2016 Q1 Form 10-Q Financial Statement
#000156459016017643 Filed on May 04, 2016
Income Statement
| Concept | 2016 Q1 | 2015 Q1 |
|---|---|---|
| Revenue | $3.962M | $2.651M |
| YoY Change | 49.45% | -22.26% |
| Cost Of Revenue | ||
| YoY Change | ||
| Gross Profit | ||
| YoY Change | ||
| Gross Profit Margin | ||
| Selling, General & Admin | $4.305M | $5.220M |
| YoY Change | -17.53% | -0.57% |
| % of Gross Profit | ||
| Research & Development | $13.61M | $20.00M |
| YoY Change | -31.96% | -7.17% |
| % of Gross Profit | ||
| Depreciation & Amortization | $215.0K | $458.0K |
| YoY Change | -53.06% | -4.58% |
| % of Gross Profit | ||
| Operating Expenses | $17.92M | $25.22M |
| YoY Change | -28.98% | -5.88% |
| Operating Profit | -$13.99M | -$22.57M |
| YoY Change | -38.03% | -3.84% |
| Interest Expense | -$1.000M | -$1.120M |
| YoY Change | -10.71% | -0.88% |
| % of Operating Profit | ||
| Other Income/Expense, Net | $5.624M | $855.0K |
| YoY Change | 557.78% | -95.45% |
| Pretax Income | -$8.370M | -$21.72M |
| YoY Change | -61.46% | 363.11% |
| Income Tax | ||
| % Of Pretax Income | ||
| Net Earnings | -$8.365M | -$21.72M |
| YoY Change | -61.48% | 363.37% |
| Net Earnings / Revenue | -211.13% | -819.24% |
| Basic Earnings Per Share | -$1.40 | -$3.74 |
| Diluted Earnings Per Share | -$1.40 | -$3.74 |
| COMMON SHARES | ||
| Basic Shares Outstanding | 119.6M | |
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2016 Q1 | 2015 Q1 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $46.65M | $67.50M |
| YoY Change | -30.88% | -27.96% |
| Cash & Equivalents | $46.15M | $67.49M |
| Short-Term Investments | $500.0K | |
| Other Short-Term Assets | $1.600M | $1.900M |
| YoY Change | -15.79% | -26.92% |
| Inventory | ||
| Prepaid Expenses | ||
| Receivables | $2.000M | $3.300M |
| Other Receivables | $0.00 | $0.00 |
| Total Short-Term Assets | $50.20M | $72.60M |
| YoY Change | -30.85% | -27.83% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $1.800M | $4.800M |
| YoY Change | -62.5% | -20.0% |
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | ||
| YoY Change | ||
| Other Assets | $700.0K | $700.0K |
| YoY Change | 0.0% | -30.0% |
| Total Long-Term Assets | $2.400M | $5.500M |
| YoY Change | -56.36% | -21.43% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $50.20M | $72.60M |
| Total Long-Term Assets | $2.400M | $5.500M |
| Total Assets | $52.60M | $78.10M |
| YoY Change | -32.65% | -27.42% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $4.600M | $3.400M |
| YoY Change | 35.29% | -61.8% |
| Accrued Expenses | $4.000M | $6.300M |
| YoY Change | -36.51% | 21.15% |
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | $10.20M | $15.60M |
| YoY Change | -34.62% | 280.49% |
| Total Short-Term Liabilities | $20.50M | $26.40M |
| YoY Change | -22.35% | 30.05% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $36.00M | $31.60M |
| YoY Change | 13.92% | -8.93% |
| Other Long-Term Liabilities | $3.700M | $33.40M |
| YoY Change | -88.92% | -34.51% |
| Total Long-Term Liabilities | $39.70M | $65.00M |
| YoY Change | -38.92% | -24.15% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $20.50M | $26.40M |
| Total Long-Term Liabilities | $39.70M | $65.00M |
| Total Liabilities | $60.10M | $91.50M |
| YoY Change | -34.32% | -13.6% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | ||
| YoY Change | ||
| Common Stock | ||
| YoY Change | ||
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | -$7.500M | -$13.40M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $52.60M | $78.10M |
| YoY Change | -32.65% | -27.42% |
Cashflow Statement
| Concept | 2016 Q1 | 2015 Q1 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | -$8.365M | -$21.72M |
| YoY Change | -61.48% | 363.37% |
| Depreciation, Depletion And Amortization | $215.0K | $458.0K |
| YoY Change | -53.06% | -4.58% |
| Cash From Operating Activities | -$16.29M | -$24.28M |
| YoY Change | -32.91% | -13.9% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | $31.00K | $225.0K |
| YoY Change | -86.22% | -550.0% |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | ||
| YoY Change | ||
| Cash From Investing Activities | -$30.00K | -$230.0K |
| YoY Change | -86.96% | 360.0% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | $134.0K | |
| YoY Change | ||
| Debt Paid & Issued, Net | $3.271M | $6.083M |
| YoY Change | -46.23% | |
| Cash From Financing Activities | -3.300M | 13.57M |
| YoY Change | -124.32% | 4423.33% |
| NET CHANGE | ||
| Cash From Operating Activities | -16.29M | -24.28M |
| Cash From Investing Activities | -30.00K | -230.0K |
| Cash From Financing Activities | -3.300M | 13.57M |
| Net Change In Cash | -19.62M | -10.94M |
| YoY Change | 79.34% | -60.86% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | -$16.29M | -$24.28M |
| Capital Expenditures | $31.00K | $225.0K |
| Free Cash Flow | -$16.32M | -$24.51M |
| YoY Change | -33.4% | -12.95% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2015Q1 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
20004000 | |
| CY2016Q1 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
4305000 | |
| CY2015Q1 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
5220000 | |
| CY2016Q1 | us-gaap |
Operating Expenses
OperatingExpenses
|
17951000 | |
| CY2015Q1 | us-gaap |
Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
|
40000 | |
| CY2016Q1 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
119568000 | |
| CY2016Q1 | us-gaap |
Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
|
-42000 | |
| CY2016Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
-8407000 | |
| CY2015Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
-21718000 | |
| CY2016Q1 | us-gaap |
Depreciation
Depreciation
|
215000 | |
| CY2015Q1 | us-gaap |
Depreciation
Depreciation
|
458000 | |
| CY2016Q1 | xoma |
Defined Contribution Plan Issuance Of Common Stock For Services Or Claims
DefinedContributionPlanIssuanceOfCommonStockForServicesOrClaims
|
785000 | |
| CY2015Q1 | xoma |
Defined Contribution Plan Issuance Of Common Stock For Services Or Claims
DefinedContributionPlanIssuanceOfCommonStockForServicesOrClaims
|
986000 | |
| CY2016Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
2306000 | |
| CY2015Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
3665000 | |
| CY2016Q1 | us-gaap |
Revenues
Revenues
|
3962000 | |
| CY2016Q1 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
13610000 | |
| CY2016Q1 | us-gaap |
Restructuring Charges
RestructuringCharges
|
36000 | |
| CY2016Q1 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.07 | |
| CY2015Q1 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.19 | |
| CY2015Q1 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
116193000 | |
| CY2016Q1 | us-gaap |
Marketable Securities Current
MarketableSecuritiesCurrent
|
454000 | |
| CY2016Q1 | us-gaap |
Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
|
-42000 | |
| CY2015Q1 | us-gaap |
Operating Expenses
OperatingExpenses
|
25224000 | |
| CY2016Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-13989000 | |
| CY2015Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-22573000 | |
| CY2016Q1 | us-gaap |
Interest Expense Debt
InterestExpenseDebt
|
1002000 | |
| CY2015Q1 | us-gaap |
Interest Expense Debt
InterestExpenseDebt
|
1115000 | |
| CY2016Q1 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-306000 | |
| CY2015Q1 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
2010000 | |
| CY2016Q1 | us-gaap |
Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
|
-6932000 | |
| CY2016Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-8365000 | |
| CY2015Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-21718000 | |
| CY2015Q1 | xoma |
Warrants Issued
WarrantsIssued
|
450000 | |
| CY2016Q1 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<div> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1. Description of Business </p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">XOMA Corporation (“XOMA” or the “Company”), a Delaware corporation, combines a portfolio of clinical programs and research activities to develop innovative therapeutic antibodies that it intends to commercialize. XOMA focuses its scientific research on allosteric modulation, which offers opportunities for new classes of therapeutic antibodies to treat a wide range of human diseases. XOMA’s scientific research has produced five product candidates to treat diseases within the endocrine therapeutic area. These include candidates from the XMet platform, which consists of several Selective Insulin Receptor Modulator antibodies that could offer new approaches in the treatment of metabolic diseases. The lead compound from the XMet platform, XOMA 358, is a fully human monoclonal negative allosteric modulating antibody that binds to insulin receptors and attenuates insulin action. XOMA intends to investigate this compound as a novel treatment for non-drug-induced, endogenous hyperinsulinemic hypoglycemia (low blood glucose caused by excessive insulin produced by the body). In October 2015, the Company initiated a Phase 2 proof-of-concept study for XOMA 358 in patients with congenital hyperinsulinemia. XOMA’s endocrine portfolio also includes a Phase 2 ready product candidate targeting the prolactin receptor as well as other preclinical or research stage programs. The Company’s products are presently in various stages of development and are subject to regulatory approval before they can be commercially launched.</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In March 2016, the Company announced the closure of its gevokizumab Phase 3 study in pyoderma gangrenosum, and on March 26, 2016, the termination of XOMA’s collaboration agreement with Les Laboratories Servier (“Servier”) became effective (see Note 4).</p> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Liquidity and Management Plans </p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:4.84%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company has incurred operating losses since its inception and had an accumulated deficit of $1.1 billion at March 31, 2016. Management expects operating losses and negative cash flows to continue for the foreseeable future. As of March 31, 2016, the Company had $46.6 million in cash, cash equivalents and marketable securities, which is available to fund future operations. Taking into account the repayment of its outstanding debt classified within current liabilities on the Company’s condensed consolidated balance sheet as of March 31, 2016, the Company anticipates that it has adequate resources to fund its operations through March 31, 2017.<font style="font-size:8pt;"> </font></p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:4.84%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company’s ability to raise additional capital in the equity and debt markets, should the Company choose to do so, is dependent on a number of factors, including, but not limited to, the market demand for the Company’s common stock, which itself is subject to a number of pharmaceutical development and business risks and uncertainties, as well as the uncertainty that the Company would be able to raise such additional capital at a price or on terms that are favorable to the Company. </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:8pt;"> </p></div> | |
| CY2016Q1 | us-gaap |
Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
|
354000 | |
| CY2015Q1 | us-gaap |
Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
|
296000 | |
| CY2015Q1 | us-gaap |
Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
|
-429000 | |
| CY2016Q1 | us-gaap |
Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
|
-559000 | |
| CY2015Q1 | us-gaap |
Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
|
1949000 | |
| CY2016Q1 | us-gaap |
Other Noncash Income Expense
OtherNoncashIncomeExpense
|
2000 | |
| CY2015Q1 | us-gaap |
Other Noncash Income Expense
OtherNoncashIncomeExpense
|
-5000 | |
| CY2016Q1 | us-gaap |
Increase Decrease In Receivables
IncreaseDecreaseInReceivables
|
-2092000 | |
| CY2015Q1 | us-gaap |
Increase Decrease In Receivables
IncreaseDecreaseInReceivables
|
-38000 | |
| CY2016Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-415000 | |
| CY2015Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
2000 | |
| CY2016Q1 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-4901000 | |
| CY2015Q1 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-6455000 | |
| CY2016Q1 | us-gaap |
Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
|
-6000 | |
| CY2015Q1 | us-gaap |
Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
|
90000 | |
| CY2016Q1 | us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
-2306000 | |
| CY2015Q1 | us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
-163000 | |
| CY2016Q1 | us-gaap |
Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
|
-500000 | |
| CY2016Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-16286000 | |
| CY2015Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-24280000 | |
| CY2016Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
31000 | |
| CY2015Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
225000 | |
| CY2016Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-31000 | |
| CY2015Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-225000 | |
| CY2015Q1 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
134000 | |
| CY2015Q1 | us-gaap |
Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
|
20000000 | |
| CY2015Q1 | us-gaap |
Payments Of Financing Costs
PaymentsOfFinancingCosts
|
477000 | |
| CY2016Q1 | us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
3271000 | |
| CY2015Q1 | us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
6083000 | |
| CY2016Q1 | us-gaap |
Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
|
28000 | |
| CY2016Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
-3299000 | |
| CY2015Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
13574000 | |
| CY2016Q1 | us-gaap |
Effect Of Exchange Rate On Cash Continuing Operations
EffectOfExchangeRateOnCashContinuingOperations
|
2000 | |
| CY2015Q1 | us-gaap |
Effect Of Exchange Rate On Cash Continuing Operations
EffectOfExchangeRateOnCashContinuingOperations
|
-23000 | |
| CY2016Q1 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-19614000 | |
| CY2015Q1 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-10954000 | |
| CY2014Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
78445000 | |
| CY2015Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
67491000 | |
| CY2016Q1 | us-gaap |
Interest Paid
InterestPaid
|
646000 | |
| CY2015Q1 | us-gaap |
Interest Paid
InterestPaid
|
333000 | |
| CY2016Q1 | us-gaap |
Long Term Debt
LongTermDebt
|
46251000 | |
| CY2015Q4 | us-gaap |
Long Term Debt
LongTermDebt
|
48667000 | |
| CY2016Q1 | us-gaap |
Long Term Debt Fair Value
LongTermDebtFairValue
|
47307000 | |
| CY2015Q4 | us-gaap |
Long Term Debt Fair Value
LongTermDebtFairValue
|
49810000 | |
| CY2016Q1 | xoma |
Payments For Restructuring Expenses
PaymentsForRestructuringExpenses
|
400000 | |
| CY2016Q1 | us-gaap |
Payments For Restructuring
PaymentsForRestructuring
|
357000 | |
| CY2016Q1 | us-gaap |
Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
|
5118000 | |
| CY2016Q1 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
|
14899000 | |
| CY2016Q1 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
|
18192000 | |
| CY2016Q1 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
|
15665000 | |
| CY2016Q1 | xoma |
Long Term Debt Future Principal Interest And Final Fee Payments
LongTermDebtFuturePrincipalInterestAndFinalFeePayments
|
53874000 | |
| CY2016Q1 | xoma |
Long Term Debt Interest Final Payment Discount And Issuance Cost
LongTermDebtInterestFinalPaymentDiscountAndIssuanceCost
|
7623000 | |
| CY2016Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<div> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.02%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">The preparation of financial statements in conformity with GAAP in the United States requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosures. On an on-going basis, management evaluates its estimates including, but not limited to, those related to contingent warrant liabilities, revenue recognition, debt amendments, research and development expense, long-lived assets, restructuring liabilities, legal contingencies, derivative instruments and stock-based compensation. The Company bases its estimates on historical experience and on various other market-specific and other relevant assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ significantly from these estimates, such as the Company’s billing under government contracts and the Company’s accrual for clinical trial expenses. Under the Company’s contracts with the National Institute of Allergy and Infectious Diseases (“NIAID”), a part of the National Institutes of Health (“NIH”), the Company bills using NIH provisional rates and thus is subject to future audits at the discretion of NIAID’s contracting office. These audits can result in an adjustment to revenue previously reported which potentially could be significant. In March 2016, the Company effected the novation of one of its contracts with NIAID to Nanotherapeutics, Inc. (“Nanotherapeutics”) (see Note 6). The billings made prior to the effective date of the novation of such contract are still subject to future audits, which may result in significant adjustments to reported revenues. The Company’s accrual for clinical trials is based on estimates of the services received and efforts expended pursuant to contracts with clinical trial centers and clinical research organizations. Payments under the contracts depend on factors such as the achievement of certain events, successful enrollment of patients, and completion of portions of the clinical trial or similar conditions.</p></div> | |
| CY2016Q1 | us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<div> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Concentration of Risk </p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Cash equivalents, marketable securities and receivables are financial instruments, which potentially subject the Company to concentrations of credit risk, as well as liquidity risk for certain cash equivalents, such as money market funds. The Company has not encountered any such liquidity issues during 2016.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company has not experienced any significant credit losses and does not generally require collateral on receivables. For the three months ended March 31, 2016, three customers represented 38%, 27% and 23% of total revenues. For the three months ended March 31, 2015, two customers represented 72% and 26% of total revenues. As of March 31, 2016, four customer represented 46%, 12%, 11% and 10% of the accounts receivable balance. As of December 31, 2015, four customers represented 39%, 25%, 18% and 10% of the accounts receivables balance. </p></div> | |
| CY2016Q1 | us-gaap |
Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
|
18330000 | |
| CY2015Q4 | us-gaap |
Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
|
18165000 | |
| CY2016Q1 | us-gaap |
Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
|
165000 | |
| CY2016Q1 | us-gaap |
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
|
0.77 | |
| CY2016Q1 | xoma |
Exercisable Period Of Warrants
ExercisablePeriodOfWarrants
|
P5Y | |
| CY2016Q1 | xoma |
Class Of Warrant Or Right Expiration Year And Month
ClassOfWarrantOrRightExpirationYearAndMonth
|
2021-02 | |
| CY2016Q1 | us-gaap |
Warrants Not Settleable In Cash Fair Value Disclosure
WarrantsNotSettleableInCashFairValueDisclosure
|
100000 | |
| CY2016Q1 | xoma |
Contractual Obligation Estimated Milestone Payments
ContractualObligationEstimatedMilestonePayments
|
55700000 | |
| CY2016Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
2306000 | |
| CY2015Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
3665000 | |
| CY2016Q1 | xoma |
Cash And Cash Equivalents And Marketable Securities
CashAndCashEquivalentsAndMarketableSecurities
|
46600000 | |
| CY2016Q1 | us-gaap |
Marketable Securities
MarketableSecurities
|
500000 | |
| CY2015Q4 | us-gaap |
Marketable Securities
MarketableSecurities
|
500000 | |
| CY2016Q1 | us-gaap |
Availableforsale Securities Gross Unrealized Gain Loss1
AvailableforsaleSecuritiesGrossUnrealizedGainLoss1
|
-42000 | |
| CY2016Q1 | us-gaap |
Accrued Salaries Current
AccruedSalariesCurrent
|
1573000 | |
| CY2015Q4 | us-gaap |
Accrued Salaries Current
AccruedSalariesCurrent
|
2156000 | |
| CY2016Q1 | us-gaap |
Deferred Rent Credit Current
DeferredRentCreditCurrent
|
724000 | |
| CY2015Q4 | us-gaap |
Deferred Rent Credit Current
DeferredRentCreditCurrent
|
608000 | |
| CY2016Q1 | xoma |
Accrued Clinical Trial Costs
AccruedClinicalTrialCosts
|
517000 | |
| CY2015Q4 | xoma |
Accrued Clinical Trial Costs
AccruedClinicalTrialCosts
|
406000 | |
| CY2016Q1 | us-gaap |
Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
|
511000 | |
| CY2015Q4 | us-gaap |
Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
|
517000 | |
| CY2016Q1 | xoma |
Accrued Incentive Compensation
AccruedIncentiveCompensation
|
243000 | |
| CY2015Q4 | xoma |
Accrued Incentive Compensation
AccruedIncentiveCompensation
|
2609000 | |
| CY2016Q1 | xoma |
Accrued Restructuring Costs Current
AccruedRestructuringCostsCurrent
|
138000 | |
| CY2015Q4 | xoma |
Accrued Restructuring Costs Current
AccruedRestructuringCostsCurrent
|
459000 | |
| CY2016Q1 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
681000 | |
| CY2015Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
270000 | |
| CY2016Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
28934000 | |
| CY2015Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
29446000 |
