2014 Q2 Form 10-Q Financial Statement
#000114420414028740 Filed on May 08, 2014
Income Statement
Concept | 2014 Q2 | 2014 Q1 | 2013 Q1 |
---|---|---|---|
Revenue | $8.259M | $7.462M | $3.833M |
YoY Change | 133.9% | 94.68% | -17.43% |
Cost Of Revenue | $5.102M | $3.021M | $1.712M |
YoY Change | 212.62% | 76.46% | -54.78% |
Gross Profit | $3.157M | $4.441M | $2.121M |
YoY Change | 66.25% | 109.38% | 147.78% |
Gross Profit Margin | 38.22% | 59.51% | 55.34% |
Selling, General & Admin | $5.800M | $4.300M | $2.900M |
YoY Change | 45.0% | 48.28% | -6.45% |
% of Gross Profit | 183.72% | 96.83% | 136.73% |
Research & Development | $15.20M | $14.52M | $9.256M |
YoY Change | 40.96% | 56.85% | 73.4% |
% of Gross Profit | 481.53% | 326.91% | 436.4% |
Depreciation & Amortization | $1.000M | $1.000M | $400.0K |
YoY Change | 66.67% | 150.0% | 0.0% |
% of Gross Profit | 31.68% | 22.52% | 18.86% |
Operating Expenses | $15.20M | $14.52M | $9.256M |
YoY Change | 40.96% | 56.85% | 73.4% |
Operating Profit | -$17.85M | -$14.39M | -$10.01M |
YoY Change | 38.4% | 43.78% | 33.99% |
Interest Expense | $51.00K | $52.00K | $22.00K |
YoY Change | 13.33% | 136.36% | 633.33% |
% of Operating Profit | |||
Other Income/Expense, Net | $18.00K | $0.00 | |
YoY Change | |||
Pretax Income | -$17.86M | -$13.81M | -$9.979M |
YoY Change | 41.46% | 38.39% | 36.03% |
Income Tax | $0.00 | $17.00K | |
% Of Pretax Income | |||
Net Earnings | -$17.86M | -$13.81M | -$9.996M |
YoY Change | 41.41% | 38.16% | 36.26% |
Net Earnings / Revenue | -216.3% | -185.07% | -260.79% |
Basic Earnings Per Share | |||
Diluted Earnings Per Share | -$1.642M | -$1.327M | -$1.351M |
COMMON SHARES | |||
Basic Shares Outstanding | 209.3M shares | 209.1M shares | 147.9M |
Diluted Shares Outstanding |
Balance Sheet
Concept | 2014 Q2 | 2014 Q1 | 2013 Q1 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $152.5M | $112.8M | $44.30M |
YoY Change | 275.62% | 154.63% | 114.01% |
Cash & Equivalents | $103.9M | $109.9M | $9.023M |
Short-Term Investments | $149.7M | $2.900M | $35.30M |
Other Short-Term Assets | $269.0K | $504.0K | $886.0K |
YoY Change | 1245.0% | -43.12% | 400.56% |
Inventory | |||
Prepaid Expenses | $5.116M | $4.626M | $2.167M |
Receivables | $3.719M | $4.466M | $2.602M |
Other Receivables | $0.00 | $0.00 | $0.00 |
Total Short-Term Assets | $166.6M | $128.9M | $51.72M |
YoY Change | 267.25% | 149.16% | 95.61% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $15.12M | $14.27M | $11.62M |
YoY Change | 13.54% | 22.84% | 46.14% |
Goodwill | $57.91M | $58.62M | $33.14M |
YoY Change | 74.73% | 76.88% | 0.0% |
Intangibles | $15.09M | $15.92M | |
YoY Change | |||
Long-Term Investments | $56.40M | $1.100M | |
YoY Change | |||
Other Assets | $159.0K | $159.0K | $350.0K |
YoY Change | -52.54% | -54.57% | 0.0% |
Total Long-Term Assets | $145.4M | $89.73M | $46.98M |
YoY Change | 205.74% | 90.98% | 11.34% |
TOTAL ASSETS | |||
Total Short-Term Assets | $166.6M | $128.9M | $51.72M |
Total Long-Term Assets | $145.4M | $89.73M | $46.98M |
Total Assets | $312.0M | $218.6M | $98.70M |
YoY Change | 235.77% | 121.47% | 43.81% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $4.495M | $4.018M | $2.173M |
YoY Change | 52.58% | 84.91% | -26.56% |
Accrued Expenses | $11.00M | $8.208M | $5.842M |
YoY Change | 52.26% | 40.5% | 30.46% |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Long-Term Debt Due | $900.0K | $1.000M | $400.0K |
YoY Change | 50.0% | 150.0% | |
Total Short-Term Liabilities | $17.48M | $13.72M | $9.253M |
YoY Change | 55.29% | 48.22% | 18.01% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $900.0K | $1.100M | $1.500M |
YoY Change | -52.63% | -26.67% | 275.0% |
Other Long-Term Liabilities | $1.507M | $1.562M | $10.40M |
YoY Change | -85.78% | -84.98% | 70.49% |
Total Long-Term Liabilities | $1.507M | $1.562M | $11.90M |
YoY Change | -87.94% | -86.87% | 83.08% |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $17.48M | $13.72M | $9.253M |
Total Long-Term Liabilities | $1.507M | $1.562M | $11.90M |
Total Liabilities | $30.26M | $27.54M | $21.14M |
YoY Change | 27.72% | 30.29% | 47.67% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$441.8M | -$424.0M | -$368.2M |
YoY Change | 16.03% | 15.16% | 9.25% |
Common Stock | $2.386M | $2.097M | $1.517M |
YoY Change | 55.74% | 38.23% | 23.74% |
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | $2.450M | $2.450M | $2.450M |
YoY Change | 0.0% | 0.0% | 0.0% |
Treasury Stock Shares | 455.4K shares | 455.4K shares | 455.4K shares |
Shareholders Equity | $281.7M | $191.1M | $77.57M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $312.0M | $218.6M | $98.70M |
YoY Change | 235.77% | 121.47% | 43.81% |
Cashflow Statement
Concept | 2014 Q2 | 2014 Q1 | 2013 Q1 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$17.86M | -$13.81M | -$9.996M |
YoY Change | 41.41% | 38.16% | 36.26% |
Depreciation, Depletion And Amortization | $1.000M | $1.000M | $400.0K |
YoY Change | 66.67% | 150.0% | 0.0% |
Cash From Operating Activities | -$11.00M | -$20.43M | -$10.58M |
YoY Change | 44.74% | 93.05% | 150.78% |
INVESTING ACTIVITIES | |||
Capital Expenditures | -$900.0K | -$900.0K | -$1.500M |
YoY Change | -47.06% | -40.0% | 87.5% |
Acquisitions | |||
YoY Change | |||
Other Investing Activities | -$101.8M | $10.60M | -$3.400M |
YoY Change | 6262.5% | -411.76% | 36.0% |
Cash From Investing Activities | -$102.8M | $9.701M | -$4.974M |
YoY Change | 3112.5% | -295.03% | 52.11% |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | $0.00 | $6.425M | |
YoY Change | -100.0% | -18.91% | |
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | 107.7M | $1.170M | $7.181M |
YoY Change | 2347.73% | -83.71% | -1.07% |
NET CHANGE | |||
Cash From Operating Activities | -11.00M | -$20.43M | -$10.58M |
Cash From Investing Activities | -102.8M | $9.701M | -$4.974M |
Cash From Financing Activities | 107.7M | $1.170M | $7.181M |
Net Change In Cash | -6.100M | -$9.560M | -$8.376M |
YoY Change | -4.69% | 14.14% | 3525.97% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$11.00M | -$20.43M | -$10.58M |
Capital Expenditures | -$900.0K | -$900.0K | -$1.500M |
Free Cash Flow | -$10.10M | -$19.53M | -$9.083M |
YoY Change | 71.19% | 115.03% | 165.58% |
Facts In Submission
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CY2014Q1 | us-gaap |
Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
|
16656000 | USD |
CY2014Q1 | us-gaap |
Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
|
15918000 | USD |
CY2014Q1 | us-gaap |
Goodwill Translation Adjustments
GoodwillTranslationAdjustments
|
-86000 | USD |
CY2013Q1 | us-gaap |
Goodwill Translation Adjustments
GoodwillTranslationAdjustments
|
USD | |
CY2014Q1 | us-gaap |
Government Contract Receivable Unbilled Amounts
GovernmentContractReceivableUnbilledAmounts
|
6113000 | USD |
CY2013Q4 | us-gaap |
Government Contract Receivable Unbilled Amounts
GovernmentContractReceivableUnbilledAmounts
|
4988000 | USD |
CY2014Q1 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
-13810000 | USD |
CY2013Q1 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
-9979000 | USD |
CY2014Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
USD | |
CY2013Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
17000 | USD |
CY2014Q1 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-4007000 | USD |
CY2013Q1 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-1590000 | USD |
CY2014Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
2559000 | USD |
CY2013Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
1591000 | USD |
CY2014Q1 | us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
-215000 | USD |
CY2013Q1 | us-gaap |
Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
|
703000 | USD |
CY2014Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
1516000 | USD |
CY2013Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-54000 | USD |
CY2014Q1 | us-gaap |
Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
|
-1081000 | USD |
CY2013Q1 | us-gaap |
Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
|
-769000 | USD |
CY2014Q1 | us-gaap |
Increase Decrease In Unbilled Receivables
IncreaseDecreaseInUnbilledReceivables
|
1125000 | USD |
CY2013Q1 | us-gaap |
Increase Decrease In Unbilled Receivables
IncreaseDecreaseInUnbilledReceivables
|
1000 | USD |
CY2014Q1 | us-gaap |
Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
|
15918000 | USD |
CY2013Q4 | us-gaap |
Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
|
16250000 | USD |
CY2014Q1 | us-gaap |
Interest Expense
InterestExpense
|
52000 | USD |
CY2013Q1 | us-gaap |
Interest Expense
InterestExpense
|
22000 | USD |
CY2014Q1 | us-gaap |
Interest Paid
InterestPaid
|
52000 | USD |
CY2013Q1 | us-gaap |
Interest Paid
InterestPaid
|
20000 | USD |
CY2014Q1 | us-gaap |
Investment Income Net
InvestmentIncomeNet
|
12000 | USD |
CY2013Q1 | us-gaap |
Investment Income Net
InvestmentIncomeNet
|
48000 | USD |
CY2014Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-20431000 | USD |
CY2013Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-10583000 | USD |
CY2014Q1 | us-gaap |
Liabilities
Liabilities
|
27539000 | USD |
CY2013Q4 | us-gaap |
Liabilities
Liabilities
|
31891000 | USD |
CY2014Q1 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
218599000 | USD |
CY2013Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
235125000 | USD |
CY2014Q1 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
13715000 | USD |
CY2013Q4 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
18122000 | USD |
CY2014Q1 | us-gaap |
Long Term Notes Payable
LongTermNotesPayable
|
861000 | USD |
CY2013Q4 | us-gaap |
Long Term Notes Payable
LongTermNotesPayable
|
1004000 | USD |
CY2014Q1 | us-gaap |
Marketable Securities Realized Gain Loss
MarketableSecuritiesRealizedGainLoss
|
615000 | USD |
CY2013Q1 | us-gaap |
Marketable Securities Realized Gain Loss
MarketableSecuritiesRealizedGainLoss
|
USD | |
CY2014Q1 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="FONT: bold 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0in; font-size-adjust: none; font-stretch: normal"> Note 1 - Organization</p> <p style="FONT: bold 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0in; font-size-adjust: none; font-stretch: normal"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in; font-size-adjust: none; font-stretch: normal"> Novavax, Inc. ("Novavax," and together with its subsidiary, "Novavax AB," the "Company") is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of recombinant nanoparticle vaccines and adjuvants. The Company's product pipeline targets a variety of infectious diseases with vaccine candidates currently in clinical development for seasonal influenza, pandemic influenza and respiratory syncytial virus ("RSV").</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in; font-size-adjust: none; font-stretch: normal"> </p> <!--EndFragment--></div> </div> | |
CY2014Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
1170000 | USD |
CY2013Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
7181000 | USD |
CY2014Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
9701000 | USD |
CY2013Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-4974000 | USD |
CY2014Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-13810000 | USD |
CY2013Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-9996000 | USD |
CY2014Q1 | us-gaap |
Notes Payable Current
NotesPayableCurrent
|
852000 | USD |
CY2013Q4 | us-gaap |
Notes Payable Current
NotesPayableCurrent
|
877000 | USD |
CY2013Q4 | us-gaap |
Other Assets Current
OtherAssetsCurrent
|
573000 | USD |
CY2014Q1 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
159000 | USD |
CY2013Q4 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
159000 | USD |
CY2014Q1 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.01 | |
CY2013Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.01 | |
CY2014Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
2000000 | shares |
CY2013Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
2000000 | shares |
CY2014Q1 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
CY2013Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
CY2014Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-14385000 | USD |
CY2013Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-10005000 | USD |
CY2014Q1 | us-gaap |
Other Assets Current
OtherAssetsCurrent
|
504000 | USD |
CY2014Q1 | us-gaap |
Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
|
-133000 | USD |
CY2013Q1 | us-gaap |
Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
|
USD | |
CY2014Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
-749000 | USD |
CY2013Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
39000 | USD |
CY2014Q1 | us-gaap |
Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
|
615000 | USD |
CY2013Q1 | us-gaap |
Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
|
USD | |
CY2014Q1 | us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
|
-1000 | USD |
CY2013Q1 | us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
|
39000 | USD |
CY2014Q1 | us-gaap |
Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
|
1562000 | USD |
CY2013Q4 | us-gaap |
Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
|
1568000 | USD |
CY2014Q1 | us-gaap |
Other Noncash Income Expense
OtherNoncashIncomeExpense
|
-213000 | USD |
CY2013Q1 | us-gaap |
Other Noncash Income Expense
OtherNoncashIncomeExpense
|
-240000 | USD |
CY2013Q1 | us-gaap |
Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
|
200000 | USD |
CY2014Q1 | us-gaap |
Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
|
USD | |
CY2013Q1 | us-gaap |
Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
|
8718000 | USD |
CY2013Q3 | us-gaap |
Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
|
22000000 | USD |
CY2014Q1 | us-gaap |
Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
|
889000 | USD |
CY2013Q1 | us-gaap |
Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
|
1542000 | USD |
CY2014Q1 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
CY2013Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
CY2014Q1 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
USD | |
CY2013Q4 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
USD | |
CY2014Q1 | us-gaap |
Prepaid Expense Current
PrepaidExpenseCurrent
|
4626000 | USD |
CY2013Q4 | us-gaap |
Prepaid Expense Current
PrepaidExpenseCurrent
|
3044000 | USD |
CY2014Q1 | us-gaap |
Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
|
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; font-size-adjust: none; font-stretch: normal"> <strong><em>Reclassification</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in; font-size-adjust: none; font-stretch: normal"> <strong> </strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in; font-size-adjust: none; font-stretch: normal"> In its Quarterly Report on Form 10-Q for the period ended March 31, 2013, the Company had recorded $0.2 million of patent costs within research and development expenses for the three months ended March 31, 2013. The Company subsequently determined that patent costs should be a general and administrative expense and these costs have been shown as a general and administrative expense for the period.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in; font-size-adjust: none; font-stretch: normal"> </p> <!--EndFragment--></div> </div> | |
CY2014Q1 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
USD | |
CY2013Q1 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
6425000 | USD |
CY2014Q1 | us-gaap |
Proceeds From Notes Payable
ProceedsFromNotesPayable
|
USD | |
CY2013Q1 | us-gaap |
Proceeds From Notes Payable
ProceedsFromNotesPayable
|
809000 | USD |
CY2014Q1 | us-gaap |
Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
|
-168000 | USD |
CY2013Q1 | us-gaap |
Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
|
-39000 | USD |
CY2014Q1 | us-gaap |
Proceeds From Repayments Of Restricted Cash Financing Activities
ProceedsFromRepaymentsOfRestrictedCashFinancingActivities
|
-1000 | USD |
CY2013Q1 | us-gaap |
Proceeds From Repayments Of Restricted Cash Financing Activities
ProceedsFromRepaymentsOfRestrictedCashFinancingActivities
|
-1000 | USD |
CY2014Q1 | us-gaap |
Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
|
10590000 | USD |
CY2013Q1 | us-gaap |
Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
|
5235000 | USD |
CY2014Q1 | us-gaap |
Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
|
USD | |
CY2013Q1 | us-gaap |
Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
|
51000 | USD |
CY2014Q1 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
1345000 | USD |
CY2013Q1 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
1000 | USD |
CY2014Q1 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
14270000 | USD |
CY2013Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
14251000 | USD |
CY2014Q1 | us-gaap |
Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
|
6000 | USD |
CY2013Q1 | us-gaap |
Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
|
14000 | USD |
CY2014Q1 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
14518000 | USD |
CY2013Q1 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
9256000 | USD |
CY2014Q1 | us-gaap |
Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
|
336000 | USD |
CY2013Q4 | us-gaap |
Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
|
1417000 | USD |
CY2014Q1 | us-gaap |
Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
|
758000 | USD |
CY2013Q4 | us-gaap |
Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
|
757000 | USD |
CY2014Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-423956000 | USD |
CY2013Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-410146000 | USD |
CY2014Q1 | us-gaap |
Revenues
Revenues
|
7462000 | USD |
CY2013Q1 | us-gaap |
Revenues
Revenues
|
3833000 | USD |
CY2013Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
|
16667 | shares |
CY2014Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
|
1.39 | |
CY2013Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
|
1.39 | |
CY2014Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
|
shares | |
CY2013Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
|
0.6923 | pure |
CY2014Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
|
0.0222 | pure |
CY2013Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
|
0.0134 | pure |
CY2014Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1040000 | USD |
CY2013Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
483000 | USD |
CY2014Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
|
shares | |
CY2014Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
|
||
CY2014Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
|
shares | |
CY2014Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
||
CY2014Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
|
16667 | shares |
CY2014Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
|
||
CY2014Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0 | pure |
CY2013Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0 | pure |
CY2014Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
|
0.6793 | pure |
CY2013Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
|
0.7372 | pure |
CY2014Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
|
0.5247 | pure |
CY2013Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
|
0.0062 | pure |
CY2014Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
|
0.0124 | pure |
CY2014Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
2.63 | |
CY2013Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
1.00 | |
CY2014Q1 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
208927 | shares |
CY2013Q1 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
148448 | shares |
CY2014Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
|
P6Y6M | |
CY2014Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
|
1400000 | USD |
CY2013Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
|
100000 | USD |
CY2014Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
|
30300000 | USD |
CY2014Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P8Y1M6D | |
CY2014Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
191060000 | USD |
CY2013Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
203234000 | USD |
CY2014Q1 | us-gaap |
Treasury Stock Shares
TreasuryStockShares
|
455430 | shares |
CY2013Q4 | us-gaap |
Treasury Stock Shares
TreasuryStockShares
|
455430 | shares |
CY2014Q1 | us-gaap |
Treasury Stock Value
TreasuryStockValue
|
2450000 | USD |
CY2013Q4 | us-gaap |
Treasury Stock Value
TreasuryStockValue
|
2450000 | USD |
CY2014Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; font-size-adjust: none; font-stretch: normal"> <strong><em>Use of Estimates</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; font-size-adjust: none; font-stretch: normal"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in; font-size-adjust: none; font-stretch: normal"> The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from these estimates.</p> <!--EndFragment--></div> </div> |