Quarterly report pursuant to Section 13 or 15(d)

Basis of Presentation (Tables)

v2.4.1.9
Basis of Presentation (Tables)
3 Months Ended
Mar. 31, 2015
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,
 
2015
 
2014
Net income
$
754

 
$
2,097

 
 
 
 
Shares used to compute basic income per share
19,611,881

 
20,600,683

Dilutive potential common shares:
 
 
 
Restricted stock
61,538

 
60,602

     Stock options
957,369

 
546,738

Shares used to compute diluted income per share
20,630,788

 
21,208,023

 
 
 
 
Basic per share amounts:
 
 
 
Net income
$
0.04

 
$
0.10

 
 
 
 
Diluted per share amounts:
 
 
 
Net income
$
0.04

 
$
0.10

Summary of investment categories
The following table summarizes the various investment categories at March 31, 2015 and December 31, 2014 (in thousands):

 
Cost
 
Gross unrealized
gains
 
Gross unrealized
losses
 
Estimated
fair value
March 31, 2015
 
 
 
 
 
 
 
Short-term investments
$
2,125

 
$
9,334

 
$

 
$
11,459

Certificates of deposit-restricted
600

 

 

 
600

 
$
2,725

 
$
9,334

 
$

 
$
12,059

December 31, 2014
 
 
 
 
 
 
 
Short-term investments
$
2,179

 
$
4,954

 
$

 
$
7,133

Certificates of deposit-restricted
1,261

 

 

 
1,261

 
$
3,440

 
$
4,954

 
$

 
$
8,394

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

 
March 31,
 
December 31,
 
2015
 
2014
Lab and office equipment
$
2,176

 
$
2,232

Leasehold improvements
273

 
273

Computer equipment and software
632

 
624

 
3,081

 
3,129

Less accumulated depreciation and amortization
(2,641
)
 
(2,643
)
     Total property and equipment, net
$
440

 
$
486

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

 
March 31,
 
December 31,
 
2015
 
2014
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
(3,189
)
 
(2,999
)
     Trade name
2,642

 
2,642

          Less: Accumulated amortization
(553
)
 
(519
)
     Customer relationships
29,600

 
29,600

          Less: Accumulated amortization
(6,194
)
 
(5,824
)
Total goodwill and other identifiable intangible assets, net
$
62,367

 
$
62,961

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

 
March 31,
 
December 31,
 
2015
 
2014
Prepaid expenses
$
896

 
$
835

Other receivables
30

 
685

     Total current assets
$
926

 
$
1,520

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

 
March 31,
 
December 31,
 
2015
 
2014
Compensation
795

 
1,708

Professional fees
359

 
459

Amounts owed to former licensees
1,627

 
925

Royalties owed to third parties
809

 
705

Other
673

 
1,069

     Total accrued liabilities
$
4,263

 
$
4,866

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

 
March 31,
 
December 31,
 
2015
 
2014
Deposits
$
430

 
$
411

Deferred rent
318

 
327

Other
32

 
32

     Total other long-term liabilities
$
780

 
$
770

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,
 
2015
 
2014
Stock-based compensation expense as a component of:
 
 
 
Research and development expenses
$
920

 
$
689

General and administrative expenses
1,994

 
1,378

 
$
2,914

 
$
2,067

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,
 
2015
 
2014
Risk-free interest rate
1.8%
 
1.9%
Dividend yield
 
Expected volatility
58%
 
69%
Expected term
6.6
 
6.4
Forfeiture rate
8.5%
 
9.7%