Quarterly report pursuant to Section 13 or 15(d)

Basis of Presentation (Tables)

v2.4.0.8
Basis of Presentation (Tables)
3 Months Ended
Mar. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Summary of computation of basic and diluted net income (loss) per share
The following table sets forth the computation of basic and diluted net income per share for the periods indicated (in thousands, except per share amounts):

 
Three months ended
 
March 31,
 
2014
 
2013
Net income from continuing operations
$
2,097

 
$
1,304

Net income from discontinued operations

 
191

Net income
$
2,097

 
$
1,495

 
 
 
 
Shares used to compute basic income per share
20,600,683

 
20,189,378

Dilutive potential common shares:
 
 
 
Restricted stock
60,602

 
74,323

     Stock options
546,738

 
16,329

Shares used to compute diluted income per share
21,208,023

 
20,280,030

 
 
 
 
Basic per share amounts:
 
 
 
Income from continuing operations
$
0.10

 
$
0.06

Income from discontinued operations

 
0.01

Net income
$
0.10

 
$
0.07

 
 
 
 
Diluted per share amounts:
 
 
 
Income from continuing operations
$
0.10

 
$
0.06

Income from discontinued operations

 
0.01

Net income
$
0.10

 
$
0.07

Summary of investment categories
The following table summarizes the various investment categories at March 31, 2014 and December 31, 2013 (in thousands):

 
Cost
 
Gross unrealized
gains
 
Gross unrealized
losses
 
Estimated
fair value
March 31, 2014
 
 
 
 
 
 
 
Short-term investments
$
1,332

 
$
10,943

 
$

 
$
12,275

Certificates of deposit-restricted
1,341

 

 

 
1,341

 
$
2,673

 
$
10,943

 
$

 
$
13,616

December 31, 2013
 
 
 
 
 
 
 
Short-term investments
$
1,426

 
$
2,914

 
$

 
$
4,340

Certificates of deposit-restricted
1,341

 

 

 
1,341

 
$
2,767

 
$
2,914

 
$

 
$
5,681

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

 
March 31,
 
December 31,
 
2014
 
2013
Lab and office equipment
$
3,728

 
$
3,737

Leasehold improvements
273

 
387

Computer equipment and software
631

 
616

 
4,632

 
4,740

Less accumulated depreciation and amortization
(3,942
)
 
(3,873
)
     Total property and equipment, net
$
690

 
$
867

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

 
March 31,
 
December 31,
 
2014
 
2013
Prepaid expenses
$
521

 
$
786

Other receivables
320

 
173

     Total current assets
$
841

 
$
959

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

 
March 31,
 
December 31,
 
2014
 
2013
Indefinite lived intangible assets
 
 
 
     Acquired in-process research and development
$
12,556

 
$
12,556

     Goodwill
12,238

 
12,238

Definite lived intangible assets
 
 
 
     Complete technology
15,267

 
15,267

          Less: Accumulated amortization
(2,425
)
 
(2,235
)
     Trade name
2,642

 
2,642

          Less: Accumulated amortization
(421
)
 
(387
)
     Customer relationships
29,600

 
29,600

          Less: Accumulated amortization
(4,714
)
 
(4,344
)
Total goodwill and other identifiable intangible assets, net
$
64,743

 
$
65,337

Summary of accrued liabilities
Accrued liabilities consist of the following (in thousands):

 
March 31,
 
December 31,
 
2014
 
2013
Compensation
$
777

 
$
1,929

Professional fees
537

 
697

Other
4,137

 
2,711

     Total accrued liabilities
$
5,451

 
$
5,337

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

 
March 31,
 
December 31,
 
2014
 
2013
Deposits
$
353

 
$
345

Deferred rent
346

 
350

     Total other long-term liabilities
$
699

 
$
695

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

 
Three months ended
 
March 31,
 
2014
 
2013
Stock-based compensation expense as a component of:
 
 
 
Research and development expenses
$
689

 
$
386

General and administrative expenses
1,378

 
738

 
$
2,067

 
$
1,124

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

 
Three months ended
 
March 31,
 
2014
 
2013
Risk-free interest rate
1.9%
 
1.1%
Dividend yield
 
Expected volatility
69%
 
70%
Expected term
6.4
 
6.3
Forfeiture rate
9.7%
 
9.8%