2013 Q4 Form 10-K Financial Statement

#000162828015001461 Filed on March 04, 2015

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2013 Q2
Revenue $309.0K $158.0K $75.00K
YoY Change 157.5%
Cost Of Revenue $0.00
YoY Change
Gross Profit $310.0K
YoY Change 158.33%
Gross Profit Margin 100.32%
Selling, General & Admin $3.000M $2.142M $3.641M
YoY Change 86.34%
% of Gross Profit 967.74%
Research & Development $6.240M $6.284M $7.782M
YoY Change -63.03%
% of Gross Profit 2012.9%
Depreciation & Amortization $490.0K $400.0K $400.0K
YoY Change 8.89% -55.06%
% of Gross Profit 158.06%
Operating Expenses $9.240M $8.426M $11.42M
YoY Change -50.03%
Operating Profit -$8.930M -$8.268M -$11.35M
YoY Change -51.39%
Interest Expense -$160.0K $351.0K $490.0K
YoY Change -102.13%
% of Operating Profit
Other Income/Expense, Net -$990.0K -$38.00K -$4.000K
YoY Change 4850.0%
Pretax Income -$10.08M -$8.880M -$11.83M
YoY Change -7.52%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$10.08M -$8.879M -$11.83M
YoY Change -7.5%
Net Earnings / Revenue -3263.11% -5619.62% -15772.0%
Basic Earnings Per Share -$53.63 -$55.90 -$75.25
Diluted Earnings Per Share -$47.11 -$55.90 -$75.25
COMMON SHARES
Basic Shares Outstanding 228.8K shares 209.3K shares
Diluted Shares Outstanding 228.8K shares 209.3K shares

Balance Sheet

Concept 2013 Q4 2013 Q3 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.900M $1.900M
YoY Change
Cash & Equivalents $3.914M $1.909M $10.93M
Short-Term Investments
Other Short-Term Assets $69.00K $1.100M
YoY Change
Inventory
Prepaid Expenses $531.0K
Receivables $225.0K
Other Receivables
Total Short-Term Assets $4.814M $3.000M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $14.32M $13.10M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.006M $2.800M
YoY Change
Total Long-Term Assets $17.83M $15.90M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $4.814M $3.000M
Total Long-Term Assets $17.83M $15.90M
Total Assets $22.65M $18.90M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.526M $10.10M
YoY Change
Accrued Expenses $4.161M $4.900M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $22.90M $8.300M
YoY Change
Total Short-Term Liabilities $47.56M $31.70M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $3.900M $6.300M
YoY Change
Other Long-Term Liabilities $4.800M $4.700M
YoY Change
Total Long-Term Liabilities $8.700M $11.00M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $47.56M $31.70M
Total Long-Term Liabilities $8.700M $11.00M
Total Liabilities $56.21M $42.60M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$195.9M
YoY Change
Common Stock $38.33M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$157.5M -$23.70M
YoY Change
Total Liabilities & Shareholders Equity $22.65M $18.90M
YoY Change

Cashflow Statement

Concept 2013 Q4 2013 Q3 2013 Q2
OPERATING ACTIVITIES
Net Income -$10.08M -$8.879M -$11.83M
YoY Change -7.5%
Depreciation, Depletion And Amortization $490.0K $400.0K $400.0K
YoY Change 8.89% -55.06%
Cash From Operating Activities -$13.98M -$6.470M -$20.73M
YoY Change -9.04% -61.35%
INVESTING ACTIVITIES
Capital Expenditures -$3.810M -$350.0K -$1.990M
YoY Change 12600.0% 66.67%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities -$3.800M -$360.0K -$1.990M
YoY Change 12566.67% 80.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 19.79M -2.190M 6.730M
YoY Change 91.02% -161.86%
NET CHANGE
Cash From Operating Activities -13.98M -6.470M -20.73M
Cash From Investing Activities -3.800M -360.0K -1.990M
Cash From Financing Activities 19.79M -2.190M 6.730M
Net Change In Cash 2.010M -9.020M -15.99M
YoY Change -139.88% -32.69%
FREE CASH FLOW
Cash From Operating Activities -$13.98M -$6.470M -$20.73M
Capital Expenditures -$3.810M -$350.0K -$1.990M
Free Cash Flow -$10.17M -$6.120M -$18.74M
YoY Change -33.7% -62.98%

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CY2014Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2013Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
9837134 shares
CY2014Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
606457 shares
CY2013Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2014Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2013Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
224000000 shares
CY2014Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
95000000 shares
CY2013Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
260789 shares
CY2014Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
23774465 shares
CY2013Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
260789 shares
CY2014Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
23774465 shares
CY2013Q4 us-gaap Common Stock Value
CommonStockValue
0 USD
CY2014Q4 us-gaap Common Stock Value
CommonStockValue
24000 USD
CY2013 us-gaap Construction In Progress Expenditures Incurred But Not Yet Paid
ConstructionInProgressExpendituresIncurredButNotYetPaid
1800000 USD
CY2014 us-gaap Construction In Progress Expenditures Incurred But Not Yet Paid
ConstructionInProgressExpendituresIncurredButNotYetPaid
500000 USD
CY2012 us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
0 USD
CY2013 us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
0 USD
CY2014 us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
123982000 USD
CY2012 us-gaap Conversion Of Stock Amount Issued1
ConversionOfStockAmountIssued1
0 USD
CY2013 us-gaap Conversion Of Stock Amount Issued1
ConversionOfStockAmountIssued1
74894000 USD
CY2014 us-gaap Conversion Of Stock Amount Issued1
ConversionOfStockAmountIssued1
0 USD
CY2013Q4 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
12157000 USD
CY2014Q4 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
0 USD
CY2014Q1 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
1 shares
CY2012 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
0 USD
CY2013 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
0 USD
CY2014 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
1095000 USD
CY2012 us-gaap Debt Conversion Original Debt Amount1
DebtConversionOriginalDebtAmount1
0 USD
CY2013 us-gaap Debt Conversion Original Debt Amount1
DebtConversionOriginalDebtAmount1
0 USD
CY2014 us-gaap Debt Conversion Original Debt Amount1
DebtConversionOriginalDebtAmount1
26206000 USD
CY2014Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
6000 USD
CY2013Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
2438000 USD
CY2014Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
0 USD
CY2013Q4 us-gaap Deferred Rent Credit Noncurrent
DeferredRentCreditNoncurrent
3176000 USD
CY2014Q4 us-gaap Deferred Rent Credit Noncurrent
DeferredRentCreditNoncurrent
3725000 USD
CY2014Q4 us-gaap Deferred Revenue
DeferredRevenue
300000 USD
CY2013Q4 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
83000 USD
CY2014Q4 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
0 USD
CY2013Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0 USD
CY2014Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0 USD
CY2013Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
2438000 USD
CY2014Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0 USD
CY2013Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
78169000 USD
CY2014Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
93260000 USD
CY2013Q4 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
1610000 USD
CY2014Q4 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
1541000 USD
CY2012 us-gaap Depreciation
Depreciation
1777000 USD
CY2013 us-gaap Depreciation
Depreciation
1881000 USD
CY2013Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
5760000 USD
CY2014Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
2623000 USD
CY2013Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
86000 USD
CY2014Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
1602000 USD
CY2013Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
1854000 USD
CY2014Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
2458000 USD
CY2013Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
85488000 USD
CY2014Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
101714000 USD
CY2013Q4 us-gaap Deferred Tax Liabilities Financing Arrangements
DeferredTaxLiabilitiesFinancingArrangements
2438000 USD
CY2014Q4 us-gaap Deferred Tax Liabilities Financing Arrangements
DeferredTaxLiabilitiesFinancingArrangements
0 USD
CY2014 us-gaap Depreciation
Depreciation
2051000 USD
CY2013 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
50000 USD
CY2014 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-300000 USD
CY2014Q1 us-gaap Derivative Instruments Not Designated As Hedging Instruments Liability At Fair Value
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsLiabilityAtFairValue
7100000 USD
CY2013Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
4890000 USD
CY2014Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
0 USD
CY2013 us-gaap Dilutive Securities
DilutiveSecurities
825000 USD
CY2014 us-gaap Dilutive Securities
DilutiveSecurities
USD
CY2012 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-290.48
CY2013Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
25.54
CY2013Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-75.25
CY2013Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-55.90
CY2013Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-53.63
CY2013 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.17
CY2014Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.93
CY2014Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.69
CY2014Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.60
CY2014Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.60
CY2014 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-3.24
CY2012 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-290.48
CY2013Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
21.00
CY2013Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-75.25
CY2013Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-55.90
CY2013Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-47.11
CY2013 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.05
CY2014Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.93
CY2014Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.69
CY2014Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.60
CY2014Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.60
CY2014 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-3.24
CY2013Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
689000 USD
CY2014Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2088000 USD
CY2012 us-gaap Extinguishment Of Debt Amount
ExtinguishmentOfDebtAmount
0 USD
CY2013 us-gaap Extinguishment Of Debt Amount
ExtinguishmentOfDebtAmount
32008000 USD
CY2014 us-gaap Extinguishment Of Debt Amount
ExtinguishmentOfDebtAmount
0 USD
CY2012 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
0 USD
CY2013 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
621000 USD
CY2014 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
2151000 USD
CY2014Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
166038000 USD
CY2012 us-gaap Financing Interest Expense
FinancingInterestExpense
0 USD
CY2013 us-gaap Financing Interest Expense
FinancingInterestExpense
0 USD
CY2014 us-gaap Financing Interest Expense
FinancingInterestExpense
28000 USD
CY2012 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
13860000 USD
CY2013 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
2660000 USD
CY2014 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
4032000 USD
CY2012 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 USD
CY2013 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 USD
CY2014 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-8331000 USD
CY2012 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 USD
CY2013 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 USD
CY2014 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 USD
CY2012 us-gaap Income Tax Expense Benefit Continuing Operations Discontinued Operations Extraordinary Items
IncomeTaxExpenseBenefitContinuingOperationsDiscontinuedOperationsExtraordinaryItems
0 USD
CY2013 us-gaap Income Tax Expense Benefit Continuing Operations Discontinued Operations Extraordinary Items
IncomeTaxExpenseBenefitContinuingOperationsDiscontinuedOperationsExtraordinaryItems
0 USD
CY2014 us-gaap Income Tax Expense Benefit Continuing Operations Discontinued Operations Extraordinary Items
IncomeTaxExpenseBenefitContinuingOperationsDiscontinuedOperationsExtraordinaryItems
3000 USD
CY2012 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
14465000 USD
CY2013 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
10522000 USD
CY2014 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
16226000 USD
CY2012 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-19808000 USD
CY2012 us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
197000 USD
CY2013 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-17832000 USD
CY2014 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-21392000 USD
CY2012 us-gaap Income Tax Reconciliation Nondeductible Expense Amortization
IncomeTaxReconciliationNondeductibleExpenseAmortization
0 USD
CY2013 us-gaap Income Tax Reconciliation Nondeductible Expense Amortization
IncomeTaxReconciliationNondeductibleExpenseAmortization
2888000 USD
CY2014 us-gaap Income Tax Reconciliation Nondeductible Expense Amortization
IncomeTaxReconciliationNondeductibleExpenseAmortization
756000 USD
CY2012 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
51000 USD
CY2013 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
284000 USD
CY2014 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
537000 USD
CY2012 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-3398000 USD
CY2013 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
849000 USD
CY2014 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
79000 USD
CY2013 us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
642000 USD
CY2014 us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
-3137000 USD
CY2012 us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
1028000 USD
CY2013 us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
3193000 USD
CY2014 us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
-3399000 USD
CY2012 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
2976000 USD
CY2013 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-3915000 USD
CY2014 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
2394000 USD
CY2012 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-10500000 USD
CY2013 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
83000 USD
CY2014 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-83000 USD
CY2012 us-gaap Increase Decrease In Derivative Liabilities
IncreaseDecreaseInDerivativeLiabilities
0 USD
CY2013 us-gaap Increase Decrease In Derivative Liabilities
IncreaseDecreaseInDerivativeLiabilities
-6927000 USD
CY2014 us-gaap Increase Decrease In Derivative Liabilities
IncreaseDecreaseInDerivativeLiabilities
-7073000 USD
CY2012 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-257000 USD
CY2013 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
2770000 USD
CY2014 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
1621000 USD
CY2012 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1125000 USD
CY2013 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-422000 USD
CY2014 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
999000 USD
CY2012 us-gaap Increase Decrease In Prepaid Rent
IncreaseDecreaseInPrepaidRent
-238000 USD
CY2013 us-gaap Increase Decrease In Prepaid Rent
IncreaseDecreaseInPrepaidRent
-133000 USD
CY2014 us-gaap Increase Decrease In Prepaid Rent
IncreaseDecreaseInPrepaidRent
-549000 USD
CY2012 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-75000 USD
CY2013 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-75000 USD
CY2014 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-75000 USD
CY2012 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
CY2013 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
641275 shares
CY2014 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
CY2012 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2013 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
167655 shares
CY2014 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2012 us-gaap Interest Expense
InterestExpense
28959000 USD
CY2013 us-gaap Interest Expense
InterestExpense
15164000 USD
CY2014 us-gaap Interest Expense
InterestExpense
10672000 USD
CY2012 us-gaap Interest Expense Debt
InterestExpenseDebt
0 USD
CY2013Q4 us-gaap Interest Payable Current
InterestPayableCurrent
478000 USD
CY2014Q4 us-gaap Interest Payable Current
InterestPayableCurrent
23000 USD
CY2012 us-gaap Investment Income Nonoperating
InvestmentIncomeNonoperating
7000 USD
CY2013 us-gaap Investment Income Nonoperating
InvestmentIncomeNonoperating
2000 USD
CY2014 us-gaap Investment Income Nonoperating
InvestmentIncomeNonoperating
44000 USD
CY2013 us-gaap Interest Expense Debt
InterestExpenseDebt
273000 USD
CY2014 us-gaap Interest Expense Debt
InterestExpenseDebt
271000 USD
CY2012 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
2302000 USD
CY2013 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
1590000 USD
CY2014 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
1182000 USD
CY2012 us-gaap Interest Paid
InterestPaid
2302000 USD
CY2013 us-gaap Interest Paid
InterestPaid
1590000 USD
CY2014 us-gaap Interest Paid
InterestPaid
1182000 USD
CY2012 us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
0 USD
CY2013 us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
0 USD
CY2014 us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
379000 USD
CY2014Q1 us-gaap Lessee Leasing Arrangements Operating Leases Renewal Term
LesseeLeasingArrangementsOperatingLeasesRenewalTerm
P36M
CY2014Q1 us-gaap Lessee Leasing Arrangements Operating Leases Term Of Contract
LesseeLeasingArrangementsOperatingLeasesTermOfContract
P15Y
CY2013Q4 us-gaap Liabilities
Liabilities
56212000 USD
CY2014Q4 us-gaap Liabilities
Liabilities
16100000 USD
CY2013Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
22645000 USD
CY2014Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
192469000 USD
CY2013Q4 us-gaap Liabilities Current
LiabilitiesCurrent
47561000 USD
CY2014Q4 us-gaap Liabilities Current
LiabilitiesCurrent
10236000 USD
CY2014Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
2641000 USD
CY2013Q4 us-gaap Long Term Notes Payable
LongTermNotesPayable
2632000 USD
CY2014Q4 us-gaap Long Term Notes Payable
LongTermNotesPayable
0 USD
CY2012 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
13620000 USD
CY2013 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
53991000 USD
CY2014 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
229091000 USD
CY2012 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-244000 USD
CY2013 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-6402000 USD
CY2014 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-6900000 USD
CY2012 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-38914000 USD
CY2013 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-47758000 USD
CY2014 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-55073000 USD
CY2012 us-gaap Net Income Loss
NetIncomeLoss
-58259000 USD
CY2013Q1 us-gaap Net Income Loss
NetIncomeLoss
-21657000 USD
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
-11829000 USD
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
-8879000 USD
CY2013Q4 us-gaap Net Income Loss
NetIncomeLoss
-10083000 USD
CY2013 us-gaap Net Income Loss
NetIncomeLoss
-52448000 USD
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
-21426000 USD
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
-13302000 USD
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
-13977000 USD
CY2014Q4 us-gaap Net Income Loss
NetIncomeLoss
-14212000 USD
CY2014 us-gaap Net Income Loss
NetIncomeLoss
-62917000 USD
CY2012 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-58259000 USD
CY2013Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
5216000 USD
CY2013Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-15750000 USD
CY2013Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-12789000 USD
CY2013Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-13987000 USD
CY2013 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
258000 USD
CY2014Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-21426000 USD
CY2014Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-13302000 USD
CY2014Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-13977000 USD
CY2014Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-14212000 USD
CY2014 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-62917000 USD
CY2012 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-58259000 USD
CY2013Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
13307000 USD
CY2013Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-15750000 USD
CY2013Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-12789000 USD
CY2013Q4 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-13987000 USD
CY2013 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
1083000 USD
CY2014Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-21426000 USD
CY2014Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-13302000 USD
CY2014Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-13977000 USD
CY2014Q4 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-14212000 USD
CY2014 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-62917000 USD
CY2012 us-gaap Noncash Or Part Noncash Acquisition Net Nonmonetary Assets Acquired Liabilities Assumed1
NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1
0 USD
CY2013 us-gaap Noncash Or Part Noncash Acquisition Net Nonmonetary Assets Acquired Liabilities Assumed1
NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1
2285000 USD
CY2014 us-gaap Noncash Or Part Noncash Acquisition Net Nonmonetary Assets Acquired Liabilities Assumed1
NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1
1348000 USD
CY2012 us-gaap Notes Assumed1
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2255000 USD
CY2013 us-gaap Notes Assumed1
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CY2014 us-gaap Notes Assumed1
NotesAssumed1
1050000 USD
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CY2013 us-gaap Operating Expenses
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38842000 USD
CY2014 us-gaap Operating Expenses
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-43186000 USD
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5222000 USD
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4400000 USD
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2002-06-30
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CY2014 us-gaap Other Nonoperating Income Expense
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0 USD
CY2013 us-gaap Payments For Repurchase Of Warrants
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0 USD
CY2014 us-gaap Payments For Repurchase Of Warrants
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1438000 USD
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132000 USD
CY2014 us-gaap Payments Of Stock Issuance Costs
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9000000 USD
CY2012 us-gaap Payments To Acquire Property Plant And Equipment
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319000 USD
CY2013 us-gaap Payments To Acquire Property Plant And Equipment
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6477000 USD
CY2014 us-gaap Payments To Acquire Property Plant And Equipment
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6975000 USD
CY2013Q4 us-gaap Prepaid Expense And Other Assets Current
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825000 USD
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1624000 USD
CY2013Q4 us-gaap Prepaid Expense Current
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531000 USD
CY2014Q4 us-gaap Prepaid Expense Current
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1085000 USD
CY2013Q4 us-gaap Prepaid Expense Noncurrent
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0 USD
CY2014Q4 us-gaap Prepaid Expense Noncurrent
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29000 USD
CY2012 us-gaap Proceeds From Issuance Initial Public Offering
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0 USD
CY2013 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
0 USD
CY2014 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
102672000 USD
CY2012 us-gaap Proceeds From Issuance Of Common Stock
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0 USD
CY2013 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
CY2014 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
131880000 USD
CY2012 us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
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0 USD
CY2013 us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
40646000 USD
CY2014 us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
0 USD
CY2012 us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
1000 USD
CY2013 us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
7000 USD
CY2014 us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
0 USD
CY2012 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
18170000 USD
CY2013 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
21903000 USD
CY2014 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
6750000 USD
CY2012 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
6000 USD
CY2013 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
11000 USD
CY2014 us-gaap Proceeds From Stock Options Exercised
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1771000 USD
CY2013Q4 us-gaap Property Plant And Equipment Gross
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22504000 USD
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585000 USD
CY2014Q4 us-gaap Restricted Cash And Cash Equivalents
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510000 USD
CY2014Q4 us-gaap Property Plant And Equipment Gross
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29180000 USD
CY2013Q4 us-gaap Property Plant And Equipment Net
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14315000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
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19274000 USD
CY2014Q4 us-gaap Purchase Obligation
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15100000 USD
CY2012 us-gaap Repayments Of Long Term Debt And Capital Securities
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1154000 USD
CY2013 us-gaap Repayments Of Long Term Debt And Capital Securities
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982000 USD
CY2014 us-gaap Repayments Of Long Term Debt And Capital Securities
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228000 USD
CY2012 us-gaap Repayments Of Notes Payable
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3403000 USD
CY2013 us-gaap Repayments Of Notes Payable
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7594000 USD
CY2014 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
12316000 USD
CY2012 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
32708000 USD
CY2013 us-gaap Research And Development Expense
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27831000 USD
CY2014 us-gaap Research And Development Expense
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33390000 USD
CY2013Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
75000 USD
CY2014Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
75000 USD
CY2013Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
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510000 USD
CY2014Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
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435000 USD
CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
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-195880000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-258797000 USD
CY2013 us-gaap Revenue Recognition Milestone Method Revenue Recognized
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200000 USD
CY2012 us-gaap Revenues
Revenues
717000 USD
CY2013Q1 us-gaap Revenues
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75000 USD
CY2013Q2 us-gaap Revenues
Revenues
75000 USD
CY2013Q3 us-gaap Revenues
Revenues
158000 USD
CY2013Q4 us-gaap Revenues
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309000 USD
CY2013 us-gaap Revenues
Revenues
617000 USD
CY2014Q1 us-gaap Revenues
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158000 USD
CY2014Q2 us-gaap Revenues
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75000 USD
CY2014Q3 us-gaap Revenues
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75000 USD
CY2014Q4 us-gaap Revenues
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75000 USD
CY2014 us-gaap Revenues
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383000 USD
CY2012 us-gaap Royalty Revenue
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300000 USD
CY2013 us-gaap Royalty Revenue
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300000 USD
CY2014 us-gaap Royalty Revenue
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300000 USD
CY2012 us-gaap Selling General And Administrative Expense
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11195000 USD
CY2013 us-gaap Selling General And Administrative Expense
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11011000 USD
CY2014 us-gaap Selling General And Administrative Expense
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19043000 USD
CY2012 us-gaap Share Based Compensation
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79000 USD
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548000 USD
CY2014 us-gaap Share Based Compensation
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6530000 USD
CY2013 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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2.55
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15.45
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11000 USD
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CY2014Q4 us-gaap Stockholders Equity
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CY2014Q1 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
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0.0667
CY2013Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
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123982000 USD
CY2014Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
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0 USD
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95433000 USD
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95433000 USD
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123982000 USD
CY2014Q4 us-gaap Temporary Equity Carrying Amount Including Portion Attributable To Noncontrolling Interests
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0 USD
CY2012 us-gaap Temporary Equity Dividends Adjustment
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0 USD
CY2013 us-gaap Temporary Equity Dividends Adjustment
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CY2014 us-gaap Temporary Equity Dividends Adjustment
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CY2014Q4 us-gaap Temporary Equity Liquidation Preference
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0 USD
CY2013Q4 us-gaap Temporary Equity Par Or Stated Value Per Share
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CY2013Q4 us-gaap Temporary Equity Shares Authorized
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CY2014Q4 us-gaap Temporary Equity Shares Authorized
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CY2013Q4 us-gaap Temporary Equity Shares Issued
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CY2014Q4 us-gaap Temporary Equity Shares Issued
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CY2012Q4 us-gaap Temporary Equity Shares Outstanding
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CY2013Q4 us-gaap Temporary Equity Shares Outstanding
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CY2014Q4 us-gaap Temporary Equity Shares Outstanding
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CY2013Q4 us-gaap Unamortized Debt Issuance Expense
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CY2012 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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8133000 USD
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CY2011Q4 us-gaap Unrecognized Tax Benefits
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CY2012Q4 us-gaap Unrecognized Tax Benefits
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CY2014 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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196000 USD
CY2013 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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10500000 USD
CY2014 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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16200000 USD
CY2012 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2013 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2014 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19391523 shares
CY2012 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2013 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
220220 shares
CY2014 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2014 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:24px;text-indent:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Concentration of Credit Risk</font></div><div style="line-height:120%;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents. Under the Company's Investment Policy, the Company limits its credit exposure by investing in highly liquid funds with high credit quality. The Company&#8217;s cash and cash equivalents are held in the United States of America. Such deposits may, at times, exceed federally insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents.</font></div></div>
CY2014 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Medicis Settlement</font></div><div style="line-height:120%;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In </font><font style="font-family:inherit;font-size:10pt;">October 2012</font><font style="font-family:inherit;font-size:10pt;">, the Company entered into a settlement and termination agreement with Medicis. The terms of the settlement provided for the reacquisition of the rights related to all territories of RT001 and RT002 from Medicis and for consideration payable by the Company to Medicis of up to </font><font style="font-family:inherit;font-size:10pt;">$25.0 million</font><font style="font-family:inherit;font-size:10pt;">, comprised of (i)&#160;an upfront payment of </font><font style="font-family:inherit;font-size:10pt;">$7.0 million</font><font style="font-family:inherit;font-size:10pt;">, which was paid in 2012, (ii) a Proceeds Sharing Arrangement Payment of&#160;</font><font style="font-family:inherit;font-size:10pt;">$14.0 million</font><font style="font-family:inherit;font-size:10pt;"> due upon specified capital raising achievements by the Company, of which </font><font style="font-family:inherit;font-size:10pt;">$6.9 million</font><font style="font-family:inherit;font-size:10pt;"> was paid in 2013 and the remaining </font><font style="font-family:inherit;font-size:10pt;">$7.1 million</font><font style="font-family:inherit;font-size:10pt;"> was paid in 2014, and (iii)&#160;</font><font style="font-family:inherit;font-size:10pt;">$4.0 million</font><font style="font-family:inherit;font-size:10pt;"> to be paid upon the achievement of specified regulatory milestones by the Company, or Product Approval Payment. Beginning on the third anniversary of the Settlement Date, any unpaid amount will begin to accrue interest at a rate of </font><font style="font-family:inherit;font-size:10pt;">8%</font><font style="font-family:inherit;font-size:10pt;">&#160;per annum.</font></div><div style="line-height:120%;padding-top:16px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company determined that the settlement provisions related to the Proceeds Sharing Arrangement Payment in (ii) above and Product Approval Payment in (iii) above were derivative instruments that require fair value accounting as a liability and periodic fair value remeasurements until settled. </font></div><div style="line-height:120%;padding-top:16px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2013</font><font style="font-family:inherit;font-size:10pt;">, the Proceeds Sharing Arrangement Payment derivative was remeasured to fair value. The fair value of the Proceeds Sharing Arrangement Payment derivative as of </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2013</font><font style="font-family:inherit;font-size:10pt;"> of </font><font style="font-family:inherit;font-size:10pt;">$6.7 million</font><font style="font-family:inherit;font-size:10pt;"> was determined using an option pricing model with the following assumption: expected term of </font><font style="font-family:inherit;font-size:10pt;">0.1</font><font style="font-family:inherit;font-size:10pt;">-</font><font style="font-family:inherit;font-size:10pt;">0.5</font><font style="font-family:inherit;font-size:10pt;">&#160;years, risk-free rate of </font><font style="font-family:inherit;font-size:10pt;">0.01%</font><font style="font-family:inherit;font-size:10pt;"> &#8212; </font><font style="font-family:inherit;font-size:10pt;">0.10%</font><font style="font-family:inherit;font-size:10pt;"> and volatility of </font><font style="font-family:inherit;font-size:10pt;">37.00%</font><font style="font-family:inherit;font-size:10pt;"> &#8212; </font><font style="font-family:inherit;font-size:10pt;">47.50%</font><font style="font-family:inherit;font-size:10pt;">. Upon the completion of our IPO, we paid </font><font style="font-family:inherit;font-size:10pt;">$7.1 million</font><font style="font-family:inherit;font-size:10pt;"> in settlement of our remaining obligation for the Proceeds Sharing Arrangement Payment. At the settlement date, the derivative liability was remeasured to the fair value of the obligation due, or </font><font style="font-family:inherit;font-size:10pt;">$7.1 million</font><font style="font-family:inherit;font-size:10pt;">, and the Company recorded </font><font style="font-family:inherit;font-size:10pt;">$0.3 million</font><font style="font-family:inherit;font-size:10pt;"> to remeasure the fair value of the derivative for the remaining obligation through the date of settlement, or February 13, 2014. </font></div><div style="line-height:120%;padding-top:16px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The fair value of the Product Approval Payment derivative as of </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2013</font><font style="font-family:inherit;font-size:10pt;"> in the amount of </font><font style="font-family:inherit;font-size:10pt;">$1.6 million</font><font style="font-family:inherit;font-size:10pt;"> was determined by updating the estimate of the timing and probability of the related approval and a discount factor assuming a term of </font><font style="font-family:inherit;font-size:10pt;">3.25</font><font style="font-family:inherit;font-size:10pt;">&#160;years, a risk-free rate of </font><font style="font-family:inherit;font-size:10pt;">0.9%</font><font style="font-family:inherit;font-size:10pt;"> and a credit risk adjustment of </font><font style="font-family:inherit;font-size:10pt;">6.0%</font><font style="font-family:inherit;font-size:10pt;">. As of </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2014</font><font style="font-family:inherit;font-size:10pt;">, the Company determined the fair value of its liability for the Product Approval Payment was </font><font style="font-family:inherit;font-size:10pt;">$1.5 million</font><font style="font-family:inherit;font-size:10pt;">, which was measured by assuming a term of </font><font style="font-family:inherit;font-size:10pt;">3.5</font><font style="font-family:inherit;font-size:10pt;">&#160;years, a risk-free rate of </font><font style="font-family:inherit;font-size:10pt;">1.2%</font><font style="font-family:inherit;font-size:10pt;"> and a credit risk adjustment of </font><font style="font-family:inherit;font-size:10pt;">6.5%</font><font style="font-family:inherit;font-size:10pt;">. The Company&#8217;s assumption for the expected term is based on an expected Biologics License Application, or BLA, approval in mid-2018. The Company did not make any payments under the Product Approval Payment during the year ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2014</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-top:16px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As a result of the fair value measurements during the year ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2014</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2013</font><font style="font-family:inherit;font-size:10pt;">, the Company recognized </font><font style="font-family:inherit;font-size:10pt;">$0.3 million</font><font style="font-family:inherit;font-size:10pt;"> aggregate loss and </font><font style="font-family:inherit;font-size:10pt;">$0.05 million</font><font style="font-family:inherit;font-size:10pt;"> aggregate gain, respectively.</font></div></div>
CY2014 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:24px;text-indent:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of consolidated financial statements in conformity with US&#160;GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Such management estimates include the fair value of common stock, stock-based compensation, fair value of convertible preferred stock and warrants, fair value of derivatives, and the valuation of deferred tax assets. The Company bases its estimates on historical experience and also on assumptions that it believes are reasonable, however, actual results could significantly differ from those estimates.</font></div></div>

Files In Submission

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