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Document and Entity Information (USD $)
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6 Months Ended | ||
|---|---|---|---|
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Jun. 30, 2011
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Jul. 29, 2011
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Jun. 30, 2010
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| Document and Entity Information [Abstract] | |||
| Entity Registrant Name | SPECTRUM PHARMACEUTICALS INC | ||
| Entity Central Index Key | 0000831547 | ||
| Document Type | 10-Q | ||
| Document Period End Date | Jun. 30, 2011 | ||
| Amendment Flag | false | ||
| Document Fiscal Year Focus | 2011 | ||
| Document Fiscal Period Focus | Q2 | ||
| Current Fiscal Year End Date | --12-31 | ||
| Entity Well-known Seasoned Issuer | No | ||
| Entity Voluntary Filers | No | ||
| Entity Current Reporting Status | Yes | ||
| Entity Filer Category | Accelerated Filer | ||
| Entity Public Float | $ 189,068,452 | ||
| Entity Common Stock, Shares Outstanding | 53,197,879 |
| X | ||||||||||
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- Definition
If the value is true, then the document as an amendment to previously-filed/accepted document. No definition available.
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- Definition
End date of current fiscal year in the format --MM-DD. No definition available.
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- Definition
This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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- Definition
This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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- Definition
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD. No definition available.
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- Definition
The type of document being provided (such as 10-K, 10-Q, N-1A, etc). The document type is limited to the same value as the supporting SEC submission type, minus any "/A" suffix. The acceptable values are as follows: S-1, S-3, S-4, S-11, F-1, F-3, F-4, F-9, F-10, 6-K, 8-K, 10, 10-K, 10-Q, 20-F, 40-F, N-1A, 485BPOS, 497, NCSR, N-CSR, N-CSRS, N-Q, 10-KT, 10-QT, 20-FT, POS AM and Other. No definition available.
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- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Indicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. Where multiple classes exist define each class by adding class of stock items such as Common Class A [Member], Common Class B [Member] onto the Instrument [Domain] of the Entity Listings, Instrument No definition available.
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- Definition
Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, or (4) Smaller Reporting Company. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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| X | ||||||||||
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- Definition
State aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K. No definition available.
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- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. No definition available.
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| X | ||||||||||
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- Definition
Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No definition available.
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- Details
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- Definition
Carrying value as of the balance sheet date of obligations incurred through that date and payable for drug development costs. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). No definition available.
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| X | ||||||||||
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- Definition
This element represents the amount of any change, including any differences arising upon settlement, recognized during the reporting period in the value of an asset or assets, arising from an item of contingent consideration, recognized in a business combination. No definition available.
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| X | ||||||||||
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- Definition
Sum of the carrying values as of the balance sheet date of liabilities incurred and payable to vendors for goods and services received, and other costs not separately disclosed in the balance sheet that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. No definition available.
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| X | ||||||||||
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- Definition
Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Total of debt securities categorized neither as held-to-maturity nor trading which are intended be sold or mature within one year from the balance sheet date or the normal operating cycle, whichever is longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount equal to the present value (the principal) at the beginning of the lease term of minimum lease payments during the lease term (excluding that portion of the payments representing executory costs such as insurance, maintenance, and taxes to be paid by the lessor, together with any profit thereon) net of payments or other amounts applied to the principal, through the balance sheet date and due to be paid more than one year (or one operating cycle, if longer) after the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
A savings certificate entitling the Entity (that is, bearer) to receive interest at an established maturity date, based upon a fixed interest rate. A certificate of deposit may be issued in any denomination. Certificates of deposit are generally issued by commercial banks and, therefore, insured by the FDIC (up to the prescribed limit). Certificates of deposit generally restrict holders from withdrawing funds on demand without the incurrence of penalties. Generally, only certificates of deposit with original maturities of three months or less qualify as cash equivalents. Original maturity means original maturity to the entity holding the investment. As a related example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three-years ago does not become a cash equivalent when its remaining maturity is three months. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total carrying amount of consideration received or receivable as of the balance sheet date representing potential earnings that were not as yet recognized as revenue or other forms of income in conformity with GAAP, and which are expected to be recognized as such after one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum as of the balance sheet date of the (a) fair values of all liabilities resulting from contracts that meet the criteria of being accounted for as derivative instruments, and (b) the carrying amounts of the liabilities arising from financial instruments or contracts used to mitigate a specified risk (hedge), and which are expected to be extinguished or otherwise disposed of within a year or the normal operating cycle, if longer, net of the effects of master netting arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total of the carrying values as of the balance sheet date of obligations incurred through that date and payable for obligations related to services received from employees, such as accrued salaries and bonuses, payroll taxes and fringe benefits. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate sum of gross carrying value of a major finite-lived intangible asset class, less accumulated amortization and any impairment charges. A major class is composed of intangible assets that can be grouped together because they are similar, either by their nature or by their use in the operations of a company. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The total of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer, and the aggregate carrying amount of current assets, as of the balance sheet date, not separately presented elsewhere in the balance sheet. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Preferred stock, liquidation value No definition available.
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| X | ||||||||||
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- Definition
A valuation allowance for trade and other receivables due to an Entity within one year (or the normal operating cycle, whichever is longer) that are expected to be uncollectible. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Face amount or stated value of common stock per share; generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Shares outstanding equals shares issued minus shares held in treasury and other adjustments, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Face amount or stated value per share of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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Condensed Consolidated Statements of Operations (Unaudited) (USD $)
In Thousands, except Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2011
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Jun. 30, 2010
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Jun. 30, 2011
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Jun. 30, 2010
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| Revenues: | ||||
| Product sales, net | $ 42,287 | $ 9,268 | $ 82,810 | $ 16,390 |
| License and contract revenue | 3,075 | 3,075 | 6,150 | 7,042 |
| Total revenues | 45,362 | 12,343 | 88,960 | 23,432 |
| Operating costs and expenses: | ||||
| Cost of product sales (excludes amortization of purchased intangible assets) | 8,130 | 3,592 | 14,710 | 6,837 |
| Selling, general and administrative | 18,699 | 13,802 | 31,450 | 24,664 |
| Research and development | 7,686 | 6,285 | 13,516 | 42,829 |
| Amortization of purchased intangibles | 930 | 930 | 1,860 | 1,860 |
| Total operating costs and expenses | 35,445 | 24,609 | 61,536 | 76,190 |
| Income (loss) from operations | 9,917 | (12,266) | 27,424 | (52,758) |
| Change in fair value of common stock warrant liability | (1,237) | 2,826 | (6,487) | 4,401 |
| Other income, net | 174 | (236) | 694 | (333) |
| Income (loss) before provision for income taxes | 8,854 | (9,676) | 21,631 | (48,690) |
| Provision for income taxes | (1,650) | (1,650) | ||
| Net income (loss) | $ 7,204 | $ (9,676) | $ 19,981 | $ (48,690) |
| Net income (loss) per share: | ||||
| Basic | $ 0.14 | $ (0.20) | $ 0.39 | $ (1.00) |
| Diluted | $ 0.12 | $ (0.20) | $ 0.35 | $ (1.00) |
| Weighted average shares outstanding: | ||||
| Basic | 52,257,049 | 49,020,236 | 51,814,122 | 48,844,918 |
| Diluted | 58,265,264 | 49,020,236 | 56,845,371 | 48,844,918 |
| X | ||||||||||
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- Definition
Revenue from licensing fees. Licensing revenue is consideration received from another party for the right to use, but not own, certain of the entity's intangible assets. Licensing arrangements include, but are not limited to, rights to use a patent, copyright, technology, manufacturing process, software or trademark. No definition available.
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| X | ||||||||||
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- Definition
The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total costs related to goods produced and sold during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total costs of sales and operating expenses for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate net gain (loss) on all derivative instruments recognized in earnings during the period, before tax effects. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
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| X | ||||||||||
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- Definition
The net amount of other income and expense amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income (expense) recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) net gains or losses on securities, (d) unusual costs, (e) gains or losses on foreign exchange transactions, and (f) miscellaneous other income and expense items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility, and costs allocated in accounting for a business combination to in-process projects deemed to have no alternative future use. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate revenue during the period from the sale of goods in the normal course of business, after deducting returns, allowances and discounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in the aggregate amount of obligations related to drug development costs. No definition available.
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in the aggregate amount of deferred revenue and other credits. No definition available.
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| X | ||||||||||
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- Definition
Landlord contributions to tenant improvements No definition available.
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| X | ||||||||||
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- Definition
Proceeds from contributions to ESPP No definition available.
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| X | ||||||||||
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- Definition
Carrying amount as of the balance sheet date of amounts accrued for milestones. No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in cash and cash equivalents. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The value of the stock converted in a noncash (or part noncash) transaction. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate net gain (loss) on all derivative instruments recognized in earnings during the period, before tax effects. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in the aggregate amount of obligations related to services received from employees, such as accrued salaries and bonuses, payroll taxes and fringe benefits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in other obligations or expenses incurred but not yet paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in the value of prepaid expenses and other assets not separately disclosed in the statement of cash flows, for example, deferred expenses, intangible assets,or income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The net cash inflow or outflow from financing activity for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
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- Definition
The net cash inflow or outflow from investing activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
|
| X | ||||||||||
|
- Definition
The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
|
| X | ||||||||||
|
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
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- Definition
The cash outflow to acquire debt securities classified as available-for-sale securities, because they are not classified as either held-to-maturity securities or trading securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
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- Definition
The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash inflow associated with the aggregate amount received by the entity through sale or maturity of marketable securities (held-to-maturity or available-for-sale) during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash inflow associated with the amount received from holders exercising their stock options. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of the current period expense charged against operations, the offset which is generally to the allowance for doubtful accounts for the purpose of reducing receivables, including notes receivable, to an amount that approximates their net realizable value (the amount expected to be collected). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The amount of previously reported deferred or unearned revenue that was recognized as revenue during the period. For cash flows, this element primarily pertains to amortization of deferred credits on long-term arrangements. As a noncash item, it is deducted from net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash outflow for the obligation for a lease meeting the criteria for capitalization (with maturities exceeding one year or beyond the operating cycle of the entity, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The fair value of stock issued in noncash financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Details
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Business and Basis of Presentation
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2011
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| Business and Basis of Presentation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business and Basis of Presentation |
1. Business and Basis of Presentation
Business
Spectrum Pharmaceuticals, Inc. (“Spectrum”, the “Company”, “we”, “our”, or “us”) is a
biotechnology company with fully integrated commercial and drug development operations, with a
primary focus in oncology. Our strategy is comprised of acquiring, developing and commercializing a
broad and diverse pipeline of late-stage clinical and commercial products. We market two oncology
drugs, ZEVALIN® and FUSILEV® and have two drugs, apaziquone and belinostat,
in late stage development along with a diversified pipeline of novel drug candidates. We have
assembled an integrated in-house scientific team, including formulation development, clinical
development, medical research, regulatory affairs, biostatistics and data management, and have
established a commercial infrastructure for the marketing of our drug products. We also leverage
the expertise of our worldwide partners to assist in the execution of our strategy. Apaziquone is
presently being studied in two large Phase 3 clinical trials for non-muscle invasive bladder
cancer, or NMIBC, and is under strategic collaborations with Allergan, Inc., (“Allergan”), Nippon
Kayaku Co. Ltd., (“Nippon Kayaku”), and Handok Pharmaceuticals Co. Ltd., (“Handok”). Belinostat,
is being studied in multiple indications including a Phase 2 registrational trial for relapsed or
refractory peripheral T-cell lymphoma, (“PTCL”), under a strategic collaboration with TopoTarget
A/S (“TopoTarget”).
Basis of Presentation
We have prepared the accompanying unaudited condensed consolidated financial statements,
pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for
interim reporting. We have condensed or omitted certain information and footnote disclosures
normally included in our annual financial statements prepared in accordance with generally accepted
accounting principles (“GAAP”) pursuant to such rules and regulations. The unaudited condensed
consolidated financial statements reflect all adjustments, which are normal and recurring, that
are, in the opinion of management, necessary to fairly state the financial position as of June 30,
2011 and the results of operations and cash flows for the related interim periods ended June 30,
2011 and 2010. The results of operations for the three and six months ended June 30, 2011 are not
necessarily indicative of the results that may be expected for the year ending December 31, 2011 or
for any other periods.
Significant Accounting Policies
The accounting policies followed by us and other information are contained in the notes to our
audited consolidated financial statements for the year ended December 31, 2010 included in our
Annual Report on Form 10-K filed on March 10, 2011. We have not changed our significant accounting
policies as of June 30, 2011. You should read this Quarterly Report on Form 10-Q in connection
with the information contained in our Annual Report on Form 10-K filed on March 10, 2011.
Segment and Geographic Information
We operate in one reportable segment: acquiring, developing and commercializing prescription
drug products. Accordingly, we report the accompanying condensed consolidated financial statements
in the aggregate, including all of our activities in one reportable segment. Foreign operations
were not significant for any of the periods presented herein.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires us to make estimates
and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and
disclosure of contingent obligations in the financial statements and accompanying notes. The
estimation process requires assumptions to be made about
future events and conditions, and as such, is inherently subjective and uncertain. Actual
results could differ materially from our estimates.
Recent Accounting Pronouncements
In June 2011, the FASB issued an accounting standards update that eliminates the option to
present components of other comprehensive income as part of the statement of changes in equity and
requires an entity to present items of net income and other comprehensive income either in a single
continuous statement of comprehensive income or in two separate but consecutive statements. This
guidance also requires an entity to present on the face of the financial statements
reclassification adjustments from other comprehensive income to net income. This guidance will be
effective for fiscal years beginning after December 15, 2011, which will be our fiscal year 2012,
with early adoption permitted. We do not expect the adoption of the guidance will have a material
impact on our consolidated financial statements.
In May 2011, the FASB issued an accounting standards update that clarifies and amends the
existing fair value measurement and disclosure requirements. This guidance will be effective
prospectively for interim and annual periods beginning after December 15, 2011, which will be our
fiscal year 2012, with early adoption prohibited. We do not expect the adoption of the guidance
will have a material impact on our consolidated financial statements.
In December 2010, the Financial Accounting Standards Board (“FASB”) issued an accounting
standards update that provides guidance on the recognition and classification of the annual fee
imposed by the Patient Protection Act and Affordable Care Act as amended by the Health Care and
Education Reconciliation Act on pharmaceutical companies that manufacture or import branded
prescription drugs. Under this guidance, the annual fee should be estimated and recognized in full
as a liability upon the first qualifying sale with a corresponding deferred cost that is amortized
to operating expense using a straight-line method of allocation unless another method better
allocates the fee over the calendar year in which it is payable. The annual fee ranges from $2.5
billion to $4.1 billion for all affected entities in total, a portion of which will be allocated to
us on the basis of the amount of our branded prescription drug sales for the preceding year as a
percentage of the industry’s branded prescription drug sales for the same period. The annual fee is
not deductible for federal income tax purposes. This guidance became effective for calendar years
beginning after December 31, 2010. We adopted the provisions of the guidance in the first quarter
of 2011, and current estimates do not result in a material impact on our consolidated financial
statements.
In April 2010, the FASB issued an accounting standards update that provides guidance on the
milestone method of revenue recognition for research and development arrangements. Under the
milestone method contingent consideration received from the achievement of a substantive milestone
is recognized in its entirety in the period in which the milestone is achieved, which we believe is
more consistent with the substance of our performance under our various licensing and collaboration
agreements. A milestone is defined as an event (i) that can only be achieved based in whole or in
part on either the entity’s performance or on the occurrence of a specific outcome resulting from
the entity’s performance, (ii) for which there is substantive uncertainty at the date the
arrangement is entered into that the event will be achieved, and (iii) that would result in
additional payments being due to the entity. A milestone is substantive if the consideration
earned from the achievement of the milestone is consistent with our performance required to achieve
the milestone or the increase in value to the collaboration resulting from our performance, relates
solely to our past performance, and is reasonable relative to all of the other deliverables and
payments within the arrangement. Our license and collaboration agreements with our partners
provide for payments to us upon the achievement of development milestones, such as the completion
of clinical trials or regulatory approval for drug candidates. As of June 30, 2011, our agreements
with partners included potential future payments to us for development milestones totaling
approximately $323.0 million, including potential milestone payments totaling $304.0 million and
$19.0 million from our agreements with Allergan and Handok Pharmaceuticals, respectively. Given
the challenges inherent in developing and obtaining approval for pharmaceutical and biologic
products, there was substantial uncertainty whether any such milestones would be achieved at the
time these licensing and collaboration agreements were entered into. In addition, we evaluated
whether the development milestones met the remaining criteria to be considered substantive. As a
result of our analysis, we consider our development milestones to be substantive and, accordingly,
we expect to recognize as revenue future payments
received from such milestones as we achieve each milestone. The election to adopt the
milestone method did not impact our financial position or results of operations as of and for the
three month period ended June 30, 2011. However, this policy election may result in revenue
recognition patterns for future milestones that are materially different from those recognized for
milestones received prior to adoption.
Acquisitions and Collaborations
For all in-licensed products, pursuant to authoritative guidance issued by the FASB, we perform
an analysis to determine whether we hold a variable interest or interests that give us a
controlling financial interest in a variable interest entity. On the basis of our interpretations
and conclusions, we determine whether the acquisition falls under the purview of variable interest
entity accounting and if so, consider the necessity to consolidate the acquisition
We also perform an analysis to determine if the inputs and/or processes acquired in an
acquisition qualify as a business. On the basis of our interpretations and conclusions, we
determine if the in-licensed products qualify as a business and whether to account for such
products as a business combination or an asset acquisition. The excess of the purchase price over
the fair value of the net assets acquired can only be recognized as goodwill in a business
combination.
Variable Interest Entity
Our Canadian affiliate, Spectrum Pharma Canada, is owned 50% by us and was organized in
Quebec, Canada in January 2008. We fund 100% of the expenditures and, as a result we are the party with
the controlling financial interest. We are the primary beneficiary of Spectrum Pharma Canada, which is
determined to be a variable interest entity. As a result of this characterization, it is
consolidated in our financial statements as though it is a wholly-owned subsidiary. We have
eliminated all significant intercompany balances and transactions among our consolidated entities
from the consolidated financial statements.
Basic and Diluted Earnings per Share
We calculate basic and diluted net income (loss) per share using the weighted average number
of common shares outstanding during the periods presented, and adjust the amount of net income
(loss) used in this calculation for preferred stock dividends (if any) declared during the period.
In periods of a net loss position, basic and diluted weighted average shares are the same. For the
diluted earnings per share calculation, we adjust the weighted average number of common shares
outstanding to include dilutive stock options, warrants and other common stock equivalents
outstanding during the periods.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Cash, Cash Equivalents and Marketable Securities
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2011
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| Cash, Cash Equivalents and Marketable Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash, Cash Equivalents and Marketable Securities |
2. Cash, Cash Equivalents and Marketable Securities
As of June 30, 2011, we held substantially all of our cash, cash equivalents and marketable
securities at major financial institutions, which must invest our funds in accordance with our
investment policy with the principal objectives of such policy being preservation of capital,
fulfillment of liquidity needs and above market returns commensurate with preservation of capital.
Our investment policy also requires that investments in marketable securities be in only highly
rated instruments, which are primarily US treasury bills or US treasury backed securities, with
limitations on investing in securities of any single issuer. To a limited degree, the Federal
Deposit Insurance Corporation and third party insure these investments. However, these investments
are not insured against the possibility of a complete loss of earnings or principal and are
inherently subject to the credit risk related to the continued credit worthiness of the underlying
issuer and general credit market risks. We manage such risks on our portfolio by investing in
highly liquid, highly rated instruments and not investing in long-term maturity instruments.
Cash, cash equivalents and investments in marketable securities, including long term bank
certificates of deposits, totaled $118.5 million and $104.2 million as of June 30, 2011 and
December 31, 2010, respectively. Long term bank certificates of deposit include a $500,000
restricted certificate of deposit that collateralizes tenant improvement obligations to the lessor
of our principal offices. The following is a summary of such investments (in thousands):
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- Definition
The entire disclosure for cash and cash equivalent footnotes, which may include the types of deposits and money market instruments, applicable carrying amounts, restricted amounts and compensating balance arrangements. Cash and equivalents include: (1) currency on hand (2) demand deposits with banks or financial institutions (3) other kinds of accounts that have the general characteristics of demand deposits (4) short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only investments maturing within three months from the date of acquisition qualify. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Fair Value Measurements
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| Fair Value Measurements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements |
3. Fair Value Measurements
The carrying values of our cash and cash equivalents, marketable securities, other securities
and common stock warrants, carried at fair value as of June 30, 2011 are classified in the table
below in one of the three categories of the fair value hierarchy described below:
We measure fair value based on the prices that would be received to sell an asset or paid
to transfer a liability in an orderly transaction between market participants at the measurement
date. Fair value measurements are based on a three-tier hierarchy that prioritizes the inputs used
to measure fair value. These tiers include the following:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that
are accessible at the measurement date. The fair value hierarchy gives the highest priority to
Level 1 inputs.
Level 2: Observable prices that are based on inputs not quoted on active markets, but
corroborated by market data. These inputs include quoted prices for similar assets or liabilities;
quoted market prices in markets that are not active; or other inputs that are observable or can be
corroborated by observable market data for substantially the full term of the assets or
liabilities.
Level 3: Unobservable inputs are used when little or no market data is available. The fair
value hierarchy gives the lowest priority to Level 3 inputs.
In determining fair value, we utilize valuation techniques that maximize the use of observable
inputs and minimize the use of unobservable inputs to the extent possible, as well as consider
counterparty credit risk in the assessment of fair value. Cash equivalents consist of certificates
of deposit and are valued at cost, which approximates fair value due to the short-term maturities
of these instruments. Marketable securities consist of certificates of deposit, US Treasury bills,
US Treasury-backed securities and corporate deposits, which are stated at fair market value, based
on values provided us by the financial institutions where we invest our funds.
The following summarizes the activity of Level 3 inputs measured on a recurring basis for the six
months ended June 30, 2011:
During the six months ended June 30, 2011, the fair value of common stock warrants
increased approximately $6.5 million due to the change in value of warrants recognized in earnings
during the period. The fair value of common stock warrants are measured on their respective
origination dates and at the end of each reporting period using Level 3 inputs. The significant
assumptions we use in the calculations under the Black-Scholes Option Pricing Model as of June 30,
2011, included an expected term based on the remaining contractual life of the warrants, a
risk-free interest rate based upon observed interest rates appropriate for the expected term of the
instruments, volatility based on the historical volatility of our common stock, and a zero dividend
rate based on our past, current and expected practices of granting dividends on common stock.
We did not elect the fair value option, as allowed, to account for financial assets and liabilities
that were not previously carried at fair value. Therefore, material financial assets and
liabilities that are not carried at fair value, such as trade accounts receivable and payable, are
reported at their historical carrying values.
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The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Intangible Assets
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Jun. 30, 2011
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| Intangible Assets |
4. Intangible Assets
Intangible assets consist of the following:
During the three and six months ended June 30, 2011, Zevalin
intangible amortization of $930,000 and $1.9 million, respectively,
are included in amortization of purchased intangibles. In addition,
during the three months ended June 30, 2011, $171,000 is included in
cost of goods sold related to Fusilev Targent milestones.
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The entire disclosure for all or part of the information related to intangible assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Inventories
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Jun. 30, 2011
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| Inventories [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories |
5. Inventories
Inventories, net of allowances consisted of the following:
We continually review product inventories on hand, evaluating inventory levels relative to
product demand, remaining shelf life, future marketing plans and other factors, and record reserves
for obsolete and slow-moving inventories for amounts which we may not realize.
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The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Accounts payable and accrued obligations
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Jun. 30, 2011
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| Accounts payable and accrued obligations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts payable and accrued obligations |
6. Accounts payable and accrued obligations
Accounts payable and other accrued obligations consisted of the following:
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The entire disclosure for accounts payable and accrued liabilities at the end of the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Income Taxes
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Jun. 30, 2011
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| Income Taxes [Abstract] | |
| Income Taxes |
7. Income Taxes
On an interim basis, we estimate what the anticipated annual effective tax rate will be and
record a quarterly income tax provision in accordance with this anticipated annual rate. The
effective tax rate may be subject to fluctuations during the year as new information is obtained,
which may affect the assumptions used to estimate the annual effective tax rate, including factors
such as the valuation allowances against deferred tax assets, the recognition or derecognition of
tax benefits related to uncertain tax positions, expected utilization of R&D tax credits and
changes in or the interpretation of tax laws in jurisdictions where the we conduct business.
Our provision for income taxes is computed using the asset and liability method, under which
deferred tax assets and liabilities are recognized for the expected future tax consequences of
temporary differences between the financial reporting and tax bases of assets and liabilities, and
for the expected future tax benefit to be derived from tax loss and credit carryforwards. Deferred
tax assets and liabilities are determined using the enacted tax rates in effect for the years in
which those tax assets are expected to be realized. A valuation allowance is established when it is
more likely than not the future realization of all or some of the deferred tax assets will not be
achieved. The evaluation of the need for a valuation allowance is performed on a jurisdiction by
jurisdiction basis, and includes a review of all available positive and negative evidence. As of
June 30, 2011 and December 31, 2010, we maintained
a valuation allowance against deferred tax assets that we concluded have not met the “more
likely than not” threshold. The change in the valuation allowance was primarily due to a
corresponding change in a deferred tax asset that we determined required a valuation allowance.
We recognize excess tax benefits associated with share-based compensation to stockholders’
equity only when realized. When assessing whether excess tax benefits relating to share-based
compensation have been realized, we follow the with-and-without approach, excluding any indirect
effects of the excess tax deductions. Under this approach, excess tax benefits related to
share-based compensation are not deemed to be realized until after the utilization of all other tax
benefits available to us.
We recognize the impact of a tax position in our financial statements only if that position is
more likely than not of being sustained upon examination by taxing authorities, based on the
technical merits of the position. Any interest and penalties related to uncertain tax positions
will be reflected in income tax expense.
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- Definition
The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Commitments and Contingencies
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6 Months Ended |
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Jun. 30, 2011
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| Commitments and Contingencies [Abstract] | |
| Commitments and Contingencies |
8. Commitments and Contingencies
Facility Lease
We sublease our principal executive office in Henderson, Nevada under a non cancelable
operating lease expiring April 30, 2014. We also lease our research and development facility in
Irvine, California under a non cancelable operating lease expiring June 30, 2016. The lease
agreements contain certain scheduled rent increases which are accounted for on a straight-line
basis.
As part of our Irvine facility lease renewal in 2009, the landlord agreed to contribute up to
approximately $1.5 million toward the cost of tenant improvements. The tenant improvements were
completed in the second quarter of 2010 at an aggregate cost of approximately $1.4 million, of
which, $451,000 is being financed. This landlord contribution is being amortized on a straight-line
basis over the term of the lease as a reduction to rent expense.
Licensing Agreements
We are developing almost all of our drug candidates pursuant to license agreements that
provide us with rights in certain territories, among other things, to develop, sublicense,
manufacture and sell the drugs. We are generally required to use commercially reasonable efforts to
develop the drugs, and are generally responsible for all development, patent filing and
maintenance, sales and marketing and liability insurance costs, and are generally contingently
obligated to make milestone payments to the licensors if we successfully reach development and
regulatory milestones specified in the license agreements. In addition, we are obligated to pay
royalties and, in some cases, milestone payments based on net sales, if any, after marketing
approval is obtained from regulatory authorities.
The potential contingent development and regulatory milestone obligations under all of our
licensing agreements are generally tied to progress through the various regulatory authorities’
approval process, which approval significantly depends on positive clinical trial results. The
following items are typical of such milestone events: conclusion of Phase 2 or commencement of
Phase 3 clinical trials; filing of new drug applications in each of the United States, Europe and
Japan; and approvals from each of the regulatory agencies in those jurisdictions.
In November 2009, we entered into a collaboration agreement with Handok
Pharmaceuticals of Korea for the development and commercialization of apaziquone for the treatment
of non-muscle invasive bladder cancer in North and South Korea. Under the terms of the Handok
collaboration agreement, Handok paid us an up-front payment of $1.0 million and is required to pay
potential milestone payments of approximately $19.0 million. The potential milestones will be
based on the achievement of certain regulatory and commercialization milestones.
In October 2008, we signed an exclusive development and commercialization collaboration
agreement with Allergan for apaziquone. Under the terms of the agreement, Allergan paid us an
up-front non-refundable $41.5 million at closing and will make additional payments of up to $304
million based on the achievement of certain development, regulatory and commercialization
milestones. In June 2011, we amended the Agreement to, among other
things, revise the target indications of additional clinical trials,
extend certain milestone dates, and to modify certain payment
obligations and expense allocation provisions.
In March 2006, we entered into an Asset Purchase Agreement with Targent, Inc. As part of the
consideration for the purchase of certain assets, we agreed to pay milestone payments to Targent
upon the achievement of certain regulatory events as well as for certain sales levels for Fusilev
within a calendar year. In connection with the achievement of the FDA approval milestone in April
2011, we issued an aggregate amount of 733,715 shares of common stock to certain of Targent’s
stockholders, as directed by Targent. We capitalized $6.3 million associated with this milestone
as intangible assets during the three months ended June 30, 2011 which is being amortized over the
estimated useful life of 8.7 years.
In addition, in the event that aggregate net sales of Fusilev, as defined in the agreement,
exceed $40 million and or $100 million during any calendar year, we are to pay to Targent $5
million in cash or the common stock equivalent thereof for each milestone. These milestone
payments are in effect only with respect to the first calendar year in which aggregate net Sales
combined exceed such amount and not with respect to any subsequent calendar year in which aggregate
net Sales of the products combined exceed such amounts. As of June 30, 2011, we achieved the first
sales milestone of $40 million and have the option of paying $5 million in cash or common stock equivalent thereof.
This payment is subject to direction from Targent. In the event we determine to pay this milestone in stock, it will equate to 577,367 shares.
Included in cost of goods
sold expense for the quarter ended June 30, 2011 is $171,000 related to the amortization of these
milestones.
As of June 30, 2011, we determined that it is probable that our aggregate Net Sales of Fusilev
will exceed $100 million for the fiscal year ended December 31 2011, and recorded the liability for
the milestone payment of $5 million under Accounts payable and other accrued obligations and
corresponding intangible assets to be amortized over the estimated useful life.
Service Agreements
In connection with the research and development of our drug products, we have entered into
contracts with numerous third party service providers, such as radio-pharmacies, distributors,
clinical trial centers, clinical research organizations, data monitoring centers, and with drug
formulation, development and testing laboratories. The financial terms of these contracts are
varied and generally obligate us to pay in stages, depending on the occurrence of certain events
specified in the contracts, such as contract execution, reservation of service or production
capacity, actual performance of service, or the successful accrual and dosing of patients.
At each period end, we accrue for all costs of goods and services received, with such accruals
based on factors such as estimates of work performed, patient enrollment, completion of patient
studies and other events. Generally, we are in a position to accelerate, slow down or discontinue
any or all of the projects that we are working on at any given point in time. Should we decide to
discontinue and/or slow down the work on any project, the associated costs for those projects would
be limited to the extent of the work completed. Generally, we are able to terminate these contracts
due to the discontinuance of the related project(s) and can thus avoid paying for the services that
have not yet been rendered and our future purchase obligations would reduce accordingly.
Employment Agreement
We have entered into an employment agreement with Dr. Rajesh C. Shrotriya, our President and Chief
Executive Officer, which expires January 2, 2012. The employment agreement automatically renews for
subsequent one-year calendar term unless either party gives written notice of such party’s intent
not to renew the agreement at least 90 days prior to the commencement of the new term. The
employment agreement requires Dr. Shrotriya to devote his full working time and effort to our
business and affairs during the term of the agreement. The employment agreement provides for a
minimum annual base salary with annual increases, periodic bonuses and option grants as determined
by the Compensation Committee of our Board of Directors.
Litigation
We are involved with various legal matters arising in the ordinary course of our business.
Although the ultimate resolution of these various matters cannot be determined at this time, we do
not believe that such matters, individually or in the aggregate, will have a material adverse
effect on our consolidated results of operations, cash flows or financial condition.
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Stockholder's Equity
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9. Stockholder’s Equity
Warrant Activity
We have issued warrants to purchase shares of our common stock to investors as part of
financing transactions, or in connection with services rendered by consultants. Our outstanding
warrants expire on varying dates through June 2015. Below is a summary of warrant activity during
the six months ended June 30, 2011:
Approximately
3.7 million of the outstanding warrants are scheduled to expire by September 15,
2011, of which 206,476 warrants were exercised in July 2011.
Share-Based Compensation
We record share-based employee compensation expense for all equity-based programs, including
stock options, restricted stock grants, 401(k) plan matching and our employee stock purchase plan.
Total expense recorded for the three and six month periods ended June 30, is as shown below:
Stock Options
During the three and six month periods ended June 30, 2011, the Compensation Committee of our
Board of Directors granted stock options at exercise prices equal to the closing price of our
common stock on the trading day prior to the grant date. The weighted average grant date fair value
of stock options granted during the six month
period ended June 30, 2011 and 2010 were estimated at approximately $7.67 and $4.49,
respectively using the Black-Scholes option pricing model with the following assumptions:
Share based compensation expense is recognized only for those awards that are ultimately
expected to vest, and we have applied a forfeiture rate to unvested awards for the purpose of
calculating the compensation cost. These estimates will be reversed in future periods if actual
forfeitures differ from our estimates.
During the three and six months ended June 30, 2011, our share-based charge in connection with
the expensing of stock options was approximately $3.2 million
and $6.1 million, respectively.
During the three and six months ended June 30, 2010, our share-based charge in connection with the
expensing of stock options was approximately $1.3 million and $3.1 million, respectively.
As of June 30, 2011, there was approximately $14.2 million of unrecognized stock-based
compensation cost related to stock options which we expect to recognize over a weighted average
period of approximately 2.67 years.
Restricted Stock
The fair value of restricted stock awards is the grant date closing market price of our common
stock, and is charged to expense over the period of vesting. These awards are subject to forfeiture
to the extent that the recipient’s service is terminated prior to the shares becoming vested.
During the three and six month periods ended June 30, 2011, the share-based charge in
connection with the expensing of restricted stock awards was approximately $249,000 and $1.2
million, respectively. During the three and six month periods ended June 30, 2010, the share-based
charge in connection with the expensing of restricted stock awards was approximately $200,000 and
$800,000, respectively.
As of June 30, 2011, there was approximately $2.3 million of unrecognized share-based
compensation cost related to non-vested restricted stock awards, which is expected to be recognized
over a weighted average period of approximately 2.32 years.
401(k) Plan Matching Contribution
During the three and six month period ended June 30, 2011, we issued 14,909 and 36,624 shares
of common stock as our match of approximately $138,000 and $287,000 on the 401(k) contributions of
our employees. During the three and six month period ended June 30, 2010, we issued 36,991 and
74,679 shares of common stock as our match of approximately $100,000 and $200,000 on the 401(k)
contributions of our employees.
Employee Stock Purchase Plan
Effective July 2009, we adopted the 2009 Employee Stock Purchase Plan (“Purchase Plan”). The
Purchase Plan provides our eligible employees with an incentive by providing a method whereby they
may voluntarily purchase shares of our common stock upon terms described in the Purchase Plan. The
Purchase Plan is designed to be operated on the basis of six consecutive month offering periods
commencing January 1 and July 1 of each year. The Purchase Plan provides that eligible employees
may authorize payroll deductions to purchase shares of our common stock at 85% of the fair market
value of common stock on the first or last day of the applicable purchase period. A participant may
purchase a maximum of 50,000 shares of common stock during a 6-month offering
period, not to exceed $25,000 worth of stock on the offering date during each plan year. The
Purchase Plan terminates in 2019.
A total of 5,000,000 shares of common stock are authorized for issuance under the Purchase
Plan, and as of June 30, 2011, 302,232 shares have been issued under the Purchase Plan.
Common Stock Reserved for Future Issuances
As of June 30, 2011, approximately 15.0 million shares of our common stock, when fully vested,
were issuable upon conversion or exercise of rights granted under prior financing arrangements,
stock options and warrants, as follows:
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The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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10. Long-Term Retention and Management Incentive Plan
Effective April 22, 2011, our Board of Directors adopted a Long-Term Retention and Management
Incentive Plan (the “Incentive Plan”) to provide equity and cash incentives for our principal
executive officer, principal financial officer and certain other named executive officers. The Incentive Plan rewards
long-term corporate performance, with a goal of helping to align the total compensation of the
participants with the interests of our stockholders. The Incentive Plan provides that, upon the occurrence of
certain events, defined as a $750 million (the “Initial Capitalization Target”) and/or a $1 billion
market capitalization target (the “Subsequent Capitalization Target”), each participant will be
entitled to receive stock awards under our 2009 Incentive Award Plan, as amended, and cash awards
upon a change in control. The Incentive Plan will terminate on April 22, 2016, the fifth anniversary of its
effective date. The number of shares available for issuance under the Incentive Plan will not exceed
1,039,500 shares.
The fair value of each stock award under the Incentive Plan was estimated on the date of the
grant using the Monte Carlo valuation model and assumes that the Initial Capitalization Target will
be achieved at 13 months and the Subsequent Capitalization Target will be achieved at 20 months
(collectively referred to as the “Service Life”), from the effective date. The key inputs used to estimate the
awards’ fair value include the following:
The fair value of these equity awards was determined to be approximately $8.1 million and will
be amortized over the respective Service Life. Included in selling, general and administrative
expense was $3.1 million of compensation expense for the three months ended June 30, 2011.
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The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. No definition available.
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