activities, sponsored research studies, product registration, patent application and prosecution, and investigator sponsored trials. We also record accruals for estimated ongoing clinical trial costs. Clinical trial costs represent costs incurred by CROs and clinical sites. These costs are recorded as a component of research and development expenses. Under our agreements, progress payments are typically made to investigators, clinical sites and CROs. We analyze the progress of the clinical trials, including levels of patient enrollment, invoices received and contracted costs when evaluating the adequacy of accrued liabilities. Significant judgments and estimates must be made and used in determining the accrued balance in any accounting period. Actual results could differ from those estimates under different assumptions. Revisions are charged to expense in the period in which the facts that give rise to the revision become known. |
Earnings Per Share, Policy [Policy Text Block] | Net Income (Loss) Per Share Basic net income (loss) per share excludes the effect of dilution and is computed by dividing net income (loss) by the weighted-average number of shares outstanding for the period. Diluted net income (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue shares were exercised into shares. In calculating diluted net income (loss) per share, the numerator is adjusted for the change in the fair value of the warrant liability (only if dilutive) and the denominator is increased to include the number of potentially dilutive common shares assumed to be outstanding during the period using the treasury stock method. Years ended December 31, (in thousands, except per share amounts) 2017 2016 2015 Numerator: Net income (loss) used for basic earnings per share $ (14,307) $ 5,135 $ (11,279) Less change in fair value of warrant liability 619 825 Net income (loss) used for diluted earnings per share $ (14,926) $ 4,310 $ (11,279) Denominator: Basic weighted-average outstanding common shares 21,203 20,744 20,053 Effect of dilutive potential common shares resulting from options 141 Effect of dilutive potential common shares resulting from warrants 25 574 Weighted-average shares outstandingdiluted 21,228 21,459 20,053 Net income (loss) per common share: Basic $ (0.67) $ 0.25 $ (0.56) Diluted $ (0.70) $ 0.20 $ (0.56) Years ended December 31, (in thousands) 2017 2016 2015 Weighted-average anti-dilutive common shares resulting from options and awards 2,355 1,286 1,346 Weighted-average anti-dilutive common shares resulting from warrants 1,220 231 3,574 1,286 1,577 |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income (Loss) Comprehensive income and loss for the periods presented is comprised solely of our net income and loss. Comprehensive loss for the year ended December 31, 2017 was $ 14.3 5.1 11.3 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In July 2017, the Financial Accounting Standards Board, or FASB, issued a two-part Accounting Standards Update, or ASU, No. 2017-11, I. Accounting for Certain Financial Instruments With Down Round Features and II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests With a Scope Exception In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting 12.0 In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers The standard is effective for annual periods beginning after December 15, 2017, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASC 606 recognized at the date of adoption. We expect to adopt the standard using the modified retrospective method. We assessed the impact that the future adoption of ASC 606 will have on our financial statements by analyzing our current portfolio of customer contracts, including a review of historical accounting policies and practices to identify potential differences in the application of ASC 606. Additionally, we performed a comprehensive review of our current processes and systems to determine and implement changes required to support the adoption of ASC 606 on January 1, 2018. We do not expect the adoption of this new standard to have a material impact on our financial statements. |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events We have evaluated events that have occurred subsequent to December 31, 2017 and through the date that the financial statements are issued. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements We measure the fair value of financial assets and liabilities based on authoritative guidance which defines fair value, establishes a framework consisting of three levels for measuring fair value, and requires disclosures about fair value measurements. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair value: Level 1 quoted prices in active markets for identical assets or liabilities; Level 2 quoted prices for similar assets and liabilities in active markets or inputs that are observable; Level 3 inputs that are unobservable (for example cash flow modeling inputs based on assumptions). Financial instruments, including receivables, accounts payable and accrued liabilities are carried at cost, which we believe approximates fair value due to the short-term nature of these instruments. The $ 7.4 13.7 As a result of the fair value adjustment of the warrant liabilities, during the years ended December 31, 2017 and 2016 we recorded a non-cash gain on decreases in the fair value of $ 619,000 825,000 December 31, 2017 2016 Fair value, beginning of period $ 619 $ 1,444 Change in fair value (619) (825) Fair value, end of period $ $ 619 |
Organization and Summary of S24
Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Organization and Summary of Significant Accounting Policies [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the reconciliation of the numerator and denominator used in the computation of basic and diluted net income (loss) per common share for the years ended December 31, 2017, 2016 and 2015: Years ended December 31, (in thousands, except per share amounts) 2017 2016 2015 Numerator: Net income (loss) used for basic earnings per share $ (14,307) $ 5,135 $ (11,279) Less change in fair value of warrant liability 619 825 Net income (loss) used for diluted earnings per share $ (14,926) $ 4,310 $ (11,279) Denominator: Basic weighted-average outstanding common shares 21,203 20,744 20,053 Effect of dilutive potential common shares resulting from options 141 Effect of dilutive potential common shares resulting from warrants 25 574 Weighted-average shares outstandingdiluted 21,228 21,459 20,053 Net income (loss) per common share: Basic $ (0.67) $ 0.25 $ (0.56) Diluted $ (0.70) $ 0.20 $ (0.56) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | The table below presents common shares underlying stock options and warrants that are excluded from the calculation of the weighted average number of shares of common stock outstanding used for the calculation of diluted net income (loss) per common share. These are excluded from the calculation due to their anti-dilutive effect for the years ended December 31, 2017, 2016 and 2015: Years ended December 31, (in thousands) 2017 2016 2015 Weighted-average anti-dilutive common shares resulting from options and awards 2,355 1,286 1,346 Weighted-average anti-dilutive common shares resulting from warrants 1,220 231 3,574 1,286 1,577 |
Fair Value of Warrant Liability [Table Text Block] | The following table rolls forward the fair value of the Company’s warrant liability, the fair value of which is determined by Level 3 inputs for the years ended December 31, 2017 and 2016 (in thousands): December 31, 2017 2016 Fair value, beginning of period $ 619 $ 1,444 Change in fair value (619) (825) Fair value, end of period $ $ 619 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property and equipment consisted of the following at December 31, 2017 and 2016 (in thousands): 2017 2016 Furniture and office equipment $ 388 $ 388 Leasehold improvements 408 408 Laboratory equipment 2,690 2,548 Computer equipment 1,168 1,135 4,654 4,479 Less accumulated depreciation and amortization (4,059) (3,642) Property and equipment, net $ 595 $ 837 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | The following is a schedule of future minimum lease payments at December 31, 2017 (in thousands): 2018 $ 287 2019 299 2020 308 2021 155 2022 and thereafter $ 1,049 |
Warrant Liability (Tables)
Warrant Liability (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Series A Warrants [Member] | |
Class of Warrant or Right [Line Items] | |
Assumptions used to value the warrants [Table Text Block] | The key assumptions used to value the Series A Warrants were as follows: Assumption December 31, Expected price volatility 84 % Expected term (in years) 0.27 Risk-free interest rate 1.40 % Dividend yield 0.00 % Weighted-average fair value of warrants $ 0.00 |
Debt Agreements (Tables)
Debt Agreements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | The key assumptions used to value the Horizon Warrants were as follows: Assumption Date of issuance July 27, 2017 Expected price volatility 47 % Expected term (in years) 7.00 Risk-free interest rate 2.12 % Dividend yield 0.00 % Weighted-average fair value of warrants $ 1.02 |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Deficit [Abstract] | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | As of December 31, 2017, warrants to purchase shares of common stock consisted of the following (in thousands, except per share price): Date Issued Expiration Date Exercise Price Outstanding 04/13/2012 04/13/2018 $ 4.85 983 10/08/2014 10/08/2020 $ 3.30 848 07/27/2017 07/27/2024 $ 1.96 281 2,112 |
Schedule Of Shares Reserved For Future Issuance [Table Text Block] | As of December 31, 2017, shares of common stock reserved by us for future issuance consisted of the following (in thousands): Stock options outstanding 2,728 Shares issuable upon the exercise of warrants 2,112 4,840 |
Stock Plans (Tables)
Stock Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Stock Plans [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Activity under our stock plans, as well as non-plan activity, is summarized below (shares in thousands): Shares or Number of Weighted Average Balance at December 31, 2014 282 1,269 $ 6.40 Increase in shares reserved 1,364 Options granted (700) 700 $ 4.46 Options expired (20) $ 13.27 Awards issued (66) $ Termination of option plan (32) $ Balance at December 31, 2015 914 1,883 $ 5.83 Increase in shares reserved 1,136 Options granted (168) 168 $ 5.10 Options exercised (8) $ 3.37 Options expired (41) $ 10.85 Balance at December 31, 2016 1,882 2,002 $ 5.67 Options granted (946) 946 $ 2.55 Options cancelled 60 (114) $ 5.27 Options expired (106) $ 13.11 Balance at December 31, 2017 996 2,728 $ 4.32 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Options to purchase approximately 2.1 1.7 Options Outstanding Options Exercisable Range of Exercise Number Weighted Weighted Number Weighted $1.25 - $2.89 519 5.96 $ 1.42 122 $ 1.37 $2.90 - $3.95 666 8.28 $ 3.67 458 $ 3.57 $3.96 - $4.72 421 1.56 $ 4.33 420 $ 4.33 $4.73 - $5.41 588 7.99 $ 5.10 574 $ 5.10 $5.42 - $12.98 534 3.22 $ 7.07 534 $ 7.07 $1.25 - $12.98 2,728 5.75 $ 4.32 2,108 $ 4.90 |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | We use the Black-Scholes-Merton option-pricing model with the following assumptions to estimate the stock-based compensation expense for the years ended December 31, 2017, 2016 and 2015: Years Ended December 31, 2017 2016 2015 Weighted-average risk-free interest rate 2.13 % 1.53 % 1.88 % Expected dividend payments Expected holding period (years)(1) 5.90 6.53 6.48 Weighted-average volatility factor(2) 0.90 0.92 1.16 Estimated forfeiture rates for options granted 27 % 29 % 30 % (1) Expected holding period is based on historical experience of similar awards, giving consideration to the contractual terms of the stock-based awards, vesting schedules and the expectations of future employee behavior. (2) Weighted average volatility is based on the historical volatility of our common stock. (3) Estimated forfeiture rates are based on historical data. |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | The following table summarizes the stock-based compensation expense and impact on our basic and diluted loss per share for the years ended December 31, 2017, 2016 and 2015: Years Ended December 31, (in thousands, except per share amounts) 2017 2016 2015 Research and development $ 519 $ 386 $ 341 General and administrative 1,168 653 685 Total stock-based compensation expenses $ 1,687 $ 1,039 $ 1,026 Increase in basic net income (loss) per share $ (0.08) $ (0.05) $ (0.05) Increase in diluted net income (loss) per share $ (0.08) $ (0.05) $ (0.05) |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | The following table summarizes option activity for the year ended December 31, 2017: (in thousands, except per share Shares Weighted Weighted Aggregate Outstanding at January 1, 2017 2,002 $ 5.67 5.68 $ 203 Granted 946 2.55 Cancelled (114) 5.27 Expired (106) 13.11 Outstanding at December 31, 2017 2,728 $ 4.32 5.75 $ 30 Exercisable at December 31, 2017 2,108 $ 4.90 5.34 $ 8 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes and operating loss and credit carryforwards. Significant components of our deferred tax assets are as follows (in thousands): December 31, 2017 2016 Deferred tax assets: Net operating loss carryforwards $ 62,295 $ 87,267 Research credit carryforwards 15,873 14,322 Other, net 1,705 2,637 Total deferred tax assets 79,873 104,226 Valuation allowance (79,873) (104,226) Net deferred tax assets $ $ |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The provision for income taxes consists of state minimum taxes due. The effective tax rate of our provision (benefit) for income taxes differs from the federal statutory rate as follows (in thousands): Year Ending December 31, 2017 2016 2015 Computed at 34% $ (4,832) $ 1,758 $ (3,840) State taxes (157) (187) (268) Change in valuation allowance (28,555) (4,439) 2,740 Other 388 659 (20) Revaluation of warrant liability (210) (280) 1,534 Research and development credits (250) (252) (146) Net operating loss carryforward expirations 1,007 2,741 Impact of 2017 Tax Act 32,609 Total $ $ $ |
Quarterly Financial Data (Una32
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | First Quarter Second Quarter Third Quarter Fourth Quarter (in thousands, except per share amount) 2017 Total revenue $ 40 $ 77 $ 40 $ 58 Net loss $ (3,005) $ (3,451) $ (4,191) $ (3,660) Basic net loss per share $ (0.14) $ (0.16) $ (0.20) $ (0.17) Diluted net loss per share $ (0.16) $ (0.17) $ (0.20) $ (0.17) 2016 Total revenue $ $ 15,004 $ 26 $ 35 Net income (loss) $ (1,846) $ 11,928 $ (2,620) $ (2,327) Basic net income (loss) per share $ (0.09) $ 0.58 $ (0.12) $ (0.11) Diluted net income (loss) per share $ (0.09) $ 0.55 $ (0.12) $ (0.15) |
Organization and Summary of S33
Organization and Summary of Significant Accounting Policies (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 | |
Numerator: | |||||||||||
Net income (loss) used for basic earnings per share | $ (14,307) | $ 5,135 | $ (11,279) | ||||||||
Less change in fair value of warrant liability | 619 | 825 | (4,512) | ||||||||
Net income (loss) used for diluted earnings per share | $ (14,926) | $ 4,310 | $ (11,279) | ||||||||
Denominator: | |||||||||||
Basic weighted-average outstanding common shares | 21,203 | 20,744 | 20,053 | ||||||||
Effect of dilutive potential common shares resulting from options | 0 | 141 | 0 | ||||||||
Effect of dilutive potential common shares resulting from warrants | 25 | 574 | 0 | ||||||||
Weighted-average shares outstandingdiluted | 21,228 | 21,459 | 20,053 | ||||||||
Net income (loss) per common share: | |||||||||||
Basic | $ (0.17) | $ (0.20) | $ (0.16) | $ (0.14) | $ (0.11) | $ (0.12) | $ 0.58 | $ (0.09) | $ (0.67) | $ 0.25 | $ (0.56) |
Diluted | $ (0.17) | $ (0.20) | $ (0.17) | $ (0.16) | $ (0.15) | $ (0.12) | $ 0.55 | $ (0.09) | $ (0.7) | $ 0.2 | $ (0.56) |
Organization and Summary of S34
Organization and Summary of Significant Accounting Policies (Details 1) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,574 | 1,286 | 1,577 |
Employee Stock Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,355 | 1,286 | 1,346 |
Warrant [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,220 | 0 | 231 |
Organization and Summary of S35
Organization and Summary of Significant Accounting Policies (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Organization and Summary of Significant Accounting Policies [Line Items] | ||
Fair value, beginning of period | $ 619 | $ 1,444 |
Change in fair value | (619) | (825) |
Fair value, end of period | $ 0 | $ 619 |
Organization and Summary of S36
Organization and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2018 | Feb. 18, 2018 | May 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2016 | Dec. 31, 2014 | |
Schedule of Organization and Summary of Significant Accounting Policies [Line Items] | ||||||||
Less change in fair value of warrant liability | $ 619 | $ 825 | $ (4,512) | |||||
Share-based Compensation | 1,687 | 1,039 | 1,026 | |||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 14,300 | 5,100 | 11,300 | |||||
Revenue Recognition, Milestone Method, Revenue Recognized | $ 15,000 | |||||||
Money Market Funds, at Carrying Value | 7,400 | 13,700 | ||||||
Cash and Cash Equivalents, at Carrying Value, Total | 7,522 | 14,006 | $ 7,857 | $ 15,470 | ||||
Subsequent Event [Member] | Molteni Loan [Member] | ||||||||
Schedule of Organization and Summary of Significant Accounting Policies [Line Items] | ||||||||
Proceeds from Subordinated Short-term Debt | $ 2,400 | |||||||
Adjustments for New Accounting Pronouncement [Member] | ||||||||
Schedule of Organization and Summary of Significant Accounting Policies [Line Items] | ||||||||
Deferred Tax Assets, Unrecognized Tax Benefit | $ 12,000 | |||||||
Horizon Loan [Member] | Subsequent Event [Member] | ||||||||
Schedule of Organization and Summary of Significant Accounting Policies [Line Items] | ||||||||
Repayments of Debt | $ 3,000 | |||||||
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||
Schedule of Organization and Summary of Significant Accounting Policies [Line Items] | ||||||||
Investments, Fair Value Disclosure | $ 7,400 | $ 13,700 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 4,654 | $ 4,479 |
Less accumulated depreciation and amortization | (4,059) | (3,642) |
Property and equipment, net | 595 | 837 |
Furniture and office equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 388 | 388 |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 408 | 408 |
Laboratory equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 2,690 | 2,548 |
Computer equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 1,168 | $ 1,135 |
Property and Equipment (Detai38
Property and Equipment (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation, Depletion and Amortization | $ 417 | $ 377 | $ 358 |
Research and License Agreemen39
Research and License Agreements (Details Textual) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Research And License Agreements [Line Items] | |
Expense Incurred Under Research And License Agreements | $ 3,000 |
Iloperidone Sublicense (Details
Iloperidone Sublicense (Details Textual) | 12 Months Ended |
Dec. 31, 2017 | |
Minimum [Member] | |
Operating Leased Assets [Line Items] | |
Percentage Of Next Slab Of Annual Sales For Calculating Net Royalty | 8.00% |
Maximum [Member] | |
Operating Leased Assets [Line Items] | |
Percentage Of Next Slab Of Annual Sales For Calculating Net Royalty | 10.00% |
Braeburn License (Details Textu
Braeburn License (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Nov. 12, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2017 | Dec. 31, 2012 | |
Non Refundable up Front License Fee [Line Items] | ||||||
Additional amount received upon achievement of sales milestones | $ 15,000,000 | |||||
Additional amount in regulatory milestones | 15,000,000 | |||||
Braeburn [Member] | ||||||
Non Refundable up Front License Fee [Line Items] | ||||||
Revenues to be recognized per month for upfront payment | $ 50,000,000 | |||||
Collaborative Arrangement Co-promotion [Member] | ||||||
Non Refundable up Front License Fee [Line Items] | ||||||
Non-refundable up-front payment | $ 15,750,000 | |||||
License and services revenue | 15,000,000 | |||||
Additional amount received upon achievement of sales milestones | 165,000,000 | 130,000,000 | ||||
Additional amount in regulatory milestones | 35,000,000 | 35,000,000 | ||||
Revenues to be recognized per month for upfront payment | 15,000,000 | $ 304,000 | $ 1,250,000 | $ 733,000 | $ 15,000,000 | $ 45,000,000 |
Investment Amount, Agreed To Invest | $ 5,000,000 | |||||
Estimated Revenue Recognition Period For Up front Payment | 30 months | 12 months | 18 months |
Commitments and Contingencies42
Commitments and Contingencies (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Commitments And Contingencies [Line Items] | |
2,018 | $ 287 |
2,019 | 299 |
2,020 | 308 |
2,021 | 155 |
2022 and thereafter | 0 |
Operating Leases, Future Minimum Payments Due | $ 1,049 |
Commitments and Contingencies43
Commitments and Contingencies (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Commitments and Contingencies | |||
Operating Leases, Rent Expense | $ 293,000 | $ 257,000 | $ 211,000 |
Royalty Liability (Details Text
Royalty Liability (Details Textual) $ in Millions | 1 Months Ended |
Mar. 28, 2013USD ($) | |
Royalty Liability [Line Items] | |
Gains Losses On Extinguishment Of Royalty Liability | $ 9 |
Warrant Liability (Details)
Warrant Liability (Details) - Series A Warrants [Member] | 12 Months Ended |
Dec. 31, 2017$ / shares | |
Assumption | |
Expected price volatility | 84.00% |
Expected term (in years) | 3 months 7 days |
Risk-free interest rate | 1.40% |
Dividend yield | 0.00% |
Weighted-average fair value of warrants (in dollars per share) | $ 0 |
Warrant Liability (Details Text
Warrant Liability (Details Textual) - USD ($) | Apr. 09, 2012 | Mar. 15, 2011 | Oct. 31, 2014 | Jun. 30, 2016 | Mar. 31, 2013 | Dec. 31, 2017 | Dec. 31, 2013 | Jul. 31, 2017 | Jul. 27, 2017 | Apr. 30, 2012 |
Class of Warrant or Right [Line Items] | ||||||||||
Notional Liquidation Damages | $ 2,500,000 | |||||||||
Underwritten Public Offering, Description of Units Issued | consisting of one share of common stock and 0.75 of a warrant (Class A Warrant) | |||||||||
Institutional Investor [Member] | ||||||||||
Class of Warrant or Right [Line Items] | ||||||||||
Warrants To Purchase Common Stock Shares | 1,185,034 | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 4.67 | |||||||||
Institutional Investor [Member] | Common Stock [Member] | ||||||||||
Class of Warrant or Right [Line Items] | ||||||||||
Stock Issued During Period Shares Private Placement | 1,185,034 | |||||||||
Series A Warrants [Member] | ||||||||||
Class of Warrant or Right [Line Items] | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 4.89 | |||||||||
Class of Warrant or Right Exercised During Period | 201,639 | |||||||||
Proceeds from Warrant Exercises | $ 1,275,000 | |||||||||
Class Of Warrant Or Right Subject To Expiry | 983,395 | |||||||||
Series A Warrants [Member] | Minimum [Member] | ||||||||||
Class of Warrant or Right [Line Items] | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 4.89 | $ 4.89 | $ 4.85 | |||||||
Series A Warrants [Member] | Maximum [Member] | ||||||||||
Class of Warrant or Right [Line Items] | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 6.32 | $ 4.85 | $ 4.89 | |||||||
Series A Warrants [Member] | Institutional Investor [Member] | ||||||||||
Class of Warrant or Right [Line Items] | ||||||||||
Warrants To Purchase Common Stock Shares | 1,185,034 | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 6.32 | |||||||||
Deerfield Warrant [Member] | ||||||||||
Class of Warrant or Right [Line Items] | ||||||||||
Warrants To Purchase Common Stock Shares | 1,090,910 | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 8.64 | $ 6.88 | ||||||||
Debt Instrument, Increase (Decrease), Net, Total | $ 7,500,000 | |||||||||
Class A Warrant [Member] | ||||||||||
Class of Warrant or Right [Line Items] | ||||||||||
Warrants To Purchase Common Stock Shares | 2,863,643 | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 3.30 | |||||||||
Class of Warrant or Right Exercised During Period | 2,016,075 | |||||||||
Underwriter Warrant [Member] | ||||||||||
Class of Warrant or Right [Line Items] | ||||||||||
Warrants To Purchase Common Stock Shares | 114,546 | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 3.30 | |||||||||
Class of Warrant or Right Exercised During Period | 114,546 |
Debt Agreements (Details)
Debt Agreements (Details) - Horizon Warrants [Member] | 12 Months Ended |
Dec. 31, 2017$ / shares | |
Assumption | |
Date of issuance | Jul. 27, 2017 |
Expected price volatility | 47.00% |
Expected term (in years) | 7 years |
Risk-free interest rate | 2.12% |
Dividend yield | 0.00% |
Weighted-average fair value of warrants | $ 1.02 |
Debt Agreements (Details Textua
Debt Agreements (Details Textual) - USD ($) | 1 Months Ended | |||
Jul. 27, 2017 | Jul. 31, 2017 | Oct. 31, 2014 | Apr. 09, 2012 | |
Horizon Technology Finance Corporation [Member] | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.96 | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 280,612 | |||
Class Of Warrant Or Right Terms | 18 months | |||
Venture Loan [Member] | ||||
Debt Instrument Final Payment On Each Loan Tranchepercentage | 5.00% | |||
Venture Loan [Member] | Horizon Technology Finance Corporation [Member] | ||||
Debt Instrument, Face Amount | $ 7,000,000 | |||
Debt Instrument, Maturity Date | Dec. 31, 2018 | |||
Debt Instrument, Term | 46 years | |||
Debt Instrument, Description of Variable Rate Basis | one-month LIBOR (floor of 1.10%) plus 8.40% | |||
Debt Instrument, Payment Terms | In addition, if we repay all or a portion of the loan prior to the applicable maturity date, we will pay Horizon a prepayment penalty fee, based on a percentage of the then outstanding principal balance, equal to 4% if the prepayment occurs during the interest-only payment period, 3% if the prepayment occurs during the 12 months following such period, and 2% thereafter. | |||
Debt Instrument, Debt Default, Description of Violation or Event of Default | default interest rate of an additional 5% may be applied to the outstanding loan balances | |||
Debt Instrument Additional Face Amount | $ 3,000,000 | |||
Minimum [Member] | Horizon Technology Finance Corporation [Member] | ||||
Capitalization, Long-term Debt and Equity | 50,000,000 | |||
Royalty Revenue | 750,000 | |||
Minimum [Member] | Venture Loan [Member] | Horizon Technology Finance Corporation [Member] | ||||
Debt Instrument, Face Amount | $ 10,000,000 | |||
Series Warrants [Member] | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 4.89 | |||
Series Warrants [Member] | Maximum [Member] | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 4.89 | $ 4.85 | $ 6.32 | |
Series Warrants [Member] | Minimum [Member] | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 4.85 | $ 4.89 | $ 4.89 |
Stockholders' Equity (Deficit49
Stockholders' Equity (Deficit) (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Class of Warrant or Right | |
Outstanding | 2,112 |
Class of Warrant or Right Issued Date One [Member] | |
Class of Warrant or Right | |
Date Issued | Apr. 13, 2012 |
Expiration Date | Apr. 13, 2018 |
Exercise Price (in dollars per share) | $ / shares | $ 4.85 |
Outstanding | 983 |
Class of Warrant or Right Issued Date Two [Member] | |
Class of Warrant or Right | |
Date Issued | Oct. 8, 2014 |
Expiration Date | Oct. 8, 2020 |
Exercise Price (in dollars per share) | $ / shares | $ 3.3 |
Outstanding | 848 |
Class of Warrant or Right Issued Date Three [Member] | |
Class of Warrant or Right | |
Date Issued | Jul. 27, 2017 |
Expiration Date | Jul. 27, 2024 |
Exercise Price (in dollars per share) | $ / shares | $ 1.96 |
Outstanding | 281 |
Stockholders' Equity (Deficit50
Stockholders' Equity (Deficit) (Details 1) shares in Thousands | Dec. 31, 2017shares |
Schedule of common stock reserved for future issuance | |
Common Stock, Capital Shares Reserved for Future Issuance | 4,840 |
Shares issuable upon the exercise of warrants [Member] | |
Schedule of common stock reserved for future issuance | |
Common Stock, Capital Shares Reserved for Future Issuance | 2,112 |
Stock options outstanding [Member] | |
Schedule of common stock reserved for future issuance | |
Common Stock, Capital Shares Reserved for Future Issuance | 2,728 |
Stockholders' Equity (Deficit51
Stockholders' Equity (Deficit) (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 2 Months Ended | 12 Months Ended | |||
Sep. 29, 2015 | Oct. 31, 2014 | Jun. 30, 2016 | Dec. 31, 2013 | Dec. 31, 2017 | Dec. 31, 2016 | |
Class of Warrant or Right [Line Items] | ||||||
Underwritten Public Offering, Proceeds from Units Issued | $ 9.6 | |||||
Stockholders' Equity, Reverse Stock Split | Board effected the Reverse Split of the outstanding shares of our common stock at a ratio of one (1) share for every five and one-half (5.5) shares outstanding, so that every five and one-half (5.5) outstanding shares of common stock before the Reverse Split represents one (1) share of common stock after the Reverse Split. | |||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | ||||
Class of Warrant or Right, Outstanding | 2,112,000 | |||||
Series A Warrants [Member] | ||||||
Class of Warrant or Right [Line Items] | ||||||
Class of Warrant or Right Exercised During Period | 201,639 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 4.89 | |||||
Class A Warrant [Member] | ||||||
Class of Warrant or Right [Line Items] | ||||||
Conversion of Stock, Shares Issued | 1,072,307 | |||||
Class of Warrant or Right Exercised During Period | 2,016,075 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 3.30 | |||||
Class of Warrant or Right, Outstanding | 847,569 | |||||
Underwriter Warrant [Member] | ||||||
Class of Warrant or Right [Line Items] | ||||||
Conversion of Stock, Shares Issued | 58,569 | |||||
Class of Warrant or Right Exercised During Period | 114,546 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 3.30 |
Stock Plans (Details)
Stock Plans (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Options and Awards Outstanding at Beginning of Period | 2,002 | 1,269 | |
Number of Options and Awards Outstanding, Increase in shares reserved | 0 | 0 | |
Options granted | 946 | 168 | 700 |
Options cancelled and forfeited | (114) | ||
Options exercised | (8) | ||
Options expired | (106) | (41) | (20) |
Awards issued | (66) | ||
Number of Options and Awards Outstanding, Termination of option plan | 0 | ||
Number of Options and Awards Outstanding at End of Period | 2,728 | 2,002 | |
Weighted Average Exercise Price, Outstanding at Beginning of Period | $ 5.67 | $ 6.40 | |
Weighted Average Exercise Price, Increase in shares reserved | $ 0 | 0 | |
Weighted Average Exercise Price, Options granted | 2.55 | 5.1 | 4.46 |
Weighted Average Exercise Price, Options cancelled and forfeited | 5.27 | ||
Weighted Average Exercise Price,Options exercised | 3.37 | ||
Weighted Average Exercise Price, Options expired | 13.11 | 10.85 | 13.27 |
Weighted Average Exercise Price, Awards issued | 0 | ||
Weighted Average Exercise Price, Termination of option plan | $ 0 | ||
Weighted Average Exercise Price, Outstanding at End of Period | $ 4.32 | $ 5.67 | |
Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares or Awards Available For Grant, Balance at Beginning of Period | 1,882 | 914 | 282 |
Number of Options and Awards Outstanding at Beginning of Period | 1,883 | ||
Shares or Awards Available For Grant, Increase in shares reserved | 1,136 | 1,364 | |
Options granted | (946) | (168) | (700) |
Options cancelled and forfeited | 60 | ||
Options exercised | 0 | ||
Options expired | 0 | 0 | 0 |
Awards issued | 0 | ||
Shares or Awards Available For Grant, Termination of option plan | (32) | ||
Shares or Awards Available For Grant, Balance at End of Period | 996 | 1,882 | 914 |
Number of Options and Awards Outstanding at End of Period | 1,883 | ||
Weighted Average Exercise Price, Outstanding at Beginning of Period | $ 5.83 | ||
Weighted Average Exercise Price, Outstanding at End of Period | $ 5.83 |
Stock Plans (Details 1)
Stock Plans (Details 1) shares in Thousands | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Share based compensation shares authorized under stock option plans exercise price range | |
Number Outstanding | shares | 2,728 |
Weighted Average Remaining Life (Years) | 5 years 9 months |
Weighted Average Exercise Price | $ 4.32 |
Number Exercisable | shares | 2,108 |
Weighted Average Exercise Price | $ 4.90 |
Range From $1.25 to $2.89 [Member] | |
Share based compensation shares authorized under stock option plans exercise price range | |
Exercise Prices, Lower Limit | 1.25 |
Exercise Prices, Upper Limit | $ 2.89 |
Number Outstanding | shares | 519 |
Weighted Average Remaining Life (Years) | 5 years 11 months 16 days |
Weighted Average Exercise Price | $ 1.42 |
Number Exercisable | shares | 122 |
Weighted Average Exercise Price | $ 1.37 |
Range From $2.90 to $3.95 [Member] | |
Share based compensation shares authorized under stock option plans exercise price range | |
Exercise Prices, Lower Limit | 2.90 |
Exercise Prices, Upper Limit | $ 3.95 |
Number Outstanding | shares | 666 |
Weighted Average Remaining Life (Years) | 8 years 3 months 11 days |
Weighted Average Exercise Price | $ 3.67 |
Number Exercisable | shares | 458 |
Weighted Average Exercise Price | $ 3.57 |
Range From $3.96 to $4.72 [Member] | |
Share based compensation shares authorized under stock option plans exercise price range | |
Exercise Prices, Lower Limit | 3.96 |
Exercise Prices, Upper Limit | $ 4.75 |
Number Outstanding | shares | 421 |
Weighted Average Remaining Life (Years) | 1 year 6 months 22 days |
Weighted Average Exercise Price | $ 4.33 |
Number Exercisable | shares | 420 |
Weighted Average Exercise Price | $ 4.33 |
Range From $4.73 to $5.41 [Member] | |
Share based compensation shares authorized under stock option plans exercise price range | |
Exercise Prices, Lower Limit | 4.73 |
Exercise Prices, Upper Limit | $ 5.41 |
Number Outstanding | shares | 588 |
Weighted Average Remaining Life (Years) | 7 years 11 months 26 days |
Weighted Average Exercise Price | $ 5.10 |
Number Exercisable | shares | 574 |
Weighted Average Exercise Price | $ 5.10 |
Range From $5.42 to $12.98 [Member] | |
Share based compensation shares authorized under stock option plans exercise price range | |
Exercise Prices, Lower Limit | 5.42 |
Exercise Prices, Upper Limit | $ 12.98 |
Number Outstanding | shares | 534 |
Weighted Average Remaining Life (Years) | 3 years 2 months 19 days |
Weighted Average Exercise Price | $ 7.07 |
Number Exercisable | shares | 534 |
Weighted Average Exercise Price | $ 7.07 |
Stock Plans (Details 2)
Stock Plans (Details 2) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Share-based Goods and Nonemployee Services Transaction [Line Items] | ||||
Weighted-average risk-free interest rate | 2.13% | 1.53% | 1.88% | |
Expected dividend payments | $ 0 | $ 0 | $ 0 | |
Expected holding period (years) | [1] | 5 years 10 months 24 days | 6 years 6 months 11 days | 6 years 5 months 23 days |
Weighted-average volatility factor | [2] | 0.90% | 0.92% | 1.16% |
Estimated forfeiture rates for options granted | 27.00% | 29.00% | 30.00% | |
[1] | Expected holding period is based on historical experience of similar awards, giving consideration to the contractual terms of the stock-based awards, vesting schedules and the expectations of future employee behavior. | |||
[2] | Weighted average volatility is based on the historical volatility of our common stock. |
Stock Plans (Details 3)
Stock Plans (Details 3) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expenses | $ 1,687 | $ 1,039 | $ 1,026 |
Increase in basic net income (loss) per share (in dollars per share) | $ (0.08) | $ (0.05) | $ (0.05) |
Increase in diluted net income (loss) per share (in dollars per share) | $ (0.08) | $ (0.05) | $ (0.05) |
Research and development [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expenses | $ 519 | $ 386 | $ 341 |
General and administrative [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expenses | $ 1,168 | $ 653 | $ 685 |
Stock Plans (Details 4)
Stock Plans (Details 4) - Employee Stock Option [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Options and Awards Outstanding at Beginning of Period | 2,002 | |
Shares, Granted | 946 | |
Shares, Cancelled | (114) | |
Shares, Expired | (106) | |
Number of Options and Awards Outstanding at End of Period | 2,728 | 2,002 |
Shares, Exercisable at December 31, 2017 | 2,108 | |
Weighted Average Exercise Price, Outstanding at Beginning of Period | $ 5.67 | |
Weighted Average Exercise Price, Granted | 2.55 | |
Weighted Average Exercise Price, Cancelled | 5.27 | |
Weighted Average Exercise Price, Expired or cancelled | 13.11 | |
Weighted Average Exercise Price, Outstanding at End of Period | 4.32 | $ 5.67 |
Weighted Average Exercise Price, Exercisable at December 31, 2017 | $ 4.9 | |
Weighted Average Remaining Contractual Term, Outstanding (Years) | 5 years 9 months | 5 years 8 months 5 days |
Weighted Average Remaining Contractual Term,Exercisable at December 31, 2017 | 5 years 4 months 2 days | |
Aggregate Intrinsic Value,Outstanding at Beginning of Period | $ 203 | |
Aggregate Intrinsic Value,Outstanding at End of Period | 30 | $ 203 |
Aggregate Intrinsic Value, Exercisable at December 31, 2017 | $ 8 |
Stock Plans (Details Textual)
Stock Plans (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||
May 31, 2009 | Oct. 31, 2007 | Jul. 31, 2002 | Aug. 31, 2001 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Aug. 31, 2016 | Feb. 28, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Weighted-average period for recognizing non-vested stock option | 1 year 2 months 12 days | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 1.91 | $ 3.10 | $ 3.67 | ||||||
Employee Stock Option [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 710,000 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 2,100,000 | 1,700,000 | |||||||
2002 Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,300,000 | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award Percentage Of Fair Market Value Of Common Stock For Calculating Exercise Price | 100.00% | ||||||||
Options To Purchase Common Stock | 583,758 | ||||||||
2001 Non-Qualified Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 318,182 | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award Percentage Of Fair Market Value Of Common Stock For Calculating Exercise Price | 100.00% | ||||||||
Options To Purchase Common Stock | 193,465 | ||||||||
2015 Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,500,000 | ||||||||
Share Based Compensation Arrangement by Share Based Payment Award Options Outstanding Number | 1,504,000 | ||||||||
2014 Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 454,546 | ||||||||
Share Based Compensation Arrangement by Share Based Payment Award Options Outstanding Number | 278,925 | ||||||||
Non Qualified Option plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 4.34 | $ 13.20 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 48 months | 48 months | |||||||
Award [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 946,000 | ||||||||
Dr. Rubin [Member] | Non Qualified Option plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 111,819 | 79,546 | |||||||
Mr. Bhonsle [Member] | Non Qualified Option plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 56,364 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 62,295 | $ 87,267 |
Research credit carryforwards | 15,873 | 14,322 |
Other, net | 1,705 | 2,637 |
Total deferred tax assets | 79,873 | 104,226 |
Valuation allowance | (79,873) | (104,226) |
Net deferred tax assets | $ 0 | $ 0 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||||
Computed at 34% | $ (4,832) | $ 1,758 | $ (3,840) | |
State taxes | (157) | (187) | (268) | |
Change in valuation allowance | (28,555) | (4,439) | 2,740 | |
Other | 388 | 659 | (20) | |
Revaluation of warrant liability | (210) | (280) | 1,534 | |
Research and development credits | (250) | (252) | (146) | |
Net operating loss carryforward expirations | 1,007 | 2,741 | 0 | |
Impact of 2017 Tax Act | $ 32,600 | 32,609 | 0 | 0 |
Total | $ 0 | $ 0 | $ 0 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Line Items] | |||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 24,400 | $ 4,400 | $ 2,700 | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | ||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 32,600 | $ 32,609 | $ 0 | $ 0 | |
Scenario, Plan [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | ||||
California Franchise Tax Board [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Operating Loss Carry Forwards Expiration Year | 2,033 | ||||
Operating Loss Carryforwards | 107,100 | $ 107,100 | |||
Domestic Tax Authority [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Operating Loss Carry Forwards Expiration Year | 2,037 | ||||
Operating Loss Carryforwards | 261,000 | $ 261,000 | |||
Domestic Tax Authority [Member] | Research Tax Credit Carryforward [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Operating Loss Carry Forwards Expiration Year | 2,037 | ||||
Tax Credit Carryforward, Amount | 8,900 | $ 8,900 | |||
State and Local Jurisdiction [Member] | Research Tax Credit Carryforward [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Tax Credit Carryforward, Amount | $ 8,800 | $ 8,800 |
Subsequent Events (Details Text
Subsequent Events (Details Textual) - Subsequent Event [Member] $ / shares in Units, € in Millions, $ in Millions | Feb. 02, 2018USD ($) | Mar. 31, 2018USD ($)$ / sharesshares | Mar. 31, 2018EUR (€) | Mar. 21, 2018$ / sharesshares | Mar. 31, 2018EUR (€)shares |
Subsequent Event [Line Items] | |||||
Warrant Term | 7 years | 7 years | 7 years | ||
Potential Payments Receivable | $ 5.5 | € 4.5 | |||
Proceeds from Sale of Productive Assets | $ 2.4 | € 2 | |||
Revenue Recognition, Milestone Method, Description | (i) a 1.0 million milestone payment upon the issuance by the European Medical Authority (EMA) of the MAA and (ii) an aggregate of 2.0 million of milestone payments upon approval of the product reimbursement price in certain key countries, provided that the payments in (i) and (ii) are subject to a 50% reduction if the EMA marketing authorization is not received on or prior to September 30, 2019 and shall not be payable in the event such authorization is not received on or prior to March 31, 2020. Additionally, we are entitled to receive earn-out payments for up to 15 years on net sales of Probuphine in the Molteni Territory ranging in percentage from the low-teens to the mid-twenties. | (i) a 1.0 million milestone payment upon the issuance by the European Medical Authority (EMA) of the MAA and (ii) an aggregate of 2.0 million of milestone payments upon approval of the product reimbursement price in certain key countries, provided that the payments in (i) and (ii) are subject to a 50% reduction if the EMA marketing authorization is not received on or prior to September 30, 2019 and shall not be payable in the event such authorization is not received on or prior to March 31, 2020. Additionally, we are entitled to receive earn-out payments for up to 15 years on net sales of Probuphine in the Molteni Territory ranging in percentage from the low-teens to the mid-twenties. | |||
Warrant [Member] | |||||
Subsequent Event [Line Items] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.20 | $ 1.20 | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 40,000 | 540,000 | 40,000 | ||
Venture Loan [Member] | |||||
Subsequent Event [Line Items] | |||||
Early Repayment of Subordinated Debt | $ 3 | ||||
Long-term Debt | $ 7 | ||||
Molteni Loan [Member] | |||||
Subsequent Event [Line Items] | |||||
Long-term Debt | $ 4 | ||||
Conversion of Debt to Equity,Description | In addition, Molteni has the right to convert its portion of the debt into shares of our common stock at a conversion price of $1.20 per share and is required to effect this conversion of debt to equity if we complete an equity financing resulting in gross proceeds of at least $10.0 million at a price per share of common stock in excess of $1.20 and repay the $1.6 million balance of Horizons loan amount. | In addition, Molteni has the right to convert its portion of the debt into shares of our common stock at a conversion price of $1.20 per share and is required to effect this conversion of debt to equity if we complete an equity financing resulting in gross proceeds of at least $10.0 million at a price per share of common stock in excess of $1.20 and repay the $1.6 million balance of Horizons loan amount. | |||
Proceeds from Subordinated Short-term Debt | $ 2.4 |
Quarterly Financial Data (Una62
Quarterly Financial Data (Unaudited) (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 | |
Quarterly Financial Information [Line Items] | |||||||||||
Total revenue | $ 58 | $ 40 | $ 77 | $ 40 | $ 35 | $ 26 | $ 15,004 | $ 0 | $ 215 | $ 15,065 | $ 1,671 |
Net loss | $ (3,660) | $ (4,191) | $ (3,451) | $ (3,005) | $ (2,327) | $ (2,620) | $ 11,928 | $ (1,846) | $ (14,307) | $ 5,135 | $ (11,279) |
Basic net income (loss) per share | $ (0.17) | $ (0.20) | $ (0.16) | $ (0.14) | $ (0.11) | $ (0.12) | $ 0.58 | $ (0.09) | $ (0.67) | $ 0.25 | $ (0.56) |
Diluted net income (loss) per share | $ (0.17) | $ (0.20) | $ (0.17) | $ (0.16) | $ (0.15) | $ (0.12) | $ 0.55 | $ (0.09) | $ (0.7) | $ 0.2 | $ (0.56) |