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Basis of Presentation (Tables) | 9 Months Ended
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Sep. 30, 2014
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 per share for the periods indicated (in thousands, except per share amounts):
| Three months ended |  | Nine months ended
| September 30, |  | September 30,
| 2014 |  | 2013 |  | 2014 |  | 2013
EPS attributable to common shareholders: |  |  |  |  |  |  |
Net income from continuing operations | $ | 1,280 |  |  | $ | 1,965 |  |  | 4,969 |  |  | $ | 6,963 |
Net income from discontinued operations | — |  |  | — |  |  | — |  |  | 2,588 |
Net income | $ | 1,280 |  |  | $ | 1,965 |  |  | $ | 4,969 |  |  | $ | 9,551 |
Shares used to compute basic income per share | 20,417,187 |  |  | 20,357,558 |  |  | 20,584,469 |  |  | 20,268,261 |
Dilutive potential common shares: |  |  |  |  |  |  |
Restricted stock | 22,531 |  |  | 77,609 |  |  | 37,387 |  |  | 62,051 |
Stock options | 905,593 |  |  | 408,575 |  |  | 1,010,665 |  |  | 232,310 |
Shares used to compute diluted income per share | 21,345,311 |  |  | 20,843,742 |  |  | 21,632,521 |  |  | 20,562,622 |
Basic per share amounts: |  |  |  |  |  |  |
Income from continuing operations | $ | 0.06 |  |  | $ | 0.10 |  |  | $ | 0.24 |  |  | $ | 0.34 |
Income from discontinued operations | — |  |  | — |  |  | — |  |  | 0.13 |
Net income | $ | 0.06 |  |  | $ | 0.10 |  |  | $ | 0.24 |  |  | $ | 0.47 |
Diluted per share amounts: |  |  |  |  |  |  |
Income from continuing operations | $ | 0.06 |  |  | $ | 0.09 |  |  | $ | 0.23 |  |  | $ | 0.33 |
Income from discontinued operations | — |  |  | — |  |  | — |  |  | 0.13 |
Net income | $ | 0.06 |  |  | $ | 0.09 |  |  | $ | 0.23 |  |  | $ | 0.46 |
Summary of investment categories | The following table summarizes the various investment categories at September 30, 2014 and December 31, 2013 (in thousands):
| Cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Estimated fair value
September 30, 2014 |  |  |  |  |  |  |
Short-term investments | $ | 1,426 |  |  | $ | 4,499 |  |  | $ | — |  |  | $ | 5,925 |
Certificates of deposit-restricted | 1,261 |  |  | — |  |  | — |  |  | 1,261 |
| $ | 2,687 |  |  | $ | 4,499 |  |  | $ | — |  |  | $ | 7,186 |
December 31, 2013 |  |  |  |  |  |  |
Short-term investments | $ | 1,426 |  |  | $ | 2,914 |  |  | $ | — |  |  | $ | 4,340 |
Certificates of deposit-restricted | 1,341 |  |  | — |  |  | — |  |  | 1,341 |
| $ | 2,767 |  |  | $ | 2,914 |  |  | $ | — |  |  | $ | 5,681 |
Summary of property and equipment | Property and equipment is stated at cost and consists of the following (in thousands):
| September 30, |  | December 31,
| 2014 |  | 2013
Lab and office equipment | $ | 2,509 |  |  | $ | 3,737 |
Leasehold improvements | 273 |  |  | 387 |
Computer equipment and software | 631 |  |  | 616 |
| 3,413 |  |  | 4,740 |
Less accumulated depreciation and amortization | (2,862 | ) |  | (3,873 | )
Total property and equipment, net | $ | 551 |  |  | $ | 867 |
Summary of other current assets | Other current assets consist of the following (in thousands):
| September 30, |  | December 31,
| 2014 |  | 2013
Prepaid expenses | $ | 1,178 |  |  | $ | 786 |
Other receivables | 424 |  |  | 173 |
Total current assets | $ | 1,602 |  |  | $ | 959 |
Summary of goodwill and other identifiable intangible assets | Goodwill and other identifiable intangible assets consist of the following (in thousands):
| September 30, |  | December 31,
| 2014 |  | 2013
Indefinite lived intangible assets |  |  |
Acquired in-process research and development | $ | 12,556 |  |  | $ | 12,556 |
Goodwill | 12,238 |  |  | 12,238 |
Definite lived intangible assets |  |  |
Complete technology | 15,267 |  |  | 15,267 |
Less: Accumulated amortization | (2,807 | ) |  | (2,235 | )
Trade name | 2,642 |  |  | 2,642 |
Less: Accumulated amortization | (487 | ) |  | (387 | )
Customer relationships | 29,600 |  |  | 29,600 |
Less: Accumulated amortization | (5,454 | ) |  | (4,344 | )
Total goodwill and other identifiable intangible assets, net | $ | 63,555 |  |  | $ | 65,337 |
Summary of accrued liabilities | Accrued liabilities consist of the following (in thousands):
| September 30, |  | December 31,
| 2014 |  | 2013
Compensation | $ | 1,388 |  |  | $ | 1,929 |
Professional fees | 805 |  |  | 697 |
Accrued interest payable | 230 |  |  | — |
Other | 1,888 |  |  | 2,711 |
Total accrued liabilities | $ | 4,311 |  |  | $ | 5,337 |
Summary of other long-term liabilities | Other long-term liabilities consist of the following (in thousands):
| September 30, |  | December 31,
| 2014 |  | 2013
Deposits | $ | 402 |  |  | $ | 345 |
Deferred rent | 335 |  |  | 350 |
Total other long-term liabilities | $ | 737 |  |  | $ | 695 |
Schedule for accounting for share-based compensation | The following table summarizes stock-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,
| 2014 |  | 2013 |  | 2014 |  | 2013
Stock-based compensation expense as a component of: |  |  |  |  |  |  |
Research and development expenses | $ | 1,169 |  |  | $ | 438 |  |  | $ | 2,814 |  |  | $ | 1,272 |
General and administrative expenses | 2,533 |  |  | 1,095 |  |  | 5,981 |  |  | 2,877 |
| $ | 3,702 |  |  | $ | 1,533 |  |  | $ | 8,795 |  |  | $ | 4,149 |
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,
| 2014 |  | 2013 |  | 2014 |  | 2013
Risk-free interest rate | 1.9% |  | 1.8% |  | 1.9% |  | 1.4%
Dividend yield | — |  | — |  | — |  | —
Expected volatility | 67% |  | 70% |  | 68% |  | 70%
Expected term | 6.4 |  | 6.3 |  | 6.4 |  | 6.3
Forfeiture rate | 8.6% |  | 8.8% |  | 8.6%-9.7% |  | 8.4%-9.8%

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