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Change in Method of Accounting for Stock-based Compensation (Tables)
6 Months Ended
Jun. 30, 2014
Adjustments in Balance Sheet

The adjustments as of December 31, 2013 were as follows:

 

Balance Sheet    December 31, 2013  
(in thousands, except for share and per share amounts)    As Previously
Reported
    Retrospective
Adjustment
    As
Adjusted
 

Stockholders’ equity:

      

Preferred stock, $0.001 par value; 20,000,000 shares authorized, and no shares issued or outstanding

     —            —     

Common stock, $0.001 par value; 150,000,000 shares authorized; 33,338,543 shares issued and outstanding at December 31, 2013

   $ 33      $ —        $ 33   

Additional paid-in capital

     355,432        (3,192     352,240   

Accumulated other comprehensive income

     21        —          21   

Accumulated deficit

     (311,362     3,192        (308,170
  

 

 

   

 

 

   

 

 

 

Total stockholders’ equity

   $ 44,124      $ —        $ 44,124   
  

 

 

   

 

 

   

 

 

 
Adjustments in Statement of Operations

The adjustments for the three and six months ended June 30, 2013 were as follows:

 

Statement of Operations    Three Months Ended June 30, 2013     Six Months Ended June 30, 2013  
(in thousands, except for share and per share amounts)    As previously
Reported
    Retrospective
Adjustment
    As
Adjusted
    As previously
Reported
    Retrospective
Adjustment
    As
Adjusted
 

Revenues:

            

Licensing agreement

   $ 6,678      $ —        $ 6,678      $ 13,284      $ —        $ 13,284   

Royalty revenue

     1,641        —          1,641        3,103        —          3,103   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues

     8,319        —          8,319        16,387        —          16,387   

Operating expenses:

            

Research and development

     5,982        118        6,100        13,942        269        14,211   

Selling, general and administrative

     5,074        186        5,260        9,032        381        9,413   

Intangible asset amortization

     372        —          372        741        —          741   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     11,428        304        11,732        23,715        650        24,365   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Loss from operations

     (3,109     (304     (3,413     (7,328     (650     (7,978

Other income

     30        —          30        76        —          76   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Loss before tax benefit

     (3,079     (304     (3,383     (7,252     (650     (7,902

Tax benefit

     —          —          —          —          —          —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net loss

   $ (3,079   $ (304   $ (3,383   $ (7,252   $ (650   $ (7,902
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Basic and diluted net loss per share

   $ (0.11   $ (0.01   $ (0.12   $ (0.26   $ (0.02   $ (0.28
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average shares outstanding, basic and diluted

     28,377,254        —          28,377,254        28,361,340        —          28,361,340   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Adjustments in Statement of Comprehensive Loss

The adjustment for the three and six months ended June 30, 2013 was as follows:

 

Statement of Comprehensive Loss    Three Months Ended June 30, 2013     Six Months Ended June 30, 2013  
(in thousands)    As Previously
Reported
    Retrospective
Adjustment
    As
Adjusted
    As Previously
Reported
    Retrospective
Adjustment
    As
Adjusted
 

Net loss

   $ (3,079   $ (304   $ (3,383   $ (7,252   $ (650   $ (7,902
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other comprehensive loss:

            

Change in net unrealized loss on marketable securities

     —          —          —          (10     —          (10

Tax provision on other comprehensive income (loss)

     —          —          —          —          —          —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other comprehensive loss, net of tax:

     —          —          —          (10     —          (10
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Comprehensive loss

   $ (3,079   $ (304   $ (3,383   $ (7,262   $ (650   $ (7,912
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Adjustments in Statement of Cash Flows

The adjustments for the six months ended June 30, 2013 were as follows:

 

Statement of Cash Flows    Six Months Ended June 30, 2013  
(in thousands)    As Previously
Reported
    Retrospective
Adjustment
    As
Adjusted
 

Cash flows from operating activities

      

Net loss

   $ (7,252   $ (650   $ (7,902

Adjustments to reconcile net loss to net cash used in operating activities:

      

Depreciation and amortization of property and equipment

     212        —          212   

Employee and non-employee stock-based compensation

     1,782        650        2,432   

Amortization of discounts and premiums on marketable securities

     121        —          121   

Intangible asset amortization

     741        —          741   

Changes in assets and liabilities, net

     (12,772     —          (12,772
  

 

 

   

 

 

   

 

 

 

Net cash used in operating activities

   $ (17,168   $ —        $ (17,168