$TARA
Protara Therapeutics, Inc.

2016 Form 10-K Financial Statement

#000117184317001555 Filed on March 16, 2017

View on sec.gov

Income Statement

Concept 2016 2015 Q4 2015 Q3
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $9.840M $2.610M $2.000M
YoY Change 15.9% 86.43% 92.31%
% of Gross Profit
Research & Development $18.87M $3.580M $3.078M
YoY Change 52.4% 91.44% 73.6%
% of Gross Profit
Depreciation & Amortization $123.0K $30.00K $10.00K
YoY Change 115.79% 200.0% 0.0%
% of Gross Profit
Operating Expenses $28.71M $6.187M $5.082M
YoY Change 37.54% 89.03% 80.6%
Operating Profit -$28.71M -$5.082M
YoY Change 37.54% -3892.54%
Interest Expense $30.00K
YoY Change 200.0%
% of Operating Profit
Other Income/Expense, Net $179.0K -$190.0K -$301.0K
YoY Change -135.31% -101.81% -94.34%
Pretax Income -$15.86M -$6.340M -$5.380M
YoY Change -25.81% -187.69% 3.86%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$28.53M -$6.340M -$5.383M
YoY Change 33.44% -187.65% 3.9%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$69.59M -$15.46M -$13.12M
COMMON SHARES
Basic Shares Outstanding 16.46M
Diluted Shares Outstanding

Balance Sheet

Concept 2016 2015 Q4 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $41.30M $65.30M $70.50M
YoY Change -36.75% -21.89% 224.88%
Cash & Equivalents $36.40M $40.03M $35.98M
Short-Term Investments $4.900M $25.20M $34.60M
Other Short-Term Assets $1.400M $1.300M $800.0K
YoY Change 7.69% 30.0% 300.0%
Inventory
Prepaid Expenses $829.0K
Receivables
Other Receivables
Total Short-Term Assets $42.80M $66.61M $71.38M
YoY Change -35.74% -21.27% 225.92%
LONG-TERM ASSETS
Property, Plant & Equipment $400.0K $224.0K $221.0K
YoY Change 100.0% 169.88% 121.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $400.0K $706.0K $686.0K
YoY Change -42.86% 519.3% -68.82%
Total Long-Term Assets $700.0K $930.0K $907.0K
YoY Change -22.22% 372.08% -60.57%
TOTAL ASSETS
Total Short-Term Assets $42.80M $66.61M $71.38M
Total Long-Term Assets $700.0K $930.0K $907.0K
Total Assets $43.50M $67.54M $72.28M
YoY Change -35.56% -20.35% 198.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $600.0K $1.020M $591.0K
YoY Change -40.0% 11.23% -40.9%
Accrued Expenses $4.500M $2.576M $2.235M
YoY Change 73.08% 81.28% 39.69%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.100M $4.133M $3.168M
YoY Change 24.39% 76.78% 17.33%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $84.00K
YoY Change -99.29%
Total Long-Term Liabilities $0.00 $0.00 $84.00K
YoY Change -99.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.100M $4.133M $3.168M
Total Long-Term Liabilities $0.00 $0.00 $84.00K
Total Liabilities $5.100M $4.133M $3.252M
YoY Change 24.39% 76.78% -77.73%
SHAREHOLDERS EQUITY
Retained Earnings -$131.3M -$124.9M
YoY Change 19.46%
Common Stock $16.00K $16.00K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $38.40M $63.41M $69.03M
YoY Change
Total Liabilities & Shareholders Equity $43.50M $67.54M $72.28M
YoY Change -35.56% -20.35% 198.69%

Cashflow Statement

Concept 2016 2015 Q4 2015 Q3
OPERATING ACTIVITIES
Net Income -$28.53M -$6.340M -$5.383M
YoY Change 33.44% -187.65% 3.9%
Depreciation, Depletion And Amortization $123.0K $30.00K $10.00K
YoY Change 115.79% 200.0% 0.0%
Cash From Operating Activities -$23.69M -$5.190M -$3.910M
YoY Change 34.85% 153.17% 5.39%
INVESTING ACTIVITIES
Capital Expenditures $271.0K -$30.00K -$130.0K
YoY Change 36.87% 1200.0%
Acquisitions
YoY Change
Other Investing Activities $20.19M $9.250M $23.19M
YoY Change -281.4% 150.68% -1480.36%
Cash From Investing Activities $19.92M $9.220M $23.06M
YoY Change -275.77% 150.54% -1472.62%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 208.0K 60.00K 40.00K
YoY Change 27.61% -99.91% -500.0%
NET CHANGE
Cash From Operating Activities -23.69M -5.190M -3.910M
Cash From Investing Activities 19.92M 9.220M 23.06M
Cash From Financing Activities 208.0K 60.00K 40.00K
Net Change In Cash -3.639M 4.090M 19.19M
YoY Change -87.34% -93.77% -455.37%
FREE CASH FLOW
Cash From Operating Activities -$23.69M -$5.190M -$3.910M
Capital Expenditures $271.0K -$30.00K -$130.0K
Free Cash Flow -$23.96M -$5.160M -$3.780M
YoY Change 34.87% 151.71% 2.16%

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Concentrations of Credit Risk and Off-Balance Sheet Risk</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0pt 0">Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash, cash equivalents and short-term investments. The Company's cash and cash equivalents are held in accounts with financial institutions that management believes are creditworthy. The Company's investment policy includes guidelines on the quality of the institutions and financial instruments and defines allowable investments that the Company believes minimizes the exposure to concentration of credit risk. These amounts at times <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may</div> exceed federally insured limits. The Company has not experienced any credit losses in such accounts and does not believe it is exposed to any significant credit risk on these funds. The Company has no financial instruments with off-balance sheet risk of loss.</div></div></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellspacing="0" cellpadding="0" style="; font-size: 10pt;"> <tr style="vertical-align: top"> <td style="width: 20px; text-align: justify"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div></div></div></td> <td style="width: 7px">&nbsp;</td> <td style="text-align: justify"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Organization and Operations</div></div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">The Company</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">&nbsp;</div></div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 16.65pt; margin: 0pt 0">Proteon Therapeutics, Inc. (the &#x201c;Company&#x201d;) is a late-stage biopharmaceutical company focused on the development of novel, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div>-in-class pharmaceuticals to address the medical needs of patients with kidney and vascular disease. The Company was formed in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2001</div> and incorporated on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">24,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2006.</div> During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2013,</div> the Company formed a wholly-owned subsidiary, organized in the United Kingdom, Proteon Therapeutics Limited. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> there has been no activity in this subsidiary other than its formation. During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014,</div> the Company formed a wholly-owned Massachusetts Securities Corporation subsidiary as a holding company for its available-for-sale investments, Proteon Securities Corp. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> the Company formed a wholly-owned holding company in Delaware, Proteon International Holdings, Inc. (&#x201c;Proteon International&#x201d;). On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> Proteon International formed a wholly-owned subsidiary company in Bermuda, Proteon Bermuda Limited (&#x201c;Proteon Bermuda&#x201d;). On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> Proteon Bermuda formed a wholly-owned subsidiary company in Ireland, Proteon Ireland Limited. Since inception, the Company has been primarily involved in research and development activities.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 16.65pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 16.65pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 16.65pt; margin: 0pt 0">The Company devotes substantially all of its efforts to product research and development, initial market development and raising capital. The Company has not generated any product revenue related to its primary business purpose to date and is subject to a number of risks similar to those of other development stage companies, including dependence on key individuals, competition from other companies, the need for development of commercially viable products and the need to obtain adequate additional financing to fund the development of its product candidates. The Company is also subject to a number of additional risks similar to other companies in the biotechnology industry, including regulatory approval of products, uncertainty of market acceptance of products, competition from substitute products and larger companies, compliance with government regulations, protection of proprietary technology, dependence on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> parties and product liability.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 16.65pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 16.65pt; margin: 0pt 0">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> the Company had cash, cash equivalents and available-for-sale investments of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$41.3</div> million. The Company believes that its existing cash, cash equivalents and available-for-sale investments will be sufficient to fund operations and capital expenditures into the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> based on budgeted rates. The Company had an accumulated deficit of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$159.8</div> million as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and has not yet earned revenues other than the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.9</div> million recognized in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div> related to the expiration of rights and obligations in connection with the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2009</div> agreement.</div></div>
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CY2015 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
CY2014 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
62485000
CY2016 us-gaap Proceeds From Issuance Of Redeemable Preferred Stock
ProceedsFromIssuanceOfRedeemablePreferredStock
CY2015 us-gaap Proceeds From Issuance Of Redeemable Preferred Stock
ProceedsFromIssuanceOfRedeemablePreferredStock
CY2014 us-gaap Proceeds From Issuance Of Redeemable Preferred Stock
ProceedsFromIssuanceOfRedeemablePreferredStock
25000000
CY2016 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
59943000
CY2015 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
75505000
CY2014 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
22518000
CY2016 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
CY2015 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
2006000
CY2014 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
CY2016 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
197000
CY2015 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
88000
CY2014 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
59000
CY2016 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
CY2015 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
CY2014 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
1428000
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
937000
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
665000
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
372000
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
224000
CY2016 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
18869000
CY2015 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
12381000
CY2014 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6432000
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-159777000
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-131251000
CY2014 us-gaap Revenues
Revenues
2948000
CY2016 us-gaap Revenues
Revenues
CY2015 us-gaap Revenues
Revenues
CY2016Q4 us-gaap Security Deposit
SecurityDeposit
14000
CY2016 us-gaap Share Based Compensation
ShareBasedCompensation
3343000
CY2015 us-gaap Share Based Compensation
ShareBasedCompensation
2164000
CY2014 us-gaap Share Based Compensation
ShareBasedCompensation
459000
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0145
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0176
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0188
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.844
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.798
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.795
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1227575
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
6.80
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
600000
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
500000
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
69089
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
132495
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
132495
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1010256
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
659865
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
5.08
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
9.34
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
4.07
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
15705000
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
124000
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2200369
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2166254
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.52
CY2014 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
62485000
CY2014 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
-100514000
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
82460000
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
63405000
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.55
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
124000
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
2052214
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
8.37
CY2016 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.01
CY2016 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
14.12
CY2016 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
7.11
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y18D
CY2015 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y40D
CY2014 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2016Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
124000
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y
CY2015 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y292D
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y36D
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P7Y
CY2016 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
97521
CY2014 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
126836000
CY2015 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
75000
CY2016 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
11000
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
38441000
CY2016Q4 us-gaap Tax Credit Carryforward Amount
TaxCreditCarryforwardAmount
21800000
CY2015Q4 us-gaap Tax Credit Carryforward Amount
TaxCreditCarryforwardAmount
16900000
CY2014Q4 us-gaap Tax Credit Carryforward Amount
TaxCreditCarryforwardAmount
12500000
CY2014 us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
6353000
CY2016 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
CY2015 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
CY2014 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
6353000
CY2016Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2015Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2014Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2016 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2015 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2014 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2016 us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Use of Estimates</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">&nbsp;</div></div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 16.65pt; margin: 0pt 0">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. On an ongoing basis, the Company&#x2019;s management evaluates its estimates, which include, but are not limited to, estimates related to stock-based compensation expense, clinical trial accruals and reported amounts of expenses during the reported period. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may</div> differ from those estimates or assumptions.</div></div></div>
CY2016 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
8800000
CY2015 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
9800000
CY2014 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
3800000
CY2016 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
16561799
CY2015 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
16464123
CY2014 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
3064507
CY2016Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
16507586
CY2016Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
16561239
CY2016Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
16582276
CY2016Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
16595502
CY2015Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
16448688
CY2015Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
16449937
CY2015Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
16466945
CY2015Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
16490430

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