2017 Q1 Form 10-Q Financial Statement
#000156459017009892 Filed on May 09, 2017
Income Statement
| Concept | 2017 Q1 | 2016 Q1 |
|---|---|---|
| Revenue | $260.0K | $3.962M |
| YoY Change | -93.44% | 49.45% |
| Cost Of Revenue | ||
| YoY Change | ||
| Gross Profit | ||
| YoY Change | ||
| Gross Profit Margin | ||
| Selling, General & Admin | $5.170M | $4.305M |
| YoY Change | 20.09% | -17.53% |
| % of Gross Profit | ||
| Research & Development | $3.993M | $13.61M |
| YoY Change | -70.66% | -31.96% |
| % of Gross Profit | ||
| Depreciation & Amortization | $150.0K | $215.0K |
| YoY Change | -30.23% | -53.06% |
| % of Gross Profit | ||
| Operating Expenses | $9.160M | $17.92M |
| YoY Change | -48.87% | -28.98% |
| Operating Profit | -$10.92M | -$13.99M |
| YoY Change | -21.94% | -38.03% |
| Interest Expense | -$610.0K | -$1.000M |
| YoY Change | -39.0% | -10.71% |
| % of Operating Profit | ||
| Other Income/Expense, Net | $205.0K | $5.624M |
| YoY Change | -96.35% | 557.78% |
| Pretax Income | -$10.72M | -$8.370M |
| YoY Change | 28.02% | -61.46% |
| Income Tax | ||
| % Of Pretax Income | ||
| Net Earnings | -$10.72M | -$8.365M |
| YoY Change | 28.09% | -61.48% |
| Net Earnings / Revenue | -4121.15% | -211.13% |
| Basic Earnings Per Share | -$2.37 | -$1.40 |
| Diluted Earnings Per Share | -$2.37 | -$1.40 |
| COMMON SHARES | ||
| Basic Shares Outstanding | 119.6M | |
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2017 Q1 | 2016 Q1 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $20.00M | $46.65M |
| YoY Change | -57.13% | -30.88% |
| Cash & Equivalents | $20.05M | $46.15M |
| Short-Term Investments | $500.0K | |
| Other Short-Term Assets | $300.0K | $1.600M |
| YoY Change | -81.25% | -15.79% |
| Inventory | ||
| Prepaid Expenses | ||
| Receivables | $1.300M | $2.000M |
| Other Receivables | $0.00 | $0.00 |
| Total Short-Term Assets | $21.70M | $50.20M |
| YoY Change | -56.77% | -30.85% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $400.0K | $1.800M |
| YoY Change | -77.78% | -62.5% |
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | ||
| YoY Change | ||
| Other Assets | $500.0K | $700.0K |
| YoY Change | -28.57% | 0.0% |
| Total Long-Term Assets | $800.0K | $2.400M |
| YoY Change | -66.67% | -56.36% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $21.70M | $50.20M |
| Total Long-Term Assets | $800.0K | $2.400M |
| Total Assets | $22.50M | $52.60M |
| YoY Change | -57.22% | -32.65% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $4.200M | $4.600M |
| YoY Change | -8.7% | 35.29% |
| Accrued Expenses | $4.100M | $4.000M |
| YoY Change | 2.5% | -36.51% |
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | $12.50M | $10.20M |
| YoY Change | 22.55% | -34.62% |
| Total Short-Term Liabilities | $22.20M | $20.50M |
| YoY Change | 8.29% | -22.35% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $14.10M | $36.00M |
| YoY Change | -60.83% | 13.92% |
| Other Long-Term Liabilities | $17.40M | $3.700M |
| YoY Change | 370.27% | -88.92% |
| Total Long-Term Liabilities | $31.50M | $39.70M |
| YoY Change | -20.65% | -38.92% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $22.20M | $20.50M |
| Total Long-Term Liabilities | $31.50M | $39.70M |
| Total Liabilities | $53.70M | $60.10M |
| YoY Change | -10.65% | -34.32% |
| 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 | -$31.20M | -$7.500M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $22.50M | $52.60M |
| YoY Change | -57.22% | -32.65% |
Cashflow Statement
| Concept | 2017 Q1 | 2016 Q1 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | -$10.72M | -$8.365M |
| YoY Change | 28.09% | -61.48% |
| Depreciation, Depletion And Amortization | $150.0K | $215.0K |
| YoY Change | -30.23% | -53.06% |
| Cash From Operating Activities | -$14.35M | -$16.29M |
| YoY Change | -11.91% | -32.91% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | $31.00K | |
| YoY Change | -86.22% | |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | $810.0K | |
| YoY Change | ||
| Cash From Investing Activities | $810.0K | -$30.00K |
| YoY Change | -2800.0% | -86.96% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | $5.380M | |
| YoY Change | ||
| Debt Paid & Issued, Net | $16.38M | $3.271M |
| YoY Change | 400.76% | -46.23% |
| Cash From Financing Activities | 7.870M | -3.300M |
| YoY Change | -338.48% | -124.32% |
| NET CHANGE | ||
| Cash From Operating Activities | -14.35M | -16.29M |
| Cash From Investing Activities | 810.0K | -30.00K |
| Cash From Financing Activities | 7.870M | -3.300M |
| Net Change In Cash | -5.670M | -19.62M |
| YoY Change | -71.1% | 79.34% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | -$14.35M | -$16.29M |
| Capital Expenditures | $31.00K | |
| Free Cash Flow | -$16.32M | |
| YoY Change | -33.4% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2016Q4 | xoma |
Accrued Restructuring Costs Current
AccruedRestructuringCostsCurrent
|
3594000 | |
| CY2016Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
4305000 | |
| CY2017Q1 | us-gaap |
Restructuring Charges
RestructuringCharges
|
2020000 | |
| CY2017Q1 | us-gaap |
Revenues
Revenues
|
260000 | |
| CY2017Q1 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
3993000 | |
| CY2017Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
5167000 | |
| CY2017Q1 | us-gaap |
Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
|
-515000 | |
| CY2017Q1 | xoma |
Deemed Dividends On Convertible Preferred Stock
DeemedDividendsOnConvertiblePreferredStock
|
5603000 | |
| CY2017Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-16318000 | |
| CY2016Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-8365000 | |
| CY2017Q1 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-2.37 | |
| CY2016Q1 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-1.40 | |
| CY2017Q1 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
6887000 | |
| CY2016Q1 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
5978000 | |
| CY2016Q1 | us-gaap |
Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
|
-42000 | |
| CY2017Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
-10715000 | |
| CY2016Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
-8407000 | |
| CY2017Q1 | us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
147000 | |
| CY2016Q1 | us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
215000 | |
| CY2017Q1 | xoma |
Defined Contribution Plan Issuance Of Common Stock For Services Or Claims
DefinedContributionPlanIssuanceOfCommonStockForServicesOrClaims
|
506000 | |
| CY2016Q1 | xoma |
Defined Contribution Plan Issuance Of Common Stock For Services Or Claims
DefinedContributionPlanIssuanceOfCommonStockForServicesOrClaims
|
785000 | |
| CY2017Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1000000 | |
| CY2016Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
2306000 | |
| CY2017Q1 | us-gaap |
Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
|
286000 | |
| CY2016Q1 | us-gaap |
Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
|
354000 | |
| CY2017Q1 | us-gaap |
Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
1314000 | |
| CY2017Q1 | us-gaap |
Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
|
-261000 | |
| CY2016Q1 | us-gaap |
Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
|
-559000 | |
| CY2017Q1 | us-gaap |
Other Noncash Income Expense
OtherNoncashIncomeExpense
|
-55000 | |
| CY2016Q1 | us-gaap |
Other Noncash Income Expense
OtherNoncashIncomeExpense
|
2000 | |
| CY2017Q1 | us-gaap |
Increase Decrease In Receivables
IncreaseDecreaseInReceivables
|
-33000 | |
| CY2016Q1 | us-gaap |
Increase Decrease In Receivables
IncreaseDecreaseInReceivables
|
-2092000 | |
| CY2017Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-345000 | |
| CY2016Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-415000 | |
| CY2017Q1 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-3480000 | |
| CY2016Q1 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-4580000 | |
| CY2017Q1 | us-gaap |
Increase Decrease In Restructuring Reserve
IncreaseDecreaseInRestructuringReserve
|
-1801000 | |
| CY2016Q1 | us-gaap |
Increase Decrease In Restructuring Reserve
IncreaseDecreaseInRestructuringReserve
|
-321000 | |
| CY2017Q1 | us-gaap |
Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
|
-76000 | |
| CY2016Q1 | us-gaap |
Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
|
-6000 | |
| CY2017Q1 | us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
-110000 | |
| CY2016Q1 | us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
-2306000 | |
| CY2016Q1 | us-gaap |
Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
|
-500000 | |
| CY2017Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-14348000 | |
| CY2016Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-16286000 | |
| CY2017Q1 | us-gaap |
Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
|
813000 | |
| CY2016Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
31000 | |
| CY2017Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
813000 | |
| CY2016Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-31000 | |
| CY2017Q1 | us-gaap |
Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
|
25452000 | |
| CY2017Q1 | us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
16380000 | |
| CY2016Q1 | us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
3271000 | |
| CY2017Q1 | xoma |
End Of Term Fee Paid To Lender
EndOfTermFeePaidToLender
|
1150000 | |
| CY2017Q1 | us-gaap |
Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
|
51000 | |
| CY2016Q1 | us-gaap |
Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
|
28000 | |
| CY2017Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
7871000 | |
| CY2016Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
-3299000 | |
| CY2017Q1 | us-gaap |
Effect Of Exchange Rate On Cash Continuing Operations
EffectOfExchangeRateOnCashContinuingOperations
|
-33000 | |
| CY2016Q1 | us-gaap |
Effect Of Exchange Rate On Cash Continuing Operations
EffectOfExchangeRateOnCashContinuingOperations
|
2000 | |
| CY2017Q1 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-5697000 | |
| CY2016Q1 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-19614000 | |
| CY2015Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
65767000 | |
| CY2016Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
46153000 | |
| CY2017Q1 | us-gaap |
Interest Paid
InterestPaid
|
396000 | |
| CY2016Q1 | us-gaap |
Interest Paid
InterestPaid
|
646000 | |
| CY2017Q1 | xoma |
Other Receivables Related To Sale Of Property And Equipment
OtherReceivablesRelatedToSaleOfPropertyAndEquipment
|
811000 | |
| CY2017Q1 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<div> <p style="text-align:justify;margin-bottom:4pt;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:4pt;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 (referred to as “XOMA” or the “Company”), a Delaware corporation, has a long history of discovering and developing innovative therapeutics derived from its unique platform of antibody technologies. The Company has typically sought to license these therapeutic assets to licensees who take on the responsibilities of later stage development, approval and commercialization. In addition, XOMA has licensed antibody technologies on a non-exclusive basis to other companies who desire to access this platform for their own discovery efforts. In 2016, XOMA dedicated its research and development efforts to advancing its portfolio of product candidates that have the potential to treat a variety of endocrine diseases, including advancing the development of X358 for the treatment of congenital hyperinsulinism and hypoglycemia in hyperinsulinemic patients following bariatric surgery. XOMA’s strategy has evolved and its current focus is on developing or acquiring revenue generating assets and coupling them with a lean corporate infrastructure. As XOMA’s business model is based on the objective of out-licensing assets to other pharmaceutical companies for them to commercialize and market any resultant products, the Company expects that a significant portion of any future revenue will be based on payments it may receive from its licensees. </p> <p style="text-align:justify;margin-top:18pt;margin-bottom:4pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Going Concern</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:4pt;text-indent:4.8%;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 resulting in an accumulated deficit of $1.2 billion, has a working capital deficiency of $0.6 million and $26.6 million in total outstanding debt at March 31, 2017. Management expects operating losses and negative cash flows to continue for the foreseeable future and, as a result, the Company will require additional capital to fund its operations and execute its business plan. As of March 31, 2017, the Company had $20.0 million in cash and cash equivalents, 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, 2017, without the receipt of additional funds from license and collaboration agreements or additional equity or debt financing, it will only be able to fund its operations and make scheduled loan payments into January 2018. Therefore, the Company determined there is substantial doubt about its ability to continue as a going concern. The analysis used to determine the Company’s ability to continue as a going concern does not include cash sources outside of XOMA’s direct control that management expects to be available within the next twelve months. </p> <p style="text-align:justify;margin-top:6pt;margin-bottom:4pt;text-indent:4.8%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company may not be able to obtain sufficient additional funding through monetizing certain of its existing assets, entering into new license agreements, issuing additional equity or debt instruments or any other means, and if it is able to do so, they may not be on satisfactory terms. 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. Consistent with the actions the Company has taken in the past, including the restructuring in December 2016 and February 2017, it will take steps intended to enable the continued operation of the business which may include out-licensing or sale of assets and reducing other expenditures that are within the Company’s control. These reductions in expenditures may have a material adverse impact on the Company’s ability to achieve certain of its planned objectives. Even if the Company is able to source additional funding, it may be forced to significantly further reduce its operations if its business prospects do not improve. If the Company is unable to source additional funding, it may be forced to shut down operations altogether. These condensed consolidated financial statements have been prepared on a going concern basis and do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary in the event the Company can no longer continue as a going concern.</p> <p style="text-align:justify;margin-top:18pt;margin-bottom:4pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Reverse Stock Split</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:4pt;text-indent:4.8%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In October 2016, the Company’s stockholders voted at a special meeting of stock holders to approve a series of alternate amendments to the Company’s Amended Certificate of Incorporation to effect a reverse stock split of the Company’s issued and outstanding common stock. The Company’s Board of Directors then approved a specific ratio of 1-for-20. The par value per share of the Company’s common stock remained at $0.0075. The financial statements have been retroactively adjusted to reflect the reverse stock split for all periods presented. </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:8pt;"> </p></div> | |
| CY2017Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<div> <p style="text-align:justify;margin-bottom:4pt;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:4pt;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 ongoing basis, management evaluates its estimates including, but not limited to, those related to revenue recognition, debt amendments, research and development expense, long-lived assets, restructuring liabilities, legal contingencies, 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 its remaining active contract 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 under contracts with clinical trial centers and clinical research organizations. </p></div> | |
| CY2017Q1 | us-gaap |
Revenue Recognition Deferred Revenue
RevenueRecognitionDeferredRevenue
|
<div> <p style="text-align:justify;margin-top:18pt;margin-bottom:4pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Sale of Future Revenue Streams</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-size:6pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;"> <font style="font-size:10pt;margin-left:36pt;"></font><font style="font-size:10pt;">The Company has sold its rights to receive certain milestones and royalties on product sales. In the circumstance where the Company has sold its rights to future milestones and royalties under a license agreement and also maintains limited continuing involvement in the arrangement (but not significant continuing involvement in the generation of the cash flows that are due to the purchaser), the Company defers recognition of the proceeds it receives for the sale of milestone or royalty stream and recognizes such deferred revenue as contract and other revenue over the life of the underlying license agreement. The Company recognizes this revenue under the "units-of-revenue" method. Under this method, amortization for a reporting period is calculated by computing a ratio of the proceeds received from the purchaser to the total payments expected to be made to the purchaser over the term of the agreement, and then applying that ratio to the period’s cash payment.</font></p> <p style="text-align:justify;margin-top:12pt;margin-bottom:4pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Estimating the total payments expected to be received by the purchaser over the term of such arrangements requires management to use subjective estimates and assumptions. Changes to the Company’s estimate of the payments expected to be made to the purchaser over the term of such arrangements could have a material effect on the amount of revenues recognized in any particular period.</p></div> | |
| CY2017Q1 | xoma |
Sale Of Property Plant And Equipment
SaleOfPropertyPlantAndEquipment
|
1600000 | |
| CY2017Q1 | us-gaap |
Disposal Group Including Discontinued Operation Property Plant And Equipment
DisposalGroupIncludingDiscontinuedOperationPropertyPlantAndEquipment
|
300000 | |
| CY2017Q1 | us-gaap |
Other Receivables
OtherReceivables
|
800000 | |
| CY2017Q1 | us-gaap |
Accrued Salaries Current
AccruedSalariesCurrent
|
123000 | |
| CY2016Q4 | us-gaap |
Accrued Salaries Current
AccruedSalariesCurrent
|
1582000 | |
| CY2017Q1 | xoma |
Accrued Clinical Trial Costs
AccruedClinicalTrialCosts
|
394000 | |
| CY2016Q4 | xoma |
Accrued Clinical Trial Costs
AccruedClinicalTrialCosts
|
743000 | |
| CY2017Q1 | us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<div> <p style="text-align:justify;margin-top:18pt;margin-bottom:4pt;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:4pt;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 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 2017. </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;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, 2017, two customers represented 58% and 42% of total revenues. For the three months ended March 31, 2016, three customers represented 38%, 27%, and 23% of total revenues. As of March 31, 2017, two customers represented 81% and 14%<font style="font-size:12pt;"> </font>of the accounts receivable balance. As of December 31, 2016, one customer represented 85% of the accounts receivable balance. </p></div> | |
| CY2017Q1 | xoma |
Working Capital Deficiency
WorkingCapitalDeficiency
|
600000 | |
| CY2017Q1 | us-gaap |
Long Term Debt
LongTermDebt
|
26629000 | |
| CY2017Q1 | us-gaap |
Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
|
In October 2016, the Company’s stockholders voted at a special meeting of stock holders to approve a series of alternate amendments to the Company’s Amended Certificate of Incorporation to effect a reverse stock split of the Company’s issued and outstanding common stock. The Company’s Board of Directors then approved a specific ratio of 1-for-20. | |
| CY2016Q4 | us-gaap |
Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
|
0.05 | |
| CY2016Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.0075 | |
| CY2017Q1 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
3245000 | |
| CY2016Q4 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
14577000 | |
| CY2017Q1 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
2849000 | |
| CY2016Q4 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
13541000 | |
| CY2017Q1 | xoma |
Accrued Incentive Compensation
AccruedIncentiveCompensation
|
203000 | |
| CY2017Q1 | us-gaap |
Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
|
670000 | |
| CY2016Q4 | us-gaap |
Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
|
385000 | |
| CY2017Q1 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
783000 | |
| CY2016Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
1505000 | |
| CY2017Q1 | xoma |
Net Income Loss Available To Common Stock Holders Basic And Diluted
NetIncomeLossAvailableToCommonStockHoldersBasicAndDiluted
|
-16318000 | |
| CY2016Q1 | xoma |
Net Income Loss Available To Common Stock Holders Basic And Diluted
NetIncomeLossAvailableToCommonStockHoldersBasicAndDiluted
|
-8365000 | |
| CY2017Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
3480000 | |
| CY2016Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
1446000 | |
| CY2017Q1 | us-gaap |
Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
|
5454000 | |
| CY2017Q1 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
|
7545000 | |
| CY2017Q1 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
|
15980000 | |
| CY2017Q1 | xoma |
Long Term Debt Future Principal Interest And Final Fee Payments
LongTermDebtFuturePrincipalInterestAndFinalFeePayments
|
28979000 | |
| CY2017Q1 | xoma |
Long Term Debt Interest Final Payment Discount And Issuance Cost
LongTermDebtInterestFinalPaymentDiscountAndIssuanceCost
|
2350000 | |
| CY2017Q1 | us-gaap |
Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
|
19279 | |
| CY2016Q4 | us-gaap |
Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
|
498556 | |
| CY2017Q1 | xoma |
Class Of Warrant Or Right Expiration Year And Month
ClassOfWarrantOrRightExpirationYearAndMonth
|
2017-03 | |
| CY2017Q1 | xoma |
Contractual Obligation Estimated Milestone Payments
ContractualObligationEstimatedMilestonePayments
|
15500000 | |
| CY2017Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
1000000 | |
| CY2016Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
2306000 | |
| CY2017Q1 | us-gaap |
Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
|
24900000 | |
| CY2017Q1 | us-gaap |
Minority Interest Ownership Percentage By Noncontrolling Owners
MinorityInterestOwnershipPercentageByNoncontrollingOwners
|
0.198 |
