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Risks and Uncertainties
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9 Months Ended |
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Sep. 30, 2012
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| Risks and Uncertainties [Abstract] | |
| Risks and Uncertainties | 3. Risks and Uncertainties For the period from inception to September 30, 2012, the Company has incurred recurring operating losses and has accumulated a deficit of $320.1 million. During the nine months ended September 30, 2012, the Company recognized a net loss of $25.9 million. Our net cash used in operations for the nine months ended September 30, 2012 was $22.1 million. We believe we have sufficient funds to meet our financial needs for at least the next twelve months. In June 2012, we entered into a loan and security agreement (the "Loan and Security Agreement") with Hercules Technology Growth Capital, Inc. ("HTGC") for borrowings of up to $20 million under a term loan to further underpin our ARIKACE development program. The first $10 million of the term loan was funded at closing. The remaining $10 million of the Loan and Security Agreement is available at Insmed's option throughout the availability period, which ends on December 31, 2012.In September 2012, we completed a registered direct offering of 6,304,102 shares of our common stock, at a price of $4.07 per share resulting in net proceeds of $25.7 million. In the future, we may require additional funds for the continued development of our potential product candidates or to pursue the license of complementary technologies. There can be no assurance that adequate funds will be available when we need them or on favorable terms. If at any time we are unable to obtain sufficient additional funds, we will be required to delay, restrict or eliminate some or all of our development programs, dispose of assets or technology or cease operations. |