Basis of Presentation (Tables)

9 Months Ended

Sep. 30, 2013

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of computation of basic and diluted net income (loss) per share

The following table sets forth the computation of basic and diluted net income (loss) per share for the periods indicated (in thousands, except per share amounts):

	Three months ended					Nine months ended
	September 30,					September 30,
	2013		2012			2013		2012
Net income (loss) from continuing operations	$	1,965	$	(194	)	$	6,963	$	(5,260	)
Net income from discontinued operations	—		—			2,588		3,670
Net income (loss)	$	1,965	$	(194	)	$	9,551	$	(1,590	)
Shares used to compute basic income (loss) per share	20,357,558		19,917,676			20,268,261		19,791,793
Dilutive potential common shares:
Restricted stock	77,609		—			62,051		—
Stock options	408,575		—			232,310		—
Shares used to compute diluted income (loss) per share	20,843,742		19,917,676			20,562,622		19,791,793
Basic per share amounts:
Income (loss) from continuing operations	$	0.10	$	(0.01	)	$	0.34	$	(0.27	)
Income from discontinued operations	—		—			0.13		0.19
Net income (loss)	$	0.10	$	(0.01	)	$	0.47	$	(0.08	)
Diluted per share amounts:
Income (loss) from continuing operations	$	0.09	$	(0.01	)	$	0.33	$	(0.27	)
Income from discontinued operations	—		—			0.13		0.19
Net income (loss)	$	0.09	$	(0.01	)	$	0.46	$	(0.08	)

Summary of investment categories

The following table summarizes the various investment categories at September 30, 2013 and December 31, 2012 (in thousands):

	Cost		Gross unrealized gains		Gross unrealized losses		Estimated fair value
September 30, 2013
Available-for-sale securities	$	1,426	$	2,201	$	—	$	3,627
Certificates of deposit - restricted	1,341		—		—		1,341
	$	2,767	$	2,201	$	—	$	4,968
December 31, 2012
Available-for-sale securities	$	1,426	$	—	$	—	$	1,426
Certificates of deposit-restricted	1,341		—		—		1,341
	$	2,767	$	—	$	—	$	2,767

Summary of property and equipment

Property and equipment is stated at cost and consists of the following (in thousands):

	September 30,			December 31,
	2013			2012
Lab and office equipment	$	4,541		$	4,374
Leasehold improvements	213			145
Computer equipment and software	1,025			1,150
	5,779			5,669
Less accumulated depreciation and amortization	(4,945		)	(4,881		)
	$	834		$	788

Summary of other current assets

Other current assets consist of the following (in thousands):

	September 30,		December 31,
	2013		2012
Prepaid expenses	$	1,393	$	801
Other receivables	119		28
	$	1,512	$	829

Summary of goodwill and other identifiable intangible assets

Goodwill and other identifiable intangible assets consist of the following (in thousands):

	September 30,			December 31,
	2013			2012
Indefinite lived intangible assets
Acquired in-process research and development	$	12,556		$	13,036
Goodwill	12,238			12,238
Definite lived intangible assets
Complete technology	15,267			15,227
Trade name	2,642			2,642
Customer relationships	29,600			29,600
	47,509			47,469
Accumulated amortization	(6,373		)	(4,593		)
Total goodwill and other identifiable intangible assets, net	$	65,930		$	68,150

Summary of accrued liabilities

Accrued liabilities consist of the following (in thousands):

	September 30,		December 31,
	2013		2012
Compensation	$	1,734	$	1,807
Professional fees	280		199
Other	2,605		2,955
	$	4,619	$	4,961

Summary of other long-term liabilities

Other long-term liabilities consist of the following (in thousands):

	September 30,		December 31,
	2013		2012
Deposits	$	336	$	538
Deferred rent	354		334
Other	—		214
	$	690	$	1,086

Schedule for accounting for share-based compensation

The following table summarizes share-based compensation expense recorded as components of research and development expenses and general and administrative expenses for the periods indicated (in thousands):

	Three months ended				Nine months ended
	September 30,				September 30,
	2013		2012		2013		2012
Share-based compensation expense as a component of:
Research and development expenses	$	438	$	263	$	1,272	$	1,211
General and administrative expenses	1,095		750		2,877		1,905
	$	1,533	$	1,013	$	4,149	$	3,116

Summary of fair-value options awarded to employees and directors

The fair-value for options that were awarded to employees and directors was estimated at the date of grant using the Black-Scholes option valuation model with the following weighted-average assumptions:

	Three months ended		Nine months ended
	September 30,		September 30,
	2013	2012	2013	2012
Risk-free interest rate	1.8%	0.8%	1.4%	1.0%
Dividend yield	—	—	—	—
Expected volatility	70%	69%	70%	69%
Expected term	6.3	6.2	6.3	6.3
Forfeiture rate	8.8%	8.2%	8.4%-9.8%	8.0%-11.2%